Document:

Unassociated Document

    Exhibit
      4.1

     

    
 

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    Depositor

     

    BARCLAYS
      CAPITAL REAL ESTATE INC.

    D/B/A
      HOMEQ SERVICING

     

    SERVICER

     

    WELLS
      FARGO BANK, N.A.

     

    MASTER
      SERVICER AND TRUST ADMINISTRATOR

     

    AND

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

     

    Trustee

     

    POOLING
      AND SERVICING AGREEMENT

    DATED
      AS
      OF DECEMBER 1, 2006

     

    MASTR
      Asset Backed Securities Trust 2006-HE5

     

    Mortgage
      Pass-Through Certificates

     

    Series
      2006-HE5

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF
      CONTENTS

    

      
        	
                ARTICLE
                  I DEFINITIONS

              
	 
	
                SECTION
                  1.01.

              	
                Defined
                  Terms.

              
	
                SECTION
                  1.02.

              	
                Allocation
                  of Certain Interest Shortfalls.

              
	
                SECTION
                  1.03.

              	
                Rights
                  of the NIMS Insurer.

              
	 
	
                ARTICLE
                  II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                  CERTIFICATES

              
	 
	
                SECTION
                  2.01.

              	
                Conveyance
                  of the Mortgage Loans.

              
	
                SECTION
                  2.02.

              	
                Acceptance
                  of REMIC I by Trustee.

              
	
                SECTION
                  2.03.

              	
                Repurchase
                  or Substitution of Mortgage Loans by an Originator or the
                  Seller.

              
	
                SECTION
                  2.04.

              	
                Reserved.

              
	
                SECTION
                  2.05.

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

              
	
                SECTION
                  2.06.

              	
                Conveyance
                  of REMIC Regular Interests and Acceptance of REMIC I, REMIC II, REMIC
                  III, REMIC IV, REMIC V and REMIC VI by the Trustee; Issuance of
                  Certificates.

              
	
                SECTION
                  2.07.

              	
                Issuance
                  of Class R Certificates and Class R-X Certificates.

              
	
                SECTION
                  2.08.

              	
                Authorization
                  to Enter into Interest Rate Cap Agreements and Interest Rate Swap
                  Agreement.

              
	 
	
                ARTICLE
                  III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

              
	 
	
                SECTION
                  3.01.

              	
                Servicer
                  to Act as Servicer.

              
	
                SECTION
                  3.02.

              	
                Sub-Servicing
                  Agreements Between Servicer and Sub-Servicers.

              
	
                SECTION
                  3.03.

              	
                Successor
                  Sub-Servicers.

              
	
                SECTION
                  3.04.

              	
                Liability
                  of the Servicer.

              
	
                SECTION
                  3.05.

              	
                No
                  Contractual Relationship Between Sub-Servicers and the Trustee,
                  the Trust
                  Administrator, the Master Servicer, the NIMS Insurer or
                  Certificateholders.

              
	
                SECTION
                  3.06.

              	
                Assumption
                  or Termination of Sub-Servicing Agreements by Master
                  Servicer.

              
	
                SECTION
                  3.07.

              	
                Collection
                  of Certain Mortgage Loan Payments.

              
	
                SECTION
                  3.08.

              	
                Sub-Servicing
                  Accounts.

              
	
                SECTION
                  3.09.

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

              
	
                SECTION
                  3.10.

              	
                Collection
                  Account.

              
	
                SECTION
                  3.11.

              	
                Withdrawals
                  from the Collection Account

              
	
                SECTION
                  3.12.

              	
                Investment
                  of Funds in the Collection Account.

              
	
                SECTION
                  3.13.

              	
                [Reserved].

              
	
                SECTION
                  3.14.

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

              
	
                SECTION
                  3.15.

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

              
	
                SECTION
                  3.16.

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                SECTION
                  3.17.

              	
                Trustee
                  to Cooperate; Release of Mortgage Files.

              
	
                SECTION
                  3.18.

              	
                Servicing
                  Compensation.

              
	
                SECTION
                  3.19.

              	
                Reports
                  to the Trust Administrator; Collection Account
                  Statements.

              
	
                SECTION
                  3.20.

              	
                Statement
                  as to Compliance.

              
	
                SECTION
                  3.21.

              	
                Assessments
                  of Compliance and Attestation Reports.

              
	
                SECTION
                  3.22.

              	
                Access
                  to Certain Documentation.

              
	
                SECTION
                  3.23.

              	
                Title,
                  Management and Disposition of REO Property.

              
	
                SECTION
                  3.24.

              	
                Obligations
                  of the Servicer in Respect of Prepayment Interest
                  Shortfalls.

              
	
                SECTION
                  3.25.

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

              
	
                SECTION
                  3.26.

              	
                Advance
                  Facility

              
	
                SECTION
                  3.27.

              	
                Solicitations.

              
	 
	
                ARTICLE
                  IIIA ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

              
	 
	
                SECTION
                  3A.01.

              	
                Master
                  Servicer to Act as Master Servicer

              
	
                SECTION
                  3A.02.

              	
                [Reserved].

              
	
                SECTION
                  3A.03.

              	
                Monitoring
                  of Servicer.

              
	
                SECTION
                  3A.04.

              	
                Fidelity
                  Bond.

              
	
                SECTION
                  3A.05.

              	
                Power
                  to Act; Procedures.

              
	
                SECTION
                  3A.06.

              	
                Due
                  on Sale Clauses; Assumption Agreements.

              
	
                SECTION
                  3A.07.

              	
                [Reserved].

              
	
                SECTION
                  3A.08.

              	
                Documents,
                  Records and Funds in Possession of Master Servicer to be Held for
                  Trustee.

              
	
                SECTION
                  3A.09.

              	
                Compensation
                  for the Master Servicer.

              
	
                SECTION
                  3A.10.

              	
                Obligations
                  of the Master Servicer in Respect of Prepayment Interest
                  Shortfalls.

              
	
                SECTION
                  3A.11.

              	
                Distribution
                  Account.

              
	
                SECTION
                  3A.12.

              	
                Permitted
                  Withdrawals and Transfers from the Distribution
                  Account.

              
	
                SECTION
                  3A.13.

              	
                Late
                  Remittance.

              
	 
	
                ARTICLE
                  IV PAYMENTS TO CERTIFICATEHOLDERS

              
	 
	
                SECTION
                  4.01.

              	
                Distributions.

              
	
                SECTION
                  4.02.

              	
                Statements
                  to Certificateholders.

              
	
                SECTION
                  4.03.

              	
                Remittance
                  Reports, Advances.

              
	
                SECTION
                  4.04.

              	
                Allocation
                  of Realized Losses.

              
	
                SECTION
                  4.05.

              	
                Compliance
                  with Withholding Requirements.

              
	
                SECTION
                  4.06.

              	
                Exchange
                  Commission Filings; Additional Information.

              
	
                SECTION
                  4.07.

              	
                Net
                  WAC Rate Carryover Reserve Account.

              
	
                SECTION
                  4.08.

              	
                Swap
                  Account.

              
	
                SECTION
                  4.09.

              	
                Tax
                  Treatment of Swap Payments and Swap Termination
                  Payments.

              
	
                SECTION
                  4.10.

              	
                Cap
                  Account.

              
	
                SECTION
                  4.11.

              	
                Collateral
                  Accounts.

              
	
                SECTION
                  4.12.

              	
                Rights
                  and Obligations Under the Interest Rate Cap Agreements and the
                  Interest
                  Rate Swap Agreement.

              
	 
	
                ARTICLE
                  V THE CERTIFICATES

              
	 
	
                SECTION
                  5.01.

              	
                The
                  Certificates.

              
	
                SECTION
                  5.02.

              	
                Registration
                  of Transfer and Exchange of Certificates.

              
	
                SECTION
                  5.03.

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                SECTION
                  5.04.

              	
                Persons
                  Deemed Owners.

              
	
                SECTION
                  5.05.

              	
                Certain
                  Available Information.

              
	 
	
                ARTICLE
                  VI THE DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

              
	 
	
                SECTION
                  6.01.

              	
                Liability
                  of the Depositor, the Servicer and the Master Servicer.

              
	
                SECTION
                  6.02.

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

              
	
                SECTION
                  6.03.

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

              
	
                SECTION
                  6.04.

              	
                Limitation
                  on Resignation of the Servicer; Assignment of Master
                  Servicing.

              
	
                SECTION
                  6.05.

              	
                Successor
                  Master Servicer.

              
	
                SECTION
                  6.06.

              	
                Rights
                  of the Depositor in Respect of the Servicer.

              
	
                SECTION
                  6.07.

              	
                [Reserved].

              
	
                SECTION
                  6.08.

              	
                Duties
                  of the Credit Risk Manager.

              
	
                SECTION
                  6.09.

              	
                Limitation
                  Upon Liability of the Credit Risk Manager.

              
	
                SECTION
                  6.10.

              	
                Removal
                  of the Credit Risk Manager.

              
	 
	
                ARTICLE
                  VII DEFAULT

              
	 
	
                SECTION
                  7.01.

              	
                Servicer
                  Events of Default and Master Servicer Events of
                  Termination.

              
	
                SECTION
                  7.02.

              	
                Master
                  Servicer or Trustee to Act; Appointment of Successor
                  Servicer.

              
	
                SECTION
                  7.03.

              	
                Trustee
                  to Act; Appointment of Successor Master Servicer.

              
	
                SECTION
                  7.04.

              	
                Notification
                  to Certificateholders.

              
	
                SECTION
                  7.05.

              	
                Waiver
                  of Servicer Events of Default and Master Servicer Events of
                  Termination.

              
	
                SECTION
                  7.06.

              	
                Survivability
                  of Servicer and Master Servicer Liabilities.

              
	 
	
                ARTICLE
                  VIII CONCERNING THE TRUSTEE AND THE TRUST ADMINISTRATOR

              
	 
	
                SECTION
                  8.01.

              	
                Duties
                  of Trustee and Trust Administrator.

              
	
                SECTION
                  8.02.

              	
                Certain
                  Matters Affecting the Trustee and the Trust
                  Administrator.

              
	
                SECTION
                  8.03.

              	
                Neither
                  Trustee nor Trust Administrator Liable for Certificates or Mortgage
                  Loans.

              
	
                SECTION
                  8.04.

              	
                Trustee
                  and Trust Administrator May Own Certificates.

              
	
                SECTION
                  8.05.

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

              
	
                SECTION
                  8.06.

              	
                Eligibility
                  Requirements for Trustee and Trust Administrator.

              
	
                SECTION
                  8.07.

              	
                Resignation
                  and Removal of the Trustee or Trust Administrator.

              
	
                SECTION
                  8.08.

              	
                Successor
                  Trustee or Trust Administrator.

              
	
                SECTION
                  8.09.

              	
                Merger
                  or Consolidation of Trustee or Trust Administrator.

              
	
                SECTION
                  8.10.

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                SECTION
                  8.11.

              	
                Appointment
                  of Office or Agency; Appointment of Custodian.

              
	
                SECTION
                  8.12.

              	
                Representations
                  and Warranties.

              
	 
	
                ARTICLE
                  IX TERMINATION

              
	 
	
                SECTION
                  9.01.

              	
                Termination
                  Upon Repurchase or Liquidation of All Mortgage Loans.

              
	
                SECTION
                  9.02.

              	
                Additional
                  Termination Requirements.

              
	 
	
                ARTICLE
                  X REMIC PROVISIONS

              
	 
	
                SECTION
                  10.01.

              	
                REMIC
                  Administration.

              
	
                SECTION
                  10.02.

              	
                Prohibited
                  Transactions and Activities.

              
	
                SECTION
                  10.03.

              	
                Servicer,
                  Master Servicer and Trustee Indemnification.

              
	 
	
                ARTICLE
                  XI MISCELLANEOUS PROVISIONS

              
	 
	
                SECTION
                  11.01.

              	
                Amendment.

              
	
                SECTION
                  11.02.

              	
                Recordation
                  of Agreement; Counterparts.

              
	
                SECTION
                  11.03.

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                SECTION
                  11.04.

              	
                Governing
                  Law.

              
	
                SECTION
                  11.05.

              	
                Notices.

              
	
                SECTION
                  11.06.

              	
                Severability
                  of Provisions.

              
	
                SECTION
                  11.07.

              	
                Notice
                  to Rating Agencies and the NIMS Insurer.

              
	
                SECTION
                  11.08.

              	
                Article
                  and Section References.

              
	
                SECTION
                  11.09.

              	
                Grant
                  of Security Interest.

              
	
                SECTION
                  11.10.

              	
                Third
                  Party Rights.

              
	
                SECTION
                  11.11.

              	
                Intention
                  of the Parties and
                  Interpretation.

              

      

    

     

    Exhibits

    

      
        	
                Exhibit
                  A-1

              	
                Form
                  of Class A-1 Certificate

              
	
                Exhibit
                  A-2

              	
                Form
                  of Class A-2 Certificate

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class A-3 Certificate

              
	
                Exhibit
                  A-4

              	
                Form
                  of Class A-4 Certificate

              
	
                Exhibit
                  A-5

              	
                Form
                  of Class M-1 Certificate

              
	
                Exhibit
                  A-6

              	
                Form
                  of Class M-2 Certificate

              
	
                Exhibit
                  A-7

              	
                Form
                  of Class M-3 Certificate

              
	
                Exhibit
                  A-8

              	
                Form
                  of Class M-4 Certificate

              
	
                Exhibit
                  A-9

              	
                Form
                  of Class M-5 Certificate

              
	
                Exhibit
                  A-10

              	
                Form
                  of Class M-6 Certificate

              
	
                Exhibit
                  A-11

              	
                Form
                  of Class M-7 Certificate

              
	
                Exhibit
                  A-12

              	
                Form
                  of Class M-8 Certificate

              
	
                Exhibit
                  A-13

              	
                Form
                  of Class M-9 Certificate

              
	
                Exhibit
                  A-14

              	
                Form
                  of Class M-10 Certificate

              
	
                Exhibit
                  A-15

              	
                Form
                  of Class M-11 Certificate

              
	
                Exhibit
                  A-16

              	
                Form
                  of Class CE Certificate

              
	
                Exhibit
                  A-17

              	
                Form
                  of Class P Certificate

              
	
                Exhibit
                  A-18

              	
                Form
                  of Class R Certificate

              
	
                Exhibit
                  A-19

              	
                Form
                  of Class R-X Certificate

              
	
                Exhibit
                  B

              	
                [Reserved]

              
	
                Exhibit
                  C-1

              	
                Form
                  of Initial Certification

              
	
                Exhibit
                  C-2

              	
                Form
                  of Final Certification

              
	
                Exhibit
                  C-3

              	
                Form
                  of Receipt of Mortgage Notes

              
	
                Exhibit
                  D

              	
                Forms
                  of Assignment Agreements

              
	
                Exhibit
                  E

              	
                Request
                  for Release

              
	
                Exhibit
                  F-1

              	
                Form
                  of Transferor Representation Letter and Form of Transferee
                  Representation

              
	
                 

              	
                Letter
                  in Connection with Transfer of the Private Certificates Pursuant
                  to Rule
                  144A Under the 1933 Act

              
	
                Exhibit
                  F-2

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

              
	
                Exhibit
                  G

              	
                Form
                  of Certification with respect to ERISA and the Code

              
	
                Exhibit
                  H

              	
                [Reserved]

              
	
                Exhibit
                  I

              	
                Form
                  of Lost Note Affidavit

              
	
                Exhibit
                  J-1

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

              
	
                Exhibit
                  J-2

              	
                Form
                  of Certification to Be Provided by the Servicer to the Master
                  Servicer

              
	
                Exhibit
                  K

              	
                Forms
                  of Interest Rate Cap Agreements

              
	
                Exhibit
                  L

              	
                Annual
                  Statement of Compliance pursuant to Section 3.20

              
	
                Exhibit
                  M

              	
                Form
                  of Interest Rate Swap Agreement

              
	
                Exhibit
                  N

              	
                Form
                  of Swap Administration Agreement

              
	
                Exhibit
                  O

              	
                Servicing
                  Criteria to Be Addressed in Assessment of Compliance

              
	
                Exhibit
                  P

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

              
	
                Exhibit
                  Q

              	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  R-1

              	
                Form
                  of Delinquency Report

              
	
                Exhibit
                  R-2

              	
                Form
                  of Monthly Remittance Advice

              
	
                Exhibit
                  R-3

              	
                Form
                  of Realized Loss Report

              
	
                Exhibit
                  S-1

              	
                Form
                  of Watchlist Report

              
	
                Exhibit
                  S-2

              	
                Form
                  of Loss Severity Report

              
	
                Exhibit
                  S-3

              	
                Form
                  of Prepayment Premiums Report

              
	
                Exhibit
                  S-4

              	
                Form
                  of Analytics Report

              
	 	 
	
                Schedule
                  1

              	
                Mortgage
                  Loan Schedule

              
	
                Schedule
                  2

              	
                Prepayment
                  Charge Schedule

              

      

    

    

    This
      Pooling and Servicing Agreement, is dated and effective as of December 1, 2006
      among MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC. as Depositor, BARCLAYS
      CAPITAL REAL ESTATE INC. d/b/a HOMEQ SERVICING, as Servicer, WELLS FARGO BANK,
      N.A. as Master Servicer and Trust Administrator and U.S. BANK NATIONAL
      ASSOCIATION as Trustee.

     

    PRELIMINARY
      STATEMENT:

     

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

     

    REMIC
      I

     

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

     

    
      
        	
                 

                Designation

              	
                REMIC
                  1

                Remittance
                  Rate(2)

              	
                Initial

                Uncertificated
                  Balance

              	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                I

              	
                Variable

              	
                $591.09

              	
                November
                  25, 2036

              
	
                I-1-A

              	
                Variable

              	
                $6,394,500.00

              	
                November
                  25, 2036

              
	
                I-1-B

              	
                Variable

              	
                $6,394,500.00

              	
                November
                  25, 2036

              
	
                I-2-A

              	
                Variable

              	
                $7,845,000.00

              	
                November
                  25, 2036

              
	
                I-2-B

              	
                Variable

              	
                $7,845,000.00

              	
                November
                  25, 2036

              
	
                I-3-A

              	
                Variable

              	
                $9,287,000.00

              	
                November
                  25, 2036

              
	
                I-3-B

              	
                Variable

              	
                $9,287,000.00

              	
                November
                  25, 2036

              
	
                I-4-A

              	
                Variable

              	
                $10,700,000.00

              	
                November
                  25, 2036

              
	
                I-4-B

              	
                Variable

              	
                $10,700,000.00

              	
                November
                  25, 2036

              
	
                I-5-A

              	
                Variable

              	
                $12,076,500.00

              	
                November
                  25, 2036

              
	
                I-5-B

              	
                Variable

              	
                $12,076,500.00

              	
                November
                  25, 2036

              
	
                I-6-A

              	
                Variable

              	
                $13,395,000.00

              	
                November
                  25, 2036

              
	
                I-6-B

              	
                Variable

              	
                $13,395,000.00

              	
                November
                  25, 2036

              
	
                I-7-A

              	
                Variable

              	
                $14,648,500.00

              	
                November
                  25, 2036

              
	
                I-7-B

              	
                Variable

              	
                $14,648,500.00

              	
                November
                  25, 2036

              
	
                I-8-A

              	
                Variable

              	
                $15,812,000.00

              	
                November
                  25, 2036

              
	
                I-8-B

              	
                Variable

              	
                $15,812,000.00

              	
                November
                  25, 2036

              
	
                I-9-A

              	
                Variable

              	
                $16,470,500.00

              	
                November
                  25, 2036

              
	
                I-9-B

              	
                Variable

              	
                $16,470,500.00

              	
                November
                  25, 2036

              
	
                I-10-A

              	
                Variable

              	
                $15,709,000.00

              	
                November
                  25, 2036

              
	
                I-10-B

              	
                Variable

              	
                $15,709,000.00

              	
                November
                  25, 2036

              
	
                I-11-A

              	
                Variable

              	
                $14,983,000.00

              	
                November
                  25, 2036

              
	
                I-11-B

              	
                Variable

              	
                $14,983,000.00

              	
                November
                  25, 2036

              
	
                I-12-A

              	
                Variable

              	
                $14,291,000.00

              	
                November
                  25, 2036

              
	
                I-12-B

              	
                Variable

              	
                $14,291,000.00

              	
                November
                  25, 2036

              
	
                I-13-A

              	
                Variable

              	
                $13,631,500.00

              	
                November
                  25, 2036

              
	
                I-13-B

              	
                Variable

              	
                $13,631,500.00

              	
                November
                  25, 2036

              
	
                I-14-A

              	
                Variable

              	
                $13,002,500.00

              	
                November
                  25, 2036

              
	
                I-14-B

              	
                Variable

              	
                $13,002,500.00

              	
                November
                  25, 2036

              
	
                I-15-A

              	
                Variable

              	
                $12,403,500.00

              	
                November
                  25, 2036

              
	
                I-15-B

              	
                Variable

              	
                $12,403,500.00

              	
                November
                  25, 2036

              
	
                I-16-A

              	
                Variable

              	
                $11,831,500.00

              	
                November
                  25, 2036

              
	
                I-16-B

              	
                Variable

              	
                $11,831,500.00

              	
                November
                  25, 2036

              
	
                I-17-A

              	
                Variable

              	
                $11,287,000.00

              	
                November
                  25, 2036

              
	
                I-17-B

              	
                Variable

              	
                $11,287,000.00

              	
                November
                  25, 2036

              
	
                I-18-A

              	
                Variable

              	
                $10,768,000.00

              	
                November
                  25, 2036

              
	
                I-18-B

              	
                Variable

              	
                $10,768,000.00

              	
                November
                  25, 2036

              
	
                I-19-A

              	
                Variable

              	
                $11,035,000.00

              	
                November
                  25, 2036

              
	
                I-19-B

              	
                Variable

              	
                $11,035,000.00

              	
                November
                  25, 2036

              
	
                I-20-A

              	
                Variable

              	
                $17,275,000.00

              	
                November
                  25, 2036

              
	
                I-20-B

              	
                Variable

              	
                $17,275,000.00

              	
                November
                  25, 2036

              
	
                I-21-A

              	
                Variable

              	
                $15,636,000.00

              	
                November
                  25, 2036

              
	
                I-21-B

              	
                Variable

              	
                $15,636,000.00

              	
                November
                  25, 2036

              
	
                I-22-A

              	
                Variable

              	
                $14,150,500.00

              	
                November
                  25, 2036

              
	
                I-22-B

              	
                Variable

              	
                $14,150,500.00

              	
                November
                  25, 2036

              
	
                I-23-A

              	
                Variable

              	
                $12,835,500.00

              	
                November
                  25, 2036

              
	
                I-23-B

              	
                Variable

              	
                $12,835,500.00

              	
                November
                  25, 2036

              
	
                I-24-A

              	
                Variable

              	
                $11,309,000.00

              	
                November
                  25, 2036

              
	
                I-24-B

              	
                Variable

              	
                $11,309,000.00

              	
                November
                  25, 2036

              
	
                I-25-A

              	
                Variable

              	
                $7,210,000.00

              	
                November
                  25, 2036

              
	
                I-25-B

              	
                Variable

              	
                $7,210,000.00

              	
                November
                  25, 2036

              
	
                I-26-A

              	
                Variable

              	
                $6,833,000.00

              	
                November
                  25, 2036

              
	
                I-26-B

              	
                Variable

              	
                $6,833,000.00

              	
                November
                  25, 2036

              
	
                I-27-A

              	
                Variable

              	
                $6,477,500.00

              	
                November
                  25, 2036

              
	
                I-27-B

              	
                Variable

              	
                $6,477,500.00

              	
                November
                  25, 2036

              
	
                I-28-A

              	
                Variable

              	
                $6,137,500.00

              	
                November
                  25, 2036

              
	
                I-28-B

              	
                Variable

              	
                $6,137,500.00

              	
                November
                  25, 2036

              
	
                I-29-A

              	
                Variable

              	
                $5,819,500.00

              	
                November
                  25, 2036

              
	
                I-29-B

              	
                Variable

              	
                $5,819,500.00

              	
                November
                  25, 2036

              
	
                I-30-A

              	
                Variable

              	
                $5,518,500.00

              	
                November
                  25, 2036

              
	
                I-30-B

              	
                Variable

              	
                $5,518,500.00

              	
                November
                  25, 2036

              
	
                I-31-A

              	
                Variable

              	
                $5,690,000.00

              	
                November
                  25, 2036

              
	
                I-31-B

              	
                Variable

              	
                $5,690,000.00

              	
                November
                  25, 2036

              
	
                I-32-A

              	
                Variable

              	
                $5,957,000.00

              	
                November
                  25, 2036

              
	
                I-32-B

              	
                Variable

              	
                $5,957,000.00

              	
                November
                  25, 2036

              
	
                I-33-A

              	
                Variable

              	
                $5,542,000.00

              	
                November
                  25, 2036

              
	
                I-33-B

              	
                Variable

              	
                $5,542,000.00

              	
                November
                  25, 2036

              
	
                I-34-A

              	
                Variable

              	
                $5,158,500.00

              	
                November
                  25, 2036

              
	
                I-34-B

              	
                Variable

              	
                $5,158,500.00

              	
                November
                  25, 2036

              
	
                I-35-A

              	
                Variable

              	
                $4,808,500.00

              	
                November
                  25, 2036

              
	
                I-35-B

              	
                Variable

              	
                $4,808,500.00

              	
                November
                  25, 2036

              
	
                I-36-A

              	
                Variable

              	
                $4,279,500.00

              	
                November
                  25, 2036

              
	
                I-36-B

              	
                Variable

              	
                $4,279,500.00

              	
                November
                  25, 2036

              
	
                I-37-A

              	
                Variable

              	
                $3,742,500.00

              	
                November
                  25, 2036

              
	
                I-37-B

              	
                Variable

              	
                $3,742,500.00

              	
                November
                  25, 2036

              
	
                I-38-A

              	
                Variable

              	
                $3,546,000.00

              	
                November
                  25, 2036

              
	
                I-38-B

              	
                Variable

              	
                $3,546,000.00

              	
                November
                  25, 2036

              
	
                I-39-A

              	
                Variable

              	
                $3,360,000.00

              	
                November
                  25, 2036

              
	
                I-39-B

              	
                Variable

              	
                $3,360,000.00

              	
                November
                  25, 2036

              
	
                I-40-A

              	
                Variable

              	
                $3,183,500.00

              	
                November
                  25, 2036

              
	
                I-40-B

              	
                Variable

              	
                $3,183,500.00

              	
                November
                  25, 2036

              
	
                I-41-A

              	
                Variable

              	
                $3,017,500.00

              	
                November
                  25, 2036

              
	
                I-41-B

              	
                Variable

              	
                $3,017,500.00

              	
                November
                  25, 2036

              
	
                I-42-A

              	
                Variable

              	
                $2,861,000.00

              	
                November
                  25, 2036

              
	
                I-42-B

              	
                Variable

              	
                $2,861,000.00

              	
                November
                  25, 2036

              
	
                I-43-A

              	
                Variable

              	
                $2,713,500.00

              	
                November
                  25, 2036

              
	
                I-43-B

              	
                Variable

              	
                $2,713,500.00

              	
                November
                  25, 2036

              
	
                I-44-A

              	
                Variable

              	
                $2,573,000.00

              	
                November
                  25, 2036

              
	
                I-44-B

              	
                Variable

              	
                $2,573,000.00

              	
                November
                  25, 2036

              
	
                I-45-A

              	
                Variable

              	
                $2,440,500.00

              	
                November
                  25, 2036

              
	
                I-45-B

              	
                Variable

              	
                $2,440,500.00

              	
                November
                  25, 2036

              
	
                I-46-A

              	
                Variable

              	
                $2,315,000.00

              	
                November
                  25, 2036

              
	
                I-46-B

              	
                Variable

              	
                $2,315,000.00

              	
                November
                  25, 2036

              
	
                I-47-A

              	
                Variable

              	
                $2,196,500.00

              	
                November
                  25, 2036

              
	
                I-47-B

              	
                Variable

              	
                $2,196,500.00

              	
                November
                  25, 2036

              
	
                I-48-A

              	
                Variable

              	
                $2,085,000.00

              	
                November
                  25, 2036

              
	
                I-48-B

              	
                Variable

              	
                $2,085,000.00

              	
                November
                  25, 2036

              
	
                I-49-A

              	
                Variable

              	
                $1,978,500.00

              	
                November
                  25, 2036

              
	
                I-49-B

              	
                Variable

              	
                $1,978,500.00

              	
                November
                  25, 2036

              
	
                I-50-A

              	
                Variable

              	
                $1,878,500.00

              	
                November
                  25, 2036

              
	
                I-50-B

              	
                Variable

              	
                $1,878,500.00

              	
                November
                  25, 2036

              
	
                I-51-A

              	
                Variable

              	
                $1,783,500.00

              	
                November
                  25, 2036

              
	
                I-51-B

              	
                Variable

              	
                $1,783,500.00

              	
                November
                  25, 2036

              
	
                I-52-A

              	
                Variable

              	
                $1,693,000.00

              	
                November
                  25, 2036

              
	
                I-52-B

              	
                Variable

              	
                $1,693,000.00

              	
                November
                  25, 2036

              
	
                I-53-A

              	
                Variable

              	
                $1,608,500.00

              	
                November
                  25, 2036

              
	
                I-53-B

              	
                Variable

              	
                $1,608,500.00

              	
                November
                  25, 2036

              
	
                I-54-A

              	
                Variable

              	
                $1,528,000.00

              	
                November
                  25, 2036

              
	
                I-54-B

              	
                Variable

              	
                $1,528,000.00

              	
                November
                  25, 2036

              
	
                I-55-A

              	
                Variable

              	
                $1,451,500.00

              	
                November
                  25, 2036

              
	
                I-55-B

              	
                Variable

              	
                $1,451,500.00

              	
                November
                  25, 2036

              
	
                I-56-A

              	
                Variable

              	
                $1,379,500.00

              	
                November
                  25, 2036

              
	
                I-56-B

              	
                Variable

              	
                $1,379,500.00

              	
                November
                  25, 2036

              
	
                I-57-A

              	
                Variable

              	
                $1,311,500.00

              	
                November
                  25, 2036

              
	
                I-57-B

              	
                Variable

              	
                $1,311,500.00

              	
                November
                  25, 2036

              
	
                I-58-A

              	
                Variable

              	
                $1,246,500.00

              	
                November
                  25, 2036

              
	
                I-58-B

              	
                Variable

              	
                $1,246,500.00

              	
                November
                  25, 2036

              
	
                I-59-A

              	
                Variable

              	
                $1,185,500.00

              	
                November
                  25, 2036

              
	
                I-59-B

              	
                Variable

              	
                $1,185,500.00

              	
                November
                  25, 2036

              
	
                I-60-A

              	
                Variable

              	
                $24,588,000.00

              	
                November
                  25, 2036

              
	
                I-60-B

              	
                Variable

              	
                $24,588,000.00

              	
                November
                  25, 2036

              
	
                P

              	
                Variable

              	
                $100.00

              	
                November
                  25, 2036

              

      

    

    ________________

    
      	
              (1)

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

            
	
              (2)

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

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      II

     

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

     

    

      
        	
                Designation

              	
                REMIC
                  II

                Remittance
                  Rate

              	
                Initial

                Uncertificated
                  Balance

              	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                II-LTAA

              	
                Variable(2)

              	
                $885,675,579.27

              	
                November
                  25, 2036

              
	
                II-LTA1

              	
                Variable(2)

              	
                $3,845,000.00

              	
                November
                  25, 2036

              
	
                II-LTA2

              	
                Variable(2)

              	
                $913,000.00

              	
                November
                  25, 2036

              
	
                II-LTA3

              	
                Variable(2)

              	
                $1,618,500.00

              	
                November
                  25, 2036

              
	
                II-LTA4

              	
                Variable(2)

              	
                $677,270.00

              	
                November
                  25, 2036

              
	
                II-LTM1

              	
                Variable(2)

              	
                $338,900.00

              	
                November
                  25, 2036

              
	
                II-LTM2

              	
                Variable(2)

              	
                $433,800.00

              	
                November
                  25, 2036

              
	
                II-LTM3

              	
                Variable(2)

              	
                $144,600.00

              	
                November
                  25, 2036

              
	
                II-LTM4

              	
                Variable(2)

              	
                $149,110.00

              	
                November
                  25, 2036

              
	
                II-LTM5

              	
                Variable(2)

              	
                $149,110.00

              	
                November
                  25, 2036

              
	
                II-LTM6

              	
                Variable(2)

              	
                $103,930.00

              	
                November
                  25, 2036

              
	
                II-LTM7

              	
                Variable(2)

              	
                $90,370.00

              	
                November
                  25, 2036

              
	
                II-LTM8

              	
                Variable(2)

              	
                $76,810.00

              	
                November
                  25, 2036

              
	
                II-LTM9

              	
                Variable(2)

              	
                $103,930.00

              	
                November
                  25, 2036

              
	
                II-LTM10

              	
                Variable(2)

              	
                $126,520.00

              	
                November
                  25, 2036

              
	
                II-LTM11

              	
                Variable(2)

              	
                $117,480.00

              	
                November
                  25, 2036

              
	
                II-LTZZ

              	
                Variable(2)

              	
                $9,186,681.82

              	
                November
                  25, 2036

              
	
                II-LTP

              	
                Variable(2)

              	
                $100.00

              	
                November
                  25, 2036

              
	
                II-LTIO

              	
                Variable(2)

              	
                N/A(3)

              	
                November
                  25, 2036

              

      

    

    ________________

    
      	
              (1)

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

            

    

    
      	
              (2)

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

            

    

    
      	
              (3)

            	
              REMIC
                II Regular Interest II-LTIO will not have an Uncertificated Balance,
                but
                will accrue interest on its Uncertificated Notional
                Amount.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      III

     

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

     

    Each
      Certificate, other than the Class P Certificate, the Class CE Certificate,
      the
      Class R Certificates and the Class R-X Certificates, represents ownership of
      a
      Regular Interest in REMIC III and also represents (i) the right to receive
      payments with respect to the Net WAC Rate Carryover Amount (as defined herein)
      and (ii) the obligation to pay Class IO Distribution Amounts (as defined
      herein). The entitlement to principal of the Regular Interest which corresponds
      to each Certificate shall be equal in amount and timing to the entitlement
      to
      principal of such Certificate.

     

    
      
        	
                Designation

              	
                Pass-Through
                  Rate

              	
                Initial
                  Aggregate

                Certificate
                  Principal Balance

              	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                Class
                  A-1

              	
                Variable(2)

              	
                $384,500,000.00

              	
                November
                  25, 2036

              
	
                Class
                  A-2

              	
                Variable(2)

              	
                $91,300,000.00

              	
                November
                  25, 2036

              
	
                Class
                  A-3

              	
                Variable(2)

              	
                $161,850,000.00

              	
                November
                  25, 2036

              
	
                Class
                  A-4

              	
                Variable(2)

              	
                $67,727,000.00

              	
                November
                  25, 2036

              
	
                Class
                  M-1

              	
                Variable(2)

              	
                $33,890,000.00

              	
                November
                  25, 2036

              
	
                Class
                  M-2

              	
                Variable(2)

              	
                $43,380,000.00

              	
                November
                  25, 2036

              
	
                Class
                  M-3

              	
                Variable(2)

              	
                $14,460,000.00

              	
                November
                  25, 2036

              
	
                Class
                  M-4

              	
                Variable(2)

              	
                $14,911,000.00

              	
                November
                  25, 2036

              
	
                Class
                  M-5

              	
                Variable(2)

              	
                $14,911,000.00

              	
                November
                  25, 2036

              
	
                Class
                  M-6

              	
                Variable(2)

              	
                $10,393,000.00

              	
                November
                  25, 2036

              
	
                Class
                  M-7

              	
                Variable(2)

              	
                $9,037,000.00

              	
                November
                  25, 2036

              
	
                Class
                  M-8

              	
                Variable(2)

              	
                $7,681,000.00

              	
                November
                  25, 2036

              
	
                Class
                  M-9

              	
                Variable(2)

              	
                $10,393,000.00

              	
                November
                  25, 2036

              
	
                Class
                  M-10

              	
                Variable(2)

              	
                $12,652,000.00

              	
                November
                  25, 2036

              
	
                Class
                  M-11

              	
                Variable(2)

              	
                $11,748,000.00

              	
                November
                  25, 2036

              
	
                Class
                  CE Interest

              	
                Variable(3)

              	
                $14,917,591.09

              	
                November
                  25, 2036

              
	
                Class
                  P Interest

              	
                N/A(4)

              	
                $100.00

              	
                November
                  25, 2036

              
	
                Class
                  Swap-IO Interest

              	
                N/A(5)

              	
                N/A

              	
                November
                  25, 2036

              

      

    

    _______________

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

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

    (3) The
      Class
      CE Interest will accrue interest at its variable Pass-Through Rate on the
      Notional Amount of the Class CE Interest outstanding from time to time, which
      shall equal the Uncertificated Balance of the REMIC II Regular Interests (other
      than REMIC II Regular Interest II-LTP). The Class CE Interest will not accrue
      interest on its Uncertificated Balance.

    (4) The
      Class
      P Interest will not accrue interest.

    (5) The
      Class
      Swap-IO Interest will not have a Pass-Through Rate or a Certificate Principal
      Balance, but will be entitled to 100% of the amounts distributed on REMIC II
      Regular Interest II-LTIO.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      IV

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class CE Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC IV.”
The Class R-IV Interest represents the sole class of “residual interests” in
      REMIC IV for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the Class designation, Pass-Through
      Rate
      and Original Class Certificate Principal Balance for the indicated Class of
      Certificates that represents a “regular interest” in REMIC IV created
      hereunder:

     

    
      	
              Class
                Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                CE Certificates

            	
              Variable(2)

            	
              $14,917,591.09

            	
              November
                25, 2036

            

    

    _______________

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      V

     

    As
      provided herein, the Trustee shall make an election 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 V.”
The Class R-V Interest represents the sole class of “residual interests” in
      REMIC V for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the Class designation, Pass-Through
      Rate
      and Original Class Certificate Principal Balance for the indicated Class of
      Certificates that represents a “regular interest” in REMIC V created
      hereunder:

     

    
      	
              Class
                Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                P Certificates

            	
              Variable(2)

            	
              $100.00

            	
              November
                25, 2036

            

    

    _______________

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

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      VI

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class SWAP-IO Interest as a REMIC for federal income
      tax purposes, and such segregated pool of assets shall be designated as “REMIC
      VI.” The Class R-VI Interest represents the sole class of “residual interests”
in REMIC VI for purposes of the REMIC Provisions. The following table
      irrevocably sets forth the designation, the Pass-Through Rate, the initial
      aggregate 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 REMIC VI Regular Interest SWAP-IO, which will be
      uncertificated.

     

    
      	
               

              Designation

            	 	
               

              Pass-Through
                Rate

            	 	
               

              Initial
                Aggregate

              Certificate
                Principal Balance

            	 	
               

              Latest
                Possible

              Maturity
                Date(1)

            	 
	
              SWAP-IO

            	 	
              Variable(2)

            	 	
              N/A

            	 	
              November
                25, 2036

            	 

    

    ________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations,
                the
                Distribution Date immediately following the maturity date for the
                Mortgage
                Loans with the latest maturity date has been designated as the “latest
                possible maturity date” for REMIC IV Regular Interest
                Swap-IO.

            
	
              (2)

            	
              REMIC
                IV Regular Interest Swap-IO will receive 100% of amounts received
                in
                respect of the Class SWAP-IO
                Interest.

            

    

    

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Stated Principal Balance
      equal
      to $903,750,691.09.

     

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I

     

    DEFINITIONS

     

    SECTION
      1.01. Defined
      Terms.

     

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

     

    “10-K
      Filing Deadline”: The meaning set forth in Section 4.06(a)(iv).

     

    “Accepted
      Master Servicing Practices”: With respect to any Mortgage Loan, as applicable,
      either (x) those customary mortgage loan master 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 Master Servicer
      (except in its capacity as successor to the Servicer), or (y) as provided in
      Section 3A.01 hereof, but in no event below the standard set forth in
      clause (x).

     

    “Accrual
      Period”: With respect to the Class A Certificates and the Mezzanine Certificates
      and each Distribution Date, the period commencing on the preceding Distribution
      Date (or in the case of the first such Accrual Period, commencing on the Closing
      Date) and ending on the day preceding the current Distribution Date. With
      respect to the Class CE Certificates and the REMIC Regular Interests and each
      Distribution Date, the calendar month prior to the month of such Distribution
      Date.

     

    “Additional
      Disclosure”: The meaning set forth in Section 4.06(a)(v).

     

    “Additional
      Form 10-D Disclosure”: The meaning set forth in Section 4.06(a)(i).

     

    “Additional
      Form 10-K Disclosure”: The meaning set forth in Section
      4.06(a)(iv).

     

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

     

    “Adjusted
      Net Maximum Mortgage Rate”: With respect to any Mortgage Loan (or the related
      REO Property), as of any date of determination, a per annum rate of interest
      equal to the applicable Maximum Mortgage Rate for such Mortgage Loan (or the
      Mortgage Rate in the case of any Fixed-Rate Mortgage Loan) as of the first
      day
      of the month preceding the month in which the related Distribution Date occurs
      minus
      the
      sum of (i) the Servicing Fee Rate and (ii) the Credit Risk Manager Fee
      Rate.

     

    “Adjusted
      Net Mortgage Rate”: With respect to any Mortgage Loan (or the related REO
      Property), as of any date of determination, a per annum rate of interest equal
      to the applicable Mortgage Rate for such Mortgage Loan as of the first day
      of
      the month preceding the month in which the related Distribution Date occurs
      minus
      the
      sum of (i) the Servicing Fee Rate and (ii) the Credit Risk Manager Fee
      Rate.

     

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

     

    “Advance”:
      With respect to any Distribution Date, as to any Mortgage Loan or REO Property,
      any advance made by the Servicer in respect of Monthly Payments due during
      the
      related Due Period pursuant to Section 4.03 or by the Master Servicer (in its
      capacity as successor Servicer) or any other successor Servicer pursuant to
      Section 4.03.

     

    “Advance
      Facility”: As defined in Section 3.26 hereof.

     

    “Advancing
      Person”: As defined in Section 3.26 hereof.

     

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

     

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

     

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

     

    “Allocated
      Realized Loss Amount”: With respect to any Distribution Date and any Class of
      Mezzanine Certificates, (i) the sum of (a) any Realized Losses allocated to
      such
      Class of Certificates on such Distribution Date and (b) the amount of any
      Allocated Realized Loss Amount for such Class of Certificates remaining
      undistributed from the previous Distribution Date reduced by (ii) the amount
      of
      any Subsequent Recoveries added to the Certificate Principal Balance of such
      Class of Certificates.

     

    “Assessment
      of Compliance”: As defined in Section 3.21.

     

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

     

    “Assignment
      Agreement”: Each Assignment and Recognition Agreement, dated December 28, 2006,
      among the Depositor, the Seller and the related Originator, forms of which
      are
      attached hereto as Exhibit D, pursuant to which the Seller assigns its rights
      under the related Originator Master Agreement to the Depositor.

     

    “Attestation
      Report”: As defined in Section 3.21.

     

    “Available
      Funds”: With respect to any Distribution Date, an amount equal to the excess of
      (i) the sum of (a) the aggregate of the related Monthly Payments received on
      the
      Mortgage Loans by the Servicer on or prior to the related Determination Date,
      (b) Net Liquidation Proceeds, Insurance Proceeds, Principal Prepayments,
      Subsequent Recoveries, proceeds from repurchases of and substitutions for such
      Mortgage Loans and other unscheduled recoveries of principal and interest in
      respect of the Mortgage Loans received by the Servicer during the related
      Prepayment Period, (c) the aggregate of any amounts received by the Servicer
      in
      respect of a related REO Property and withdrawn from any REO Account and
      remitted to the Master Servicer for such Distribution Date, (d) the aggregate
      of
      any amounts on deposit in the Distribution Account representing Compensating
      Interest paid by the Servicer or the Master Servicer in respect of related
      Prepayment Interest Shortfalls for such Distribution Date, (e) the aggregate
      of
      any Advances made by the Servicer for such Distribution Date in respect of
      the
      Mortgage Loans and (f) the aggregate of any related Advances made by the Master
      Servicer (in its capacity as successor servicer) or other successor servicer
      in
      respect of the Mortgage Loans for such Distribution Date pursuant to
      Section 4.03 over (ii) the sum of (a) amounts reimbursable or payable to
      the Servicer pursuant to Section 3.11(a) or to the Master Servicer pursuant
      to
      Section 3A.12, (b) Extraordinary Trust Fund Expenses reimbursable to the
      Trustee, the Servicer, the Master Servicer or the Trust Administrator pursuant
      to Section 3A.12, (c) amounts in respect of the items set forth in clauses
      (i)(a) through (i)(f) above deposited in the Collection Account or the
      Distribution Account, as the case may be, in error, (d) the amount of any
      Prepayment Charges collected by the Servicer in connection with the full or
      partial prepayment of any of the Mortgage Loans, any Originator Prepayment
      Charge Payment Amount and any Servicer Prepayment Charge Payment Amount, (e)
      any
      indemnification and reimbursement amounts owed to the Trust Administrator,
      the
      Trustee or the Custodian payable from the Distribution Account pursuant to
      Section 8.05, (f) the Credit Risk Manager Fee, (g) without duplication, any
      amounts in respect of the items set forth in clauses (i)(a) and (i)(b) permitted
      hereunder to be retained by the Master Servicer or to be withdrawn by the Master
      Servicer from the Distribution Account pursuant to Section 3A.12, (h)
      Servicing Fees retained by the Servicer pursuant to Section 3.11 and (i) any
      Net
      Swap Payment or Swap Termination Payment owed to the Swap Provider (other than
      any Swap Termination Payment owed to the Swap Provider resulting from a Swap
      Provider Trigger Event). Notwithstanding any of the foregoing, with respect
      to
      any items that are part of the Available Funds as defined above and that are
      required to be remitted by the Servicer to the Master Servicer, the Available
      Funds shall not be deemed to include any portion of such items that are not
      actually remitted by the Servicer to the Master Servicer.

     

    “Back-Up
      Certification”: The meaning set forth in Section 4.06(a)(iv).

     

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

     

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

     

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

     

    “Basic
      Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (i) the Principal Remittance Amount for such Distribution Date over
      (ii) the Overcollateralization Release Amount, if any, for such Distribution
      Date.

     

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

     

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

     

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

     

    “Cap
      Account”: The account or accounts created and maintained pursuant to Section
      4.10. The Cap Account must be an Eligible Account.

     

    “Certification
      Parties”: The meaning set forth in Section 4.06(a)(iv).

     

    “Certificate”:
      Any one of the Mortgage Pass-Through Certificates, Series 2006-HE5, Class A-1,
      Class A-2, Class A-3, Class A-4, Class M-1, Class M-2, Class M-3, Class M-4,
      Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10, Class M-11,
      Class CE, Class P, Class R or Class R-X, issued under this
      Agreement.

     

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

     

    “Certificate
      Margin”: With respect to each Class A Certificate and Mezzanine Certificate and,
      for purposes of the Marker Rate, the specified REMIC II Regular Interest, as
      follows:

     

    
      	
              Class

            	
              REMIC
                II Regular Interest

            	
              Certificate
                Margin

            
	
              (1)
                (%)

            	
              (2)
                (%)

            
	
              A-1

            	
              II-LTA1

            	
              0.060%

            	
              0.120%

            
	
              A-2

            	
              II-LTA2

            	
              0.100%

            	
              0.200%

            
	
              A-3

            	
              II-LTA3

            	
              0.160%

            	
              0.320%

            
	
              A-4

            	
              II-LTA4

            	
              0.220%

            	
              0.440%

            
	
              M-1

            	
              II-LTM1

            	
              0.230%

            	
              0.345%

            
	
              M-2

            	
              II-LTM2

            	
              0.270%

            	
              0.405%

            
	
              M-3

            	
              II-LTM3

            	
              0.320%

            	
              0.480%

            
	
              M-4

            	
              II-LTM4

            	
              0.370%

            	
              0.555%

            
	
              M-5

            	
              II-LTM5

            	
              0.390%

            	
              0.585%

            
	
              M-6

            	
              II-LTM6

            	
              0.450%

            	
              0.675%

            
	
              M-7

            	
              II-LTM7

            	
              0.820%

            	
              1.230%

            
	
              M-8

            	
              II-LTM8

            	
              1.400%

            	
              2.100%

            
	
              M-9

            	
              II-LTM9

            	
              2.700%

            	
              4.050%

            
	
              M-10

            	
              II-LTM10

            	
              2.700%

            	
              4.050%

            
	
              M-11

            	
              II-LTM11

            	
              2.500%

            	
              3.750%

            

    

    __________

    
      	
              (1)

            	
              For
                the Interest Accrual Period for each Distribution Date on or prior
                to the
                Optional Termination Date.

            
	
              (2)

            	
              For
                the Interest Accrual Period for each Distribution Date after the
                Optional
                Termination Date.

            

    

    

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

     

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

     

    “Certificate
      Principal Balance”: With respect to each Class A Certificate, Mezzanine
      Certificate or Class P Certificate as of any date of determination, the
      Certificate Principal Balance of such Certificate on the Distribution Date
      immediately prior to such date of determination plus any Subsequent Recoveries
      added to the Certificate Principal Balance of such Certificate pursuant to
      Section 4.01, minus all distributions allocable to principal made thereon
      and Realized Losses allocated thereto on such immediately prior Distribution
      Date (or, in the case of any date of determination up to and including the
      first
      Distribution Date, the initial Certificate Principal Balance of such
      Certificate, as stated on the face thereof). With respect to each Class CE
      Certificate as of any date of determination, an amount equal to the Percentage
      Interest evidenced by such Certificate times the excess, if any, of (A) the
      then
      aggregate Uncertificated Balance of the REMIC II Regular Interests over (B)
      the
      then aggregate Certificate Principal Balance of the Class A Certificates, the
      Mezzanine Certificates and the Class P Certificates then
      outstanding.

     

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

     

    “Certifying
      Person”: The meaning set forth in Section 4.06(a)(iv).

     

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

     

    “Class
      A
      Certificates”: Any of the Class A-1 Certificates, Class A-2 Certificates, Class
      A-3 Certificates or Class A-4 Certificates.

     

    “Class
      A-1 Certificate”: Any one of the Class A-1 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-1 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      A-2 Certificate”: Any one of the Class A-2 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-2 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      A-3 Certificate”: Any one of the Class A-3 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-3 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      A-4 Certificate”: Any one of the Class A-4 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-4 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      CE
      Certificate”: Any one of the Class CE Certificates executed, authenticated and
      delivered by the Trust Administrator, substantially in the form annexed hereto
      as Exhibit A-16 and evidencing (i) a Regular Interest in REMIC IV, (ii) the
      obligation to pay Net WAC Rate Carryover Amounts and Swap Termination Payments
      and (iii) the right to receive the Class IO Distribution Amount.

     

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

     

    “Class
      IO
      Distribution Amount”: As defined in Section 4.08 hereof. For purposes of
      clarity, the Class IO Distribution Amount for any Distribution Date shall equal
      the amount payable to the Trust Administrator on such Distribution Date in
      excess of the amount payable on the Class SWAP-IO Interest on such Distribution
      Date, all as further provided in Section 4.08 hereof.

     

    “Class
      M-1 Certificate”: Any one of the Class M-1 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-5 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-2 Certificate”: Any one of the Class M-2 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-6 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-3 Certificate”: Any one of the Class M-3 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-7 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-4 Certificate”: Any one of the Class M-4 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-8 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-4 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date) and (iii) the Certificate
      Principal Balance of the Class M-4 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 79.70% and
      (ii)
      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 (B) the excess 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) over $4,518,753.46.

     

    “Class
      M-5 Certificate”: Any one of the Class M-5 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-9 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-5 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date) and (iv) the Certificate Principal Balance of the Class M-5 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 83.00% and (ii) 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 (B) the excess 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) over
      $4,518,753.46.

     

    “Class
      M-6 Certificate”: Any one of the Class M-6 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-10 and evidencing (i) a Regular Interest in REMIC III,
      (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-6 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date) and (v) the Certificate Principal
      Balance of the Class M-6 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 85.30% and (ii) 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
      (B)
      the excess 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) over $4,518,753.46.

     

    “Class
      M-7 Certificate”: Any one of the Class M-7 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-11 and evidencing (i) a Regular Interest in REMIC III,
      (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-7 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date) and (vi) the Certificate Principal Balance of the Class M-7 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 87.30% and (ii) 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 (B) the excess 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) over
      $4,518,753.46.

     

    “Class
      M-8 Certificate”: Any one of the Class M-8 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-12 and evidencing (i) a Regular Interest in REMIC III,
      (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-8 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date) and (vii) the Certificate
      Principal Balance of the Class M-8 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 89.00% and
      (ii)
      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 (B) the excess 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) over $4,518,753.46.

     

    “Class
      M-9 Certificate”: Any one of the Class M-9 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-13 and evidencing (i) a Regular Interest in REMIC III,
      (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-9 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date) and (viii) the Certificate Principal Balance of the Class M-9 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 91.30% and (ii) 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 (B) the excess 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) over
      $4,518,753.46.

     

    “Class
      M-10 Certificate”: Any one of the Class M-10 Certificates executed,
      authenticated and delivered by the Trust Administrator, substantially in the
      form annexed hereto as Exhibit A-14 and evidencing (i) a Regular Interest in
      REMIC III, (ii) the right to receive the Net WAC Rate Carryover Amount and
      (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-10 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date) and (ix) the Certificate
      Principal Balance of the Class M-10 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 94.10% and
      (ii)
      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 (B) the excess 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) over $4,518,753.46.

     

    “Class
      M-11 Certificate”: Any one of the Class M-11 Certificates executed,
      authenticated and delivered by the Trust Administrator, substantially in the
      form annexed hereto as Exhibit A-15 and evidencing (i) a Regular Interest in
      REMIC III, (ii) the right to receive the Net WAC Rate Carryover Amount and
      (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-11 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-10 Certificates (after taking into account the
      distribution of the Class M-10 Principal Distribution Amount on such
      Distribution Date) and (x) the Certificate Principal Balance of the Class M-11
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 96.70% and (ii) 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 (B) the excess 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) over $4,518,753.46.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed, authenticated and
      delivered by the Trust Administrator, substantially in the form annexed hereto
      as Exhibit A-17 and evidencing a Regular Interest in REMIC V for purposes of
      the
      REMIC Provisions.

     

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

     

    “Class
      R
      Certificate”: Any one of the Class R Certificates executed, authenticated and
      delivered by the Trust Administrator, substantially in the form annexed hereto
      as Exhibit A-18 and evidencing the ownership of the Class R-I Interest, the
      Class R-II Interest and the Class R-III Interest.

     

    “Class
      R-X Certificate”: The Class R-X Certificate executed, authenticated and
      delivered by the Trust Administrator, substantially in the form annexed hereto
      as Exhibit A-19 and evidencing the ownership of the Class R-IV Interest, the
      Class R-V Interest and the Class R-VI Interest.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Class
      SWAP-IO Interest”: An uncertificated interest in the Trust Fund evidencing a
      Regular Interest in REMIC III.

     

    “Closing
      Date”: December 28, 2006.

     

    “Code”:
      The Internal Revenue Code of 1986, as amended.

     

    “Collection
      Account”: The account or accounts created and maintained, or caused to be
      created and maintained, by the Servicer pursuant to Section 3.10(a), which
      shall
      be entitled “HomEq Servicing, as Servicer for U.S. Bank National Association, as
      Trustee, in trust for the registered holders of MASTR Asset Backed Securities
      Trust 2006-HE5, Mortgage Pass-Through Certificates” The Collection Account must
      be an Eligible Account.

     

    “Commission”:
      The U.S. Securities and Exchange Commission.

     

    “Compensating
      Interest”: With respect to the Servicer and any Principal Prepayment, the amount
      in respect of Prepayment Interest Shortfalls required to be paid by the Servicer
      pursuant to Section 3.24 from its own funds without right of reimbursement
      and
      with respect to the Master Servicer, the amount in respect of Prepayment
      Interest Shortfalls required to be paid by the Master Servicer pursuant to
      Section 3A.10 from its own funds without right of reimbursement except as
      provided in Section 3A.10, in each case, up to the aggregate compensation
      payable to the Servicer or the Master Servicer, as applicable, for the related
      collection period under this Agreement.

     

    “Compensating
      Interest Payment”: As defined in Section 3.24.

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee or the Trust
      Administrator, as the case may be, at which at any particular time its corporate
      trust business in connection with this Agreement shall be administered, which
      office at the date of the execution of this instrument is located at (i) with
      respect to the Trustee, U.S. Bank National Association, 60 Livingston Avenue,
      EP-MN-WS3D, St. Paul, Minnesota 55107, Attention: Structured Finance/MASTR
      2006-HE5, or at such other address as the Trustee may designate from time to
      time by notice to the Certificateholders, the Depositor, the Servicer, the
      Master Servicer, the Originators, and the Trust Administrator, or (ii) with
      respect to the Trust Administrator, (A) for Certificate transfer and surrender
      purposes, Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, Attention: Corporate Trust Services—MABS 2006-HE5
      and (B) for all other purposes, Wells Fargo Bank, N.A., 9062 Old Annapolis
      Road,
      Columbia, Maryland 21045, Attention: Corporate Trust Services—MABS 2006-HE5, or
      in each case at such other address as the Trust Administrator may designate
      from
      time to time by notice to the Certificateholders, the Depositor, the Servicer,
      the Master Servicer, the Originators and the Trustee.

     

    “Corresponding
      Certificate”: With respect to each REMIC II Regular Interest set forth below,
      the corresponding Regular Certificate set forth in the table below:

     

    

      
        	
                REMIC
                  II Regular Interest

              	
                Regular
                  Certificate

              
	
                II-LTA1

              	
                Class
                  A-1

              
	
                II-LTA2

              	
                Class
                  A-2

              
	
                II-LTA3

              	
                Class
                  A-3

              
	
                II-LTA4

              	
                Class
                  A-4

              
	
                II-LTM1

              	
                Class
                  M-1

              
	
                II-LTM2

              	
                Class
                  M-2

              
	
                II-LTM3

              	
                Class
                  M-3

              
	
                II-LTM4

              	
                Class
                  M-4

              
	
                II-LTM5

              	
                Class
                  M-5

              
	
                II-LTM6

              	
                Class
                  M-6

              
	
                II-LTM7

              	
                Class
                  M-7

              
	
                II-LTM8

              	
                Class
                  M-8

              
	
                II-LTM9

              	
                Class
                  M-9

              
	
                II-LTM10

              	
                Class
                  M-10

              
	
                II-LTM11

              	
                Class
                  M-11

              
	
                II-LTP

              	
                Class
                  P

              

      

    

    

    “Credit
      Enhancement Percentage”: For any Distribution Date, the percentage equivalent of
      a fraction, the numerator of which is the aggregate Certificate Principal
      Balance of the Mezzanine Certificates and the Class CE Certificates, and the
      denominator of which is the aggregate Stated Principal Balance of the Mortgage
      Loans, calculated prior to taking into account distributions of principal on
      the
      Mortgage Loans and distribution of the Principal Distribution Amount to the
      Certificates then entitled to distributions of principal on such Distribution
      Date.

     

    “Credit
      Risk Management Agreement”: The respective agreements between the Credit Risk
      Manager and the Servicer and/or Master Servicer regarding the loss mitigation
      and advisory services to be provided by the Credit Risk Manager.

     

    “Credit
      Risk Manager”: Clayton Fixed Income Services Inc., a Colorado corporation,
      formerly known as The Murrayhill Company, and its successors and
      assigns.

     

    “Credit
      Risk Manager Fee”: The amount payable to the Credit Risk Manager on each
      Distribution Date as compensation for all services rendered by it in the
      exercise and performance of any of the powers and duties of the Credit Risk
      Manager under the respective Credit Risk Management Agreement and any other
      agreement pursuant to which the Credit Risk Manager is to perform any duties
      with respect to the related Mortgage Loans, which amount shall equal one twelfth
      of the product of (i) the Credit Risk Manager Fee Rate (without regard to the
      words “per annum”) and (ii) the aggregate Stated Principal Balance of the
      related Mortgage Loans and any related REO Properties as of the first day of
      the
      related Due Period.

     

    “Credit
      Risk Manager Fee Rate”: 0.0125% per annum.

     

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

     

    “Custodial
      Agreement”: The Custodial Agreement, dated as of December 1, 2006, between the
      Trustee and Deutsche Bank National Trust Company.

     

    “Custodian”:
      Each entity acting as custodian of the Mortgage Files on behalf of and for
      the
      benefit of the Trustee, which as of the Closing Date shall be Wells Fargo Bank,
      N.A. with respect to the Mortgage Loans originated by EquiFirst Corporation,
      Decision One Mortgage Company, LLC and First NLC Financial Services, LLC or
      Deutsche Bank National Trust Company with respect to the Mortgage Loans
      originated by New Century Mortgage Corporation. Unless otherwise specified,
      all
      references to actions to be taken by the “Custodian” under this Agreement shall
      be to actions to be taken or previously taken by the related Custodian.
      Furthermore, the parties hereto acknowledge that any duties or actions of
      Deutsche Bank National Trust Company as Custodian are subject to the terms
      and
      provisions of the Custodial Agreement.

     

    “Cut-off
      Date”: With respect to each Original Mortgage Loan, December 1, 2006. With
      respect to all Qualified Substitute Mortgage Loans, their respective dates
      of
      substitution. References herein to the “Cut-off Date,” when used with respect to
      more than one Mortgage Loan, shall be to the respective Cut-off Dates for such
      Mortgage Loans.

     

    “Cut-off
      Date Principal Balance”: With respect to any Mortgage Loan, the unpaid Stated
      Principal Balance thereof as of the Cut-off Date of such Mortgage Loan (or
      as of
      the applicable date of substitution with respect to a Qualified Substitute
      Mortgage Loan), after giving effect to scheduled payments due on or before
      the
      Cut-off Date, whether or not received.

     

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

     

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

     

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

     

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

     

    “Delinquency
      Percentage”: With respect to any Distribution Date, the percentage equivalent to
      a fraction, the numerator of which is the aggregate Stated Principal Balance
      of
      all Mortgage Loans that, as of the close of business on the last day of the
      previous calendar month, are 60 or more days Delinquent (including Mortgage
      Loans in foreclosure, have been converted to REO Properties or are in
      bankruptcy), taking into account any prepayments received through the end of
      the
      related Prepayment Period, and the denominator of which is the aggregate
      Principal Balance of all Mortgage Loans as of the close of business on the
      last
      day of such month, taking into account any prepayments received through the
      end
      of the related Prepayment Period.

     

    “Delinquent”:
      A Mortgage Loan is Delinquent if any Monthly Payment due on a Due Date is not
      made by the close of business on the next scheduled Due Date for such Mortgage
      Loan (as determined and reported based on the “OTS” methodology for determining
      delinquencies on mortgage loans similar to the Mortgage Loans and not including
      any Liquidated Mortgage Loans).

     

    “Depositor”:
      Mortgage Asset Securitization Transactions, Inc., a Delaware corporation, or
      its
      successor in interest.

     

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

     

    “Depository
      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 calendar month in which such Distribution Date occurs or, if such
      15th
      day is
      not a Business Day, the Business Day immediately preceding such 15th
      day.

     

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

     

    “Discount
      Factor”: With
      respect to each Distribution Date, the product of each Projected Zero Factor
      for
      each preceding Distribution Date, including such Distribution Date, with the
      Projected Zero Factor for the Significance Percentage Calculation Date equal
      to
      1.

     

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

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trust
      Administrator pursuant to Section 3A.11 which shall be entitled “Wells
      Fargo Bank, N.A. as Trust Administrator, in trust for the registered holders
      of
      MASTR Asset Backed Securities Trust 2006-HE5, Mortgage Pass-Through
      Certificates, Series 2006-HE5—Distribution Account.” The Distribution Account
      must be an Eligible Account.

     

    “Distribution
      Date”: The 25th
      day of
      any month, or if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day,
      commencing in January 2007.

     

    “Due
      Date”: With respect to each Distribution Date, the first day of the calendar
      month in which such Distribution Date occurs, which is generally the day of
      the
      month on which the Monthly Payment is due on a Mortgage Loan, exclusive of
      any
      days of grace.

     

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

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a federal or state
      chartered depository institution or trust company the short-term unsecured
      debt
      obligations of which (or, in the case of a depository institution or trust
      company that is the principal subsidiary of a holding company, the short-term
      unsecured debt obligations of such holding company) are rated P-1 by Moody’s and
      A-1+ by S&P (or comparable ratings if Moody’s and S&P are not the Rating
      Agencies) at the time any amounts are held on deposit therein, (ii) with respect
      to any escrow account, an account or accounts the deposits in which are fully
      insured by the FDIC (to the limits established by such corporation), the
      uninsured deposits in which account are otherwise secured such that, as
      evidenced by an Opinion of Counsel delivered to the NIMS Insurer, the Trust
      Administrator, the Trustee and to each Rating Agency, the Certificateholders
      will have a claim with respect to the funds in such account or a perfected
      first
      priority security interest against such 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 with which such
      account is maintained, (iii) a trust account or accounts maintained with the
      trust department of a federal or state chartered depository institution,
      national banking association or trust company acting in its fiduciary capacity
      or (iv) an account otherwise acceptable to the NIMS Insurer and to each Rating
      Agency without reduction or withdrawal of their then current ratings of the
      Certificates as evidenced by a letter from each Rating Agency to the Trust
      Administrator, the Trustee and the NIMS Insurer. Eligible Accounts may bear
      interest.

     

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

     

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

     

    “Excess
      Overcollateralized Amount”: With respect to the Class A Certificates and the
      Mezzanine Certificates and any Distribution Date, the excess, if any, of (i)
      the
      Overcollateralized Amount for such Distribution Date, assuming that 100% of
      the
      Principal Remittance Amount is applied as a principal distribution on such
      Distribution Date over (ii) the Overcollateralization Target Amount for such
      Distribution Date.

     

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

     

    “Extra
      Principal Distribution Amount”: With respect to any Distribution Date, the
      lesser of (x) the sum of (i) Monthly Interest Distributable Amount payable
      on
      the Class CE Certificates on such Distribution Date as reduced by Realized
      Losses allocated thereto with respect to such Distribution Date pursuant to
      Section 4.04 and (ii) any amounts received under the Interest Rate Swap
      Agreement or the Interest Rate Cap Agreements for this purpose and (y) the
      Overcollateralization Deficiency Amount for such Distribution Date.

     

    “Extraordinary
      Trust Fund Expense”: Any amounts reimbursable to the Master Servicer pursuant to
      Section 3A.03 or Section 6.03, to the Trustee pursuant to Section 3.06
      or Section 7.02, to the Servicer, the Trustee or the Trust Administrator, or
      any
      director, officer, employee or agent of the Trustee or the Trust Administrator
      from the Trust Fund pursuant to Section 6.03, Section 8.05 or
      Section 10.01(c) and any amounts payable from the Distribution Account in
      respect of taxes pursuant to Section 10.01(g)(iii).

     

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

     

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

     

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

     

    “Fixed-Rate
      Mortgage Loans”: Each of the Mortgage Loans identified in the Mortgage Loan
      Schedule whose Mortgage Rates remain fixed for the life of the Mortgage
      Loan.

     

    “Fixed
      Swap Payment”: With respect to any Distribution Date, a fixed amount equal to
      the related amount set forth in the Interest Rate Swap Agreement.

     

    “Floating
      Swap Payment”: With respect to any Distribution Date, a floating amount equal to
      the product of (i) one-month LIBOR (as determined pursuant to the Interest
      Rate
      Swap Agreement for such Distribution Date), (ii) the related Base Calculation
      Amount (as defined in the Interest Rate Swap Agreement), (iii) 250 and (iv)
      a
      fraction, the numerator of which is the actual number of days elapsed from
      and
      including the previous Distribution Date to but excluding the current
      Distribution Date (or, for the first Distribution Date, the actual number of
      days elapsed from the Closing Date to but excluding the first Distribution
      Date), and the denominator of which is 360.

     

    “Form
      8-K
      Disclosure Information”: The meaning set forth in Section
      4.06(a)(iii).

     

    “Formula
      Rate”: For any Distribution Date and the Class A Certificates and the Mezzanine
      Certificates, the lesser of (i) One-Month LIBOR plus the related Certificate
      Margin and (ii) the Maximum Cap Rate.

     

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

     

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

     

    “Highest
      Priority”: As of any date of determination, the Class of Mezzanine Certificates
      then outstanding with a Certificate Principal Balance greater than zero, with
      the highest priority for payments pursuant to Section 4.01, in the
      following order: Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class
      M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11
      Certificates.

     

    “HomEq
      Servicing”: Barclays Capital Real Estate Inc. d/b/a HomEq
      Servicing.

     

    “Indenture”:
      An indenture relating to the issuance of notes secured by the Class CE
      Certificates, the Class P Certificates, the Class R Certificates and/or the
      Class R-X Certificates (or any portion thereof) which may or may not be
      guaranteed by the NIMS Insurer.

     

    “Independent”:
      When used with respect to any accountants, a Person who is “independent” within
      the meaning of Rule 2-01(B) of the Securities and Exchange Commission’s
      Regulation S-X. Independent means, when used with respect to any other Person,
      a
      Person who (A) is in fact independent of another specified Person and any
      affiliate of such other Person, (B) does not have any material direct or
      indirect financial interest in such other Person or any affiliate of such other
      Person, (C) is not connected with such other Person or any affiliate of such
      other Person as an officer, employee, promoter, underwriter, trustee, partner,
      director or Person performing similar functions and (D) is not a member of
      the
      immediate family of a Person defined in clause (B) or (C) above.

     

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

     

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

     

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

     

    “Interest
      Determination Date”: With respect to the Class A Certificates, the Mezzanine
      Certificates, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest
      II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4,
      REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC
      II
      Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular
      Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest
      II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9,
      REMIC II Regular Interest II-LTM10 and REMIC II Regular Interest II-LTM11 and
      any Accrual Period therefor, the second London Business Day preceding the
      commencement of such Accrual Period.

     

    “Interest
      Rate Cap Agreement I”: The Interest Rate Cap Agreement, dated as of December 28
      2006, between the Trust Administrator and the Interest Rate Cap Provider,
      including any schedule, confirmations, credit support annex or other credit
      support document relating thereto, and attached hereto as Exhibit
      K.

     

    “Interest
      Rate Cap Agreement II”: The Interest Rate Cap Agreement, dated as of December 28
      2006, between the Trust Administrator and the Interest Rate Cap Provider,
      including any schedule, confirmations, credit support annex or other credit
      support document relating thereto, and attached hereto as Exhibit
      K.

     

    “Interest
      Rate Cap Agreements”: Collectively, Interest Rate Cap Agreement I and Interest
      Rate Cap Agreement II.

     

    “Interest
      Rate Cap Collateral Account”: Shall mean the segregated trust account created
      and maintained by the Trust Administrator pursuant to Section 4.11
      hereof.

     

    “Interest
      Rate Cap Credit Support Annex”: The credit support annex, dated as of December
      28, 2006, between the Trust Administrator and the Interest Rate Cap Provider,
      which is annexed to and forms part of each of the Interest Rate Cap
      Agreements.

     

    “Interest
      Rate Cap Provider”: The cap provider under the Interest Rate Cap Agreements.
      Initially, the Interest Rate Cap Provider shall be UBS AG.

     

    “Interest
      Rate Swap Agreement”: The interest rate swap agreement, dated as of December 28,
      2006, between the Swap Provider and the Supplemental Interest Trust Trustee,
      including any schedule, confirmations, credit support annex and/or other credit
      support documents relating thereto, and attached hereto as Exhibit
      M.

     

    “Interest
      Remittance Amount”: With respect to any Distribution Date, that portion of the
      Available Funds for such Distribution Date attributable to interest received
      or
      advanced with respect to the Mortgage Loans.

     

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

     

    “Liquidated
      Mortgage Loan”: As to any Distribution Date, any Mortgage Loan in respect of
      which the Servicer has determined, in its reasonable judgment, as of the end
      of
      the related Prepayment Period, that all Liquidation Proceeds which it expects
      to
      recover with respect to the liquidation of the Mortgage Loan or disposition
      of
      the related REO Property have been recovered.

     

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

     

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

     

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

     

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

     

    “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 principal
      balance of such Mortgage Loan immediately prior to the liquidation of such
      Mortgage Loan.

     

    “Marker
      Rate”: With respect to the Class CE Interest and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the REMIC II
      Remittance Rate for each of REMIC II Regular Interests II-LTA1, II-LTA2,
      II-LTA3, II-LTA4, II-LTM1, II-LTM2, II-LTM3, II-LTM4, II-LTM5, II-LTM6, II-LTM7,
      II-LTM8, II-LTM9, II-LTM10, II-LTM11 and II-LTZZ, with the rate on each such
      REMIC II Regular Interest (other than REMIC II Regular Interest II-LTZZ) subject
      to a cap equal to the lesser of (a) One-Month LIBOR plus the related Certificate
      Margin and (b) the Net WAC Rate for the purpose of this calculation and with
      the
      rate on REMIC II Regular Interest II-LTZZ subject to a cap of zero for the
      purpose of this calculation; provided, however, that solely for this purpose,
      calculations of the REMIC II Remittance Rate and the related caps with respect
      to such REMIC II Regular Interests (other than REMIC II Regular Interest
      II-LTZZ) shall be multiplied by a fraction, the numerator of which is the actual
      number of days elapsed in the related Accrual Period and the denominator of
      which is 30.

     

    “Master
      Consulting Agreement”: The master consulting agreement, dated as of July 30,
      2004, by and between the Depositor and the Credit Risk Manager.

     

    “Master
      Servicer”: As of the Closing Date, Wells Fargo and thereafter, its respective
      successors in interest who meet the qualifications of the Master Servicer under
      this Agreement or any successor appointed hereunder. The Master Servicer and
      the
      Trust Administrator shall at all times be the same Person.

     

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

     

    “Master
      Servicing Compensation”: The meaning specified in
      Section 3A.09.

     

    “Master
      Servicing Transfer Costs”: Shall mean all reasonable out-of-pocket costs and
      expenses incurred by the Trustee in connection with the transfer of master
      servicing from a predecessor master servicer, including, without limitation,
      any
      reasonable costs or expenses associated with the complete transfer of all
      servicing data and master 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 to master service the Mortgage Loans properly and
      effectively.

     

    “Maximum
      Cap Rate”: For any Distribution Date with respect to the Class A Certificates
      and the Mezzanine Certificates, a per annum rate equal to the sum of (i) the
      product of (x) the weighted average of the Adjusted Net Maximum Mortgage Rates
      of the Mortgage Loans, weighted based on their outstanding Stated Principal
      Balances as of the first day of the calendar month preceding the month in which
      the Distribution Date occurs and (y) a fraction, the numerator of which is
      30
      and the denominator of which is the actual number of days elapsed in the related
      Accrual Period and (ii) (A) an amount, expressed as a percentage, equal to
      a
      fraction, the numerator of which is equal to the Net Swap Payment made by the
      Swap Provider and the denominator of which is equal to the aggregate Stated
      Principal Balance of the Mortgage Loans, multiplied by 12 and (B) an amount,
      expressed as a percentage, equal to a fraction, the numerator of which is equal
      to payments received under the Interest Rate Cap Agreements and the denominator
      of which is equal to the aggregate Stated Principal Balance of the Mortgage
      Loans, multiplied by 12 minus (a) an amount, expressed as a percentage, equal
      to
      the product of (I) the Net Swap Payment, if any, paid by the Trust for such
      Distribution Date divided by the aggregate Stated Principal Balance of the
      Mortgage Loans and (II) 12 and (b) an amount, expressed as a percentage, equal
      to the product of (x) the Swap Termination Payment, if any, due from the Trust
      (other than any Swap Termination Payment resulting from a Swap Provider Trigger
      Event) for such Distribution Date, divided by the aggregate Stated Principal
      Balance of the Mortgage Loans and (y) 12.

     

    “Maximum
      II-LTZZ Uncertificated Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (i) accrued interest at the REMIC II Remittance
      Rate applicable to REMIC II Regular Interest II-LTZZ for such Distribution
      Date
      on a balance equal to the Uncertificated Balance of REMIC II Regular Interest
      II-LTZZ minus the REMIC II Overcollateralization Amount, in each case for such
      Distribution Date, over (ii) Uncertificated Interest on REMIC II Regular
      Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest
      II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1,
      REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC
      II
      Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular
      Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest
      II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10,
      REMIC II Regular Interest II-LTM11 for such Distribution Date, with the rate
      on
      each such REMIC II Regular Interest subject to a cap equal to the lesser of
      (a) One-Month LIBOR plus the related Certificate Margin and (b) the Net WAC
      Rate; provided, however, each cap shall be multiplied by a fraction, the
      numerator of which is the actual number of days elapsed in the related Accrual
      Period and the denominator of which is 30.

     

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

     

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

     

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

     

    “Mezzanine
      Certificate”: Any Class M-1 Certificate, Class M-2 Certificate, Class M-3
      Certificate, Class M-4 Certificate, Class M-5 Certificate, Class M-6
      Certificate, Class M-7 Certificate, Class M-8 Certificate, Class M-9
      Certificate, Class M-10 Certificate or Class M-11 Certificate.

     

    “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
      Interest Distributable Amount”: With respect to the Class A Certificates, the
      Mezzanine Certificates and the Class CE Certificates and any Distribution Date,
      the amount of interest accrued during the related Accrual Period at the related
      Pass-Through Rate on the Certificate Principal Balance (or Notional Amount
      in
      the case of the Class CE Certificates) of such Class immediately prior to such
      Distribution Date, calculated on an actual/360 basis, reduced (to not less
      than
      zero) by any Prepayment Interest Shortfalls (to the extent not covered by
      payments made by the Servicer or the Master Servicer) and Relief Act Interest
      Shortfalls (allocated to each such Certificate based on its respective
      entitlements to interest irrespective of any Prepayment Interest Shortfalls
      and
      Relief Act Interest Shortfalls for such Distribution Date).

     

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

     

    “Monthly
      Statement”: The statement prepared by the Trust Administrator pursuant to
      Section 4.02.

     

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

     

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

     

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

     

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

     

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

     

    (i) the
      Mortgage Loan identifying number;

     

    (ii) [reserved];

     

    (iii) the
      state
      and zip code of the Mortgaged Property;

     

    (iv) a
      code
      indicating whether the Mortgaged Property was represented by the borrower,
      at
      the time of origination, as being owner-occupied;

     

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

     

    (vi) the
      original months to maturity;

     

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

     

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

     

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

     

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

     

    (xi) the
      stated maturity date;

     

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

     

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

     

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

     

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

     

    (xvi) the
      Stated Principal Balance of the Mortgage Loan as of the close of business on
      the
      Cut-off Date;

     

    (xvii) a
      code
      indicating the purpose of the Mortgage Loan (i.e., purchase financing, rate/term
      refinancing, cash-out refinancing);

     

    (xviii) the
      Mortgage Rate at origination;

     

    (xix) a
      code
      indicating the documentation program (i.e., full documentation, limited
      documentation, stated income documentation);

     

    (xx) the
      risk
      grade assigned by the related Originator;

     

    (xxi) the
      Value
      of the Mortgaged Property;

     

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

     

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

     

    (xxiv) the
      type
      and term of the related Prepayment Charge;

     

    (xxv) the
      rounding code;

     

    (xxvi) the
      program code;

     

    (xxvii) a
      code
      indicating the lien priority for Mortgage Loans;

     

    (xxviii) with
      respect to each Adjustable Rate Mortgage Loan, the Minimum Mortgage Rate, the
      Maximum Mortgage Rate, the Gross Margin, the next Adjustment Date and the
      Periodic Rate Cap;

     

    (xxix) the
      credit score (“FICO”) of such Mortgage Loan; and

     

    (xxx) the
      total
      amount of points and fees charged such Mortgage Loan.

     

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

     

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

     

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

     

    “Mortgage
      Rate”: With respect to each Mortgage Loan, the annual rate at which interest
      accrues on such Mortgage Loan from time to time in accordance with the
      provisions of the related Mortgage Note, which rate with respect to the
      Adjustable-Rate Mortgage Loans, (A) as of any date of determination until the
      first Adjustment Date following the Cut-off Date shall be the rate set forth
      in
      the Mortgage Loan Schedule as the Mortgage Rate in effect immediately following
      the Cut-off Date and (B) as of any date of determination thereafter shall be
      the
      rate as adjusted on the most recent Adjustment Date equal to the sum, rounded
      to
      the nearest or next highest 0.125% as provided in the Mortgage Note, of the
      Index, as most recently available as of a date prior to the Adjustment Date
      as
      set forth in the related Mortgage Note, plus the related Gross Margin; provided
      that the Mortgage Rate on such Adjustable-Rate Mortgage Loan on any Adjustment
      Date shall never be more than the lesser of (i) the sum of the Mortgage Rate
      in
      effect immediately prior to the Adjustment Date plus the related Periodic Rate
      Cap, if any, and (ii) the related Maximum Mortgage Rate, and shall never be
      less
      than the greater of (i) the Mortgage Rate in effect immediately prior to the
      Adjustment Date less the Periodic Rate Cap, if any, and (ii) the related Minimum
      Mortgage Rate. With respect to each Mortgage Loan that becomes an REO Property,
      as of any date of determination, the annual rate determined in accordance with
      the immediately preceding sentence as of the date such Mortgage Loan became
      an
      REO Property.

     

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

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

    “Net
      Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan or any other
      disposition of the related Mortgaged Property (including REO Property) the
      related Liquidation Proceeds and Insurance Proceeds net of Advances, Servicing
      Advances, Servicing Fees and any other accrued and unpaid servicing fees
      received and retained in connection with the liquidation of such Mortgage Loan
      or related Mortgaged Property and any amounts due on such Mortgage Loans on
      or
      prior to the Cut-off Date.

     

    “Net
      Monthly Excess Cashflow”: With respect to each Distribution Date, the sum of (a)
      any Overcollateralization Release Amount for such Distribution Date and (b)
      the
      excess of (x) Available Funds for such Distribution Date over (y) the sum for
      such Distribution Date of (A) the Monthly Interest Distributable Amounts for
      the
      Class A Certificates and the Mezzanine Certificates, (B) the Unpaid Interest
      Shortfall Amounts for the Class A Certificates and (C) the Principal Remittance
      Amount.

     

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

     

    “Net
      Swap
      Payment”: In the case of payments made by the Trust, the excess, if any, of (x)
      the Fixed Swap Payment over (y) the Floating Swap Payment and in the case of
      payments made by the Swap Provider, the excess, if any, of (x) the Floating
      Swap
      Payment over (y) the Fixed Swap Payment. In each case, the Net Swap Payment
      shall not be less than zero.

     

    “Net
      WAC
      Rate”: For any Distribution Date with respect to the Class A Certificates and
      the Mezzanine Certificates, a per annum rate equal to the product of (x) the
      weighted average of the Adjusted Net Mortgage Rates of the Mortgage Loans,
      weighted based on their outstanding Principal Balances as of the first day
      of
      the calendar month preceding the month in which the Distribution Date occurs
      minus (i) an amount, expressed as a percentage, equal to the product of (A)
      the
      Net Swap Payment, if any, paid by the Trust for such Distribution Date divided
      by the aggregate Stated Principal Balance of the Mortgage Loans and (B) 12
      and
      (ii) an amount, expressed as a percentage, equal to the product of (A) the
      Swap
      Termination Payment, if any, due from the Trust (other than any Swap Termination
      Payment resulting from a Swap Provider Trigger Event) for such Distribution
      Date, divided by the aggregate Stated Principal Balance of the Mortgage Loans
      and (B) 12, and (y) a fraction, the numerator of which is 30 and the denominator
      of which is the actual number of days elapsed in the related Accrual
      Period.

     

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

     

    “Net
      WAC
      Rate Carryover Reserve Account”: The account established and maintained pursuant
      to Section 4.07.

     

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

     

    “NIMS
      Insurer”: Any insurer that is guaranteeing certain payments under notes secured
      by collateral which includes all or a portion of the Class CE Certificates,
      the
      Class P Certificates, the Class R Certificates and/or the Class R-X
      Certificates.

     

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

     

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

     

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

     

    “Notional
      Amount”: With respect to the Class CE Interest and any Distribution Date, the
      aggregate Uncertificated Balance of the REMIC II Regular Interests (other than
      REMIC II Regular Interest II-LTP) for such Distribution Date.

     

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

     

    “One-Month
      LIBOR”: With respect to the Class A Certificates, the Mezzanine Certificates,
      REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC
      II
      Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular
      Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest
      II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5,
      REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC
      II
      Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular
      Interest II-LTM10 and REMIC II Regular Interest II-LTM11 and any Accrual Period
      therefor, the rate determined by the Trust Administrator on the related Interest
      Determination Date on the basis of the offered rate for one-month U.S. dollar
      deposits, as such rate appears on Telerate Page 3750 as of 11:00 a.m. (London
      time) on such Interest Determination Date; provided that if such rate does
      not
      appear on Telerate Page 3750, the rate for such date will be determined on
      the
      basis of the offered rates of the Reference Banks for one-month U.S. dollar
      deposits, as of 11:00 a.m. (London time) on such Interest Determination Date.
      In
      such event, the Trust Administrator will request the principal London office
      of
      each of the Reference Banks to provide a quotation of its rate. If on such
      Interest Determination Date, two or more Reference Banks provide such offered
      quotations, One-Month LIBOR for the related Accrual Period shall be the
      arithmetic mean of such offered quotations (rounded upwards if necessary to
      the
      nearest whole multiple of 1/16%). If on such Interest Determination Date, fewer
      than two Reference Banks provide such offered quotations, One-Month LIBOR for
      the related Accrual Period shall be the higher of (i) One-Month LIBOR as
      determined on the previous Interest Determination Date and (ii) the Reserve
      Interest Rate. Notwithstanding the foregoing, if, under the priorities described
      above, One-Month LIBOR for an Interest Determination Date would be based on
      One-Month LIBOR for the previous Interest Determination Date for the third
      consecutive Interest Determination Date, the Trust Administrator shall select,
      after consultation with the NIMS Insurer, an alternative comparable index (over
      which the Trust Administrator has no control), used for determining one-month
      Eurodollar lending rates that is calculated and published (or otherwise made
      available) by an independent party.

     

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

     

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

     

    “Originator”:
      New Century Mortgage Corporation, Decision One Mortgage Company, LLC, EquiFirst
      Corporation and First NLC Financial Services, LLC.

     

    “Originator
      Master Agreements”: With respect to (i) First NLC Financial Services, LLC, the
      Master Seller’s Purchase, Warranties and Interim Servicing Agreement, dated as
      of February 1, 2006 between the Seller and First NLC Financial Services, LLC,
      as
      amended, (ii) New Century Mortgage Corporation, the Master Mortgage Loan
      Purchase, Warranties and Interim Servicing Agreement, dated as of May 1, 2004,
      among the Seller, NC Capital Corporation and New Century Mortgage Corporation,
      as amended, (iii) Decision One Mortgage Company, LLC, the Master Seller’s
      Purchase, Warranties and Interim Servicing Agreement, dated as of August 1,
      2006, between the Seller and Decision One Mortgage Company and (iv) EquiFirst
      Corporation, the Master Seller’s Purchase, Warranties and Interim Servicing
      Agreement, dated as of May 1, 2006, between the Seller and EquiFirst
      Corporation, as amended.

     

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

     

    “Overcollateralization
      Deficiency Amount”: With respect to any Distribution Date, the amount, if any,
      by which the Overcollateralization Target Amount exceeds the Overcollateralized
      Amount on such Distribution Date (after giving effect to distributions in
      respect of the Principal Remittance Amount on such Distribution
      Date).

     

    “Overcollateralization
      Release Amount”: With respect to any Distribution Date, the lesser of (x) the
      Principal Remittance Amount for such Distribution Date and (y) the Excess
      Overcollateralized Amount.

     

    “Overcollateralization
      Target Amount”: With respect to any Distribution Date, (i) 1.65% of the Cut-off
      Date Principal Balance of the Mortgage Loans, (ii) on or after the Stepdown
      Date
      provided that a Trigger Event is not in effect, the greater of (x) 3.30% 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 (y) an amount equal to approximately 0.50% of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the Cut-off Date, or (iii) on
      or
      after the Stepdown Date if a Trigger Event is in effect, the
      Overcollateralization Target Amount for the immediately preceding Distribution
      Date. On and after any Distribution Date following the reduction of the
      aggregate Certificate Principal Balance of the Class A Certificates and the
      Mezzanine Certificates to zero, the Overcollateralization Target Amount shall
      be
      zero.

     

    “Overcollateralized
      Amount”: For any Distribution Date, the amount equal to (i) 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) as
      of
      the related Determination Date minus (ii) the aggregate Certificate Principal
      Balance of the Class A Certificates, the Mezzanine Certificates and the Class
      P
      Certificates as of such Distribution Date after giving effect to distributions
      to be made on such Distribution Date.

     

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

     

    “Pass-Through
      Rate”: With respect to the Class A Certificates and the Mezzanine Certificates
      and any Distribution Date, a rate per annum equal to the lesser of (i) the
      related Formula Rate for such Distribution Date and (ii) the Net WAC Rate for
      such Distribution Date.

     

    With
      respect to the Class CE Interest and any Distribution Date, a rate per annum
      equal to the percentage equivalent of a fraction, the numerator of which is
      (x)
      the sum of (i) 100% of the interest on REMIC II Regular Interest II-LTP and
      (ii)
      interest on the Uncertificated Balance of each REMIC II Regular Interest listed
      in clause (y) at a rate equal to the related REMIC II Remittance Rate minus
      the
      Marker Rate and the denominator of which is (y) the aggregate Uncertificated
      Balance of REMIC II Regular Interests II-LTAA, II-LTA1, II-LTA2, II-LTA3,
      II-LTA4, II-LTM1, II-LTM2, II-LTM3, II-LTM4, II-LTM5, II-LTM6, II-LTM7, II-LTM8,
      II-LTM9, II-LTM10, II-LTM11 and II-LTZZ.

     

    With
      respect to the Class CE Certificates, 100% of the interest distributable to
      the
      Class CE Interest, expressed as a per annum rate.

     

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

     

    “Percentage
      Interest”: With respect to any Class of Certificates (other than the Residual
      Certificates), the undivided percentage ownership in such Class evidenced by
      such Certificate, expressed as a percentage, the numerator of which is the
      initial Certificate Principal Balance or Notional Amount represented by such
      Certificate and the denominator of which is the aggregate initial Certificate
      Principal Balance or Notional Amount of all of the Certificates of such Class.
      The Class A Certificates and the Mezzanine Certificates are issuable only in
      minimum Percentage Interests corresponding to minimum initial Certificate
      Principal Balances of $25,000 and integral multiples of $1.00 in excess thereof.
      The Class P Certificates are issuable only in Percentage Interests corresponding
      to initial Certificate Principal Balances of $20 and integral multiples thereof.
      The Class CE Certificates are issuable only in minimum Percentage Interests
      corresponding to minimum initial Certificate Principal Balances of $10,000
      and
      integral multiples of $1.00 in excess thereof; provided, however, that a single
      Certificate of each such Class of Certificates may be issued having a Percentage
      Interest corresponding to the remainder of the aggregate initial Certificate
      Principal Balance or Notional Amount of such Class or to an otherwise authorized
      denomination for such Class plus such remainder. With respect to any Residual
      Certificate, the undivided percentage ownership in such Class evidenced by
      such
      Certificate, as set forth on the face of such Certificate. The Residual
      Certificates are issuable in Percentage Interests of 20% and multiples
      thereof.

     

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

     

    “Permitted
      Investments”: Any one or more of the following obligations or securities
      acquired at a purchase price of not greater than par, regardless of whether
      issued or managed by the Depositor, the Servicer, the Master Servicer, the
      NIMS
      Insurer, the Trustee, the Trust Administrator or any of their respective
      Affiliates or for which an Affiliate of the NIMS Insurer, the Trustee or the
      Trust Administrator serves as an advisor:

     

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

     

    (ii) (A)
      demand and time deposits in, certificates of deposit of, bankers’ acceptances
      issued by or federal funds sold by any depository institution or trust company
      (including the Trustee or its agent acting in their respective commercial
      capacities) incorporated under the laws of the United States of America or
      any
      state thereof and subject to supervision and examination by federal and/or
      state
      authorities, so long as, at the time of such investment or contractual
      commitment providing for such investment, such depository institution or trust
      company (or, if the only Rating Agency is S&P, in the case of the principal
      depository institution in a depository institution holding company, debt
      obligations of the depository institution holding company) or its ultimate
      parent has a short-term uninsured debt rating in the highest available rating
      category of Moody’s and S&P and provided that each such investment has an
      original maturity of no more than 365 days; and provided further that, if the
      only Rating Agency is S&P and if the depository or trust company is a
      principal subsidiary of a bank holding company and the debt obligations of
      such
      subsidiary are not separately rated, the applicable rating shall be that of
      the
      bank holding company; and, provided further that, if the original maturity
      of
      such short-term obligations of a domestic branch of a foreign depository
      institution or trust company shall exceed 30 days, the short-term rating of
      such
      institution shall be A-1+ in the case of S&P if S&P is the Rating
      Agency; and (B) any other demand or time deposit or deposit which is fully
      insured by the FDIC;

     

    (iii) repurchase
      obligations with a term not to exceed 30 days with respect to any security
      described in clause (i) above and entered into with a depository institution
      or
      trust company (acting as principal) rated “A-1+” or higher by S&P and “A2”
or higher by Moody’s, provided, however, that collateral transferred pursuant to
      such repurchase obligation must be of the type described in clause (i) above
      and
      must (A) be valued daily at current market prices plus accrued interest, (B)
      pursuant to such valuation, be equal, at all times, to 105% of the cash
      transferred by the Trustee in exchange for such collateral and (C) be delivered
      to the Trustee or, if the Trustee is supplying the collateral, an agent for
      the
      Trustee, in such a manner as to accomplish perfection of a security interest
      in
      the collateral by possession of certificated securities;

     

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

     

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

     

    (vi) units
      of
      money market funds, including those managed or advised by the Trust
      Administrator or its Affiliates, that have been rated “AAAm” or “AAAm-G” by
      S&P and “Aaa” by Moody’s; and

     

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

     

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

     

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

     

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

     

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

     

    “Posted
      Collateral”: As defined in the Interest Rate Swap Agreement.

     

    “Prepayment
      Assumption”: As defined in the Prospectus Supplement.

     

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

     

    “Prepayment
      Charge Schedule”: As of any date, the list of Prepayment Charges on the Mortgage
      Loans provided by the Depositor included in REMIC I on such date, attached
      hereto as Schedule 2 (including the Prepayment Charge Summary attached thereto).
      The Prepayment Charge Schedule shall set forth the following information with
      respect to each related Mortgage Loan:

     

    (i) the
      Mortgage Loan identifying number;

     

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

     

    (iii) the
      state
      of origination of the related Mortgage Loan;

     

    (iv) the
      date
      on which the first monthly payment was due on the related Mortgage
      Loan;

     

    (v) the
      term
      of the related Mortgage Loan; and

     

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

     

    The
      Prepayment Charge Schedule shall be amended from time to time by the Depositor
      in accordance with the provisions of this Agreement and a copy of such amended
      Prepayment Charge Schedule shall be furnished by the Depositor to the NIMS
      Insurer and the Servicer.

     

    “Prepayment
      Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan
      that was the subject of a Principal Prepayment in full during the portion of
      the
      related Prepayment Period commencing on the first day of the calendar month
      in
      which the Distribution Date occurs and ending on the last day of the related
      Prepayment Period, 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 date on which such prepayment is
      so
      applied.

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a voluntary Principal Prepayment in full during
      the
      portion of the related Prepayment Period commencing on the first day of the
      related Prepayment Period and ending on the last day of the calendar month
      preceding the month in which such Distribution Date occurs, an amount equal
      to
      interest on the Mortgage Loan at the applicable Net Mortgage Rate on the amount
      of such Principal Prepayment for the number of days commencing on the date
      such
      Principal Prepayment was applied and ending on the last day of the calendar
      month preceding the month in which such Distribution Date occurs.

     

    “Prepayment
      Period”: With respect to any Distribution Date and any Principal Prepayment in
      full, the period commencing on the 16th day of the calendar month preceding
      the
      calendar month in which such Distribution Date occurs (or, in the case of the
      first Distribution Date, commencing on December 1, 2006) and ending on the
      15th
      day of the calendar month in which such Distribution Date occurs. With respect
      to any Distribution Date and any Principal Prepayment in part, the calendar
      month preceding the month in which the Distribution Date occurs.

     

    “Present
      Value Maximum Probable Exposure”: With
      respect to each Distribution
      Date, the sum of each Present Value Probable Cash Flow from, and including,
      such
      Distribution Date to, and including, the Termination Date in such derivative
      confirmation.

     

    “Present
      Value Probable Cash Flow”: With
      respect to each Distribution
      Date, the product of (i) the Probable Cash Flow and (ii) the Discount Factor
      applicable for such Distribution Date.

     

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

     

    “Principal
      Distribution Amount”: For any Distribution Date will be the sum of (i) the
      principal portion of all scheduled monthly payments on the Mortgage Loans due
      during the related Due Period, whether or not received on or prior to the
      related Determination Date; (ii) the principal portion of all proceeds received
      in respect of the repurchase of a Mortgage Loan (or, in the case of a
      substitution, certain amounts representing a principal adjustment) during the
      related Prepayment Period; (iii) the principal portion of all related Net
      Liquidation Proceeds, Insurance Proceeds, Subsequent Recoveries and all full
      and
      partial principal prepayments, received during the related Prepayment Period,
      to
      the extent applied as recoveries of principal on the Mortgage Loans and (iv)
      any
      Extra Principal Distribution Amount for such Distribution Date minus (v) any
      Overcollateralization Release Amount for such Distribution Date. In no event
      will the Principal Distribution Amount with respect to any Distribution Date
      be
      (x) less than zero or (y) greater than the then outstanding aggregate
      Certificate Principal Balance of the Class A and Mezzanine
      Certificates.

     

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

     

    “Principal
      Remittance Amount”: With respect to any Distribution Date, the sum of the
      amounts set forth in clauses (i) through (iii) of the definition of Principal
      Distribution Amount.

     

    “Probable
      Cash Flow”: With respect to each Distribution Date, the product of (i) the
      Notional Balance in such derivative confirmation for such Distribution Date,
      divided by 12, and (ii) the excess, if any, of (a) the Projected Forward Rate
      over (b) the cap rate, as defined in the derivative confirmation attached hereto
      as Exhibit K or the fixed rate, as defined in the derivative confirmation
      attached hereto as Exhibit M, as applicable. The Probable Cash Flow for each
      Distribution Date that precedes the Significance Percentage Calculation Date
      shall equal zero.

     

    “Projected
      Forward Rate”: With
      respect to each Distribution Date, the product of (i) One Month LIBOR (expressed
      as a percentage) for the related Accrual Period made available at Bloomberg
      Financial Markets, L.P. (“Bloomberg”) by typing in the following keystrokes:
      FWCV <go>US<go>3<go> and inputting “1” as Forwards and
      Intervals, and (ii) the sum of 1 and the product of (a) a percentage volatility
      level, linearly interpolated based on “Mid USD Cap” volatility levels as
      obtained from Bloomberg within 15 calendar days of such Distribution Date by
      typing the keystrokes: TTCF <go>, 1 <go>, whose maturity date
      corresponds to the Termination Date in such derivative confirmation, (b) a
      factor of 1.3, and (c) the square root of the number of days from the
      Significance Percentage Calculation Date to the first day of the Accrual Period
      for each related Distribution Date divided by 360.

     

    “Projected
      Zero Factor”: With respect to each Distribution Date, a fraction, the numerator
      of which is 1 and the denominator of which is the sum of (i) 1 and (ii) the
      Projected Forward Rate divided by 12.

     

    “Prospectus
      Supplement”: That certain Prospectus Supplement dated December 6, 2006 relating
      to the public offering of the Class A Certificates and the Mezzanine
      Certificates (other than the Class M-11 Certificates).

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased
      pursuant to or as contemplated by Section 2.03, Section 3.16(c) or
      Section 9.01, and as confirmed by an Officer’s Certificate from the
      Servicer to the Trustee an amount equal to the sum of (i) 100% of the Stated
      Principal Balance thereof as of the date of purchase (or such other price as
      provided in Section 9.01), (ii) in the case of (x) a Mortgage Loan, accrued
      interest on such Stated Principal Balance at the applicable Net Mortgage Rate
      in
      effect from time to time from the Due Date as to which interest was last covered
      by a payment by the Mortgagor or an Advance, which payment or Advance had as
      of
      the date of purchase been distributed pursuant to Section 4.01, through the
      end of the calendar month in which the purchase is to be effected and (y) an
      REO
      Property, the sum of (1) accrued interest on such Stated Principal Balance
      at
      the applicable Net Mortgage Rate in effect from time to time from the Due Date
      as to which interest was last covered by a payment by the Mortgagor or an
      Advance by the Servicer through the end of the calendar month immediately
      preceding the calendar month in which such REO Property was acquired, plus
      (2)
      REO Imputed Interest for such REO Property for each calendar month commencing
      with the calendar month in which such REO Property was acquired and ending
      with
      the calendar month in which such purchase is to be effected, net of the total
      of
      all net rental income, Insurance Proceeds, Liquidation Proceeds and Advances
      that as of the date of purchase had been distributed as or to cover REO Imputed
      Interest pursuant to Section 4.01, (iii) any unreimbursed Advances and
      Servicing Advances (including Nonrecoverable Advances and Nonrecoverable
      Servicing Advances) and any unpaid Servicing Fees allocable to such Mortgage
      Loan or REO Property, (iv) any amounts previously withdrawn from the Collection
      Account pursuant to Section 3.11(a)(ix) and Section 3.16(b) or the Distribution
      Account in respect of such Mortgage Loan or REO Property, and (v) in the case
      of
      a Mortgage Loan required to be purchased pursuant to Section 2.03, expenses
      reasonably incurred or to be incurred by the Servicer, the Master Servicer,
      the
      NIMS Insurer, the Trust Administrator or the Trustee in respect of the breach
      or
      defect giving rise to the purchase obligation including any costs and damages
      incurred by the Trust in connection with any violation with respect to such
      loan
      of any predatory or abusive lending law. With respect to each Originator and
      any
      Mortgage Loan or REO Property to be purchased pursuant to or as contemplated
      by
      Section 2.03 or 10.01, an amount equal to the amount set forth pursuant to
      the terms of the related Originator Master Agreement.

     

    “Qualified
      Substitute Mortgage Loan”: A mortgage loan substituted for a Deleted Mortgage
      Loan by the Seller or the Originator, as applicable, pursuant to the terms
      of
      this Agreement which must, on the date of such substitution, (i) have an
      outstanding Stated Principal Balance, after application of all scheduled
      payments of principal and interest due during or prior to the month of
      substitution, not in excess of, and not more than 5% less than, the Stated
      Principal Balance of the Deleted Mortgage Loan as of the Due Date in the
      calendar month during which the substitution occurs, (ii) have a Mortgage Rate
      not less than (and not more than one percentage point in excess of) the Mortgage
      Rate of the Deleted Mortgage Loan, (iii) with respect to any Adjustable-Rate
      Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage
      Rate of the Deleted Mortgage Loan, (iv) with respect to any Adjustable-Rate
      Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage
      Rate of the Deleted Mortgage Loan, (v) with respect to any Adjustable-Rate
      Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin
      of
      the Deleted Mortgage Loan, (vi) with respect to any Adjustable-Rate Mortgage
      Loan, have a next Adjustment Date not more than two months later than the next
      Adjustment Date on the Deleted Mortgage Loan, (vii) have a remaining term to
      maturity not greater than (and not more than one year less than) that of the
      Deleted Mortgage Loan, (viii) have the same Due Date as the Due Date on the
      Deleted Mortgage Loan, (ix) have a Loan-to-Value Ratio as of the date of
      substitution equal to or lower than the Loan-to-Value Ratio of the Deleted
      Mortgage Loan as of such date, (x) have a risk grading determined by the
      Originator at least equal to the risk grading assigned on the Deleted Mortgage
      Loan, (xi) have a Prepayment Charge provision at least equal to the Prepayment
      Charge provision in the Deleted Mortgage Loan, (xii) [reserved] and (xiii)
      conform to each representation and warranty set forth in the related Originator
      Master Agreement and related Assignment Agreement applicable to the Deleted
      Mortgage Loan. In the event that one or more mortgage loans are substituted
      for
      one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof
      shall be determined on the basis of aggregate principal balances, the Mortgage
      Rates described in clause (ii) hereof shall be determined on the basis of
      weighted average Mortgage Rates, the terms described in clause (vii) hereof
      shall be determined on the basis of weighted average remaining term to maturity,
      the Loan-to-Value Ratios described in clause (ix) hereof shall be satisfied
      as
      to each such mortgage loan, the risk gradings described in clause (x) hereof
      shall be satisfied as to each such mortgage loan and, except to the extent
      otherwise provided in this sentence, the representations and warranties
      described in clause (xiii) hereof must be satisfied as to each Qualified
      Substitute Mortgage Loan or in the aggregate, as the case may be.

     

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

     

    “Realized
      Loss”: With respect to any Liquidated Mortgage Loan or any Mortgage Loan charged
      off by the Servicer pursuant to this Agreement, the amount of loss realized
      equal to the portion of the Stated Principal Balance remaining unpaid after
      application of all Net Liquidation Proceeds in respect of such Mortgage Loan.
      If
      the 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 applied to principal distributions
      on
      any Distribution Date.

     

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

     

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

     

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

     

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

     

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

     

    “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 - 1,631 (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.

     

    “Relevant
      Servicing Criteria”: The Servicing Criteria applicable to the various parties,
      as set forth on Exhibit O attached hereto. For clarification purposes, multiple
      parties can have responsibility for the same Relevant Servicing
      Criteria.

     

    “Relief
      Act”: The Servicemembers Civil Relief Act and any similar state
      laws.

     

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

     

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

     

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

     

    “REMIC
      I
      Regular Interest”: Any of the separate non-certificated beneficial ownership
      interests in REMIC I issued hereunder and designated as a “regular interest” in
      REMIC I. Each REMIC I Regular Interest shall accrue interest at the related
      REMIC I Remittance Rate in effect from time to time, 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
      Remittance Rate”: With respect to REMIC I Regular Interest I and REMIC I Regular
      Interest I-LTP, a per annum rate equal to the weighted average Adjusted Net
      Mortgage Rate of the Mortgage Loans. With respect to each REMIC I Regular
      Interest ending with the designation “A”, a per annum rate equal to the weighted
      average Adjusted Net Mortgage Rate of the Mortgage Loans multiplied by 2,
      subject to a maximum rate of 10.900%. With respect to each REMIC I Regular
      Interest ending with the designation “B”, the greater of (x) a per annum rate
      equal to the excess, if any, of (i) 2 multiplied by the weighted average Net
      Mortgage Rate of the Mortgage Loans over (ii) 10.900% and (y)
      0.00%.

     

    “REMIC
      II”: The segregated pool of assets consisting of all of the REMIC I Regular
      Interests conveyed in trust to the Trustee, for the benefit of the REMIC II
      Certificateholders pursuant to Section 2.07, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

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

     

    “REMIC
      II
      Overcollateralized Amount”: With respect to any date of determination, (i) 1% of
      the aggregate Uncertificated Balance of the REMIC II Regular Interests (other
      than REMIC II Regular Interest II-LTP and REMIC II Regular Interest II-LTIO)
      minus (ii) the aggregate Uncertificated Balance of REMIC II Regular Interest
      II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3,
      REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC
      II
      Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular
      Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest
      II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8,
      REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC
      II Regular Interest II-LTM11, in each case as of such date of
      determination.

     

    “REMIC
      II
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to the product of (i) the aggregate Stated Principal Balance of
      the
      Mortgage Loans and REO Properties then outstanding and (ii) 1 minus a fraction,
      the numerator of which is two times the aggregate Uncertificated Balance of
      REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC
      II
      Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular
      Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest
      II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5,
      REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC
      II
      Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular
      Interest II-LTM10, REMIC II Regular Interest II-LTM11 and the denominator of
      which is the aggregate Uncertificated Balance of REMIC II Regular Interest
      II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3,
      REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC
      II
      Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular
      Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest
      II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8,
      REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC
      II
      Regular Interest II-LTM11 and REMIC II Regular Interest II-LTZZ.

     

    “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
      REMIC II Remittance Rate in effect from time to time, and shall be entitled
      to
      distributions of principal (other than REMIC II Regular Interest II-LTIO),
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement hereto.
      The REMIC II Regular Interests are as follows: REMIC II Regular Interest
      II-LTAA, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2,
      REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC
      II
      Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular
      Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest
      II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7,
      REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC
      II
      Regular Interest II-LTM10, REMIC II Regular Interest II-LTM11, REMIC II Regular
      Interest II-LTP and REMIC II Regular Interest I-TLZZ and REMIC II Regular
      Interest II-LTIO. REMIC II Regular Interest II-LTP shall also be entitled to
      any
      Prepayment Charges received by the Trust Fund.

     

    “REMIC
      II
      Remittance Rate”: With respect to REMIC II Regular Interest II-LTAA, REMIC II
      Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular
      Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest
      II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3,
      REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC
      II
      Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular
      Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest
      II-LTM10, REMIC II Regular Interest II-LTM11, REMIC II Regular Interest II-LTZZ
      and REMIC II Regular Interest II-LTP, a per annum rate (but not less than zero)
      equal to the weighted average of (v) with respect to REMIC I Regular Interest
      I,
      and REMIC I Regular Interest I-LTP, the REMIC I Remittance Rate for such REMIC
      I
      Regular Interest for each such Distribution Date, (w) with respect to REMIC
      I
      Regular Interests ending with the designation “B”, the weighted average of the
      REMIC I Remittance Rates for such REMIC I Regular Interests, weighted on the
      basis of the Uncertificated Principal Balance of such REMIC I Regular Interests
      for each such Distribution Date and (x) with respect to REMIC I Regular
      Interests ending with the designation “A”, for each Distribution Date listed
      below, the weighted average of the rates listed below for each such REMIC I
      Regular Interest listed below, weighted on the basis of the Uncertificated
      Principal Balance of each such REMIC I Regular Interest for each such
      Distribution Date:

     

    
      	
              Distribution
                Date

            	
              REMIC
                1 Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	
              2

            	
              I-2-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              3

            	
              I-3-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                and I-2-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              4

            	
              I-4-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-3-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              5

            	
              I-5-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-4-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              6

            	
              I-6-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-5-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              7

            	
              I-7-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-6-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              8

            	
              I-8-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-7-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              9

            	
              I-9-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-8-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              10

            	
              I-10-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-9-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              11

            	
              I-11-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-10-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              12

            	
              I-12-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-11-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              13

            	
              I-13-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-12-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              14

            	
              I-14-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-13-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              15

            	
              I-15-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-14-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              16

            	
              I-16-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-15-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              17

            	
              I-17-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-16-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              18

            	
              I-18-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-17-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              19

            	
              I-19-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-18-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              20

            	
              I-20-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-19-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              21

            	
              I-21-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-20-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              22

            	
              I-22-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-21-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              23

            	
              I-23-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-22-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              24

            	
              I-24-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-23-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              25

            	
              I-25-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-24-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              26

            	
              I-26-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-25-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              27

            	
              I-27-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-26-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              28

            	
              I-28-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-27-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              29

            	
              I-29-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-28-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              30

            	
              I-30-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-29-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              31

            	
              I-31-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-30-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              32

            	
              I-32-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-31-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              33

            	
              I-33-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-32-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              34

            	
              I-34-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-33-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              35

            	
              I-35-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-34-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              36

            	
              I-36-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-35-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              37

            	
              I-37-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-36-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              38

            	
              I-38-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-37-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              39

            	
              I-39-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-38-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              40

            	
              I-40-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              41

            	
              I-41-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-40-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              42

            	
              I-42-A
                and I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-41-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              43

            	
              I-43-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-42-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              44

            	
              I-44-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-43-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              45

            	
              I-45-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-44-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              46

            	
              I-46-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-45-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              47

            	
              I-47-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-46-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              48

            	
              I-48-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-47-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              49

            	
              I-49-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-48-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              50

            	
              I-50-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-49-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              51

            	
              I-51-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-50-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              52

            	
              I-52-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-51-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              53

            	
              I-53-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-52-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              54

            	
              I-54-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-53-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              55

            	
              I-55-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-54-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              56

            	
              I-56-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-55-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              57

            	
              I-57-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-56-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              58

            	
              I-58-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-57-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              59

            	
              I-59-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-58-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              60

            	
              I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-59-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              thereafter

            	
              I-1-A
                through I-60-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            

    

    

    With
      respect to REMIC II Regular Interest II-LTIO, and (a) the first 60 Distribution
      Dates, the excess of (i) the weighted average of the REMIC I Remittance Rates
      for REMIC I Regular Interests ending with the designation “A”, over (ii) 2
      multiplied by Swap LIBOR, and (b) thereafter, 0.00%.

     

    “REMIC
      II
      Required Overcollateralized Amount”: 1.00% of the Overcollateralization Target
      Amount.

     

    “REMIC
      III”: The segregated pool of assets consisting of all of the REMIC II Regular
      Interests conveyed in trust to the Trustee, for the benefit of the REMIC III
      Certificateholders pursuant to Section 2.07, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      III Certificate”: Any Regular Certificate (other than a Class CE Certificate or
      Class P Certificate) or Class R Certificate.

     

    “REMIC
      III Certificateholder”: The Holder of any REMIC III Certificate.

     

    “REMIC
      III Regular Interest”: Any Class A Certificate, Mezzanine Certificate, the Class
      CE Interest, the Class P Interest or the Class Swap-IO Interest.

     

    “REMIC
      IV”: The segregated pool of assets consisting of all of the Class CE Interest
      conveyed in trust to the Trustee, for the benefit of the Holders of the Class
      CE
      Certificates and the Class R-X Certificate (in respect of the Class R-IV
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      V”: The segregated pool of assets consisting of all 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 R-X Certificate (in respect of the Class R-V
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      VI”: The segregated pool of assets consisting of all of the Class Swap-IO
      Interest conveyed in trust to the Trustee, for the benefit of the Holders of
      the
      REMIC VI Regular Interest SWAP-IO and the Class R-X Certificate (in respect
      of
      the Class R-VI Interest), pursuant to Article II hereunder, and all amounts
      deposited therein, with respect to which a separate REMIC election is to be
      made.

     

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

     

    “REMIC
      Regular Interest”: Any REMIC I Regular Interest, REMIC II Regular Interest,
      REMIC III Regular Interest or REMIC VI Regular Interest SWAP-IO.

     

    “REMIC
      Remittance Rate”: The REMIC I Remittance Rate or the REMIC II Remittance
      Rate.

     

    “Remittance
      Report”: A report prepared by the Servicer and delivered to the Trust
      Administrator and the NIMS Insurer pursuant to Section 4.03.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Reportable
      Event”: The meaning set forth in Section 4.06(a)(iii).

     

    “Request
      for Release”: A request for release in such electronic or other format as shall
      be mutually agreed to by the Custodian and the Servicer, in substantially the
      form of Exhibit E attached hereto.

     

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

     

    “Residential
      Dwelling”: Any one of the following: (i) a detached one-family dwelling, (ii) a
      detached two- to four-family dwelling, (iii) a one-family dwelling unit in
      a
      Fannie Mae eligible condominium project, (iv) a manufactured home, or (v) a
      detached one-family dwelling in a planned unit development, none of which is
      a
      co-operative or mobile home.

     

    “Residual
      Certificate”: Any one of the Class R Certificates and the Class R-X
      Certificates.

     

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

     

    “Responsible
      Officer”: When used with respect to the Trustee or the Trust Administrator, the
      Chairman or Vice Chairman of the Board of Directors or Trustees, the Chairman
      or
      Vice Chairman of the Executive or Standing Committee of the Board of Directors
      or Trustees, the President, the Chairman of the Committee on Trust Matters,
      any
      vice president, any assistant vice president, the Secretary, any assistant
      secretary, the Treasurer, any assistant treasurer, the Cashier, any assistant
      cashier, any trust officer or assistant trust officer, the Controller and any
      assistant controller or any other officer of the Trustee or the Trust
      Administrator, as applicable, customarily performing functions similar to those
      performed by any of the above designated officers, in each case, having direct
      responsibility for the administration of this Agreement, and, with respect
      to a
      particular matter relating to this Agreement, to whom such matter is referred
      because of such officer’s knowledge of and familiarity with the particular
      subject.

     

    “Rolling
      Three Month Delinquency Percentage”: With respect to any Distribution Date, the
      average of the Delinquency Percentages for each of the three (or one or two,
      with respect to the first or second Distribution Date, respectively) immediately
      preceding months.

     

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

     

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

     

    “Sarbanes-Oxley
      Certification”: The meaning set forth in Section 4.06(a)(iv).

     

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

     

    “Seller”:
      UBS Real Estate Securities Inc. or its successor in interest, in its capacity
      as
      Seller under the Assignment Agreements.

     

    “Senior
      Principal Distribution Amount”: The excess of (x) the aggregate Certificate
      Principal Balance of the Class A Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 56.10% and
      (ii)
      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 (B) the excess 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) over $4,518,753.46.

     

    “Sequential
      Class M Certificates”: the Class M-1 Certificates, the Class M-2 Certificates
      and the Class M-3 Certificates.

     

    “Sequential
      Class M Principal Distribution Amount”: With respect to any Distribution Date,
      the excess of (x) the sum of (i) the aggregate Certificate Principal Balance
      of
      the Class A Certificates (after taking into account the distribution of the
      Senior Principal Distribution Amount on such Distribution Date), (ii) the
      aggregate Certificate Principal Balance of the Sequential Class M Certificates
      over (y) the lesser of (A) the product of (i) 76.40% and (ii) 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
      (B)
      the excess 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) over $4,518,753.46.

     

    “Servicer”:
      HomEq Servicing, or any successor Servicer appointed as herein provided, in
      its
      capacity as the Servicer hereunder.

     

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

     

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

     

    “Servicer
      Remittance Date”: With respect to any Distribution Date, the 18th
      day of
      the calendar month in which such Distribution Date occurs or, if such
      18th
      day is
      not a Business Day, the Business Day immediately following.

     

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

     

    “Servicing
      Advances”: The reasonable “out-of-pocket” costs and expenses incurred by the
      Servicer in connection with a default, delinquency or other unanticipated event
      by the Servicer in the performance of its servicing obligations, including,
      but
      not limited to, the cost of (i) the preservation, restoration, inspection and
      protection of a Mortgaged Property, (ii) any enforcement, administration or
      judicial proceedings, including foreclosures, in respect of a particular
      Mortgage Loan, including any expenses incurred in relation to any such
      proceedings that result from the Mortgage Loan being registered on the MERS
      System, (iii) the management (including reasonable fees in connection therewith)
      and liquidation of any REO Property, (iv) taxes, assessments, water rates,
      sewer
      rents and other charges which are or may become a lien upon the Mortgage
      Property and (v) the performance of its obligations under Section 3.01, Section
      3.09, Section 3.13, Section 3.14, Section 3.16 and Section 3.23. Servicing
      Advances shall also include any reasonable “out-of-pocket” costs and expenses
      (including legal fees) incurred by the Servicer in connection with executing
      and
      recording instruments of satisfaction, deeds of reconveyance or Assignments
      of
      Mortgage in connection with any foreclosure in respect of any Mortgage Loan
      to
      the extent not recovered from the related Mortgagor or otherwise payable under
      this Agreement. The Servicer shall not be required to make any Servicing Advance
      in respect of a Mortgage Loan or REO Property that, in the good faith business
      judgment of the Servicer would not be ultimately recoverable from related
      Insurance Proceeds or Liquidation Proceeds on such Mortgage Loan or REO Property
      as provided herein. The Servicer shall not be required to make any Servicing
      Advance that would be a Nonrecoverable Advance.

     

    “Servicing
      Criteria” means the criteria set forth in paragraph (d) of Item 1122 of
      Regulation AB, as such may be amended from time to time.

     

    “Servicing
      Fee”: With respect to each Mortgage Loan, the amount of the annual fee paid to
      the Servicer, which shall, for a period of one full month, be equal to
      one-twelfth of the product of (a) the Servicing Fee Rate (without regard to
      the
      words “per annum”) and (b) the Stated Principal Balance of such Mortgage Loan as
      of the first day of the related Due Period. Such fee shall be payable monthly,
      computed on the basis of the same principal amount and period respecting which
      any related interest payment on a Mortgage Loan is received. The obligation
      for
      payment of 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) of such Monthly Payment collected by the Servicer,
      or
      as otherwise provided under Section 3.11.

     

    “Servicing
      Fee Rate”: With respect to each Mortgage Loan, the rate of 0.5000% per
      annum.

     

    “Servicing
      Function Participant” means any Sub-Servicer or Subcontractor of a Servicer,
      determined by the Servicer to be participating in the servicing function, the
      Master Servicer, the Custodian or the Trust Administrator, respectively. For
      the
      avoidance of doubt, the Custodian shall be considered a Servicing Function
      Participant without regard to the threshold percentage set forth in instruction
      2 of Item 1122 of Regulation AB, provided, however, the parties hereto agree
      that the duties and obligations of Deutsche Bank National Trust Company, in
      its
      capacity as a Servicing Function Participant, shall be solely governed pursuant
      to the terms of the Custodial Agreement.

     

    “Servicing
      Officer”: Any employee of the Servicer involved in, or responsible for, the
      administration and servicing of the Mortgage Loans, whose name appear on a
      list
      of Servicing Officers furnished by the Servicer to the Master Servicer, the
      Trust Administrator, the Trustee and the Depositor, upon request, as such list
      may from time to time be amended. With respect to the Master Servicer, any
      officer of the Master Servicer involved in or responsible for, the
      administration and master servicing of the Mortgage Loans whose name appears
      on
      a list of master Servicing Officers furnished by the Master Servicer to the
      Trustee, the Trust Administrator and the Depositor upon request, as such list
      may from time to time be amended.

     

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

     

    “Significance
      Percentage”: The percentage equivalent of a fraction, the numerator of which is
      the highest of each Present Value Maximum Probable Exposure and the denominator
      of which is the aggregate Certificate Principal Balance of the Class A and
      Mezzanine Certificates that are supported by the derivatives (after giving
      effect to all distributions on such Distribution Date in such derivative
      confirmation).

     

    “Significance
      Percentage Calculation Date”: Shall mean no later than the respective
      Distribution Date.

     

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

     

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

     

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

     

    “Stepdown
      Date”: The earlier to occur of (i) the first Distribution Date immediately
      succeeding the Distribution Date on which the aggregate Certificate Principal
      Balance of the Class A Certificates has been reduced to zero and (ii) the later
      to occur of (x) the Distribution Date occurring in January 2010 and (y) the
      first Distribution Date on which the Credit Enhancement Percentage (calculated
      for this purpose only after taking into account payments of principal on the
      Mortgage Loans) for the Class A Certificates is equal to or greater than
      43.90%.

     

    “Subcontractor”
      means any vendor, subcontractor or other Person that is not responsible for
      the
      overall servicing 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 Sub-Servicer of the Servicer),
      the Master Servicer, the Custodian or the Trust Administrator.

     

    “Subordinate
      Certificates”: The Mezzanine Certificates and the Class CE
      Certificates.

     

    “Sub-Servicer”
      means any Person that services Mortgage Loans on behalf of the Servicer, and
      is
      responsible for the performance (whether directly or through sub-servicers
      or
      Subcontractors) of a substantial portion of the material servicing functions
      required to be performed under this Agreement, any related Servicing Agreement
      or any sub-servicing agreement that are identified in Item 1122(d) of Regulation
      AB.

     

    “Sub-Servicing
      Account”: An account established by a Sub-Servicer which meets the requirements
      set forth in Section 3.08 and is otherwise acceptable to the
      Servicer.

     

    “Sub-Servicing
      Agreement”: The written contract between the Servicer and a Sub-Servicer,
      relating to servicing and administration of certain Mortgage Loans, which meets
      the requirements set forth in Section 3.02.

     

    “Subsequent
      Recoveries”: As of any Distribution Date, unexpected amounts received by the
      Servicer (net of any related expenses permitted to be reimbursed to the Servicer
      or the Master Servicer) specifically related to a Mortgage Loan that was the
      subject of a liquidation or an REO Disposition prior to the related Prepayment
      Period that resulted in a Realized Loss.

     

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

     

    “Supplemental
      Interest Trust”: As defined in Section 4.08(a).

     

    “Supplemental
      Interest Trust Trustee”: Wells Fargo Bank, N. A., a national banking
      association, not in its individual capacity but solely in its capacity as
      supplemental interest trust trustee, and any successor thereto.

     

    “Swap
      Account”: The account or accounts created and maintained pursuant to Section
      4.08. The Swap Account must be an Eligible Account.

     

    “Swap
      Administration Agreement”: As defined in Section 4.08(b).

     

    “Swap
      Administrator”: Wells
      Fargo,
      a
      national banking association, or any successor in interest not in its individual
      capacity but solely as swap administrator under the Swap Administration
      Agreement, or any successor swap administrator appointed pursuant to the Swap
      Administration Agreement.

     

    “Swap
      Collateral Account”: Shall mean the segregated trust account created and
      maintained by the Swap Custodian pursuant to Section 4.11 hereof.

     

    “Swap
      Credit Support Annex”: The credit support annex dated the closing date between
      the Swap Provider and the Supplemental Interest Trust Trustee, which is annexed
      to and forms part of the Interest Rate Swap Agreement.

     

    “Swap
      Custodian”: As defined in Section 4.11(b).

     

    “Swap
      Interest Shortfall Amount”: Any shortfall of interest with respect to any Class
      of Certificates resulting from the application of the Net WAC Rate due to a
      discrepancy between the Uncertificated Notional Amounts of the Class SWAP-IO
      Interest and the scheduled notional amount pursuant to the Swap Administration
      Agreement.

     

    “Swap
      LIBOR”:
      A per annum rate equal to the floating rate payable by either Swap Provider
      under the Interest Rate Swap Agreement.

     

    “Swap
      Provider”: The swap provider under the Interest Rate Swap Agreement. Initially,
      the Swap Provider shall be UBS AG.

     

    “Swap
      Provider Trigger Event”: A Swap Termination Payment that is triggered upon: (i)
      an Event of Default under the Interest Rate Swap Agreement with respect to
      which
      the Swap Provider is a Defaulting Party (as defined in the Interest Rate Swap
      Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement
      with
      respect to which the Swap Provider is the sole Affected Party (as defined in
      the
      Interest Rate Swap Agreement) or (iii) an Additional Termination Event under
      the
      Interest Rate Swap Agreement with respect to which the Swap Provider is the
      sole
      Affected Party (as defined in the Interest Rate Swap Agreement).

     

    “Swap
      Termination Payment”: The payment due under the Interest Rate Swap Agreement
      upon the early termination of the Interest Rate Swap Agreement.

     

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

     

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

     

    “Termination
      Price”: As defined in Section 9.01.

     

    “Terminator”:
      As defined in Section 9.01.

     

    “Transaction
      Addendum MABS 2006-HE5”: The transaction addendum to the Master Consulting
      Agreement, dated as of December 28, 2006, by and between the Depositor and
      the
      Credit Risk Manager, relating to the transaction contemplated by this
      Agreement.

     

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

     

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

     

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

     

    “Trigger
      Event”: A Trigger Event is in effect with respect to any Distribution Date on or
      after the Stepdown Date if:

     

    (b) the
      Rolling-Three Month Delinquency Percentage exceeds 36.45% of the Credit
      Enhancement Percentage; or

     

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

     

    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	
              January
                2009 through December 2009

            	
              1.35%
                for the first month, plus an additional 1/12th of 1.65% for each
                month
                thereafter

            
	
              January
                2010 through December 2010

            	
              3.00%
                for the first month, plus an additional 1/12th of 1.65% for each
                month
                thereafter

            
	
              January
                2011 through December 2011

            	
              4.65%
                for the first month, plus an additional 1/12th of 1.30% for each
                month
                thereafter

            
	
              January
                2012 through December 2012

            	
              5.95%
                for the first month, plus an additional 1/12th of 0.65% for each
                month
                thereafter

            
	
              January
                2013 and thereafter

            	
              6.60%

            

    

    

    “Trust
      Administrator”: Wells Fargo, or any successor in interest, or any successor
      trust administrator appointed as herein provided.

     

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

     

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

     

    “Trustee”:
      U.S. Bank National Association, a national banking association, or its successor
      in interest, or any successor trustee appointed as herein provided.

     

    “Uncertificated
      Balance”: The amount of any REMIC Regular Interest (other than REMIC II Regular
      Interest II-LTIO) outstanding as of any date of determination. As of the Closing
      Date, the Uncertificated Balance of each REMIC Regular Interest (other than
      REMIC II Regular Interest II-LTIO) shall equal the amount set forth in the
      Preliminary Statement hereto as its initial uncertificated balance. On each
      Distribution Date, the Uncertificated Balance of each REMIC Regular Interest
      (other than REMIC II Regular Interest II-LTIO) shall be reduced by all
      distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 4.01 and, if and to the extent
      necessary and appropriate, shall be further reduced on such Distribution Date
      by
      Realized Losses as provided in Section 4.04. The Uncertificated Balance of
      REMIC II Regular Interest II-LTZZ shall be increased by interest deferrals
      as
      provided in Section 4.01(a)(1). The Uncertificated Balance of each REMIC
      Regular Interest (other than REMIC II Regular Interest II-LTIO) shall never
      be
      less than zero. With respect to the Class CE Interest 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 II Regular Interests over (B)
      the
      then aggregate Certificate Principal Balances of the Class A Certificates,
      Mezzanine Certificates and the Class P Interest then outstanding.

     

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

     

    “Uncertificated
      Notional Amount”: With respect to REMIC II Regular Interest II-LTIO and each
      Distribution Date listed below, the aggregate Uncertificated Principal Balance
      of the REMIC I Regular Interests ending with the designation “A” listed
      below:

     

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interests

            
	
              1

            	
              I-1-A
                through I-60-A

            
	
              2

            	
              I-2-A
                through I-60-A

            
	
              3

            	
              I-3-A
                through I-60-A

            
	
              4

            	
              I-4-A
                through I-60-A

            
	
              5

            	
              I-5-A
                through I-60-A

            
	
              6

            	
              I-6-A
                through I-60-A

            
	
              7

            	
              I-7-A
                through I-60-A

            
	
              8

            	
              I-8-A
                through I-60-A

            
	
              9

            	
              I-9-A
                through I-60-A

            
	
              10

            	
              I-10-A
                through I-60-A

            
	
              11

            	
              I-11-A
                through I-60-A

            
	
              12

            	
              I-12-A
                through I-60-A

            
	
              13

            	
              I-13-A
                through I-60-A

            
	
              14

            	
              I-14-A
                through I-60-A

            
	
              15

            	
              I-15-A
                through I-60-A

            
	
              16

            	
              I-16-A
                through I-60-A

            
	
              17

            	
              I-17-A
                through I-60-A

            
	
              18

            	
              I-18-A
                through I-60-A

            
	
              19

            	
              I-19-A
                through I-60-A

            
	
              20

            	
              I-20-A
                through I-60-A

            
	
              21

            	
              I-21-A
                through I-60-A

            
	
              22

            	
              I-22-A
                through I-60-A

            
	
              23

            	
              I-23-A
                through I-60-A

            
	
              24

            	
              I-24-A
                through I-60-A

            
	
              25

            	
              I-25-A
                through I-60-A

            
	
              26

            	
              I-26-A
                through I-60-A

            
	
              27

            	
              I-27-A
                through I-60-A

            
	
              28

            	
              I-28-A
                through I-60-A

            
	
              29

            	
              I-29-A
                through I-60-A

            
	
              30

            	
              I-30-A
                through I-60-A

            
	
              31

            	
              I-31-A
                through I-60-A

            
	
              32

            	
              I-32-A
                through I-60-A

            
	
              33

            	
              I-33-A
                through I-60-A

            
	
              34

            	
              I-34-A
                through I-60-A

            
	
              35

            	
              I-35-A
                through I-60-A

            
	
              36

            	
              I-36-A
                through I-60-A

            
	
              37

            	
              I-37-A
                through I-60-A

            
	
              38

            	
              I-38-A
                through I-60-A

            
	
              39

            	
              I-39-A
                through I-60-A

            
	
              40

            	
              I-40-A
                through I-60-A

            
	
              41

            	
              I-41-A
                through I-60-A

            
	
              42

            	
              I-42-A
                through I-60-A

            
	
              43

            	
              I-43-A
                through I-60-A

            
	
              44

            	
              I-44-A
                through I-60-A

            
	
              45

            	
              I-45-A
                through I-60-A

            
	
              46

            	
              I-46-A
                through I-60-A

            
	
              47

            	
              I-47-A
                through I-60-A

            
	
              48

            	
              I-48-A
                through I-60-A

            
	
              49

            	
              I-49-A
                through I-60-A

            
	
              50

            	
              I-50-A
                through I-60-A

            
	
              51

            	
              I-51-A
                through I-60-A

            
	
              52

            	
              I-52-A
                through I-60-A

            
	
              53

            	
              I-53-A
                through I-60-A

            
	
              54

            	
              I-54-A
                through I-60-A

            
	
              55

            	
              I-55-A
                through I-60-A

            
	
              56

            	
              I-56-A
                through I-60-A

            
	
              57

            	
              I-57-A
                through I-60-A

            
	
              58

            	
              I-58-A
                through I-60-A

            
	
              59

            	
              I-59-A
                and I-60-A

            
	
              60

            	
              I-60-A

            
	
              thereafter

            	
              $0.00

            

    

    

    With
      respect to the Class Swap-IO Interest and any Distribution Date, an amount
      equal
      to the Uncertificated Notional Amount of the REMIC II Regular Interest
      II-LTIO.

     

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

     

    “United
      States Person”: A citizen or resident of the United States, a corporation,
      partnership or other entity created or organized in, or under the laws of,
      the
      United States, any state thereof or, the District of Columbia (except, in the
      case of a partnership, to the extent provided in regulations) provided that,
      for
      purposes solely of the restrictions on the transfer of Class R Certificates
      and
      Class R-X Certificates, no partnership or other entity treated as a partnership
      for United States federal income tax purposes shall be treated as a United
      States Person unless all persons that own an interest in such partnership either
      directly or through any entity that is not a corporation for United States
      federal income tax purposes are required by the applicable operative agreement
      to be United States Persons or an estate 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 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, 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.
      The term “United States” shall have the meaning set forth in Section 7701
      of the Code.

     

    “Unpaid
      Interest Shortfall Amount”: With respect to the Class A Certificates and the
      Mezzanine Certificates and (i) the first Distribution Date, zero, and (ii)
      any
      Distribution Date after the first Distribution Date, the amount, if any, by
      which (a) the sum of (1) the Monthly Interest Distributable Amount for such
      Class for the immediately preceding Distribution Date and (2) the outstanding
      Unpaid Interest Shortfall Amount, if any, for such Class for such preceding
      Distribution Date exceeds (b) the aggregate amount distributed on such Class
      in
      respect of interest pursuant to clause (a) of this definition on such preceding
      Distribution Date, plus interest on the amount of interest due but not paid
      on
      the Certificates of such Class on such preceding Distribution Date, to the
      extent permitted by law, at the Pass-Through Rate for such Class for the related
      Accrual Period.

     

    “Value”:
      With respect to any Mortgage Loan, and the related Mortgaged Property, the
      lesser of:

     

    (i)
      the
      lesser of (a) the value thereof as determined by an appraisal made for the
      Originator at the time of origination of the Mortgage Loan by an appraiser
      who
      met the minimum requirements of Fannie Mae and Freddie Mac, and (b) the value
      thereof as determined by a review appraisal conducted by the Originator in
      the
      event any such review appraisal determines an appraised value more than 10%
      lower than the value thereof, in the case of a Mortgage Loan with a
      Loan-to-Value Ratio less than or equal to 80%, or more than 5% lower than the
      value thereof, in the case of a Mortgage Loan with a Loan-to-Value Ratio greater
      than 80%, as determined by the appraisal referred to in clause (i)(a) above;
      and

     

    (ii)
      the
      purchase price paid for the related Mortgaged Property by the Mortgagor with
      the
      proceeds of the Mortgage Loan; provided, however, that in the case of a
      Refinanced Mortgage Loan or a Mortgage Loan originated in connection with a
      “lease option purchase” if the “lease option purchase price” was set 12 months
      or more prior to origination, such value of the Mortgaged Property is based
      solely upon clause (i) above.

     

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

     

    “Wells
      Fargo”: Wells Fargo Bank, N.A.

     

    SECTION
      1.02. Allocation
      of Certain Interest Shortfalls.

     

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

     

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      I
      Regular Interests for any Distribution Date, the aggregate amount of any
      Prepayment Interest Shortfalls (to the extent not covered by payments by the
      Servicer pursuant to Section 3.24) and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans shall be allocated first, to REMIC
      I
      Regular Interest I and to the REMIC I Regular Interests ending with the
      designation “B”, pro rata based on, and to the extent of, one month’s interest
      at the then applicable respective REMIC I Remittance Rates on the respective
      Uncertificated Balances of each such REMIC I Regular Interest, and then, to
      REMIC I Regular Interests ending with the designation “A”, pro rata based on,
      and to the extent of, one month’s interest at the then applicable respective
      REMIC I Remittance Rates on the respective Uncertificated Balances of each
      such
      REMIC I Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      II
      Regular Interests for any Distribution Date, the aggregate amount of any
      Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred
      in respect of the Mortgage Loans for any Distribution Date shall be allocated
      among REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1,
      REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC
      II
      Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular
      Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest
      II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6,
      REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC
      II
      Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular
      Interest II-LTM11 and REMIC II Regular Interest II-LTZZ, pro rata, based on,
      and
      to the extent of, one month’s interest at the then applicable respective REMIC
      II Remittance Rates on the respective Uncertificated Balances of each such
      REMIC
      II Regular Interest.

     

    SECTION
      1.03. Rights
      of
      the NIMS Insurer.

     

    Each
      of
      the rights of the NIMS Insurer set forth in this Agreement shall exist so long
      as (i) the NIMS Insurer has undertaken to guarantee certain payments of notes
      issued pursuant to the Indenture and (ii) the notes issued pursuant to the
      Indenture remain outstanding or the NIMS Insurer is owed amounts in respect
      of
      its guarantee of payment on such notes; provided, however, the NIMS Insurer
      shall not have any rights hereunder (except pursuant to Section 11.01 and
      any rights to indemnification hereunder in the case of clause (ii) below) so
      long as (i) the NIMS Insurer has not undertaken to guarantee certain payments
      of
      notes issued pursuant to the Indenture or (ii) any default has occurred and
      is
      continuing under the insurance policy issued by the NIMS Insurer with respect
      to
      such notes.

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    SECTION
      2.01. Conveyance
      of the Mortgage Loans.

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee without recourse,
      for the benefit of the Certificateholders, all the right, title and interest
      of
      the Depositor, including any security interest therein for the benefit of the
      Depositor, in and to the Mortgage Loans identified on the Mortgage Loan
      Schedule, the rights of the Depositor under the Assignment Agreements, payments
      made to the Trust Administrator by the Swap Administrator under the Swap
      Administration Agreement and the Swap Account and all other assets included
      or
      to be included in REMIC I. Such assignment includes all interest and principal
      received by the Depositor or the Servicer on or with respect to the Mortgage
      Loans (other than payments of principal and interest due on such Mortgage Loans
      on or before the Cut-off Date). Any payments received on the Mortgage Loans
      after the Cut-off Date, whether in the form of Monthly Payments, Liquidation
      Proceeds, Insurance Proceeds, Principal Prepayments, Subsequent Recoveries
      or
      any other amounts collected on such Mortgage Loan, shall be used first to
      satisfy any amounts due on such Mortgage Loan on or prior to the Cut-off Date,
      to the Person and in the amount certified by the Servicer to the Depositor
      on
      the Closing Date. The Depositor herewith delivers to the Trustee executed
      originals of each Assignment Agreement.

     

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

     

    (i) the
      original Mortgage Note, endorsed in blank or in the following form: “Pay to the
      order of U.S. Bank National Association, as Trustee under the applicable
      agreement, without recourse,” with all prior and intervening endorsements
      showing a complete chain of endorsement from the related Originator to the
      Person so endorsing to the Trustee;

     

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

     

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

     

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

     

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

     

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

     

    With
      respect to a maximum of 1.0% of the Mortgage Loans, by outstanding Stated
      Principal Balance of the Mortgage Loans as of the Cut-off Date, if any original
      Mortgage Note referred to in Section 2.01(i) above cannot be located, the
      obligations of the Depositor to deliver such documents shall be deemed to be
      satisfied upon delivery to the Trustee (or the Custodian on behalf of the
      Trustee) of a photocopy of such Mortgage Note, if available, with a lost note
      affidavit substantially in the form of Exhibit I attached hereto. If any of
      the
      original Mortgage Notes for which a lost note affidavit was delivered to the
      Trustee (or the Custodian on behalf of the Trustee) with respect to the related
      Mortgage Files, is subsequently located, such original Mortgage Note shall
      be
      delivered to the Trustee (or the Custodian on behalf of the Trustee) within
      three Business Days.

     

    Except
      with respect to any Mortgage Loan for which MERS is identified on the Mortgage
      or on a properly recorded assignment of the Mortgage as the mortgagee of record,
      the Trustee (upon receipt of notice from the Custodian) shall promptly (within
      sixty Business Days following the later of the Closing Date and the date of
      receipt by the Trustee or the Custodian on behalf of the Trustee of the
      recording information for a Mortgage, but in no event later than ninety days
      following the Closing Date) enforce the obligations of the related Originator
      pursuant to the terms of the related Originator Master Agreement to submit
      or
      cause to be submitted for recording, at no expense to the Trust Fund, the
      Trustee, the Trust Administrator, the Custodian, the Servicer, the Master
      Servicer or the Depositor, in the appropriate public office for real property
      records, each Assignment referred to in Sections 2.01(iii) and (iv) above and
      in
      connection therewith, the Trustee (upon receipt of notice from the Custodian)
      shall enforce the obligation of each Originator pursuant to the terms of the
      related Originator Master Agreement to execute each original Assignment in
      the
      following form: “U.S. Bank National Association, as Trustee under the applicable
      agreement.” In the event that any such Assignment is lost or returned unrecorded
      because of a defect therein, the Trustee (upon receipt of notice from the
      Custodian) shall enforce the obligation of each Originator pursuant to the
      related Originator Master Agreement to promptly prepare or cause to be prepared
      a substitute Assignment or cure or cause to be cured such defect, as the case
      may be, and thereafter cause each such Assignment to be duly
      recorded.

     

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

     

    If
      any of
      the documents referred to in Sections 2.01(ii), (iii) or (iv) has, as of the
      Closing Date, been submitted for recording but either (x) has not been returned
      from the applicable public recording office or (y) has been lost or such public
      recording office has retained the original of such document, the obligations
      of
      the Depositor to deliver such documents shall be deemed to be satisfied upon
      (1)
      delivery to the Trustee (or the Custodian on behalf of the Trustee) of a copy
      of
      each such document certified by the related Originator in the case of (x) above
      or the applicable public recording office in the case of (y) above to be a
      true
      and complete copy of the original that was submitted for recording and (2)
      if
      such copy is certified by the related Originator, delivery to the Trustee (or
      the Custodian on behalf of the Trustee) promptly upon receipt thereof of either
      the original or a copy of such document certified by the applicable public
      recording office to be a true and complete copy of the original.

     

    If
      the
      original lender’s title insurance policy was not delivered pursuant to Section
      2.01(vi) above, the Depositor shall deliver or cause to be delivered to the
      Trustee (or the Custodian on behalf of the Trustee), promptly after receipt
      thereof, the original lender’s title insurance policy with a copy thereof to the
      Servicer. The Depositor shall deliver or cause to be delivered to the Trustee
      (or the Custodian on behalf of the Trustee) promptly upon receipt thereof any
      other original documents constituting a part of a Mortgage File received with
      respect to any Mortgage Loan, including, but not limited to, any original
      documents evidencing an assumption or modification of any Mortgage Loan with
      a
      copy thereof to the Servicer.

     

    The
      Depositor shall deliver or cause each Originator, the Trustee or the Custodian
      on behalf of the Trustee to deliver to the Servicer copies of all trailing
      documents required to be included in the servicing file at the same time the
      originals or certified copies thereof are delivered to the Trustee or the
      Custodian, such documents including but not limited to the mortgagee policy
      of
      title insurance and any mortgage loan documents upon return from the recording
      office. The Servicer shall not be responsible for any custodian fees or other
      costs incurring in obtaining such documents and the Depositor shall cause the
      Servicer to be reimbursed for any such costs it may incur in connection with
      performing its obligations under this Agreement. Subject to Section 6.03(a),
      the
      Servicer shall have no liability as a result of an inability to service any
      Mortgage Loan due to its failure to receive any documents missing from the
      Mortgage File or servicing file.

     

    All
      original documents relating to the Mortgage Loans that are not delivered to
      the
      Trustee (or the Custodian on behalf of the Trustee) are and shall be held by
      or
      on behalf of the related Originator, the Seller, the Depositor or the Servicer,
      as the case may be, in trust for the benefit of the Trustee on behalf of the
      Certificateholders. In the event that any such original document is required
      pursuant to the terms of this Section 2.01 to be a part of a Mortgage File,
      such
      document shall be delivered promptly to the Trustee (or the Custodian on behalf
      of the Trustee). Any such original document delivered to or held by the
      Depositor that is not required pursuant to the terms of this Section to be
      a
      part of a Mortgage File, shall be delivered promptly to the
      Servicer.

     

    The
      Depositor and the Trustee hereto understand and agree that it is not intended
      that any Mortgage Loan be included in the Trust that is a “High-Cost Home Loan”
as defined by the Homeownership and Equity Protection Act of 1994 or any other
      applicable predatory or abusive lending laws.

     

    SECTION
      2.02. Acceptance
      of REMIC I by Trustee.

     

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

     

    The
      Trustee (or the Custodian on behalf of the Trustee pursuant to this Agreement
      or
      the Custodial Agreement, as applicable) agrees to execute and deliver to the
      Depositor and the NIMS Insurer on or prior to the Closing Date an acknowledgment
      of receipt of the original Mortgage Notes (with any exceptions noted),
      substantially in the form attached as Exhibit C-3 hereto or the form specified
      in the Custodial Agreement.

     

    The
      Trustee (or the Custodian on behalf of the Trustee pursuant to this Agreement
      or
      the Custodial Agreement, as applicable) agrees, for the benefit of the
      Certificateholders and the NIMS Insurer, to review each Mortgage File and,
      within 45 days of the Closing Date, to deliver to the Depositor, the NIMS
      Insurer, the Trustee, the Servicer and the Master Servicer a certification
      in
      substantially the form attached hereto as Exhibit C-1 or the form specified
      in
      the Custodial Agreement (such certification may be combined with the
      certification given in the preceding paragraph) that, as to each Mortgage Loan
      listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in
      full
      or any Mortgage Loan specifically identified in the exception report annexed
      thereto as not being covered by such certification), (i) all documents
      constituting part of such Mortgage File (other than such documents described
      in
      Section 2.01(v)) required to be delivered to it pursuant to this Agreement
      are
      in its possession, (ii) such documents have been reviewed by it and appear
      regular on their face and relate to such Mortgage Loan and (iii) based on its
      examination and only as to the foregoing, the information set forth in the
      Mortgage Loan Schedule that corresponds to items (1), (3), (12), (15) and (18)
      of the definition of “Mortgage Loan Schedule” accurately reflects information
      set forth in the Mortgage File. It is herein acknowledged that, in conducting
      such review, the Trustee (or the Custodian on behalf of the Trustee) is under
      no
      duty or obligation (i) to inspect, review or examine any such documents,
      instruments, certificates or other papers to determine whether they are genuine,
      enforceable, or appropriate for the represented purpose or whether they have
      actually been recorded or that they are other than what they purport to be
      on
      their face or (ii) to determine whether any Mortgage File should include any
      of
      the documents specified in clause (v) of Section 2.01.

     

    Prior
      to
      the first anniversary date of this Agreement, the Trustee (or the Custodian
      on
      behalf of the Trustee pursuant to this Agreement or the Custodial Agreement,
      as
      applicable) shall deliver to the Depositor, the NIMS Insurer, the Trustee,
      the
      Servicer and the Master Servicer a final certification in the form annexed
      hereto as Exhibit C-2 or the form specified in the Custodial Agreement
      evidencing the completeness of the Mortgage Files, with any applicable
      exceptions noted thereon, and the Servicer shall forward a copy thereof to
      any
      Sub-Servicer.

     

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

     

    The
      Trustee (or the Custodian on behalf of the Trustee) shall, at the written
      request and expense of any Certificateholder, provide a written report to the
      Trust Administrator for forwarding to such Certificateholder of all related
      Mortgage Files released to the Servicer for servicing purposes.

     

    The
      Depositor and the Trustee intend that the assignment and transfer herein
      contemplated constitute a sale of the Mortgage Loans, the related Mortgage
      Notes
      and the related documents, conveying good title thereto free and clear of any
      liens and encumbrances, from the Depositor to the Trustee in trust for the
      benefit of the Certificateholders and that such property not be part of the
      Depositor’s estate or property of the Depositor in the event of any insolvency
      by the Depositor. In the event that such conveyance is deemed to be, or to
      be
      made as security for, a loan, the parties intend that the Depositor shall be
      deemed to have granted and does hereby grant to the Trustee a first priority
      perfected security interest in all of the Depositor’s right, title and interest
      in and to the Mortgage Loans, the related Mortgage Notes and the related
      documents, and that this Agreement shall constitute a security agreement under
      applicable law.

     

    Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      the functions of the Trustee with respect to the custody, acceptance,
      inspection, receipt and release of the Mortgage Files and other documentation
      pursuant to Section 2.01, 2.02 and 2.03 and preparation and delivery of the
      acknowledgements of receipt and the certifications required under such sections
      shall be performed by the Custodian pursuant to the terms and conditions of
      this
      Agreement if a party to this Agreement, otherwise with respect to Deutsche
      Bank
      National Trust Company, pursuant to the Custodial Agreement.

     

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

     

    (a) Upon
      receipt of written notice from the Custodian of any materially defective
      document in, or that a document is missing from, a Mortgage File or from the
      Depositor, the Servicer, the Master Servicer, the Trust Administrator or the
      Custodian of the breach by an Originator or the Seller of any representation,
      warranty or covenant under the related Originator Master Agreement or Assignment
      Agreement, as applicable (including any representation, warranty or covenant
      regarding the Prepayment Charge Schedule), in respect of any Mortgage Loan that
      materially adversely affects the value of such Mortgage Loan or the interest
      therein of the Certificateholders, the Trustee shall promptly notify such
      Originator, the Trust Administrator, the NIMS Insurer, the Seller, the Servicer
      and the Master Servicer of such defect, missing document or breach and request
      that the related Originator or the Seller, as applicable, deliver such missing
      document or cure such defect or breach within 90 days from the date such
      Originator or the Seller, as applicable, was notified of such missing document,
      defect or breach, and if the Trustee receives written notice from the Depositor,
      the Servicer, the Master Servicer, the Trust Administrator or the Custodian,
      that the related Originator or the Seller, as applicable, has not delivered
      such
      missing document or cured such defect or breach in all material respects during
      such period, the Trustee shall enforce the obligations of such Originator or
      the
      Seller, as applicable, under the related Master Agreement or Assignment
      Agreement to repurchase such Mortgage Loan from REMIC I at the Purchase Price.
      The Purchase Price for the repurchased Mortgage Loan shall be remitted to the
      Servicer for deposit in the Collection Account and the Trustee (or the Custodian
      on behalf of the Trustee), upon receipt of written certification from the
      Servicer of such deposit, shall release to the related Originator or the Seller,
      as applicable, the related Mortgage File and the Trustee shall execute and
      deliver such instruments of transfer or assignment, in each case without
      recourse, as the related Originator or the Seller, as applicable, shall furnish
      to it and as shall be necessary to vest in such Originator or the Seller, as
      applicable, any Mortgage Loan released pursuant hereto. In furtherance of the
      foregoing, if an Originator or the Seller, as applicable, is not a member of
      MERS and repurchases a Mortgage Loan which is registered on the MERS® System,
      the related Originator or the Seller, as applicable, at its own expense and
      without any right of reimbursement, shall cause MERS to execute and deliver
      an
      assignment of the Mortgage in recordable form to transfer the Mortgage from
      MERS
      to the related Originator or the Seller, as applicable, and shall cause such
      Mortgage to be removed from registration on the MERS® System in accordance with
      MERS’ rules and regulations. Neither the Trustee nor the Custodian shall have
      any further responsibility with regard to such Mortgage File. In lieu of
      repurchasing any such Mortgage Loan as provided above, if so provided in the
      related Originator Master Agreement or Assignment Agreement, an Originator
      or
      the Seller, as applicable, may cause such Mortgage Loan to be removed from
      REMIC
      I (in which case it shall become a Deleted Mortgage Loan) and substitute one
      or
      more Qualified Substitute Mortgage Loans in the manner and subject to the
      limitations set forth in Section 2.03(b); provided, however, the related
      Originator or the Seller, as applicable, may not substitute a Qualified
      Substitute Mortgage Loan for any Deleted Mortgage Loan that violates any
      predatory or abusive lending law. It is understood and agreed that the
      obligation of the Originators or the Seller, as applicable, to cure or to
      repurchase (or to substitute for) any Mortgage Loan as to which a document
      is
      missing, a material defect in a constituent document exists or as to which
      such
      a breach has occurred and is continuing shall constitute the sole remedy
      respecting such omission, defect or breach available to the Trustee and the
      Certificateholders.

     

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

     

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

     

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

     

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

     

    (c) Upon
      discovery by the Depositor, the Servicer, the NIMS Insurer, any Originator,
      the
      Seller, the Master Servicer or the Trust Administrator that any Mortgage Loan
      does not constitute a “qualified mortgage” within the meaning of Section
      860G(a)(3) of the Code, the party discovering such fact shall within two
      Business Days give written notice thereof to the other parties hereto and the
      Trustee shall give written notice to the related Originator and the Seller.
      In
      connection therewith, the related Originator, the Seller or the Depositor shall
      repurchase or, subject to the limitations set forth in Section 2.03(b),
      substitute one or more Qualified Substitute Mortgage Loans for the affected
      Mortgage Loan within 90 days of the earlier of discovery or receipt of such
      notice with respect to such affected Mortgage Loan. Such repurchase or
      substitution shall be made by (i) the related Originator or the Seller, as
      the
      case may be, if the affected Mortgage Loan’s status as a non-qualified mortgage
      is or results from a breach of any representation, warranty or covenant made
      by
      such Originator or the Seller, as the case may be, under the related Originator
      Master Agreement or Assignment Agreement, or (ii) the Depositor, if the affected
      Mortgage Loan’s status as a non-qualified mortgage is a breach of no
      representation or warranty. Any such repurchase or substitution shall be made
      in
      the same manner as set forth in Section 2.03(a). The Trustee shall reconvey
      to
      the Depositor, the related Originator or the Seller, as the case may be, the
      Mortgage Loan to be released pursuant hereto in the same manner, and on the
      same
      terms and conditions, as it would a Mortgage Loan repurchased for breach of
      a
      representation or warranty.

     

    SECTION
      2.04. Reserved.

     

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

     

    (a) The
      Servicer hereby represents, warrants and covenants to the Trust Administrator,
      the Master Servicer and the Trustee, for the benefit of each of the Trustee,
      the
      Master Servicer, the Trust Administrator, the Certificateholders and to the
      Depositor that as of the Closing Date or as of such date specifically provided
      herein:

     

    (i) The
      Servicer is duly organized, validly existing, and in good standing under the
      laws of the jurisdiction of its formation and has all licenses necessary to
      carry on its business as now being conducted and is licensed, qualified and
      in
      good standing in the states where the Mortgaged Property is located if the
      laws
      of such state require licensing or qualification in order to conduct business
      of
      the type conducted by the Servicer or to ensure the enforceability or validity
      of each Mortgage Loan; the Servicer has the power and authority to execute
      and
      deliver this Agreement and to perform in accordance herewith; the execution,
      delivery and performance of this Agreement (including all instruments of
      transfer to be delivered pursuant to this Agreement) by the Servicer and the
      consummation of the transactions contemplated hereby have been duly and validly
      authorized; this Agreement evidences the valid, binding and enforceable
      obligation of the Servicer, subject to applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws affecting the enforcement
      of
      creditors’ rights generally; and all requisite corporate action has been taken
      by the Servicer to make this Agreement valid and binding upon the Servicer
      in
      accordance with its terms;

     

    (ii) The
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Servicer and will not result in the material
      breach of any term or provision of the charter or by-laws of the Servicer or
      result in the breach of any term or provision of, or conflict with or constitute
      a default under or result in the acceleration of any obligation under, any
      material agreement, indenture or loan or credit agreement or other instrument
      to
      which the Servicer or its property is subject, or result in the violation of
      any
      law, rule, regulation, order, judgment or decree to which the Servicer or its
      property is subject;

     

    (iii) The
      execution and delivery of this Agreement by the Servicer and the performance
      and
      compliance with its obligations and covenants hereunder do not require the
      consent or approval of any governmental authority or, if such consent or
      approval is required, it has been obtained;

     

    (iv) This
      Agreement, and all documents and instruments contemplated hereby which are
      executed and delivered by the Servicer, constitute and will constitute valid,
      legal and binding obligations of the Servicer, enforceable in accordance with
      their respective terms, except as the enforcement thereof may be limited by
      applicable bankruptcy laws and general principles of equity;

     

    (v) The
      Servicer does not believe, nor does it have any reason or cause to believe,
      that
      it cannot perform each and every covenant contained in this
      Agreement;

     

    (vi) There
      is
      no action, suit, proceeding or investigation pending or, to its knowledge,
      threatened against the Servicer that, either individually or in the aggregate,
      (A) may result in any change in the business, operations, financial condition,
      properties or assets of the Servicer that might prohibit or materially and
      adversely affect the performance by the Servicer of its obligations under,
      or
      validity or enforceability of, this Agreement, or (B) may result in any material
      impairment of the right or ability of the Servicer to carry on its business
      substantially as now conducted, or (C) would draw into question the validity
      or
      enforceability of this Agreement or of any action taken or to be taken in
      connection with the obligations of the Servicer contemplated herein, or (D)
      would otherwise be likely to impair materially the ability of the Servicer
      to
      perform under the terms of this Agreement;

     

    (vii) No
      information, certificate of an officer, statement furnished in writing or report
      delivered to the Trustee or the Trust Administrator by the Servicer in
      connection with the transactions contemplated hereby contains any untrue
      statement of a material fact;

     

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

     

    (ix) The
      Servicer will not waive any Prepayment Charge unless it is waived in accordance
      with the standard set forth in Section 3.01;

     

    (x) The
      Servicer has accurately and fully reported, and will continue to accurately
      and
      fully report on a monthly basis, its borrower credit files to each of the three
      national credit repositories in a timely manner;

     

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

     

    (xii) The
      Servicer will transmit full-file credit reporting data for each Mortgage Loan
      pursuant to Fannie Mae Guide Announcement 95-19 and that for each Mortgage
      Loan,
      the Servicer agrees to report one of the following statuses each month as
      follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
      foreclosed or charged off.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the
      Trustee or to the Custodian on its behalf and shall inure to the benefit of
      the
      Trustee, the Trust Administrator, the Depositor and the Certificateholders.
      Upon
      discovery by any of the Depositor, the Servicer, the NIMS Insurer, the Trust
      Administrator or the Trustee of a breach of any of the foregoing
      representations, warranties and covenants which materially and adversely affects
      the value of any Mortgage Loan or the interests therein of the
      Certificateholders, the party discovering such breach shall give prompt written
      notice (but in no event later than two Business Days following such discovery)
      to the Servicer, the NIMS Insurer, the Trustee and the Trust Administrator.
      Subject to Section 7.01(a), the obligation of the Servicer set forth in Section
      2.03(c) to cure breaches shall constitute the sole remedies against the Servicer
      available to the Certificateholders, the Depositor, the Trust Administrator
      or
      the Trustee on behalf of the Certificateholders respecting a breach of the
      representations, warranties and covenants contained in this Section
      2.05.

     

    (b) The
      Master Servicer hereby represents, warrants and covenants to the Trustee, for
      the benefit of each of the Trustee and the Certificateholders, and to the
      Servicer, the NIMS Insurer and the Depositor that as of the Closing Date or
      as
      of such date specifically provided herein:

     

    (i) The
      Master Servicer is a national banking association duly formed, validly existing
      and in good standing under the laws of the United States of America and is
      duly
      authorized and qualified to transact any and all business contemplated by this
      Agreement to be conducted by the Master Servicer;

     

    (ii) The
      Master Servicer has the full power and authority to conduct its business as
      presently conducted by it and to execute, deliver and perform, and to enter
      into
      and consummate, all transactions contemplated by this Agreement. The Master
      Servicer has duly authorized the execution, delivery and performance of this
      Agreement, has duly executed and delivered this Agreement, and this Agreement,
      assuming due authorization, execution and delivery by the Depositor and the
      Trustee, constitutes a legal, valid and binding obligation of the Master
      Servicer, enforceable against it in accordance with its terms except as the
      enforceability thereof may be limited by bankruptcy, insolvency, reorganization
      or similar laws affecting the enforcement of creditors’ rights generally and by
      general principles of equity;

     

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

     

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

     

    (v) The
      Master Servicer does not believe, nor does it have any reason or cause to
      believe, that it cannot perform each and every covenant made by it and contained
      in this Agreement;

     

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

     

    (vii) There
      are
      no actions or proceedings against, or investigations known to it of, the Master
      Servicer before any court, administrative or other tribunal (A) that might
      prohibit its entering into this Agreement, (B) seeking to prevent the
      consummation of the transactions contemplated by this Agreement or (C) that
      might prohibit or materially and adversely affect the performance by the Master
      Servicer of its obligations under, or validity or enforceability of, this
      Agreement; and

     

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

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the Trust Administrator, the Trustee or the Custodian, as applicable and shall
      inure to the benefit of the Trustee, the Depositor and the Certificateholders.
      Upon discovery by any of the Depositor, the Servicer, the Master Servicer,
      the
      NIMS Insurer or the Trustee of a breach of any of the foregoing representations,
      warranties and covenants which materially and adversely affects the value of
      any
      Mortgage Loan or the interests therein of the Certificateholders, the party
      discovering such breach shall give prompt written notice (but in no event later
      than two Business Days following such discovery) to other parties to this
      Agreement.

     

    SECTION
      2.06. Conveyance
      of REMIC Regular Interests and Acceptance of REMIC I, REMIC II, REMIC III,
      REMIC IV, REMIC V and REMIC VI by the Trustee; Issuance of
      Certificates.

     

    (a) 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 assets
      described in the definition of REMIC I for the benefit of the Holders of the
      REMIC I Regular Interests (which are uncertificated) and the Class R
      Certificates (in respect of the Class R-I Interest). The Trustee acknowledges
      receipt of the assets described in the definition of REMIC I and declares that
      it holds and will hold the same in trust for the exclusive use and benefit
      of
      the holders of the REMIC I Regular Interests and the Class R Certificates (in
      respect of the Class R-I Interest). The interests evidenced by the Class R-I
      Interest, together with the REMIC I Regular Interests, constitute the entire
      beneficial ownership interest in REMIC I.

     

    (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 (which are uncertificated) for the benefit of the Holders
      of
      the REMIC II Regular Interests (which are uncertificated) and the Class R
      Certificates (in respect of the Class R-II Interest). The Trustee acknowledges
      receipt of the REMIC I Regular Interests and declares that it holds and will
      hold the same in trust for the exclusive use and benefit of the Holders of
      the
      REMIC II Regular Interests and the Class R Certificates (in respect of the
      Class
      R-II Interest). The interests evidenced by the Class R-II Interest, together
      with the REMIC II Regular Interests, constitute the entire beneficial ownership
      interest in REMIC II.

     

    (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 (which are uncertificated) for the benefit of the Holders
      of the REMIC III Regular Interests and the Class R Certificates (in respect
      of
      the Class R-III Interest). The Trustee acknowledges receipt of the REMIC II
      Regular Interests 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 Certificates (in respect of the Class R-III Interest). The
      interests evidenced by the Class R-III Interest, together with the Regular
      Certificates (other than the Class CE Certificates and the Class P
      Certificates), the Class CE Interest, the Class P Interest and the Class Swap-IO
      Interest constitute the entire beneficial ownership interest in REMIC
      III.

     

    (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 Class
      CE Interest (which is uncertificated) for the benefit of the Holders of the
      Class CE Certificates and the Class R-X Certificates (in respect of the Class
      R-IV Interest). The Trustee acknowledges receipt of the Class CE Interest and
      declares that it holds and will hold the same in trust for the exclusive use
      and
      benefit of the Holders of the Class CE Certificates and the Class R-X
      Certificates (in respect of the Class R-IV Interest). The interests evidenced
      by
      the Class R-IV Interest, together with the Class CE Certificates, constitute
      the
      entire beneficial ownership interest in REMIC IV.

     

    (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
      P Interest (which is uncertificated) for the benefit of the Holders of the
      Class
      P Certificates and the Class R-X Certificates (in respect of the Class R-V
      Interest). The Trustee acknowledges receipt of the Class P Interest and declares
      that it holds and will hold the same in trust for the exclusive use and benefit
      of the Holders of the Class P Certificates and the Class R-X Certificates (in
      respect of the Class R-V Interest). The interests evidenced by the Class R-V
      Interest, together with the Class P Certificates, constitute the entire
      beneficial ownership interest in REMIC V.

     

    (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
      Swap-IO Interest (which is uncertificated) for the benefit of the Holders of
      REMIC VI Regular Interest SWAP-IO and the Class R-X Certificates (in respect
      of
      the Class R-VI Interest). The Trustee acknowledges receipt of the Class Swap-IO
      Interest and declares that it holds and shall hold the same in trust for the
      exclusive use and benefit of the Holders of REMIC VI Regular Interest SWAP-IO
      and the Class R-X Certificates (in respect of the Class R-VI Interest). The
      interests evidenced by the Class R-VI Interest, together with REMIC VI Regular
      Interest SWAP-IO, constitute the entire beneficial ownership interest in REMIC
      VI.

     

    SECTION
      2.07. Issuance
      of Class R Certificates and Class R-X Certificates.

     

    (a) The
      Trustee acknowledges the assignment to it of the REMIC I Regular Interests
      and
      REMIC II Regular Interests and, concurrently therewith and in exchange therefor,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, the Trustee has executed, authenticated and delivered to or upon
      the
      order of the Depositor, the Class R Certificates in authorized denominations.
      The interests evidenced by the Class R Certificates (in respect of the Class
      R-III Interest), together with the REMIC III Certificates, the Class CE
      Interest, the Class P Interest and the Class Swap-IO Interest, constitute the
      entire beneficial ownership interest in REMIC III.

     

    (b) The
      Trustee acknowledges the assignment to it of the Class CE Interest, the Class
      P
      Interest and the Class Swap-IO Interest, concurrently therewith and in exchange
      therefor, pursuant to the written request of the Depositor executed by an
      officer of the Depositor, the Trustee has executed, authenticated and delivered
      to or upon the order of the Depositor, the Class R-X Certificates in authorized
      denominations. The interests evidenced by the Class R-X Certificates, together
      with the Class CE Certificates, the Class P Certificates and the REMIC VI
      Regular Interest SWAP-IO constitute the entire beneficial ownership interest
      in
      REMIC IV, REMIC V and REMIC VI.

     

    SECTION
      2.08. Authorization
      to Enter into Interest Rate Cap Agreements and Interest Rate Swap
      Agreement.

     

    (a) The
      Trust
      Administrator is hereby directed to execute and deliver each of the Interest
      Rate Cap Agreements on behalf of Party B (as defined therein) and to exercise
      the rights, perform the obligations, and make the representations of Party
      B
      thereunder, solely in its capacity as Trust Administrator on behalf of Party
      B
      (as defined therein) and not in its individual capacity. The Servicer, the
      Depositor and the Certificateholders (by acceptance of their Certificates)
      acknowledge and agree that (i) the Trust Administrator shall execute and deliver
      each of the Interest Rate Cap Agreements on behalf of Party B (as defined
      therein), (ii) the Trust Administrator shall exercise the rights, perform the
      obligations, and make the representations of Party B thereunder, solely in
      its
      capacity as Trust Administrator on behalf of Party B, as defined therein) and
      not in its individual capacity, and (iii) the Trust Administrator shall be
      entitled to exercise the rights and is obligated to perform the obligations
      of
      Party B under each of the Interest Rate Cap Agreements. Every provision of
      this
      Agreement relating to the conduct or affecting the liability of or affording
      protection to the Trust Administrator shall apply to the Trust Administrator’s
      execution of the Interest Rate Cap Agreements, and the performance of its duties
      and satisfaction of its obligations thereunder.

     

    (b) The
      Trust
      Administrator, not in its individual capacity but solely in its separate
      capacity as Supplemental Interest Trust Trustee, is hereby directed to exercise
      the rights, perform the obligations, and make any representations to be
      exercised, performed, or made by the Supplemental Interest Trust Trustee, as
      described herein. The Trust Administrator (in its capacity as Supplemental
      Interest Trust Trustee) is hereby directed to execute and deliver the Interest
      Rate Swap Agreement on behalf of Party B (as defined therein) and to exercise
      the rights, perform the obligations, and make the representations of Party
      B
      thereunder, solely in its capacity as Supplemental Interest Trust Trustee on
      behalf of Party B (as defined therein) and not in its individual capacity.
      The
      Servicer, the Depositor and the Certificateholders (by acceptance of their
      Certificates) acknowledge and agree that (i) the Trust Administrator (in its
      capacity as Supplemental Interest Trust Trustee) shall execute and deliver
      the
      Interest Rate Swap Agreement on behalf of Party B (as defined therein), (ii)
      the
      Trust Administrator (in its capacity as Supplemental Interest Trust Trustee)
      shall exercise the rights, perform the obligations, and make the representations
      of Party B thereunder, solely in its capacity as Supplemental Interest Trust
      Trustee on behalf of Party B as defined therein) and not in its individual
      capacity, and (iii) the Trust Administrator (in its capacity as Supplemental
      Interest Trust Trustee) shall be entitled to exercise the rights and is
      obligated to perform the obligations of Party B under the Interest Rate Swap
      Agreement. Every provision of this Agreement relating to the conduct or
      affecting the liability of or affording protection to the Trust Administrator
      shall apply to the Trust Administrator’s execution (in its capacity as
      Supplemental Interest Trust Trustee) of the Interest Rate Swap Agreement, and
      the performance of its duties and satisfaction of its obligations
      thereunder

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING 

    OF
      THE
      MORTGAGE LOANS

     

    SECTION
      3.01. Servicer
      to Act as Servicer.

     

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

     

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

     

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

     

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

     

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

     

    To
      the
      extent consistent with the foregoing, the Servicer (a) shall seek to maximize
      the timely and complete recovery of principal and interest on the Mortgage
      Notes
      and (b) may waive (or permit a Sub-Servicer to waive) a Prepayment Charge only
      under the following circumstances: (i) such waiver is standard and customary
      in
      servicing similar Mortgage Loans and such waiver 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, (ii) the collection of
      such Prepayment Charge would be in violation of applicable laws, (iii) the
      amount of the Prepayment Charge set forth on the Prepayment Charge Schedule
      is
      not consistent with the related Mortgage Note or is otherwise unenforceable,
      (iv) the collection of such Prepayment Charge would be considered “predatory”
pursuant to written guidance published or issued by any applicable federal,
      state or local regulatory authority acting in its official capacity and having
      jurisdiction over such matters or (v) the Servicer has not received information
      and documentation sufficient to confirm the existence or amount of such
      Prepayment Charge. If a Prepayment Charge is waived as permitted by meeting
      the
      standard described in clauses (ii), (iii), (iv) or (v) above, then the Trustee
      (upon receipt of written notice from the Servicer that such waiver has occurred)
      shall enforce the obligation of the related Originator to pay the amount of
      such
      waived Prepayment Charge to the Trust Administrator for deposit in the
      Distribution Account for the benefit of the Holders of the Class P Certificates
      (the “Originator Prepayment Charge Payment Amount”). If a Prepayment Charge is
      waived other than in accordance with (i), (ii), (iii), (iv) or (v) above, the
      Servicer shall pay the amount of such waived Prepayment Charge to the Trust
      Administrator for deposit in the Distribution Account for the benefit of the
      Holders of the Class P Certificates (the “Servicer Prepayment Charge Payment
      Amount”).

     

    To
      the
      extent consistent with the foregoing, the Servicer shall seek to maximize the
      timely and complete recovery of principal and interest on the Mortgage Notes.
      Subject only to the above-described servicing standards and the terms of this
      Agreement and of the Mortgage Loans, the Servicer shall have full power and
      authority, acting alone or through Sub-Servicers as provided in Section 3.02,
      to
      do or cause to be done any and all things in connection with such servicing
      and
      administration which it may deem necessary or desirable. Without limiting the
      generality of the foregoing, the Servicer in its own name or in the name of
      a
      Sub-Servicer or in the name of the Trustee, solely in its capacity as Trustee
      of
      the Trust, is hereby authorized and empowered by the Trustee when the Servicer
      believes it appropriate in its best judgment in accordance with the servicing
      standards set forth above, to execute and deliver, on behalf of the
      Certificateholders and the Trustee, any and all instruments of satisfaction
      or
      cancellation, or of partial or full release or discharge, and all other
      comparable instruments, with respect to the Mortgage Loans and the Mortgaged
      Properties and to institute foreclosure proceedings or obtain a deed-in-lieu
      of
      foreclosure so as to convert the ownership of such properties, and to hold
      or
      cause to be held title to such properties, on behalf of the Trustee and
      Certificateholders. The Servicer shall service and administer the Mortgage
      Loans
      in accordance with applicable state and federal law and shall provide to the
      Mortgagors any reports required to be provided to them thereby. The Servicer
      shall also comply in the performance of this Agreement with all reasonable
      rules
      and requirements of each insurer under any standard hazard insurance policy.
      Subject to Section 3.17, within fifteen (15) days of the Closing Date, the
      Trustee shall execute, at the written request of the Servicer, and furnish
      to
      the Servicer and any Sub-Servicer any special or limited powers of attorney
      and
      other documents necessary or appropriate to enable the Servicer or any
      Sub-Servicer to carry out their servicing and administrative duties hereunder;
      provided,
      such
      limited powers of attorney or other documents shall be prepared by the Servicer
      and submitted to the Trustee for execution. The Trustee shall not be liable
      for
      the actions of the Servicer or any Sub-Servicers under such powers of
      attorney.

     

    The
      Servicer further is authorized and empowered by the Trustee, on behalf of the
      Certificateholders and the Trustee, in its own name or in the name of the
      Sub-Servicer, when the Servicer or the Sub-Servicer, as the case may be,
      believes it is appropriate in its best judgment to register any Mortgage Loan
      on
      the MERS® System, or cause the removal from the registration of any Mortgage
      Loan on the MERS® System, to execute and deliver, on behalf of the Trustee and
      the Certificateholders or any of them, any and all instruments of assignment
      and
      other comparable instruments with respect to such assignment or re-recording
      of
      a Mortgage in the name of MERS, solely as nominee for the Trustee and its
      successors and assigns. Any reasonable expenses incurred in connection with
      the
      actions described in the preceding sentence or as a result of MERS discontinuing
      or becoming unable to continue operations in connection with the MERS® System,
      shall be reimbursable to the Servicer by withdrawal from the Collection Account
      pursuant to Section 3.11.

     

    Subject
      to Section 3.09 hereof, in accordance with the standards of the preceding
      paragraph, the Servicer, on escrowed accounts, 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, which advances shall be Servicing
      Advances reimbursable in the first instance from related collections from the
      Mortgagors pursuant to Section 3.09, and further as provided in Section 3.11.
      Any cost incurred by the Servicer or by Sub-Servicers in effecting the payment
      of taxes and assessments on a Mortgaged Property shall not, for the purpose
      of
      calculating distributions to Certificateholders, be added to the unpaid Stated
      Principal Balance of the related Mortgage Loan, notwithstanding that the terms
      of such Mortgage Loan so permit, provided, however, that the Servicer may
      capitalize the amount of any Servicing Advances incurred pursuant to this
      Section 3.01 in connection with the modification of a Mortgage Loan, subject
      to
      Section 3.07.

     

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

     

    Notwithstanding
      anything in this Agreement to the contrary and notwithstanding its ability
      to do
      so pursuant to the terms of the related mortgage note, the Servicer shall not
      be
      required to enforce any provision in any mortgage note the enforcement of which
      would violate federal, state or local laws or ordinances designed to discourage
      predatory lending practices.

     

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

     

    (a) The
      Servicer may enter into Sub-Servicing Agreements with Sub-Servicers, which
      may
      be Affiliates of the Servicer, for the servicing and administration of the
      Mortgage Loans; provided, however, that (i) such sub-servicing arrangement
      and
      the terms of the related Sub-Servicing Agreement must provide for the servicing
      of the Mortgage Loans in a manner consistent with the servicing arrangement
      contemplated hereunder and (ii) the NIMS Insurer shall have consented to such
      Sub-Servicing Agreement. The Trustee is hereby authorized to acknowledge, at
      the
      request of the Servicer, any Sub-Servicing Agreement that the Servicer certifies
      in writing to the Trustee meets the requirements applicable to Sub-Servicing
      Agreements set forth in this Agreement and that is otherwise permitted under
      this Agreement..

     

    Each
      Sub-Servicer shall be (i) authorized to transact business 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 Sub-Servicer to perform
      its
      obligations hereunder and under the Sub-Servicing Agreement and (ii) a Freddie
      Mac or Fannie Mae approved mortgage servicer. Each Sub-Servicing Agreement
      must
      impose on the Sub-Servicer requirements conforming to the provisions set forth
      in Section 3.08, 3.20, 3.21 and 4.06 and provide for servicing of the Mortgage
      Loans consistent with the terms of this Agreement. The Servicer will examine
      each Sub-Servicing Agreement and will be familiar with the terms thereof. The
      terms of any Sub-Servicing Agreement will not be inconsistent with any of the
      provisions of this Agreement. Any material variations in any Sub-Servicing
      Agreements from the provisions set forth in Section 3.08 relating to insurance
      or priority requirements of Sub-Servicing Accounts, or credits and charges
      to
      the Sub- Servicing Accounts or the timing and amount of remittances by the
      Sub-Servicers to the Servicer, Section 3.20 or Section 3.21, are conclusively
      deemed to be inconsistent with this Agreement and therefore prohibited. The
      Servicer shall deliver to the Trust Administrator, the Master Servicer, the
      NIMS
      Insurer and the Trustee copies of all Sub-Servicing Agreements, and any
      amendments or modifications thereof, promptly upon the Servicer’s execution and
      delivery of such instruments.

     

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

     

    SECTION
      3.03. Successor
      Sub-Servicers.

     

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

     

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

     

    SECTION
      3.04. Liability
      of the Servicer.

     

    Notwithstanding
      any Sub-Servicing Agreement, any of the provisions of this Agreement relating
      to
      agreements or arrangements between the Servicer and a Sub-Servicer or reference
      to actions taken through a Sub-Servicer or otherwise, the Servicer shall remain
      obligated and primarily liable to the Trustee and the Certificateholders for
      the
      servicing and administering of the Mortgage Loans in accordance with the
      provisions of Section 3.01 without diminution of such obligation or liability
      by
      virtue of such Sub-Servicing Agreements or arrangements or by virtue of
      indemnification from the Sub-Servicer and to the same extent and under the
      same
      terms and conditions as if the Servicer alone were servicing and administering
      the Mortgage Loans. The Servicer shall be entitled to enter into any agreement
      with a Sub- Servicer for indemnification of the Servicer by such Sub-Servicer
      and nothing contained in this Agreement shall be deemed to limit or modify
      such
      indemnification.

     

    SECTION
      3.05. No
      Contractual Relationship Between Sub-Servicers and the Trustee, the Trust
      Administrator, the Master Servicer, the NIMS Insurer or
      Certificateholders.

     

    Any
      Sub-Servicing Agreement that may be entered into and any transactions or
      services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
      as such shall be deemed to be between the Sub-Servicer and the Servicer alone,
      and the Trustee, the Master Servicer, the Trust Administrator, the NIMS Insurer
      and the Certificateholders shall not be deemed parties thereto and shall have
      no
      claims, rights, obligations, duties or liabilities with respect to the
      Sub-Servicer except as set forth in Section 3.06. The Servicer shall be solely
      liable for all fees owed by it to any Sub-Servicer, irrespective of whether
      the
      Servicer’s compensation pursuant to this Agreement is sufficient to pay such
      fees.

     

    SECTION
      3.06. Assumption
      or Termination of Sub-Servicing Agreements by Master Servicer.

     

    In
      the
      event the Servicer shall for any reason no longer be the Servicer (including
      by
      reason of the occurrence of a Servicer Event of Default), the Master Servicer
      or, if the Master Servicer is the Servicer, the Trustee (or the successor
      servicer appointed pursuant to Section 7.02), as applicable, shall thereupon
      assume all of the rights and obligations of the Servicer under each
      Sub-Servicing Agreement that the Servicer may have entered into, unless the
      Master Servicer or the Trustee, as applicable, elects to terminate any
      Sub-Servicing Agreement in accordance with its terms as provided in Section
      3.03. Upon such assumption, the Master Servicer or the Trustee (or the successor
      servicer appointed pursuant to Section 7.02), as applicable, shall be deemed,
      subject to Section 3.03, to have assumed all of the departing Servicer’s
      interest therein and to have replaced the departing Servicer as a party to
      each
      Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement
      had been assigned to the assuming party, except that (i) the departing Servicer
      shall not thereby be relieved of any liability or obligations under any
      Sub-Servicing Agreement that arose before it ceased to be the Servicer and
      (ii)
      none of the Trust Administrator nor any successor Servicer shall be deemed
      to
      have assumed any liability or obligation of the Servicer that arose before
      it
      ceased to be the Servicer.

     

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

     

    SECTION
      3.07. Collection
      of Certain Mortgage Loan Payments.

     

    The
      Servicer shall make reasonable efforts, in accordance with the servicing
      standards set forth in Section 3.01, to collect all payments called for under
      the terms and provisions of the Mortgage Loans and the provisions of any
      applicable insurance policies provided to the Servicer. Consistent with the
      foregoing, the Servicer may in its discretion (i) waive any late payment charge
      or, if applicable, any penalty interest, (ii) waive any provisions of any
      Mortgage Loan requiring the related Mortgagor to submit to mandatory arbitration
      with respect to disputes arising thereunder or (iii) extend the due dates for
      the Monthly Payments due on a Mortgage Note for a period of not greater than
      180
      days; provided, however, that any extension pursuant to clause (iii) above
      shall
      not affect the amortization schedule of any Mortgage Loan for purposes of any
      computation hereunder, except as provided below. In the event of any such
      arrangement pursuant to clause (iii) above, the Servicer shall make timely
      Advances on such Mortgage Loan during such extension pursuant to Section 4.03
      and in accordance with the amortization schedule of such Mortgage Loan without
      modification thereof by reason of such arrangement. Notwithstanding the
      foregoing, in the event that any Mortgage Loan is in default or, in the judgment
      of the Servicer, such default is reasonably foreseeable, the Servicer,
      consistent with the standards set forth in Section 3.01, may also waive, modify
      or vary any term of such Mortgage Loan (including, but not limited to,
      modifications that would change the Mortgage Rate, forgive the payment of
      principal or interest or extend the final maturity date of such Mortgage Loan),
      accept payment from the related Mortgagor of an amount less than the Stated
      Principal Balance in final satisfaction of such Mortgage Loan, or consent to
      the
      postponement of strict compliance with any such term or otherwise grant
      indulgence to any Mortgagor (any and all such waivers, modifications, variances,
      forgiveness of principal or interest, postponements, or indulgences collectively
      referred to herein as “forbearance”). The Servicer’s analysis supporting any
      forbearance and the conclusion that any forbearance meets the standards of
      Section 3.01 shall be reflected in writing in the Mortgage File or the
      Servicer’s books and records.

     

    SECTION
      3.08. Sub-Servicing
      Accounts.

     

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

     

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

     

    The
      Servicer shall establish and maintain, or cause to be established and
      maintained, one or more accounts (the “Servicing Accounts”), into which
      all
      collections from the Mortgagors (or related advances from Sub-Servicers) for
      the
      payment of taxes, assessments, fire, flood, and hazard insurance premiums,
      hazard insurance proceeds (to the extent such amounts are to be applied to
      the
      restoration or repair of the property) and comparable items for the account
      of
      the Mortgagors (“Escrow Payments”) shall
      be
      deposited and retained. Servicing Accounts shall be Eligible Accounts. The
      Servicer shall deposit in the clearing account in which it customarily deposits
      payments and collections on mortgage loans in connection with its mortgage
      loan
      servicing activities on a daily basis, and in no event more than one Business
      Day after the Servicer’s receipt thereof, all Escrow Payments collected on
      account of the Mortgage Loans and shall thereafter deposit such Escrow Payments
      in the Servicing Accounts, in no event more than two Business Days after the
      receipt of such Escrow Payments, all Escrow Payments collected on account of
      the
      Mortgage Loans for the purpose of effecting the payment of any such items as
      required under the terms of this Agreement. Withdrawals of amounts from a
      Servicing Account may be made only to (i) effect payment of taxes, assessments,
      hazard insurance premiums, and comparable items in a manner and at a time that
      assures that the lien priority of the Mortgage is not jeopardized (or, with
      respect to the payment of taxes, in a manner and at a time that avoids the
      loss
      of the Mortgaged Property due to a tax sale or the foreclosure as a result
      of a
      tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided
      in the related Sub-Servicing Agreement) out of related collections for any
      Servicing Advances made pursuant to Section 3.01 (with respect to taxes and
      assessments) and Section 3.14 (with respect to hazard insurance); (iii) refund
      to Mortgagors any sums as may be determined to be overages; (iv) pay interest,
      if required and as described below, to Mortgagors on balances in the Servicing
      Account; or (v) clear and terminate the Servicing Account at the termination
      of
      the Servicer’s obligations and responsibilities in respect of the Mortgage Loans
      under this Agreement in accordance with Article IX. In the event the Servicer
      shall deposit in a Servicing Account any amount not required to be deposited
      therein or any amount previously deposited therein is unpaid by the related
      Mortgagor’s banking institution, it may at any time withdraw such amount from
      such Servicing Account, any provision herein to the contrary notwithstanding.
      The Servicer will be responsible for the administration of the Servicing
      Accounts and will be obligated to make Servicing Advances to such accounts
      when
      and as necessary to avoid the lapse of insurance coverage on the Mortgaged
      Property, or which the Servicer knows, or in the exercise of the required
      standard of care of the Servicer hereunder should know, is necessary to avoid
      the loss of the Mortgaged Property due to a tax sale or the foreclosure as
      a
      result of a tax lien. If any such payment has not been made and the Servicer
      receives notice of a tax lien with respect to the Mortgage being imposed, the
      Servicer will, within 10 Business Days of receipt of such notice, advance or
      cause to be advanced funds necessary to discharge such lien on the Mortgaged
      Property. As part of its servicing duties, the Servicer or Sub-Servicers shall
      pay to the Mortgagors interest on funds in the Servicing Accounts, to the extent
      required by law and, to the extent that interest earned on funds in the
      Servicing Accounts is insufficient, to pay such interest from its or their
      own
      funds, without any reimbursement therefor. The Servicer may pay to itself any
      excess interest on funds in the Servicing Accounts, to the extent such action
      is
      in conformity with the servicing standard set forth in Section 3.01, is
      permitted by law and such amounts are not required to be paid to Mortgagors
      or
      used for any of the other purposes set forth above.

     

    SECTION
      3.10. Collection
      Account.

     

    (a) On
      behalf
      of the Trust Fund, the Servicer shall establish and maintain, or cause to be
      established and maintained, one or more accounts (such account or accounts,
      the
“Collection Account”), held in trust for the benefit
      of the Trust Administrator, the Trustee and the Certificateholders.
      On
      behalf of the Trust Fund, the Servicer shall deposit or cause to be deposited
      in
      the clearing account in which it customarily deposits payments and collections
      on mortgage loans in connection with its mortgage loan servicing activities
      on a
      daily basis, and in no event more than one Business Day after the Servicer’s
      receipt thereof, and shall thereafter deposit in the Collection Account, in
      no
      event more than two Business Days after the Servicer’s receipt thereof, as and
      when received or as otherwise required hereunder, the following payments and
      collections received or made by it subsequent to the Cut-off Date (other than
      in
      respect of principal or interest on the Mortgage Loans due on or before the
      Cut-off Date) or payments (other than Principal Prepayments) received by it
      on
      or prior to the Cut-off Date but allocable to a Due Period subsequent
      thereto:

     

    (i) all
      payments on account of principal, including Principal Prepayments (but not
      Prepayment Charges), on the Mortgage Loans;

     

    (ii) all
      payments on account of interest (net of the Servicing Fee and any Prepayment
      Interest Excess) on each Mortgage Loan;

     

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

     

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

     

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

     

    (vi) all
      proceeds of any Mortgage Loan repurchased or purchased in accordance with
      Section 2.03, Section 3.16(c) or Section 9.01;

     

    (vii) all
      amounts required to be deposited in connection with Substitution Adjustments
      pursuant to Section 2.03; and

     

    (viii) all
      Prepayment Charges collected by the Servicer, and any Servicer Prepayment Charge
      Payment Amounts in connection with the Principal Prepayment of any of the
      Mortgage Loans.

     

    The
      foregoing requirements for deposit in the Collection Account shall be exclusive,
      it being understood and agreed that, without limiting the generality of the
      foregoing, payments in the nature of Servicing Fees, late payment charges,
      Prepayment Interest Excess, assumption fees, insufficient funds charges and
      ancillary income (other than Prepayment Charges) need not be deposited by the
      Servicer in the Collection Account and may be retained by the Servicer as
      additional compensation. In the event the Servicer shall deposit in the
      Collection Account any amount not required to be deposited therein, it may
      at
      any time withdraw such amount from the Collection Account, any provision herein
      to the contrary notwithstanding.

     

    (b) On
      behalf
      of the Trust Fund, the Servicer shall deliver to the Trust Administrator in
      immediately available funds for deposit in the Distribution Account (i) on
      the
      Servicer Remittance Date, that portion of the Available Funds (calculated
      without regard to the references in the definition thereof to amounts that
      may
      be withdrawn from the Distribution Account) for the related Distribution Date
      then on deposit in the Collection Account, the amount of all Prepayment Charges
      or any Originator Prepayment Charge Payment Amounts collected during the
      applicable Prepayment Period by the Servicer and Servicer Prepayment Charge
      Payment Amounts in connection with the Principal Prepayment of any of the
      Mortgage Loans then on deposit in the Collection Account, the amount of any
      funds reimbursable to an Advancing Person pursuant to Section 3.26 (unless
      such
      amounts are to be remitted in another manner as specified in the documentation
      establishing the related Advance Facility) and (ii) on each Business Day as
      of
      the commencement of which the balance on deposit in the Collection Account
      exceeds $75,000 following any withdrawals pursuant to the next succeeding
      sentence, the amount of such excess, but only if the Collection Account
      constitutes an Eligible Account solely pursuant to clause (ii) of the definition
      of “Eligible Account.” If the balance on deposit in the Collection Account
      exceeds $75,000 as of the commencement of business on any Business Day and
      the
      Collection Account does not qualify as an Eligible Account pursuant to clauses
      (i), (iii) or (iv) of the definition of “Eligible Account,” the Servicer shall,
      on or before 4:00 p.m. New York time on such Business Day, withdraw from the
      Collection Account any and all amounts payable or reimbursable to the Servicer,
      the Advancing Person, the Trustee, the Trust Administrator or any Sub-Servicer
      pursuant to Section 3.11 and shall pay such amounts to the Persons entitled
      thereto.

     

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

     

    (d) Funds
      held in the Collection Account at any time may be delivered by the Servicer
      to
      the Trust Administrator for deposit in an account (which may be the Distribution
      Account and must satisfy the standards for the Distribution Account as set
      forth
      in the definition thereof) and for all purposes of this Agreement shall be
      deemed to be a part of the Collection Account; provided, however, that the
      Trust
      Administrator shall have the sole authority to withdraw any funds held pursuant
      to this subsection (d). In the event the Servicer shall deliver to the Trust
      Administrator for deposit in the Distribution Account any amount not required
      to
      be deposited therein, it may at any time request in writing that the Trust
      Administrator withdraw such amount from the Distribution Account and remit
      to it
      any such amount, any provision herein to the contrary notwithstanding. In
      addition, the Servicer, with respect to items (i) through (iv) below, shall
      deliver to the Trust Administrator from time to time for deposit, and the Trust
      Administrator, with respect to items (i) through (iv) below, shall so deposit,
      in the Distribution Account:

     

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

     

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

     

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

     

    (iv) any
      Compensating Interest to be deposited pursuant to Section 3.24 in connection
      with any Prepayment Interest Shortfall; and

     

    (v) any
      amounts required to be paid to the Trustee pursuant to the Agreement, including,
      but not limited to Section 3.06 and Section 7.02.

     

    (e) The
      Servicer shall deposit in the Collection Account any amounts required to be
      deposited pursuant to Section 3.12(b) in connection with losses realized on
      Permitted Investments with respect to funds held in the Collection
      Account.

     

    SECTION
      3.11. Withdrawals
      from the Collection Account

     

    (a) The
      Servicer shall, from time to time, make withdrawals from the Collection Account
      for any of the following purposes, without priority, or as described in Section
      4.04:

     

    (i) to
      remit
      to the Trust Administrator for deposit in the Distribution Account the amounts
      required to be so remitted pursuant to Section 3.10(b) or permitted to be so
      remitted pursuant to the first sentence of Section 3.10(d) and paid to the
      Trust
      Administrator in accordance with Section 3.10(d)(v);

     

    (ii) subject
      to Section 3.16(d), to reimburse the Servicer for (a) any unreimbursed Advances
      to the extent of amounts received which represent Late Collections (net of
      the
      related Servicing Fees), Liquidation Proceeds and Insurance Proceeds on Mortgage
      Loans or REO Properties with respect to which such Advances were made in
      accordance with the provisions of Section 4.04; or (b) without limiting any
      right of withdrawal set forth in clause (vi) below, any unreimbursed Advances
      that, upon a Final Recovery Determination with respect to such Mortgage Loan,
      are Nonrecoverable Advances, but only to the extent that Late Collections,
      Liquidation Proceeds and Insurance Proceeds received with respect to such
      Mortgage Loan are insufficient to reimburse the Servicer for such unreimbursed
      Advances;

     

    (iii) subject
      to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid
      Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each
      Mortgage Loan, but only to the extent of any Late Collections, Liquidation
      Proceeds and Insurance Proceeds received with respect to such Mortgage Loan
      or
      REO Property, and (c) without limiting any right of withdrawal set forth in
      clause (vi) below, any Servicing Advances made with respect to a Mortgage Loan
      that, upon a Final Recovery Determination with respect to such Mortgage Loan
      are
      Nonrecoverable Advances, but only to the extent that Late Collections,
      Liquidation Proceeds and Insurance Proceeds received with respect to such
      Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer
      for
      Servicing Advances;

     

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

     

    (v) to
      pay
      itself or the Originator or the Seller with respect to each Mortgage Loan that
      has previously been purchased or replaced pursuant to Section 2.03 or Section
      3.16(c) all amounts received thereon subsequent to the date of purchase or
      substitution, as the case may be;

     

    (vi) to
      reimburse the Servicer for (a) any Advance or Servicing Advance previously
      made
      which the Servicer has determined to be a Nonrecoverable Advance in accordance
      with the provisions of Section 4.03 and (b) following the liquidation of a
      second lien Mortgage Loan, any unpaid Servicing Fees for the six-month period
      immediately following the last paid through date with respect to such Mortgage
      Loan, to the extent not recoverable from Liquidation Proceeds, Insurance
      Proceeds or other amounts received with respect to the related second lien
      Mortgage Loan;

     

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

     

    (viii) to
      reimburse the Servicer or the Depositor for expenses incurred by or reimbursable
      to the Servicer or the Depositor pursuant to Section 6.03;

     

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

     

    (x) to
      pay
      itself any Prepayment Interest Excess (to the extent not otherwise
      retained);

     

    (xi) to
      reimburse the Servicer for any Advance or Servicing Advance made with respect
      to
      a delinquent Mortgage Loan which has been modified by the Servicer in accordance
      with the terms of this Agreement but only after receipt by the Servicer of
      three
      (3) consecutive payments following such modification;

     

    (xii) to
      invest
      funds in Permitted Investments in accordance with Section 3.12;

     

    (xiii) to
      clear
      and terminate the Collection Account pursuant to Section 9.01; and

     

    (xiv) to
      make
      reimbursements for amounts owed on Mortgage Loans on or prior to the Cut-off
      Date pursuant to Section 2.01 of this Agreement.

     

    (b) The
      foregoing requirements for withdrawal from the Collection Account shall be
      exclusive. In the event the Servicer shall deposit in the Collection Account
      any
      amount not required to be deposited therein or any amount previously deposited
      therein is unpaid by the related Mortgagor’s banking institution, it may at any
      time withdraw such amount from the Collection Account, any provision herein
      to
      the contrary notwithstanding.

     

    (c) The
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Collection Account, to the extent held by or on behalf of it, pursuant to
      subclauses (ii), (iii), (iv), (v), (vi) and (vii) above. The Servicer shall
      provide written notification to the NIMS Insurer and the Trust Administrator,
      on
      or prior to the next succeeding Servicer Remittance Date, upon making any
      withdrawals from the Collection Account pursuant to subclause (vi) above;
      provided that an Servicing Officer’s certification in the form described under
      Section 4.03(d) shall suffice for such written notification to the Trust
      Administrator in respect hereof.

     

    SECTION
      3.12. Investment
      of Funds in the Collection Account.

     

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

     

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

     

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

     

    (b) All
      income and gain realized from the investment of funds deposited in the
      Collection Account and any REO Account held by or on behalf of the Servicer
      shall be for the benefit of the Servicer and shall be subject to its withdrawal
      in accordance with Section 3.11 or Section 3.23, as applicable. The Servicer
      shall deposit in the Collection Account or any REO Account, as applicable,
      the
      amount of any loss of principal incurred in respect of any such Permitted
      Investment made with funds in such Account immediately upon realization of
      such
      loss.

     

    (c) Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Permitted Investment, or if a default occurs
      in any other performance required under any Permitted Investment, the Trust
      Administrator may and, subject to Section 8.01 and Section 8.02(a)(v), upon
      the
      request of the NIMS Insurer or the Holders of Certificates representing more
      than 50% of the Voting Rights allocated to any Class of Certificates, shall
      take
      such action as may be appropriate to enforce such payment or performance,
      including the institution and prosecution of appropriate
      proceedings.

     

    SECTION
      3.13. [Reserved].

     

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

     

    (a) The
      Servicer shall cause to be maintained for each Mortgage Loan hazard insurance
      with extended coverage on the Mortgaged Property in an amount which is at least
      equal to the least of (i) the current Principal Balance of such Mortgage Loan,
      (ii) the amount necessary to fully compensate for any damage or loss to the
      improvements that are a part of such property on a replacement cost basis and
      (iii) the maximum insurable value of the improvements which are part of such
      Mortgaged Property, in each case in an amount not less than such amount as
      is
      necessary to avoid the application of any coinsurance clause contained in the
      related hazard insurance policy. The Servicer shall also cause to be maintained
      hazard insurance with extended coverage on each REO Property in an amount which
      is at least equal to the least of (i)
      the
      outstanding Principal Balance of the related Mortgage Loan at the time it became
      an REO Property and (ii) the maximum insurable value of the improvements which
      are part of such REO Property. The Servicer will comply in the performance
      of
      this Agreement with all reasonable rules and requirements of each insurer under
      any such hazard policies. Any amounts to be collected by the Servicer under
      any
      such policies (other than amounts to be applied to the restoration or repair
      of
      the property subject to the related Mortgage or amounts to be released to the
      Mortgagor in accordance with the procedures that the Servicer would follow
      in
      servicing loans held for its own account, subject to the terms and conditions
      of
      the related Mortgage and Mortgage Note) shall be deposited in the Collection
      Account, subject to withdrawal pursuant to Section 3.11, if received in respect
      of a Mortgage Loan, or in the REO Account, subject to withdrawal pursuant to
      Section 3.23, if received in respect of an REO Property. Any cost incurred
      by
      the Servicer in maintaining any such insurance shall not, for the purpose of
      calculating distributions to Certificateholders, be added to the unpaid
      Principal Balance of the related Mortgage Loan, notwithstanding that the terms
      of such Mortgage Loan so permit; provided, however, that the Servicer may
      capitalize the amount of any Servicing Advances incurred pursuant to this
      Section 3.14 in connection with the modification of a Mortgage Loan. It is
      understood and agreed that no earthquake or other additional insurance is to
      be
      required of any Mortgagor other than pursuant to such applicable laws and
      regulations as shall at any time be in force and as shall require such
      additional insurance. If at any time during the term of the Mortgage Loan,
      the
      Servicer determines, in accordance with applicable law, that a Mortgaged
      Property is located in a special flood hazard area and is not covered by flood
      insurance or is covered in an amount less than the amount required by the Flood
      Disaster Protection Act of 1973, as amended, the Servicer shall notify the
      related Mortgagor that the Mortgagor must obtain such flood insurance coverage,
      and if said Mortgagor fails to obtain the required flood insurance coverage
      within forty-five (45) days after such notification, the Servicer shall
      immediately force place the required flood insurance on the Mortgagor’s behalf.
      Such flood insurance shall be in an amount equal to the least of (i) the unpaid
      Principal Balance of the related Mortgage Loan, (ii) the maximum amount of
      such
      insurance available for the related Mortgaged Property under the national flood
      insurance program (assuming that the area in which such Mortgaged Property
      is
      located is participating in such program) and (iii) the maximum insurable value
      of the improvements which are part of such Mortgaged Property.

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      3.16. Realization
      Upon Defaulted Mortgage Loans.

     

    (a) The
      Servicer shall use its best efforts, consistent with the servicing standards
      set
      forth in Section 3.01, to foreclose upon or otherwise comparably convert the
      ownership of properties securing such of the Mortgage Loans as come into and
      continue in default and as to which no satisfactory arrangements can be made
      for
      collection of delinquent payments pursuant to Section 3.07. The Servicer shall
      be responsible for all costs and expenses incurred by it in any such
      proceedings; provided, however, that such costs and expenses will be recoverable
      as Servicing Advances by the Servicer as contemplated in Section 3.11(a) and
      Section 3.23. The foregoing is subject to the provision that, in any case in
      which a Mortgaged Property shall have suffered damage from an Uninsured Cause,
      the Servicer shall not be required to expend its own funds toward the
      restoration of such property unless it shall determine in its discretion that
      such restoration will increase the proceeds of liquidation of the related
      Mortgage Loan after reimbursement to itself for such expenses. With respect
      to
      any second lien Mortgage Loan for which the related first lien mortgage loan
      is
      not included in the Trust Fund, if, after such Mortgage Loan becomes 180 days
      or
      more delinquent, the Servicer determines that a significant recovery is not
      possible through foreclosure, such Mortgage Loan may be charged off and the
      Mortgage Loan will be treated as a Liquidated Mortgage Loan giving rise to
      a
      Realized Loss.

     

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

     

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

     

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

     

    The
      Servicer shall forward a copy of the environmental audit report to the
      Depositor, the Master Servicer and the NIMS Insurer. Notwithstanding the
      foregoing, if such environmental audit reveals, or if the Servicer has actual
      knowledge or notice, that such Mortgaged Property contains such wastes or
      substances, the Servicer shall not foreclose or accept a deed in lieu of
      foreclosure without the prior written consent of the NIMS Insurer.

     

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

     

    If
      the
      Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property into compliance with applicable environmental laws,
      or
      to take such action with respect to the containment, clean-up or remediation
      of
      hazardous substances, hazardous materials, hazardous wastes or petroleum-based
      materials affecting any such Mortgaged Property, then the Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund;
      provided that any amounts disbursed by the Servicer pursuant to this Section
      3.16(b) shall constitute Servicing Advances, subject to Section 4.03(d). The
      cost of any such compliance, containment, clean-up or remediation shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.11(a)(vii), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    (c) The
      Servicer or the NIMS Insurer may, at its option, purchase a Mortgage Loan which
      has become 90 or more days delinquent or for which the Servicer has accepted
      a
      deed in lieu of foreclosure. Prior to purchase pursuant to this Section 3.16(c),
      the Servicer shall be required to continue to make Advances pursuant to Section
      4.03. If the Servicer or the NIMS Insurer purchases any delinquent Mortgage
      Loans pursuant to this Section 3.16(c), it must purchase Mortgage Loans that
      are
      delinquent the greatest number of days before it may purchase any that are
      delinquent any fewer number of days. The Servicer or the NIMS Insurer shall
      purchase such delinquent Mortgage Loan at a price equal to the Purchase Price
      of
      such Mortgage Loan. Any such purchase of a Mortgage Loan pursuant to this
      Section 3.16(c) shall be accomplished by deposit in the Collection Account
      of
      the amount of the Purchase Price. Upon the satisfaction of the requirements
      set
      forth in Section 3.17(a), the Custodian, if a party to this Agreement or
      pursuant to the Custodial Agreement with respect to Deutsche Bank National
      Trust
      Company, on behalf of the Trustee shall immediately deliver the Mortgage File
      and any related documentation to the Servicer or the NIMS Insurer and the
      Trustee will execute such documents provided to it as are necessary to convey
      the Mortgage Loan to the Servicer or the NIMS Insurer, as
      applicable.

     

    (d) Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds, Liquidation
      Proceeds or condemnation proceeds, in respect of any Mortgage Loan, will be
      applied in the following order of priority: first, to make reimbursements for
      amounts owed on the Mortgage Loans on or prior to the Cut-off Date pursuant
      to
      Section 2.01 of this Agreement, second, to unpaid Servicing Fees; third, to
      reimburse the Servicer or any Sub-Servicer for any related unreimbursed
      Servicing Advances pursuant to Section 3.11(a)(iii) and Advances pursuant to
      Section 3.11(a)(ii); fourth, to accrued and unpaid interest on the Mortgage
      Loan, to the date of the Final Recovery Determination, or to the Due Date prior
      to the Distribution Date on which such amounts are to be distributed if not
      in
      connection with a Final Recovery Determination; and fifth, as a recovery of
      principal of the Mortgage Loan. The portion of the recovery so allocated to
      unpaid Servicing Fees shall be reimbursed to the Servicer or any Sub-Servicer
      pursuant to Section 3.11(a)(iii).

     

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

     

    (a) Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Servicer of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Servicer will immediately notify the Custodian, on behalf
      of
      the Trustee by a certification and shall deliver to the Custodian, in written
      (with two executed copies) or electronic format, a Request for Release in the
      form of Exhibit E hereto (which certification shall include a statement to
      the
      effect that all amounts received or to be received in connection with such
      payment which are required to be deposited in the Collection Account pursuant
      to
      Section 3.10 have been or will be so deposited) signed by a Servicing Officer
      (or in a mutually agreeable electronic format that will, in lieu of a signature
      on its face, originate from a Servicing Officer) and shall request delivery
      to
      it of the Mortgage File. Upon receipt of such certification and request, the
      Custodian (pursuant to this Agreement or the Custodial Agreement, as applicable)
      shall promptly release the related Mortgage File to the Servicer and the
      Servicer is authorized to cause the removal from the registration on the MERS®
System of any such Mortgage Loan, if applicable. Except as otherwise provided
      herein, no expenses incurred in connection with any instrument of satisfaction
      or deed of reconveyance shall be chargeable to the Collection Account or the
      Distribution Account.

     

    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any insurance policy
      relating to the Mortgage Loans, the Custodian shall, upon any request made
      by or
      on behalf of the Servicer and delivery to the Custodian, in written (with two
      executed copies) or electronic format, of a Request for Release in the form
      of
      Exhibit E signed by a Servicing Officer (or in a mutually agreeable electronic
      format that will, in lieu of a signature on its face, originate from a Servicing
      Officer), release the related Mortgage File to the Servicer within three
      Business Days with respect to Wells Fargo and within five Business Days with
      respect to Deutsche Bank National Trust Company, and the Trustee shall, at
      the
      written direction of the Servicer, execute such documents as shall be necessary
      to the prosecution of any such proceedings. Such Request for Release shall
      obligate the Servicer to return each and every document previously requested
      from the Mortgage File to the Custodian when the need therefor by the Servicer
      no longer exists, unless the Mortgage Loan has been liquidated or charged off
      and the Liquidation Proceeds relating to the Mortgage Loan have been deposited
      in the Collection Account or the Mortgage File or such document has been
      delivered to an attorney, or to a public trustee or other public official as
      required by law, for purposes of initiating or pursuing legal action or other
      proceedings for the foreclosure of the Mortgaged Property either judicially
      or
      non-judicially, and the Servicer has delivered to the Custodian, on behalf
      of
      the Trustee, a Servicing Officer’s certification as to such liquidation or
      action or proceedings. Upon the request of the Custodian, the Servicer shall
      provide notice to the Custodian of 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 Request for Release, in written (with two
      executed copies) or electronic format, from a Servicing Officer stating that
      such Mortgage Loan was liquidated and that all amounts received or to be
      received in connection with such liquidation that are required to be deposited
      into the Collection Account have been so deposited, or that such Mortgage Loan
      has become an REO Property, such Mortgage Loan shall be released by the
      Custodian, on behalf of the Trustee, to the Servicer or its
      designee.

     

    (c) Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Servicer or the Sub-Servicer, as the case may be, copies of,
      any
      court pleadings, requests for trustee’s sale or other documents necessary to the
      foreclosure or trustee’s sale in respect of a Mortgaged Property or to any legal
      action brought to obtain judgment against any Mortgagor on the Mortgage Note
      or
      Mortgage or to obtain a deficiency judgment, or to enforce any other remedies
      or
      rights provided by the Mortgage Note or Mortgage or otherwise available at
      law
      or in equity. Each such certification shall include a request that such
      pleadings or documents be executed by the Trustee and a statement as to the
      reason such documents or pleadings are required and that the execution and
      delivery thereof by the Trustee will not invalidate or otherwise affect the
      lien
      of the Mortgage, except for the termination of such a lien upon completion
      of
      the foreclosure or trustee’s sale.

     

    SECTION
      3.18. Servicing
      Compensation.

     

    As
      compensation for the activities of the Servicer hereunder, the Servicer shall
      be
      entitled to the Servicing Fee with respect to each Mortgage Loan payable solely
      from payments of interest in respect of such Mortgage Loan or as otherwise
      provided in Section 3.11, subject to Section 3.24. In addition, the Servicer
      shall be entitled to recover unpaid Servicing Fees out of Insurance Proceeds,
      Liquidation Proceeds or condemnation proceeds to the extent permitted by Section
      3.11(a)(iii) and out of amounts derived from the operation and sale of an REO
      Property to the extent permitted by Section 3.23. Except as provided in Section
      3.26 or Section 6.04, the right to receive the Servicing Fee may not be
      transferred in whole or in part except in connection with the transfer of all
      of
      the Servicer’s responsibilities and obligations under this Agreement; provided,
      however, that the Servicer may pay from the Servicing Fee any amounts due to
      a
      Sub-Servicer pursuant to a Sub-Servicing Agreement entered into under Section
      3.02.

     

    Additional
      servicing compensation in the form of assumption fees, late payment charges,
      insufficient funds charges, ancillary income or otherwise (other than Prepayment
      Charges) shall be retained by the Servicer only to the extent such fees or
      charges are received by the Servicer. The Servicer shall also be entitled
      pursuant to Section 3.11(a)(iv) to withdraw from the Collection Account and
      pursuant to Section 3.23(b) to withdraw from any REO Account, as additional
      servicing compensation, interest or other income earned on deposits therein,
      subject to Section 3.12 and Section 3.24. The Servicer shall also be entitled
      to
      receive Prepayment Interest Excess pursuant to Section 3.10 and 3.11 as
      additional servicing compensation. The Servicer shall be required to pay all
      expenses incurred by it in connection with its servicing activities hereunder
      (including premiums for the insurance required by Section 3.14, to the extent
      such premiums are not paid by the related Mortgagors or by a Sub-Servicer and
      servicing compensation of each Sub-Servicer) and shall not be entitled to
      reimbursement therefor except as specifically provided herein.

     

    SECTION
      3.19. Reports
      to the Trust Administrator; Collection Account Statements.

     

    Not
      later
      than twenty days after each Distribution Date, the Servicer shall forward,
      upon
      request, to the Trust Administrator, the NIMS Insurer and the Depositor the
      most
      current available bank statement for the Collection Account. Copies of such
      statement shall be provided by the Trust Administrator to any Certificateholder
      and to any Person identified to the Trust Administrator as a prospective
      transferee of a Certificate, upon request at the expense of the requesting
      party, provided such statement is delivered by the Servicer to the Trust
      Administrator.

     

    SECTION
      3.20. Statement
      as to Compliance.

     

    The
      Servicer, the Master Servicer and the Trust Administrator shall deliver (or
      otherwise make available) (and each of the Servicer, the Master Servicer and
      the
      Trust Administrator shall cause any Sub-Servicer subject to Item 1108(a)(2)
      of
      Regulation AB engaged by it to deliver) to the Trust Administrator (and the
      Trust Administrator shall deliver (or otherwise make available) to the
      Depositor) on or before March 15th
      (with no
      cure period) of each year, commencing in March 2007, an Officer’s Certificate
      stating, as to the signer thereof, that (A) a review of such party’s activities
      during the preceding calendar year or portion thereof and of such party’s
      performance under this Agreement, or such other applicable agreement in the
      case
      of a Sub-Servicer subject to Item 1108(a)(2) of Regulation AB, has been made
      under such officer’s supervision and (B) to the best of such officer’s
      knowledge, based on such review, such party has fulfilled all its obligations
      under this Agreement, or such other applicable agreement in the case of a
      Sub-Servicer subject to Item 1108(a)(2) of Regulation AB, in all material
      respects throughout such year or 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 thereof. The
      Custodian, in its capacity as such, shall not be required to deliver such
      Officer’s Certificate.

     

    The
      Master Servicer shall include all annual statements of compliance received
      by it
      from the Servicer with its own annual statement of compliance to be submitted
      to
      the Trust Administrator pursuant to this Section.

     

    In
      the
      event the Servicer, the Master Servicer, the Trust Administrator or any
      Sub-Servicer subject to Item 1108(a)(2) of Regulation AB engaged by any such
      party is terminated or resigns pursuant to the terms of this Agreement, or
      any
      applicable agreement in the case of a Sub-Servicer subject to Item 1108(a)(2)
      of
      Regulation AB, as the case may be, such party shall provide an Officer’s
      Certificate pursuant to this Section 3.20 or the relevant section of such other
      applicable agreement, as the case may be, notwithstanding any such termination,
      assignment or resignation.

     

    Failure
      of the Servicer to timely comply with this Section 3.20 shall be deemed a
      Servicer Event of Default, and upon receipt of written notice from the Trust
      Administrator of such Servicer Event of Default, the Trustee or the Master
      Servicer, as applicable, may at the direction of the Depositor, in addition
      to
      whatever rights the Trustee or the Master Servicer, as applicable, may have
      under this Agreement and at law or in equity or to damages, including injunctive
      relief and specific performance, upon notice immediately terminate (as provided
      in Section 7.01(a)) all the rights and obligations of the Servicer under this
      Agreement and in and to the Mortgage Loans and the proceeds thereof without
      compensating the Servicer for the same (other than the Servicer’s rights to
      reimbursement of unreimbursed Advances and Servicing Advances and accrued and
      unpaid Servicing Fees in the manner provided in this Agreement). This paragraph
      shall supersede any other provision in this Agreement or any other agreement
      to
      the contrary.

     

    Each
      of
      the Servicer, the Master Servicer and the Trust Administrator (each, an
“Indemnifying Party”) shall indemnify and hold harmless the Depositor, the
      Master Servicer, the Trust Administrator and their officers, directors and
      Affiliates, as applicable, from and against any actual losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses that such Person may sustain
      based
      upon a breach of the obligations of such Indemnifying Party under this Section
      3.20.

     

    SECTION
      3.21. Assessments
      of Compliance and Attestation Reports.

     

    (a) By
      March
      15th
      (with no
      cure period) of each calendar year during which a Form 10-K is required to
      be
      filed pursuant to Section 4.06 hereunder, commencing in March 2007, the
      Servicer, the Master Servicer, the Trust Administrator and the Custodian (if
      a
      party to this Agreement, or otherwise pursuant to the Custodial Agreement),
      each
      at its own expense, shall furnish or otherwise make available, and each such
      party shall cause any Servicing Function Participant engaged by it to furnish,
      each at its own expense, to the Trust Administrator (and the Trust Administrator
      shall furnish or otherwise make available to the Depositor), a report on an
      assessment of compliance with the Relevant Servicing Criteria that contains
      (A)
      a statement by such party of its responsibility for assessing compliance with
      the Relevant Servicing Criteria, (B) a statement that such party used the
      Relevant Servicing Criteria to assess compliance with the Relevant Servicing
      Criteria, (C) such party’s assessment of compliance with the Relevant Servicing
      Criteria as of and for the fiscal year covered by the Form 10-K required to
      be
      filed pursuant to Section 4.06, including, if there has been any material
      instance of noncompliance with the Relevant Servicing Criteria, a discussion
      of
      each such failure and the nature and status thereof, and (D) a statement that
      a
      registered public accounting firm has issued an attestation report on such
      party’s assessment of compliance with the Relevant Servicing Criteria as of and
      for such period (the “Attestation Report”). The Custodian, in its capacity as
      such and any Servicing Function Participant, shall deliver such assessment
      of
      compliance only for so long as the Trust is subject to the Exchange Act
      reporting requirements.

     

    Promptly
      after receipt of each such report on assessment of compliance, (i) the Depositor
      shall review each such report and, if applicable, consult with the Servicer,
      the
      Master Servicer, the Trust Administrator and the Custodian (if a party to this
      Agreement, or otherwise pursuant to the Custodial Agreement), and any Servicing
      Function Participant engaged by such parties, as to the nature of any material
      instance of noncompliance with the Relevant Servicing Criteria by each such
      party, and (ii) the Trust Administrator shall confirm that the assessments,
      taken as a whole, address all of the Servicing Criteria and taken individually
      address the Relevant Servicing Criteria for each party as set forth on Exhibit
      O
      and notify the Depositor of any exceptions.

     

    The
      Master Servicer shall include all annual reports on assessment of compliance
      received by it from the Servicer with its own assessment of compliance to be
      submitted to the Trust Administrator pursuant to this Section.

     

    In
      the
      event the Servicer, the Master Servicer, the Trust Administrator, the Custodian
      (if a party to this Agreement, or otherwise pursuant to the Custodial
      Agreement), or any Servicing Function Participant engaged by any such party
      is
      terminated, assigns its rights and obligations under, or resigns pursuant to,
      the terms of this Agreement, or any other applicable agreement, as the case
      may
      be, such party shall provide a report on assessment of compliance pursuant
      to
      this Section 3.21, or the relevant section of such other applicable agreement,
      notwithstanding any such termination, assignment or resignation.

     

    (b) By
      March
      15th
      (with no
      cure period) of each year, commencing in March 2007, the Servicer, the Master
      Servicer, the Trust Administrator and the Custodian (if a party to this
      Agreement, or otherwise pursuant to the Custodial Agreement), each at its own
      expense, shall cause, and each such party shall cause any Servicing Function
      Participant engaged by it to cause, each at its own expense, a registered public
      accounting firm (which may also render other services to the Servicer, the
      Master Servicer, the Trust Administrator, the Custodian (if a party to this
      Agreement, or otherwise pursuant to the Custodial Agreement), or such other
      Servicing Function Participants, as the case may be) and that is a member of
      the
      American Institute of Certified Public Accountants to furnish an attestation
      report to the Trust Administrator and the Depositor, to the effect that (i)
      it
      has obtained a representation regarding certain matters from the management
      of
      such party, which includes an assertion that such party has complied with the
      Relevant Servicing Criteria, and (ii) on the basis of an examination conducted
      by such firm in accordance with standards for attestation engagements issued
      or
      adopted by the Public Company Accounting Oversight Board, it is expressing
      an
      opinion as to whether such party’s compliance with the Relevant Servicing
      Criteria was fairly stated in all material respects, or it cannot express an
      overall opinion regarding such party’s assessment of compliance with the
      Relevant Servicing Criteria. In the event that an overall opinion cannot be
      expressed, such registered public accounting firm shall state in such report
      why
      it was unable to express such an opinion. Such report must be available for
      general use and not contain restricted use language.

     

    Promptly
      after receipt of each such assessment of compliance and attestation report,
      the
      Trust Administrator shall confirm that each assessment submitted pursuant to
      Section 3.21(a) is coupled with an attestation meeting the requirements of
      this
      Section and notify the Depositor of any exceptions.

     

    The
      Master Servicer shall include each such attestation furnished to it by the
      Servicer with its own attestation to be submitted to the Trust Administrator
      pursuant to this Section.

     

    In
      the
      event the Servicer, the Master Servicer, the Trust Administrator, the Custodian
      (if a party to this Agreement, or otherwise pursuant to the Custodial
      Agreement), or any Servicing Function Participant engaged by any such party,
      is
      terminated, assigns its rights and duties under, or resigns pursuant to the
      terms of, this Agreement, or any applicable custodial agreement or sub-servicing
      agreement, as the case may be, such party shall cause a registered public
      accounting firm to provide an attestation pursuant to this Section 3.21(b),
      or
      the relevant section of such other applicable agreement, notwithstanding any
      such termination, assignment or resignation.

     

    (c) Failure
      of the Servicer to timely comply with this Section 3.21 shall be deemed a
      Servicer Event of Default, and upon written receipt of notice (which notice
      may
      be delivered electronically) from the Trust Administrator of such Servicer
      Event
      of Default, the Trustee or the Master Servicer, as applicable, at the direction
      of the Depositor may, in addition to whatever rights the Trustee or the Master
      Servicer, as applicable, may have under this Agreement and at law or in equity,
      including injunctive relief and specific performance, upon notice immediately
      terminate (as provided in Section 7.01(a)) all the rights and obligations of
      the
      Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
      thereof without compensating the Servicer for the same (other than the
      Servicer’s rights to reimbursement of unreimbursed Advances and Servicing
      Advances and accrued and unpaid Servicing Fees in the manner provided in this
      Agreement). This paragraph shall supersede any other provision in this Agreement
      or any other agreement to the contrary.

     

    Each
      of
      the Servicer, the Master Servicer, the Trust Administrator and the Custodian
      (if
      a party to this Agreement, or otherwise pursuant to the Custodial Agreement)
      shall indemnify and hold harmless the Depositor, the Master Servicer and the
      Trust Administrator and its respective officers, directors and Affiliates from
      and against any actual losses, damages, penalties, fines, forfeitures,
      reasonable and necessary legal fees and related costs, judgments and other
      costs
      and expenses that such Person may sustain based upon a breach of the obligations
      of such Indemnifying Party under this Section 3.21.

     

    The
      parties hereto acknowledge that Wells Fargo Bank, N.A. as Custodian shall be
      required to comply with the provisions of this Section 3.21 only for so long
      as
      the Trust is subject to the Exchange Act reporting requirements. The parties
      hereto further acknowledge that any duties or actions of Deutsche Bank National
      Trust Company as Custodian are subject to the terms and provisions of the
      Custodial Agreement.

     

    If
      the
      indemnifications provided for herein are unavailable or insufficient to hold
      harmless any 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 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 indemnifying party on the other.
      This
      indemnification shall survive the termination of this Agreement or the
      termination of the indemnifying party.

     

    Notwithstanding
      the foregoing, in no event shall the Custodian be liable for any consequential,
      indirect or punitive damages pursuant to this Section 3.21.

     

    SECTION
      3.22. Access
      to
      Certain Documentation.

     

    The
      Servicer shall provide to the to the Trustee, the Trust Administrator and the
      Depositor, at the request of the Office of the Comptroller of the Currency,
      the
      Office of Thrift Supervision, the FDIC, and any other federal or state banking
      or insurance regulatory authority that may exercise authority over any
      Certificateholder, access to the documentation regarding the Mortgage Loans
      required by applicable laws and regulations. Such access shall be afforded
      without charge, but only upon reasonable request and during normal business
      hours at the offices of the Servicer designated by it. Nothing in this Section
      shall limit the obligation of the Servicer to observe any applicable law
      prohibiting disclosure of information regarding the Mortgagors (absent proof
      that it is in compliance with applicable law) and the failure of the Servicer
      to
      provide access as provided in this Section as a result of such obligation shall
      not constitute a breach of this Section. In addition, access to the
      documentation regarding the Mortgage Loans will be provided to the Trust
      Administrator, the NIMS Insurer, the Trustee, on behalf of the
      Certificateholders or a prospective transferee of a Certificate, subject to
      the
      execution of a confidentiality agreement in form and substance satisfactory
      to
      the Servicer, upon reasonable written request during normal business hours
      at
      the offices of the Servicer designated by it at the expense of the Person
      requesting such access. Nothing in this Section 3.22 shall require the Servicer
      to collect, create, collate or otherwise generate any information that it does
      not generate in its usual course of business. The Servicer shall not be required
      to make copies of or ship documents to any party unless provisions have been
      made for the reimbursement of the costs thereof.

     

    The
      Servicer agrees to fully furnish in accordance with the Fair Credit Reporting
      Act and its implementing regulations, accurate and complete information (e.g.,
      favorable and unfavorable) on its borrower credit files to Equifax, Experian
      and
      Trans Union Credit Information Company or their successors (the “Credit
      Repositories”) in a timely manner on a monthly basis.

     

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

     

    (a) In
      the
      event that title to an REO Property is acquired in foreclosure or by deed in
      lieu of foreclosure, the deed or certificate of sale shall be taken (pursuant
      to
      a limited power of attorney to be provided by the Trustee to the Servicer)
      in
      the name of the Trustee or a nominee thereof, on behalf of the
      Certificateholders, or in the event the Trustee or a nominee thereof is not
      authorized or permitted to hold title to real property in the state where the
      REO Property is located, or would be adversely affected under the “doing
      business” or tax laws of such state by so holding title, the deed or certificate
      of sale shall be taken in the name of such Person or Persons as shall be
      consistent with an Opinion of Counsel obtained by the Servicer (the cost of
      which shall constitute a Servicing Advance) 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 Trustee shall acknowledge in writing
      that such title is being held as nominee for the benefit of the Trustee. 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 Servicer shall ensure
      that the title to such REO Property references this Agreement and the Trustee’s
      capacity hereunder. The Servicer, on behalf of REMIC I, shall sell any REO
      Property as soon as practicable and in any event no later than the end of the
      third full taxable year after the taxable year in which such REMIC acquires
      ownership of such REO Property for purposes of Section 860G(a)(8) of the Code
      or
      request from the Internal Revenue Service, no later than 60 days before the
      day
      on which the three-year grace period would otherwise expire, an extension of
      such three-year period, unless the Servicer shall have delivered to the Trust
      Administrator, the Trustee and the NIMS Insurer an Opinion of Counsel acceptable
      to the NIMS Insurer and addressed to the Trust Administrator, the Trustee,
      the
      NIMS Insurer and the Depositor, to the effect that the holding by the REMIC
      of
      such REO Property subsequent to three years after its acquisition will not
      result in the imposition on the REMIC of taxes on “prohibited transactions”
thereof, as defined in Section 860F of the Code, or cause any of the REMICs
      created hereunder to fail to qualify as a REMIC under Federal law at any time
      that any Certificates are outstanding. The Servicer shall manage, conserve,
      protect and operate each REO Property for the Certificateholders solely for
      the
      purpose of its prompt disposition and sale in a manner which does not cause
      such
      REO Property to fail to qualify as “foreclosure property” within the meaning of
      Section 860G(a)(8) of the Code or result in the receipt by any of the REMICs
      created hereunder of any “income from non-permitted assets” within the meaning
      of Section 860F(a)(2)(B) of the Code, or any “net income from foreclosure
      property” which is subject to taxation under the REMIC Provisions.

     

    (b) The
      Servicer shall separately account for all funds collected and received in
      connection with the operation of any REO Property and shall establish and
      maintain, or cause to be established and maintained, with respect to REO
      Properties an account held in trust for the Trustee for the benefit of the
      Certificateholders (the “REO Account”), which shall be an Eligible Account. The
      Servicer shall be permitted to allow the Collection Account to serve as the
      REO
      Account, subject to separate ledgers for each REO Property. The Servicer shall
      be entitled to retain or withdraw any interest income paid on funds deposited
      in
      the REO Account.

     

    (c) The
      Servicer shall have full power and authority, subject only to the specific
      requirements and prohibitions of this Agreement, to do any and all things in
      connection with any REO Property as are consistent with the manner in which
      the
      Servicer manages and operates similar property owned by the Servicer or any
      of
      its Affiliates, all on such terms and for such period (subject to the
      requirement of prompt disposition set forth in Section 3.23(a)) as the Servicer
      deems to be in the best interests of Certificateholders. In connection
      therewith, the Servicer shall deposit, or cause to be deposited in the clearing
      account in which it customarily deposits payments and collections on mortgage
      loans in connection with its mortgage loan servicing activities on a daily
      basis, and in no event more than one Business Day after the Servicer’s receipt
      thereof, and shall thereafter deposit in the REO Account, in no event more
      than
      two Business Days after the Servicer’s receipt thereof, all revenues received by
      it with respect to an REO Property and shall withdraw therefrom funds necessary
      for the proper operation, management and maintenance of such REO Property
      including, without limitation:

     

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

     

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

     

    (iii) all
      costs
      and expenses necessary to maintain, operate and dispose of such REO
      Property.

     

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

     

    Notwithstanding
      the foregoing, none of the Servicer, the Trust Administrator or the Trustee
      shall:

     

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

     

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

     

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

     

    (d) authorize
      any Person to Directly Operate any REO Property on any date more than 90 days
      after its date of acquisition by the Trust Fund;

     

    unless,
      in any such case, the Servicer has obtained an Opinion of Counsel, provided
      to
      the Trust Administrator, the Master Servicer and the NIMS Insurer, to the effect
      that such action will not cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code at
      any time that it is held by the REMIC, in which case the Servicer may take
      such
      actions as are specified in such Opinion of Counsel.

     

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

     

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

     

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

     

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

     

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

     

    The
      Servicer shall be entitled to enter into any agreement with any Independent
      Contractor performing services for it related to its duties and obligations
      hereunder for indemnification of the Servicer by such Independent Contractor,
      and nothing in this Agreement shall be deemed to limit or modify such
      indemnification. The Servicer shall be solely liable for all fees owed by it
      to
      any such Independent Contractor, irrespective of whether the Servicer’s
      compensation pursuant to Section 3.18 is sufficient to pay such fees; provided,
      however, that to the extent that any payments made by such Independent
      Contractor would constitute Servicing Advances if made by the Servicer, such
      amounts shall be reimbursable as Servicing Advances made by the
      Servicer.

     

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

     

    (e) Subject
      to the time constraints set forth in Section 3.23(a), each REO Disposition
      shall
      be carried out by the Servicer in a manner, at such price and upon such terms
      and conditions as shall be normal and usual in the servicing standard set forth
      in Section 3.01.

     

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

     

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

     

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

     

    Not
      later
      than 2:00 p.m. New York time on each Servicer Remittance Date, the Servicer
      shall remit to the Distribution Account an amount (“Compensating Interest”)
      equal to the lesser of (A) the aggregate of the Prepayment Interest Shortfalls
      for the related Distribution Date and (B) its aggregate Servicing Fee received
      in the related Due Period. The Servicer shall not have the right to
      reimbursement for any amounts remitted to the Trust Administrator in respect
      of
      Compensating Interest. Such amounts so remitted shall be included in the
      Available Funds and distributed therewith on the next Distribution Date. The
      Servicer shall not be obligated to pay Compensating Interest with respect to
      Relief Act Interest Shortfalls or Principal Prepayments in full occurring from
      the Cut-off Date through December 15, 2006.

     

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

     

    In
      the
      event that a shortfall in any collection on or liability with respect to the
      Mortgage Loans in the aggregate results from or is attributable to adjustments
      to Mortgage Rates, Monthly Payments or Stated Principal Balances that were
      made
      by the Servicer in a manner not consistent with the terms of the related
      Mortgage Note and this Agreement, the Servicer, upon discovery or receipt of
      notice thereof, immediately shall deposit in the Collection Account from its
      own
      funds the amount of any such shortfall and shall indemnify and hold harmless
      the
      Trust Fund, the Trustee, the Trust Administrator, the Depositor and any
      successor servicer in respect of any such liability. Such indemnities shall
      survive the termination or discharge of this Agreement. Notwithstanding the
      foregoing, this Section 3.25 shall not limit the ability of the Servicer to
      seek
      recovery of any such amounts from the related Mortgagor under the terms of
      the
      related Mortgage Note, as permitted by law.

     

    SECTION
      3.26. Advance
      Facility

     

    The
      Servicer is hereby authorized to enter into a financing or other facility (any
      such arrangement, an “Advance Facility”) under which (1) the Servicer sells,
      assigns or pledges to another Person (together with such Person’s successors and
      assigns, an “Advancing Person”) the Servicer’s rights under this Agreement to be
      reimbursed for any Advances or Servicing Advances and/or (2) an Advancing Person
      agrees to fund some or all Advances and/or Servicing Advances required to be
      made by the Servicer pursuant to this Agreement. No consent of the Depositor,
      the Trustee, the Trust Administrator, the Certificateholders or any other party
      shall be required before the Servicer may enter into an Advance Facility. The
      Servicer shall notify each other party to this Agreement prior to or promptly
      after entering into or terminating any Advance Facility. Notwithstanding the
      existence of any Advance Facility under which an Advancing Person agrees to
      fund
      Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall
      remain obligated pursuant to this Agreement to make Advances and Servicing
      Advances pursuant to and as required by this Agreement. If the Servicer enters
      into an Advance Facility, and for so long as an Advancing Person remains
      entitled to receive reimbursement for any Advances including Nonrecoverable
      Advances (“Advance Reimbursement Amounts”) and/or Servicing Advances including
      Nonrecoverable Advances (“Servicing Advance Reimbursement Amounts” and together
      with Advance Reimbursement Amounts, “Reimbursement Amounts”) (in each case to
      the extent such type of Reimbursement Amount is included in the Advance
      Facility), as applicable, pursuant to this Agreement, then, the Servicer shall
      identify such Reimbursement Amounts consistent with the reimbursement rights
      set
      forth in Section 3.11(a)(ii), (iii), (vi) and (vii) and remit such Reimbursement
      Amounts in accordance with Section 3.10(b) or otherwise in accordance with
      the
      documentation establishing the Advance Facility to such Advancing Person or
      to a
      trustee, agent or custodian (an “Advance Facility Trustee”) designated by such
      Advancing Person. Notwithstanding anything to the contrary herein, in no event
      shall Advance Reimbursement Amounts or Servicing Advance Reimbursement Amounts
      be included in the Available Funds or distributed to
      Certificateholders.

     

    Reimbursement
      Amounts shall consist solely of amounts in respect of Advances and/or Servicing
      Advances made with respect to the Mortgage Loans for which the Servicer would
      be
      permitted to reimburse itself in accordance with this Agreement, assuming the
      Servicer or the Advancing Person had made the related Advance(s) and/or
      Servicing Advance(s). Notwithstanding the foregoing, except with respect to
      reimbursement of Nonrecoverable Advances as set forth in this Agreement, no
      Person shall be entitled to reimbursement from funds held in the Collection
      Account for future distribution to Certificateholders pursuant to this
      Agreement. None of the Depositor, the Trust Administrator or the Trustee shall
      have any duty or liability with respect to the calculation or payment of any
      Reimbursement Amount, nor shall the Depositor, the Master Servicer, the Trust
      Administrator or the Trustee have any responsibility to track or monitor the
      administration of the Advance Facility or the payment of Reimbursement Amounts
      to the related Advancing Person or Advance Facility Trustee. The Servicer shall
      maintain and provide to any successor servicer and (upon request) the Trust
      Administrator a detailed accounting on a loan by loan basis as to amounts
      advanced by, sold, pledged or assigned to, and reimbursed to any Advancing
      Person. The successor servicer shall be entitled to rely on any such information
      provided by the predecessor servicer, and the successor servicer shall not
      be
      liable for any errors in such information.

     

    An
      Advancing Person who receives an assignment or pledge of the rights to be
      reimbursed for Advances and/or Servicing Advances, and/or whose obligations
      hereunder are limited to the funding or purchase of Advances and/or Servicing
      Advances shall not be required to meet the criteria for qualification of a
      subservicer set forth in this Agreement.

     

    Reimbursement
      Amounts distributed with respect to each Mortgage Loan shall be allocated to
      outstanding unreimbursed Advances or Servicing Advances (as the case may be)
      made with respect to that Mortgage Loan on a “first in, first out” (FIFO) basis.
      Such documentation shall also require the Servicer to provide to the related
      Advancing Person or Advance Facility Trustee loan by loan information with
      respect to each Reimbursement Amount distributed to such Advancing Person or
      Advance Facility Trustee, to enable the Advancing Person or Advance Facility
      Trustee to make the FIFO allocation of each Reimbursement Amount with respect
      to
      each Mortgage Loan. The Servicer shall remain entitled to be reimbursed for
      all
      Advances and Servicing Advances funded by the Servicer to the extent the related
      rights to be reimbursed therefor have not been sold, assigned or pledged to
      an
      Advancing Person.

     

    The
      Servicer shall indemnify the Depositor, the Trustee, the Master Servicer, the
      Trust Administrator, any successor servicer and the Trust Fund resulting from
      any claim by the related Advancing Person arising out of the Advance Facility,
      except to the extent that such claim, loss, liability or damage resulted from
      or
      arose out of negligence, recklessness or willful misconduct or breach of its
      duties hereunder on the part of the Depositor, the Trust Administrator, the
      Trustee or any successor servicer.

     

    Any
      amendment to this Section 3.26 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.26, including amendments to add provisions
      relating to a successor servicer, may be entered into by the Trustee, the Trust
      Administrator, the Depositor and the Servicer without the consent of any
      Certificateholder, provided such amendment complies with Section 11.01 hereof.
      All reasonable costs and expenses (including attorneys’ fees) of each party
      hereto of any such amendment shall be borne solely by the Servicer. Prior to
      entering into an Advance Facility, the Servicer shall notify the Advancing
      Person in writing that: (a) the Advances and/or Servicing Advances purchased,
      financed by and/or pledged to the Advancing Person are obligations owed to
      the
      Servicer on a non-recourse basis payable only from the cash flows and proceeds
      received under this Agreement for reimbursement of Advances and/or Servicing
      Advances only to the extent provided herein, and the Trustee, the Trust
      Administrator and the Trust are not otherwise obligated or liable to repay
      any
      Advances and/or Servicing Advances financed by the Advancing Person; (b) the
      Servicer will be responsible for remitting to the Advancing Person the
      applicable amounts collected by it as reimbursement for Advances and/or
      Servicing Advances funded by the Advancing Person, subject to the restrictions
      and priorities created in this Agreement; and (c) neither the Trustee nor the
      Trust Administrator shall have any responsibility to track or monitor the
      administration of the Advance Facility between the Servicer and the Advancing
      Person.

     

    SECTION
      3.27. Solicitations.

     

    The
      Servicer shall not take any action or cause any action to be taken by any of
      its
      employees, agents or Affiliates, or by any independent contractors acting on
      the
      Servicer’s behalf, to solicit any borrower in any manner whatsoever, including
      but not limited to, soliciting a borrower to prepay or refinance a Mortgage
      Loan. Furthermore, neither the Servicer nor any of its Affiliates shall directly
      or indirectly provide information to any third party for purposes of soliciting
      the borrowers related to the Mortgage Loans. It is understood that promotions
      undertaken by the Servicer or its Affiliates which are directed to the general
      public at large (i.e., newspaper advertisements, radio or T.V. ads, etc.) and
      not specifically directed to the borrowers related to the Mortgage Loans shall
      not constitute a breach of this Section 3.27. From and after the Closing Date,
      Servicer hereby agrees that Servicer will not take any action 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 Servicer’s
      behalf, to personally, by telephone or mail, solicit the borrower under any
      Mortgage Loan for the purpose of refinancing such Mortgage Loan; provided,
      that
      Servicer may solicit any borrower for whom Servicer has received a request
      for
      verification of mortgage, a request for demand for payoff, a borrower initiated
      written or verbal communication indicating a desire to prepay the related
      Mortgage Loan, or the borrower initiates a title search, provided further,
      it is
      understood and agreed that promotions undertaken by the Servicer or any of
      its
      affiliates which concern optional insurance products or other additional
      products shall not constitute solicitation nor is the Servicer prohibited from
      responding to unsolicited requests or inquiries made by a borrower or an agent
      of a borrower. Notwithstanding the foregoing, the following solicitations,
      if
      undertaken by the Servicer or any Affiliate of the Servicer, shall not be
      prohibited: (i) solicitations or promotions that are directed to the general
      public at large, including, without limitation, mass mailings based on mailing
      lists and newspaper, radio, television and other mass media advertisements
      and
      (ii) borrower messages included on, and statement inserts provided with, the
      monthly statements sent to borrowers; provided, however, that similar messages
      and inserts are sent to all other borrowers of similar type mortgage loans
      serviced by the Servicer and such Affiliates, including, but not limited to,
      those mortgage loans serviced for the Servicer’s and/or such Affiliates own
      account; and (iii) solicitations made as a part of a campaign directed to
      borrowers with mortgage loans meeting certain defined parameters (other than
      parameters relating to the borrowers or the Mortgage Loans specifically),
      provided, that such solicitations are made to all borrowers of mortgage loans
      serviced by the Servicer and such Affiliates with respect to mortgage loans
      meeting such defined parameters, including, but not limited to, those mortgage
      loans serviced for the Servicer’s and/or such Affiliates own
      account.

     

    ARTICLE
      IIIA

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    SECTION
      3A.01. Master
      Servicer to Act as Master Servicer

     

    The
      Master Servicer shall supervise, monitor and oversee the obligation of the
      Servicer to service and administer the Mortgage Loans in accordance with the
      terms of this 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 Servicer as reasonably 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
      Servicer and shall cause the Servicer to perform and observe the covenants,
      obligations and conditions to be performed or observed by the Servicer under
      this Agreement. The Master Servicer shall independently 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 Servicer’s and Master
      Servicer’s records, and based on such reconciled and corrected information, the
      Master Servicer shall provide such information to the Trust Administrator as
      shall be necessary in order for it to prepare the statements specified in
      Section 4.02, and prepare any other information and statements required to
      be forwarded by the Master Servicer hereunder. The Master Servicer shall
      reconcile the results of its Mortgage Loan monitoring with the actual
      remittances of the Servicer to the Collection Account pursuant to Section
      3.10.

     

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

     

    The
      Trustee and the Trust Administrator shall provide access to the records and
      documentation in possession of the Trustee or the Trust Administrator, as
      applicable, regarding the Mortgage Loans and REO Properties 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
      or
      the Trust Administrator, as applicable; provided, however, that, unless
      otherwise required by law, neither the Trustee nor the Trust Administrator
      shall
      be required to provide access to such records and documentation if the provision
      thereof would violate the legal right to privacy of any Mortgagor. The Trustee
      and the Trust Administrator shall allow representatives of the above entities
      to
      photocopy any of the records and documentation and shall provide equipment
      for
      that purpose at a charge that covers the Trustee’s or Trust Administrator’s, as
      applicable, actual costs.

     

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

     

    SECTION
      3A.02. [Reserved].

     

    SECTION
      3A.03. Monitoring
      of Servicer.

     

    The
      Master Servicer shall be responsible for reporting to the Trustee, the Trust
      Administrator and the Depositor the non-compliance by the Servicer with its
      duties under this Agreement. In the review of the Servicer’s activities, the
      Master Servicer may rely upon an Officers’ Certificate of the Servicer (or
      similar document signed by a Servicing Officer of the Servicer) with regard
      to
      the Servicer’s compliance with the terms of this Agreement. In the event that
      the Master Servicer, in its good faith judgment, determines that the Servicer
      should be terminated in accordance with the terms hereof, or that a notice
      should be sent pursuant to the terms hereof with respect to the occurrence
      of an
      event that, unless cured, would constitute grounds for such termination, the
      Master Servicer shall notify the Depositor, the Trust Administrator and the
      Trustee thereof and the Master Servicer shall issue such notice or take such
      other action as it deems appropriate.

     

    The
      Master Servicer (or if the Master Servicer is the Servicer, the Trustee), for
      the benefit of the Certificateholders, shall enforce the obligations of the
      Servicer under this Agreement, and shall, in the event that it receives notice
      and confirms that the Servicer has failed to perform its obligations in
      accordance with this Agreement, subject to the preceding paragraph, terminate
      the rights and obligations of the Servicer hereunder and in accordance with
      the
      provisions of Article VII of this Agreement and act as Servicer of the Mortgage
      Loans or appoint a successor 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. Such enforcement, including, without
      limitation, the legal prosecution of claims 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 Trustee, as applicable, in its good faith
      business judgment, would require were it the owner of the Mortgage Loans. The
      Master Servicer or the Trustee, as applicable, shall pay the costs of such
      enforcement at its own expense, provided that the Master Servicer or the
      Trustee, as applicable, shall not be required to prosecute or defend any legal
      action except to the extent that the Master Servicer or the Trustee, as
      applicable, shall have received reasonable indemnity for its costs and expenses
      in pursuing such action.

     

    To
      the
      extent that the costs and expenses of the Master Servicer or Trustee, as
      applicable, related to any termination of the Servicer, 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
      (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 a Servicer 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 servicer to service the Mortgage
      Loans
      in accordance with this 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 Distribution
      Account.

     

    The
      Master Servicer (or if the Master Servicer is the Servicer, the Trustee) shall,
      upon receipt from the Servicer, the Master Servicer or the Trust Administrator,
      of notice of any failure of the Servicer to comply with the remittance
      requirements and other obligations set forth in this Agreement, enforce such
      obligations.

     

    If
      the
      Master Servicer or the Trustee, as applicable, acts as Servicer, it will not
      assume liability for the representations and warranties of the Servicer that
      it
      replaces.

     

    SECTION
      3A.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 servicer.

     

    SECTION
      3A.05. Power
      to
      Act; Procedures.

     

    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, to do any and all things that it may deem necessary or
      desirable in connection with the master servicing and administration of the
      Mortgage Loans, including but not limited to the power and authority (i) to
      execute and deliver, on behalf of the Certificateholders and the Trustee,
      customary consents or waivers and other instruments and documents, (ii) to
      consent to transfers of any Mortgaged Property and assumptions of the Mortgage
      Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
      Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of
      the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement; provided, however,
      that the Master Servicer shall not (and, consistent with its responsibilities
      under Article X, shall not permit the 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 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 any REMIC to fail to qualify as a REMIC or result in the
      imposition of a tax upon any REMIC. The Trustee shall furnish the Master
      Servicer or the Servicer, upon written request from a Servicing Officer, with
      any powers of attorney empowering the Master Servicer or the 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 this Agreement,
      and
      the Trustee shall execute and deliver such other documents, as the Master
      Servicer may request, to enable the Master Servicer to master service and
      administer the Mortgage Loans and carry out its duties hereunder, in each case
      in accordance with Accepted Master Servicing Practices (and the Trustee shall
      have no liability for misuse of any such powers of attorney by the Master
      Servicer or the 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 8.10 hereof. In the performance of its duties hereunder, the Master
      Servicer shall be an independent contractor and shall not, except in those
      instances where it is taking action in the name of the Trustee, be deemed to
      be
      the agent of the Trustee.

     

    SECTION
      3A.06. Due
      on
      Sale Clauses; Assumption Agreements.

     

    To
      the
      extent Mortgage Loans contain enforceable due-on-sale clauses, the Master
      Servicer shall cause the Servicer to enforce such clauses in accordance with
      this 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, and, as a consequence, a Mortgage Loan is assumed, the original
      Mortgagor may be released from liability in accordance with this
      Agreement.

     

    SECTION
      3A.07. [Reserved].

     

    SECTION
      3A.08. Documents,
      Records and Funds in Possession of Master Servicer to be Held for
      Trustee.

     

    The
      Master Servicer and the Servicer shall transmit to the Trustee (or the Custodian
      on behalf of the Trustee) such documents and instruments coming into the
      possession of the Master Servicer or the Servicer from time to time as are
      required by the terms hereof to be delivered to the Trustee, the Trust
      Administrator or the Custodian. Any funds received by the Master Servicer or
      by
      the Servicer in respect of any Mortgage Loan or which otherwise are collected
      by
      the Master Servicer or by the 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 Distribution Account the Master Servicing
      Compensation and other amounts provided in this Agreement, and to the right
      of
      the Servicer to retain its Servicing Fee and other amounts as provided in this
      Agreement. The Master Servicer shall, and subject to Section 3.22 shall cause
      the Servicer to, provide access to information and documentation regarding
      the
      Mortgage Loans to the Trust Administrator, its agents and accountants at any
      time upon reasonable request and during normal business hours, and to
      Certificateholders that are savings and loan associations, banks or insurance
      companies, the Office of Thrift Supervision, the FDIC and the supervisory agents
      and examiners of such Office and Corporation or examiners of any other federal
      or state banking or insurance regulatory authority if so required by applicable
      regulations of the Office of Thrift Supervision or other regulatory authority,
      such access to be afforded without charge but only upon reasonable request
      in
      writing and during normal business hours at the offices of the Master Servicer
      designated by it. In fulfilling such a request the Master Servicer shall not
      be
      responsible for determining the sufficiency of such information.

     

    All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer or the 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 Servicer or the Master Servicer,
      as
      applicable, for and on behalf of the Trustee and the Certificateholders and
      shall be and remain the sole and exclusive property of the Trustee; provided,
      however, that the Master Servicer and the 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 the Servicer under this
      Agreement.

     

    SECTION
      3A.09. Compensation
      for the Master Servicer.

     

    The
      Master Servicer shall be entitled to all income and gain realized from any
      investment of funds in the Distribution Account, pursuant to Section 3A.11
      and Section 3A.12, for the performance of its activities hereunder (the
“Master Servicing Compensation”). Servicing compensation in the form of
      assumption fees, if any, late payment charges, as collected, if any, or
      otherwise shall be retained by the Servicer in accordance with Section 3.18.
      The
      Master Servicer shall be required to pay all expenses incurred by it in
      connection with the performance of its duties hereunder and shall not be
      entitled to reimbursement therefor except as provided in this
      Agreement.

     

    SECTION
      3A.10. Obligations
      of the Master Servicer in Respect of Prepayment Interest
      Shortfalls.

     

    In
      the
      event of a Prepayment Interest Shortfall, the Master Servicer shall remit to
      the
      Trust Administrator, from its own funds and without right of reimbursement
      (except as described below), not later than the related Distribution Date,
      Compensating Interest in an amount equal to the lesser of (i) the aggregate
      amounts in respect of Compensating Interest required to be paid by the Servicer
      pursuant to Section 3.24 with respect to Prepayment Interest Shortfalls
      attributable to Principal Prepayments in full on the Mortgage Loans for the
      related Distribution Date and not so paid by the Servicer and (ii) the aggregate
      compensation payable to the Master Servicer for the related collection period
      under this Agreement. In the event the Master Servicer pays any amount in
      respect of such Compensating Interest prior to the time it shall have succeeded
      as successor servicer, the Master Servicer shall be subrogated to the Trust
      Fund’s right to receive such amount from the Servicer. In the event the Trust
      Fund receives from the Servicer all or any portion of amounts in respect of
      Compensating Interest required to be paid by the Servicer pursuant to Section
      3.24, not so paid by the Servicer when required, and paid by the Master Servicer
      pursuant to this Section 3A.10, then the Master Servicer may reimburse
      itself for the amount of Compensating Interest paid by the Master Servicer
      from
      such receipts by the Trust Fund.

     

    SECTION
      3A.11. Distribution
      Account.

     

    On
      behalf
      of the Trust Fund, the Trust Administrator shall establish and maintain one
      or
      more accounts (such account or accounts, the “Distribution Account”), held in
      trust for the benefit of the Trustee and the Certificateholders. The
      Distribution Account shall be an Eligible Account. The Master Servicer will
      deposit in the Distribution Account as identified by the Master Servicer and
      as
      received by the Master Servicer, the following amounts:

     

    (1) Any
      amounts remitted to the Master Servicer by the Servicer from the Collection
      Account;

     

    (2) Any
      Advances received from the Servicer or made by the Master Servicer or (if the
      Master Servicer is the Servicer) the Trustee (in each case in its capacity
      as
      successor servicer), and any payments of Compensating Interest received from
      the
      Servicer or made by the Master Servicer (unless, in the case of the Master
      Servicer, such amounts are deposited by the Master Servicer directly into the
      Distribution Account);

     

    (3) Any
      Insurance Proceeds or Net Liquidation Proceeds received by or on behalf of
      the
      Master Servicer or which were not deposited in the Collection
      Account;

     

    (4)
       Any
      amounts required to be deposited with respect to losses on investments of
      deposits in the Distribution Account; and

     

    (5) 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.

     

    All
      amounts deposited to the Distribution 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 Distribution Account shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of (A) the late payment charges or
      assumption, tax service, statement account or payoff, substitution,
      satisfaction, release and other like fees and charges and (B) the items
      enumerated in Section 3A.12(a) (with respect the clearing and termination of
      the
      Distribution Account and with respect to amounts deposited in error), in Section
      3A.12(b) or in clauses (i), (ii), (iii) and (iv), (v) of Section 3A.12(c),
      need
      not be credited by the Master Servicer to the Distribution Account. In the
      event
      that the Master Servicer shall deposit or cause to be deposited to the
      Distribution Account any amount not required to be credited thereto, the Trustee
      or the Trust Administrator, upon receipt of a written request therefor signed
      by
      a Servicing Officer of the Master Servicer, shall promptly transfer such amount
      to the Master Servicer, any provision herein to the contrary
      notwithstanding.

     

    The
      Trust
      Administrator may direct any depository institution maintaining the Distribution
      Account to invest the funds on deposit in such account or to hold such funds
      uninvested. All investments pursuant to this Section 3A.11 shall be in one
      or more Permitted Investments bearing interest or sold at a discount, and
      maturing, unless payable on demand, (i) no later than the Business Day
      immediately preceding the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if a Person other than the Trust
      Administrator is the obligor thereon or if such investment is managed or advised
      by a Person other than the Trust Administrator or an Affiliate of the Trust
      Administrator, and (ii) no later than the date on which such funds are required
      to be withdrawn from such account pursuant to this Agreement, if the Trust
      Administrator is the obligor thereon or if such investment is managed or advised
      by the Trust Administrator or any Affiliate. All such Permitted Investments
      shall be held to maturity, unless payable on demand. Any investment of funds
      in
      the Distribution Account shall be made in the name of the Trustee, or in the
      name of a nominee of the Trust Administrator. The Trust Administrator shall
      be
      entitled to sole possession over each such investment, and any certificate
      or
      other instrument evidencing any such investment shall be delivered directly
      to
      the Trust Administrator or its agent, together with any document of transfer
      necessary to transfer title to such investment to the Trust Administrator or
      its
      nominee. In the event amounts on deposit in the Distribution Account are at
      any
      time invested in a Permitted Investment payable on demand, the Trust
      Administrator shall:

     

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

     

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

     

    All
      income and gain realized from the investment of funds deposited in the
      Distribution Account shall be for the benefit of the Master Servicer. The Trust
      Administrator shall deposit in the Distribution Account the amount of any loss
      of principal incurred in respect of any such Permitted Investment made with
      funds in such Account immediately upon realization of such loss.

     

    SECTION
      3A.12. Permitted
      Withdrawals and Transfers from the Distribution Account.

     

    The
      Trust
      Administrator will, from time to time on demand of the Master Servicer, the
      Servicer or the Trustee, make or cause to be made such withdrawals or transfers
      from the Distribution Account pursuant to this Agreement. The Trust
      Administrator may clear and terminate the Distribution Account pursuant to
      Section 9.01 and remove amounts from time to time deposited in
      error.

     

    On
      an
      ongoing basis, the Trust Administrator shall withdraw funds from the
      Distribution Account to pay (i) any Extraordinary Trust Fund Expenses including
      but not limited to amounts payable to the Servicer or the Depositor pursuant
      to
      Section 6.03(b), to the Trustee pursuant to Section 3.06, Section 7.02 or
      Section 8.05 or to the Master Servicer pursuant to Section 6.03(c), and
      (ii) any amounts expressly payable to the Master Servicer as set forth in
      Section 3A.09.

     

    The
      Trust
      Administrator may withdraw from the Distribution Account any of the following
      amounts (in the case of any such amount payable or reimbursable to the Servicer,
      only to the extent the Servicer shall not have paid or reimbursed itself such
      amount prior to making any remittance to the Master Servicer pursuant to the
      terms of this Agreement):

     

    (i) to
      reimburse the Master Servicer or (if the Master Servicer is the Servicer) the
      Trustee (to the extent either of them is obligated to do so as successor
      Servicer) for any Advance of its own funds, the right of the Master Servicer
      or
      the Trustee, as applicable, 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
      Advance was made;

     

    (ii) to
      reimburse the Master Servicer from Insurance Proceeds, Liquidation Proceeds
      or
      Subsequent Recoveries relating to a particular Mortgage Loan for amounts
      expended by the Master 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 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 from Liquidation Proceeds and Subsequent
      Recoveries from a particular Mortgage Loan for Liquidation Expenses incurred
      with respect to such Mortgage Loan;

     

    (iv) to
      reimburse the Master Servicer for advances of funds (other than 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 if the Master Servicer is the Servicer) the
      Trustee (to the extent either of them is obligated to do so as successor
      Servicer) for any Advance or Servicing Advance, after a Realized Loss has been
      allocated with respect to the related Mortgage Loan if the Advance or Servicing
      Advance has not been reimbursed pursuant to clauses (i) through
      (iv);

     

    (vi) to
      make
      distributions in accordance with Section 4.01;

     

    (vii) to
      pay
      compensation to the Trust Administrator on each Distribution Date;

     

    (viii) to
      pay
      any amounts in respect of taxes pursuant to Section 10.01(g);

     

    (ix) without
      duplication of the amount set forth in clause (iii) above, to pay any
      Extraordinary Trust Fund Expenses to the extent not paid by the Master Servicer
      from the Distribution Account;

     

    (x) without
      duplication of any of the foregoing, to reimburse or pay the Servicer any such
      amounts as are due thereto under this Agreement and have not been retained
      by or
      paid to the Servicer, to the extent provided in this Agreement and to refund
      to
      the Servicer any amount remitted by the Servicer to the Master Servicer in
      error;

     

    (xi) to
      pay to
      the Master Servicer, any interest or investment income earned on funds deposited
      in the Distribution Account;

     

    (xii) to
      pay
      the Credit Risk Manager the Credit Risk Manager Fee;

     

    (xiii) to
      withdraw any amount deposited in the Distribution Account in error;

     

    (xiv) to
      clear
      and terminate the Distribution Account pursuant to Section 9.01;
      and

     

    (xv) to
      make
      distributions to the Swap Account.

     

    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 clauses (i) through (v) above or with
      respect to any such amounts which would have been covered by such clauses had
      the amounts not been retained by the Master Servicer without being deposited
      in
      the Distribution Account.

     

    On
      or
      before the Business Day prior to each Distribution Date, the Master Servicer
      or
      (if the Master Servicer is the Servicer) the Trustee (to the extent either
      of
      them is obligated to do so as successor Servicer) shall remit to the Trust
      Administrator for deposit in the Distribution Account any Advances required
      to
      be made and the Master Servicer shall deposit in the Distribution Account any
      Compensating Interest required to be paid, in either such case by the Master
      Servicer or the Trustee, as applicable, with respect to the Mortgage
      Loans.

     

    SECTION
      3A.13. Late
      Remittance.

     

    With
      respect to any remittance received by the Master Servicer after the day on
      which
      such payment was due, the Servicer shall pay to the Master Servicer 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 Distribution Account by the Servicer on the date such late
      payment is made and shall cover the period commencing with the day following
      the
      day such payment was due and ending with the Business Day on which such payment
      is made, both inclusive. Such interest shall be remitted along with the
      distribution payable on the next succeeding Servicer Remittance Date. The
      payment by the Servicer of any such interest shall not be deemed an extension
      of
      time for payment or a waiver of any Servicer Event of Default.

     

    ARTICLE
      IV

     

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    SECTION
      4.01. Distributions.

     

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

     

    (i) to
      Holders of REMIC I Regular Interest I, REMIC I Regular Interest I-1-A through
      I-60-B, pro rata, in an amount equal to (A) Uncertificated Interest for such
      REMIC I Regular Interests for such Distribution Date, plus (B) any amounts
      payable in respect thereof remaining unpaid from previous Distribution
      Dates.

     

    (ii) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (1)
      above, payments of principal shall be allocated as follows: (A) first, to REMIC
      I Regular Interest I and then to REMIC I Regular Interests I-1-A through I-60-B
      starting with the lowest numerical denomination until the Uncertificated Balance
      of each such REMIC I Regular Interest is reduced to zero, provided that, for
      REMIC I Regular Interests with the same numerical denomination, such payments
      of
      principal shall be allocated pro rata between such REMIC I Regular Interests
      and
      (B) second, to the extent of any Overcollateralization Reduction Amounts, first
      to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC
      I
      Regular Interest is reduced to zero, then, to REMIC I Regular Interests I-1-A
      through I-60-B starting with the lowest numerical denomination until the
      Uncertificated Balance of each such REMIC I Regular Interest is reduced to
      zero,
      provided that, for REMIC I Regular Interests with the same numerical
      denomination, such Overcollateralization Reduction Amounts shall be allocated
      pro rata between such REMIC I Regular Interests.

     

    (iii) to
      the
      Holders of REMIC I Regular Interest I-LTP, (A) all amounts representing
      Prepayment Charges (other than any Originator Prepayment Charge Payment Amount)
      in respect of the Mortgage Loans received during the related Prepayment Period
      and (B) on the Distribution Date immediately following the expiration of the
      latest Prepayment Charge as identified on the Prepayment Charge Schedule or
      any
      Distribution Date thereafter until $100 has been distributed pursuant to this
      clause.

     

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

     

    (i) to
      the
      Holders of REMIC II Regular Interest II-LTIO, in an amount equal to (a)
      Uncertificated Accrued Interest for such REMIC II Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates.

     

    (ii) to
      Holders of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1,
      REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC
      II
      Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular
      Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest
      II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6,
      REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC
      II
      Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular
      Interest II-LTM11, REMIC II Regular Interest II-LTZZ and REMIC II Regular
      Interest II-LTP, pro rata, in an amount equal to (A) the Uncertificated Interest
      for such Distribution Date, plus (B) any amounts in respect thereof remaining
      unpaid from previous Distribution Dates. Amounts payable as Uncertificated
      Interest in respect of REMIC II Regular Interest II-LTZZ shall be reduced and
      deferred when the REMIC II Overcollateralized Amount is less than the REMIC
      II
      Required Overcollateralization Amount, by the lesser of (x) the amount of such
      difference and (y) the Maximum II-LTZZ Uncertificated Interest Deferral Amount
      and such amount will be payable to the Holders of REMIC II Regular Interest
      II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3,
      REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC
      II
      Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular
      Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest
      II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8,
      REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC
      II Regular Interest II-LTM11 in the same proportion as the Overcollateralization
      Deficiency Amount is allocated to the Corresponding Certificates and the
      Uncertificated Balance of REMIC II Regular Interest II-LTZZ shall be increased
      by such amount; and

     

    (iii) to
      the
      Holders of REMIC II Regular Interest II-LTP, (A) on each Distribution Date,
      100%
      of the amount paid in respect of Prepayment Charges (other than any Originator
      Prepayment Charge Payment Amount) and (B) on the Distribution Date immediately
      following the expiration of the latest Prepayment Charge as identified on the
      Prepayment Charge Schedule or any Distribution Date thereafter until $100 has
      been distributed pursuant to this clause;

     

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

     

    (a) 98.00%
      of
      such remainder to the Holders of REMIC II Regular Interest II-LTAA, until the
      Uncertificated Balance of such REMIC II Regular Interest is reduced to
      zero;

     

    (b) 2.00%
      of
      such remainder, first to the Holders of REMIC II Regular Interest II-LTA1,
      REMIC
      II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular
      Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest
      II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4,
      REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC
      II
      Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular
      Interest II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC II Regular
      Interest II-LTM11, equal to 1.00% of and in the same proportion as principal
      payments are allocated to the Corresponding Certificates, until the
      Uncertificated Balances of such REMIC II Regular Interests are reduced to zero
      and second, to the Holders of REMIC II Regular Interest II-LTZZ, 1.00%, until
      the Uncertificated Balance of such REMIC II Regular Interest is reduced to
      zero;
      and

     

    (c) any
      remaining amount to the Holders of the Class R Certificates (in respect of the
      Class R-II Interest);

     

    provided,
      however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
      attributable to an Overcollateralization Release Amount shall be allocated
      to
      Holders of (i) REMIC II Regular Interest II-LTAA and REMIC II Regular Interest
      II-LTZZ, respectively; once the Uncertificated Principal Balances of REMIC
      II
      Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular
      Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest
      II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3,
      REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC
      II
      Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular
      Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest
      II-LTM10, and REMIC II Regular Interest II-LTM11 have been reduced to
      zero.

     

    On
      each
      Distribution Date, all amounts representing Prepayment Charges (other than
      any
      Originator Prepayment Charge Payment Amount) in respect of the Mortgage Loans
      during the related Prepayment Period will be distributed by REMIC II to the
      Holders of REMIC II Regular Interest II-LTP. The payment of the foregoing
      amounts to the Holders of REMIC II Regular Interest II-LTP shall not reduce
      the
      Uncertificated Balance thereof.

     

    (c) On
      each
      Distribution Date, the Trust Administrator shall withdraw from the Distribution
      Account that portion of Available Funds for such Distribution Date consisting
      of
      the Interest Remittance Amount for such Distribution Date, and make the
      following distributions in the order of priority described below, in each case
      to the extent of the Interest Remittance Amount remaining for such Distribution
      Date:

     

    (i) concurrently,
      to the Holders of the Class A Certificates, on a pro rata basis based on the
      entitlement of each such Class, the Monthly Interest Distributable Amount and
      the Unpaid Interest Shortfall Amount, if any, for such Certificates for such
      Distribution Date; and

     

    (ii) sequentially,
      to the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the
      Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
      the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
      Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the
      Class M-11 Certificates, in that order, the Monthly Interest Distributable
      Amount allocable to each such Class of Certificates.

     

    (d) (I) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, distributions in respect of principal to the extent of the
      Principal Distribution Amount shall be made in the following amounts and order
      of priority:

     

    (i) to
      the
      Holders of the Class A Certificates (allocated among the Class A Certificates
      in
      the priority described below), until the Certificate Principal Balances thereof
      have been reduced to zero; and

     

    (ii) sequentially,
      to the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the
      Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
      the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
      Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the
      Class M-11 Certificates, in that order, until the Certificate Principal Balances
      thereof have been reduced to zero.

     

    (II) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, distributions in respect of principal to the extent
      of
      the Principal Distribution Amount shall be made in the following amounts and
      order of priority:

     

    (iii) to
      the
      Holders of the Class A Certificates (allocated among the Class A Certificates
      in
      the priority described below), the Senior Principal Distribution Amount until
      the Certificate Principal Balances thereof have been reduced to
      zero;

     

    (iv) sequentially,
      to the Holders of the Class M-1 Certificates, the Class M-2 Certificates and
      the
      Class M-3 Certificates, the Sequential Class M Principal Distribution Amount
      until the Certificate Principal Balances thereof have been reduced to
      zero;

     

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

     

    (vi) to
      the
      Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vii) to
      the
      Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (viii) to
      the
      Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (ix) to
      the
      Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (x) to
      the
      Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (xi) to
      the
      Holders of the Class M-10 Certificates, the Class M-10 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;
      and

     

    (xii) to
      the
      Holders of the Class M-11 Certificates, the Class M-11 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero.

     

    With
      respect to the Class A Certificates, all principal distributions will be
      distributed sequentially to the Class A-1 Certificates, the Class A-2
      Certificates, the Class A-3 Certificates and the Class A-4 Certificates, in
      that
      order, until their respective Certificate Principal Balances have been reduced
      to zero. Notwithstanding any provisions contained in this Agreement to the
      contrary, on any Distribution Date on which the aggregate Certificate Principal
      Balance of the Subordinate Certificates has been reduced to zero, all
      distributions of principal to the Class A Certificates shall be distributed
      concurrently to the Class A-1 Certificates, the Class A-2 Certificates, the
      Class A-3 Certificates and the Class A-4 Certificates, on a pro rata basis
      based
      on the Certificate Principal Balance of each such Class.

     

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

     

    (i) to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the Interest Rate Cap Agreements and the Interest Rate Swap Agreement,
      distributable to such Holders as part of the Principal Distribution Amount,
      as
      applicable, as described under Section 4.01(b) above;

     

    (ii) sequentially,
      to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class
      M-3
      Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
      Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9
      Certificates, Class M-10 Certificates and Class M-11 Certificates, in that
      order, in each case first, in an amount equal to the Unpaid Interest Shortfall
      Amount allocable to such Certificates and second, in an amount equal to the
      Allocated Realized Loss Amount allocable to such Certificates;

     

    (iii) to
      the
      Net WAC Rate Carryover Reserve Account, the amount of any Net WAC Rate Carryover
      Amounts, without taking into account amounts, if any, received under the
      Interest Rate Cap Agreements and the Interest Rate Swap Agreement;

     

    (iv) to
      the
      Swap Provider, any Swap Termination Payments resulting from a Swap Provider
      Trigger Event;

     

    (v) to
      the
      Holders of the Class CE Certificates, (a) the Monthly Interest Distributable
      Amount and any Overcollateralization Release Amount for such Distribution Date
      and (b) on any Distribution Date on which the aggregate Certificate Principal
      Balance of the Class A Certificates and the Mezzanine Certificates has been
      reduced to zero, any remaining amounts in reduction of the Certificate Principal
      Balance of the Class CE Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero;

     

    (vi) if
      such
      Distribution Date follows the Prepayment Period during which occurs the latest
      date on which a Prepayment Charge may be required to be paid in respect of
      any
      Mortgage Loans, to the Holders of the Class P Certificates, in reduction of
      the
      Certificate Principal Balance thereof, until the Certificate Principal Balance
      thereof is reduced to zero; and

     

    (vii) any
      remaining amounts to the Holders of the Residual Certificates (in respect of
      the
      appropriate Class R Interest).

     

    Without
      limiting the provisions of Section 9.01(b), by acceptance of the Residual
      Certificates the Holders of the Residual Certificates agree, and it is the
      understanding of the parties hereto, that for so long as any of the notes issued
      pursuant to the Indenture are outstanding or any amounts are reimbursable or
      payable to the NIMS Insurer in accordance with the terms of the Indenture,
      to
      pledge their rights to receive any amounts otherwise distributable to the
      Holders of the Class R Certificates (and such rights are hereby assigned and
      transferred) to the Holders of the Class CE Certificates.

     

    (f) On
      each
      Distribution Date, after making the distributions of the Available Funds as
      set
      forth above, the Trust Administrator will withdraw from the Net WAC Rate
      Carryover Reserve Account, to the extent of amounts remaining on deposit
      therein, the amount of any Net WAC Rate Carryover Amount for such Distribution
      Date and distribute such amount in the following order of priority:

     

    (i) concurrently,
      to the Class A Certificates, on a pro rata basis based on the remaining Net
      WAC
      Rate Carryover Amount for each such Class; and

     

    (ii) sequentially,
      to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
      Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
      M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10
      Certificates and Class M-11 Certificates, in that order, the Net WAC Rate
      Carryover Amount for each such Class.

     

    On
      each
      Distribution Date, the Trust Administrator shall withdraw any amounts then
      on
      deposit in the Distribution Account that represent (i) Prepayment Charges
      collected by the Servicer and remitted to the Master Servicer in connection
      with
      the Principal Prepayment of any of the Mortgage Loans, (ii) any Originator
      Prepayment Charge Payment Amounts or (iii) any Servicer Prepayment Charge
      Payment Amounts, and shall distribute such amounts to the Holders of the Class
      P
      Certificates. Such distributions shall not be applied to reduce the Certificate
      Principal Balance of the Class P Certificates.

     

    Following
      the foregoing distributions, an amount equal to the amount of Subsequent
      Recoveries remitted to the Master Servicer shall be applied to increase the
      Certificate Principal Balance of the Class of Certificates with the Highest
      Priority up to the extent of such Realized Losses previously allocated to that
      Class of Certificates pursuant to Section 4.04. An amount equal to the
      amount of any remaining Subsequent Recoveries shall be applied to increase
      the
      Certificate Principal Balance of the Class of Certificates with the next Highest
      Priority, up to the amount of such Realized Losses previously allocated to
      that
      Class of Certificates pursuant to Section 4.04. Holders of such
      Certificates will not be entitled to any distribution in respect of 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.

     

    (g) On
      or
      before each Distribution Date, Net Swap Payments (whether payable to the Swap
      Provider or to the Supplemental Interest Trust Trustee), any Swap Termination
      Payment owed to the Swap Provider not resulting from a Swap Provider Trigger
      Event pursuant to the Interest Rate Swap Agreement and any Swap Termination
      Payments owed to the Supplemental Interest Trust Trustee will be deposited
      by
      the Swap Administrator into the Swap Account. On or before each Distribution
      Date, pursuant to the Interest Rate Swap Agreement, the Trust Administrator
      shall withdraw from amounts on deposit in the Swap Account (other than amounts
      representing Swap Termination Payments received by the Supplemental Interest
      Trust Trustee or Net Swap Payments received by the Supplemental Interest Trust
      Trustee) prior to any distribution to any Certificates and distribute such
      withdrawn amounts as follows:

     

    (i) to
      the
      Swap Provider, any Net Swap Payment owed to the Swap Provider pursuant to the
      Interest Rate Swap Agreement for such Distribution Date;

     

    (ii) to
      the
      Swap Provider, any Swap Termination Payment owed to the Swap Provider not due
      to
      a Swap Provider Trigger Event pursuant to the Interest Rate Swap Agreement
      and
      to the extent not paid by the Trust Administrator (in its capacity as
      Supplemental Interest Trust Trustee) from any upfront payment received pursuant
      to any replacement interest rate swap agreement;

     

    On
      each
      Distribution Date, after making the distributions of the Available Funds, Net
      Monthly Excess Cashflow and amounts on deposit in the Net WAC Rate Carryover
      Reserve Account as set forth above, the Trust Administrator shall distribute
      the
      amount on deposit in the Swap Account as follows:

     

    (i) concurrently,
      to each Class of Class A Certificates, the related Monthly Interest
      Distributable Amount and Unpaid Interest Shortfall Amount remaining
      undistributed after the distributions of the Interest Remittance Amount, on
      a
      pro rata basis based on such respective remaining Monthly Interest Distributable
      Amount and Unpaid Interest Shortfall Amount;

     

    (ii) sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, the related Monthly Interest Distributable Amount and Unpaid Interest
      Shortfall Amount, to the extent remaining undistributed after the distributions
      of the Interest Remittance Amount and the Net Monthly Excess
      Cashflow;

     

    (iii) to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the Interest Rate Swap Agreement, distributable to such Holders as part of
      the
      Principal Distribution Amount, remaining undistributed after distribution of
      the
      Net Monthly Excess Cashflow;

     

    (iv) sequentially
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, in each case up to the related Allocated Realized Loss Amount related
      to
      such Certificates for such Distribution Date remaining undistributed after
      distribution of the Net Monthly Excess Cashflow;

     

    (v) concurrently,
      to each Class of Class A Certificates, the Net WAC Rate Carryover Amount, to
      the
      extent remaining undistributed after distributions are made from the Net WAC
      Rate Carryover Reserve Account, on a pro rata basis based on such respective
      Net
      WAC Rate Carryover Amounts remaining; and

     

    (vi) sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, the Net WAC Rate Carryover Amount, to the extent remaining undistributed
      after distributions are made from the Net WAC Rate Carryover Reserve
      Account.

     

    (h) On
      each
      Distribution Date, after making the distributions of the Available Funds, Net
      Monthly Excess Cashflow, amounts on deposit in the Net WAC Rate Carryover
      Reserve Account and amounts on deposit in the Swap Account as set forth above,
      the Trust Administrator shall distribute the amount on deposit in the Cap
      Account as follows:

     

    (i) concurrently,
      to each Class of Class A Certificates, the related Monthly Interest
      Distributable Amount and Unpaid Interest Shortfall Amount remaining
      undistributed after the distributions of the Interest Remittance Amount, on
      a
      pro rata basis based on such respective remaining Monthly Interest Distributable
      Amount and Unpaid Interest Shortfall Amount;

     

    (ii) sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, the related Monthly Interest Distributable Amount and Unpaid Interest
      Shortfall Amount, to the extent remaining undistributed after the distributions
      of the Interest Remittance Amount and the Net Monthly Excess
      Cashflow;

     

    (iii) to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the Interest Rate Swap Agreement, distributable to such Holders as part of
      the
      Principal Distribution Amount, remaining undistributed after distribution of
      the
      Net Monthly Excess Cashflow;

     

    (iv) sequentially
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, in each case up to the related Allocated Realized Loss Amount related
      to
      such Certificates for such Distribution Date remaining undistributed after
      distribution of the Net Monthly Excess Cashflow;

     

    (v) concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover
      Amount, to the extent remaining undistributed after distributions are made
      from
      the Net WAC Rate Carryover Reserve Account, on a pro rata basis based on such
      respective Net WAC Rate Carryover Amounts remaining;

     

    (vi) sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, the related Net WAC Rate Carryover Amount, to the extent remaining
      undistributed after distributions are made from the Net WAC Rate Carryover
      Reserve Account; and

     

    (vii) any
      remaining amount to the Holders of the Class CE Certificates.

     

    (i) Distributions
      made with respect to each Class of Certificates on each Distribution Date shall
      be allocated pro rata among the outstanding Certificates in such Class based
      on
      their respective Percentage Interests. Distributions in respect of each Class
      of
      Certificates on each Distribution Date will be made to the Holders of the
      respective Class of record on the related Record Date (except as otherwise
      provided in Section 4.01(d) or Section 9.01 respecting the final
      distribution on such Class), based on the aggregate Percentage Interest
      represented by their respective Certificates, and shall be made by wire transfer
      of immediately available funds to the account of any such Holder at a bank
      or
      other entity having appropriate facilities therefor, if such Holder shall have
      so notified the Trust Administrator in writing at least five Business Days
      prior
      to the Record Date immediately prior to such Distribution Date and is the
      registered owner of Certificates having an initial aggregate Certificate
      Principal Balance or Notional Amount that is in excess of the lesser of (i)
      $5,000,000 or (ii) two-thirds of the initial Certificate Principal Balance
      or
      Notional Amount of such Class of Certificates, or otherwise by check mailed
      by
      first class mail to the address of such Holder appearing in the Certificate
      Register. The final distribution on each Certificate will be made in like
      manner, but only upon presentment and surrender of such Certificate at the
      Corporate Trust Office of the Trust Administrator or such other location
      specified in the notice to Certificateholders of such final
      distribution.

     

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

     

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

     

    (k) Except
      as
      otherwise provided in Section 9.01, whenever the Trust Administrator
      expects that the final distribution with respect to any Class of Certificates
      will be made on the next Distribution Date, the Trust Administrator shall,
      no
      later than three (3) days before the related Distribution Date, mail to each
      Holder on such date of such Class of Certificates a notice to the effect
      that:

     

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

     

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

     

    Any
      funds
      not distributed to any Holder or Holders of Certificates of such Class on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust by the
      Trust Administrator and credited to the account of the appropriate non-tendering
      Holder or Holders. If any Certificates as to which notice has been given
      pursuant to this Section 4.01(e) shall not have been surrendered for
      cancellation within six months after the time specified in such notice, the
      Trust Administrator shall mail a second notice to the remaining non-tendering
      Certificateholders to surrender their Certificates for cancellation in order
      to
      receive the final distribution with respect thereto. If within one year after
      the second notice all such Certificates shall not have been surrendered for
      cancellation, the Trust Administrator shall, directly or through an agent,
      mail
      a final notice to the remaining non-tendering Certificateholders concerning
      surrender of their Certificates but shall continue to hold any remaining funds
      for the benefit of non-tendering Certificateholders. The costs and expenses
      of
      maintaining the funds in trust and of contacting such Certificateholders shall
      be paid out of the assets remaining in the Trust Fund. If within one year after
      the final notice any such Certificates shall not have been surrendered for
      cancellation, the Trust Administrator shall pay to UBS Securities LLC all such
      amounts, and all rights of non-tendering Certificateholders in or to such
      amounts shall thereupon cease. No interest shall accrue or be payable to any
      Certificateholder on any amount held in trust by the Trust Administrator as
      a
      result of such Certificateholder’s failure to surrender its Certificate(s) for
      final payment thereof in accordance with this Section 4.01(d). Any such
      amounts held in trust by the Trust Administrator shall be held in an Eligible
      Account and the Trust Administrator may direct any depository institution
      maintaining such account to invest the funds in one or more Permitted
      Investments. All income and gain realized from the investment of funds deposited
      in such accounts held in trust by the Trust Administrator shall be for the
      benefit of the Trust Administrator; provided, however, that the Trust
      Administrator shall deposit in such account the amount of any loss of principal
      incurred in respect of any such Permitted Investment made with funds in such
      accounts immediately upon the realization of such loss.

     

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

     

    SECTION
      4.02. Statements
      to Certificateholders.

     

    On
      each
      Distribution Date, based (in part), as applicable, on information provided
      to
      the Trust Administrator by the Master Servicer (which in turn shall be based
      (in
      part), as applicable, on information provided to the Master Servicer by the
      Servicer), the Trust Administrator shall prepare and make available to each
      Holder of the Regular Certificates, the Credit Risk Manager, the other parties
      hereto and the Rating Agencies, a statement as to the distributions to be made
      on such Distribution Date containing the following information:

     

    (i) the
      amount of the distribution made on such Distribution Date to the Holders of
      the
      Certificates of each Class allocable to principal, and the amount of the
      distribution made on such Distribution Date to the Holders of the Class P
      Certificates allocable to Prepayment Charges, Originator Prepayment Charge
      Payment Amounts and Servicer Prepayment Charge Payment Amounts;

     

    (ii) the
      amount of the distribution made on such Distribution Date to the Holders of
      the
      Certificates of each Class allocable to interest;

     

    (iii) the
      fees
      and expenses of the Trust accrued and paid on such Distribution Date and to
      whom
      such fees and expenses were paid;

     

    (iv) the
      aggregate amount of Advances for such Distribution Date (including the general
      purpose of such Advances);

     

    (v) the
      aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties
      as of the last day of the related Due Period;

     

    (vi) the
      number, aggregate Stated Principal Balance, weighted average remaining term
      to
      maturity and weighted average Mortgage Rate of the Mortgage Loans as of the
      related Due Date;

     

    (vii) the
      number and aggregate unpaid Principal Balance of Mortgage Loans (a) delinquent
      30 to 59 days, (b) delinquent 60 to 89 days, (c) delinquent 90 or more days,
      in
      each case, as of the last day of the preceding calendar month, not including
      Liquidated Mortgage Loans as of the end of the related Prepayment Period, (d)
      as
      to which foreclosure proceedings have been commenced and (e) with respect to
      which the related Mortgagor has filed for protection under applicable bankruptcy
      laws, with respect to whom bankruptcy proceedings are pending or with respect
      to
      whom bankruptcy protection is in force and with respect to (a), (b) and (c)
      above, delinquencies shall be determined by and reported utilizing the OTS
      methodology;

     

    (viii) the
      total
      number and cumulative principal balance of all REO Properties as of the close
      of
      business on the last day of the preceding Prepayment Period;

     

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

     

    (x) the
      Delinquency Percentage;

     

    (xi) the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period, which will include the aggregate amount of Subsequent Recoveries
      received during the related Prepayment Period and the aggregate amount of
      Realized Losses incurred since the Closing Date, which will include the
      cumulative amount of Subsequent Recoveries received since the Closing
      Date;

     

    (xii) the
      aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
      Collection Account or the Distribution Account for such Distribution
      Date;

     

    (xiii) the
      aggregate Certificate Principal Balance and Notional Amount, as applicable,
      of
      each Class of Certificates, before and after giving effect to the distributions,
      and allocations of Realized Losses, made on such Distribution Date, separately
      identifying any reduction thereof due to allocations of Realized
      Losses;

     

    (xiv) the
      Certificate Factor for each such Class of Certificates applicable to such
      Distribution Date;

     

    (xv) the
      Monthly Interest Distributable Amount in respect of the Class A Certificates,
      the Mezzanine Certificates and the Class CE Certificates for such Distribution
      Date and the Unpaid Interest Shortfall Amount, if any, with respect to the
      Class
      A Certificates and the Mezzanine Certificates on such Distribution Date,
      separately identifying any reduction thereof due to allocations of Realized
      Losses, Prepayment Interest Shortfalls and Relief Act Interest
      Shortfalls;

     

    (xvi) the
      aggregate amount of any Prepayment Interest Shortfall for such Distribution
      Date, to the extent not covered by payments by the Servicer or the Master
      Servicer;

     

    (xvii) the
      aggregate amount of Relief Act Interest Shortfalls for such Distribution
      Date;

     

    (xviii) the
      Net
      Monthly Excess Cashflow, the Overcollateralization Target Amount, the
      Overcollateralized Amount, the Overcollateralization Deficiency Amount and
      the
      Credit Enhancement Percentage for such Distribution Date;

     

    (xix) the
      respective Pass-Through Rates applicable to the Class A Certificates, the
      Mezzanine Certificates and the Class CE Certificates for such Distribution
      Date
      (and whether such Pass-Through Rate was limited by the Net WAC
      Rate);

     

    (xx) the
      Aggregate Loss Severity Percentage;

     

    (xxi) whether
      the Stepdown Date or a Trigger Event is in effect;

     

    (xxii) the
      total
      cashflows received and the general sources thereof;

     

    (xxiii) the
      Available Funds;

     

    (xxiv) the
      Net
      WAC Rate Carryover Amount for the Class A Certificates and the Mezzanine
      Certificates, if any, for such Distribution Date, the amount remaining unpaid
      after reimbursements therefor on such Distribution Date;

     

    (xxv) payments,
      if any, made under the Interest Rate Cap Agreements and the amount of any Net
      Swap Payments or Swap Termination Payments; and

     

    (xxvi) unless
      otherwise set forth in the Form 10-D relating to such Distribution Date,
      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 and the aggregate number of Mortgage Loans which have been
      modified, waived or amended since the Closing Date; and

     

    (xxvii) the
      applicable Record Dates, Accrual Periods and Determination Dates for calculating
      distributions for such Distribution Date.

     

    The
      Trust
      Administrator will make such statement (and, at its option, any additional
      files
      containing the same information in an alternative format) available each month
      to Certificateholders, the Master Servicer, the Servicer, the Depositor and
      the
      Rating Agencies via the Trust Administrator’s internet website. The Trust
      Administrator’s internet website shall initially be located at
“www.ctslink.com”. Assistance in using the website can be obtained by calling
      the Trust Administrator’s customer service desk at (301) 815-6600. Parties that
      are unable to use the above distribution options are entitled to have a paper
      copy mailed to them via first class mail by calling the customer service desk
      and indicating such. The Trust Administrator shall have the right to change
      the
      way such statements are distributed in order to make such distribution more
      convenient and/or more accessible to the above parties and the Trust
      Administrator shall provide timely and adequate notification to all above
      parties regarding any such changes. As a condition to access the Trust
      Administrator’s internet website, the Trust Administrator may require
      registration and the acceptance of a disclaimer. The Trust Administrator will
      not be liable for the dissemination of information in accordance with this
      Agreement. The Trust Administrator shall also be entitled to rely on but shall
      not be responsible for the content or accuracy of any information provided
      by
      third parties for purposes of preparing the distribution date statement and
      may
      affix thereto any disclaimer it deems appropriate in its reasonable discretion
      (without suggesting liability on the part of any other party
      thereto).

     

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

     

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

     

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

     

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

     

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

     

    (b) For
      each
      Distribution Date, through and including the Distribution Date in December
      2007,
      the Trust Administrator shall calculate on each Significance Percentage
      Calculation Date the Significance Percentage of the Interest Rate Swap
      Agreement. If on any such Distribution Date, the Significance Percentage is
      equal to or greater than 9%, the Trust Administrator shall promptly notify
      the
      Depositor and the Depositor shall obtain the financial information required
      to
      be delivered by the Swap Provider pursuant to the terms of the Interest Rate
      Swap Agreement. If, on any succeeding Distribution Date through and including
      the Distribution Date in December 2007, the Significance Percentage is equal
      to
      or greater than 10%, the Trust Administrator shall promptly notify the Depositor
      and the Depositor shall, within 5 Business Days of such Distribution Date,
      deliver to the Trust Administrator the financial information provided to it
      by
      the Swap Provider for inclusion in the Form 10-D relating to such Distribution
      Date. If on any Distribution Date after December 2007, the Significance
      Percentage is greater than 10%, the Trust Administrator shall include the
      Significance Percentage on the statement to Certificateholders for the related
      Distribution Date.

     

    The
      Trust
      Administrator shall calculate the Significance Percentage in accordance with
      the
      definition of “Significance Percentage” as set forth herein.

     

    Notwithstanding
      the foregoing, the Trust Administrator shall not have any obligations pursuant
      to the immediately preceding two paragraphs if a Form 15 Suspension Notification
      with respect to the Trust is filed on or prior to January 30, 2007.

     

    SECTION
      4.03. Remittance
      Reports, Advances.

     

    (a) On
      the
      2nd Business Day following the Determination Date, but in no event later than
      noon on the 18th calendar day (or, if such 18th day is not a Business Day (other
      than a Saturday), then on the next succeeding Business Day, or, if such 18th
      day
      is a Saturday, then on the preceding Business Day), the Servicer shall furnish
      to the Trust Administrator, the NIMS Insurer and the Credit Risk Manager
      (subject to the related Credit Risk Management Agreement) a monthly remittance
      advice (which together with any supplemental reports is known as the “Remittance
      Report”) in a format attached as Exhibit R-2 or in any other format as mutually
      agreed to between the Servicer and the Trust Administrator, containing such
      information regarding the Mortgage Loans as is needed by the Trust Administrator
      to perform its duties as set forth in Section 4.01 and 4.02 hereof. Such
      Remittance Report will also include a delinquency report substantially in the
      form set forth in Exhibit R-1 and a realized loss report substantially in the
      form set forth in Exhibit R-3 (or in either case, such other format as mutually
      agreed to between the Servicer and the Trust Administrator).

     

    (b) With
      respect to any Mortgage Loan on which a Monthly Payment was due during the
      related Due Period and delinquent on the related Determination Date, the amount
      of the Servicer’s Advance will be equal to the Monthly Payment (net of the
      related Servicing Fee) that would have been due on the related Due Date in
      respect of the related Mortgage Loan. With respect to each REO Property, which
      REO Property was acquired during or prior to the related Prepayment Period
      and
      as to which such REO Property an REO Disposition did not occur during the
      related Prepayment Period, an amount equal to the excess, if any, of the Monthly
      Payment (net of the related Servicing Fee) that would have been due on the
      related Due Date in respect of the related Mortgage Loan, over the net income
      from such REO Property deposited in the Collection Account pursuant to Section
      3.23 for distribution on such Distribution Date.

     

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

     

    (c) The
      obligation of the Servicer to make such Advances is mandatory, notwithstanding
      any other provision of this Agreement but subject to (d) below, and, with
      respect to any Mortgage Loan or REO Property, shall continue until a Final
      Recovery Determination in connection therewith or the removal thereof from
      the
      Trust Fund pursuant to any applicable provision of this Agreement, except as
      otherwise provided in this Section. With respect however to Balloon Mortgage
      Loans, the Servicer shall not be required to make any Advances covering the
      Balloon Payment.

     

    (d) Notwithstanding
      anything herein to the contrary, no Advance or Servicing Advance shall be
      required to be made hereunder by the Servicer if such Advance or Servicing
      Advance would, if made, constitute a Nonrecoverable Advance or Nonrecoverable
      Servicing Advance, respectively. The determination by the Servicer that it
      has
      made a Nonrecoverable Advance or a Nonrecoverable Servicing Advance or that
      any
      proposed Advance or Servicing Advance, if made, would constitute a
      Nonrecoverable Advance or Nonrecoverable Servicing Advance, respectively, shall
      be evidenced by a certification of a Servicing Officer delivered to the Trust
      Administrator (whereupon, upon receipt of such certification, the Trust
      Administrator shall forward a copy of such certification to the Depositor,
      the
      Trustee, the NIMS Insurer and the Credit Risk Manager). Notwithstanding the
      foregoing, if following the application of Liquidation Proceeds on any Mortgage
      Loan that was the subject of a Final Recovery Determination, any Servicing
      Advance with respect to such Mortgage Loan shall remain unreimbursed to the
      Servicer, then without limiting the provisions of Section 3.11(a), a
      certification of a Servicing Officer regarding such Nonrecoverable Servicing
      Advance shall not be required to be delivered by the Servicer to the Trust
      Administrator.

     

    (e) In
      the
      event the Servicer fails to make any Advance required to be made by it pursuant
      to this Section 4.03 and such failure is not remedied within the applicable
      cure
      period pursuant to Section 7.01(a), then, pursuant to Section 7.01(a), the
      Servicer will be terminated, and, in accordance with Sections 7.01(a) and 7.02,
      the Master Servicer or (if the Master Servicer is the Servicer) the Trustee
      (in
      its respective capacity as successor servicer) or another successor servicer
      shall be required to make such Advance on the Distribution Date with respect
      to
      which the Servicer was required to make such Advance, subject to the Master
      Servicer’s or the Trustee’s (or other successor servicer’s) determination of
      recoverability. The Servicer, the Master Servicer or the Trustee, as applicable
      (or other successor servicer) shall not be required to make any Advance to
      cover
      any Relief Act Interest Shortfall on any Mortgage Loan or shortfalls relating
      to
      bankruptcy proceedings. If the Master Servicer or the Trustee, as applicable
      (or
      other successor servicer) is required to make any Advances, such advances may
      be
      made by it in the manner set forth under subsection 4.03(b) above.

     

    SECTION
      4.04. Allocation
      of Realized Losses.

     

    (a) Prior
      to
      each Distribution Date, the Servicer shall determine as to each Mortgage Loan
      and REO Property: (i) the total amount of Realized Losses, if any, incurred
      in
      connection with any Final Recovery Determinations made during the related
      Prepayment Period; (ii) whether and the extent to which such Realized Losses
      constituted Bankruptcy Losses; and (iii) the respective portions of such
      Realized Losses allocable to interest and allocable to principal. Prior to
      each
      Distribution Date, the Servicer shall also determine as to each Mortgage Loan:
      (A) the total amount of Realized Losses, if any, incurred in connection with
      any
      Deficient Valuations made during the related Prepayment Period; and (B) the
      total amount of Realized Losses, if any, incurred in connection with Debt
      Service Reductions in respect of Monthly Payments due during the related Due
      Period. The information described in the two preceding sentences that is to
      be
      supplied by the Servicer shall be either included in the related Remittance
      Report or evidenced by an Servicing Officer certification delivered to the
      Trust
      Administrator by the Servicer not later than the 18th of the calendar month
      in
      which such Distribution Date occurs (or, if such 18th day is not a Business
      Day
      (other than a Saturday), then on the next succeeding Business Day, or, if such
      18th day is a Saturday, then on the preceding Business Day), immediately
      following the end of (x) in the case of Bankruptcy Losses allocable to interest,
      the Due Period during which any such Realized Loss was incurred, and (y) in
      the
      case of all other Realized Losses, the Prepayment Period during which any such
      Realized Loss was incurred.

     

    (b) All
      Realized Losses on the Mortgage Loans shall be allocated by the Trust
      Administrator on each Distribution Date as follows: first, to Net Monthly Excess
      Cashflow; second, to Net Swap Payments received under the Interest Rate Swap
      Agreement, third, to payments received under the Interest Rate Cap Agreements,
      fourth, to the Class CE Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; fifth, to the Class M-11 Certificates, until
      the Certificate Principal Balance thereof has been reduced to zero; sixth,
      to
      the Class M-10 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero; seventh, to the Class M-9 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; eighth, to
      the
      Class M-8 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; ninth, to the Class M-7 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; tenth, to the Class M-6
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; eleventh, to the Class M-5 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; twelfth, to the Class M-4
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; thirteenth, to the Class M-3 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; fourteenth, to the Class
      M-2
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; and fifteenth, to the Class M-1 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero. All Realized Losses to
      be
      allocated to the Certificate Principal Balances of all Classes on any
      Distribution Date shall be so allocated after the actual distributions to be
      made on such date as provided above. All references above to the Certificate
      Principal Balance of any Class of Certificates shall be to the Certificate
      Principal Balance of such Class immediately prior to the relevant Distribution
      Date, before reduction thereof by any Realized Losses, in each case to be
      allocated to such Class of Certificates, on such Distribution Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated; any allocation of Realized Losses to a Class CE Certificate
      shall be made by reducing the amount otherwise payable in respect thereof
      pursuant to Section 4.01(a)(5)(iv). No allocations of any Realized Losses
      shall be made to the Certificate Principal Balances of the Class A Certificates
      or the Class P Certificates.

     

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

     

    (c) With
      respect to the REMIC I Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated by the Trust Administrator on each Distribution Date
      first, to REMIC I Regular Interest I until the Uncertificated Balance has been
      reduced to zero and then to REMIC I Regular Interest I-1-A through I-60-B,
      starting with the lowest numerical denomination until the Uncertificated Balance
      of each such REMIC I Regular Interest is reduced to zero, provided that, for
      REMIC I Regular Interests with the same numerical denomination, such Realized
      Losses shall be allocated pro rata between such REMIC I Regular
      Interests.

     

    (d) With
      respect to the REMIC II Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated by the Trust Administrator on each Distribution Date
      to
      the following REMIC II Regular Interests in the specified percentages, as
      follows: first, to Uncertificated Interest payable to the REMIC II Regular
      Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount
      equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively;
      second, to the Uncertificated Balances of the REMIC II Regular Interest II-LTAA
      and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the
      REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third,
      to
      the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II
      Regular Interest II-LTM11 and REMIC II Regular Interest II-LTZZ, 98%, 1% and
      1%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      II-LTM11 has been reduced to zero; fourth, to the Uncertificated Balances of
      REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM10 and REMIC
      II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Balance of REMIC II Regular Interest II-LTM10 has been reduced
      to
      zero; fifth, to the Uncertificated Balances of REMIC II Regular Interest
      II-LTAA, REMIC II Regular Interest II-LTM9 and REMIC II Regular Interest
      II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of
      REMIC
      II Regular Interest II-LTM9 has been reduced to zero; sixth, to the
      Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
      Interest II-LTM8 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      II-LTM8 has been reduced to zero; seventh, to the Uncertificated Balances of
      REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM7 and REMIC
      II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Balance of REMIC II Regular Interest II-LTM7 has been reduced
      to
      zero; eighth, to the Uncertificated Balances of REMIC II Regular Interest
      II-LTAA, REMIC II Regular Interest II-LTM6 and REMIC II Regular Interest
      II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of
      REMIC
      II Regular Interest II-LTM6 has been reduced to zero; ninth, to the
      Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
      Interest II-LTM5 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      II-LTM5 has been reduced to zero; tenth, to the Uncertificated Balances of
      REMIC
      II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM4 and REMIC II
      Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated
      Balance of REMIC II Regular Interest II-LTM4 has been reduced to zero; eleventh,
      to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC
      II
      Regular Interest II-LTM3 and REMIC II Regular Interest II-LTZZ, 98%, 1% and
      1%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      II-LTM3 has been reduced to zero; twelfth, to the Uncertificated Balances of
      REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM2 and REMIC
      II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Balance of REMIC II Regular Interest II-LTM2 has been reduced
      to
      zero; and thirteenth, to the Uncertificated Balances of REMIC II Regular
      Interest II-LTAA, REMIC II Regular Interest II-LTM1 and REMIC II Regular
      Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance
      of REMIC II Regular Interest II-LTM1 has been reduced to zero.

     

    SECTION
      4.05. Compliance
      with Withholding Requirements.

     

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

     

    SECTION
      4.06. Exchange
      Commission Filings; Additional Information.

     

    (a) (i)
      Within 15 days after each Distribution Date (subject to permitted extensions
      under the Exchange Act), the Trust Administrator shall, in accordance with
      industry standards, prepare and file with the Commission via the Electronic
      Data
      Gathering and Retrieval System (“EDGAR”), a distribution report on Form 10-D,
      signed by the Master Servicer, with a copy of the Monthly Statement to be
      furnished by the Trust Administrator to the Certificateholders for such
      Distribution Date. Any disclosure in addition to the Monthly Statement 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 P to the Depositor and the
      Trust
      Administrator and directed and approved by the Depositor pursuant to the
      following paragraph, and the Trust Administrator will have no duty or liability
      for any failure hereunder to determine or prepare any Additional Form 10-D
      Disclosure, except as set forth in the next paragraph.

     

    (ii) As
      set
      forth on Exhibit P hereto, within 5 calendar days after the related Distribution
      Date, (i) the parties described on Exhibit P shall be required to provide to
      the
      Trust Administrator and to 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 Trust Administrator and such party, the form and
      substance of any Additional Form 10-D Disclosure, if applicable, together with
      an Additional Disclosure Notification in the form of Exhibit Q hereto and (ii)
      the Depositor will approve, as to form and substance, or disapprove, as the
      case
      may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D.
      The
      Trust Administrator has no duty under this Agreement to monitor or enforce
      the
      performance by the other parties listed on Exhibit P of their duties under
      this
      paragraph or proactively solicit or procure from such other parties any
      Additional Form 10-D Disclosure information. The Depositor will be responsible
      for any reasonable fees and expenses assessed or incurred by the Trust
      Administrator in connection with including any Additional Form 10-D Disclosure
      on Form 10-D pursuant to this paragraph.

     

    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 hereby represents to
      the Trust Administrator that the Depositor has filed all such required reports
      during the preceding 12 months and that it has been subject to such filing
      requirement for the past 90 days. The Depositor shall notify the Trust
      Administrator in writing, no later than the fifth calendar day after the related
      Distribution Date with respect to the filing of a report on Form 10-D, if the
      answer to either question should be “no.” The Trust Administrator shall be
      entitled to rely on such representations in preparing, executing and/or filing
      any such report.

     

    After
      preparing the Form 10-D, the Trust Administrator shall forward electronically
      a
      copy of the Form 10-D to the Depositor (provided that such Form 10-D includes
      any Additional Form 10-D Disclosure). Within two Business Days after receipt
      of
      such copy, but no later than the 12th calendar day after the Distribution Date,
      the Depositor shall notify the Trust Administrator in writing (which may be
      furnished electronically) of any changes to or approval of such Form 10-D.
      In
      the absence of receipt of any written changes or approval, the Trust
      Administrator shall be entitled to assume that such Form 10-D is in final form
      and the Trust Administrator may proceed with the process for execution and
      filing of the Form 10-D. A duly authorized representative of the Master Servicer
      shall sign each Form 10-D. If a Form 10-D cannot be filed on time or if a
      previously filed Form 10-D needs to be amended, the Trust Administrator will
      follow the procedures set forth in Section 4.06(a)(vi). Promptly (but no later
      than one Business Day) after filing with the Commission, the Trust Administrator
      will make available on its internet website a final executed copy of each Form
      10-D filed by the Trust Administrator. Each party to this Agreement acknowledges
      that the performance by each of the Master Servicer and the Trust Administrator
      of its duties under this Section 4.06(a)(ii) 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
      this
      Section 4.06(a)(ii). The Depositor acknowledges that the performance by each
      of
      the Master Servicer and the Trust Administrator of its respective duties under
      this Section 4.06(a)(ii) related to the preparation and execution of Form 10-D
      is also contingent upon the Servicer, the Custodian and any Servicing Function
      Participant strictly observing deadlines no later than those set forth in this
      paragraph or in the Custodial Agreement, as applicable, that are applicable
      to
      the parties to this Agreement or the Custodial Agreement, as applicable, in
      the
      delivery to the Trust Administrator of any necessary Additional Form 10-D
      Disclosure. Neither the Master Servicer nor the Trust Administrator shall have
      any liability for any loss, expense, damage or claim arising out of or with
      respect to any failure to properly prepare or execute and/or timely file such
      Form 10-D, where such failure results from the Trust Administrator’s inability
      or failure to obtain or receive, on a timely basis, any information from any
      other party hereto or any Servicing Function Participant needed to prepare,
      arrange for execution or file such Form 10-D, not resulting from its own
      negligence, bad faith or willful misconduct. Notwithstanding anything contained
      herein, the Trust Administrator shall promptly notify the Depositor if a Form
      10-D cannot be timely filed prior to the related filing deadline.

     

    (iii) Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), and if requested by the
      Depositor, the Trust Administrator shall prepare and file on behalf of the
      Trust
      a 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 (other than the initial Form 8-K) (“Form 8-K
      Disclosure Information”) shall be reported by the parties set forth on Exhibit P
      and, pursuant to the following paragraph, directed and approved by the
      Depositor, and the Trust Administrator will have no duty or liability for any
      failure hereunder to determine or prepare any Form 8-K Disclosure Information
      or
      Form 8-K, except as set forth in the next paragraph.

     

    As
      set
      forth on Exhibit P hereto, for so long as the Trust is subject to the Exchange
      Act reporting requirements, no later than close of business (New York City
      time)
      on the 2nd Business Day after the occurrence of a Reportable Event (i) the
      parties set forth on Exhibit P shall be required pursuant to Section 4.06(a)(v)
      below to provide to the Trust Administrator 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 Trust Administrator, the Depositor
      and such party, the form and substance of any Form 8-K Disclosure Information,
      if applicable, together with an Additional Disclosure Notification and (ii)
      the
      Depositor will 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 will be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Trust Administrator in connection with including any Form 8-K
      Disclosure Information on Form 8-K pursuant to this Section.

     

    After
      preparing the Form 8-K, the Trust Administrator shall forward electronically
      a
      copy of the Form 8-K to the Depositor. Promptly, but no later than the close
      of
      business on the third Business Day after the Reportable Event, the Depositor
      shall notify the Trust Administrator in writing (which may be furnished
      electronically) of any changes to or approval of such Form 8-K. In the absence
      of receipt of any written changes or approval, the Trust Administrator shall
      be
      entitled to assume that such Form 8-K is in final form and the Trust
      Administrator may proceed with the process for execution and filing of the
      Form
      8-K. A duly authorized representative of the Master Servicer shall sign each
      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 Trust Administrator will follow the procedures
      set
      forth in Section 4.06(a)(vi). Promptly (but no later than one Business Day)
      after filing with the Commission, the Trust Administrator will make available
      on
      its internet website a final executed copy of each Form 8-K filed by the Trust
      Administrator. The parties to this Agreement acknowledge that the performance
      by
      each of the Master Servicer and the Trust Administrator of its duties under
      this
      Section 4.06(a)(iii) related to the timely preparation, execution and filing
      of
      Form 8-K is contingent upon such parties strictly observing all applicable
      deadlines in the performance of their duties under this Section 4.06(a)(iii).
      The Depositor acknowledges that the performance by each of the Master Servicer
      and the Trust Administrator of its duties under this Section 4.06(a)(iii)
      related to the preparation, execution and filing of Form 8-K is also contingent
      upon the Servicer, the Custodian (if a party to this Agreement) and any
      Servicing Function Participant strictly observing deadlines no later than those
      set forth in this paragraph (or as set forth in the Custodial Agreement with
      respect to Deutsche Bank National Trust Company) that are applicable to the
      parties to this Agreement (or the Custodial Agreement) in the delivery to the
      Trust Administrator of any necessary Form 8-K Disclosure Information pursuant
      to
      any related servicing agreement, the Custodial Agreement or any other applicable
      agreement. Neither the Master Servicer nor the Trust Administrator shall have
      any liability for any loss, expense, damage or claim arising out of or with
      respect to any failure to properly prepare, execute or timely file such Form
      8-K, where such failure results from the Trust Administrator’s inability or
      failure to obtain or receive, on a timely basis, any information from the
      Servicer, the Custodian or any Servicing Function Participant (other than any
      Servicing Function Participant engaged by the Master Servicer or Trust
      Administrator) needed to prepare, arrange for execution or file such Form 8-K,
      not resulting from its own negligence, bad faith or willful misconduct.
      Notwithstanding anything contained herein, the Trust Administrator shall
      promptly notify the Depositor if a Form 8-K cannot be timely filed prior to
      the
      related filing deadline.

     

    (iv)
       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 2007, the Trust Administrator shall prepare
      and
      file on behalf of the Trust a Form 10-K, in form and substance as required
      by
      the Exchange Act. Each such Form 10-K shall include the following items, in
      each
      case to the extent they have been delivered to the Trust Administrator within
      the applicable time frames set forth in this Agreement:

     

    (a) an
      annual
      compliance statement for the Servicer, the Master Servicer, the Trust
      Administrator and any Servicing Function Participant engaged by such parties
      (each, a “Reporting
      Servicer”)
      as
      described under Section 3.20 of this Agreement, provided,
      however,
      that
      the Trust Administrator, at its discretion, may omit from the Form 10-K any
      annual compliance statement that is not required to be filed with such Form
      10-K
      pursuant to Regulation AB;

     

    (b) (A)
      the
      annual reports on assessment of compliance with Servicing Criteria for each
      Reporting Servicer, as described under Section 3.21 of this Agreement and (B)
      if
      each Reporting Servicer’s report on assessment of compliance with Servicing
      Criteria identifies any material instance of noncompliance, disclosure
      identifying such instance of noncompliance, or if each Reporting Servicer’s
      report on assessment of compliance with Servicing Criteria 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, provided,
      however,
      that
      the Trust Administrator, at its discretion, may omit from the Form 10-K any
      assessment of compliance or attestation report described in clause (c) below
      that is not required to be filed with such Form 10-K pursuant to Regulation
      AB;

     

    (c) (A)
      the
      registered public accounting firm attestation report for each Reporting
      Servicer, as described under Section 3.21 of this Agreement and (B) if any
      registered public accounting firm attestation report 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

     

    (d) a
      Sarbanes-Oxley Certification as described in this Section
      4.06(a)(iv).

     

    Any
      disclosure or information in addition to (a) through (d) 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 P to the Depositor and the
      Trust
      Administrator and directed and approved by the Depositor pursuant to the
      following paragraph, and the Trust Administrator will have no duty or liability
      for any failure hereunder to determine or prepare any Additional Form 10-K
      Disclosure, except as set forth in the next paragraph.

     

    As
      set
      forth on Exhibit P hereto, no later than March 15th
      (with no
      cure period) of each year that the Trust is subject to the Exchange Act
      reporting requirements, commencing in 2007, (i) the parties described on Exhibit
      P shall be required to provide to the Trust Administrator and to 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 Trust
      Administrator and such party, the form and substance of any Additional Form
      10-K
      Disclosure, if applicable, together with an Additional Disclosure Notification,
      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 Trust Administrator has no duty under this Agreement to monitor or
      enforce the performance by the other parties listed on Exhibit P of their duties
      under this paragraph or proactively solicit or procure from such other parties
      any Additional Form 10-K Disclosure information. The Depositor will be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Trust Administrator in connection with including any Additional Form 10-K
      Disclosure on Form 10-K pursuant to this paragraph.

     

    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 hereby represents to
      the Trust Administrator that the Depositor has filed all such required reports
      during the preceding 12 months and that it has been subject to such filing
      requirement for the past 90 days. The Depositor shall notify the Trust
      Administrator in writing, no later than March 15th with respect to the filing
      of
      a report on Form 10-K, if the answer to either question should be “no.” The
      Trust Administrator shall be entitled to rely on such representations in
      preparing, executing and/or filing any such report.

     

    After
      preparing the Form 10-K, the Trust Administrator shall forward electronically
      a
      copy of the Form 10-K to the Depositor. Within three Business Days after receipt
      of such copy, but no later than March 25th, the Depositor shall notify the
      Trust
      Administrator in writing (which may be furnished electronically) of any changes
      to or approval of such Form 10-K. In the absence of receipt of any written
      changes or approval, the Trust Administrator shall be entitled to assume that
      such Form 10-K is in final form, and the Trust Administrator may proceed with
      the process for execution and filing of the Form 10-K. A senior officer of
      the
      Master Servicer in charge of the master servicing function shall sign the Form
      10-K. If a Form 10-K cannot be filed on time or if a previously filed Form
      10-K
      needs to be amended, the Trust Administrator will follow the procedures set
      forth in Section 4.06(a)(vi). Promptly (but no later than one Business Day)
      after filing with the Commission, the Trust Administrator will make available
      on
      its internet website a final executed copy of each Form 10-K filed by the Trust
      Administrator. The parties to this Agreement acknowledge that the performance
      by
      each of the Master Servicer and the Trust Administrator of its duties under
      this
      Section 4.04(a)(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 this Section 4.04(a)(iv),
      Section 3.20 and Section 3.21. The Depositor acknowledges that the performance
      by each of the Master Servicer and the Trust Administrator of its duties under
      this Section 4.04(a)(iv) related to the timely preparation and execution of
      Form
      10-K is also contingent upon the Servicer, the Custodian and any Servicing
      Function Participant strictly observing deadlines no later than those set forth
      in this paragraph (or as set forth in the Custodial Agreement with respect
      to
      Deutsche Bank National Trust Company) that are applicable to the parties to
      this
      Agreement (or the Custodial Agreement) in the delivery to the Trust
      Administrator of any necessary Additional Form 10-K Disclosure, any annual
      statement of compliance and any assessment of compliance and attestation
      pursuant to the related Servicing Agreement, the Custodial Agreement or any
      other applicable agreement. Neither the Master Servicer nor the Trust
      Administrator shall have any liability for any loss, expense, damage or claim
      arising out of or with respect to any failure to properly prepare, execute
      and/or timely file such Form 10-K, where such failure results from the Trust
      Administrator’s inability or failure to obtain or receive, on a timely basis,
      any information from the Servicer, the Custodian or any Servicing Function
      Participant needed to prepare, arrange for execution or file such Form 10-K,
      not
      resulting from its own negligence, bad faith or willful misconduct.
      Notwithstanding anything contained herein, the Trust Administrator shall
      promptly notify the Depositor if a Form 10-K cannot be timely filed prior to
      the
      related filing deadline.

     

    Each
      Form
      10-K shall include a Sarbanes-Oxley Certification, substantially in the form
      set
      forth in Exhibit J-1 attached hereto, required to be included therewith pursuant
      to the Sarbanes-Oxley Act. The Servicer and the Trust Administrator shall
      provide, and each such party shall cause any Servicing Function Participant
      engaged by it to provide, to the Person who signs the Sarbanes-Oxley
      Certification (the “Certifying
      Person”),
      by
      March 15th (with no cure period) of each year in which the Trust is subject
      to
      the reporting requirements of the Exchange Act and otherwise within a reasonable
      period of time upon request, a certification (each, a “Back-Up
      Certification”),
      in
      the form attached hereto as Exhibit J-2, 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. The senior 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 by e-mail at
      cts.sec.notifications@wellsfargo.com or by facsimile at 410-715-2380. In the
      event any such party or any Servicing Function Participant engaged by such
      party
      is terminated or resigns pursuant to the terms of this Agreement, or any
      applicable sub-servicing agreement, as the case may be, such party shall provide
      a Back-Up Certification to the Certifying Person pursuant to this Section 4.06
      (a)(iv) with respect to the period of time it was subject to this Agreement
      or
      any applicable sub-servicing agreement, as the case may be. Notwithstanding
      the
      foregoing, (i) the Master Servicer and the Trust Administrator shall not be
      required to deliver a Back-Up Certification to each other if both are the same
      Person and the Master Servicer is the Certifying Person and (ii) the Master
      Servicer shall not be obligated to sign the Sarbanes-Oxley Certification in
      the
      event that it does not receive any Back-Up Certification required to be
      furnished to it pursuant to this section or any Servicing Agreement or any
      other
      agreement.

     

    (v) 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 Trust Administrator’s obligation to
      include such Additional Information in the applicable Exchange Act report is
      subject to its receipt of such information from the entity that is indicated
      in
      Exhibit P as the responsible party for providing such information, if other
      than
      the Trust Administrator, as and when required as described in Section
      4.06(a)(ii) through (iv) above. Each of the Master Servicer, the Servicer and
      Depositor hereby agree to notify and to provide, to the extent known, to the
      Trust Administrator and the Depositor, all Additional Disclosure relating to
      the
      Trust Fund, with respect to which such party is the responsible party for
      providing that information, as indicated in Exhibit P hereof. The Swap Provider
      will be obligated pursuant to the Interest Rate Swap Agreement to provide to
      the
      Trust Administrator and the Depositor any information that may be required
      to be
      included in any Form 10-D, Form 8-K or Form 10-K. The Servicer shall be
      responsible for determining the pool concentration applicable to any related
      Sub-Servicer or Originator at any time, for purposes of disclosure as required
      by Items 1108 and 1110 of Regulation AB.

     

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

     

    In
      the
      event that the Trust Administrator is unable to timely file with the Commission
      all or any required portion of any Form 8-K, Form 10-D or Form 10-K required
      to
      be filed pursuant to this Agreement because required disclosure information
      was
      either not delivered to it or was delivered to it after the delivery deadlines
      set forth in this Agreement or for any other reason, the Trust Administrator
      will promptly electronically notify the Depositor. In the case of Form 10-D
      and
      Form 10-K, the parties to this Agreement will cooperate to prepare and file
      a
      Form 12b-25 and a Form 10-D/A and Form 10-K/A as applicable, pursuant to Rule
      12b-25 of the Exchange Act. In the case of Form 8-K, the Trust Administrator
      will, upon receipt of all required Form 8-K Disclosure Information and upon
      the
      approval and direction of the Depositor, include such disclosure information
      on
      the next Form 10-D. In the event that any previously filed Form 8-K, Form 10-D
      or Form 10-K needs to be amended in connection with any Additional Form 10-D
      Disclosure (other than, in the case of Form 10-D, for the purpose of restating
      any Monthly Statement), Additional Form 10-K Disclosure or Form 8-K Disclosure
      Information, the Trust Administrator will electronically notify the Depositor
      and such other parties to the transaction as are affected by such amendment,
      and
      such parties will cooperate to prepare any necessary Form 8-K/A, Form 10-D/A
      or
      Form 10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, Form 10-D
      or
      Form 10-K shall be signed by a duly authorized representative, or senior officer
      in charge of master servicing, as applicable, of the Master Servicer. The
      parties to this Agreement acknowledge that the performance by each of the Master
      Servicer and the Trust Administrator of its duties under this Section
      4.06(a)(vi) related to the timely preparation, execution and filing of Form
      15,
      a Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K is contingent
      upon each such party performing its duties under this Section. Neither the
      Master Servicer nor the Trust Administrator shall have any liability for any
      loss, expense, damage or claim arising out of or with respect to any failure
      to
      properly prepare, execute and/or timely file any such Form 15, Form 12b-25
      or
      any amendments to Form 8-K, Form 10-D or Form 10-K, where such failure results
      from the Trust Administrator’s inability or failure to obtain or receive, on a
      timely basis, any information from the Servicer, the Custodian or any Servicing
      Function Participant needed to prepare, arrange for execution or file such
      Form
      15, Form 12b-25 or any amendments to Form 8-K, Form 10-D or Form 10-K, not
      resulting from its own negligence, bad faith or willful misconduct.

     

    The
      Depositor agrees to promptly furnish to the Trust Administrator, from time
      to
      time upon request, such further information, reports and financial statements
      within its control related to this Agreement, and the Mortgage Loans as the
      Trust Administrator reasonably deems appropriate to prepare and file all
      necessary reports with the Commission. The Trust Administrator shall have no
      responsibility to file any items other than those specified in this Section
      4.06; provided, however, the Trust Administrator will 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 Trust Administrator in connection with this Section 4.06 shall
      not be reimbursable from the Trust Fund.

     

    (vii) [Reserved].

     

    (b) The
      Trust
      Administrator shall indemnify and hold harmless the Depositor and 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) a breach of the
      Trust Administrator’s obligations under this Section 4.06 or the Trust
      Administrator’s negligence, bad faith or willful misconduct in connection
      therewith or (ii) any material misstatement or omission in the Annual Statement
      of Compliance and the Assessment of Compliance delivered by the Trust
      Administrator pursuant to Section 3.20 and Section 3.21.

     

    The
      Depositor shall indemnify and hold harmless the Trust Administrator and the
      Master Servicer and 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 a breach of the obligations of the Depositor under
      this Section 4.06 or the Depositor’s negligence, bad faith or willful misconduct
      in connection therewith.

     

    The
      Master Servicer shall indemnify and hold harmless the Trust Administrator and
      the Depositor and 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) a breach of the obligations of the Master
      Servicer under this Section 4.06 or the Master Servicer’s negligence, bad faith
      or willful misconduct in connection therewith or (ii) any material misstatement
      or omission in the Statement as to Compliance delivered by the Master Servicer
      pursuant to Section 3.20 or the Assessment of Compliance delivered by the Master
      Servicer pursuant to Section 3.21.

     

    The
      Servicer shall indemnify and hold harmless the Master Servicer, Trust
      Administrator and the Depositor and 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) a breach of the obligations of
      the
      Servicer under this Section 4.06 and (ii) any material misstatement or omission
      in the Annual Statement of Compliance delivered by the Servicer pursuant to
      Section 3.20 or the Assessment of Compliance delivered by the Servicer pursuant
      to Section 3.21.

     

    Notwithstanding
      the provisions set forth in this Agreement, the Servicer shall not be obligated
      to provide any indemnification or reimbursement hereunder to any other party
      for
      any losses, damages, penalties, fines, forfeitures, legal fees and expenses
      and
      related costs, judgments, and any other costs, fees and expenses that any of
      them may sustain which are indirect, consequential, punitive or special in
      nature.

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Depositor, the Master Servicer or the Trust Administrator, as
      applicable, then the defaulting party, in connection with a breach of its
      respective obligations under this Section 4.06 or its respective negligence,
      bad
      faith or willful misconduct in connection therewith, 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.

     

    (c) Nothing
      shall be construed from the foregoing subsections (a) and (b) to require the
      Trust Administrator or any officer, director or Affiliate thereof to sign any
      Form 10-K or any certification contained therein. Furthermore, the inability
      of
      the Trust Administrator to file a Form 10-K as a result of the lack of required
      information as set forth in Section 4.06(a) or required signatures on such
      Form
      10-K or any certification contained therein shall not be regarded as a breach
      by
      the Trust Administrator of any obligation under this Agreement.

     

    (d) Notwithstanding
      the provisions of Section 11.01, this Section 4.06 may be amended without the
      consent of the Certificateholders.

     

    SECTION
      4.07. Net
      WAC
      Rate Carryover Reserve Account.

     

    No
      later
      than the Closing Date, the Trust Administrator shall establish and maintain
      with
      itself a separate, segregated trust account titled, “Wells Fargo Bank, N.A. as
      Trust Administrator, in trust for the registered holders of MASTR Asset Backed
      Securities Trust 2006-HE5, Mortgage Pass-Through Certificates, Series
      2006-HE5—Net WAC Rate Carryover Reserve Account.” All amounts deposited in the
      Net WAC Rate Carryover Reserve Account shall be distributed to the Holders
      of
      the Class A Certificates and/or the Mezzanine Certificates in the manner set
      forth in Section 4.01.

     

    On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to the Class A Certificates and/or the Mezzanine Certificates, the Trust
      Administrator has been directed by the Class CE Certificateholders to, and
      therefore will, deposit into the Net WAC Rate Carryover Reserve Account the
      amounts described in Section 4.01(e)(v), rather than distributing such
      amounts to the Class CE Certificateholders. On each such Distribution Date,
      the
      Trust Administrator shall hold all such amounts for the benefit of the Holders
      of the Class A Certificates and the Mezzanine Certificates, and will distribute
      such amounts to the Holders of the Class A Certificates and/or the Mezzanine
      Certificates in the amounts and priorities set forth in
      Section 4.01(a).

     

    It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be
      disregarded as an entity separate from the Holder of the Class CE Certificates
      unless and until the date when either (a) there is more than one Class CE
      Certificateholder or (b) any Class of Certificates in addition to the Class
      CE
      Certificates is recharacterized as an equity interest in the Net WAC Rate
      Carryover Reserve Account for federal income tax purposes, in which case it
      is
      the intention of the parties hereto that, for federal and state income and
      state
      and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
      be
      treated as a grantor trust; provided, that the Trust Administrator shall not
      be
      required to prepare and file grantor trust tax returns in respect of such
      grantor trust unless it receives additional reasonable compensation (not to
      exceed $10,000 per year) from the Holders of the Class CE Certificates for
      the
      preparation of such filings, written notification recognizing the creation
      of a
      grantor trust and comparable documentation evidencing the grantor trust, if
      any.
      All amounts deposited into the Net WAC Rate Carryover Reserve Account shall
      be
      treated as amounts distributed by REMIC III to the Holder of the Class CE
      Interest and by REMIC IV to the Holder of the Class CE Certificates. The Net
      WAC
      Rate Carryover Reserve Account will be an “outside reserve fund” within the
      meaning of Treasury Regulation Section 1.860G-2(h). Upon the termination of
      the
      Trust, or the payment in full of the Class A and the Mezzanine Certificates,
      all
      amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account
      will
      be released by the Trust and distributed to the Seller or its designee. The
      Net
      WAC Rate Carryover Reserve Account will be part of the Trust but not part of
      any
      REMIC and any payments to the Holders of the Class A and the Mezzanine
      Certificates of Net WAC Rate Carryover Amounts will not be payments with respect
      to a “regular interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

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

     

    SECTION
      4.08. Swap
      Account.

     

    (a) On
      the
      Closing Date, there is hereby established a separate trust (the “Supplemental
      Interest Trust”), into which the Depositor shall deposit: (i) the Interest Rate
      Swap Agreement and (ii) the Swap Administration Agreement. The Supplemental
      Interest Trust shall be maintained by the Supplemental Interest Trust Trustee.
      No later than the Closing Date, the Supplemental Interest Trust Trustee shall
      establish and maintain with itself a separate, segregated trust account titled,
      “Wells Fargo Bank, N.A. as Supplemental Interest Trust Trustee, in trust for
      the
      registered holders of MASTR Asset Backed Securities Trust 2006-HE5, Mortgage
      Pass-Through Certificates, Series 2006-HE5—Swap Account.” Such account shall be
      an Eligible Account and funds on deposit therein shall be held separate and
      apart from, and shall not be commingled with, any other moneys, including,
      without limitation, other moneys of the Supplemental Interest Trust Trustee
      held
      pursuant to this Agreement. Amounts therein shall be held
      uninvested.

     

    (b) On
      each
      Distribution Date, prior to any distribution to any Certificate, the
      Supplemental Interest Trust Trustee shall deposit into the Swap Account: (i)
      the
      amount of any Net Swap Payment or Swap Termination Payment (other than any
      Swap
      Termination Payment resulting from a Swap Provider Trigger Event) owed to the
      Swap Provider (after taking into account any upfront payment received from
      the
      counterparty to a replacement interest rate swap agreement) from funds collected
      and received with respect to the Mortgage Loans prior to the determination
      of
      Available Funds and (ii) amounts received by the Supplemental Interest Trust
      Trustee from the Swap Provider, for distribution pursuant to the Swap
      Administration Agreement, dated as of the Closing Date (the “Swap Administration
      Agreement”), among Wells Fargo Bank, N.A. in its capacity as Supplemental
      Interest Trust Trustee, Wells Fargo Bank, N.A. in its capacity as Swap
      Administrator, Wells Fargo Bank, N.A. in its capacity as Trust Administrator
      and
      the Seller.

     

    (c) The
      Supplemental Interest Trust will be an “outside reserve fund” within the meaning
      of Treasury Regulation Section 1.860G-2(h). It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Supplemental Interest Trust be disregarded
      as
      an entity separate from the Holder of the Class CE Certificates unless and
      until
      the date when either (a) there is more than one Class CE Certificateholder
      or
      (b) any Class of Certificates in addition to the Class CE Certificates is
      recharacterized as an equity interest in the Supplemental Interest Trust for
      federal income tax purposes, in which case it is the intention of the parties
      hereto that, for federal and state income and state and local franchise tax
      purposes, the Supplemental Interest Trust be treated as a grantor trust;
      provided, that the Trust Administrator shall not be required to prepare and
      file
      grantor trust tax returns in respect of such grantor trust unless it receives
      additional reasonable compensation (not to exceed $10,000 per year) from the
      Holders of the Class CE Certificates for the preparation of such filings,
      written notification recognizing the creation of a grantor trust and comparable
      documentation evidencing the grantor trust, if any.

     

    (d) To
      the
      extent that the Supplemental Interest Trust is determined to be a separate
      legal
      entity from the Supplemental Interest Trust Trustee, any obligation of the
      Supplemental Interest Trust Trustee under the Interest Rate Swap Agreement
      shall
      be deemed to be an obligation of the Supplemental Interest Trust.

     

    (e) The
      Trust
      Administrator shall treat the Holders of Certificates (other than the Class
      P,
      Class CE, Class R and Class R-X Certificates) as having entered into a notional
      principal contract with respect to the Holders of the Class CE Certificates.
      Pursuant to each such notional principal contract, all Holders of Certificates
      (other than the Class P, Class CE, Class R and Class R-X Certificates) shall
      be
      treated as having agreed to pay, on each Distribution Date, to the Holder of
      the
      Class CE Certificates an aggregate amount equal to the excess, if any, of (i)
      the amount payable on such Distribution Date on the REMIC III Regular Interest
      corresponding to such Class of Certificates over (ii) the amount payable on
      such
      Class of Certificates on such Distribution Date (such excess, a “Class IO
      Distribution Amount”). A Class IO Distribution Amount payable from interest
      collections shall be allocated pro rata among such Certificates based on the
      excess of (a) the amount of interest otherwise payable to such Certificates
      over
      (ii) the amount of interest payable to such Certificates at a per annum rate
      equal to the Net WAC Pass-Through Rate, and a Class IO Distribution Amount
      payable from principal collections shall be allocated to the most subordinate
      Class of Certificates with an outstanding principal balance to the extent of
      such balance. In addition, pursuant to such notional principal contract, the
      Holder of the Class CE Certificates shall be treated as having agreed to pay Net
      WAC Rate Carryover Amounts to the Holders of the Certificates (other than the
      Class CE, Class P, Class R and Class R-X Certificates) in accordance with the
      terms of this Agreement. Any payments to the Certificates from amounts deemed
      received in respect of this notional principal contract shall not be payments
      with respect to a Regular Interest in a REMIC within the meaning of Code Section
      860G(a)(1). However, any payment from the Certificates (other than the Class
      CE,
      Class P, Class R and Class R-X Certificates) of a Class IO Distribution Amount
      shall be treated for tax purposes as having been received by the Holders of
      such
      Certificates in respect of their interests in REMIC III and as having been
      paid
      by such Holders to the Trust Administrator pursuant to the notional principal
      contract. Thus, each Certificate (other than the Class P, Class R and Class
      R-X
      Certificates) shall be treated as representing not only ownership of Regular
      Interests in REMIC III or REMIC IV, but also ownership of an interest in, and
      obligations with respect to, a notional principal contract.

     

    SECTION
      4.09. Tax
      Treatment of Swap Payments and Swap Termination Payments.

     

    For
      federal income tax purposes, each holder of a Class A or Mezzanine Certificate
      is deemed to own an undivided beneficial ownership interest in a REMIC regular
      interest and the right to receive payments from either the Net WAC Rate
      Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate
      Carryover Amount or the obligation to make payments to the Swap Account. For
      federal income tax purposes, the Trust Administrator will account for payments
      to each Class A and Mezzanine Certificates as follows: each Class A and
      Mezzanine Certificate will be treated as receiving their entire payment from
      REMIC III (regardless of any Swap Termination Payment or obligation under the
      Interest Rate Swap Agreement) and subsequently paying their portion of any
      Swap
      Termination Payments in respect of each such Class’ obligation under the
      Interest Rate Swap Agreement. In the event that any such Class is resecuritized
      in a REMIC, the obligation under the Interest Rate Swap Agreement to pay any
      such Swap Termination Payment (or any shortfall in Swap Provider Fee), will
      be
      made by one or more of the REMIC Regular Interests issued by the
      resecuritization REMIC subsequent to such REMIC Regular Interest receiving
      its
      full payment from any such Class A or Mezzanine Certificate.

     

    The
      REMIC
      regular interest corresponding to a Class A or Mezzanine Certificate will be
      entitled to receive interest and principal payments at the times and in the
      amounts equal to those made on the certificate to which it corresponds, except
      that (i) the maximum interest rate of that REMIC regular interest will equal
      the
      Net WAC Pass-Through Rate computed for this purpose by limiting the Base
      Calculation Amount of the Interest Rate Swap Agreement to the aggregate Stated
      Principal Balance of the Mortgage Loans and (ii) any Swap Termination Payment
      will be treated as being payable solely from Net Monthly Excess Cashflow. As
      a
      result of the foregoing, the amount of distributions and taxable income on
      the
      REMIC regular interest corresponding to a Class A or Mezzanine Certificate
      may
      exceed the actual amount of distributions on the Class A or Mezzanine
      Certificate.

     

    SECTION
      4.10. Cap
      Account.

     

    (a) No
      later
      than the Closing Date, the Trust Administrator shall establish and maintain
      with
      itself, a separate, segregated trust account titled, “Wells Fargo Bank, N.A. as
      Trust Administrator, in trust for the registered holders of MASTR Asset Backed
      Securities Trust 2006-HE5, Mortgage Pass-Through Certificates, Series
      2006-HE5—Cap Account.” Such account shall be an Eligible Account and amounts
      therein shall be held uninvested.

     

    (b) On
      each
      Distribution Date, prior to any distribution to any Certificate, the Trust
      Administrator shall deposit into the Cap Account amounts received by the Trust
      Administrator under the Interest Rate Cap Agreements for distribution in
      accordance with Section 4.01(h) above.

     

    (c) It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Cap Account be disregarded as an entity
      separate from the Holder of the Class CE Certificates unless and until the
      date
      when either (a) there is more than one Class CE Certificateholder or (b) any
      Class of Certificates in addition to the Class CE Certificates is
      recharacterized as an equity interest in the Cap Account for federal income
      tax
      purposes, in which case it is the intention of the parties hereto that, for
      federal and state income and state and local franchise tax purposes, the Cap
      Account be treated as a grantor trust; provided, that the Trust Administrator
      shall not be required to prepare and file grantor trust tax returns in respect
      of such grantor trust unless it receives additional reasonable compensation
      (not
      to exceed $10,000 per year) from the Holders of the Class CE Certificates for
      the preparation of such filings, written notification recognizing the creation
      of a grantor trust and comparable documentation evidencing the grantor trust,
      if
      any. The
      Cap
      Account will be an “outside reserve fund” within the meaning of Treasury
      Regulation Section 1.860G-2(h). Upon the termination of the Trust Fund, or
      the
      payment in full of the Class A Certificates and the Mezzanine Certificates,
      all
      amounts remaining on deposit in the Cap Account shall be released by the Trust
      Fund and distributed to the Class CE Certificateholders or their designees.
      The
      Cap Account shall be part of the Trust Fund but not part of any Trust REMIC
      and
      any payments to the Holders of the Floating Rate Certificates of Net WAC Rate
      Carryover Amounts will not be payments with respect to a “regular interest” in a
      REMIC within the meaning of Code Section 860(G)(a)(1).

     

    (d) By
      accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees
      to direct the Trust Administrator, and the Trust Administrator is hereby
      directed, to deposit into the Cap Account the amounts described above on each
      Distribution Date.

     

    (e) For
      federal income tax purposes, the Depositor shall provide the Trust
      Administrator, no later than January 1, 2007, the value of the right of the
      Class A and Mezzanine Certificates to receive Net WAC Rate Carryover Amounts
      from the Net WAC Rate Carryover Reserve Account and the Swap
      Account.

     

    SECTION
      4.11. Collateral
      Accounts.

     

    (a) The
      Trust
      Administrator is hereby directed to perform the obligations of the Custodian
      as
      defined under the Interest Rate Cap Credit Support Annex (the “Interest Rate Cap
      Custodian”). On or before the Closing Date, the Interest Rate Cap Custodian
      shall establish an Interest Rate Cap Collateral Account. The Interest Rate
      Cap
      Collateral Account shall be held in the name of the Interest Rate Cap Custodian
      in trust for the benefit of the Certificateholders. The Interest Rate Cap
      Collateral Account must be an Eligible Account and shall be titled “Interest
      Rate Cap Collateral Account, Wells Fargo Bank, N.A., as Interest Rate Cap
      Custodian for Wells Fargo Bank, N.A. as Trust Administrator, in trust for the
      registered Certificateholders of MASTR Asset Backed Securities Trust 2006-HE5,
      Mortgage Pass-Through Certificates, Series 2006-HE5.”

     

    The
      Interest Rate Cap Custodian shall credit to Interest Rate Cap Collateral Account
      all collateral (whether in the form of cash or securities) posted by the
      Interest Rate Cap Provider to secure the obligations of the Interest Rate Cap
      Provider in accordance with the terms of the Interest Rate Cap Agreements.
      Except for investment earnings, the Interest Rate Cap Provider shall not have
      any legal, equitable or beneficial interest in the Interest Rate Cap Collateral
      Account other than in accordance with this Agreement, the Interest Rate Cap
      Agreements and applicable law. The Interest Rate Cap Custodian shall maintain
      and apply all collateral and earnings thereon on deposit in the Interest Rate
      Cap Collateral Account in accordance with the Interest Rate Cap Credit Support
      Annex and this Agreement.

     

    Cash
      collateral posted by the Interest Rate Cap Provider in accordance with the
      Interest Rate Cap Credit Support Annex shall be maintained in accordance with
      the requirements of the Interest Rate Cap Credit Support Annex. The Trust
      Administrator shall not be liable for any losses incurred on such investment.
      All amounts earned on amounts on deposit in the Interest Rate Cap Collateral
      Account (whether cash collateral or securities) shall be taxable to the Interest
      Rate Cap Provider.

     

    Upon
      the
      occurrence of an Event of Default, a Termination Event, or an Additional
      Termination Event (each as defined in the Interest Rate Cap Agreements) with
      respect to the Interest Rate Cap Provider or upon the occurrence or designation
      of an Early Termination Date (as defined in the Interest Rate Cap Agreements)
      as
      a result of any such Event of Default, Termination Event, or Additional
      Termination Event with respect to the Interest Rate Cap Provider, and, in either
      such case, unless the Interest Rate Cap Provider has paid in full all of its
      Obligations (as defined in the Interest Rate Cap Credit Support Annex) that
      are
      then due, then any collateral posted by the Interest Rate Cap Provider in
      accordance with the Interest Rate Cap Credit Support Annex shall be applied
      to
      the payment of any Obligations due to Party B (as defined in the Interest Rate
      Cap Agreements) in accordance with the Interest Rate Cap Credit Support Annex.
      Any excess amounts held in such Interest Rate Cap Collateral Account after
      payment of all amounts owing to Party B under the Interest Rate Cap Agreement
      shall be withdrawn from the Interest Rate Cap Collateral Account and paid to
      the
      Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit
      Support Annex.

     

    (b) The
      Trust
      Administrator (in its capacity as Supplemental Interest Trust Trustee) is hereby
      directed to perform the obligations of the Custodian as defined under the Swap
      Credit Support Annex (the “Swap Custodian”). On or before the Closing Date, the
      Swap Custodian shall establish a Swap Collateral Account. The Swap Collateral
      Account shall be held in the name of the Swap Custodian in trust for the benefit
      of the Certificateholders. The Swap Collateral Account must be an Eligible
      Account and shall be titled “Swap Collateral Account, Wells Fargo Bank, N.A., as
      Swap Custodian for Wells Fargo Bank, N.A. as Trust Administrator, in trust
      for
      the registered Certificateholders of MASTR Asset Backed Securities Trust
      2006-HE5, Mortgage Pass-Through Certificates, Series 2006-HE5.”

     

    The
      Swap
      Custodian shall credit to Swap Collateral Account all collateral (whether in
      the
      form of cash or securities) posted by the Swap Provider to secure the
      obligations of the Swap Provider in accordance with the terms of the Interest
      Rate Swap Agreement. Except for investment earnings, the Swap Provider shall
      not
      have any legal, equitable or beneficial interest in the Swap Collateral Account
      other than in accordance with this Agreement, the Interest Rate Swap Agreement
      and applicable law. The Swap Custodian shall maintain and apply all collateral
      and earnings thereon on deposit in the Swap Collateral Account in accordance
      with the Swap Credit Support Annex and this Agreement.

     

    Cash
      collateral posted by the Swap Provider in accordance with the Swap Credit
      Support Annex shall be maintained in accordance with the requirements of the
      Swap Credit Support Annex. The Trust Administrator shall not be liable for
      any
      losses incurred on such investment. All amounts earned on amounts on deposit
      in
      the Swap Collateral Account (whether cash collateral or securities) shall be
      taxable to the Swap Provider.

     

    Upon
      the
      occurrence of an Event of Default, a Termination Event, or an Additional
      Termination Event (each as defined in the Interest Rate Swap Agreement) with
      respect to the Swap Provider or upon the occurrence or designation of an Early
      Termination Date (as defined in the Interest Rate Swap Agreement) as a result
      of
      any such Event of Default, Termination Event, or Additional Termination Event
      with respect to the Interest Rate Swap Provider, and, in either such case,
      unless the Swap Provider has paid in full all of its Obligations (as defined
      in
      the Swap Credit Support Annex) that are then due, then any collateral posted
      by
      the Swap Provider in accordance with the Swap Credit Support Annex shall be
      applied to the payment of any Obligations due to Party B (as defined in the
      Interest Rate Swap Agreement) in accordance with the Swap Credit Support Annex.
      Any excess amounts held in such Swap Collateral Account after payment of all
      amounts owing to Party B under the Interest Rate Swap Agreement shall be
      withdrawn from the Swap Collateral Account and paid to the Swap Provider in
      accordance with the Swap Credit Support Annex.

     

    SECTION
      4.12. Rights
      and Obligations Under the Interest Rate Cap Agreements and the Interest Rate
      Swap Agreement.

     

    (a) In
      the
      event that the Interest Rate Cap Provider fails to perform any of its
      obligations under either of the Interest Rate Cap Agreements (including, without
      limitation, its obligation to make any payment or transfer collateral), or
      breaches any of its representations and warranties thereunder, or in the event
      that any Event of Default, Termination Event, or Additional Termination Event
      (each as defined in the Interest Rate Cap Agreements) occurs with respect to
      either of the Interest Rate Cap Agreements, the Trust Administrator shall,
      promptly following actual notice of such failure, breach or event, notify the
      Depositor and send any notices and make any demands, on behalf of the Trust,
      required to enforce the rights of the Trust under the related Interest Rate
      Cap
      Agreement.

     

    In
      the
      event that the Interest Rate Cap Provider’s obligations are guaranteed by a
      third party under a guaranty relating to either of the Interest Rate Cap
      Agreements (such guaranty the “Guaranty” and such third party the “Guarantor”),
      then to the extent that the Interest Rate Cap Provider fails to make any payment
      by the close of business on the day it is required to make payment under the
      terms of the related Interest Rate Cap Agreement, the Trust Administrator shall,
      promptly following actual knowledge of the Interest Rate Cap Provider’s failure
      to pay, demand that the Guarantor make any and all payments then required to
      be
      made by the Guarantor pursuant to such Guaranty; provided, that the Trust
      Administrator shall in no event be liable for any failure or delay in the
      performance by the Interest Rate Cap Provider or any Guarantor of its
      obligations hereunder or pursuant to the related Interest Rate Cap Agreement
      and
      the Guaranty, nor for any special, indirect or consequential loss or damage
      of
      any kind whatsoever (including but not limited to lost profits) in connection
      therewith.

     

    Upon
      an
      early termination of either of the Interest Rate Cap Agreements other than
      in
      connection with the optional termination of the Trust, the Trust Administrator,
      at the direction of the Depositor, will use reasonable efforts to appoint a
      successor interest rate cap provider to enter into a new interest rate cap
      agreement on terms substantially similar to the related Interest Rate Cap
      Agreement, with a successor interest rate cap provider meeting all applicable
      eligibility requirements. If the Trust Administrator receives a termination
      payment from the Interest Rate Cap Provider in connection with such early
      termination, the Trust Administrator will apply such termination payment to
      any
      upfront payment required to appoint the successor interest rate cap provider.
      If
      the Trust Administrator is required to pay a termination payment to the Interest
      Rate Cap Provider in connection with such early termination, the Trust
      Administrator will apply any upfront payment received from the successor
      interest rate cap provider to pay such termination payment.

     

    If
      the
      Trust Administrator is unable to appoint a successor interest rate cap provider
      within 30 days of the early termination, then the Trust Administrator will
      deposit any termination payment received from the original Interest Rate Cap
      Provider into a separate, non-interest bearing reserve account and will, on
      each
      subsequent Distribution Date, withdraw from the amount then remaining on deposit
      in such reserve account an amount equal to the payment, if any, that would
      have
      been paid to the Trust Administrator by the original Interest Rate Cap Provider
      calculated in accordance with the terms of the original Interest Rate Cap
      Agreement, and distribute such amount in accordance with the terms of Section
      4.01(h).

     

    Upon
      an
      early termination of either of the Interest Rate Cap Agreements in connection
      with the optional termination of the Trust, if the Trust Administrator receives
      a termination payment from the Interest Rate Cap Provider, such termination
      payment will be distributed in accordance with Section 4.01(h).

     

    (b) In
      the
      event that the Swap Provider fails to perform any of its obligations under
      the
      Interest Rate Swap Agreement (including, without limitation, its obligation
      to
      make any payment or transfer collateral), or breaches any of its representations
      and warranties thereunder, or in the event that any Event of Default,
      Termination Event, or Additional Termination Event (each as defined in the
      Interest Rate Swap Agreement) occurs with respect to the Interest Rate Swap
      Agreement, the Trust Administrator (in its capacity as Supplemental Interest
      Trust Trustee) shall, promptly following actual notice of such failure, breach
      or event, notify the Depositor and send any notices and make any demands, on
      behalf of the Supplemental Interest Trust, required to enforce the rights of
      the
      Supplemental Interest Trust under the Interest Rate Swap Agreement.

     

    In
      the
      event that the Swap Provider’s obligations are guaranteed by a third party under
      a guaranty relating to the Interest Rate Swap Agreement (such guaranty the
      “Guaranty” and such third party the “Guarantor”), then to the extent that the
      Swap Provider fails to make any payment by the close of business on the day
      it
      is required to make payment under the terms of the Interest Rate Swap Agreement,
      the Trust Administrator (in its capacity as Supplemental Interest Trust Trustee)
      shall, promptly following actual knowledge of the Swap Provider’s failure to
      pay, demand that the Guarantor make any and all payments then required to be
      made by the Guarantor pursuant to such Guaranty; provided, that the Trust
      Administrator (in its capacity as Supplemental Interest Trust Trustee) shall
      in
      no event be liable for any failure or delay in the performance by the Swap
      Provider or any Guarantor of its obligations hereunder or pursuant to the
      Interest Rate Swap Agreement and the Guaranty, nor for any special, indirect
      or
      consequential loss or damage of any kind whatsoever (including but not limited
      to lost profits) in connection therewith.

     

    Upon
      an
      early termination of the Interest Rate Swap Agreement other than in connection
      with the optional termination of the Trust, the Trust Administrator (in its
      capacity as Supplemental Interest Trust Trustee) will, at the direction of
      the
      Depositor, use reasonable efforts to appoint a successor swap provider to enter
      into a new interest rate swap agreement on terms substantially similar to the
      Interest Rate Swap Agreement, with a successor swap provider meeting all
      applicable eligibility requirements. If the Trust Administrator (in its capacity
      as Supplemental Interest Trust Trustee) receives a termination payment from
      the
      Swap Provider in connection with such early termination, the Trust Administrator
      (in its capacity as Supplemental Interest Trust Trustee) will apply such
      termination payment to any upfront payment required to appoint the successor
      swap provider. If the Trust Administrator (in its capacity as Supplemental
      Interest Trust Trustee) is required to pay a termination payment to the Swap
      Provider in connection with such early termination, the Trust Administrator
      (in
      its capacity as Supplemental Interest Trust Trustee) will apply any upfront
      payment received from the successor swap provider to pay such termination
      payment.

     

    If
      the
      Trust Administrator (in its capacity as Supplemental Interest Trust Trustee)
      is
      unable to appoint a successor swap provider within 30 days of the early
      termination, then the Trust Administrator (in its capacity as Supplemental
      Interest Trust Trustee) will deposit any termination payment received from
      the
      original Swap Provider into a separate, non-interest bearing reserve account
      and
      will, on each subsequent Distribution Date, withdraw from the amount then
      remaining on deposit in such reserve account an amount equal to the Net Swap
      Payment, if any, that would have been paid to the Trust Administrator (in its
      capacity as Supplemental Interest Trust Trustee) by the original Swap Provider
      calculated in accordance with the terms of the original Interest Rate Swap
      Agreement, and distribute such amount in accordance with the terms of Section
      4.01(g).

     

    Upon
      an
      early termination of the Interest Rate Swap Agreement in connection with the
      optional termination of the Trust, if the Trust Administrator (in its capacity
      as Supplemental Interest Trust Trustee) receives a termination payment from
      the
      Swap Provider, such termination payment will be distributed in accordance with
      Section 4.01(g).

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    SECTION
      5.01. The
      Certificates.

     

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

     

    The
      Certificates will be substantially in the forms annexed hereto as Exhibits
      A-1
      through A-20. The Certificates of each Class will be issuable in registered
      form
      only, in denominations of authorized Percentage Interests as described in the
      definition thereof. Each Certificate will share ratably in all rights of the
      related Class.

     

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

     

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

     

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

     

    If
      (i)(A)
      the Depositor advises the Trust Administrator 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
      or
      (ii) after the occurrence of a Servicer Event of Default or a Master Servicer
      Event of Default, Certificate Owners representing in the aggregate not less
      than
      51% of the Ownership Interests of the Book-Entry Certificates advise the Trust
      Administrator through the Depository, in writing, that the continuation of
      a
      book-entry system through the Depository is no longer in the best interests
      of
      the Certificate Owners, the Trust Administrator shall notify all Certificate
      Owners, through the Depository, of the occurrence of any such event and of
      the
      availability of Definitive Certificates to Certificate Owners requesting the
      same. Upon surrender to the Trust Administrator of the Book-Entry Certificates
      by the Book-Entry Custodian or the Depository, as applicable, accompanied by
      registration instructions from the Depository for registration of transfer,
      the
      Trust Administrator shall cause the Definitive Certificates to be issued. Such
      Definitive Certificates will be issued in minimum denominations of $25,000,
      except that any beneficial ownership that was represented by a Book-Entry
      Certificate in an amount less than $25,000 immediately prior to the issuance
      of
      a Definitive Certificate shall be issued in a minimum denomination equal to
      the
      amount represented by such Book-Entry Certificate. None of the Depositor, the
      Master Servicer, the Servicer, the Trustee or the Trust Administrator shall
      be
      liable for any delay in the delivery of such instructions and may conclusively
      rely on, and shall be protected in relying on, such instructions. Upon the
      issuance of Definitive Certificates all references herein to obligations imposed
      upon or to be performed by the Depository shall be deemed to be imposed upon
      and
      performed by the Trust Administrator, to the extent applicable with respect
      to
      such Definitive Certificates, and the Trustee and the Trust Administrator shall
      recognize the Holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    SECTION
      5.02. Registration
      of Transfer and Exchange of Certificates.

     

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

     

    (b) No
      transfer of any Class M-11 Certificate, Class CE Certificate, Class P
      Certificate or Residual Certificate (collectively, the “Private Certificates”)
      shall be made unless that transfer is made pursuant to an effective registration
      statement under the Securities Act of 1933, as amended (the “1933 Act”), and 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 a Private Certificate is
      to
      be made without registration or qualification (other than in connection with
      (i)
      the initial transfer of any such Certificate by the Depositor to an Affiliate
      of
      the Depositor or, in the case of the Class R-X Certificates, the first transfer
      by an Affiliate of the Depositor or the first transfer by the initial transferee
      of an Affiliate of the Depositor, (ii) the transfer of any such Class CE, Class
      P or Residual Certificate to the issuer under the Indenture or the indenture
      trustee under the Indenture or (iii) a transfer of any such Certificate from
      the
      issuer under the Indenture or the indenture trustee under the Indenture to
      the
      Depositor or an Affiliate of the Depositor), the Trustee and the Certificate
      Registrar shall each require receipt of: (i) if such transfer is purportedly
      being made in reliance upon Rule 144A under the 1933 Act, written certifications
      from the Certificateholder desiring to effect the transfer and from such
      Certificateholder’s prospective transferee, substantially in the forms attached
      hereto as Exhibit F-1; and (ii) in all other cases, an Opinion of Counsel
      satisfactory to it that such transfer may be made without such registration
      (which Opinion of Counsel shall not be an expense of the Depositor, the Trustee,
      the Trust Administrator, the Master Servicer in its capacity as such, the
      Servicer, any Sub-Servicer or the Trust Fund), together with copies of the
      written certification(s) of the Certificateholder desiring to effect the
      transfer and/or such Certificateholder’s prospective transferee upon which such
      Opinion of Counsel is based, if any. None of the Depositor, the Master Servicer,
      the Servicer, the Trust Administrator, the Certificate Registrar or the Trustee
      is obligated to register or qualify the Private Certificates under the 1933
      Act
      or any other securities laws or to take any action not otherwise required under
      this Agreement to permit the transfer of such Certificates without registration
      or qualification.

     

    Any
      Certificateholder desiring to effect the transfer of any such Certificate shall,
      and does hereby agree to, indemnify the Trustee, the Trust Administrator, the
      Depositor 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 any Class CE Certificate shall be made unless the transferee of
      such
      Class CE Certificate provides to the Trust Administrator, the Swap Provider
      and
      the Interest Rate Cap Provider the appropriate tax certification form (i.e.,
      IRS
      Form W-9 or IRS Form W-8BEN, W-8IMY, or W-8ECI, as applicable (or
      any
      successor thereto))
      as a
      condition to such transfer and agrees to update
      such forms (i) upon expiration of any such form, (ii) as required under then
      applicable U.S. Treasury Regulations and (iii) promptly upon learning that
      any
      IRS Form W-9
      or
      IRS Form W-8BEN, W-8IMY, or W-8ECI, as applicable
      (or any
      successor thereto), has become obsolete or incorrect. In addition, no transfer
      of any Class CE Certificate shall be made if such transfer would cause the
      Supplemental Interest Trust or the Cap Account to be beneficially owned by
      two
      or more persons for federal income tax purposes, or continue to be so treated,
      unless (a) each proposed transferee of such Class CE Certificate complies with
      the foregoing conditions, (b) the proposed majority Holder of the Class CE
      Certificates (or each Holder, if there is or would be no majority Holder) (A)
      provides, or causes to be provided, on behalf of the Supplemental Interest
      Trust
      and the Cap Account, if applicable, the appropriate tax certification form
      that
      would be required from the Supplemental Interest Trust or the Cap Account,
      as
      applicable, to eliminate any withholding or deduction for taxes from amounts
      payable by the Swap Provider or the Interest Rate Cap Provider, pursuant to
      the
      Interest Rate Swap Agreement or the Interest Rate Cap Agreement, to the Trust
      Administrator, the Swap Provider and the Interest Rate Cap Provider on behalf
      of
      the Supplemental Interest Trust or the Cap Account (i.e., IRS Form W-9 or IRS
      Form W-8BEN, W-8IMY or W-8ECI, as applicable (or any successor form thereto)
      as
      a condition to such transfer, together with any applicable attachments) and
      (B)
      agrees to update such form (x) upon expiration of any such form, (y) as required
      under then applicable U.S. Treasury regulations and (z) promptly upon learning
      that such form has become obsolete or incorrect. If, under applicable U.S.
      Treasury regulations, such tax certification form may only be signed by a
      trustee acting on behalf of the Supplemental Interest Trust or the Cap Account,
      then the Supplemental Interest Trust Trustee or the Trust Administrator, as
      applicable, shall sign such certification form if so requested by a Holder
      of
      the Class CE Certificates.

     

    Upon
      receipt of any such tax certification form from a transferee of any Class CE
      Certificate pursuant to the immediately preceding paragraph, the Trust
      Administrator shall provide a copy of any such tax certification form to the
      Swap Provider and the Interest Rate Cap Provider, upon its request, solely
      to
      the extent the Swap Provider or the Interest Rate Cap Provider has not received
      such IRS Form directly from the Holder of the Class CE Certificates. Each Holder
      of a Class CE Certificate by its purchase of such Certificate is deemed to
      consent to any such IRS Form being so forwarded. Upon the request of the Swap
      Provider or the Interest Rate Cap Provider, the Trust Administrator shall be
      required to forward any tax certification received by it to the Swap Provider
      or
      the Interest Rate Cap Provider at the last known address provided to it, and,
      subject to Section 8.01, shall not be liable for the receipt of such tax
      certification by the Swap Provider or the Interest Rate Cap Provider, nor any
      action taken or not taken by the Swap Provider or the Interest Rate Cap Provider
      with respect to such tax certification. Any purported sales or transfers of
      any
      Class CE Certificate to a transferee which does not comply with the requirements
      of the preceding paragraph shall be deemed null and void under this Agreement.
      The Trust Administrator shall have no duty to take any action to correct any
      misstatement or omission in any tax certification provided to it by the Holder
      of the Class CE Certificates and forwarded to the Swap Provider or the Interest
      Rate Cap Provider.

     

    (c) No
      transfer of a Class CE Certficate, Class P Certificate, Residual Certificate
      or
      any interest therein shall be made to any Plan, any Person acting, directly
      or
      indirectly, on behalf of any such Plan or any Person acquiring such Certificates
      with “Plan Assets” of a Plan within the meaning of the Department of Labor
      regulation promulgated at 29 C. F. R. § 2510.3-101 (“Plan Assets”), as certified
      by such transferee in the form of Exhibit G, unless the Trust Administrator
      is
      provided with an Opinion of Counsel for the benefit of the Trustee, the Trust
      Administrator, the Depositor, the Master Servicer and the Servicer and on which
      they may rely which establishes to the satisfaction of the Depositor, the
      Trustee, the Trust Administrator, the Servicer and the Master Servicer that
      the
      purchase of such Certificates is permissible under applicable law, will not
      constitute or result in any prohibited transaction under ERISA or
      Section 4975 of the Code and will not subject the Depositor, the Master
      Servicer, the Servicer, the NIMS Insurer, the Trust Administrator, the Trustee
      or the Trust Fund to any obligation or liability (including obligations or
      liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in this Agreement, which Opinion of Counsel shall not be an expense
      of the Depositor, the Master Servicer, the Servicer, the Trust Administrator,
      the Trustee or the Trust Fund. Neither an Opinion of Counsel nor any
      certification will be required in connection with (i) the initial transfer
      of
      any Class CE Certficate, Class P Certificate or Residual Certificate by the
      Depositor to an Affiliate of the Depositor, (ii) the transfer of any Class
      CE
      Certficate, Class P Certificate or Residual Certificate to the issuer under
      the
      Indenture or the indenture trustee under the Indenture or (iii) a transfer
      of
      any Class CE Certficate, Class P Certificate or Residual Certificate from the
      issuer under the Indenture or the indenture trustee under the Indenture to
      the
      Depositor or an Affiliate of the Depositor (in which case, the Transferee
      thereof shall have deemed to have represented that it is not a Plan or a Person
      investing Plan Assets) and the Trust Administrator shall be entitled to
      conclusively rely upon a representation (which, upon the request of the Trust
      Administrator, shall be a written representation) from the Transferor of the
      status of such transferee as an affiliate of the Depositor.

     

    Any
      transferee of a Class A Certificate or Mezzanine Certificate acquired prior
      to
      the termination of the Supplemental Interest Trust shall be deemed to represent
      that either (i) it is not a Plan or purchasing with assets of a Plan or (ii)(A)
      such Plan is an accredited investor within the meaning of the Exemption and
      (B)
      such acquisition or holding is eligible for the exemptive relief available
      under
      Department of Labor Prohibited Transaction Class Exemption (“PTE”) 84-14, PTE
      91-38, PTE 90-1, PTE 95-60 or PTE 96-23 or in the case of a Class M-11
      Certificate, PTE 95-60.

     

    Subsequent
      to the termination of the Supplemental Interest Trust, each beneficial owner
      of
      such Mezzanine 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) other than in the case of a Class M-11 Certificate, it has
      acquired and is holding such Mezzanine Certificate in reliance on the Exemption,
      and that it understands that there are certain conditions to the availability
      of
      the Exemption, including that the Mezzanine Certificate must be rated, at the
      time of purchase not lower than “BBB-” (or its equivalent) by S&P, Moody’s
      or Fitch 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 PTE 95-60, and (3) the conditions
      in Sections I and III of PTE 95-60 have been satisfied.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    The
      Trust
      Administrator shall forward to the NIMS Insurer a copy of the items delivered
      to
      it pursuant to (A) and (B) above.

     

    (e) Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Trust Administrator maintained for
      such purpose pursuant to Section 8.11, the Trust Administrator shall
      execute, authenticate and deliver, in the name of the designated Transferee
      or
      Transferees, one or more new Certificates of the same Class of a like aggregate
      Percentage Interest.

     

    (f) At
      the
      option of the Holder thereof, any Certificate may be exchanged for other
      Certificates of the same Class with authorized denominations and a like
      aggregate Percentage Interest, upon surrender of such Certificate to be
      exchanged at any office or agency of the Trust Administrator maintained for
      such
      purpose pursuant to Section 8.11. Whenever any Certificates are so
      surrendered for exchange, the Trust Administrator shall execute, authenticate
      and deliver, the Certificates which the Certificateholder making the exchange
      is
      entitled to receive. Every Certificate presented or surrendered for transfer
      or
      exchange shall (if so required by the Trust Administrator) be duly endorsed
      by,
      or be accompanied by a written instrument of transfer in the form satisfactory
      to the Trust Administrator duly executed by, the Holder thereof or his attorney
      duly authorized in writing. In addition, (i) with respect to each Class R
      Certificate, the holder thereof may exchange, in the manner described above,
      such Class R Certificate for three separate certificates, each representing
      such
      holder’s respective Percentage Interest in the Class R-I Interest, the Class
      R-II Interest and the Class R-III Interest, respectively, in each case that
      was
      evidenced by the Class R Certificate being exchanged and (ii) with respect
      to
      each Class R-X Certificate, the holder thereof may exchange, in the manner
      described above, such Class R-X Certificate for three separate certificates,
      each representing such holder’s respective Percentage Interest in the Class R-IV
      Interest, the Class R-V Interest and the Class R-VI Interest, respectively,
      in
      each case that was evidenced by the Class R-X Certificate being
      exchanged.

     

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

     

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

     

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

     

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

     

    SECTION
      5.04. Persons
      Deemed Owners.

     

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

     

    SECTION
      5.05. Certain
      Available Information.

     

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

     

    ARTICLE
      VI

     

    THE
      DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

     

    SECTION
      6.01. Liability
      of the Depositor, the Servicer and the Master Servicer.

     

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

     

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

     

    Subject
      to the following paragraph, the Depositor will keep in full effect its
      existence, rights and franchises as a corporation under the laws of the
      jurisdiction of its incorporation. Subject to the following paragraph, the
      Servicer will keep in full effect its existence, rights and franchises as a
      national banking association under the laws of the United States of America
      or
      as a limited liability company under the laws of the State of Delaware, as
      the
      case may be. Subject to the following paragraph, the Master Servicer will keep
      in full effect its existence, rights and franchises as a national banking
      association and shall ensure that it (or an Affiliate) maintains its
      qualification as an approved conventional seller/servicer for Fannie Mae or
      Freddie Mac in good standing. The Depositor, the Servicer and the Master
      Servicer each will obtain and preserve its qualification to do business as
      a
      foreign corporation in each jurisdiction in which such qualification is or
      shall
      be necessary to protect the validity and enforceability of this Agreement,
      the
      Certificates or any of the Mortgage Loans and to perform its respective duties
      under this Agreement.

     

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

     

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

     

    (a) The
      Servicer (but not the Trustee if it is required to succeed a Servicer after
      becoming Master Servicer hereunder) indemnifies and holds the NIMS Insurer,
      the
      Trustee, the Trust Administrator, the Master Servicer and the Depositor harmless
      against any and all claims, losses, penalties, fines, forfeitures, reasonable
      legal fees and related costs, judgments, and any other costs, fees and expenses
      that the NIMS Insurer, the Trustee, the Trust Administrator, the Master Servicer
      and the Depositor may sustain in any way related to the failure of the Servicer
      to perform its duties and service the Mortgage Loans in compliance with the
      terms of this Agreement.

     

    The
      Servicer shall immediately notify the NIMS Insurer, the Trustee, the Trust
      Administrator, the Master Servicer and the Depositor if a claim is made that
      may
      result in such claims, losses, penalties, fines, forfeitures, legal fees or
      related costs, judgments, or any other costs, fees and expenses, and the
      Servicer shall assume (with the consent of the Trust Administrator, the
      Depositor, the Master Servicer and the Trustee, as applicable) the defense
      of
      any such claim and pay all expenses in connection therewith, including
      reasonable counsel fees, and promptly pay, discharge and satisfy any judgment
      or
      decree which may be entered against the NIMS Insurer, the Trustee, the Trust
      Administrator, the Master Servicer and/or the Depositor in respect of such
      claim. The provisions of this Section 6.03 shall survive the termination of
      this
      Agreement and the payment of the outstanding Certificates.

     

    (b) The
      Master Servicer agrees to indemnify the Indemnified Persons (as defined below)
      for, and to hold them harmless against, any loss, liability or expense
      (including reasonable legal fees and disbursements of counsel) incurred on
      their
      part to the extent 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 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 Trustee shall
      have
      given the Master Servicer and the Depositor written notice thereof promptly
      after the Trustee shall have with respect to such claim or legal action
      knowledge thereof. The Master Servicer’s failure to receive any such notice
      shall not affect any Indemnified Person’s right to indemnification under this
      Section 6.03(b), 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, Master Servicer or the Trust
      Administrator and the termination of this Agreement. For purposes of this
      Section 6.03(b), “Indemnified Persons” means each of the Trustee, the Servicer,
      the NIMS Insurer and their respective officers, directors, agents and employees
      and, with respect to the Trustee, any separate co-trustee and its officers,
      directors, agents and employees.

     

    (c) None
      of
      the Depositor, the NIMS Insurer, the Master Servicer, the Trust Administrator,
      the Servicer or any of the directors, officers, employees or agents of the
      Depositor, the Master Servicer, the Trust Administrator or the Servicer shall
      be
      under any liability to the Trust Fund or the Certificateholders for any action
      taken or for refraining from the taking of any action in good faith pursuant
      to
      this Agreement, or for errors in judgment; provided, however, that this
      provision shall not protect the Depositor, the Master Servicer, the Trust
      Administrator, the Servicer or any such person against any breach of warranties,
      representations or covenants made herein, or against any specific liability
      imposed on the Master Servicer or Servicer pursuant hereto, or against any
      liability which would otherwise be imposed by reason of willful misfeasance,
      bad
      faith or gross negligence in the performance of duties or by reason of reckless
      disregard of obligations and duties hereunder, in the case of the Master
      Servicer, a breach of the servicing standard set forth in Section 3A.01 or
      in
      the case of the Servicer, a breach of the servicing standard set forth in
      Section 3.01. The Depositor, the NIMS Insurer, the Master Servicer, the Trust
      Administrator and the Servicer and any director, officer, employee or agent
      of
      the Depositor, the NIMS Insurer, the Master Servicer, the Trust Administrator
      or
      the Servicer may rely in good faith on any document of any kind which is, prima
      facie, is properly executed and submitted by any Person respecting any matters
      arising hereunder. The Depositor, the NIMS Insurer, the Master Servicer, the
      Trust Administrator, or the Servicer and any director, officer, employee or
      agent of the Depositor, the NIMS Insurer, the Master Servicer, the Trust
      Administrator, or the Servicer shall be indemnified and held harmless by the
      Trust Fund against any loss, liability or expense incurred in connection with
      (i) any legal action relating to this Agreement or the Certificates, other
      than
      any loss, liability or expense relating to any specific Mortgage Loan or
      Mortgage Loans (except as any such loss, liability or expense shall be otherwise
      reimbursable pursuant to this Agreement) or any loss, liability or expense
      incurred by reason of willful misfeasance, bad faith or negligence in the
      performance of duties hereunder or by reason of its reckless disregard of
      obligations and duties hereunder or (ii) any breach of a representation or
      warranty by the Originator or any other party regarding the Mortgage Loans.
      None
      of the Depositor, the NIMS Insurer, the Master Servicer, the Trust Administrator
      or the Servicer shall be under any obligation to appear in, prosecute or defend
      any legal action unless such action is related to its respective duties under
      this Agreement and, in its opinion, does not involve it in any expense or
      liability; provided, however, that each of the Depositor, the NIMS Insurer,
      the
      Master Servicer, the Trust Administrator and the Servicer may in its discretion
      undertake any such action which it may deem necessary or desirable with respect
      to this Agreement and the rights and duties of the parties hereto and the
      interests of the Certificateholders hereunder. In such event, the legal expenses
      and costs of such action and any liability resulting therefrom (except any
      loss,
      liability or expense incurred by reason of willful misfeasance, bad faith or
      gross negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder) shall be expenses, costs and
      liabilities of the Trust Fund, and the Depositor, the NIMS Insurer, the Master
      Servicer, the Trust Administrator and the Servicer shall be entitled to be
      reimbursed therefor from the Collection Account or Distribution Account, as
      applicable, as and to the extent provided in Section 3.11 or Section 3A.12,
      any
      such right of reimbursement being prior to the rights of the Certificateholders
      to receive any amount in the Collection Account or Distribution Account. The
      Master Servicer’s, the Trust Administrator’s or Servicer’s right to indemnity or
      reimbursement pursuant to this Section shall survive any termination of this
      Agreement, any resignation or termination of the Master Servicer, the Trust
      Administrator or the Servicer pursuant to Section 6.04 or 7.01 with respect
      to
      any losses, expenses, costs or liabilities arising prior to such resignation
      or
      termination (or arising from events that occurred prior to such resignation
      or
      termination).

     

    SECTION
      6.04. Limitation
      on Resignation of the Servicer; Assignment of Master Servicing.

     

    (a) Except
      as
      otherwise provided herein, the Servicer shall not resign from the obligations
      and duties hereby imposed on it except upon determination that its duties
      hereunder are no longer permissible under applicable law. Any such determination
      pursuant to the preceding sentence permitting the resignation of the Servicer
      shall be evidenced by an Opinion of Counsel to such effect obtained at the
      expense of the resigning Servicer and delivered to the Trustee, the Trust
      Administrator, the Master Servicer and the NIMS Insurer. No resignation of
      the
      Servicer shall become effective until the Master Servicer or (if the Master
      Servicer is the Servicer) the Trustee or a successor servicer acceptable to
      the
      NIMS Insurer shall have assumed the resigning Servicer’s responsibilities,
      duties, liabilities (other than those liabilities arising prior to the
      appointment of such successor) and obligations under this Agreement. Any such
      resignation shall not relieve the resigning Servicer of responsibility for
      any
      of the obligations specified in Sections 7.01 and 7.02 as obligations that
      survive the resignation or termination of the resigning Servicer.

     

    Except
      as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits, privileges or obligations hereunder to any other Person,
      or
      delegate to or subcontract with, or authorize or appoint any other Person to
      perform any of the duties, covenants or obligations to be performed by the
      Servicer hereunder. The foregoing prohibition on assignment shall not prohibit
      the Servicer from designating a Sub-Servicer as payee of any indemnification
      amount payable to the Servicer hereunder; provided, however, that as provided
      in
      Section 3.06 hereof, no Sub-Servicer shall be a third-party beneficiary
      hereunder and the parties hereto shall not be required to recognize any
      Sub-Servicer as an indemnitee under this Agreement. If, pursuant to any
      provision hereof, the duties of the Servicer are transferred to a successor
      servicer, the entire amount of the Servicing Fee and other compensation payable
      to the Servicer pursuant hereto shall thereafter be payable to such successor
      servicer.

     

    (b) The
      Master Servicer may sell, assign or delegate its rights, duties and obligations
      as Master Servicer under this Agreement in their entirety; provided, however,
      that: (i) the purchaser or transferee accepting such sale, assignment and
      delegation (a) shall be a Person qualified to service mortgage loans for Fannie
      Mae or Freddie Mac; (b) shall have a net worth of not less than $50,000,000
      (unless otherwise approved by each Rating Agency pursuant to clause (ii) below);
      (c) shall be reasonably satisfactory to the NIMS Insurer and the Trustee (as
      evidenced in a writing signed by each of the NIMS Insurer and the Trustee);
      and
      (d) shall execute and deliver to the Trustee and the NIMS Insurer an agreement,
      in form and substance reasonably satisfactory to the Trustee and the NIMS
      Insurer, 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 from and after the
      effective date of such assumption agreement; (ii) each Rating Agency shall
      be
      given prior written notice of the identity of the proposed successor to the
      Master Servicer and shall confirm in writing to the Master Servicer, the NIMS
      Insurer and the Trustee that any such sale, assignment or delegation would
      not
      result in a withdrawal or a downgrading of the rating on any Class of
      Certificates in effect immediately prior to such sale, assignment or delegation;
      and (iii) the Master Servicer shall deliver to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions
      precedent to such action under this Agreement have been fulfilled and such
      action is permitted by and complies with the terms of this Agreement. No such
      sale, assignment or delegation shall affect any liability of the Master Servicer
      arising prior to the effective date thereof.

     

    SECTION
      6.05. Successor
      Master Servicer.

     

    In
      connection with the appointment of any successor Master Servicer or the
      assumption of the duties of the Master Servicer, the Depositor, the NIMS
      Insurer, the Trust Administrator or the Trustee may make such arrangements
      for
      the compensation of such successor Master Servicer out of payments on the
      Mortgage Loans as the Depositor, the NIMS Insurer 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 master servicing of single-family mortgage loans. Notwithstanding the
      foregoing, the compensation payable to a successor Master Servicer may not
      exceed the compensation which the Master Servicer would have been entitled
      to
      retain if the Master Servicer had continued to act as Master Servicer
      hereunder.

     

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

     

    The
      Servicer shall afford (and any Sub-Servicing Agreement shall provide that each
      Sub-Servicer shall afford) the Depositor, the NIMS Insurer, the Master Servicer,
      the Trust Administrator and the Trustee, upon reasonable notice, during normal
      business hours, reasonable access to all records maintained by the Servicer
      (and
      any such Sub-Servicer) in respect of the Servicer’s rights and obligations
      hereunder and access to officers of the Servicer (and those of any such
      Sub-Servicer) responsible for such obligations. Upon request, the Servicer
      shall
      furnish to the Depositor, the NIMS Insurer, the Master Servicer, the Trust
      Administrator and the Trustee its (and any such Sub-Servicer’s) most recent
      financial statements and such other information relating to the Servicer’s
      capacity to perform its obligations under this Agreement as it possesses (and
      that any such Sub-Servicer possesses). To the extent such information is not
      otherwise available to the public, the Depositor, the NIMS Insurer, the Master
      Servicer, the Trust Administrator and the Trustee shall not disseminate any
      information obtained pursuant to the preceding two sentences without the
      Servicer’s written consent, except as required pursuant to this Agreement or to
      the extent that it is appropriate to do so (i) in working with legal counsel,
      auditors, taxing authorities or other governmental agencies or (ii) pursuant
      to
      any law, rule, regulation, order, judgment, writ, injunction or decree of any
      court or governmental authority having jurisdiction over the Depositor and
      the
      Trustee or the Trust Fund, and in any case, the Depositor, the NIMS Insurer,
      the
      Master Servicer, the Trust Administrator or the Trustee, as the case may be,
      shall use its best efforts to assure the confidentiality of any such
      disseminated non-public information.

     

    The
      Depositor may, but is not obligated to, enforce the obligations of the Servicer
      under this Agreement and may, but is not obligated to, perform, or cause a
      designee to perform, any defaulted obligation of the Servicer under this
      Agreement or exercise the rights of the Servicer under this Agreement; provided
      that the Servicer shall not be relieved of any of its obligations under this
      Agreement by virtue of such performance by the Depositor or its designee. The
      Depositor shall not have any responsibility or liability for any action or
      failure to act by the Servicer and is not obligated to supervise the performance
      of the Servicer under this Agreement or otherwise.

     

    SECTION
      6.07. [Reserved].

     

    SECTION
      6.08. Duties
      of
      the Credit Risk Manager.

     

    The
      Certificateholders, by their purchase and acceptance of the Certificates,
      appoint Clayton Fixed Income Services Inc. as Credit Risk Manager. For and
      on
      behalf of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning certain delinquent and defaulted Mortgage Loans,
      and
      as to the collection of any Prepayment Charges with respect to the Mortgage
      Loans. Such reports and recommendations will be based upon information provided
      pursuant to the Credit Risk Management Agreement to the Credit Risk Manager
      by
      the Servicer and the Master Servicer. The Credit Risk Manager shall look solely
      to the Servicer and the Master Servicer for all information and data (including
      loss and delinquency information and data) and loan level information and data
      relating to the servicing of the Mortgage Loans and the Trustee shall not have
      any obligation to provide any such information to the Credit Risk Manager and
      shall not otherwise have any responsibility under the Credit Risk Management
      Agreement.

     

    With
      respect to each Distribution Date, on or about the 15th
      calendar
      day of the month following the month in which such Distribution Date occurs,
      the
      Credit Risk Manager shall make available to the Depositor, the Trustee, the
      Trust Administrator, the Servicer, the Master Servicer, the Swap Provider and
      the Cap Provider, the following reports:

     

    (i) Watchlist
      Report: A listing of individual Mortgage Loans that are of concern to the Credit
      Risk Manager. Each Watchlist Report shall contain a listing of Mortgage Loans
      in
      any delinquency status, including current and paid-off loans, and may contain
      the comments of the Credit Risk Manager in its sole discretion. The Watchlist
      Report shall be presented in substantially the same format attached hereto
      as
      Exhibit S-1;

     

    (ii) Loss
      Severity Report: A compilation and summary of all losses, indicating the loan
      loss severity for each Mortgage Pool. Each Loss Severity Report shall include
      detail of all losses reported by the Servicer as Realized Losses, except those
      for which the Servicer has not provided detail adequate for reporting purposes.
      The Loss Severity Report shall be presented in substantially the same format
      attached hereto as Exhibit S-2;

     

    (iii) Prepayment
      Report: A summary of Prepayment Charges assessed or waived by the Servicer.
      The
      Prepayment Report shall be presented in substantially the same format attached
      hereto as Exhibit S-3; and

     

    (iv) Analytics
      Report: Analytics Reports shall include statistical and/or graphical portrayals
      of (a) the delinquency trend, over time, of the Mortgage Loans; (b) the constant
      prepayment rate “CPR” experience of the Mortgage Loans; and (c) the Standard
      Default Assumption experience of the Mortgage Loans. The Analytics Report shall
      be presented in substantially the same format attached hereto as Exhibit
      S-4.

     

    Upon
      request of the Depositor, the Credit Risk Manager shall make such reports and
      any additional information reasonably requested by the Depositor publicly
      available each month to Certificateholders, the Trustee, the Trust
      Administrator, the Master Servicer and the Rating Agencies via the Credit Risk
      Manager’s internet website. The Credit Risk Manager’s internet website shall
      initially be located at https://reports.clayton.com.
      The
      user name for access to the website shall be the Certificateholder’s e-mail
      address and the password shall be “MABS 2006-HE5”. The Master Servicer shall not
      have any obligation to review such reports or otherwise monitor or supervise
      the
      activities of the Credit Risk Manager.

     

    SECTION
      6.09. Limitation
      Upon Liability of the Credit Risk Manager.

     

    Neither
      the Credit Risk Manager, nor any of its directors, officers, employees, or
      agents shall be under any liability to the Trustee, the Certificateholders,
      the
      Trust Administrator, the Servicer, the Master Servicer or the Depositor for
      any
      action taken or for refraining from the taking of any action made in good faith
      pursuant to this Agreement, in reliance upon information provided by the
      Servicer or the Master Servicer under the related Credit Risk Management
      Agreement, or for errors in judgment; provided, however, that this provision
      shall not protect the Credit Risk Manager or any such person against liability
      that would otherwise be imposed by reason of willful malfeasance or bad faith
      in
      its performance of its duties. The Credit Risk Manager and any director,
      officer, employee, or agent of the Credit Risk Manager 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, and may rely in good faith
      upon
      the accuracy of information furnished by the Servicer or the Master Servicer
      pursuant to the related Credit Risk Management Agreement in the performance
      of
      its duties thereunder and hereunder.

     

    SECTION
      6.10. Removal
      of the Credit Risk Manager.

     

    The
      Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
      holding not less than 66 2/3% of the Voting Rights in the Trust Fund, in the
      exercise of its or their sole discretion. The Certificateholders shall provide
      written notice of the Credit Risk Manager’s removal to the Trust Administrator.
      Upon receipt of such notice, the Trust Administrator shall provide written
      notice to the Credit Risk Manager of its removal, which shall be effective
      upon
      receipt of such notice by the Credit Risk Manager.

     

    ARTICLE
      VII

     

    DEFAULT

     

    SECTION
      7.01. Servicer
      Events of Default and Master Servicer Events of Termination.

     

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

     

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

     

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

     

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

     

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

     

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

     

    (vi) any
      failure by the Servicer to timely comply with its obligations pursuant to
      Section 3.20, Section 3.21 or Section 4.06 hereof (in each case, taking into
      account any applicable cure periods);

     

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

     

    If
      (a) a
      Servicer Event of Default described in clauses (i) through (vi) of this Section
      shall occur, then, and in each and every such case, so long as such Servicer
      Event of Default shall not have been remedied, the Depositor, the Master
      Servicer, the Trustee or the Trust Administrator may, and at the written
      direction of the Holders of Certificates entitled to at least 51% of Voting
      Rights, or at the direction of the NIMS Insurer, the Trustee shall or (b) a
      Servicer Event of Default described in clause (vii) of this Section shall occur
      and the Trustee or the Master Servicer has, at the direction of the Depositor,
      determined to terminate the Servicer, then the Trustee, shall, by notice in
      writing to the Servicer, the Master Servicer and the Depositor, terminate all
      of
      the rights and obligations of the Servicer in its capacity as Servicer under
      this Agreement, to the extent permitted by law, and in and to the Mortgage
      Loans
      and the proceeds thereof. If a Servicer Event of Default described in clause
      (vii) hereof shall occur, the Trustee shall, by notice in writing to the
      Servicer, the Depositor, the Master Servicer and the NIMS Insurer, terminate
      all
      of the rights and obligations of the Servicer in its capacity as Servicer under
      this Agreement and in and to the Mortgage Loans and the proceeds thereof.
      Subject to Section 7.02 hereof, on or after the receipt by the Servicer of
      such
      written notice, all authority and power of the Servicer under this Agreement,
      whether with respect to the Certificates (other than as a Holder of any
      Certificate) or the Mortgage Loans or otherwise, shall pass to and be vested
      in
      the Master Servicer or if the Master Servicer is the affected Servicer, the
      Trustee pursuant to and under this Section, and, without limitation, the Master
      Servicer or the Trustee, as applicable, is hereby authorized and empowered,
      as
      attorney-in-fact or otherwise, to execute and deliver, on behalf of and at
      the
      expense of the Servicer, any and all documents and other instruments and to
      do
      or accomplish all other acts or things necessary or appropriate to effect the
      purposes of such notice of termination, whether to complete the transfer and
      endorsement or assignment of the Mortgage Loans and related documents, or
      otherwise. The Servicer agrees to promptly (and in any event no later than
      ten
      Business Days subsequent to such notice) provide the Master Servicer or the
      Trustee, as applicable, with all documents and records requested by it to enable
      it to assume the Servicer’s functions under this Agreement, and to cooperate
      with the Master Servicer or the Trustee, as applicable, in effecting the
      termination of the Servicer’s responsibilities and rights under this Agreement,
      including, without limitation, the transfer within one Business Day to the
      Master Servicer or the Trustee, as applicable, for administration by it of
      all
      cash amounts which at the time shall be or should have been credited by the
      Servicer to the Collection Account held by or on behalf of the Servicer, the
      Distribution Account or any REO Account or Servicing Account held by or on
      behalf of the Servicer or thereafter be received with respect to the Mortgage
      Loans or any REO Property serviced by the Servicer; provided, however, that
      the
      Servicer shall continue to be entitled to receive all amounts accrued or owing
      to it under this Agreement on or prior to the date of such termination, whether
      in respect of Advances or otherwise, and shall continue to be entitled to the
      benefits of Section 6.03, notwithstanding any such termination, with respect
      to
      events occurring prior to such termination.

     

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

     

    (i) the
      Master Servicer fails to cause to be deposited in the Distribution Account
      any
      amount so required to be deposited pursuant to this Agreement (other than an
      Advance), and such failure continues unremedied for a period of one Business
      Day
      after the date upon which written notice of such failure, requiring the same
      to
      be remedied, shall have been given to the Master Servicer; or

     

    (ii) the
      Master Servicer fails to observe or perform in any material respect any other
      material covenants and agreements set forth in this Agreement to be performed
      by
      it, which covenants and agreements materially affect the rights of
      Certificateholders, and such failure continues 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 the NIMS Insurer or to the Master Servicer and the Trustee by the
      Holders of Certificates evidencing not less than 25% of the Voting Rights;
      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; or

     

    (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 Section 6.05; or

     

    (vi) any
      failure of the Master Servicer to make any Advance (other than a Nonrecoverable
      Advance) required to be made from its own funds pursuant to Section 4.03 by
      5:00 p.m. New York time on the Business Day prior to the applicable Distribution
      Date.

     

    In
      each
      and every such case, so long as such Master Servicer Event of Default with
      respect to the Master Servicer shall not have been remedied, either the Trustee,
      the NIMS Insurer or the Holders of Certificates evidencing not less than 51%
      of
      the Voting Rights, by notice in writing to the Depositor, the Master Servicer
      (and to the Trustee if given by such Certificateholders), with a copy to the
      NIMS Insurer and 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 master
      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 7.03, automatically and without
      further action pass to and be vested in the Trustee pursuant to this
      Section 7.01(b); 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 Fund or which
      thereafter become part of the Trust Fund; 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. 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 a Master Servicer Event of Default described in clause (vi)
      of
      this Section 7.01(b) 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 7.03 to carry
      out the duties of the Master Servicer, including the obligation to make any
      Advance the nonpayment of which was a Master Servicer Event of Default described
      in clause (vi) of this Section 7.01(b). Any such action taken by the
      Trustee must be prior to the distribution on the relevant Distribution
      Date.

     

    SECTION
      7.02. Master
      Servicer or Trustee to Act; Appointment of Successor Servicer.

     

    (a) From
      the
      time the Servicer receives a notice of termination, the Master Servicer or
      (if
      the Master Servicer is the affected Servicer) the Trustee (or such other
      successor servicer as is acceptable to the NIMS Insurer) shall be the successor
      in all respects to the Servicer in its capacity as Servicer under this Agreement
      and the transactions set forth or provided for herein, and all the
      responsibilities, duties and liabilities relating thereto and arising thereafter
      shall be assumed by the Master Servicer or the Trustee, as applicable, (except
      for any representations or warranties of the Servicer under this Agreement,
      the
      responsibilities, duties and liabilities contained in Section 2.05 and the
      obligation to deposit amounts in respect of losses pursuant to Section 3.12)
      by
      the terms and provisions hereof; provided, however, the Master Servicer or
      the
      Trustee, as applicable, shall immediately assume the Servicer’s obligations to
      make Advances pursuant to Section 4.03; provided, further, however, that if
      the
      Master Servicer or the Trustee, as applicable, is prohibited by law or
      regulation from obligating itself to make advances regarding delinquent mortgage
      loans, then the Master Servicer or the Trustee, as applicable, shall not be
      obligated to make Advances pursuant to Section 4.03; and provided further,
      that
      any failure to perform such duties or responsibilities caused by the Servicer’s
      failure to provide information required by Section 7.01(a) shall not be
      considered a default by the Master Servicer or the Trustee, as applicable,
      as
      successor to the Servicer hereunder. It is understood and acknowledged by the
      parties hereto that there will be a period of transition (not to exceed 90
      days)
      before the transition of servicing obligations is fully effective. As
      compensation therefor, the Master Servicer or the Trustee, as applicable, shall
      be entitled to the Servicing Fee and all funds relating to the Mortgage Loans
      to
      which the Servicer would have been entitled if it had continued to act
      hereunder. Notwithstanding the above and subject to Section 7.02(b) below,
      the
      Master Servicer or the Trustee, as applicable, if it shall be unwilling to
      so
      act, or shall, if it is unable to so act or if it is prohibited by law from
      making advances regarding delinquent mortgage loans or if the Holders of
      Certificates entitled to at least 51% of the Voting Rights or the NIMS Insurer
      so request in writing to the Trustee, promptly appoint or petition a court
      of
      competent jurisdiction to appoint, an established mortgage loan servicing
      institution acceptable to each Rating Agency and the NIMS Insurer and having
      a
      net worth of not less than $15,000,000, as the successor to the Servicer under
      this Agreement in the assumption of all or any part of the responsibilities,
      duties or liabilities of the Servicer under this Agreement.

     

    Pending
      appointment of a successor to the affected Servicer hereunder, unless the Master
      Servicer or the Trustee, as applicable, is prohibited by law from so acting,
      the
      Master Servicer or the Trustee, as applicable, shall act in such capacity as
      hereinabove provided. In connection with such appointment and assumption, the
      successor shall be entitled to receive compensation out of payments on Mortgage
      Loans in an amount equal to the compensation which the Servicer would otherwise
      have received pursuant to Section 3.18 (or such other compensation as the Master
      Servicer or the Trustee, as applicable, and such successor shall agree, not
      to
      exceed the Servicing Fee). The appointment of a successor servicer shall not
      affect any liability of the predecessor Servicer which may have arisen under
      this Agreement prior to its termination as Servicer to pay any deductible under
      an insurance policy pursuant to Section 3.14 or to indemnify the NIMS Insurer
      pursuant to Section 6.03, nor shall any successor servicer be liable for any
      acts or omissions of the predecessor servicer or for any breach by such servicer
      of any of its representations or warranties contained herein or in any related
      document or agreement. The Master Servicer or the Trustee, as applicable, and
      such successor shall take such action, consistent with this Agreement, as shall
      be necessary to effectuate any such succession. All reasonable Servicing
      Transfer Costs shall be paid by the predecessor servicer upon presentation
      of
      reasonable documentation of such costs, and if such predecessor servicer
      defaults in its obligation to pay such costs, such costs shall be paid by the
      successor servicer or the Master Servicer or the Trustee, as applicable (in
      which case the successor servicer or the Master Servicer or the Trustee, as
      applicable, shall be entitled to reimbursement therefor from the assets of
      the
      Trust Fund).

     

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

     

    Any
      successor to the Servicer, including the Master Servicer or the Trustee, as
      applicable, shall during the term of its service as servicer continue to service
      and administer the Mortgage Loans for the benefit of Certificateholders, and
      maintain in force a policy or policies of insurance covering errors and
      omissions in the performance of its obligations as Servicer hereunder and a
      fidelity bond in respect of its officers, employees and agents to the same
      extent as the terminated Servicer is so required pursuant to Section
      3.14.

     

    (c) Notwithstanding
      any provision in this Agreement to the contrary, for a period of 30 days
      following the date on which the Servicer shall have received a notice of a
      Servicer Event of Default pursuant to Section 7.01, or a default under a loan
      agreement pursuant to Section 6.04 or a Servicer resignation pursuant to Section
      6.04, the terminated Servicer or its designee may, with the consent of the
      NIMS
      Insurer, appoint a successor servicer that satisfies the eligibility criteria
      of
      a successor servicer set forth above; provided that such successor servicer
      agrees to fully effect the servicing transfer within 90 days following the
      termination of the Servicer and to make all Advances that would otherwise be
      made by the Master Servicer or the Trustee, as applicable, under Section 7.01
      as
      of the date of such appointment. Any proceeds received in connection with the
      appointment of such successor servicer (after deduction of any expenses incurred
      in connection with the servicing transfer) shall be the property of the
      terminated Servicer or its designee. Notwithstanding the foregoing, in the
      event
      of a Servicer Event of Default pursuant to Section 7.01(a)(vii), either (i)
      the
      Servicer shall remit the amount of the required Advance by 3:00 p.m. New York
      time on the Business Day following the Servicer Remittance Date or (ii) by
      3:00
      p.m. New York time on the Business Day following the Servicer Remittance Date,
      the Servicer shall have appointed a successor servicer that satisfies the
      eligibility criteria of a successor servicer set forth above and that has
      remitted the amount of the required Advance to the Trust Administrator. If
      the
      Servicer fails to adhere to the requirements set forth in the immediately
      preceding sentence, the Master Servicer or the Trustee, as applicable, shall
      be
      the successor in all respects to the Servicer in its capacity as Servicer under
      this Agreement and shall immediately assume the Servicer’s obligations to make
      Advances. In no event shall the termination of the Servicer under this Agreement
      result in any diminution of the Servicer’s right to reimbursement for any
      outstanding Advances or Servicing Advances or accrued and unpaid Servicing
      Fees
      due to the Servicer at the time of termination. Reimbursement of unreimbursed
      Advances and Servicing Advances and accrued and unpaid Servicing Fees shall
      be
      made on a FIFO, loan-by-loan basis. The Servicer shall continue to be entitled
      to the benefits of Section 6.03 hereof related to indemnification,
      notwithstanding any termination hereunder.

     

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

     

    SECTION
      7.03. Trustee
      to Act; Appointment of Successor Master Servicer.

     

    (a) Upon
      the
      receipt by the Master Servicer of a notice of termination pursuant to
      Section 7.01(b) or an Opinion of Counsel rendered by Independent counsel
      pursuant to Section 6.05(b) 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 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; provided, however, that the Trustee (i) 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 and (ii) shall not be obligated to perform any obligation of
      the
      Master Servicer under Section 3.20 or 3.21 with respect to any period of time
      during which the Trustee was not the Master Servicer. As compensation therefor,
      but subject to Section 6.05, 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, acceptable to the NIMS Insurer and with respect
      to a successor to the Master Servicer only, having a net worth of not less
      than
      $50,000,000, 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 consent from the
      NIMS Insurer and a letter or other evidence 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 6.05 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 Trustee
      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.

     

    If
      the
      Master Servicer and the Trust Administrator are the same entity, then at any
      time the Master Servicer resigns or is removed as Master Servicer, the Trust
      Administrator shall also be removed hereunder. All reasonable Master Servicing
      Transfer Costs shall be paid by the predecessor Master Servicer upon
      presentation of reasonable documentation of such costs, and if such predecessor
      Master Servicer defaults in its obligation to pay such costs, such costs shall
      be paid by the successor Master Servicer or the Trustee (in which case the
      successor Master Servicer or the Trustee, as applicable, shall be entitled
      to
      reimbursement therefor from the assets of the Trust Fund).

     

    (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 VIII
      shall be inapplicable to the Trustee in its duties as the successor to the
      Master Servicer in the master servicing of the Mortgage Loans (although such
      provisions shall continue to apply to the Trustee in its capacity as Trustee);
      the provisions of Article VI, however, shall apply to it in its capacity as
      successor Master Servicer.

     

    SECTION
      7.04. Notification
      to Certificateholders.

     

    (a) Upon
      any
      termination of the Servicer or the Master Servicer pursuant to Section 7.01
      above or any appointment of a successor to the Servicer or Master Servicer
      pursuant to Section 7.02 or Section 7.03 above, the Trust Administrator, or
      in the event of the termination of the Master Servicer, the Trustee (or such
      other successor Trust Administrator) shall give prompt written notice thereof
      to
      the Servicer, the Credit Risk Manager, the NIMS Insurer, the Master Servicer
      and
      the Certificateholders at their respective addresses appearing in the
      Certificate Register.

     

    (b) Not
      later
      than the later of 60 days after the occurrence of any event, which constitutes
      or which, with notice or lapse of time or both, would constitute a Servicer
      Event of Default or a Master Servicer Event of Default or five days after a
      Responsible Officer of the Trust Administrator (in the case of a Servicer Event
      of Default) or the Trustee (in the case of a Master Servicer Event of Default)
      becomes aware of the occurrence of such an event, the Trust Administrator or
      Trustee, as applicable, shall transmit by mail to the Credit Risk Manager,
      the
      NIMS Insurer and to all Holders of Certificates notice of each such occurrence,
      unless such Servicer Event of Default or Master Servicer Event of Default shall
      have been cured or waived.

     

    SECTION
      7.05. Waiver
      of
      Servicer Events of Default and Master Servicer Events of
      Termination.

     

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

     

    SECTION
      7.06. Survivability
      of Servicer and Master Servicer Liabilities.

     

    Notwithstanding
      anything herein to the contrary, upon termination of the Servicer or the Master
      Servicer hereunder, any liabilities
      of
      the terminated Servicer or the Master Servicer, as applicable, which accrued
      prior to such termination shall survive such termination.

     

    ARTICLE
      VIII

     

    CONCERNING
      THE TRUSTEE AND THE TRUST ADMINISTRATOR

     

    SECTION
      8.01. Duties
      of
      Trustee and Trust Administrator.

     

    The
      Trustee, prior to the occurrence of a Servicer Event of Default or Master
      Servicer Event of Default and after the curing of all Servicer Events of Default
      or Master Servicer Events of Termination which may have occurred, undertakes
      to
      perform such duties and only such duties as are specifically set forth in this
      Agreement. The Trust Administrator undertakes to perform such duties and only
      such duties as are specifically set forth in this Agreement. If a Servicer
      Event
      of Default or Master Servicer Event of Default has occurred (which has not
      been
      cured) of which a Responsible Officer has knowledge, the Trustee shall exercise
      such of the rights and powers vested in it by this Agreement, and use the same
      degree of care and skill in their exercise, as a prudent man would exercise
      or
      use under the circumstances in the conduct of his own affairs.

     

    Each
      of
      the Trustee and the Trust Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to it which are specifically required to be furnished
      pursuant to any provision of this Agreement, shall examine them to determine
      whether they conform to the requirements of this Agreement; provided, however,
      that neither the Trustee nor the Trust Administrator will be responsible for
      the
      accuracy or content of any such resolutions, certificates, statements, opinions,
      reports, documents or other instruments. If any such instrument is found not
      to
      conform to the requirements of this Agreement in a material manner the Trustee
      or the Trust Administrator, as applicable, shall take such action as it deems
      appropriate to have the instrument corrected, and if the instrument is not
      corrected to the Trustee’s or the Trust Administrator’s satisfaction, the
      Trustee or the Trust Administrator, as applicable, will provide notice thereof
      to the Certificateholders and the NIMS Insurer.

     

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

     

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

     

    (ii) Neither
      the Trustee nor the Trust Administrator shall be personally liable for an error
      of judgment made in good faith by a Responsible Officer of the Trustee or the
      Trust Administrator, as applicable, unless it shall be proved that the Trustee
      or the Trust Administrator, as the case may be, was negligent in ascertaining
      the pertinent facts;

     

    (iii) Neither
      the Trustee nor the Trust Administrator shall be personally liable with respect
      to any action taken, suffered or omitted to be taken by it in good faith in
      accordance with the direction of the NIMS Insurer or the Holders of Certificates
      evidencing not less than 51% of the Voting Rights relating to the time, method
      and place of conducting any proceeding for any remedy available to the Trustee
      or the Trust Administrator, as applicable, or exercising or omitting to exercise
      any trust or power conferred upon the Trustee, under this Agreement;
      and

     

    (iv) The
      Trustee shall not be required to take notice or be deemed to have notice or
      knowledge of any default, Servicer Event of Default or Master Servicer Event
      of
      Default unless a Responsible Officer of the Trustee at the Corporate Trust
      Office obtains actual knowledge of such failure or the Trustee receives written
      notice of such failure from the Depositor, the Servicer or the Holders of
      Certificates evidencing not less than 51% of the Voting Rights.

     

    Neither
      the Trustee nor the Trust Administrator shall be required to expend or risk
      its
      own funds or otherwise incur financial liability in the performance of any
      of
      its duties hereunder, or in the exercise of any of its rights or powers, if
      there is reasonable ground for believing that the repayment of such funds or
      adequate indemnity against such risk or liability is not reasonably assured
      to
      it, and none of the provisions contained in this Agreement shall in any event
      require the Trustee to perform, or be responsible for the manner of performance
      of, any of the obligations of the Master Servicer under this Agreement, 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.

     

    SECTION
      8.02. Certain
      Matters Affecting the Trustee and the Trust Administrator.

     

    (a) Except
      as
      otherwise provided in Section 8.01:

     

    (i) Either
      the Trustee or the Trust Administrator may request and rely upon, and shall
      be
      protected in acting or refraining from acting upon, any resolution, Officers’
Certificate, certificate of auditors or any other certificate, statement,
      instrument, opinion, report, notice, request, consent, order, appraisal, bond
      or
      other paper or document reasonably believed by it to be genuine and to have
      been
      signed or presented by the proper party or parties, and the manner of obtaining
      consents and of evidencing the authorization of the execution thereof by
      Certificateholders shall be subject to such reasonable regulations as the
      Trustee or the Trust Administrator may prescribe;

     

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

     

    (iii) Neither
      the Trustee nor the Trust Administrator shall be under any obligation to
      exercise any of the rights or powers vested in it by this Agreement, or to
      institute, conduct or defend any litigation hereunder or in relation hereto,
      at
      the request, order or direction of any of the Certificateholders or the NIMS
      Insurer, pursuant to the provisions of this Agreement, unless such
      Certificateholders or the NIMS Insurer, as applicable, shall have offered to
      the
      Trustee or the Trust Administrator, as applicable, reasonable security or
      indemnity against the costs, expenses and liabilities which may be incurred
      therein or thereby; the right of the Trustee or the Trust Administrator to
      perform any discretionary act enumerated in this Agreement shall not be
      construed as a duty, and neither the Trustee nor the Trust Administrator shall
      be answerable for other than its negligence or willful misconduct in the
      performance of any such act; nothing contained herein shall, however, relieve
      the Trustee of the obligation, upon the occurrence of a Master Servicer Event
      of
      Default of which the Trustee has received written notice or 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 a Servicer Event of Default or Master Servicer Event of
      Default hereunder and after the curing or waiver of all Servicer Events of
      Default or Master Servicer Events of Termination which may have occurred,
      neither the Trustee nor the Trust Administrator shall be personally liable
      for
      any action taken, suffered or omitted by it in good faith and believed by it
      to
      be authorized or within the discretion or rights or powers conferred upon it
      by
      this Agreement;

     

    (v) Prior
      to
      the occurrence of a Servicer Event of Default or Master Servicer Event of
      Default and after the curing of all Servicer Events of Default or Master
      Servicer Events of Termination which may have occurred, neither the Trustee
      nor
      the Trust Administrator shall be bound to make any investigation into the facts
      or matters stated in any resolution, certificate, statement, instrument,
      opinion, report, notice, request, consent, order, approval, bond or other paper
      or documents, unless requested in writing to do so by the NIMS Insurer or the
      Holders of Certificates entitled to at least 25% of the Voting Rights; provided,
      however, that if the payment within a reasonable time to the Trustee or the
      Trust Administrator, as applicable, of the costs, expenses or liabilities likely
      to be incurred by it in the making of such investigation is, in the opinion
      of
      the Trustee or the Trust Administrator, as applicable, not reasonably assured
      to
      the Trustee or the Trust Administrator, as applicable, by the security afforded
      to it by the terms of this Agreement, the Trustee or the Trust Administrator,
      as
      applicable, may require reasonable indemnity against such cost, expense or
      liability as a condition to such proceeding; and

     

    (vi) Either
      the Trustee or the Trust Administrator may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents or attorneys, custodians or nominees.

     

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

     

    SECTION
      8.03. Neither
      Trustee nor Trust Administrator Liable for Certificates or Mortgage
      Loans.

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Trust Administrator, the authentication of the Trust Administrator on the
      Certificates, the acknowledgments of the Trustee contained in Article II and
      the
      representations and warranties of the Trustee and the Trust Administrator in
      Section 8.13) shall be taken as the statements of the Depositor and neither
      the Trustee nor the Trust Administrator assumes any responsibility for their
      correctness. Neither the Trustee nor the Trust Administrator makes any
      representations or warranties as to the validity or sufficiency of this
      Agreement (other than as specifically set forth in Section 8.12) or of the
      Certificates (other than the signature of the Trust Administrator and
      authentication of the Trust Administrator on the Certificates) or of any
      Mortgage Loan or related document. Neither the Trustee nor the Trust
      Administrator shall be accountable for the use or application by the Depositor
      of any of the Certificates or of the proceeds of such Certificates, or for
      the
      use or application of any funds paid to the Depositor, the Servicer or the
      Master Servicer in respect of the Mortgage Loans or deposited in or withdrawn
      from the Collection Account by the Servicer or the Distribution Account by
      the
      Master Servicer.

     

    SECTION
      8.04. Trustee
      and Trust Administrator May Own Certificates.

     

    Each
      of
      the Trustee and the Trust Administrator in its individual capacity or any other
      capacity may become the owner or pledgee of Certificates with the same rights
      it
      would have if it were not Trustee or Trust Administrator, as applicable. Each
      of
      the Trustee and the Trust Administrator in its individual capacity or any other
      capacity may transact any banking and trust business with the Originator, the
      Servicer, the Depositor or their Affiliates.

     

    SECTION
      8.05. Trust
      Administrator’s and Trustee’s Fees and Expenses.

     

    On
      each
      Distribution Date, the Trust Administrator shall be entitled to compensation
      as
      separately agreed with the Master Servicer. The annual fees of the Trustee
      hereunder and of the Custodian shall be paid in accordance with side letter
      agreements with the Trust Administrator and at the sole expense of the Trust
      Administrator. The Trustee, the Trust Administrator or any director, officer,
      employee or agent of any of them, shall be indemnified by the Trust Fund and
      held harmless against any loss, liability or expense (not including expenses
      and
      disbursements incurred or made by the Trustee or the Trust Administrator,
      including the compensation and the expenses and disbursements of its agents
      and
      counsel, in the ordinary course of the Trustee’s or the Trust Administrator’s
      performance in accordance with the provisions of this Agreement) incurred by
      the
      Trustee or by the Trust Administrator arising out of or in connection with
      the
      acceptance or administration of the obligations and duties of the Trustee or
      the
      Trust Administrator under this Agreement, other than any loss, liability or
      expense (i) resulting from a breach of the Servicer’s or the Master Servicer’s
      obligations and duties under this Agreement for which the Trustee or the Trust
      Administrator, as applicable, is otherwise indemnified under this Agreement
      or
      (ii) any loss, liability or expense incurred by reason of willful misfeasance,
      bad faith or negligence of the Trustee or of the Trust Administrator, as
      applicable, in the performance of its duties hereunder or by reason of the
      Trustee’s or the Trust Administrator’s, as applicable, reckless disregard of
      obligations and duties hereunder or as a result of a breach of the Trustee’s or
      the Trust Administrator’s, as applicable, obligations under Article X hereof.
      Any amounts payable to the Trustee, the Trust Administrator or any director,
      officer, employee or agent of the Trustee or the Trust Administrator, in respect
      of the indemnification provided by this Section 8.05, or pursuant to any
      other right of reimbursement from the Trust Fund that the Trustee, the Trust
      Administrator or any director, officer, employee or agent of the Trustee or
      the
      Trust Administrator, may have hereunder in its capacity as such, may be
      withdrawn by the Trust Administrator for payment to the applicable indemnified
      Person from the Distribution Account at any time. The foregoing indemnity shall
      survive the resignation or removal of the Trustee or the Trust
      Administrator.

     

    SECTION
      8.06. Eligibility
      Requirements for Trustee and Trust Administrator.

     

    Each
      of
      the Trustee and the Trust Administrator hereunder shall at all times be an
      entity duly organized and validly existing under the laws of the United States
      of America or any state thereof, authorized under such laws to exercise
      corporate trust powers, having a combined capital and surplus of at least
      $50,000,000 and subject to supervision or examination by federal or state
      authority. If such entity 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 8.06, the combined capital
      and surplus of such entity shall be deemed to be its combined capital and
      surplus as set forth in its most recent report of condition so published. The
      principal offices of each of the Trustee and the Trust Administrator (other
      than
      the initial Trustee and initial Trust Administrator) shall be in a state with
      respect to which an Opinion of Counsel has been delivered to such Trustee or
      Trust Administrator, as applicable, at the time such Trustee or Trust
      Administrator, as applicable, is appointed Trustee or Trust Administrator,
      as
      applicable, to the effect that the Trust will not be a taxable entity under
      the
      laws of such state. In case at any time the Trustee or the Trust Administrator
      shall cease to be eligible in accordance with the provisions of this
      Section 8.06, the Trustee or the Trust Administrator, as applicable, shall
      resign immediately in the manner and with the effect specified in
      Section 8.07.

     

    SECTION
      8.07. Resignation
      and Removal of the Trustee or Trust Administrator.

     

    The
      Trustee or the Trust Administrator may at any time resign and be discharged
      from
      the trusts hereby created by giving written notice thereof to the Depositor,
      the
      NIMS Insurer, the Servicer, the Master Servicer, each Rating Agency and, if
      the
      Trustee is resigning, to the Trust Administrator, or, if the Trust Administrator
      is resigning, to the Trustee. Upon receiving such notice of resignation, the
      Depositor shall promptly appoint a successor Trustee or Trust Administrator,
      (which may be the same Person in the event both the Trustee and the Trust
      Administrator resign or are removed) acceptable to the NIMS Insurer by written
      instrument, in duplicate, one copy of which instrument shall be delivered to
      the
      resigning Trustee or Trust Administrator, as applicable, and one copy to the
      successor Trustee or Trust Administrator. If no successor Trustee or Trust
      Administrator, as applicable, shall have been so appointed and having accepted
      appointment within 30 days after the giving of such notice of resignation,
      the
      resigning Trustee or Trust Administrator may petition any court of competent
      jurisdiction for the appointment of a successor Trustee or Trust Administrator,
      as applicable.

     

    If
      the
      Trust Administrator and the Master Servicer are the same entity, then at any
      time the Trust Administrator resigns or is removed as Trust Administrator,
      the
      Master Servicer shall also be removed hereunder.

     

    If
      at any
      time the Trustee or the Trust Administrator shall cease to be eligible in
      accordance with the provisions of Section 8.06 and shall fail to resign
      after written request therefor by the Depositor or the NIMS Insurer (or in
      the
      case of the Trust Administrator, the Trustee), or if at any time the Trustee
      or
      the Trust Administrator shall be legally unable to act, or shall be adjudged
      bankrupt or insolvent, or a receiver of the Trustee or the Trust Administrator
      or of its property shall be appointed, or any public officer shall take charge
      or control of the Trustee or the Trust Administrator or of its property or
      affairs for the purpose of rehabilitation, conservation or liquidation, then
      the
      Depositor, the NIMS Insurer, the Servicer or the Master Servicer may remove
      the
      Trustee or the Trust Administrator, as applicable. If the Depositor, the
      Servicer or the Master Servicer removes the Trustee or the Trust Administrator
      under the authority of the immediately preceding sentence, the Depositor shall
      promptly appoint a successor Trustee or Trust Administrator, as applicable,
      acceptable to the NIMS Insurer, by written instrument, in duplicate, one copy
      of
      which instrument shall be delivered to the Trustee or Trust Administrator so
      removed and one copy to the successor Trustee or Trust
      Administrator.

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights (or the
      NIMS Insurer upon failure of the Trustee to perform its obligations hereunder)
      may at any time remove the Trustee or the Trust Administrator and appoint a
      successor trustee acceptable to the NIMS Insurer, by written instrument or
      instruments, in triplicate, signed by such Holders or their attorneys-in-fact
      duly authorized, one complete set of which instruments shall be delivered to
      the
      Depositor, one complete set to the Trustee or Trust Administrator so removed
      and
      one complete set to the successor so appointed. A copy of such instrument shall
      be delivered to the Certificateholders, the Servicer and the Master Servicer
      by
      the Depositor.

     

    The
      Trust
      Administrator (i) may not be the Originator, the Servicer, the Depositor or
      an
      affiliate of the Depositor unless the Trust Administrator is an institutional
      trust department, (ii) must be authorized to exercise corporate trust powers
      under the laws of its jurisdiction of organization, and (iii) must be rated
      at
      least “A/F1” by Fitch Ratings Inc. (“Fitch”), if Fitch is a Rating Agency, or
      the equivalent rating by S&P or Moody’s, or such other rating as is
      acceptable to Fitch as evidenced by a Rating Agency confirmation. If no
      successor Trust Administrator shall have been appointed and shall have accepted
      appointment within 60 days after the Trust Administrator ceases to be the Trust
      Administrator pursuant to this Section 8.07, then the Trustee shall perform
      the duties of the Trust Administrator pursuant to this Agreement. The Trustee
      shall notify the Rating Agencies of any change of Trust
      Administrator.

     

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

     

    Notwithstanding
      anything to the contrary contained herein, the Master Servicer and the Trust
      Administrator shall at all times be the same Person.

     

    SECTION
      8.08. Successor
      Trustee or Trust Administrator.

     

    Any
      successor Trustee or Trust Administrator appointed as provided in
      Section 8.07 shall execute, acknowledge and deliver to the Depositor, the
      NIMS Insurer, the Servicer, the Master Servicer and to its predecessor Trustee
      or Trust Administrator an instrument accepting such appointment hereunder,
      and
      thereupon the resignation or removal of the predecessor Trustee or Trust
      Administrator shall become effective, and such successor Trustee or Trust
      Administrator, without any further act, deed or conveyance, shall become fully
      vested with all the rights, powers, duties and obligations of its predecessor
      hereunder, with like effect as if originally named as Trustee or Trust
      Administrator. The Depositor and the predecessor Trustee or Trust Administrator
      shall execute and deliver such instruments and do such other things as may
      reasonably be required for fully and certainly vesting and confirming in the
      successor Trustee or Trust Administrator all such rights, powers, duties and
      obligations.

     

    No
      successor Trustee or Trust Administrator shall accept appointment as provided
      in
      this Section 8.08 unless at the time of such acceptance such successor
      Trustee or Trust Administrator shall be eligible under the provisions of
      Section 8.06 and the appointment of such successor Trustee or Trust
      Administrator shall not result in a downgrading of the Regular Certificates
      by
      any Rating Agency, as evidenced by a letter from each Rating
      Agency.

     

    Upon
      acceptance of appointment by a successor Trustee or Trust Administrator as
      provided in this Section 8.08, the successor Trustee or Trust Administrator
      shall mail notice of the appointment of a successor Trustee or Trust
      Administrator hereunder to all Holders of Certificates at their addresses as
      shown in the Certificate Register and to each Rating Agency.

     

    Any
      Person appointed as successor trust administrator pursuant to this Agreement
      shall also be required to serve as successor supplemental interest trust trustee
      under the Interest Rate Swap Agreement.

     

    SECTION
      8.09. Merger
      or
      Consolidation of Trustee or Trust Administrator.

     

    Any
      entity into which the Trustee or the Trust Administrator may be merged or
      converted or with which it may be consolidated, or any entity resulting from
      any
      merger, conversion or consolidation to which the Trustee or the Trust
      Administrator shall be a party, or any entity succeeding to the business of
      the
      Trustee or Trust Administrator, shall be the successor of the Trustee or the
      Trust Administrator hereunder, as applicable, provided such entity shall be
      eligible under the provisions of Section 8.06 and 8.08, without the
      execution or filing of any paper or any further act on the part of any of the
      parties hereto, anything herein to the contrary notwithstanding.

     

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

     

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

     

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

     

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

     

    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 or co-trustee.

     

    SECTION
      8.11. Appointment
      of Office or Agency; Appointment of Custodian.

     

    The
      Trust
      Administrator will appoint an office or agency in the City of Minneapolis,
      Minnesota where the Certificates may be surrendered for registration of transfer
      or exchange, and presented for final distribution, and where notices and demands
      to or upon the Trust Administrator in respect of the Certificates and this
      Agreement may be served.

     

    The
      Trustee may, with the consent of the Depositor, the Servicer, the Master
      Servicer and the NIMS Insurer, appoint a Custodian pursuant to this Agreement
      or
      the Custodial Agreement, as applicable, to hold all or a portion of the Mortgage
      Files as agent for the Trustee. The appointment of the Custodian may at any
      time
      be terminated pursuant to this Agreement or the Custodial Agreement, as
      applicable, and a substitute Custodian appointed therefor upon the reasonable
      request of the Servicer, the Master Servicer or the NIMS Insurer to the Trustee,
      the consent to which shall not be unreasonably withheld. Wells Fargo Bank,
      N.A.,
      in executing this Agreement as Trust Administrator and Master Servicer, is
      hereby appointed and agrees to act as Custodian under the terms of this
      Agreement with respect to the Mortgage Loans originated by EquiFirst
      Corporation, Decision One Mortgage Company, LLC and First NLC Financial
      Services, LLC. Deutsche Bank National Trust Company, pursuant to the Custodial
      Agreement, is hereby appointed and agrees to act as Custodian with respect
      to
      the Mortgage Loans originated by New Century Mortgage Corporation. The
      Depositor, the Servicer and the Master Servicer each hereby consent to such
      appointments. Subject to Article VIII hereof, the Trustee agrees to comply
      with
      the terms of this Agreement and to enforce the terms and provisions hereof
      against the Custodian, if applicable, for the benefit of the Certificateholders
      having an interest in any Mortgage File held by the Custodian. The Custodian
      shall be a depository institution or trust company subject to supervision by
      federal or state authority, shall have combined capital and surplus of at least
      $10,000,000 and shall be qualified to do business in the jurisdiction in which
      it holds any Mortgage File. Subject to Section 8.02(a) and Section 2.02, in
      no event shall the appointment of the Custodian pursuant to this Agreement
      or
      the Custodial Agreement, as applicable, diminish the obligations of the Trustee
      hereunder.

     

    SECTION
      8.12. Representations
      and Warranties.

     

    Each
      of
      the Trustee, the Custodian and the Trust Administrator hereby represents and
      warrants to the Servicer, the Master Servicer and the Depositor, as of the
      Closing Date, that:

     

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

     

    (ii) The
      execution and delivery of this Agreement by it, and the performance and
      compliance with the terms of this Agreement by it, will not violate its articles
      of association or bylaws or constitute a default (or an event which, with notice
      or lapse of time, or both, would constitute a default) under, or result in
      the
      breach of, any material agreement or other instrument to which it is a party
      or
      which is applicable to it or any of its assets.

     

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

     

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

     

    (v) It
      is not
      in violation of, and its execution and delivery of this Agreement and its
      performance and compliance with the terms of this Agreement will not constitute
      a violation of, any law, any order or decree of any court or arbiter, or any
      order, regulation or demand of any federal, state or local governmental or
      regulatory authority, which violation, in its good faith and reasonable
      judgment, is likely to affect materially and adversely either the ability of
      it
      to perform its obligations under this Agreement or its financial
      condition.

     

    (vi) No
      litigation is pending or, to the best of its knowledge, threatened against
      it,
      which would prohibit it from entering into this Agreement or, in its good faith
      reasonable judgment, is likely to materially and adversely affect either the
      ability of it to perform its obligations under this Agreement or its financial
      condition.

     

    ARTICLE
      IX

     

    TERMINATION

     

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

     

    (a) Subject
      to Section 9.02, the respective obligations and responsibilities under this
      Agreement of the Depositor, the Servicer, the Master Servicer, the Trust
      Administrator and the Trustee (other than the indemnification obligations of
      the
      Servicer and the Master Servicer pursuant to Section 6.03 and of the
      Servicer to make remittances to the Trust Administrator and the Trust
      Administrator to make payments in respect of the REMIC I Regular Interests
      and
      the Classes of Certificates as hereinafter set forth) shall terminate upon
      payment to the Certificateholders and the deposit of all amounts held by or
      on
      behalf of the Trust Administrator and required hereunder to be so paid or
      deposited on the Distribution Date coinciding with or following the earlier
      to
      occur of (i) the purchase by the Terminator (as defined below) on a servicing
      retained basis of all Mortgage Loans and each REO Property remaining in REMIC
      I
      and (ii) the final payment or other liquidation (or any advance with respect
      thereto) of the last Mortgage Loan or REO Property remaining in REMIC I;
      provided, however, that in no event shall the trust created hereby continue
      beyond the 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 as defined in the Preliminary Statement. Subject
      to Section 3.10 hereof, the purchase by the Terminator of all Mortgage
      Loans and each REO Property remaining in REMIC I shall be at a price (the
“Termination Price”) equal to the greater of (i) the Stated Principal Balance of
      the Mortgage Loans and the appraised value of any REO Properties, such appraisal
      to be conducted by an Independent appraiser mutually agreed upon by the
      Terminator and the Trust Administrator in their reasonable discretion and (ii)
      the fair market value of all of the assets of REMIC I (as determined by the
      Terminator and the Trust Administrator, as of the close of business on the
      third
      Business Day next preceding the date upon which notice of any such termination
      is furnished to Certificateholders pursuant to clause (c) of this
      Section 9.01) in each case, plus accrued and unpaid interest thereon at the
      weighted average of the Mortgage Rates through the end of the Due Period
      preceding the final Distribution Date plus unreimbursed Advances, Servicing
      Advances and any unpaid Servicing Fees allocable to such Mortgage Loans and
      REO
      Properties and any other amounts owed to the Servicer, the Master Servicer,
      the
      Trust Administrator or the Trustee under this Agreement, any accrued and unpaid
      Net WAC Rate Carryover Amount and any Swap Termination Payment payable to the
      Swap Provider then remaining unpaid or which is due to the exercise of such
      option; provided, however, such option may only be exercised if (i) the
      Termination Price is sufficient to pay all interest accrued on, as well as
      amounts necessary to retire the principal balance of, each class of notes issued
      pursuant to the Indenture and any remaining amounts owed to the trustee under
      the Indenture and the NIMS Insurer on the date such notes are retired and (ii)
      the fair market value of the Mortgage Loans and REO Properties determined as
      described above is at least equal to the Stated Principal Balance of the
      Mortgage Loans (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 the appraised value of the REO Properties.

     

    (b) The
      majority holder of the Class CE Certificates (so long as such Holder is not
      the
      Seller or an affiliate of the Seller), or if such majority holder fails to
      exercise such right, the Servicer, or if the Servicer fail to exercise such
      right, the Master Servicer, or if the Master Servicer fails to exercise such
      right, the NIMS Insurer, shall have the right (the party exercising such right,
      the “Terminator”), to purchase all of the Mortgage Loans and each REO Property
      remaining in REMIC I pursuant to clause (i) of the preceding paragraph no later
      than the Determination Date in the month immediately preceding the Distribution
      Date on which the Certificates will be retired; provided, however, that the
      Terminator may elect to purchase all of the Mortgage Loans and each REO Property
      remaining in REMIC I pursuant to clause (i) above only if the aggregate Stated
      Principal Balance of the Mortgage Loans and each REO Property remaining in
      the
      Trust Fund at the time of such election is equal to or less than 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.
      By acceptance of the Residual Certificates, the Holder of the Residual
      Certificates agrees for so long as any notes insured by the NIMS Insurer and
      secured by all or a portion of the Class CE, Class P, Class R or Class R-X
      Certificates are outstanding, in connection with any termination hereunder,
      to
      assign and transfer any amounts in excess of par, and to the extent received
      in
      respect of such termination, to pay any such amounts to the Holders of the
      Class
      CE Certificates.

     

    In
      connection with any termination pursuant to this Section 9.01(b):

     

    (i) At
      least
      twenty (20) days prior to the latest date on which notice of such optional
      termination is required to be mailed to the Certificateholders pursuant to
      Section 9.01(c), the Terminator shall notify in writing (which may be done
      in
      electronic format) the Swap Provider of the final Distribution Date on which
      the
      Terminator intends to terminate the Trust Fund;

     

    (ii) No
      later
      than 4:00 pm (New York City time) four (4) Business Days prior to the final
      Distribution Date specified in the notices required pursuant to Sections
      9.01(c), the Trust Administrator shall request in writing (in accordance with
      the applicable provision of the Interest Rate Swap Agreement) and by phone
      from
      the Swap Provider the amount of the Estimated Swap Termination Payment. The
      Swap
      Provider shall, no later than 2:00 pm (New York City time) on the following
      Business Day, notify in writing (which may be done in electronic format) the
      Trust Administrator of the amount of the Estimated Swap Termination Payment
      and
      the Trust Administrator shall promptly on the same day notify the Terminator
      of
      the amount of the Estimated Swap Termination Payment; and

     

    (iii) Two
      (2)
      Business Days prior to the final Distribution Date specified in the notices
      required pursuant to Sections 9.01(c), (x) the Terminator shall, no later than
      1:00 pm (New York City time) on such day, deliver to the Trust Administrator
      and
      the Trust Administrator shall deposit funds in the Distribution Account in
      an
      amount equal to the sum of the Termination Price (which shall be based on the
      Estimated Swap Termination Payment), and (y) if the Trust Administrator shall
      have determined that the all of the requirements for Optional Termination have
      been met, including without limitation the deposit required pursuant to the
      immediately preceding clause (x) as well as the requirements specified in
      Section 9.01(c), then the Trust Administrator shall, on the same Business Day,
      provide written notice to the Terminator and the Swap Provider (in accordance
      with the applicable provision of the Interest Rate Swap Agreement) confirming
      (a) its receipt of the Termination Price (which shall be based on the Estimated
      Swap Termination Payment), and (b) that all other requirements of the Optional
      Termination have been met (the “Optional Termination Notice”). Upon the delivery
      of the Optional Termination Notice by the Trust Administrator pursuant to the
      preceding sentence, (i) the optional termination shall become irrevocable,
      (ii)
      the notice to Certificateholders of such optional termination provided pursuant
      to Section 9.01(c) shall become unrescindable, (iii) the Swap Provider shall
      determine the Swap Termination Payment in accordance with the Interest Rate
      Swap
      Agreement (which shall not exceed the Estimated Swap Termination Payment),
      and
      (iv) the Swap Provider shall provide to the Trust Administrator written notice
      of the amount of the Swap Termination Payment not later than one (1) Business
      Day prior to the final Distribution Date specified in the notices required
      pursuant to Sections 9.01(c).

     

    (c) Notice
      of
      the liquidation of the Certificates shall be given promptly by the Trust
      Administrator by letter to Certificateholders and the NIMS Insurer mailed (a)
      in
      the event such notice is given in connection with the purchase of the Mortgage
      Loans and each REO Property by the Terminator, not earlier than the
      10th
      day and
      not later than the 20th
      day of
      the month next preceding the month of the final distribution on the Certificates
      or (b) otherwise during the month of such final distribution on or before the
      Determination Date in such month, in each case specifying (i) the Distribution
      Date upon which the Trust Fund will terminate and the final payment in respect
      of the REMIC I Regular Interests and the Certificates will be made upon
      presentation and surrender of the related Certificates at the office of the
      Trust Administrator therein designated, (ii) the amount of any such final
      payment, (iii) that no interest shall accrue in respect of the REMIC I Regular
      Interests or the Certificates from and after the Accrual Period relating to
      the
      final Distribution Date therefor and (iv) that the Record Date otherwise
      applicable to such Distribution Date is not applicable, payments being made
      only
      upon presentation and surrender of the Certificates at the office of the Trust
      Administrator. In the event such notice is given in connection with the purchase
      of all of the Mortgage Loans and each REO Property remaining in REMIC I by
      the
      Terminator, the Terminator shall deliver to the Trust Administrator for deposit
      in the Distribution Account not later than the last Business Day of the month
      next preceding the month of the final distribution on the Certificates an amount
      in immediately available funds equal to the Termination Price. The Trust
      Administrator shall remit to the Servicer from such funds deposited in the
      Distribution Account (i) any amounts which the Servicer would be permitted
      to
      withdraw and retain from the Collection Account pursuant to Section 3.11 and
      (ii) any other amounts otherwise payable by the Trust Administrator to the
      Servicer from amounts on deposit in the Distribution Account pursuant to the
      terms of this Agreement, in each case prior to making any final distributions
      pursuant to Section 9.01(d) below. Upon certification to the Trustee and the
      Trust Administrator by the Terminator of the making of such final deposit,
      the
      Trust Administrator shall promptly release to the Terminator the Mortgage Files
      for the remaining Mortgage Loans, and the Trustee shall execute all assignments,
      endorsements and other instruments necessary to effectuate such
      transfer.

     

    (d) Upon
      presentation of the Certificates by the Certificateholders on the final
      Distribution Date, the Trust Administrator shall distribute to each
      Certificateholder so presenting and surrendering its Certificates the amount
      otherwise distributable on such Distribution Date in accordance with
      Section 4.01 in respect of the Certificates so presented and surrendered.
      Any funds not distributed to any Holder or Holders of Certificates being retired
      on such Distribution Date because of the failure of such Holder or Holders
      to
      tender their Certificates shall, on such date, be set aside and held in trust
      and credited to the account of the appropriate non-tendering Holder or Holders.
      If any Certificates as to which notice has been given pursuant to this
      Section 9.01 shall not have been surrendered for cancellation within six
      months after the time specified in such notice, the Trust Administrator shall
      mail a second notice to the remaining non-tendering Certificateholders to
      surrender their Certificates for cancellation in order to receive the final
      distribution with respect thereto.  If within one year after the second
      notice all such Certificates shall not have been surrendered for cancellation,
      the Trust Administrator shall, directly or through an agent, mail a final notice
      to the remaining non-tendering Certificateholders concerning surrender of their
      Certificates. The costs and expenses of maintaining the funds in trust and
      of
      contacting such Certificateholders shall be paid out of the assets remaining
      in
      the Trust Fund. If within one year after the final notice any such Certificates
      shall not have been surrendered for cancellation, the Trust Administrator shall
      pay to UBS Securities LLC all such amounts, and all rights of non-tendering
      Certificateholders in or to such amounts shall thereupon cease. No interest
      shall accrue or be payable to any Certificateholder on any amount held in trust
      by the Trust Administrator as a result of such Certificateholder’s failure to
      surrender its Certificate(s) for final payment thereof in accordance with this
      Section 9.01. Any such amounts held in trust by the Trust Administrator
      shall be held in an Eligible Account and the Trust Administrator may direct
      any
      depository institution maintaining such account to invest the funds in one
      or
      more Permitted Investments. All income and gain realized from the investment
      of
      funds deposited in such accounts held in trust by the Trust Administrator shall
      be for the benefit of the Trust Administrator; provided, however, that the
      Trust
      Administrator shall deposit in such account the amount of any loss of principal
      incurred in respect of any such Permitted Investment made with funds in such
      accounts immediately upon the realization of such loss.

     

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

     

    SECTION
      9.02. Additional
      Termination Requirements.

     

    (a) In
      the
      event that the Terminator purchases all the Mortgage Loans and each REO Property
      or the final payment on or other liquidation of the last Mortgage Loan or REO
      Property remaining in REMIC I pursuant to Section 9.01, the Trust Fund
      shall be terminated in accordance with the following additional requirements,
      unless the Trust Administrator and the Servicer have received an Opinion of
      Counsel, which Opinion of Counsel shall be at the expense of the Terminator
      (or
      in connection with a termination resulting from the final payment on or other
      liquidation of the last Mortgage Loan or REO Property remaining in REMIC I,
      which Opinion of Counsel shall be at the expense of the person seeking
      nonadherence to the following additional requirements but which in no event
      shall be at the expense of the Trust Fund or, unless it is the person seeking
      nonadherence to the following additional requirements, the Servicer or the
      Trust
      Administrator), to the effect that the failure of REMIC I to comply with such
      additional requirements of this Section 9.02 will not (A) result in the
      imposition on the Trust Fund of taxes on “prohibited transactions,” as described
      in Section 860F of the Code, or (B) cause REMIC I to fail to qualify as a
      REMIC at any time that any Certificate is outstanding:

     

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

     

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

     

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

     

    (b) At
      the
      expense of the Terminator, the Depositor shall prepare or cause to be prepared
      the documentation required in connection with the adoption of a plan of
      liquidation of each Trust REMIC pursuant to this Section 9.02.

     

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

     

    ARTICLE
      X

     

    REMIC
      PROVISIONS

     

    SECTION
      10.01. REMIC
      Administration.

     

    (a) The
      Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and,
      if
      necessary, under applicable state law. Each such election will be made by the
      Trustee on Form 1066 or other appropriate federal tax or information return
      or
      any appropriate state return for the taxable year ending on the last day of
      the
      calendar year in which the Certificates are issued. For the purposes of the
      REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be
      designated as the Regular Interests in REMIC I and the Class R-I Interest shall
      be designated as the Residual Interest in REMIC I. For the purposes of the
      REMIC
      election in respect of REMIC II, the REMIC II Regular Interests shall be
      designated as the Regular Interests in REMIC II and the Class R-II Interest
      shall be designated as the Residual Interest in REMIC II. The Class A
      Certificates, the Mezzanine Certificates, the Class CE Interest, the Class
      P
      Interest and the Class Swap-IO Interest shall be designated as the Regular
      Interests in REMIC III and the Class R-III Interest shall be designated as
      the
      Residual Interest in REMIC III. The CE Certificates shall be designated as
      the
      Regular Interests in REMIC IV and the Class R-IV Interest shall be designated
      as
      the Residual Interest in REMIC IV. The Class P Certificates shall be designated
      as the Regular Interests in REMIC V and the Class R-V Interest shall be
      designated as the Residual Interest in REMIC V. REMIC VI Regular Interest
      SWAP-IO shall be designated as the Regular Interests in REMIC VI and the Class
      R-VI Interest shall be designated as the Residual Interest in REMIC VI. The
      Trustee shall not permit the creation of any “interests” in any Trust REMIC
      (within the meaning of Section 860G of the Code) other than the interests
      identified above as Regular Interests or Residual Interests in REMIC I, REMIC
      II, REMIC III, REMIC IV, REMIC V and REMIC VI.

     

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
      within the meaning of Section 860G(a)(9) of the Code.

     

    (c) The
      Trust
      Administrator shall be reimbursed for any and all expenses relating to any
      tax
      audit of the Trust Fund (including, but not limited to, any professional fees
      or
      any administrative or judicial proceedings with respect to any Trust REMIC
      that
      involve the Internal Revenue Service or state tax authorities), including the
      expense of obtaining any tax related Opinion of Counsel except as specified
      herein. The Trust Administrator, as agent for each Trust REMIC’s tax matters
      person shall (i) act on behalf of the Trust Fund in relation to any tax matter
      or controversy involving any Trust REMIC and (ii) represent the Trust Fund
      in
      any administrative or judicial proceeding relating to an examination or audit
      by
      any governmental taxing authority with respect thereto. The holder of the
      largest Percentage Interest of the Residual Certificates shall be designated,
      in
      the manner provided under Treasury Regulations Section 1.860F-4(d) and Treasury
      Regulations Section 301.6231(a)(7)-1, as the tax matters person of the related
      REMIC created hereunder. By their acceptance thereof, the holder of the largest
      Percentage Interest of the Residual Certificates hereby agrees to irrevocably
      appoint the Trust Administrator or an Affiliate as its agent to perform all
      of
      the duties of the tax matters person for the Trust Fund.

     

    (d) The
      Trust
      Administrator shall prepare, sign and file all of the Tax Returns (including
      Form 8811, which must be filed within 30 days following the Closing Date) in
      respect of each Trust REMIC. The expenses of preparing and filing such returns
      shall be borne by the Trust Administrator without any right of reimbursement
      therefor.

     

    (e) The
      Trust
      Administrator shall perform on behalf of each Trust REMIC all reporting and
      other tax compliance duties that are the responsibility of such REMIC under
      the
      Code, the REMIC Provisions or other compliance guidance issued by the Internal
      Revenue Service or any state or local taxing authority. Among its other duties,
      as required by the Code, the REMIC Provisions or other such compliance guidance,
      the Trust Administrator shall provide (i) to any Transferor of a Residual
      Certificate such information as is necessary for the application of any tax
      relating to the transfer of a Residual Certificate to any Person who is not
      a
      Permitted Transferee, (ii) to the Certificateholders such information or reports
      as are required by the Code or the REMIC Provisions including reports relating
      to interest, original issue discount and market discount or premium (using
      the
      Prepayment Assumption as required) and (iii) to the Internal Revenue Service
      the
      name, title, address and telephone number of the person who will serve as the
      representative of each Trust REMIC. The Depositor shall provide or cause to
      be
      provided to the Trust Administrator, within ten (10) days after the Closing
      Date, all information or data that the Trust Administrator reasonably determines
      to be relevant for tax purposes as to the valuations and issue prices of the
      Certificates, including, without limitation, the price, yield, prepayment
      assumption and projected cash flow of the Certificates.

     

    (f) The
      Trust
      Administrator shall take such action and shall cause each Trust REMIC to take
      such action as shall be necessary to create or maintain the status thereof
      as a
      REMIC under the REMIC Provisions. Neither the Trust Administrator nor the
      Trustee shall take any action or cause the Trust Fund to take any action or
      fail
      to take (or fail to cause to be taken) any action that, under the REMIC
      Provisions, if taken or not taken, as the case may be, could (i) endanger the
      status of any Trust REMIC as a REMIC or (ii) result in the imposition of a
      tax
      upon the Trust Fund (including but not limited to the tax on prohibited
      transactions as defined in Section 860F(a)(2) of the Code and the tax on
      contributions to a REMIC set forth in Section 860G(d) of the Code) (either
      such event, an “Adverse REMIC Event”) unless the Trustee, the Trust
      Administrator and the NIMS Insurer have received an Opinion of Counsel,
      addressed to the Trustee, the NIMS Insurer and the Trust Administrator (at
      the
      expense of the party seeking to take such action but in no event at the expense
      of the Trustee or the Trust Administrator) to the effect that the contemplated
      action will not, with respect to any Trust REMIC, endanger such status or result
      in the imposition of such a tax, nor shall the Servicer take or fail to take
      any
      action (whether or not authorized hereunder) as to which the Trustee, the Trust
      Administrator or the NIMS Insurer has advised it in writing that it has received
      an Opinion of Counsel to the effect that an Adverse REMIC Event could occur
      with
      respect to such action; provided that the Servicer may conclusively rely on
      such
      Opinion of Counsel and shall incur no liability for its action or failure to
      act
      in accordance with such Opinion of Counsel. In addition, prior to taking any
      action with respect to any Trust REMIC or the respective assets of each, or
      causing any Trust REMIC to take any action, which is not contemplated under
      the
      terms of this Agreement, the Servicer will consult with the Trustee, the Trust
      Administrator, the Master Servicer, the NIMS Insurer or their respective
      designees, in writing, with respect to whether such action could cause an
      Adverse REMIC Event to occur with respect to any Trust REMIC and the Servicer
      shall not take any such action or cause any Trust REMIC to take any such action
      as to which the Trustee, the Trust Administrator, the Master Servicer or the
      NIMS Insurer has advised it in writing that an Adverse REMIC Event could occur;
      provided that the Servicer may conclusively rely on such writing and shall
      incur
      no liability for its action or failure to act in accordance with such writing.
      The Trustee, the Trust Administrator, the Master Servicer or the NIMS Insurer
      may consult with counsel to make such written advice, and the cost of same
      shall
      be borne by the party seeking to take the action not permitted by this
      Agreement, but in no event shall such cost be an expense of the Trustee, the
      Trust Administrator or the Master Servicer. At all times as may be required
      by
      the Code, the Trust Administrator will ensure that substantially all of the
      assets of REMIC I will consist of “qualified mortgages” as defined in
      Section 860G(a)(3) of the Code and “permitted investments” as defined in
      Section 860G(a)(5) of the Code, to the extent such obligations are within
      the Trust Administrator’s control and not otherwise inconsistent with the terms
      of this Agreement.

     

    (g) In
      the
      event that any tax is imposed on “prohibited transactions” of any REMIC created
      hereunder as defined in Section 860F(a)(2) of the Code, on the “net income
      from foreclosure property” of such REMIC as defined in Section 860G(c) of
      the Code, on any contributions to any such REMIC after the Startup Day therefor
      pursuant to Section 860G(d) of the Code, or any other tax is imposed by the
      Code or any applicable provisions of state or local tax laws, such tax shall
      be
      charged (i) to the Trust Administrator pursuant to Section 10.03 hereof, if
      such tax arises out of or results from a breach by the Trust Administrator
      of
      any of its obligations under this Article X, (ii) to the Trustee pursuant to
      Section 10.03 hereof, if such tax arises out of or results from a breach by
      the Trustee of any of its obligations under this Article X, (iii) to the Master
      Servicer pursuant to Section 10.03 hereof, if such tax arises out of or
      results from a breach by the Master Servicer of any of its obligations under
      Article III or this Article X, (iv) to the Servicer pursuant to
      Section 10.03 hereof, if such tax arises out of or results from a breach by
      the Master Servicer of any of its obligations under Article III or this Article
      X or (v) against amounts on deposit in the Distribution Account and shall be
      paid by withdrawal therefrom.

     

    (h) [Reserved].

     

    (i) The
      Trust
      Administrator shall, for federal income tax purposes, maintain books and records
      with respect to each Trust REMIC on a calendar year and on an accrual
      basis.

     

    (j) Following
      the Startup Day, none of the Servicer, the Master Servicer, the Trust
      Administrator or the Trustee shall accept any contributions of assets to any
      Trust REMIC other than in connection with any Qualified Substitute Mortgage
      Loan
      delivered in accordance with Section 2.03 unless it shall have received an
      Opinion of Counsel to the effect that the inclusion of such assets in the Trust
      Fund will not cause the related REMIC to fail to qualify as a REMIC at any
      time
      that any Certificates are outstanding or subject such REMIC to any tax under
      the
      REMIC Provisions or other applicable provisions of federal, state and local
      law
      or ordinances.

     

    (k) None
      of
      the Trustee, the Trust Administrator, the Servicer or the Master Servicer shall
      enter into any arrangement by which any Trust REMIC will receive a fee or other
      compensation for services nor permit either REMIC to receive any income from
      assets other than “qualified mortgages” as defined in Section 860G(a)(3) of
      the Code or “permitted investments” as defined in Section 860G(a)(5) of the
      Code.

     

    SECTION
      10.02. Prohibited
      Transactions and Activities.

     

    None
      of
      the Depositor, the Servicer, the Master Servicer, the Trust Administrator or
      the
      Trustee shall sell, dispose of or substitute for any of the Mortgage Loans
      (except in connection with (i) the foreclosure of a Mortgage Loan, including
      but
      not limited to, the acquisition or sale of a Mortgaged Property acquired by
      deed
      in lieu of foreclosure, (ii) the bankruptcy of REMIC I, (iii) the termination
      of
      REMIC I pursuant to Article IX of this Agreement, (iv) a substitution pursuant
      to Article II of this Agreement or (v) a purchase of Mortgage Loans pursuant
      to
      Article II or III of this Agreement), nor acquire any assets for any Trust
      REMIC
      (other than REO Property acquired in respect of a defaulted Mortgage Loan),
      nor
      sell or dispose of any investments in the Collection Account or the Distribution
      Account for gain, nor accept any contributions to any Trust REMIC after the
      Closing Date (other than a Qualified Substitute Mortgage Loan delivered in
      accordance with Section 2.03), unless it has received an Opinion of
      Counsel, addressed to the Trustee, the Trust Administrator and the NIMS Insurer
      (at the expense of the party seeking to cause such sale, disposition,
      substitution, acquisition or contribution but in no event at the expense of
      the
      Trustee or the Trust Administrator) that such sale, disposition, substitution,
      acquisition or contribution will not (a) affect adversely the status of any
      Trust REMIC as a REMIC or (b) cause any Trust REMIC to be subject to a tax
      on
“prohibited transactions” or “contributions” pursuant to the REMIC
      Provisions.

     

    SECTION
      10.03. Servicer,
      Master Servicer and Trustee Indemnification.

     

    (a) In
      the
      event that any Trust REMIC fails to qualify as a REMIC, loses its status as
      a
      REMIC, or incurs federal, state or local taxes as a result of a prohibited
      transaction or prohibited contribution under the REMIC Provisions due to (i)
      the
      negligent performance by the Trustee or the Trust Administrator of its duties
      and obligations set forth herein or (ii) any state, local or franchise taxes
      imposed upon the Trust Fund as a result of the location of the Trustee or the
      Trust Administrator or any co-trustee, the Trustee or the Trust Administrator,
      as applicable, shall indemnify the NIMS Insurer, the Servicer, the Master
      Servicer and the Trust Fund against any and all Losses resulting from such
      negligence, including, without limitation, any reasonable attorneys’ fees
      imposed on or incurred as a result of a breach of the Trustee’s or the Trust
      Administrator’s, as applicable, or any co-trustee’s covenants; provided,
      however,
      that
      the Trustee or the Trust Administrator, as applicable, shall not be liable
      for
      any such Losses attributable to the action or inaction of the Servicer, the
      Master Servicer, the Depositor or the Holder of such Residual Certificate,
      as
      applicable, nor for any such Losses resulting from misinformation provided
      by
      the Holder of such Residual Certificate on which the Trustee or the Trust
      Administrator, as applicable, has relied. The foregoing shall not be deemed
      to
      limit or restrict the rights and remedies of the Holder of such Residual
      Certificate now or hereafter existing at law or in equity. Notwithstanding
      the
      foregoing, however, in no event shall the Trustee or the Trust Administrator,
      as
      applicable, have any liability (1) for any action or omission that is taken
      in
      accordance with and in compliance with the express terms of, or which is
      expressly permitted by the terms of, this Agreement, (2) for any Losses other
      than arising out of a negligent performance by the Trustee or the Trust
      Administrator, as applicable, of its duties and obligations set forth herein,
      and (3) for any special or consequential damages to Certificateholders (in
      addition to payment of principal and interest on the Certificates).

     

    (b) In
      the
      event that any Trust REMIC fails to qualify as a REMIC, loses its status as
      a
      REMIC, or incurs federal, state or local taxes as a result of a prohibited
      transaction or prohibited contribution under the REMIC Provisions due to the
      negligent performance by the Master Servicer of its duties and obligations
      set
      forth herein, the Master Servicer shall indemnify the NIMS Insurer, the
      Servicer, the Trustee, the Trust Administrator and the Trust Fund against any
      and all losses, claims, damages, liabilities or expenses (“Losses”) resulting
      from such negligence, including, without limitation, any reasonable attorneys’
fees imposed on or incurred as a result of a breach of the Master Servicer’s
      covenants; provided,
      however,
      that
      the Master Servicer shall not be liable for any such Losses attributable to
      the
      action or inaction of the Trustee, the Trust Administrator, the Servicer, the
      Depositor or the Holder of such Residual Certificate, as applicable, nor for
      any
      such Losses resulting from misinformation provided by the Holder of such
      Residual Certificate on which the Master Servicer has relied. The foregoing
      shall not be deemed to limit or restrict the rights and remedies of the Holder
      of such Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Master Servicer
      have any liability (1) for any action or omission that is taken in accordance
      with and in compliance with the express terms of, or which is expressly
      permitted by the terms of, this Agreement, (2) for any Losses other than arising
      out of a negligent performance by the Master Servicer of its duties and
      obligations set forth herein, and (3) for any special or consequential damages
      to Certificateholders (in addition to payment of principal and interest on
      the
      Certificates).

     

    (c) In
      the
      event that any Trust REMIC fails to qualify as a REMIC, loses its status as
      a
      REMIC, or incurs federal, state or local taxes as a result of a prohibited
      transaction or prohibited contribution under the REMIC Provisions due to (i)
      the
      negligent performance by the Servicer of its duties and obligations set forth
      herein or (ii) any state, local or franchise taxes imposed upon the Trust Fund
      as a result of the location of the Servicer or any sub-servicer, the Servicer
      shall indemnify the NIMS Insurer, the Master Servicer, the Trustee, the Trust
      Administrator and the Trust Fund against any and all losses, claims, damages,
      liabilities or expenses (“Losses”) resulting from such negligence, including,
      without limitation, any reasonable attorneys’ fees imposed on or incurred as a
      result of a breach of the Servicer’s or any sub-servicer’s covenants;
provided,
      however,
      that
      the Servicer shall not be liable for any such Losses attributable to the action
      or inaction of the Master Servicer, the Trustee, the Trust Administrator, the
      Depositor or the Holder of such Residual Certificate, as applicable, nor for
      any
      such Losses resulting from misinformation provided by the Holder of such
      Residual Certificate on which the Servicer has relied. The foregoing shall
      not
      be deemed to limit or restrict the rights and remedies of the Holder of such
      Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Servicer have
      any
      liability (1) for any action or omission that is taken in accordance with and
      in
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement, (2) for any Losses other than arising out of a
      negligent performance by the Servicer of its duties and obligations set forth
      herein, and (3) for any special or consequential damages to Certificateholders
      (in addition to payment of principal and interest on the
      Certificates).

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      11.01. Amendment.

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer,
      the
      Master Servicer, the Trust Administrator and the Trustee with the consent of
      the
      NIMS Insurer and without the consent of any of the Certificateholders, (i)
      to
      cure any ambiguity or defect, (ii) to correct, modify or supplement any
      provisions herein (including to give effect to the expectations of
      Certificateholders), or (iii) to make any other provisions with respect to
      matters or questions arising under this Agreement which shall not be
      inconsistent with the provisions of this Agreement, provided that such action
      shall not adversely affect in any material respect the interests of any
      Certificateholder as evidenced by either (i) an Opinion of Counsel delivered
      to
      the Servicer, the Master Servicer, the Trustee, the Trust Administrator and
      the
      NIMS Insurer or (ii) confirmation from the Rating Agencies, delivered to the
      Servicer, the Master Servicer, the Trustee, the Trust Administrator and the
      NIMS
      Insurer, that such amendment will not result in the reduction or withdrawal
      of
      the rating of any outstanding Class of Certificates. No amendment shall be
      deemed to adversely affect in any material respect the interests of any
      Certificateholder who shall have consented thereto, and no Opinion of Counsel
      shall be required to address the effect of any such amendment on any such
      consenting Certificateholder.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Servicer,
      the Master Servicer, the Trust Administrator, the NIMS Insurer and the Trustee
      with the consent of the NIMS Insurer and the Holders of Certificates entitled
      to
      at least 66% of the Voting Rights for the purpose of adding any provisions
      to or
      changing in any manner or eliminating any of the provisions of this Agreement
      or
      of modifying in any manner the rights of the Swap Provider or Holders of
      Certificates; provided, however, that no such amendment shall (i) reduce in
      any
      manner the amount of, or delay the timing of, payments received on Mortgage
      Loans which are required to be distributed on any Certificate without the
      consent of the Holder of such Certificate, (ii) adversely affect in any material
      respect the interests of the Swap Provider or Holders of any Class of
      Certificates (as evidenced by either (i) an Opinion of Counsel delivered to
      the
      Trustee and the NIMS Insurer or (ii) confirmation from the Rating Agencies,
      delivered to the Servicer, the Master Servicer, the Trustee and the NIMS
      Insurer, that such action will not result in the reduction or withdrawal of
      the
      rating of any outstanding Class of Certificates) in a manner, other than as
      described in (i), or (iii) modify the consents required by the immediately
      preceding clauses (i) and (ii) without the consent of the Holders of all
      Certificates then outstanding. Notwithstanding any other provision of this
      Agreement, for purposes of the giving or withholding of consents pursuant to
      this Section 11.01, Certificates registered in the name of the Depositor,
      the Servicer or the Master Servicer or any Affiliate thereof shall be entitled
      to Voting Rights with respect to matters affecting such
      Certificates.

     

    Notwithstanding
      any contrary provision of this Agreement, none of the Trustee, the Trust
      Administrator or the NIMS Insurer shall consent to any amendment to this
      Agreement unless it shall have first received an Opinion of Counsel satisfactory
      to the NIMS Insurer to the effect that such amendment will not result in the
      imposition of any tax on any Trust REMIC pursuant to the REMIC Provisions or
      cause any Trust REMIC to fail to qualify as a REMIC at any time that any
      Certificates are outstanding.

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the parties to this
      Agreement shall enter into any amendment to this Agreement that could reasonably
      be expected to have a material adverse effect on the interests of the Swap
      Provider hereunder (excluding, for the avoidance of doubt, any amendment to
      this
      Agreement that is entered into solely for the purpose of appointing a successor
      servicer, trust administrator, trustee or other service provider) without the
      prior written consent of the Swap Provider, which consent shall not be
      unreasonably withheld, conditioned or delayed.

     

    Promptly
      after the execution of any such amendment the Trust Administrator shall notify
      each Certificateholder and make available to each Certificateholder and the
      NIMS
      Insurer a copy of such amendment.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 11.01 to approve the particular form of any proposed amendment, but
      it shall be sufficient if such consent shall approve the substance thereof.
      The
      manner of obtaining such consents and of evidencing the authorization of the
      execution thereof by Certificateholders shall be subject to such reasonable
      regulations as the Trust Administrator may prescribe.

     

    The
      cost
      of any Opinion of Counsel to be delivered pursuant to this Section 11.01
      shall be borne by the Person seeking the related amendment, but in no event
      shall such Opinion of Counsel be an expense of the Trustee or the Trust
      Administrator.

     

    The
      Trustee and the Trust Administrator may, but neither shall be obligated to
      enter
      into any amendment pursuant to this Section that affects its rights, duties
      and immunities under this Agreement or otherwise.

     

    SECTION
      11.02. Recordation
      of Agreement; Counterparts.

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Servicer at the expense
      of
      the Certificateholders, but only upon direction of the Trustee or the Trust
      Administrator accompanied by an Opinion of Counsel to the effect that such
      recordation materially and beneficially affects the interests of the
      Certificateholders.

     

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

     

    SECTION
      11.03. Limitation
      on Rights of Certificateholders.

     

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

     

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

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee, for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatsoever by virtue of any provision of
      this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, or to enforce any right under this Agreement, except
      in the manner herein provided and for the equal, ratable and common benefit
      of
      all Certificateholders. For the protection and enforcement of the provisions
      of
      this Section, each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    SECTION
      11.04. Governing
      Law.

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws.

     

    SECTION
      11.05. Notices.

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when received if personally delivered at or
      mailed by first class mail, postage prepaid, or by express delivery service
      or
      delivered in any other manner specified herein, to (a) in the case of the
      Depositor, 1285 Avenue of the Americas, New York, New York 10019, Attention:
      Legal (telecopy number (212) 713-2080), or such other address or telecopy number
      as may hereafter be furnished to the Servicer, the Master Servicer, the Trust
      Administrator, the NIMS Insurer and the Trustee in writing by the Depositor,
      (b)
      in the case of the Servicer, HomEq Servicing, 4837 Watt Avenue, North Highlands,
      California 95660-5101, Attention: Portfolio Management, Facsimile No. (916)
      339-6995 with a copy to HomEq Servicing, 1620 East Roseville Parkway, Suite
      210,
      2nd Floor, Roseville, California 95661, Attention: Legal Department, Facsimile
      No. (916) 339-6995, or such other address or telecopy number as may hereafter
      be
      furnished to the Depositor, the Master Servicer, the Trust Administrator and
      the
      Trustee in writing by HomEq, (c) in the case of the Master Servicer, Custodian
      or the Trust Administrator, Wells Fargo Bank, N.A., P.O. Box 98, Columbia,
      Maryland 21046, Attention: Client Manager-MABS 2006-HE5 (telecopy number (410)
      715-2380), with a copy to Wells Fargo Bank, N.A., 9062 Old Annapolis Road,
      Columbia, Maryland 21045, Attention: Client Manager-MABS 2006-HE5 (telecopy
      number (410) 715-2380), with a copy to Wells Fargo Bank, N.A., Sixth Street
      and
      Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Client Manager-MABS
      2006-HE5, or such other address or telecopy number as may hereafter be furnished
      to the Servicer, the Trustee, the NIMS Insurer and the Depositor in writing
      by
      the Master Servicer, (d) in the case of the Trustee, 60 Livingston Avenue,
      EP-MN-WS3D, St. Paul, Minnesota 55107, Attention: Structured Finance/MASTR
      2006-HE5 (telecopy number (651) 495-8090), or such other address or telecopy
      number as may hereafter be furnished to the Depositor, the Servicer, the NIMS
      Insurer, the Trust Administrator and the Master Servicer in writing by the
      Trustee, or such other address or telecopy number as may hereafter be furnished
      to the Master Servicer, the NIMS Insurer and the Depositor in writing by the
      Trustee, (e) in the case of the Credit Risk Manager, 1700 Lincoln Street, Suite
      1600, Denver, Colorado 80203, Attention: General Counsel, or such other address
      or telecopy number as may hereafter be furnished to the Depositor, the Servicer,
      the Trustee and the NIMS Insurer and (f) in the case of the NIMS Insurer, if
      any, the address set forth in the Indenture, or such other address or telecopy
      number as may hereafter be furnished to the Master Servicer, the Trust
      Administrator, the Depositor and the Trustee in writing by the NIMS Insurer.
      Any
      notice required or permitted to be given to a Certificateholder shall be given
      by first class mail, postage prepaid, at the address of such Holder as shown
      in
      the Certificate Register. Any notice so mailed within the time prescribed in
      this Agreement shall be conclusively presumed to have been duly given when
      mailed, whether or not the Certificateholder receives such notice. A copy of
      any
      notice required to be telecopied hereunder also shall be mailed to the
      appropriate party in the manner set forth above.

     

    SECTION
      11.06. Severability
      of Provisions.

     

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

     

    SECTION
      11.07. Notice
      to
      Rating Agencies and the NIMS Insurer.

     

    The
      Trust
      Administrator shall use its best efforts promptly to provide notice to the
      Rating Agencies and the NIMS Insurer with respect to each of the following
      of
      which it has actual knowledge:

     

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

     

    (2) The
      occurrence of any Servicer Event of Default or Master Servicer Event of Default
      that has not been cured or waived;

     

    (3) The
      resignation or termination of the Master Servicer, the Trust Administrator
      or
      the Trustee;

     

    (4) The
      repurchase or substitution of Mortgage Loans pursuant to or as contemplated
      by
      Section 2.03;

     

    (5) The
      final
      payment to the Holders of any Class of Certificates;

     

    (6) Any
      change in the location of the Collection Account or the Distribution
      Account;

     

    (7) Any
      event
      that would result in the inability of the Master Servicer to make advances
      regarding delinquent Mortgage Loans to the same extent the Servicer is required
      to make such advances as provided in Section 4.03; and

     

    (8) The
      filing of any claim under the Servicer’s blanket bond and errors and omissions
      insurance policy required by Section 3.14 or the cancellation or material
      modification of coverage under any such instrument.

     

    In
      addition, the Trust Administrator shall promptly make available to each Rating
      Agency and the NIMS Insurer copies of each report to Certificateholders
      described in Section 4.02 and the Master Servicer shall promptly make
      available to each Rating Agency copies of the following:

     

    (1) Each
      annual statement as to compliance described in Section 3.20;

     

    (2) Each
      annual independent public accountants’ servicing report described in
      Section 3.21;

     

    (3) Any
      notice delivered pursuant to Section 7.01

     

    Any
      such
      notice pursuant to this Section 11.07 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered at or mailed by first class mail,
      postage prepaid, or by express delivery service to Moody’s Investors Service
      Inc., 99 Church Street, New York, New York 10004 and Standard & Poor’s
      Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water
      Street, New York, New York 10007, or such other addresses as the Rating Agencies
      may designate in writing to the parties hereto.

     

    SECTION
      11.08. Article
      and Section References.

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    SECTION
      11.09. Grant
      of
      Security Interest.

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      by the Depositor to the Trustee, be, and be construed as, a sale of the Mortgage
      Loans by the Depositor and not a pledge of the Mortgage Loans to secure a debt
      or other obligation of the Depositor. However, in the event that,
      notwithstanding the aforementioned intent of the parties, the Mortgage Loans
      are
      held to be property of the Depositor, then, (a) it is the express intent of
      the
      parties that such conveyance be deemed a pledge of the Mortgage Loans by the
      Depositor to the Trustee to secure a debt or other obligation of the Depositor
      and (b)(1) this Agreement shall also be deemed to be a security agreement within
      the meaning of Articles 8 and 9 of the Uniform Commercial Code as in effect
      from
      time to time in the State of New York; (2) the conveyance provided for in
      Section 2.01 hereof shall be deemed to be a grant by the Depositor to the
      Trustee of a security interest in all of the Depositor’s right, title and
      interest in and to the Mortgage Loans and all amounts payable to the holders
      of
      the Mortgage Loans and the Swap Provider in accordance with the terms thereof
      and all proceeds of the conversion, voluntary or involuntary, of the foregoing
      into cash, instruments, securities or other property, including without
      limitation all amounts, other than investment earnings, from time to time held
      or invested in the Collection Account and the Distribution Account, whether
      in
      the form of cash, instruments, securities or other property; (3) the obligations
      secured by such security agreement shall be deemed to be all of the Depositor’s
      obligations under this Agreement, including the obligation to provide to the
      Certificateholders and the Swap Provider the benefits of this Agreement relating
      to the Mortgage Loans and the Trust Fund; and (4) notifications to persons
      holding such property, and acknowledgments, receipts or confirmations from
      persons holding such property, shall be deemed notifications to, or
      acknowledgments, receipts or confirmations from, financial intermediaries,
      bailees or agents (as applicable) of the Trustee for the purpose of perfecting
      such security interest under applicable law. Accordingly, the Depositor hereby
      grants to the Trustee a security interest in the Mortgage Loans and all other
      property described in clause (2) of the preceding sentence, for the purpose
      of
      securing to the Trustee the performance by the Depositor of the obligations
      described in clause (3) of the preceding sentence. Notwithstanding the
      foregoing, the parties hereto intend the conveyance pursuant to
      Section 2.01 to be a true, absolute and unconditional sale of the Mortgage
      Loans and assets constituting the Trust Fund by the Depositor to the
      Trustee.

     

    SECTION
      11.10. Third
      Party Rights.

     

    Each
      of
      the NIMS Insurer and the Swap Provider shall be deemed a third-party beneficiary
      of this Agreement to the same extent as if it were a party hereto, and shall
      have the right to enforce the provisions of this Agreement.

     

    SECTION
      11.11. Intention
      of the Parties and Interpretation.

     

    Each
      of
      the parties hereto acknowledges and agrees that the purpose of Sections 3.20,
      3.21 and 4.06 of this Agreement is to facilitate compliance by the Depositor
      with the provisions of Regulation AB promulgated by the SEC under the Exchange
      Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may be amended from time to time
      and subject to clarification and interpretive advice as may be issued by the
      staff of the Commission from time to time. Therefore, each of the parties hereto
      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 reasonably 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, to the extent practicable from a timing and
      information systems perspective and to the extent that the Depositor will pay
      any increased costs of the Trustee and Trust Administrator caused by such
      request, with requests made by the Depositor for delivery of additional or
      different information as the Depositor 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 parties’
obligations as are necessary to accommodate evolving interpretations of the
      provisions of Regulation AB.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Servicer, the Master Servicer, the Trust
      Administrator and the Trustee have caused their names to be signed hereto by
      their respective officers thereunto duly authorized, in each case as of the
      day
      and year first above written.

     

    
      	
              MORTGAGE
                ASSET SECURITIZATION TRANSACTIONS, INC., as Depositor

            
	 
	
              By:
                 /s/
                Glenn McIntyre

            
	
              Name:
                Glenn McIntyre

            
	
              Title:
                Executive Director

            
	 
	
              By:
                 /s/
                Julia Lee Kim

            
	
              Name:
                Julia Lee Kim

            
	
              Title:
                Associate Director

            
	 
	
              WELLS
                FARGO BANK, N.A., as Master Servicer and Trust
                Administrator

            
	 
	
              By:
                 /s/
                Raymond Delli Colli

            
	
              Name:
                 Raymond
                Delli Colli

            
	
              Title:
                Vice President

            
	 
	
              BARCLAYS
                CAPITAL REAL ESTATE INC. D/B/A HOMEQ SERVICING, as
                Servicer

            
	 
	
              By:
                 /s/
                Keith Becher

            
	
              Name:
                 Keith
                Becher

            
	
              Title:
                Chief Operating Officer

            
	 
	
              U.S.
                BANK NATIONAL ASSOCIATION, as Trustee

            
	 
	
              By:
                 /s/
                Shannon M. Rantz

            
	
              Name:
                Shannon M. Rantz

            
	
              Title:
                Vice President

            

    

     

     

    
      	
              For
                purposes of Sections 6.08, 6.09 and 6.10:

            
	
              CLAYTON
                FIXED INCOME SERVICES INC.

               

            
	
              By:  /s/
                Kevin J. Kanouff

            
	
              Name:
                Kevin J. Kanouff

            
	
              Title:
                President and General Counsel

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

        
          	
                  STATE
                    OF NEW YORK

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF NEW YORK

                	
                  )

                	 

        

      

       

    

    On
      the
      ___ day of December 2006, before me, a notary public in and for said State,
      personally appeared ________________________ and ________________________,
      known
      to me to be a(n) ________________________ and ________________________,
      respectively, of Mortgage Asset Securitization Transactions, 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

              

      

    

     

     

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

        
          	
                  STATE
                    OF 

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF

                	
                  )

                	 

        

        

      

       

    

    On
      the
      ____ day of December 2006, 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 national banking
      associations 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 MARYLAND

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF HOWARD

              	
                )

              	 

      

       

    

    On
      the
      ____ day of December 2006, before me, a notary public in and for said State,
      personally appeared ________________________ known to me to be a(n)
      ________________________ of Barclays Capital Real Estate Inc. d/b/a HomEq
      Servicing, one of the corporations that executed the within instrument, and
      also
      known to me to be the person who executed it on behalf of said corporation,
      and
      acknowledged to me that such corporation executed the within
      instrument.

     

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

     

    
      

        
          	 	 
	 	
                  Notary
                    Public

                

        

      

       

      [Notarial
        Seal]

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      
        
          	
                  STATE
                    OF MINNESOTA

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF RAMSEY

                	
                  )

                	 

        

         

      

    

    On
      the
      ____ day of December 2006, before me, a notary public in and for said State,
      personally appeared ________________________, known to me to be a(n)
      ________________________ of U.S. Bank National Association, one of the national
      banking assocations 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-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

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

    

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, THE HOLDER OF THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH IN SECTION
      5.02 (c) OF THE AGREEMENT.

    

    
      	
              Series:
                2006-HE5

               

              Pass-Through
                Rate: Variable

               

              Cut-off
                Date and date of Pooling and Servicing Agreement: December 1,
                2006

               

              First
                Distribution Date: January 25, 2007

               

              No.
                1

               

            	
              Aggregate
                Certificate Principal Balance of the Class A-1 Certificates as of
                the
                Issue Date: $384,500,000.00

               

              Denomination:
                    $384,500,000.00

               

              Master
                Servicer and Trust Administrator: Wells Fargo Bank, N.A.

               

              Trustee:
                U.S. Bank National Association

               

              Issue
                Date: December 28, 2006

               

              CUSIP:
                576455
                AA 7

               

            

    

    

    

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE
      MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
      PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
      AS
      THE DENOMINATION OF THIS CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
      consisting primarily of a pool of conventional one- to four-family, fixed-rate
      and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
      formed and sold by

     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
      SECURITIZATION TRANSACTIONS, INC., THE
      MASTER SERVICER, THE
      TRUST
      ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
      CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
      OR
      INSTRUMENTALITY OF THE UNITED STATES.

     

    This
      certifies that Cede & Co. is the registered owner of a Percentage Interest
      (obtained by dividing the denomination of this Certificate by the aggregate
      Certificate Principal Balance of the Class A-1 Certificates as of the Issue
      Date) in that certain beneficial ownership interest evidenced by all the Class
      A-1 Certificates in a REMIC created pursuant to a Pooling and Servicing
      Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
      Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
      term includes any successor entity under the Agreement), the Master Servicer,
      the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
      Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
      the pertinent provisions of which is set forth hereafter. To the extent not
      defined herein, the capitalized terms used herein have the meanings assigned
      in
      the Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the Business Day immediately following (a “Distribution
      Date”), commencing on the First Distribution Date specified above, to the Person
      in whose name this Certificate is registered on the Record Date, in an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount required to be distributed to the Holders of Class A-1
      Certificates on such Distribution Date pursuant to the Agreement.

     

    All
      distributions to the Holder of this Certificate under the Agreement will be
      made
      or caused to be made by the Trust Administrator by wire transfer in immediately
      available funds to the account of the Person entitled thereto if such Person
      shall have so notified the Trust Administrator in writing at least five Business
      Days prior to the Record Date immediately prior to such Distribution Date and
      is
      the registered owner of Class A-1 Certificates the aggregate initial Certificate
      Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
      (ii)
      two-thirds of the aggregate initial Certificate Principal Balance of the Class
      A-1 Certificates, or otherwise by check mailed by first class mail to the
      address of the Person entitled thereto, as such name and address shall appear
      on
      the Certificate Register. Notwithstanding the above, the final distribution
      on
      this Certificate will be made after due notice by the Trust Administrator of
      the
      pendency of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trust Administrator for
      that purpose as provided in the Agreement.

     

    The
      Pass-Through Rate applicable to the calculation of interest payable with respect
      to this Certificate on any Distribution Date shall equal a rate per annum equal
      to the lesser of (i) the related Formula Rate for such Distribution Date and
      (ii) the related Net WAC Rate for such Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates of the Series specified on the face hereof
      (herein called the “Certificates”) and representing a Percentage Interest in the
      Class of Certificates specified on the face hereof equal to the denomination
      specified on the face hereof divided by the aggregate Certificate Principal
      Balance of the Class of Certificates specified on the face hereof.

     

    The
      Certificates are limited in right of payment to certain collections and
      recoveries respecting the Mortgage Loans, all as more specifically set forth
      herein and in the Agreement. As provided in the Agreement, withdrawals from
      the
      Distribution Account may be made from time to time for purposes other than
      distributions to Certificateholders, such purposes including reimbursement
      of
      advances made, or certain expenses incurred, with respect to the Mortgage
      Loans.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor,
      the
      Master Servicer, the Servicer, the Trust Administrator, the Trustee, the NIMS
      Insurer, if any, and the rights of the Certificateholders under the Agreement
      at
      any time by the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee and the NIMS Insurer, if any, without the consent
      on
      the Certificateholders or with the consent of the Holders of Certificates
      entitled to at least 66% of the Voting Rights as further set forth in the
      Agreement. Any such consent by the Holder of this Certificate shall be
      conclusive and binding on such Holder and upon all future Holders of this
      Certificate and of any Certificate issued upon the transfer hereof or in
      exchange herefor or in lieu hereof whether or not notation of such consent
      is
      made upon this Certificate. The Agreement also permits the amendment thereof,
      in
      certain limited circumstances, without the consent of the Holders of any of
      the
      Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      upon
      surrender of this Certificate for registration of transfer at the offices or
      agencies appointed by the Trust Administrator as provided in the Agreement,
      duly
      endorsed by, or accompanied by an assignment in the form below or other written
      instrument of transfer in form satisfactory to the Trust Administrator duly
      executed by, the Holder hereof or such Holder's attorney duly authorized in
      writing, and thereupon one or more new Certificates of the same Class in
      authorized denominations evidencing the same aggregate Percentage Interest
      will
      be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, the holder of this
      Certificate shall be deemed to have made the representation set forth in Section
      5.02 (c) of the Agreement. 

     

    The
      Certificates are issuable in fully registered form only without coupons in
      Classes and denominations representing Percentage Interests specified in the
      Agreement. As provided in the Agreement and subject to certain limitations
      therein set forth, the Certificates are exchangeable for new Certificates of
      the
      same Class in authorized denominations evidencing the same aggregate Percentage
      Interest, as requested by the Holder surrendering the same. No service charge
      will be made for any such registration of transfer or exchange of Certificates,
      but the Trust Administrator may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Certificates.

     

    The
      Depositor, the Master Servicer, the Trust Administrator, the Trustee and any
      agent of the Depositor, the Master Servicer, the Trust Administrator and the
      Trustee may treat the Person in whose name this Certificate is registered as
      the
      owner hereof for all purposes, and none of the Depositor, the Master Servicer,
      the Trust Administrator, the Trustee nor any such agent shall be affected by
      notice to the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby shall
      terminate upon payment to the Certificateholders of all amounts held by the
      Trust Administrator and required to be paid to them pursuant to the Agreement
      following the earlier of (i) the final payment or other liquidation (or any
      advance with respect thereto) of the last Mortgage Loan and REO Property
      remaining in REMIC I and (ii) the purchase by the party designated in the
      Agreement at a price determined as provided in the Agreement from REMIC I of
      all
      the Mortgage Loans and all property acquired in respect of such Mortgage Loans.
      The Agreement permits, but does not require, the party designated in the
      Agreement to purchase from REMIC I all of the Mortgage Loans and all property
      acquired in respect of any Mortgage Loan at a price determined as provided
      in
      the Agreement. The exercise of such right will effect early retirement of the
      Certificates; however, such right to purchase is subject to the aggregate Stated
      Principal Balance of the Mortgage Loans and REO Properties remaining in the
      Trust Fund at the time of purchase being less than or equal to 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    The
      recitals contained herein shall be taken as statements of the Depositor and
      the
      Trust Administrator assumes no responsibility for their
      correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Trust
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      December __, 2006

     

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                Mortgage Pass-Through Certificates

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Officer

            

    

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	
              WELLS
                FARGO BANK, N.A.,

              as
                Trust Administrator 

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Signatory

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian 
                       

              (Cust)
                (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	 	 	 	
            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    Additional
      abbreviations may also be used though not in the above list.

     

    ASSIGNMENT

    
      

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

       

      
        	 

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee)

       

      a
        Percentage Interest equal to____% evidenced by the within Asset-Backed
        Pass-Through Certificate and hereby authorize(s) the registration of transfer
        of
        such interest to assignee on the Certificate Register of the Trust
        Fund.

       

      
        	 
	 
	 

      

      
        	 	
                .

              

      

      

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      

      

      EXHIBIT
        A-2

       

      FORM
        OF
        CLASS A-2 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

      

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, THE HOLDER OF THIS
        CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH IN
        SECTION
        5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class A-2 Certificates as
                  of the
                  Issue Date: $91,300,000.00

                 

                Denomination:
                  $91,300,000.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

                 

                CUSIP:
                  576455
                  AB 5

                 

              

      

      

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-2 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-2 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class A-2
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class A-2 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        A-2 Certificates, or otherwise by check mailed by first class mail to the
        address of the Person entitled thereto, as such name and address shall appear
        on
        the Certificate Register. Notwithstanding the above, the final distribution
        on
        this Certificate will be made after due notice by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, the holder of this
        Certificate shall be deemed to have made the representation set forth in
        Section
        5.02 (c) of the Agreement. 

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

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

       

      Dated:
        December __, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      

      

      EXHIBIT
        A-3

       

      FORM
        OF
        CLASS A-3 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

      

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, THE HOLDER OF THIS
        CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH IN
        SECTION
        5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class A-3 Certificates as
                  of the
                  Issue Date: $161,850,000.00

                 

                Denomination:
                  $161,850,000.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

                 

                CUSIP:
                  576455
                  AC 3

                 

              

      

      

      

       

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-3 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-3 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class A-3
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class A-3 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        A-3 Certificates, or otherwise by check mailed by first class mail to the
        address of the Person entitled thereto, as such name and address shall appear
        on
        the Certificate Register. Notwithstanding the above, the final distribution
        on
        this Certificate will be made after due notice by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, the holder of this
        Certificate shall be deemed to have made the representation set forth in
        Section
        5.02 (c) of the Agreement. 

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December __, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A-4

       

      FORM
        OF
        CLASS A-4 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

      

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, THE HOLDER OF THIS
        CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH IN
        SECTION
        5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class A-4 Certificates as
                  of the
                  Issue Date: $67,727,000.00

                 

                Denomination:
                  $67,727,000.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

                 

                CUSIP:
                  576455
                  AD 1

                 

              

      

      

      

       

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-4 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-4 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class A-4
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class A-4 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        A-4 Certificates, or otherwise by check mailed by first class mail to the
        address of the Person entitled thereto, as such name and address shall appear
        on
        the Certificate Register. Notwithstanding the above, the final distribution
        on
        this Certificate will be made after due notice by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        Custodian, the NIMS Insurer, if any, and the rights of the Certificateholders
        under the Agreement at any time by the Depositor, the Master Servicer, the
        Servicer, the Trust Administrator, the Trustee and the NIMS Insurer, if any,
        without the consent on the Certificateholders or with the consent of the
        Holders
        of Certificates entitled to at least 66% of the Voting Rights as further
        set
        forth in the Agreement. Any such consent by the Holder of this Certificate
        shall
        be conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, the holder of this
        Certificate shall be deemed to have made the representation set forth in
        Section
        5.02 (c) of the Agreement. 

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator , or
        the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December __, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      

      EXHIBIT
        A-5

       

      FORM
        OF
        CLASS M-1 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES TO THE EXTENT DESCRIBED
        IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-1 Certificates as
                  of the
                  Issue Date: $33,890,000.00

                 

                Denomination:
                  $33,890,000.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

                 

                CUSIP:
                  576455
                  AE 9

                 

              

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-1 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-1 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-1
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-1 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-1 Certificates, or otherwise by check mailed by first class mail to the
        address of the Person entitled thereto, as such name and address shall appear
        on
        the Certificate Register. Notwithstanding the above, the final distribution
        on
        this Certificate will be made after due notice by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth in Section 5.02 (c) of the Agreement. 

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December __, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      

      EXHIBIT
        A-6

       

      FORM
        OF
        CLASS M-2 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE CLASS M-1
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-2 Certificates as
                  of the
                  Issue Date: $43,380,000.00

                 

                Denomination:
                  $43,380,000.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

                 

                CUSIP:
                  576455
                  AF 6

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-2 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-2 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-2
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-2 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-2 Certificates, or otherwise by check mailed by first class mail to the
        address of the Person entitled thereto, as such name and address shall appear
        on
        the Certificate Register. Notwithstanding the above, the final distribution
        on
        this Certificate will be made after due notice by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth in Section 5.02 (c) of the Agreement. 

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December __, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      

      EXHIBIT
        A-7

       

      FORM
        OF
        CLASS M-3 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES AND THE CLASS M-2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-3 Certificates as
                  of the
                  Issue Date: $14,460,000.00

                 

                Denomination:
                  $14,460,000.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

                 

                CUSIP:
                  576455
                  AG 4

                 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-3 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-3 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-3
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-3 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-3 Certificates, or otherwise by check mailed by first class mail to the
        address of the Person entitled thereto, as such name and address shall appear
        on
        the Certificate Register. Notwithstanding the above, the final distribution
        on
        this Certificate will be made after due notice by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth in Section 5.02 (c) of the Agreement. 

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December __, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      

      EXHIBIT
        A-8

       

      FORM
        OF
        CLASS M-4 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES AND THE CLASS M-3 CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-4 Certificates as
                  of the
                  Issue Date: $14,911,000.00

                 

                Denomination:
                  $14,911,000.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

                 

                CUSIP:
                  576455
                  AH 2

                 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-4 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-4 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-4
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-4 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-4 Certificates, or otherwise by check mailed by first class mail to the
        address of the Person entitled thereto, as such name and address shall appear
        on
        the Certificate Register. Notwithstanding the above, the final distribution
        on
        this Certificate will be made after due notice by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth in Section 5.02 (c) of the Agreement. 

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Custodian, the Trust
        Administrator or the Trustee may treat the Person in whose name this Certificate
        is registered as the owner hereof for all purposes, and none of the Depositor,
        the Master Servicer, the Trust Administrator, the Trustee nor any such agent
        shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December __, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        
 

      

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      

      EXHIBIT
        A-9

       

      FORM
        OF
        CLASS M-5 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES AND
        THE
        CLASS M-4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-5 Certificates as
                  of the
                  Issue Date: $14,911,000.00

                 

                Denomination:
                  $14,911,000.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

                 

                CUSIP:
                  576455
                  AJ 8

                 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-5 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-5 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-5
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-5 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-5 Certificates, or otherwise by check mailed by first class mail to the
        address of the Person entitled thereto, as such name and address shall appear
        on
        the Certificate Register. Notwithstanding the above, the final distribution
        on
        this Certificate will be made after due notice by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth in Section 5.02 (c) of the Agreement. 

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December ___, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      

      EXHIBIT
        A-10

       

      FORM
        OF
        CLASS M-6 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES TO THE EXTENT DESCRIBED IN
        THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-6 Certificates as
                  of the
                  Issue Date: $10,393,000.00

                 

                Denomination:
                  $10,393,000.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

                 

                CUSIP:
                  576455
                  AK 5

                 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-6 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-6 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-6
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-6 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-6 Certificates, or otherwise by check mailed by first class mail to the
        address of the Person entitled thereto, as such name and address shall appear
        on
        the Certificate Register. Notwithstanding the above, the final distribution
        on
        this Certificate will be made after due notice by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth in Section 5.02 (c) of the Agreement. 

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December ___, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

       

      

      EXHIBIT
        A-11

       

      FORM
        OF
        CLASS M-7 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES AND THE CLASS M-6 CERTIFICATES
        TO
        THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-7 Certificates as
                  of the
                  Issue Date: $9,037,000.00

                 

                Denomination:
                  $9,037,000.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

                 

                CUSIP:
                  576455
                  AL 3

                 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-7 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-7 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-7
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-7 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-7 Certificates, or otherwise by check mailed by first class mail to the
        address of the Person entitled thereto, as such name and address shall appear
        on
        the Certificate Register. Notwithstanding the above, the final distribution
        on
        this Certificate will be made after due notice by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth in Section 5.02 (c) of the Agreement. 

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December __, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      

      EXHIBIT
        A-12

       

      FORM
        OF
        CLASS M-8 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES
        AND THE
        CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-8 Certificates as
                  of the
                  Issue Date: $7,681,000.00

                 

                Denomination:
                  $7,681,000.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

                 

                CUSIP:
                  576455
                  AM 1

                 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE
        MASTER SERVICER, THE
        TRUST
        ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
        THIS
        CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
        OR
        INSTRUMENTALITY OF THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-8 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-8 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-8
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-8 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-8 Certificates, or otherwise by check mailed by first class mail to the
        address of the Person entitled thereto, as such name and address shall appear
        on
        the Certificate Register. Notwithstanding the above, the final distribution
        on
        this Certificate will be made after due notice by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth in Section 5.02 (c) of the Agreement. 

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December ___, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      

       

      

      EXHIBIT
        A-13

       

      FORM
        OF
        CLASS M-9 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES,
        THE
        CLASS M-7 CERTIFICATES AND THE CLASS M-8 CERTIFICATES TO THE EXTENT DESCRIBED
        IN
        THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-9 Certificates as
                  of the
                  Issue Date: $10,393,000.00 

                 

                Denomination:
                  $10,393,000.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

                 

                CUSIP:
                  576455
                  AN 9

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-9 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-9 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-9
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-9 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-9 Certificates, or otherwise by check mailed by first class mail to the
        address of the Person entitled thereto, as such name and address shall appear
        on
        the Certificate Register. Notwithstanding the above, the final distribution
        on
        this Certificate will be made after due notice by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth in Section 5.02 (c) of the Agreement. 

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Custodian, the Trust
        Administrator or the Trustee may treat the Person in whose name this Certificate
        is registered as the owner hereof for all purposes, and none of the Depositor,
        the Master Servicer, the Custodian, the Trust Administrator, the Trustee
        nor any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December ___, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      

       

      

      EXHIBIT
        A-14

       

      FORM
        OF
        CLASS M-10 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES,
        THE
        CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES AND THE CLASS M-9
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-10 Certificates as
                  of the
                  Issue Date: $12,652,000.00

                 

                Denomination:
                  $12,652,000.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

                 

                CUSIP:
                  576455
                  AP 4

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-10 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-10 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-10
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-10 Certificates the aggregate initial
        Certificate Principal Balance of which is in excess of the lesser of (i)
        $5,000,000 or (ii) two-thirds of the aggregate initial Certificate Principal
        Balance of the Class M-10 Certificates, or otherwise by check mailed by first
        class mail to the address of the Person entitled thereto, as such name and
        address shall appear on the Certificate Register. Notwithstanding the above,
        the
        final distribution on this Certificate will be made after due notice by the
        Trust Administrator of the pendency of such distribution and only upon
        presentation and surrender of this Certificate at the office or agency appointed
        by the Trust Administrator for that purpose as provided in the
        Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        set
        forth in Section 5.02 (c) of the Agreement. 

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December __, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      EXHIBIT
        A-15

       

      FORM
        OF
        CLASS M-11 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES,
        THE
        CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES, THE CLASS M-9 CERTIFICATES
        AND THE CLASS M-10 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
        SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      
        	
                Series:
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class M-11 Certificates as
                  of the
                  Issue Date: $11,748,000.00

                 

                Denomination:
                  $11,748,000.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

                 

                CUSIP:
                  576455
                  AQ 2

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-11 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-11 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable sate securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act, and such laws, the Holder of this Certificate desiring
        to effect such transfer and such Holder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. The Holder hereof desiring to effect such transfer shall, and does
        hereby agree to indemnify the Trustee and the Depositor 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.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-11
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-11 Certificates the aggregate initial
        Certificate Principal Balance of which is in excess of the lesser of (i)
        $5,000,000 or (ii) two-thirds of the aggregate initial Certificate Principal
        Balance of the Class M-11 Certificates, or otherwise by check mailed by first
        class mail to the address of the Person entitled thereto, as such name and
        address shall appear on the Certificate Register. Notwithstanding the above,
        the
        final distribution on this Certificate will be made after due notice by the
        Trust Administrator of the pendency of such distribution and only upon
        presentation and surrender of this Certificate at the office or agency appointed
        by the Trust Administrator for that purpose as provided in the
        Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(c) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December __, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        A-16

       

      FORM
        OF
        CLASS CE CERTIFICATE

       

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

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE MEZZANINE
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

      

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE TRANSFEREE OF SUCH
        CERTIFICATE PROVIDES TO THE TRUSTEE THE APPROPRIATE TAX CERTIFICATION FORM
        (I.E., IRS FORM W-9 OR IRS FORM W-8BEN, W-8IMY, W-8EXP OR W-8ECI, AS APPLICABLE
        (OR ANY SUCCESSOR FORM THERETO)), AS A CONDITION TO SUCH TRANSFER AND AGREES
        TO
        UPDATE SUCH FORMS (I) UPON EXPIRATION OF ANY SUCH FORM, (II) AS REQUIRED
        UNDER
        THEN APPLICABLE U.S. TREASURY REGULATIONS AND (III) PROMPTLY UPON LEARNING
        THAT
        ANY IRS FORM W-9 OR IRS FORM W-8BEN, W-8IMY, W-8EXP OR W-8ECI, AS APPLICABLE
        (OR
        ANY SUCCESSOR FORM THERETO), HAS BECOME OBSOLETE OR INCORRECT.

      

      
        	
                Series
                  2006-HE5

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class CE Certificates as of
                  the Issue
                  Date: $14,917,591.09

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

              

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that UBS Securities LLC is the registered owner of a Percentage
        Interest (obtained by dividing the denomination of this Certificate by the
        aggregate Certificate Principal Balance of the Class CE Certificates as of
        the
        Issue Date) in that certain beneficial ownership interest evidenced by all
        the
        Class CE Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class CE
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class CE Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        CE Certificates, or otherwise by check mailed by first class mail to the
        address
        of the Person entitled thereto, as such name and address shall appear on
        the
        Certificate Register. Notwithstanding the above, the final distribution on
        this
        Certificate will be made after due notice by the Trust Administrator of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder's prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
        Administrator, the Custodian in their respective capacities as such), together
        with copies of the written certification(s) of the Holder of the Certificate
        desiring to effect the transfer and/or such Holder's prospective transferee
        upon
        which such Opinion of Counsel is based. None of the Depositor or the Trust
        Administrator is obligated to register or qualify the Class of Certificates
        specified on the face hereof under the 1933 Act or any other securities law
        or
        to take any action not otherwise required under the Agreement to permit the
        transfer of such Certificates without registration or qualification. Any
        Holder
        desiring to effect a transfer of this Certificate shall be required to indemnify
        the Trustee, the Trust Administrator, the Custodian, the Depositor, the Servicer
        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 to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(c) of the Agreement.

       

      No
        transfer of a Certificate of this Class shall be made unless the transferee
        of
        such Certificate provides to the Trustee the appropriate tax certification
        form
        (i.e., IRS Form W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable
        (or any successor form thereto)), as a condition to such transfer and agrees
        to
        update such forms (i) upon expiration of any such form, (ii) as required
        under
        then applicable U.S. Treasury regulations and (iii) promptly upon learning
        that
        any IRS Form W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable
        (or
        any successor form thereto), has become obsolete or incorrect.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

      

      Dated:
        December __, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      

      EXHIBIT
        A-17

       

      FORM
        OF
        CLASS P CERTIFICATE

       

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

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

      

      
        	
                Series:
                  2006-HE5

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1

                 

              	
                Aggregate
                  Certificate Principal Balance of the Class P Certificates as of
                  the Issue
                  Date: $100.00

                 

                Denomination:
                  $100.00

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that UBS Securities LLC is the registered owner of a Percentage
        Interest (obtained by dividing the denomination of this Certificate by the
        aggregate Certificate Principal Balance of the Class P Certificates as of
        the
        Issue Date) in that certain beneficial ownership interest evidenced by all
        the
        Class P Certificates in REMIC V created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, Barclays Capital Real Estate Inc. d/b/a HomEq
        Servicing, as servicer (the “Servicer”) and the Trustee, a summary of certain of
        the pertinent provisions of which is set forth hereafter. To the extent not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class P Certificates
        on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class P Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class P
        Certificates, or otherwise by check mailed by first class mail to the address
        of
        the Person entitled thereto, as such name and address shall appear on the
        Certificate Register. Notwithstanding the above, the final distribution on
        this
        Certificate will be made after due notice by the Trust Administrator of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder's prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
        Administrator, the Custodian in their respective capacities as such), together
        with copies of the written certification(s) of the Holder of the Certificate
        desiring to effect the transfer and/or such Holder's prospective transferee
        upon
        which such Opinion of Counsel is based. None of the Depositor or the Trust
        Administrator is obligated to register or qualify the Class of Certificates
        specified on the face hereof under the 1933 Act or any other securities law
        or
        to take any action not otherwise required under the Agreement to permit the
        transfer of such Certificates without registration or qualification. Any Holder
        desiring to effect a transfer of this Certificate shall be required to indemnify
        the Trustee, the Trust Administrator, the Custodian, the Depositor, the Servicer
        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 to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(c) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

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

       

      Dated:
        December __, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      

      EXHIBIT
        A-18

       

      FORM
        OF
        CLASS R CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

       

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

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IN
        ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED
        TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUST ADMINISTRATOR
        THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF,
        ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
        INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
        FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION
        521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE
        CODE
        UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF
        THE
        CODE, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE
        (ANY
        SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER
        BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A
        DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
        THE
        ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
        ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
        TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER
        OF ANY
        TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
        ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
        SHALL
        BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
        NOT
        BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING,
        BUT
        NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
        OF
        THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
        THE
        PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS IN SECTION 5.02 (C) OF THE
        AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION
        IS
        PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CERTIFICATE.

      

      
        	
                Series:
                  2006-HE5

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1 

                 

              	
                Aggregate
                  Percentage Interest of the Class R Certificates as of the Issue
                  Date:
                  100.00%

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

              

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that UBS Securities LLC is the registered owner of a Percentage
        Interest (as specified above) in that certain beneficial ownership interest
        evidenced by all the Certificates of the Class to which this Certificate
        belongs
        created pursuant to a Pooling and Servicing Agreement, dated as specified
        above
        (the “Agreement”), among Mortgage Asset Securitization Transactions, Inc.
        (hereinafter called the “Depositor,” which term includes any successor entity
        under the Agreement), the Master Servicer, the Trust Administrator, Barclays
        Capital Real Estate Inc. d/b/a HomEq Servicing, as servicer (the “Servicer”) and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. To the extent not defined herein, the capitalized terms
        used
        herein have the meanings assigned in the Agreement. This Certificate is issued
        under and is subject to the terms, provisions and conditions of the Agreement,
        to which Agreement the Holder of this Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class R Certificates
        on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class R Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class R
        Certificates, or otherwise by check mailed by first class mail to the address
        of
        the Person entitled thereto, as such name and address shall appear on the
        Certificate Register. Notwithstanding the above, the final distribution on
        this
        Certificate will be made after due notice by the Trust Administrator of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder's prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
        Administrator, the Custodian 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 Trust
        Administrator is obligated to register or qualify the Class of Certificates
        specified on the face hereof under the 1933 Act or any other securities law
        or
        to take any action not otherwise required under the Agreement to permit the
        transfer of such Certificates without registration or qualification. Any
        Holder
        desiring to effect a transfer of this Certificate shall be required to indemnify
        the Trustee, the Trust Administrator, the Custodian, the Depositor, the Servicer
        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 to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(c) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      Prior
        to
        registration of any transfer, sale or other disposition of this Certificate,
        the
        proposed transferee shall provide to the Trust Administrator (i) an affidavit
        to
        the effect that such transferee is any Person other than a Disqualified
        Organization or the agent (including a broker, nominee or middleman) of a
        Disqualified Organization, and (ii) a certificate that acknowledges that
        (A) the
        Class R Certificates have been designated as a residual interest in a REMIC,
        (B)
        it will include in its income a pro
        rata share
        of
        the net income of the Trust Fund and that such income may be an “excess
        inclusion,” as defined in the Code, that, with certain exceptions, cannot be
        offset by other losses or benefits from any tax exemption, and (C) it expects
        to
        have the financial means to satisfy all of its tax obligations including
        those
        relating to holding the Class R Certificates. Notwithstanding the registration
        in the Certificate Register of any transfer, sale or other disposition of
        this
        Certificate to a Disqualified Organization or an agent (including a broker,
        nominee or middleman) of a Disqualified Organization, such registration shall
        be
        deemed to be of no legal force or effect whatsoever and such Person shall
        not be
        deemed to be a Certificateholder for any purpose, including, but not limited
        to,
        the receipt of distributions in respect of this Certificate.

       

      The
        Holder of this Certificate, by its acceptance hereof, shall be deemed to
        have
        consented to the provisions of Section 5.02 of the Agreement and to any
        amendment of the Agreement deemed necessary by counsel of the Depositor to
        ensure that the transfer of this Certificate to any Person other than a
        Permitted Transferee or any other Person will not cause the Trust Fund to
        cease
        to qualify as a REMIC or cause the imposition of a tax upon the
        REMIC.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December ___, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      

      EXHIBIT
        A-19

       

      FORM
        OF
        CLASS R-X CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

       

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

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IN
        ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT REFERRED
        TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUST ADMINISTRATOR
        THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF,
        ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
        INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
        FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION
        521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE
        CODE
        UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF
        THE
        CODE, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE
        (ANY
        SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER
        BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A
        DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
        THE
        ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
        ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
        TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER
        OF ANY
        TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
        ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
        SHALL
        BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
        NOT
        BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING,
        BUT
        NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
        OF
        THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
        THE
        PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS IN SECTION 5.02 (C) OF THE
        AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION
        IS
        PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS CERTIFICATE.

      

      
        	
                Series:
                  2006-HE5

                 

                Cut-off
                  Date and date of Pooling and Servicing Agreement: December 1,
                  2006

                 

                First
                  Distribution Date: January 25, 2007

                 

                No.
                  1 

                 

              	
                Aggregate
                  Percentage Interest of the Class R-X Certificates as of the Issue
                  Date:
                  100.00%

                 

                Master
                  Servicer and Trust Administrator: Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: December 28, 2006

              

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that UBS Securities LLC is the registered owner of a Percentage
        Interest (as specified above) in that certain beneficial ownership interest
        evidenced by all the Certificates of the Class to which this Certificate
        belongs
        created pursuant to a Pooling and Servicing Agreement, dated as specified
        above
        (the “Agreement”), among Mortgage Asset Securitization Transactions, Inc.
        (hereinafter called the “Depositor,” which term includes any successor entity
        under the Agreement), the Master Servicer, the Trust Administrator, Barclays
        Capital Real Estate Inc. d/b/a HomEq Servicing, as servicer (the “Servicer”) and
        the Trustee, a summary of certain of the pertinent provisions of which is
        set
        forth hereafter. To the extent not defined herein, the capitalized terms
        used
        herein have the meanings assigned in the Agreement. This Certificate is issued
        under and is subject to the terms, provisions and conditions of the Agreement,
        to which Agreement the Holder of this Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound.

       

      Pursuant
        to the terms of the Agreement, distributions will be made on the 25th
        day of
        each month or, if such 25th
        day is
        not a Business Day, the Business Day immediately following (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class R-X
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class R-X Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        R-X Certificates, or otherwise by check mailed by first class mail to the
        address of the Person entitled thereto, as such name and address shall appear
        on
        the Certificate Register. Notwithstanding the above, the final distribution
        on
        this Certificate will be made after due notice by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof.

       

      The
        Certificates are limited in right of payment to certain collections and
        recoveries respecting the Mortgage Loans, all as more specifically set forth
        herein and in the Agreement. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. Any such consent by the Holder of this Certificate shall be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        exchange herefor or in lieu hereof whether or not notation of such consent
        is
        made upon this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies appointed by the Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder's prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
        Administrator, the Custodian 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 Trust
        Administrator is obligated to register or qualify the Class of Certificates
        specified on the face hereof under the 1933 Act or any other securities law
        or
        to take any action not otherwise required under the Agreement to permit the
        transfer of such Certificates without registration or qualification. Any
        Holder
        desiring to effect a transfer of this Certificate shall be required to indemnify
        the Trustee, the Trust Administrator, the Custodian, the Depositor, the Servicer
        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 to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(c) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same. No service charge
        will be made for any such registration of transfer or exchange of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      Prior
        to
        registration of any transfer, sale or other disposition of this Certificate,
        the
        proposed transferee shall provide to the Trust Administrator (i) an affidavit
        to
        the effect that such transferee is any Person other than a Disqualified
        Organization or the agent (including a broker, nominee or middleman) of a
        Disqualified Organization, and (ii) a certificate that acknowledges that
        (A) the
        Class R-X Certificates have been designated as a residual interest in a REMIC,
        (B) it will include in its income a pro
        rata share
        of
        the net income of the Trust Fund and that such income may be an “excess
        inclusion,” as defined in the Code, that, with certain exceptions, cannot be
        offset by other losses or benefits from any tax exemption, and (C) it expects
        to
        have the financial means to satisfy all of its tax obligations including
        those
        relating to holding the Class R-X Certificates. Notwithstanding the registration
        in the Certificate Register of any transfer, sale or other disposition of
        this
        Certificate to a Disqualified Organization or an agent (including a broker,
        nominee or middleman) of a Disqualified Organization, such registration shall
        be
        deemed to be of no legal force or effect whatsoever and such Person shall
        not be
        deemed to be a Certificateholder for any purpose, including, but not limited
        to,
        the receipt of distributions in respect of this Certificate.

       

      The
        Holder of this Certificate, by its acceptance hereof, shall be deemed to
        have
        consented to the provisions of Section 5.02 of the Agreement and to any
        amendment of the Agreement deemed necessary by counsel of the Depositor to
        ensure that the transfer of this Certificate to any Person other than a
        Permitted Transferee or any other Person will not cause the Trust Fund to
        cease
        to qualify as a REMIC or cause the imposition of a tax upon the
        REMIC.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, by manual signature, this Certificate shall not be entitled
        to
        any benefit under the Agreement or be valid for any purpose.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

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

       

      Dated:
        December __, 2006

      
        	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator for the MASTR Asset Backed Securities Trust 2006-HE5,
                  Mortgage Pass-Through Certificates

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	 	
                Authorized
                  Officer

              

      

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

      This
        is
        one of the Certificates referred to in the within-mentioned
        Agreement.

       

      
        	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 	 
	
                By:

              	 
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian  
                  

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

      
        

        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          

         

        
          	 

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee)

         

        a
          Percentage Interest equal to____% evidenced by the within Asset-Backed
          Pass-Through Certificate and hereby authorize(s) the registration of transfer
          of
          such interest to assignee on the Certificate Register of the Trust
          Fund.

         

        
          	 
	 
	 

        

        
          	 	
                  .

                

        

        

      

       

      
        	
                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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      

      EXHIBIT
        B

       

      [RESERVED]

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      

      EXHIBIT
        C-1

       

      FORM
        OF
        INITIAL CERTIFICATION

       

      [Date]

      

      
        	
                Mortgage
                  Asset Securitization Transactions, Inc.

                1285
                  Avenue of the Americas

                New
                  York, New York 10019

                 

              	
                U.S.
                  Bank National Association 

                60
                  Livingston Avenue

                EP-MN-WS3D
                  

                St.
                  Paul, MN 55107 

                Attn:
                  Structured Finance/MASTR 2006-HE5

              
	 	 
	
                Wells
                  Fargo Bank, N.A.

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

                Attn:
                  Client Manager: MABS 2006-HE5

              	
                Barclays
                  Capital Real Estate Inc. d/b/a HomEq Servicing

                4837
                  Watt Avenue 

                North
                  Highlands, California 95660

              

      

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of December 1, 2006, among Mortgage
                  Asset Securitization Transactions, Inc., as Depositor, Wells Fargo
                  Bank,
                  N.A. as Master Servicer and Trust Administrator, Barclays
                  Capital Real Estate Inc. d/b/a HomEq Servicing, as Servicer and
                  U.S. Bank
                  National Association, as Trustee,
                  Mortgage Pass-Through Certificates, Series
                  2006-HE5

              

      

       

      Ladies
        and Gentlemen:

       

      Attached
        is the [Custodian’s] [Trustee’s] preliminary exception report delivered in
        accordance with Section 2.02 of the referenced Pooling and Servicing Agreement
        (the “Pooling and Servicing Agreement”). Capitalized terms used but not
        otherwise defined herein shall have the meanings set forth in the Pooling
        and
        Servicing Agreement.

       

      The
        [Custodian] [Trustee] has made no independent examination of any documents
        contained in each Mortgage File beyond the review specifically required in
        the
        Pooling and Servicing Agreement. The [Custodian] [Trustee] makes no
        representations as to (i) the validity, legality, sufficiency, enforceability
        or
        genuineness of any of the documents contained in the Mortgage File pertaining
        to
        the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the
        collectability, insurability, effectiveness or suitability of any such Mortgage
        Loan or (iii) whether any Mortgage File included any of the documents specified
        in clause (vi) of Section 2.01 of the Pooling and Servicing
        Agreement.

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement. This Certificate is qualified
        in
        all respects by the terms of said Pooling and Servicing Agreement.

       

      
        	
                [Custodian/
                  Trustee]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      EXHIBIT
        C-2

       

      FORM
        OF
        FINAL CERTIFICATION

       

      [Date]

      

      
        	
                Mortgage
                  Asset Securitization Transactions, Inc.

                1285
                  Avenue of the Americas

                New
                  York, New York 10019

                 

              	
                U.S.
                  Bank National Association 

                60
                  Livingston Avenue

                EP-MN-WS3D
                  

                St.
                  Paul, MN 55107 

                Attn:
                  Structured Finance/MASTR 2006-HE5

              
	 	 
	
                Wells
                  Fargo Bank, N.A.

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045 

                Attn:
                  Client Manager: MABS 2006-HE5

              	
                Barclays
                  Capital Real Estate Inc. d/b/a HomEq Servicing

                4837
                  Watt Avenue 

                North
                  Highlands, California 95660

                 

              

      

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of December 1, 2006, among Mortgage
                  Asset Securitization Transactions, Inc., as Depositor, Wells Fargo
                  Bank,
                  N.A. as Master Servicer and Trust Administrator, Barclays
                  Capital Real Estate Inc. d/b/a HomEq Servicing, as Servicer and
                  U.S. Bank
                  National Association, as Trustee,
                  Mortgage Pass-Through Certificates, Series
                  2006-HE5

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02 of the Pooling and Servicing Agreement, the
        undersigned, as [Custodian’s] [Trustee’s], hereby certifies that as to each
        Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
        loan
        paid in full or listed on Schedule I hereto) it (or its custodian) has received
        the applicable documents listed in Section 2.01 of the Pooling and Servicing
        Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in the Mortgage Loan Schedule is
        correct.

       

      The
        [Custodian’s] [Trustee’s] has made no independent examination of any documents
        contained in each Mortgage File beyond the review specifically required in
        the
        Pooling and Servicing Agreement. The [Custodian’s] [Trustee’s] makes no
        representations as to (i) the validity, legality, sufficiency, enforceability
        or
        genuineness of any of the documents contained in the Mortgage File pertaining
        to
        the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the
        collectability, insurability, effectiveness or suitability of any such Mortgage
        Loan or (iii) whether any Mortgage File included any of the documents specified
        in clause (vi) of Section 2.01 of the Pooling and Servicing
        Agreement.

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement. This Certificate is qualified
        in
        all respects by the terms of said Pooling and Servicing Agreement.

       

      
        	
                [CUSTODIAN/
                  TRUSTEE]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        C-3

       

      FORM
        OF
        RECEIPT OF MORTGAGE NOTES

       

      

      
        	
                Mortgage
                  Asset Securitization Transactions, Inc.

                1285
                  Avenue of the Americas

                New
                  York, New York 10019

                 

              	
                U.S.
                  Bank National Association 

                60
                  Livingston Avenue 

                EP-MN-WS3D
                  

                St.
                  Paul, Minnesota 55107 

                Attn:
                  Structured Finance/ MASTR 2006-HE5

              
	 	 
	
                Wells
                  Fargo Bank, N.A.

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

                Attn:
                  Client Manager: MABS 2006-HE5

                 

              	
                Barclays
                  Capital Real Estate Inc. d/b/a HomEq Servicing

                4837
                  Watt Avenue 

                North
                  Highlands, California 95660

                 

              

      

      

       

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of December 1, 2006, among Mortgage
                  Asset Securitization Transactions, Inc., as Depositor, Wells Fargo
                  Bank,
                  N.A. as Master Servicer and Trust Administrator, Barclays
                  Capital Real Estate Inc. d/b/a HomEq Servicing, as Servicer and
                  U.S. Bank
                  National Association, as Trustee,
                  Mortgage Pass-Through Certificates, Series
                  2006-HE5

              

      

       

      Ladies
        and Gentlemen:

       

      Pursuant
        to Section 2.01 of the Pooling and Servicing Agreement, dated as of December
        1,
        2006, among Mortgage Asset Securitization Transactions, Inc. as Depositor,
        Wells
        Fargo Bank, N.A. as Master Servicer and Trust Administrator (the “Master
        Servicer” and the “Trust Administrator”), Barclays
        Capital Real Estate Inc. d/b/a HomEq Servicing
        as
        Servicer (the “Servicer”) and U.S. Bank National Association as Trustee, we
        hereby acknowledge the receipt of the original Mortgage Notes (a copy of
        which
        is attached hereto as Exhibit 1) with any exceptions thereto listed on Exhibit
        2.

       

      
        	
                [TRUSTEE/
                  CUSTODIAN]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      

      EXHIBIT
        D

       

      FORMS
        OF
        ASSIGNMENT AGREEMENTS

       

      

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated December 28, 2006, (“Agreement”)
          among
          UBS Real Estate Securities Inc. (“Assignor”),
          Mortgage Asset Securitization Transactions, Inc. (“Assignee”)
          and
          EquiFirst Corporation (the “Company”):

         

        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:

         

        Assignment
          and Conveyance

        

        The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          the
          Company on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) except as described below, that certain Master
          Seller’s Purchase, Warranties and Interim Servicing Agreement dated as of May
          1,
          2006,
          as
          amended (the “Purchase
          Agreement”),
          between the Assignor, as initial purchaser (the “Purchaser”),
          and
          the Company, as seller, solely insofar as the Purchase Agreement relates
          to the
          Mortgage Loans and (y) other than as provided below with respect to the
          enforcement of representations and warranties, none of the obligations
          of the
          Assignor under the Purchase Agreement.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the mortgage loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

         

        

        Recognition
          of the Company

        

        From
          and
          after the date hereof, the Company shall and does hereby recognize that
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          MASTR Asset-Backed Securities Trust 2006-HE5 (the “Trust”) created pursuant to a
          Pooling and Servicing Agreement, dated as of December 1, 2006 (the “Pooling
          Agreement”), among the Assignee, Wells Fargo Bank, N.A. as master servicer and
          trust administrator (including its successors in interest and any successor
          servicers under the Pooling Agreement, the “Master Servicer” or “Trust
          Administrator”), Barclays Capital Real Estate Inc. d/b/a HomEq Servicing as
          servicer (the “Servicer”) and U.S. Bank National Association, as trustee
          (including its successors in interest and any successor trustees under
          the
          Pooling Agreement, the “Trustee”). The Company hereby acknowledges and agrees
          that from and after the date hereof (i) the Trust will be the owner of the
          Mortgage Loans, (ii) the Company shall look solely to the Trust for
          performance of any obligations of the Assignor insofar as they relate to
          the
          enforcement of the representations, warranties and covenants with respect
          to the
          Mortgage Loans, (iii) the Trust (including the Trustee and the Servicer
          acting on the Trust’s behalf) shall have all the rights and remedies available
          to the Assignor, insofar as they relate to the Mortgage Loans, under the
          Purchase Agreement, including, without limitation, the enforcement of the
          document delivery requirements and remedies with respect to breaches of
          representations and warranties set forth in the Purchase Agreement, and
          shall be
          entitled to enforce all of the obligations of the Company thereunder insofar
          as
          they relate to the Mortgage Loans, and (iv) all references to the Purchaser
          (insofar as they relate to the rights, title and interest and, with respect
          to
          obligations of the Purchaser, only insofar as they relate to the enforcement
          of
          the representations, warranties and covenants of the Company) or the Custodian
          under the Purchase Agreement insofar as they relate to the Mortgage Loans,
          shall
          be deemed to refer to the Trust (including the Trustee and the Servicer
          acting
          on the Trust’s behalf). 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 Purchase Agreement which amendment, modification, waiver
          or
          other alteration would in any way affect the Mortgage Loans or the Company’s
          performance under the Purchase Agreement with respect to the Mortgage Loans
          without the prior written consent of the Trustee.

         

        Representations
          and Warranties of the Company

        

        1.  The
          Company warrants and represents to the Assignor, the Assignee and the Trust
          as
          of the date hereof that:

         

        (a)  The
          Company is duly organized, validly existing and in good standing under
          the laws
          of the jurisdiction of its incorporation;

         

        (b)  The
          Company has full corporate power and authority to execute, deliver and
          perform
          its obligations under this Agreement and has full corporate power and authority
          to perform its obligations under the Purchase Agreement. The execution
          by the
          Company of 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 charter or bylaws 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 have been duly authorized by all necessary corporate action on
          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;
          

         

        (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 Company in connection with the execution, delivery or performance by
          the
          Company of this Agreement; and

         

        (d)  There
          is
          no action, suit, proceeding or investigation pending or, to the best of
          the
          Company’s knowledge, threatened against the Company, before any court,
          administrative agency or other tribunal, which would draw into question
          the
          validity of this Agreement or the Purchase Agreement, or which, either
          in any
          one instance or in the aggregate, would result in any material adverse
          change in
          the ability of the Company to perform its obligations under this Agreement
          or
          the Purchase Agreement, and the Company is solvent. 

         

        2.  Pursuant
          to Section 8 of the Purchase Agreement, the Company hereby represents and
          warrants, for the benefit of the Assignor, the Assignee and the Trust,
          that the
          representations and warranties set forth in Section 3.01 of the Purchase
          Agreement (set forth on Schedule 1 hereto) are true and correct as of the
          date
          of this Agreement (the “Closing Date”) as if such representations and warranties
          were made on such Closing Date, and that the representations and warranties
          set
          forth in Section 3.02 of the Purchase Agreement (set forth on Sechedule
          1
          hereto) are true and correct as of the related Servicing Transfer Date
          (as
          defined in the Purchase Agreement).

         

        3.  The
          Assignor hereby makes the following representations and warranties as of
          the
          date hereof:

         

        (a)  Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws;

         

        (b)  None
          of
          the Mortgage Loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws; 

         

        (c)  No
          Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such
          terms
          are defined in the then current Standard & Poor’s LEVELS®
          Glossary
          which is now Version 5.7 Revised, Appendix E); 

         

        (d)  No
          Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
          is
          governed by the Georgia Fair Lending Act; and

         

        (e)  With
          respect to the
          representations and warranties set forth in Section
          3.02, nothing has occurred in the period of time from the Servicing Transfer
          Date (as defined in the Purchase Agreement) to the date hereof which would
          cause
          such representation and warranties to be untrue in any material respect
          as of
          the date hereof. 

         

        In
          addition to the foregoing, within  60 days
          of
          the earlier of discovery by the Assignor or receipt of notice by the Assignor
          of
          (i) the breach of any representation or warranty of the Company set forth
          in
          Section 3.02 of the Purchase Agreement which materially and adversely affects
          the interests of the Certificateholders in any of the Mortgage Loan and
          for
          which the Company has failed to cure such breach in accordance with the
          terms of
          the Purchase Agreement and (ii)(a) the fact that the Company is no longer
          an
          operating company or (b) an Officers’ Certificate certifying to the fact that
          the Company is financially unable to cure such breach pursuant to the terms
          of
          the Purchase Agreement, the Assignor shall take such action by the Originator
          as
          described in Section 2.03 of the Pooling Agreement in respect of such Mortgage
          Loan. Such obligation of the Assignor shall continue until such time that
          the
          Rating Agencies inform the Assignee and the Assignor in writing that such
          obligation is no longer required in order for the Rating Agencies to maintain
          their then-current ratings on the Certificates.

         

        Remedies
          for Breach of Representations and Warranties

        

        The
          Company hereby acknowledges and agrees that the remedies available to the
          Assignor, the Assignee and the Trust (including the Trustee and the Servicer
          acting on the Trust’s behalf) in connection with any breach of the
          representations and warranties made by the Company set forth in Section
          2 hereof
          shall be as set forth in Subsection 3.03 of the Purchase Agreement as if
          they
          were set forth herein (including without limitation the repurchase and
          indemnity
          obligations set forth therein). With respect to the representations and
          warranties which are made to the best of the Company’s knowledge, if it is
          discovered by the Company or the Assignor 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 interests
          of the
          Assignor or certificateholders therein, notwithstanding the Company’s lack of
          knowledge with respect to the substance of such representation or warranty,
          such
          inaccuracy shall be deemed a breach of the applicable representation or
          warranty. In addition, the Company hereby acknowledges and agrees that
          any
          breach of the representations set forth in Section 3.02 (h), (n), (ee),
          (pp),
          (uu), (vv), (ggg), (hhh), (iii), (jjj) or (ooo) of the Purchase Agreement
          shall
          be deemed to materially and adversely affect the value of the related mortgage
          loans or the interests of the Trust in the related mortgage loans. 

         

        The
          Assignor hereby acknowledges and agrees that the remedies available to
          the
          Assignee and the Trust (including the Trustee and the Master Servicer acting
          on
          the Trust’s behalf) in connection with any breach of the representations and
          warranties made by the Assignor set forth in Section 3 hereof shall be
          as set
          forth in Section 2.03 of the Pooling Agreement as if they were set forth
          herein.
The
          Assignor hereby acknowledges and agrees that a breach of any one of the
          representations set forth in Section 3 above will be deemed to materially
          adversely affect the interests of the certificateholders and shall require
          a
          repurchase of the affected Mortgage Loan(s).

         

         

        Miscellaneous

        

        4.  This
          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. 

         

        5.  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, with the prior written consent of
          the
          Trustee. 

         

        6.  This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee and the Servicer
          acting
          on the Trust’s behalf). 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.

         

        7.  Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement.

         

        8.  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. 

         

        9.  In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control. 

         

        10.  Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

         

         

        [SIGNATURE
          PAGE FOLLOWS]

        

        
          
            
              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

         

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

        

        
          	 	 	 	 	 	 	 	
                  UBS
                    REAL ESTATE SECURITIES INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  MORTGAGE
                    ASSET SECURITIZATION TRANSACTIONS, INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  EQUIFIRST
                    CORPORATION

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

        

        Mortgage
          Loan Schedule

        

        AVAILABLE
          UPON REQUEST

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          1

        

        Limitations
          on Representations and Warranties

        

        Capitalized
          terms used herein but not defined in this Schedule 1 shall have the meanings
          given to such terms in the Purchase Agreement:

         

        Section
          3.01 Representations
          and Warranties of the Company.
          

         

        The
          Company represents, warrants and covenants to the Purchaser that as of
          each
          Closing Date and as of each Servicing Transfer Date or as of such date
          specifically provided herein:

         

        (a)  The
          Company is a corporation duly organized and validly existing under the
          laws of
          North Carolina. The Company 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 compliance with the laws of any such state to the extent
          necessary to ensure the enforceability of each Mortgage Loan and the interim
          servicing of the Mortgage Loans in accordance with the terms of this Agreement.
          No licenses or approvals obtained by the Company have been suspended or
          revoked
          by any court, administrative agency, arbitrator or governmental body and
          no
          proceedings are pending which might result in such suspension or
          revocation;

         

        (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 Confirmation and to conduct its business
          as
          presently conducted; the Company has duly authorized the execution, delivery
          and
          performance of this Agreement and any agreements contemplated hereby, has
          duly
          executed and delivered this Agreement and the related Confirmation, and
          any
          agreements contemplated hereby, and this Agreement and the related Confirmation
          and each Assignment of Mortgage to the Purchaser and any agreements contemplated
          hereby, constitute the legal, valid and binding obligations of the Company,
          enforceable against it in accordance with their respective terms, except
          as such
          enforceability may be limited by bankruptcy, insolvency, moratorium,
          reorganization and similar laws, and by equitable principles affecting
          the
          enforceability of the rights of creditors; and all requisite corporate
          action
          has been taken by the Company to make this Agreement, the related Confirmation
          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, the related Confirmation,
          the sale
          of the Mortgage Loans to the Purchaser, the consummation of the transactions
          contemplated hereby, nor the fulfillment of or compliance with the terms
          and
          conditions of this Agreement and the related Confirmation 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 property is subject;

         

        (d)  There
          is
          no litigation, suit, proceeding or investigation pending or threatened,
          or any
          order or decree outstanding, which is reasonably likely to have a material
          adverse effect on the sale of the Mortgage Loans, the execution, delivery,
          performance or enforceability of this Agreement or the related Confirmation,
          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 and the related Confirmation,
          except for consents, approvals, authorizations and orders which have been
          obtained;

         

        (f)  The
          consummation of the transactions contemplated by this Agreement and the
          related
          Confirmation 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 and the related Confirmation are
          not
          subject to bulk transfer or any similar statutory provisions in effect
          in any
          applicable jurisdiction;

         

        (g)  The
          origination, servicing and collection practices with respect to each Mortgage
          Note and Mortgage have been legal and in accordance with applicable laws
          and
          regulations, and in all material respects in accordance with Accepted Servicing
          Practices. The Company further represents and warrants that: with respect
          to
          escrow deposits and payments that the Company is entitled to collect, all
          such
          payments are in the possession of, or under the control of, the Company
          or its
          delegate, and there exist no deficiencies in connection therewith for which
          customary arrangements for repayment thereof have not been made; all escrow
          payments have been collected and are being maintained in full compliance
          with
          applicable state and federal law and the provisions of the related Mortgage
          Note
          and Mortgage; as to any Mortgage Loan that is the subject of an escrow,
          escrow
          of funds is not prohibited by applicable law and has been established in
          an
          amount sufficient to pay for every escrowed item that remains unpaid and
          has
          been assessed but is not yet due and payable; no escrow deposits or other
          charges or payments due under the Mortgage Note have been capitalized under
          any
          Mortgage or the related Mortgage Note; all Mortgage Interest Rate adjustments
          have been made in strict compliance with state and federal law and the
          terms of
          the related Mortgage Note; and any interest required to be paid pursuant
          to
          state and local law has been properly paid and credited;

         

        (h)  The
          Company has not used 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 Closing Date; 

         

        (i)  The
          Company will treat the transfer 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. The Company shall maintain a complete set
          of books
          and records for each Mortgage Loan which shall be clearly marked to reflect
          the
          ownership of such Mortgage Loan by the Purchaser; 

         

        (j)  The
          Company is an approved seller/servicer of residential mortgage loans for
          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 and is in good standing to sell mortgage loans to and service
          mortgage loans; 

         

        (k)  The
          Company does not believe, nor does it have any cause or reason to believe,
          that
          it cannot perform each and every covenant contained in this Agreement and
          the
          related Confirmation applicable to it. 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, the related Confirmation
          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
          consideration received by the Company upon the sale of the Mortgage Loans
          constitutes fair consideration and reasonably equivalent value for such
          Mortgage
          Loans;

         

        (n)  The
          Company has delivered to the Initial Purchaser financial statements as
          to its
          last two complete fiscal years. All such financial statements fairly present
          the
          pertinent results of operations and changes in financial position for each
          of
          such periods and the financial position at the end of each such period
          of the
          Company and its subsidiaries and have been prepared in accordance with
          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 statements that would have a material adverse effect on its ability
          to
          perform its obligations under this Agreement or the related Confirmation;
          

         

        (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)  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 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 and as of the related Servicing Transfer
          Date as follows:

         

        (a)  The
          information set forth in the related Mortgage Loan Schedule, including
          any
          diskette or other related data tapes sent to the Initial Purchaser, is
          complete,
          true and correct in all material respects;

         

        (b)  The
          Mortgage creates a (A) first lien and first priority security interest
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          First
          Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and
          second
          priority security interest with respect to each Mortgage Loan which is
          indicated
          by the Company to be a Second Lien (as reflected on the Mortgage Loan Schedule),
          in either case, in the related Mortgaged Property securing the related
          Mortgage
          Note;

         

        (c)  As
          of the
          related Closing Date, the Mortgage Loan is not delinquent in payment more
          than
          30 days and has not been dishonored; there are no material defaults under
          the
          terms of the Mortgage Loan; the Company has not advanced funds, or induced,
          solicited or knowingly received any advance of funds from a party other
          than the
          owner of the Mortgaged Property subject to the Mortgage, directly or indirectly,
          for the payment of any amount required by the Mortgage Loan; no payment
          with
          respect to each Mortgage Loan has been contractually delinquent during
          the
          preceding twelve-month period;

         

        (d)  To
          the
          best of the Company’s knowledge, 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. No instrument of
          waiver,
          alteration or modification has been executed, and no Mortgagor has been
          released, in whole or in part, from the terms thereof except in connection
          with
          an assumption agreement and which assumption agreement is part of the Mortgage
          File and the terms of which are reflected in the related Mortgage Loan
          Schedule;
          the substance of any such waiver, alteration or modification has been approved
          by the issuer of any related title insurance policy, to the extent required
          by
          the related policy.

         

        (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 the Mortgagor was not a debtor in any
          state
          or federal bankruptcy or insolvency proceeding at the time the Mortgage
          Loan was
          originated;

         

        (g)  All
          buildings or other customarily insured improvements upon the Mortgaged
          Property
          are insured by a Qualified Insurer, against loss by fire, windstorm, hurricane,
          hail damage or other perils normally under extended coverage endorsement,
          in an
          amount representing coverage not less than the lesser of (i) the lesser
          of (a)
          the maximum insurable value of the improvements securing such Mortgage
          Loans and
          (b) the full replacement cost of the improvements securing such Mortgage
          Loan,
          and (ii) the greater of (a) either (1) the outstanding principal balance
          of the
          Mortgage Loan with respect to each Mortgage Loan which is indicated by
          the
          Company to be a First Lien (as reflected on the Mortgage Loan Schedule)
          or (2)
          with respect to each Second Lien Mortgage Loan, the sum of the outstanding
          principal balance of the first lien on such Mortgage Loan and the outstanding
          principal balance of such Second Lien 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, but in no event greater than the
          maximum
          amount permitted under applicable law. All such standard hazard policies
          are in
          full force and effect and on the date of origination contained a standard
          mortgagee clause naming the Company and its successors in interest and
          assigns
          as loss payee and such clause is still in effect and all premiums due thereon
          have been paid. If required by the Flood Disaster Protection Act of 1973,
          as
          amended, the Mortgage Loan is covered by a flood insurance policy meeting
          the
          requirements of the current guidelines of the Federal Insurance Administration,
          in an amount not less than the amount required by the Flood Disaster Protection
          Act of 1973, as amended. 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 upon the Mortgagor’s failure to do so,
          authorizes the holder of the Mortgage to maintain such insurance at the
          Mortgagor’s cost and expense and to seek reimbursement therefor from the
          Mortgagor;

         

        (h)  Each
          Mortgage Loan and, if any, the related prepayment penalty complied in all
          material respects with any and all requirements of any federal, state or
          local
          law including, without limitation, usury, truth in lending, real estate
          settlement procedures, consumer credit protection, equal credit opportunity,
          fair housing, disclosure, or predatory, fair and abusive lending laws applicable
          to the origination and servicing of loans of a type similar to the Mortgage
          Loans and the consummation of the transactions contemplated hereby will not
          involve the violation of any such laws;

         

        (i)  The
          Mortgage has not been satisfied, canceled or subordinated (other than the
          subordination of any Second Lien Mortgage Loan to the related First Lien),
          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
          related Mortgage is a valid, subsisting, enforceable and perfected (A)
          first
          lien and first priority security interest with respect to each Mortgage
          Loan
          which is indicated by the Company to be a First Lien (as reflected on the
          Mortgage Loan Schedule), or (B) second lien and second priority security
          interest with respect to each Mortgage Loan which is indicated by the Company
          to
          be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
          in
          either case, 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. 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 or otherwise considered in the appraisal
          made
          for the originator of the Mortgage Loan, or (B) which do not adversely
          affect
          the appraised value of the Mortgaged Property as set forth in such appraisal,
          (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 and (4) with respect to each Mortgage Loan which is
          indicated
          by the Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage
          Loan Schedule) a First Lien on the 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 (A) first lien and first priority security interest with
          respect
          to each Mortgage Loan which is indicated by the Company to be a First Lien
          (as
          reflected on the Mortgage Loan Schedule), or (B) second lien and second
          priority
          security interest with respect to each Mortgage Loan which is indicated
          by the
          Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage
          Loan
          Schedule), in either case, 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 bankruptcy, insolvency,
          moratorium, reorganization and other laws of general application affecting
          the
          rights of creditors and by general equitable principles and the Company
          has
          taken all action necessary to transfer such rights of enforceability to
          the
          Purchaser. All parties to the Mortgage Note and the Mortgage had the legal
          capacity to enter into the Mortgage Loan and to execute and deliver the
          Mortgage
          Note and the Mortgage. The Mortgage Note and the Mortgage have been duly
          and
          properly executed by such parties. No fraud, error, omission, misrepresentation,
          negligence or similar occurrence with respect to a Mortgage Loan has taken
          place
          on the part of the Company or the Mortgagor, or, to the best of the Company’s
          knowledge, 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 or are in the process of being paid,
          and the
          Mortgagor is not entitled to any refund of any amounts paid or due under
          the
          Mortgage Note or Mortgage;

         

        (l)  The
          Company is the sole owner of record and holder of the Mortgage Loan and
          the
          indebtedness evidenced by the Mortgage Note, and upon recordation the Purchaser
          or its designee will be the owner of record of the Mortgage and the indebtedness
          evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan
          to the
          Purchaser, the Company will retain the Servicing File in trust for the
          Purchaser
          only for the purpose of interim servicing and supervising the interim servicing
          of the Mortgage Loan. Immediately prior to the transfer and assignment
          to the
          Purchaser on the related Closing Date, the Mortgage Loan, including the
          Mortgage
          Note and the Mortgage, were not subject to an assignment or pledge, and
          the
          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 interim
          servicing the Mortgage Loan as set forth in this Agreement. Each Mortgagor
          is a
          natural person;

         

        (m)  Each
          Mortgage Loan is covered by an ALTA lender’s title insurance policy issued by a
          title insurer acceptable to prudent lenders in the secondary market with
          respect
          to title insurance 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 and, with respect to each Mortgage Loan which
          is
          indicated by the Company to be a Second Lien Mortgage Loan (as reflected
          on the
          Mortgage Loan Schedule) clause (4)) the Company, its successors and assigns,
          as
          to the first (or, where applicable, second) priority lien of the Mortgage
          in the
          original principal amount of the Mortgage Loan and, with respect to each
          Adjustable Rate Mortgage Loan, against any loss by reason of the invalidity
          or
          unenforceability of the lien resulting from the provisions of the Mortgage
          providing for adjustment in the Mortgage Interest Rate and Monthly Payment.
          Additionally, such policy affirmatively insures ingress and egress to and
          from
          the Mortgaged Property. Where required by applicable state law or regulation,
          the Mortgagor has been given the opportunity to choose the carrier of the
          required mortgage title insurance. The Company, its successors and assigns,
          are
          the sole insureds of such lender’s title insurance policy, such title insurance
          policy has been duly and validly endorsed to the Purchaser or the assignment
          to
          the Purchaser of the Company’s interest therein does not require the consent of
          or notification to the insurer and such lender’s title insurance policy is in
          full force and effect and will be in full force and effect upon the consummation
          of the transactions contemplated by this Agreement and the related Confirmation.
          No claims have been made under such lender’s title insurance policy, and no
          prior holder of the related Mortgage, including the Company, has done,
          by act or
          omission, anything which would impair the coverage of such lender’s title
          insurance policy;

         

        (n)  There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event permitting acceleration;
          and
          neither the Company nor any prior mortgagee has waived any default, breach,
          violation or event permitting acceleration. With respect to each Mortgage
          Loan
          which is indicated by the Company to be a Second Lien Mortgage Loan (as
          reflected on the Mortgage Loan Schedule) (i) the First Lien is in full
          force and
          effect, (ii) there is no default, breach, violation or event of acceleration
          existing under such First Lien mortgage or the related mortgage note, (iii)
          either no consent for the Mortgage Loan is required by the holder of the
          First
          Lien or such consent has been obtained and is contained in the Mortgage
          File,
          (iv) to the best of Company’s knowledge, no event which, with the passage of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event of acceleration thereunder,
          and
          either (A) the First Lien mortgage contains a provision which allows or
          (B)
          applicable law requires, the mortgagee under the Second Lien Mortgage Loan
          to
          receive notice of, and affords such mortgagee an opportunity to cure any
          default
          by payment in full or otherwise under the First Lien mortgage, and (v)
          such
          Second Lien Mortgage Loan is secured by a one- to four-family residence
          that is
          the principal residence of the Mortgagor;

         

        (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)  To
          the
          best of the Company’s knowledge, 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)  The
          Mortgage Loan was originated by or for the Company. The Mortgage Loan complies
          with all the terms, conditions and requirements of the Company’s Underwriting
          Standards in effect at the time of origination of such Mortgage Loan and
          the
          Company has prudently originated and underwritten each Mortgage Loan. The
          Mortgage Notes and Mortgages (exclusive of any riders) are on forms generally
          acceptable to Fannie Mae or Freddie Mac. The Mortgage Loan bears interest
          at the
          Mortgage Interest Rate set forth in the related Mortgage Loan Schedule,
          and
          Monthly Payments under the Mortgage Note are due and payable on the Due
          Date set
          forth on the related Mortgage Loan Schedule. The Mortgage contains the
          usual and
          enforceable provisions of the originator at the time of origination for
          the
          acceleration of the payment of the unpaid principal amount of the Mortgage
          Loan
          if the related Mortgaged Property is sold without the prior consent of
          the
          mortgagee thereunder;

         

        (r)  To
          the
          best of the Company’s knowledge, the Mortgaged Property is not subject to any
          material damage by waste, fire, earthquake, windstorm, flood or other casualty,
          and is in good repair. At origination of the Mortgage Loan there was, and
          there
          currently is, no proceeding pending for the total or partial condemnation
          of the
          Mortgaged Property. To the best of the Company’s knowledge, there have not been
          any condemnation proceedings with respect to the Mortgaged Property and
          there
          are no such proceedings 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.
          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
          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 which,
          (a)
          with respect to First Lien Mortgage Loans, was on appraisal form 1004 and
          (b)
          was 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 prudent lenders in the secondary market
          and
          requirements of Title XI of FIRREA and the regulations promulgated thereunder,
          all as in effect on the date the Mortgage Loan was originated. The appraisal
          is
          in a form generally acceptable to Fannie Mae or Freddie Mac;

         

        (v)  All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (B) (1) organized under the laws of such state,
          or (2)
          qualified to do business in such state, or (3) federal savings and loan
          associations or national banks or a Federal Home Loan Bank or savings bank
          having principal offices in such state, or (4) not doing business in such
          state;

         

        (w)  The
          related Mortgage Note is not and has not been secured by any collateral
          except
          the lien of the corresponding Mortgage and the security interest of any
          applicable security agreement or chattel mortgage referred to in (j) above
          and
          such collateral does not serve as security for any other
          obligation;

         

        (x)  The
          Mortgagor has received 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 and does not have a
          shared appreciation or other contingent interest feature; no Mortgage Loan
          contains any buydown provisions;

         

        (z)  The
          Mortgagor is not in bankruptcy and the Mortgagor is not insolvent and the
          Company has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
          standing that could reasonably be expected to cause investors to regard
          the
          Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to
          become
          delinquent, or materially adversely affect the value or marketability of
          the
          Mortgage Loan;

         

        (aa)  Principal
          payments on the Mortgage Loan commenced no more than sixty (60) days after
          the
          funds were disbursed in connection with the Mortgage Loan. The Mortgage
          Loans
          have an original term to maturity of not more than 30 years, with interest
          payable in arrears on the Due Date indicated on the related Mortgage Loan
          Schedule. Each Mortgage Note (other than with respect to a Balloon Mortgage
          Loan) requires a monthly payment which is sufficient to fully amortize
          the
          original principal balance over the original term thereof (other than during
          the
          interest-only period with respect to a Mortgage Loan identified on the
          related
          Mortgage Loan Schedule as an interest-only Mortgage Loan) and to pay interest
          at
          the related Mortgage Interest Rate. With respect to each Mortgage Loan
          identified on the Mortgage Loan Schedule as an interest-only Mortgage Loan,
          the
          interest-only period is five (5) years and following the expiration of
          such
          interest-only period, the remaining Monthly Payments shall be sufficient
          to
          fully amortize the original principal balance over the remaining term of
          the
          Mortgage Loan. With respect to each Balloon Mortgage Loan, the Mortgage
          Note
          requires a monthly payment which is sufficient to fully amortize the original
          principal balance over the original term thereof and to pay interest at
          the
          related Mortgage Interest Rate and requires a final Monthly Payment
          substantially greater than the preceding monthly payment which is sufficient
          to
          repay the remained unpaid principal balance of the Balloon Mortgage Loan
          as the
          Due Date of such monthly payment. No Mortgage Loan contains terms or provisions
          which would result in negative amortization. No Mortgage Loan provides
          for the
          capitalization or forbearance of interest;

         

        (bb)  No
          Mortgage Loan is subject to a lender-paid mortgage insurance policy;

         

        (cc)  As
          to any
          Mortgage Loan which is not a MERS Mortgage Loan, 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)  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 cooperative housing corporation erected thereon,
          or a
          mobile home. As of the date of origination, no portion of the Mortgaged
          Property
          was used for commercial purposes, and since the date or origination no
          portion
          of the Mortgaged Property has been used for commercial purposes, provided,
          that
          Mortgaged Properties which contain a home office shall not be considered
          as
          being used for commercial purposes as long as the Mortgaged Property has
          not
          been altered for such commercial purposes and is not storing any chemicals
          or
          raw materials other than those commonly used for homeowner repair, maintenance
          and/or household purposes. If a Mortgaged Property is used for mixed-use
          purposes, then (i) such Mortgaged Property is a one-family
          dwelling that the Mortgagor occupies as a principal residence, (ii)such
          Mortgaged Property represents a legal, permissible use of the property
          under the
          local zoning requirements, (iii) such Mortgaged Property is primarily
          residential in nature,
          (iv)
          the market
          value of such Mortgaged Property must be primarily a function of its residential
          characteristics, rather than of the business use or any special business-use
          modifications that were made, (v) the Mortgagor is both the owner and the
          operator of the business, (vi) such Mortgaged Property has not been altered
          for
          business use and (vii) such Mortgaged Property does not display any signage
          indicating the business nature of such Mortgaged Property;

         

        (ee)  Except
          as
          set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
          are
          subject to a Prepayment Penalty. For any Mortgage Loan originated prior
          to
          October 1, 2002 that is subject to a Prepayment Penalty, such prepayment
          penalty
          does not extend beyond five years after the date of origination. For any
          Mortgage Loan originated on or following October 1, 2002 that is subject
          to a
          Prepayment Penalty, such prepayment penalty does not extend beyond three
          years
          after the date of origination. Any such prepayment penalty is permissible
          and
          enforceable in accordance with its terms upon the Mortgagor’s full and voluntary
          principal prepayment under applicable law. With respect to any Mortgage
          Loan
          that contains a provision permitting imposition of a penalty upon a prepayment
          prior to maturity: (i) the Mortgage Loan provides some benefit to the Mortgagor
          (e.g., a rate or fee reduction) in exchange for accepting such a prepayment
          penalty; (iii) the prepayment penalty was adequately disclosed to the Mortgagor
          in the loan documents pursuant to applicable state and federal law; and
          (iv)
          such prepayment penalty shall not be imposed in any instance where the
          Mortgage
          Loan is accelerated or paid off in connection with the workout of a delinquent
          mortgage or due to the Mortgagor’s default, notwithstanding that the terms of
          the Mortgage Loan or state or federal law might permit the imposition of
          such a
          prepayment penalty;

         

        (ff)  To
          the
          best of the Company’s knowledge, the Mortgaged Property is 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;

         

        (gg)  If
          the
          Mortgaged Property is a condominium unit or a planned unit development
          (other
          than a de minimis planned unit development), such condominium or planned
          unit
          development project meets the eligibility requirements of the Seller’s
          Underwriting Guidelines. There is no litigation pending with respect to
          the
          related condominium unit, the development or the homeowner’s
          association;

         

        (hh)  
          To the
          best of the Company’s knowledge, there is no pending action or proceeding
          directly involving the Mortgaged Property in which compliance with any
          environmental law, rule or regulation is an issue; to the best of the Company’s
          knowledge, there is no violation of any environmental law, rule or regulation
          with respect to the Mortgaged Property; and to the best of the Company’s
          knowledge, nothing further remains to be done to satisfy in full all
          requirements of each such law, rule or regulation constituting a prerequisite
          to
          use and enjoyment of said property;

         

        (ii)  The
          Mortgagor has not notified the Company requesting relief under the Soldiers’ and
          Sailors’ Civil Relief Act of 1940 or the Servicemembers Civil Relief Act, 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 or the Servicemembers
          Civil Relief Act or any similar state laws;

         

        (jj)  As
          of the
          related Closing Date, no Mortgage Loan was in construction or rehabilitation
          status or has facilitated the trade-in or exchange of a Mortgaged
          Property;

         

        (kk)  No
          action
          has been taken or failed to be taken on or prior to the related Closing
          Date
          which has resulted or will result in an exclusion from, denial of, or defense
          to
          coverage under any insurance policy related to a Mortgage Loan (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, or for any other
          reason under such coverage;

         

        (ll)  The
          Mortgage Loan was originated by a savings and loan association, a savings
          bank,
          a commercial bank, a credit union, an insurance company, or similar institution
          which is supervised and examined by a federal or state authority, or by
          a
          mortgagee approved by the Secretary of HUD pursuant to Sections 203 and
          211 of
          the National Housing Act;

         

        (mm)  No
          Mortgaged Property is subject to a ground lease;

         

        (nn)  With
          respect to any broker fees collected and paid on any of the Mortgage Loans,
          all
          broker fees have been properly assessed to the Mortgagor and no claims
          will
          arise as to broker fees that are double charged and for which the Mortgagor
          would be entitled to reimbursement;

         

        (oo)  With
          respect to any Mortgage Loan as to which an affidavit has been delivered
          to the
          Purchaser certifying that the original Mortgage Note has been lost or destroyed
          and not been replaced, if such Mortgage Loan is subsequently in default,
          the
          enforcement of such Mortgage Loan will not be materially adversely affected
          by
          the absence of the original Mortgage Note;

         

        (pp)  Each
          Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
          of
          the Code and Treasury Regulations Section 1.860G-2(a)(1);

         

        (qq)  Except
          as
          provided in Section 2.06, the Mortgage Note, the Mortgage, the Assignment
          of
          Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1
          and
          required to be delivered on the related Closing Date have been delivered
          to the
          Purchaser or its designee all in compliance with the specific requirements
          of
          this Agreement. With respect to each Mortgage Loan, the Company is in possession
          of a complete Mortgage File and Servicing File except for such documents
          as have
          been delivered to the Purchaser or its designee;

         

        (rr)  To
          the
          best of the Company’s knowledge, all information supplied by, on behalf of, or
          concerning the Mortgagor is true, accurate and complete and does not contain
          any
          statement that is or will be inaccurate or misleading in any material respect;
          

         

        (ss)  
          To the
          best of the Company’s knowledge, there does not exist on the related Mortgaged
          Property any hazardous substances, hazardous wastes or solid wastes, as
          such
          terms are defined in the Comprehensive Environmental Response Compensation
          and
          Liability Act, the Resource Conservation and Recovery Act of 1976, or other
          federal, state or local environmental legislation; 

         

        (tt)  No
          Mortgage Loan had a Loan-to-Value Ratio at the time of origination of more
          than
          100% and no Mortgage Loan had a Combined Loan-to-Value Ratio at the time
          of
          origination of more than 100%;

         

        (uu)  No
          Mortgage Loan is (a) subject to, covered by or in violation of the Home
          Ownership and Equity Protection Act of 1994 (“HOEPA”), (b) classified as a “high
          cost,” “covered,” “high risk home”, “high-rate, high-fee,” “threshold,” or
“predatory” loan under HOEPA or any other applicable state, federal or local
          law, including any predatory or abusive lending laws (or a similarly classified
          loan using different terminology under a law imposing heightened regulatory
          scrutiny or additional legal liability for a residential mortgage loan
          having
          high interest rates, points and/or fees), (c) a High Cost Loan or Covered
          Loan,
          as applicable (as such terms are defined in the current version of Standard
          & Poor’s LEVELS® Glossary, Appendix E) or (d) in violation of any state law
          or ordinance comparable to HOEPA; 

         

        (vv)  No
          Mortgagor was required to purchase any credit life, disability, accident,
          unemployment, property or health insurance product or debt cancellation
          agreement as a condition of obtaining the extension of credit. No Mortgagor
          obtained a prepaid single premium credit life, disability, unemployment,
          property, mortgage, accident or health insurance policy in connection with
          the
          origination of the Mortgage Loan; No proceeds from any Mortgage Loan were
          used
          to purchase or finance single-premium insurance policies or debt cancellation
          agreements as part of the origination of or as a condition to closing,
          such
          Mortgage Loan;

         

        (ww)  Any
          principal advances made to the Mortgagor prior to the related Closing 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 (A) first lien priority
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          First
          Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien priority
          with respect to each Mortgage Loan which is indicated by the Company to
          be a
          Second Lien Mortgage Loan (as reflected on the Mortgage Loan Data Transmission),
          in either case, 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;

         

        (xx)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (yy)  Unless
          otherwise set forth on the related Mortgage Loan Schedule, no Mortgage
          Loan is a
          Balloon Mortgage Loan;

         

        (zz)  With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the related Mortgage Loan Schedule. The related
          assignment of Mortgage to MERS has been duly and properly recorded;

         

        (aaa)  With
          respect to each MERS Mortgage Loan, the Company has not received any notice
          of
          liens or legal actions with respect to such Mortgage Loan and no such notices
          have been electronically posted by MERS;

         

        (bbb)  Any
          Mortgaged Property that is considered manufactured housing is legally classified
          as real property, is permanently affixed to a foundation, is the principal
          residence of the Mortgagor, meets the characteristics of site built housing
          and
          is deemed to be "modular housing" as such term is defined by the Mortgage
          Bankers Association;

         

        (ccc)  [Reserved];

         

        (ddd)  The
          Company has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money
          Laundering Laws”);
          the
          Company has established an anti-money laundering compliance program as
          required
          by the Anti-Money Laundering Laws, has conducted the requisite due diligence
          in
          connection with the origination of each Mortgage Loan for purposes of the
          Anti-Money Laundering Laws, including with respect to the legitimacy of
          the
          applicable Mortgagor and the origin of the assets used by the said Mortgagor
          to
          purchase the property in question, and maintains, and will maintain, sufficient
          information to identify the applicable Mortgagor for purposes of the Anti-Money
          Laundering Laws. No Mortgage Loan is subject to nullification pursuant
          to
          Executive Order 13224 (the “Executive Order”) or the regulations promulgated by
          the Office of Foreign Assets Control of the United States Department of
          the
          Treasury (the “OFAC Regulations”) or in violation of the Executive Order or the
          OFAC Regulations, and no Mortgagor is subject to the provisions of such
          Executive Order or the OFAC Regulations nor listed as a “blocked person” for
          purposes of the OFAC Regulations;

         

        (eee)  With
          respect to each Mortgage Loan which is a Second Lien Mortgage Loan if the
          related first lien provides for negative amortization, the LTV was calculated
          at
          the maximum principal balance of such first lien that could result upon
          application of such negative amortization feature;

         

        (fff)  No
          predatory or deceptive lending practices, including but not limited to,
          the
          extension of credit to the applicable Mortgagor without regard for said
          Mortgagor’s ability to repay the Mortgage Loan and the extension of credit to
          said Mortgagor which has no apparent benefit to said Mortgagor, were employed
          by
          the originator of the Mortgage Loan in connection with the origination
          of the
          Mortgage Loan;

         

        (ggg)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending
          Act, as amended (the “Georgia Act”) or New York Banking Law 6-1. No Mortgage
          Loan secured by owner occupied real property or an owner occupied manufactured
          home located in the State of Georgia was originated (or modified) on or
          after
          October 1, 2002 through and including March 6, 2003;

         

        (hhh)  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 borrowers, taking into account such facts as, without
          limitation, the mortgage loan’s requirements and the Mortgagor’s credit history,
          income, assets and liabilities. Any Mortgagor who sought financing through
          the
          Mortgage Loan originator’s higher priced subprime lending channel was directed
          towards or offered the Mortgage Loan’s originator standard mortgage line if the
          Borrower was able to qualify for one of the standard products. If, at the
          time
          of loan application, the Mortgagor may have qualified for a lower cost
          credit
          product then the Mortgagor was offered such lower cost credit product by
          the
          Mortgage Loan’s originator;

         

        (iii)  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          did not rely on the extent of the Mortgagor’s equity in the collateral as the
          principal determining factor in approving such extension of credit. The
          methodology employed objective criteria that related to such facts as,
          without
          limitation, the Mortgagor’s credit history, income, assets or liabilities, to
          the proposed mortgage payment and, based on such methodology, the Mortgage
          Loan’s originator made a reasonable determination that at the time of
          origination the Mortgagor had the ability to make timely payments on the
          Mortgage Loan; 

         

        (jjj)  All
          points, fees and charges (including finance charges) and whether or not
          financed, assessed, collected or to be collected in connection with the
          origination and servicing of each Mortgage Loan have been disclosed in
          writing
          to the Mortgagor in accordance with applicable state and federal law and
          regulation;

         

        (kkk)  All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          Mortgagor in accordance with applicable state and federal law and
          regulation;

         

        (lll)  [Reserved];
          

         

        (mmm)  [Reserved];

         

        (nnn)  No
          Mortgage Loan is a "High-Cost Home Loan" under the New Jersey Home Ownership
          Security Act of 2002 (the "NJ Act"); and each Mortgage Loan subject to
          the NJ
          Act is considered under the NJ Act as, either, a (1) purchase money Home
          Loan,
          (2) purchase money Covered Loan (with respect to Mortgage Loans which were
          originated between November 26, 2003 and July 7, 2004),  (3) a rate/term
          refinance Home Loan, or (4) a cash-out refinance Home Loan for which the
          related
          Mortgage File contains a statement signed by the Mortgagor stating that
          the
          proceeds of the loan will not be used for the purpose of home
          improvement;

         

        (ooo)  No
          Mortgagor agreed to submit to arbitration to resolve any dispute arising
          out of
          or relating in any way to the Mortgage Loan transaction; 

         

        (ppp)  The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
‘average’ or ‘yield spread premium’ to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (qqq)  No
          Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
          of
          Massachusetts was made to pay off or refinance an existing loan or other
          debt of
          the related borrower (as the term "borrower" is defined in the regulations
          promulgated by the Massachusetts Secretary of State in connection with
          the
          Massachusetts General Laws Chapter 183, Section 28C (the “Mass AF Law”) unless
          (a) the related Mortgage Interest Rate (that would be effective once the
          introductory rate expires, with respect to Adjustable Rate Mortgage Loans)
          did
          or would not exceed by more than 2.50% the yield on United States Treasury
          securities having comparable periods of maturity to the maturity of the
          related
          Mortgage Loan as of the fifteenth day of the month immediately preceding
          the
          month in which the application for the extension of credit was received
          by the
          related lender or (b) the Mortgage Loan is an “open-end home loan” (as such term
          is used in the Mass AF Law or the regulations promulgated in connection
          therewith) and the related Mortgage Note provides that the related Mortgage
          Interest Rate may not exceed at any time the Prime rate index as published
          in
          the Wall
          Street Journal
          plus a
          margin of one percent,
          or if
          (i) the refinancing transaction was in the “borrower’s interest” as determined
          in accordance with the Mass AF Law and (ii) the related Servicing File
          contains
          evidence of the Company’s determination of “borrower’s interest” in accordance
          with the Mass AF Law; and 

         

        (rrr)  No
          Mortgage Loan is a Convertible Mortgage Loan.

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated December 28, 2006, (“Agreement”)
          among
          UBS Real Estate Securities Inc. (“Assignor”),
          Mortgage Asset Securitization Transactions, Inc. (“Assignee”)
          and
          Decision One Mortgage Company, LLC (the “Company”):

         

        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:

         

         

        I.
          Assignment and Conveyance

         

        The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          the
          Company on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) except as described below, that certain Master
          Seller’s Purchase, Warranties and Interim Servicing Agreement dated as of August
          1, 2006,
          as
          amended (the “Purchase
          Agreement”),
          between the Assignor, as purchaser (the “Purchaser”),
          and
          the Company, as seller, solely insofar as the Purchase Agreement relates
          to the
          Mortgage Loans and (y) other than as provided below with respect to the
          enforcement of representations and warranties, none of the obligations
          of the
          Assignor under the Purchase Agreement.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the mortgage loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

         

         

        II.
          Recognition of the Company

         

        From
          and
          after the date hereof, the Company shall and does hereby recognize that
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          MASTR Asset-Backed Securities Trust 2006-HE5 (the “Trust”) created pursuant to a
          Pooling and Servicing Agreement, dated as of December 1, 2006 (the “Pooling
          Agreement”), among
          the
          Assignee, Wells Fargo Bank, N.A. as master servicer and trust administrator
          (including its successors in interest and any successor servicers under
          the
          Pooling Agreement, the “Master Servicer” or “Trust Administrator”), Barclays
          Capital Real Estate Inc. d/b/a HomEq Servicing as servicer (the “Servicer”) and
          U.S. Bank National Association, as trustee (including its successors in
          interest
          and any successor trustees under the Pooling Agreement, the
“Trustee”).
          The
          Company hereby acknowledges and agrees that from and after the date hereof
          (i)
          the Trust will be the owner of the Mortgage Loans, (ii) the Trust
          (including the Trustee, the Trust Administrator, the Master Servicer and
          the
          Servicer acting on the Trust’s behalf) shall have all the rights and remedies
          available to the Assignor, insofar as they relate to the Mortgage Loans,
          under
          the Purchase Agreement, including, without limitation, the enforcement
          of the
          document delivery requirements and remedies with respect to breaches of
          representations and warranties set forth in the Purchase Agreement, and
          shall be
          entitled to enforce all of the obligations of the Company thereunder insofar
          as
          they relate to the Mortgage Loans, and (iii) all references to the
          Purchaser (insofar as they relate to the rights, title and interest and,
          with
          respect to obligations of the Purchaser, only insofar as they relate to
          the
          enforcement of the representations, warranties and covenants of the Company)
          or
          the Custodian under the Purchase Agreement insofar as they relate to the
          Mortgage Loans, shall be deemed to refer to the Trust (including the Trustee,
          the Trust Administrator, the Master Servicer and the Servicer acting on
          the
          Trust’s behalf). 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
          Purchase Agreement which amendment, modification, waiver or other alteration
          would in any way affect the Mortgage Loans or the Company’s performance under
          the Purchase Agreement with respect to the Mortgage Loans without the prior
          written consent of the Trustee.

         

         

        III.
          Representations and Warranties of the Company

         

        1. The
          Company warrants and represents to the Assignor, the Assignee and the Trust
          as
          of the date hereof that:

         

        (a)  Attached
          hereto as Exhibit
          B
          is a
          true and accurate copy of the representations and warranties set forth
          in
          Sections 3.01 and 3.02 of the Purchase Agreement, which Purchase 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;

         

        (c)  The
          Company has full power and authority to execute, deliver and perform its
          obligations under this Agreement and has full power and authority to perform
          its
          obligations under the Purchase Agreement. The execution by the Company
          of 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 charter or bylaws 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 have
          been
          duly authorized by all necessary corporate action on 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; and

         

        (e)  There
          is
          no action, suit, proceeding or investigation pending or threatened against
          the
          Company, before any court, administrative agency or other tribunal, which
          would
          draw into question the validity of this Agreement or the Purchase Agreement,
          or
          which, either in any one instance or in the aggregate, would result in
          any
          material adverse change in the ability of the Company to perform its obligations
          under this Agreement or the Purchase Agreement, and the Company is
          solvent.

         

        2. Pursuant
          to Section 8.01(b)(iii) of the Purchase Agreement, the Company hereby represents
          and warrants, for the benefit of the Assignor, the Assignee and the Trust,
          that
          the representations and warranties set forth in Sections 3.01 and 3.02
          of the
          Purchase Agreement (set forth on Schedule 1 hereto), are true and correct
          as of
          the date hereof, as if such representations and warranties were made on
          such
          date.

         

        3. The
          Assignor hereby makes the following representations and warranties as of
          the
          date hereof:

         

        (a)  Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws;

         

        (b)  None
          of
          the Mortgage Loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws;

         

        (c)  No
          Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such
          terms
          are defined in the then current Standard & Poor’s LEVELS®
          Glossary
          which is now Version 5.7 Revised, Appendix E); and

         

        (d)  No
          Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
          is
          governed by the Georgia Fair Lending Act;

         

         

        IV.
          Remedies for Breach of Representations and Warranties

         

        The
          Company hereby acknowledges and agrees that the remedies available to the
          Assignor, the Assignee and the Trust (including the Trustee and the Master
          Servicer acting on the Trust’s behalf) in connection with any breach of the
          representations and warranties made by the Company set forth in Section
          3 hereof
          shall be as set forth in Subsection 3.03 of the Purchase Agreement as if
          they
          were set forth herein (including without limitation the repurchase and
          indemnity
          obligations set forth therein). It is understood by the parties hereto
          that a
          breach of the representations and warranties made in Sections 3.02 (h),
          (n),
          (ee), (pp), (uu), (vv), (ccc), (ggg), (hhh), (iii), (jjj), (ooo), (rrr)
          or (sss)
          of the Purchase Agreement shall be deemed to materially and adversely affect
          the
          value of the related mortgage loan or the interests of the Trust in the
          related
          mortgage loans.

         

        The
          Company shall repurchase any Mortgage Loan sold to the Assignor for which
          the
          first monthly payment due in October 2006 or November 2006 becomes 30 days
          past
          due (each, a “Delinquent Loan”) or, in lieu of repurchase of a Delinquent Loan
          by the Company, the Assignor and the Company may agree to a substitution
          of
          another Mortgage Loan for any Delinquent Loan. Any such substituted Mortgage
          Loan will be subject to the Assignor’s acceptability. Such repurchase will be
          made at the Repurchase Price (as defined in the Purchase
          Agreement). 

        

         

         The
          Assignor hereby acknowledges and agrees that the remedies available to
          the
          Assignee and the Trust (including the Trustee and the Master Servicer acting
          on
          the Trust’s behalf) in connection with any breach of the representations and
          warranties made by the Assignor set forth in Section 3 hereof shall be
          as set
          forth in Section 2.03 of the Pooling and Servicing Agreement as if they
          were set
          forth herein (including without limitation the repurchase obligations set
          forth
          therein). The
          Assignor hereby acknowledges and agrees that a breach of any one of the
          representations set forth in Section 5 above will be deemed to materially
          adversely affect the interests of the certificateholders and shall require
          a
          repurchase of the affected Mortgage Loan(s).

         

        Notwithstanding
          the foregoing, the Assignor may, at its option, satisfy any obligation
          of the
          Company with respect to any breach of representation and warranty made
          by the
          Company regarding the Mortgage Loans.

         

         

        V.
          Miscellaneous

         

        This
          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. 

         

        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, with the prior written consent of
          the
          Trustee and the Trust Administrator. 

         

        This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee, the Trust
          Administrator and the Master Servicer acting on the Trust’s behalf). 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. 

         

        Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement.

         

        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. 

         

        In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control. 

         

        Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

         

         

        [SIGNATURE
          PAGE FOLLOWS]

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

        
          	 	 	 	 	 	 	 	
                  UBS
                    REAL ESTATE SECURITIES INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  MORTGAGE
                    ASSET SECURITIZATION TRANSACTIONS, INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  DECISION
                    ONE MORTGAGE COMPANY, LLC

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        EXHIBIT
          A

        

        Mortgage
          Loan Schedule

        

        

        Available
          Upon Request

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          1

        

        Capitalized
          terms used herein but not defined in this Schedule 1 shall have the meanings
          given to such terms in the Purchase Agreement:

         

        Section
          3.01 Representations
          and Warranties of the Company. 

         

        The
          Company represents, warrants and covenants to the Purchaser that as of
          each
          Closing Date and as of each Servicing Transfer Date or as of such date
          specifically provided herein:

         

        (a)  The
          Company is a limited liability company duly organized and validly existing
          under
          the laws of the State of North Carolina. The Company 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 compliance with the laws of any such state
          to the
          extent necessary to ensure the enforceability of each Mortgage Loan and
          the
          interim servicing of the Mortgage Loans in accordance with the terms of
          this
          Agreement. No licenses or approvals obtained by the Company have been suspended
          or revoked by any court, administrative agency, arbitrator or governmental
          body
          and no proceedings are pending which might result in such suspension or
          revocation;

         

        (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 Confirmation and to conduct its business
          as
          presently conducted; the Company has duly authorized the execution, delivery
          and
          performance of this Agreement and any agreements contemplated hereby, has
          duly
          executed and delivered this Agreement and the related Confirmation, and
          any
          agreements contemplated hereby, and this Agreement and the related Confirmation
          and each Assignment of Mortgage to the Purchaser and any agreements contemplated
          hereby, constitute the legal, valid and binding obligations of the Company,
          enforceable against it in accordance with their respective terms, except
          as such
          enforceability may be limited by bankruptcy, insolvency, moratorium,
          reorganization and similar laws, and by equitable principles affecting
          the
          enforceability of the rights of creditors; and all requisite corporate
          action
          has been taken by the Company to make this Agreement, the related Confirmation
          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, the related Confirmation,
          the sale
          of the Mortgage Loans to the Purchaser, the consummation of the transactions
          contemplated hereby, nor the fulfillment of or compliance with the terms
          and
          conditions of this Agreement and the related Confirmation 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 property is subject;

         

        (d)  There
          is
          no litigation, suit, proceeding or investigation pending or threatened,
          or any
          order or decree outstanding, which is reasonably likely to have a material
          adverse effect on the sale of the Mortgage Loans, the execution, delivery,
          performance or enforceability of this Agreement or the related Confirmation,
          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 and the related Confirmation,
          except for consents, approvals, authorizations and orders which have been
          obtained;

         

        (f)  The
          consummation of the transactions contemplated by this Agreement and the
          related
          Confirmation 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 and the related Confirmation are
          not
          subject to bulk transfer or any similar statutory provisions in effect
          in any
          applicable jurisdiction;

         

        (g)  The
          origination, servicing and collection practices with respect to each Mortgage
          Note and Mortgage have been legal and in accordance with applicable laws
          and
          regulations, and in all material respects in accordance with Accepted Servicing
          Practices. The Company further represents and warrants that: with respect
          to
          escrow deposits and payments that the Company is entitled to collect, all
          such
          payments are in the possession of, or under the control of, the Company
          or its
          delegate, and there exist no deficiencies in connection therewith for which
          customary arrangements for repayment thereof have not been made; all escrow
          payments have been collected and are being maintained in full compliance
          with
          applicable state and federal law and the provisions of the related Mortgage
          Note
          and Mortgage; as to any Mortgage Loan that is the subject of an escrow,
          escrow
          of funds is not prohibited by applicable law and has been established in
          an
          amount sufficient to pay for every escrowed item that remains unpaid and
          has
          been assessed but is not yet due and payable; no escrow deposits or other
          charges or payments due under the Mortgage Note have been capitalized under
          any
          Mortgage or the related Mortgage Note; all Mortgage Interest Rate adjustments
          have been made in strict compliance with state and federal law and the
          terms of
          the related Mortgage Note; and any interest required to be paid pursuant
          to
          state and local law has been properly paid and credited;

         

        (h)  The
          Company has not used 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 Closing Date; 

         

        (i)  The
          Company will treat the transfer 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. The Company shall maintain a complete set
          of books
          and records for each Mortgage Loan which shall be clearly marked to reflect
          the
          ownership of such Mortgage Loan by the Purchaser; 

         

        (j)  The
          Company is an approved seller/servicer of residential mortgage loans for
          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 and is in good standing to sell mortgage loans to and service
          mortgage loans and no event has occurred which would make the Company unable
          to
          comply with eligibility requirements or which would require notification
          to HUD;

         

        (k)  The
          Company does not believe, nor does it have any cause or reason to believe,
          that
          it cannot perform each and every covenant contained in this Agreement and
          the
          related Confirmation applicable to it. 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, the related Confirmation
          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. The Company has prudently originated and underwritten
          each
          Mortgage Loan;

         

        (m)  The
          consideration received by the Company upon the sale of the Mortgage Loans
          constitutes fair consideration and reasonably equivalent value for such
          Mortgage
          Loans;

         

        (n)  The
          Company has delivered to the Initial Purchaser financial statements as
          to its
          last two complete fiscal years. All such financial statements fairly present
          the
          pertinent results of operations and changes in financial position for each
          of
          such periods and the financial position at the end of each such period
          of the
          Company and its subsidiaries and have been prepared in accordance with
          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 statements that would have a material adverse effect on its ability
          to
          perform its obligations under this Agreement or the related Confirmation;
          

         

        (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)  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 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 and as of the related Servicing Transfer
          Date as follows:

         

        (a)  The
          information set forth in the related Mortgage Loan Schedule, including
          any
          diskette or other related data tapes sent to the Initial Purchaser, is
          complete,
          true and correct in all material respects;

         

        (b)  The
          Mortgage creates a (A) first lien and first priority security interest
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          First
          Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and
          second
          priority security interest with respect to each Mortgage Loan which is
          indicated
          by the Company to be a Second Lien (as reflected on the Mortgage Loan Schedule),
          in either case, in the related Mortgaged Property securing the related
          Mortgage
          Note;

         

        (c)  All
          payments due on or prior to the related Closing Date for such Mortgage
          Loan have
          been made as of the related Closing Date, the Mortgage Loan is not delinquent
          in
          payment more than 30 days and has not been dishonored; there are no material
          defaults under the terms of the Mortgage Loan; the Company has not advanced
          funds, or induced, solicited or knowingly received any advance of funds
          from a
          party other than the owner of the Mortgaged Property subject to the Mortgage,
          directly or indirectly, for the payment of any amount required by the Mortgage
          Loan; no payment with respect to each Mortgage Loan has been delinquent
          during
          the preceding twelve-month period;

         

        (d)  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. No instrument of
          waiver,
          alteration or modification has been executed, and no Mortgagor has been
          released, in whole or in part, from the terms thereof except in connection
          with
          an assumption agreement and which assumption agreement is part of the Mortgage
          File and the terms of which are reflected in the related Mortgage Loan
          Schedule;
          the substance of any such waiver, alteration or modification has been approved
          by the issuer has been approved by the issuer of any related title insurance
          policy, to the extent required by the related policy.

         

        (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 the Mortgagor was not a debtor in any
          state
          or federal bankruptcy or insolvency proceeding at the time the Mortgage
          Loan was
          originated;

         

        (g)  All
          buildings or other customarily insured improvements upon the Mortgaged
          Property
          are insured by an insurer acceptable under the Fannie Mae Guides, against
          loss
          by fire, hazards of extended coverage and such other hazards as are generally
          acceptable to prudent lenders in the secondary mortgage market, in an amount
          representing coverage not less than the lesser of (i) the maximum insurable
          value of the improvements securing such Mortgage Loans, and (ii) the greater
          of
          (a) either (1) the outstanding principal balance of the Mortgage Loan with
          respect to each Mortgage Loan which is indicated by the Company to be a
          First
          Lien (as reflected on the Mortgage Loan Schedule) or (2) with respect to
          each
          Second Lien Mortgage Loan, the sum of the outstanding principal balance
          of the
          first lien on such Mortgage Loan and the outstanding principal balance
          of such
          Second Lien 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, but in no event greater than the maximum amount permitted
          under
          applicable law. All such standard hazard policies are in full force and
          effect
          and on the date of origination contained a standard mortgagee clause naming
          the
          Company and its successors in interest and assigns as loss payee and such
          clause
          is still in effect and all premiums due thereon have been paid. If required
          by
          the Flood Disaster Protection Act of 1973, as amended, the Mortgage Loan
          is
          covered by a flood insurance policy meeting the requirements of the current
          guidelines of the Federal Insurance Administration which policy conforms
          to
          Fannie Mae and Freddie Mac requirements, in an amount not less than the
          amount
          required by the Flood Disaster Protection Act of 1973, as amended. Such
          policy
          was issued by an insurer acceptable under Fannie Mae or Freddie Mac guidelines.
          The Mortgage obligates the Mortgagor thereunder to maintain all such insurance
          at the Mortgagor’s cost and expense, and upon the Mortgagor’s failure to do so,
          authorizes the holder of the Mortgage to maintain such insurance at the
          Mortgagor’s cost and expense and to seek reimbursement therefor from the
          Mortgagor;

         

        (h)  Each
          Mortgage Loan and, if any, the related prepayment penalty complied in all
          material respects with any and all requirements of any federal, state or
          local
          law including, without limitation, usury, truth in lending, real estate
          settlement procedures, consumer credit protection, equal credit opportunity,
          fair housing, disclosure, or predatory, fair and abusive lending laws applicable
          to the origination and servicing of loans of a type similar to the Mortgage
          Loans and the consummation of the transactions contemplated hereby will
          not
          involve the violation of any such laws;

         

        (i)  The
          Mortgage has not been satisfied, canceled or subordinated (other than the
          subordination of any Second Lien Mortgage Loan to the related First Lien),
          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
          related Mortgage is a valid, subsisting, enforceable and perfected (A)
          first
          lien and first priority security interest with respect to each Mortgage
          Loan
          which is indicated by the Company to be a First Lien (as reflected on the
          Mortgage Loan Schedule), or (B) second lien and second priority security
          interest with respect to each Mortgage Loan which is indicated by the Company
          to
          be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
          in
          either case, 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. 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 or otherwise considered in the appraisal
          made
          for the originator of the Mortgage Loan, or (B) which do not adversely
          affect
          the appraised value of the Mortgaged Property as set forth in such appraisal,
          (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 and (4) with respect to each Mortgage Loan which is
          indicated
          by the Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage
          Loan Schedule) a First Lien on the 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 (A) first lien and first priority security interest with
          respect
          to each Mortgage Loan which is indicated by the Company to be a First Lien
          (as
          reflected on the Mortgage Loan Schedule), or (B) second lien and second
          priority
          security interest with respect to each Mortgage Loan which is indicated
          by the
          Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage
          Loan
          Schedule), in either case, 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 bankruptcy, insolvency,
          moratorium, reorganization and other laws of general application affecting
          the
          rights of creditors and by general equitable principles and the Company
          has
          taken all action necessary to transfer such rights of enforceability to
          the
          Purchaser. All parties to the Mortgage Note and the Mortgage had the legal
          capacity to enter into the Mortgage Loan and to execute and deliver the
          Mortgage
          Note and the Mortgage. The Mortgage Note and the Mortgage have been duly
          and
          properly executed by such parties. No fraud, error, omission, misrepresentation,
          negligence or similar occurrence with respect to a Mortgage Loan has taken
          place
          on the part of 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
          or are in the process of being paid, and the Mortgagor is not entitled
          to any
          refund of any amounts paid or due under the Mortgage Note or
          Mortgage;

         

        (l)  The
          Company is the sole owner of record and holder of the Mortgage Loan and
          the
          indebtedness evidenced by the Mortgage Note, and upon recordation the Purchaser
          or its designee will be the owner of record of the Mortgage and the indebtedness
          evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan
          to the
          Purchaser, the Company will retain the Servicing File in trust for the
          Purchaser
          only for the purpose of interim servicing and supervising the interim servicing
          of the Mortgage Loan. Immediately prior to the transfer and assignment
          to the
          Purchaser on the related Closing Date, the Mortgage Loan, including the
          Mortgage
          Note and the Mortgage, were not subject to an assignment or pledge, and
          the
          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 interim
          servicing the Mortgage Loan as set forth in this Agreement. Either the
          Mortgagor
          is a natural person or the Mortgagor is an inter-vivos trust acceptable
          to
          Fannie Mae. With respect to each inter-vivos trust, holding title to the
          Mortgaged Property in such trust will not diminish any rights as a creditor
          including the right to full title to the Mortgaged Property in the event
          foreclosure proceedings are initiated;

         

        (m)  Each
          Mortgage Loan is covered by an ALTA lender’s title insurance policy issued by a
          title insurer acceptable to Fannie Mae or Freddie Mac and qualified to
          do
          business in the jurisdiction where the Mortgaged Property is located, insuring
          (subject to the exceptions contained in (j)(1), (2) and (3) above and,
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          Second
          Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) clause
          (4)) the
          Company, its successors and assigns, as to the first (or, where applicable,
          second) priority lien of the Mortgage in the original principal amount
          of the
          Mortgage Loan and, with respect to each Adjustable Rate Mortgage Loan,
          against
          any loss by reason of the invalidity or unenforceability of the lien resulting
          from the provisions of the Mortgage providing for adjustment in the Mortgage
          Interest Rate and Monthly Payment. Additionally, such policy affirmatively
          insures ingress and egress to and from the Mortgaged Property. Where required
          by
          applicable state law or regulation, the Mortgagor has been given the opportunity
          to choose the carrier of the required mortgage title insurance. The Company,
          its
          successors and assigns, are the sole insureds of such lender’s title insurance
          policy, such title insurance policy has been duly and validly endorsed
          to the
          Purchaser or the assignment to the Purchaser of the Company’s interest therein
          does not require the consent of or notification to the insurer and such
          lender’s
          title insurance policy is in full force and effect and will be in full
          force and
          effect upon the consummation of the transactions contemplated by this Agreement
          and the related Confirmation. No claims have been made under such lender’s title
          insurance policy, and no prior holder of the related Mortgage, including
          the
          Company, has done, by act or omission, anything which would impair the
          coverage
          of such lender’s title insurance policy;

         

        (n)  There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event permitting acceleration;
          and
          neither the Company nor any prior mortgagee has waived any default, breach,
          violation or event permitting acceleration. With respect to each Mortgage
          Loan
          which is indicated by the Company to be a Second Lien Mortgage Loan (as
          reflected on the Mortgage Loan Schedule) (i) the First Lien is in full
          force and
          effect, (ii) there is no default, breach, violation or event of acceleration
          existing under such First Lien mortgage or the related mortgage note, (iii)
          either no consent for the Mortgage Loan is required by the holder of the
          First
          Lien or such consent has been obtained and is contained in the Mortgage
          File,
          (iv) to the best of Company’s knowledge, no event which, with the passage of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event of acceleration thereunder,
          and
          either (A) the First Lien mortgage contains a provision which allows or
          (B)
          applicable law requires, the mortgagee under the Second Lien Mortgage Loan
          to
          receive notice of, and affords such mortgagee an opportunity to cure any
          default
          by payment in full or otherwise under the First Lien mortgage, and (v)
          such
          Second Lien Mortgage Loan is secured by a one- to four-family residence
          that is
          the principal residence of the Mortgagor;

         

        (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)  The
          Mortgage Loan was originated by or for the Company. The Mortgage Loan complies
          with all the terms, conditions and requirements of the Company’s Underwriting
          Standards in effect at the time of origination of such Mortgage Loan. The
          Mortgage Notes and Mortgages (exclusive of any riders) are on forms generally
          acceptable to Fannie Mae or Freddie Mac. The Company is currently selling
          loans
          to Fannie Mae and/or Freddie Mac which are the same document forms as the
          Mortgage Notes and Mortgages (inclusive of any riders). The Mortgage Loan
          bears
          interest at the Mortgage Interest Rate set forth in the related Mortgage
          Loan
          Schedule, and Monthly Payments under the Mortgage Note are due and payable
          on
          the first day of each month. The Mortgage contains the usual and enforceable
          provisions of the originator at the time of origination for the acceleration
          of
          the payment of the unpaid principal amount of the Mortgage Loan if the
          related
          Mortgaged Property is sold without the prior consent of the mortgagee
          thereunder;

         

        (r)  The
          Mortgaged Property is not subject to any material damage by waste, fire,
          earthquake, windstorm, flood or other casualty, and is in good repair.
          At
          origination of the Mortgage Loan there was, and there currently is, no
          proceeding pending for the total or partial condemnation of the Mortgaged
          Property. There have not been any condemnation proceedings with respect
          to the
          Mortgaged Property and there are no such proceedings 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.
          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
          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 which,
          (a)
          with respect to First Lien Mortgage Loans, was on appraisal form 1004 or
          form
          2055 with an interior inspection, or (b) with respect to Second Lien Mortgage
          Loans, was on appraisal form 704, 2065 or 2055 with an exterior only inspection,
          and (c) with respect to (a) or (b) above, was 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 Freddie Mac and Title XI of 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
          Freddie Mac;

         

        (v)  All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (B) (1) organized under the laws of such state,
          or (2)
          qualified to do business in such state, or (3) federal savings and loan
          associations or national banks or a Federal Home Loan Bank or savings bank
          having principal offices in such state, or (4) not doing business in such
          state;

         

        (w)  The
          related Mortgage Note is not and has not been secured by any collateral
          except
          the lien of the corresponding Mortgage and the security interest of any
          applicable security agreement or chattel mortgage referred to in (j) above
          and
          such collateral does not serve as security for any other
          obligation;

         

        (x)  The
          Mortgagor has received 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 and does not have a
          shared appreciation or other contingent interest feature; no Mortgage Loan
          contains any buydown provisions;

         

        (z)  The
          Mortgagor is not in bankruptcy and the Mortgagor is not insolvent and the
          Company has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
          standing that could reasonably be expected to cause investors to regard
          the
          Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to
          become
          delinquent, or materially adversely affect the value or marketability of
          the
          Mortgage Loan;

         

        (aa)  Principal
          payments on the Mortgage Loan commenced no more than sixty (60) days after
          the
          funds were disbursed in connection with the Mortgage Loan. The Mortgage
          Loans
          have an original term to maturity of not more than 30 years, with interest
          payable in arrears on the first day of each month. Each Mortgage Note requires
          a
          monthly payment which is sufficient to fully amortize the original principal
          balance over the original term thereof (other than during the interest-only
          period with respect to a Mortgage Loan identified on the related Mortgage
          Loan
          Schedule as an interest-only Mortgage Loan or a Mortgage Loan which is
          identified on the related Mortgage Loan Schedule as a Balloon Mortgage
          Loan) and
          to pay interest at the related Mortgage Interest Rate. With respect to
          each
          Mortgage Loan identified on the Mortgage Loan Schedule as an interest-only
          Mortgage Loan, the interest-only period does not exceed ten (10) years
          (or such
          lesser period specified on the Mortgage Loan Schedule) and following the
          expiration of such interest-only period, the remaining Monthly Payments
          shall be
          sufficient to fully amortize the original principal balance over the remaining
          term of the Mortgage Loan. No Mortgage Loan contains terms or provisions
          which
          would result in negative amortization. No Mortgage Loan provides for the
          capitalization or forbearance of interest. ;

         

        (bb)  No
          Mortgage Loan is subject to a lender-paid mortgage insurance policy;

         

        (cc)  As
          to any
          Mortgage Loan which is not a MERS Mortgage Loan, 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)  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 cooperative housing corporation erected thereon,
          or a
          mobile home. As of the date of origination, no portion of the Mortgaged
          Property
          was used for commercial purposes, and since the date or origination no
          portion
          of the Mortgaged Property has been used for commercial purposes;

         

        (ee)  Except
          as
          set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
          are
          subject to a Prepayment Penalty. For any Mortgage Loan originated prior
          to
          October 1, 2002 that is subject to a Prepayment Penalty, such prepayment
          penalty
          does not extend beyond five years after the date of origination. For any
          Mortgage Loan originated on or following October 1, 2002 that is subject
          to a
          Prepayment Penalty, such prepayment penalty does not extend beyond three
          years
          after the date of origination. Any such prepayment penalty is permissible
          and
          enforceable in accordance with its terms upon the Mortgagor’s full and voluntary
          principal prepayment under applicable law. With respect to any Mortgage
          Loan
          that contains a provision permitting imposition of a penalty upon a prepayment
          prior to maturity: (i) the Mortgage Loan provides some benefit to the Mortgagor
          (e.g., a rate or fee reduction) in exchange for accepting such a prepayment
          penalty; (ii) prior to the mortgage loan’s origination, the borrower was offered
          the option of obtaining a mortgage loan that did not require the payment
          of such
          a penalty; (iii) the prepayment penalty was adequately disclosed to the
          Mortgagor in the loan documents pursuant to applicable state and federal
          law;
          and (iv) such prepayment penalty shall not be imposed in any instance where
          the
          Mortgage Loan is accelerated or paid off in connection with the workout
          of a
          delinquent mortgage or due to the Mortgagor’s default, notwithstanding that the
          terms of the Mortgage Loan or state or federal law might permit the imposition
          of such a prepayment penalty;

         

        (ff)  The
          Mortgaged Property is 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;

         

        (gg)  If
          the
          Mortgaged Property is a condominium unit or a planned unit development
          (other
          than a de minimis planned unit development), such condominium or planned
          unit
          development project meets the eligibility requirements of Fannie Mae and
          Freddie
          Mac;

         

        (hh)  
          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 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;

         

        (ii)  The
          Mortgagor has not notified the Company requesting relief under the Soldiers’ and
          Sailors’ Civil Relief Act of 1940 or the Servicemembers Civil Relief Act, 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 or the Servicemembers
          Civil Relief Act or any similar state laws;

         

        (jj)  As
          of the
          related Closing Date, no Mortgage Loan was in construction or rehabilitation
          status or has facilitated the trade-in or exchange of a Mortgaged
          Property;

         

        (kk)  No
          action
          has been taken or failed to be taken on or prior to the related Closing
          Date
          which has resulted or will result in an exclusion from, denial of, or defense
          to
          coverage under any insurance policy related to a Mortgage Loan (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, or for any other
          reason under such coverage;

         

        (ll)  The
          Mortgage Loan was originated by a savings and loan association, a savings
          bank,
          a commercial bank, a credit union, an insurance company, or similar institution
          which is supervised and examined by a federal or state authority, or by
          a
          mortgagee approved by the Secretary of HUD pursuant to Sections 203 and
          211 of
          the National Housing Act;

         

        (mm)  No
          Mortgaged Property is subject to a ground lease;

         

        (nn)  With
          respect to any broker fees collected and paid on any of the Mortgage Loans,
          all
          broker fees have been properly assessed to the Mortgagor and no claims
          will
          arise as to broker fees that are double charged and for which the Mortgagor
          would be entitled to reimbursement;

         

        (oo)  With
          respect to any Mortgage Loan as to which an affidavit has been delivered
          to the
          Purchaser certifying that the original Mortgage Note has been lost or destroyed
          and not been replaced, if such Mortgage Loan is subsequently in default,
          the
          enforcement of such Mortgage Loan will not be materially adversely affected
          by
          the absence of the original Mortgage Note;

         

        (pp)  Each
          Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
          of
          the Code and Treasury Regulations Section 1.860G-2(a)(1);

         

        (qq)  Except
          as
          provided in Section 2.06, the Mortgage Note, the Mortgage, the Assignment
          of
          Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1
          and
          required to be delivered on the related Closing Date have been delivered
          to the
          Purchaser or its designee all in compliance with the specific requirements
          of
          this Agreement. With respect to each Mortgage Loan, the Company is in possession
          of a complete Mortgage File and Servicing File except for such documents
          as have
          been delivered to the Purchaser or its designee;

         

        (rr)  All
          information supplied by, on behalf of, or concerning the Mortgagor is true,
          accurate and complete and does not contain any statement that is or will
          be
          inaccurate or misleading in any material respect; 

         

        (ss)  
          There
          does not exist on the related Mortgaged Property any hazardous substances,
          hazardous wastes or solid wastes, as such terms are defined in the Comprehensive
          Environmental Response Compensation and Liability Act, the Resource Conservation
          and Recovery Act of 1976, or other federal, state or local environmental
          legislation; 

         

        (tt)  No
          Mortgage Loan had a Loan-to-Value Ratio at the time of origination of more
          than
          100% and no Mortgage Loan had a Combined Loan-to-Value Ratio at the time
          of
          origination of more than 100%;

         

        (uu)  No
          Mortgage Loan is (a) subject to, covered by or in violation of the Home
          Ownership and Equity Protection Act of 1994 (“HOEPA”), (b) classified as a “high
          cost,” “covered,” “high risk home”, “high-rate, high-fee,” “threshold,” or
“predatory” loan under HOEPA or any other applicable state, federal or local
          law, including any predatory or abusive lending laws (or a similarly classified
          loan using different terminology under a law imposing heightened regulatory
          scrutiny or additional legal liability for a residential mortgage loan
          having
          high interest rates, points and/or fees), (c) a High Cost Loan or Covered
          Loan,
          as applicable (as such terms are defined in the current version of Standard
          & Poor’s LEVELS® Glossary, Appendix E) or (d) in violation of any state law
          or ordinance comparable to HOEPA. No Mortgage Loan (including purchase
          money
          loans or refinance transactions) has an “annual percentage rate” or “total
          points and fees” payable by the Mortgagor (as each such term is defined under
          HOEPA) that equal or exceed the applicable thresholds defined under HOEPA
          (Section 32 of Regulation Z, 12 C.F.R. Section 226.32(a)(1)(i) and
          (ii));

         

        (vv)  No
          Mortgagor was required to purchase any credit life, disability, accident,
          unemployment, property or health insurance product or debt cancellation
          agreement as a condition of obtaining the extension of credit. No Mortgagor
          obtained a prepaid single premium credit life, disability, unemployment,
          property, mortgage, accident or health insurance policy in connection with
          the
          origination of the Mortgage Loan; No proceeds from any Mortgage Loan were
          used
          to purchase or finance single-premium insurance policies or debt cancellation
          agreements as part of the origination of or as a condition to closing,
          such
          Mortgage Loan;

         

        (ww)  Any
          principal advances made to the Mortgagor prior to the related Closing 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 (A) first lien priority
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          First
          Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien priority
          with respect to each Mortgage Loan which is indicated by the Company to
          be a
          Second Lien Mortgage Loan (as reflected on the Mortgage Loan Data Transmission),
          in either case, 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;

         

        (xx)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (yy)  With
          respect to each Balloon Mortgage Loan, the Mortgage Note requires a monthly
          payment which is sufficient to fully amortize the original principal balance
          over the original term thereof and to pay interest at the related Mortgage
          Interest Rate and requires a final Monthly Payment substantially greater
          than
          the preceding monthly payment which is sufficient to repay the remaining
          unpaid
          principal balance of the Balloon Mortgage Loan at the Due Date of such
          monthly
          payment. No Balloon Mortgage Loan has an original stated maturity of less
          than
          seven (7) years;

         

        (zz)  With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the related Mortgage Loan Schedule. The related
          assignment of Mortgage to MERS has been duly and properly recorded;

         

        (aaa)  With
          respect to each MERS Mortgage Loan, the Company has not received any notice
          of
          liens or legal actions with respect to such Mortgage Loan and no such notices
          have been electronically posted by MERS;

         

        (bbb)  Any
          Mortgaged Property that is considered manufactured housing shall be legally
          classified as real property, is permanently affixed to a foundation and
          must
          assume the characteristics of site-built housing and must otherwise conform
          to
          the requirements of Fannie Mae and Freddie Mac, including without limitation
          the
          requirement that such manufactured housing will be the principal residence
          of
          the Mortgagor upon origination of the Mortgage Loan;

         

        (ccc)  With
          respect to each Mortgage Loan, the Company has fully and accurately furnished
          complete information (e.g., favorable and unfavorable) on the related borrower
          credit files to Equifax, Experian and Trans Union Credit Information Company
          (three of the credit repositories), in accordance with the Fair Credit
          Reporting
          Act and its implementing regulations, on a monthly basis and the Company
          will
          fully furnish, in accordance with the Fair Credit Reporting Act and its
          implementing regulations, accurate and complete information (e.g., favorable
          and
          unfavorable) on its borrower credit files to Equifax, Experian, and Trans
          Union
          Credit Information Company (three of the credit repositories), on a monthly
          basis;

         

        (ddd)  The
          Company has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money
          Laundering Laws”);
          the
          Company has established an anti-money laundering compliance program as
          required
          by the Anti-Money Laundering Laws, has conducted the requisite due diligence
          in
          connection with the origination of each Mortgage Loan for purposes of the
          Anti-Money Laundering Laws, including with respect to the legitimacy of
          the
          applicable Mortgagor and the origin of the assets used by the said Mortgagor
          to
          purchase the property in question, and maintains, and will maintain, sufficient
          information to identify the applicable Mortgagor for purposes of the Anti-Money
          Laundering Laws. No Mortgage Loan is subject to nullification pursuant
          to
          Executive Order 13224 (the “Executive Order”) or the regulations promulgated by
          the Office of Foreign Assets Control of the United States Department of
          the
          Treasury (the “OFAC Regulations”) or in violation of the Executive Order or the
          OFAC Regulations, and no Mortgagor is subject to the provisions of such
          Executive Order or the OFAC Regulations nor listed as a “blocked person” for
          purposes of the OFAC Regulations;

         

        (eee)  With
          respect to each Mortgage Loan which is a Second Lien Mortgage Loan the
          related
          first lien does not contain any term that could result in negative
          amortization;

         

        (fff)  No
          predatory or deceptive lending practices, including but not limited to,
          the
          extension of credit to the applicable Mortgagor without regard for said
          Mortgagor’s ability to repay the Mortgage Loan and the extension of credit to
          said Mortgagor which has no apparent benefit to said Mortgagor, were employed
          by
          the originator of the Mortgage Loan in connection with the origination
          of the
          Mortgage Loan. Each
          Mortgage Loan is in compliance with the anti-predatory lending eligibility
          for
          purchase requirements of Fannie Mae’s Selling Guide;

         

        (ggg)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending
          Act, as amended (the “Georgia Act”) or New York Banking Law 6-1. No Mortgage
          Loan secured by owner occupied real property or an owner occupied manufactured
          home located in the State of Georgia was originated (or modified) on or
          after
          October 1, 2002 through and including March 6, 2003;

         

        (hhh)  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 borrowers, taking into account such facts as, without
          limitation, the mortgage loan’s requirements and the Mortgagor’s credit history,
          income, assets and liabilities. Any Mortgagor who sought financing through
          the
          Mortgage Loan originator’s higher priced sup prime lending channel was directed
          towards or offered the Mortgage Loan’s originator standard mortgage line if the
          Borrower was able to qualify for one of the standard products. 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;

         

        (iii)  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          did not rely solely on the extent of the Mortgagor’s equity in the collateral as
          the principal determining factor in approving such extension of credit.
          The
          methodology employed objective criteria such as the Mortgagor’s income, assets
          and liabilities, to the proposed mortgage payment and, based on such
          methodology, the Mortgage Loan’s originator made a reasonable determination that
          at the time of origination the Mortgagor had the ability to make timely
          payments
          on the Mortgage Loan; 

         

        (jjj)  All
          points, fees and charges (including finance charges) and whether or not
          financed, assessed, collected or to be collected in connection with the
          origination and servicing of each Mortgage Loan have been disclosed in
          writing
          to the Mortgagor in accordance with applicable state and federal law and
          regulation;

         

        (kkk)  All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          Mortgagor in accordance with applicable state and federal law and regulation.
          No
          Mortgagor was charged “points and fees” (whether or not financed) in an amount
          that exceeds the greater of (1) 5% of the principal amount of such Mortgage
          Loan
          (such 5% limitation is calculated in accordance with Fannie Mae’s requirements
          as set forth in the Fannie Mae Selling Guide) or (2) $1,000;

         

        (lll)  The
          Company will transmit full-file credit reporting data for each Mortgage
          Loan
          pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
          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; 

         

        (mmm)  Each
          Mortgage Loan is eligible for sale in the secondary mortgage market or
          for
          securitization;

         

        (nnn)  No
          Mortgage Loan is a “High-Cost Home Loan” under the New Jersey Home Ownership
          Security Act of 2002 (the “NJ Act”); and each Mortgage Loan subject to the NJ
          Act is considered under the NJ Act as, either, a (1) purchase money Home
          Loan,
          (2) purchase money Covered Loan (with
          respect to Mortgage Loans which were originated between November 26, 2003
          and
          July 7, 2004),
          or (3)
          a rate/term refinance Home Loan; 

         

        (ooo)  No
          Mortgagor agreed to submit to arbitration to resolve any dispute arising
          out of
          or relating in any way to the Mortgage Loan transaction; 

         

        (ppp)  The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
‘average’ or ‘yield spread premium’ to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (qqq)  No
          Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
          of
          Massachusetts was made to pay off or refinance an existing loan or other
          debt of
          the related borrower (as the term "borrower" is defined in the regulations
          promulgated by the Massachusetts Secretary of State in connection with
          the
          Massachusetts General Laws Chapter 183, Section 28C) unless (a) the related
          Mortgage Interest Rate (that would be effective once the introductory rate
          expires, with respect to Adjustable Rate Mortgage Loans) did or would not
          exceed
          by more than 2.50% the yield on United States Treasury securities having
          comparable periods of maturity to the maturity of the related Mortgage
          Loan as
          of the fifteenth day of the month immediately preceding the month in which
          the
          application for the extension of credit was received by the related lender
          or
          (b) the Mortgage Loan is an “open-end home loan” (as such term is used in the
          Massachusetts General Laws Chapter 183, Section 28C or the regulations
          promulgated in connection therewith) and the related Mortgage Note provides
          that
          the related Mortgage Interest Rate may not exceed at any time the Prime
          rate
          index as published in the Wall
          Street Journal
          plus a
          margin of one percent;

         

        (rrr)  No
          Mortgagor was charged “points and fees” in an amount greater than (a) $1,000 or
          (b) 5% of the principal amount of the related Mortgage Loan, whichever
          is
          greater. For purposes of this representation, “points and fees” (x) include
          origination, underwriting, broker and finder’s fees and charges that the lender
          imposed as a condition of making the Mortgage Loan, whether they are paid
          to the
          lender or a third party; and (y) exclude bona fide discount points, fees
          paid
          for actual services rendered in connection with the origination of the
          Mortgage
          (such as attorneys’ fees, notaries fees and fees paid for property appraisals,
          credit reports, surveys, title examinations and extracts, flood and tax
          certifications, and home inspections); the cost of mortgage insurance or
          credit-risk price adjustments; the costs of title, hazard, and flood insurance
          policies; state and local transfer taxes or fees; escrow deposits for the
          future
          payment of taxes and insurance premiums; and other miscellaneous fees and
          charges, which miscellaneous fees and charges, in total, do not exceed
          0.25
          percent of the loan amount; and

         

        (sss)  With
          respect to each Mortgage Loan, the related residential dwelling is not
          a
          manufactured housing unit.

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated December 28, 2006, (“Agreement”)
          among
          UBS Real Estate Securities Inc. (“Assignor”),
          Mortgage Asset Securitization Transactions, Inc. (“Assignee”)
          and
          First NLC Financial Services, LLC (the “Company”):

         

        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:

         

         

        I.
          Assignment and Conveyance

         

        The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          the
          Company on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) except as described below, that certain Master
          Seller’s Purchase, Warranties and Interim Servicing Agreement dated as of July
          1, 2006,
          as
          amended (the “Purchase
          Agreement”),
          between the Assignor, as purchaser (the “Purchaser”),
          and
          the Company, as seller, solely insofar as the Purchase Agreement relates
          to the
          Mortgage Loans and (y) other than as provided below with respect to the
          enforcement of representations and warranties, none of the obligations
          of the
          Assignor under the Purchase Agreement.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the mortgage loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

         

         

        II.
          Recognition of the Company

         

        From
          and
          after the date hereof, the Company shall and does hereby recognize that
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          MASTR Asset-Backed Securities Trust 2006-HE5 (the “Trust”) created pursuant to a
          Pooling and Servicing Agreement, dated as of December 1, 2006 (the “Pooling
          Agreement”), among
          the
          Assignee, Wells Fargo Bank, N.A. as master servicer and trust administrator
          (including its successors in interest and any successor servicers under
          the
          Pooling Agreement, the “Master Servicer” or “Trust Administrator”), Barclays
          Capital Real Estate Inc. d/b/a HomEq Servicing as servicer (the “Servicer”) and
          U.S. Bank National Association, as trustee (including its successors in
          interest
          and any successor trustees under the Pooling Agreement, the
“Trustee”).
          The
          Company hereby acknowledges and agrees that from and after the date hereof
          (i)
          the Trust will be the owner of the Mortgage Loans, (ii) the Trust
          (including the Trustee, the Trust Administrator, the Master Servicer and
          the
          Servicer acting on the Trust’s behalf) shall have all the rights and remedies
          available to the Assignor, insofar as they relate to the Mortgage Loans,
          under
          the Purchase Agreement, including, without limitation, the enforcement
          of the
          document delivery requirements and remedies with respect to breaches of
          representations and warranties set forth in the Purchase Agreement, and
          shall be
          entitled to enforce all of the obligations of the Company thereunder insofar
          as
          they relate to the Mortgage Loans, and (iii) all references to the
          Purchaser (insofar as they relate to the rights, title and interest and,
          with
          respect to obligations of the Purchaser, only insofar as they relate to
          the
          enforcement of the representations, warranties and covenants of the Company)
          or
          the Custodian under the Purchase Agreement insofar as they relate to the
          Mortgage Loans, shall be deemed to refer to the Trust (including the Trustee,
          the Trust Administrator, the Master Servicer and the Servicer acting on
          the
          Trust’s behalf). 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
          Purchase Agreement which amendment, modification, waiver or other alteration
          would in any way affect the Mortgage Loans or the Company’s performance under
          the Purchase Agreement with respect to the Mortgage Loans without the prior
          written consent of the Trustee.

         

         

        III.
          Representations and Warranties of the Company

         

        1. The
          Company warrants and represents to the Assignor, the Assignee and the Trust
          as
          of the date hereof that:

         

        (a)  Attached
          hereto as Exhibit
          B
          is a
          true and accurate copy of the representations and warranties set forth
          in
          Sections 3.01 and 3.02 of the Purchase Agreement, which Purchase 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;

         

        (c)  The
          Company has full power and authority to execute, deliver and perform its
          obligations under this Agreement and has full power and authority to perform
          its
          obligations under the Purchase Agreement. The execution by the Company
          of 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 charter or bylaws 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 have
          been
          duly authorized by all necessary corporate action on 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; and

         

        (e)  There
          is
          no action, suit, proceeding or investigation pending or threatened against
          the
          Company, before any court, administrative agency or other tribunal, which
          would
          draw into question the validity of this Agreement or the Purchase Agreement,
          or
          which, either in any one instance or in the aggregate, would result in
          any
          material adverse change in the ability of the Company to perform its obligations
          under this Agreement or the Purchase Agreement, and the Company is
          solvent.

         

        2. Pursuant
          to Section 8.01(b)(iii) of the Purchase Agreement, the Company hereby represents
          and warrants, for the benefit of the Assignor, the Assignee and the Trust,
          that
          the representations and warranties set forth in Sections 3.01 and 3.02
          of the
          Purchase Agreement (set forth on Schedule 1 hereto), are true and correct
          as of
          the date hereof, as if such representations and warranties were made on
          such
          date.

         

        3. The
          Assignor hereby makes the following representations and warranties as of
          the
          date hereof:

         

        (a)  Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws;

         

        (b)  None
          of
          the Mortgage Loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws;

         

        (c)  No
          Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such
          terms
          are defined in the then current Standard & Poor’s LEVELS®
          Glossary
          which is now Version 5.7 Revised, Appendix E); and

         

        (d)  No
          Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
          is
          governed by the Georgia Fair Lending Act;

         

         

        IV.
          Remedies for Breach of Representations and Warranties

         

        The
          Company hereby acknowledges and agrees that the remedies available to the
          Assignor, the Assignee and the Trust (including the Trustee and the Master
          Servicer acting on the Trust’s behalf) in connection with any breach of the
          representations and warranties made by the Company set forth in Section
          3 hereof
          shall be as set forth in Subsection 3.03 of the Purchase Agreement as if
          they
          were set forth herein (including without limitation the repurchase and
          indemnity
          obligations set forth therein). It is understood by the parties hereto
          that a
          breach of the representations and warranties made in Sections 3.02 (h),
          (n),
          (ee), (pp), (uu), (vv), (ccc), (ggg), (hhh), (iii), (jjj), (ooo), (rrr)
          or (sss)
          of the Purchase Agreement shall be deemed to materially and adversely affect
          the
          value of the related mortgage loan or the interests of the Trust in the
          related
          mortgage loans.

         

        The
          Assignor hereby acknowledges and agrees that the remedies available to
          the
          Assignee and the Trust (including the Trustee and the Master Servicer acting
          on
          the Trust’s behalf) in connection with any breach of the representations and
          warranties made by the Assignor set forth in Section 3 hereof shall be
          as set
          forth in Section 2.03 of the Pooling and Servicing Agreement as if they
          were set
          forth herein (including without limitation the repurchase obligations set
          forth
          therein). The
          Assignor hereby acknowledges and agrees that a breach of any one of the
          representations set forth in Section 5 above will be deemed to materially
          adversely affect the interests of the certificateholders and shall require
          a
          repurchase of the affected Mortgage Loan(s).

         

        Notwithstanding
          the foregoing, the Assignor may, at its option, satisfy any obligation
          of the
          Company with respect to any breach of representation and warranty made
          by the
          Company regarding the Mortgage Loans.

         

         

        V.
          Miscellaneous

         

        This
          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. 

         

        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, with the prior written consent of
          the
          Trustee and the Trust Administrator. 

         

        This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee, the Trust
          Administrator and the Master Servicer acting on the Trust’s behalf). 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. 

         

        Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement.

         

        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. 

         

        In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control. 

         

        Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

         

         

        [SIGNATURE
          PAGE FOLLOWS]

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

        
          	 	 	 	 	 	 	 	
                  UBS
                    REAL ESTATE SECURITIES INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        

        
          	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        

        
          	 	 	 	 	 	 	 	
                  MORTGAGE
                    ASSET SECURITIZATION TRANSACTIONS, INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        

        
          	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

        
          	 	 	 	 	 	 	 	
                  FIRST
                    NLC FINANCIAL SERVICES, LLC

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        EXHIBIT
          A

        

        Mortgage
          Loan Schedule

        

        

        Available
          Upon Request

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

        SCHEDULE
          1

        

        Capitalized
          terms used herein but not defined in this Schedule 1 shall have the meanings
          given to such terms in the Purchase Agreement:

         

        Section
          3.01 Representations
          and Warranties of the Company. 

         

        The
          Company represents, warrants and covenants to the Purchaser that as of
          each
          Closing Date and as of each Servicing Transfer Date or as of such date
          specifically provided herein:

         

        (a)  The
          Company is a limited liability company duly organized and validly existing
          under
          the laws of Florida. The Company 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 compliance with the laws of any such state to the
          extent
          necessary to ensure the enforceability of each Mortgage Loan and the interim
          servicing of the Mortgage Loans in accordance with the terms of this Agreement.
          No licenses or approvals obtained by the Company have been suspended or
          revoked
          by any court, administrative agency, arbitrator or governmental body and
          no
          proceedings are pending which might result in such suspension or
          revocation;

         

        (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 Confirmation and to conduct its business
          as
          presently conducted; the Company has duly authorized the execution, delivery
          and
          performance of this Agreement and any agreements contemplated hereby, has
          duly
          executed and delivered this Agreement and the related Confirmation, and
          any
          agreements contemplated hereby, and this Agreement and the related Confirmation
          and each Assignment of Mortgage to the Purchaser and any agreements contemplated
          hereby, constitute the legal, valid and binding obligations of the Company,
          enforceable against it in accordance with their respective terms, except
          as such
          enforceability may be limited by bankruptcy, insolvency, moratorium,
          reorganization and similar laws, and by equitable principles affecting
          the
          enforceability of the rights of creditors; and all requisite corporate
          action
          has been taken by the Company to make this Agreement, the related Confirmation
          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, the related Confirmation,
          the sale
          of the Mortgage Loans to the Purchaser, the consummation of the transactions
          contemplated hereby, nor the fulfillment of or compliance with the terms
          and
          conditions of this Agreement and the related Confirmation 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 property is subject;

         

        (d)  There
          is
          no litigation, suit, proceeding or investigation pending or threatened,
          or any
          order or decree outstanding, which is reasonably likely to have a material
          adverse effect on the sale of the Mortgage Loans, the execution, delivery,
          performance or enforceability of this Agreement or the related Confirmation,
          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 and the related Confirmation,
          except for consents, approvals, authorizations and orders which have been
          obtained;

         

        (f)  The
          consummation of the transactions contemplated by this Agreement and the
          related
          Confirmation 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 and the related Confirmation are
          not
          subject to bulk transfer or any similar statutory provisions in effect
          in any
          applicable jurisdiction;

         

        (g)  The
          origination, servicing and collection practices with respect to each Mortgage
          Note and Mortgage have been legal and in accordance with applicable laws
          and
          regulations, and in all material respects in accordance with Accepted Servicing
          Practices. The Company further represents and warrants that: with respect
          to
          escrow deposits and payments that the Company is entitled to collect, all
          such
          payments are in the possession of, or under the control of, the Company
          or its
          delegate, and there exist no deficiencies in connection therewith for which
          customary arrangements for repayment thereof have not been made; all escrow
          payments have been collected and are being maintained in full compliance
          with
          applicable state and federal law and the provisions of the related Mortgage
          Note
          and Mortgage; as to any Mortgage Loan that is the subject of an escrow,
          escrow
          of funds is not prohibited by applicable law and has been established in
          an
          amount sufficient to pay for every escrowed item that remains unpaid and
          has
          been assessed but is not yet due and payable; no escrow deposits or other
          charges or payments due under the Mortgage Note have been capitalized under
          any
          Mortgage or the related Mortgage Note; all Mortgage Interest Rate adjustments
          have been made in strict compliance with state and federal law and the
          terms of
          the related Mortgage Note; and any interest required to be paid pursuant
          to
          state and local law has been properly paid and credited;

         

        (h)  The
          Company has not used 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 Closing Date; 

         

        (i)  The
          Company will treat the transfer 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. The Company shall maintain a complete set
          of books
          and records for each Mortgage Loan which shall be clearly marked to reflect
          the
          ownership of such Mortgage Loan by the Purchaser; 

         

        (j)  The
          Company is an approved seller/servicer of residential mortgage loans for
          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 and is in good standing to sell mortgage loans to and service
          mortgage loans for Fannie Mae or Freddie Mac and no event has occurred
          which
          would make the Company unable to comply with eligibility requirements or
          which
          would require notification to either Fannie Mae or Freddie Mac; 

         

        (k)  The
          Company does not believe, nor does it have any cause or reason to believe,
          that
          it cannot perform each and every covenant contained in this Agreement and
          the
          related Confirmation applicable to it. 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, the related Confirmation
          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. The Company has prudently originated and underwritten
          each
          Mortgage Loan;

         

        (m)  The
          consideration received by the Company upon the sale of the Mortgage Loans
          constitutes fair consideration and reasonably equivalent value for such
          Mortgage
          Loans;

         

        (n)  The
          Company has delivered to the Initial Purchaser financial statements as
          to its
          last two complete fiscal years. All such financial statements fairly present
          the
          pertinent results of operations and changes in financial position for each
          of
          such periods and the financial position at the end of each such period
          of the
          Company and its subsidiaries and have been prepared in accordance with
          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 statements that would have a material adverse effect on its ability
          to
          perform its obligations under this Agreement or the related Confirmation;
          

         

        (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) 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 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 and as of the related Servicing Transfer
          Date as follows:

         

        (a)  The
          information set forth in the related Mortgage Loan Schedule, including
          any
          diskette or other related data tapes sent to the Initial Purchaser, is
          complete,
          true and correct in all material respects;

         

        (b)  The
          Mortgage creates a (A) first lien and first priority security interest
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          First
          Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and
          second
          priority security interest with respect to each Mortgage Loan which is
          indicated
          by the Company to be a Second Lien (as reflected on the Mortgage Loan Schedule),
          in either case, in the related Mortgaged Property securing the related
          Mortgage
          Note;

         

        (c)  All
          payments due on or prior to the related Closing Date for such Mortgage
          Loan have
          been made as of the related Closing Date, the Mortgage Loan is not delinquent
          in
          payment more than 30 days and has not been dishonored; there are no material
          defaults under the terms of the Mortgage Loan; the Company has not advanced
          funds, or induced, solicited or knowingly received any advance of funds
          from a
          party other than the owner of the Mortgaged Property subject to the Mortgage,
          directly or indirectly, for the payment of any amount required by the Mortgage
          Loan; no payment with respect to each Mortgage Loan has been delinquent
          during
          the preceding twelve-month period;

         

        (d)  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. No instrument of
          waiver,
          alteration or modification has been executed, and no Mortgagor has been
          released, in whole or in part, from the terms thereof except in connection
          with
          an assumption agreement and which assumption agreement is part of the Mortgage
          File and the terms of which are reflected in the related Mortgage Loan
          Schedule;
          the substance of any such waiver, alteration or modification has been approved
          by the issuer has been approved by the issuer of any related title insurance
          policy, to the extent required by the related policy.

         

        (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 the Mortgagor was not a debtor in any
          state
          or federal bankruptcy or insolvency proceeding at the time the Mortgage
          Loan was
          originated;

         

        (g)  All
          buildings or other customarily insured improvements upon the Mortgaged
          Property
          are insured by an insurer acceptable under the Fannie Mae Guides, against
          loss
          by fire, hazards of extended coverage and such other hazards as are provided
          for
          in the Fannie Mae Guides or by the Freddie Mac Guides, in an amount representing
          coverage not less than the lesser of (i) the maximum insurable value of
          the
          improvements securing such Mortgage Loans, and (ii) the greater of (a)
          either
          (1) the outstanding principal balance of the Mortgage Loan with respect
          to each
          Mortgage Loan which is indicated by the Company to be a First Lien (as
          reflected
          on the Mortgage Loan Schedule) or (2) with respect to each Second Lien
          Mortgage
          Loan, the sum of the outstanding principal balance of the first lien on
          such
          Mortgage Loan and the outstanding principal balance of such Second Lien
          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,
          but in no
          event greater than the maximum amount permitted under applicable law. All
          such
          standard hazard policies are in full force and effect and on the date of
          origination contained a standard mortgagee clause naming the Company and
          its
          successors in interest and assigns as loss payee and such clause is still
          in
          effect and all premiums due thereon have been paid. If required by the
          Flood
          Disaster Protection Act of 1973, as amended, the Mortgage Loan is covered
          by a
          flood insurance policy meeting the requirements of the current guidelines
          of the
          Federal Insurance Administration which policy conforms to Fannie Mae and
          Freddie
          Mac requirements, in an amount not less than the amount required by the
          Flood
          Disaster Protection Act of 1973, as amended. Such policy was issued by
          an
          insurer acceptable under Fannie Mae or Freddie Mac guidelines. The Mortgage
          obligates the Mortgagor thereunder to maintain all such insurance at the
          Mortgagor’s cost and expense, and upon the Mortgagor’s failure to do so,
          authorizes the holder of the Mortgage to maintain such insurance at the
          Mortgagor’s cost and expense and to seek reimbursement therefor from the
          Mortgagor;

         

        (h)  Each
          Mortgage Loan and, if any, the related prepayment penalty complied in all
          material respects with any and all requirements of any federal, state or
          local
          law including, without limitation, usury, truth in lending, real estate
          settlement procedures, consumer credit protection, equal credit opportunity,
          fair housing, disclosure, or predatory, fair and abusive lending laws applicable
          to the origination and servicing of loans of a type similar to the Mortgage
          Loans and the consummation of the transactions contemplated hereby will
          not
          involve the violation of any such laws;

         

        (i)  The
          Mortgage has not been satisfied, canceled or subordinated (other than the
          subordination of any Second Lien Mortgage Loan to the related First Lien),
          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
          related Mortgage is a valid, subsisting, enforceable and perfected (A)
          first
          lien and first priority security interest with respect to each Mortgage
          Loan
          which is indicated by the Company to be a First Lien (as reflected on the
          Mortgage Loan Schedule), or (B) second lien and second priority security
          interest with respect to each Mortgage Loan which is indicated by the Company
          to
          be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
          in
          either case, 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. 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 or otherwise considered in the appraisal
          made
          for the originator of the Mortgage Loan, or (B) which do not adversely
          affect
          the appraised value of the Mortgaged Property as set forth in such appraisal,
          (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 and (4) with respect to each Mortgage Loan which is
          indicated
          by the Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage
          Loan Schedule) a First Lien on the 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 (A) first lien and first priority security interest with
          respect
          to each Mortgage Loan which is indicated by the Company to be a First Lien
          (as
          reflected on the Mortgage Loan Schedule), or (B) second lien and second
          priority
          security interest with respect to each Mortgage Loan which is indicated
          by the
          Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage
          Loan
          Schedule), in either case, 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 bankruptcy, insolvency,
          moratorium, reorganization and other laws of general application affecting
          the
          rights of creditors and by general equitable principles and the Company
          has
          taken all action necessary to transfer such rights of enforceability to
          the
          Purchaser. All parties to the Mortgage Note and the Mortgage had the legal
          capacity to enter into the Mortgage Loan and to execute and deliver the
          Mortgage
          Note and the Mortgage. The Mortgage Note and the Mortgage have been duly
          and
          properly executed by such parties. No fraud, error, omission, misrepresentation,
          negligence or similar occurrence with respect to a Mortgage Loan has taken
          place
          on the part of 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
          or are in the process of being paid, and the Mortgagor is not entitled
          to any
          refund of any amounts paid or due under the Mortgage Note or
          Mortgage;

         

        (l)  The
          Company is the sole owner of record and holder of the Mortgage Loan and
          the
          indebtedness evidenced by the Mortgage Note, and upon recordation the Purchaser
          or its designee will be the owner of record of the Mortgage and the indebtedness
          evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan
          to the
          Purchaser, the Company will retain the Servicing File in trust for the
          Purchaser
          only for the purpose of interim servicing and supervising the interim servicing
          of the Mortgage Loan. Immediately prior to the transfer and assignment
          to the
          Purchaser on the related Closing Date, the Mortgage Loan, including the
          Mortgage
          Note and the Mortgage, were not subject to an assignment or pledge, and
          the
          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 interim
          servicing the Mortgage Loan as set forth in this Agreement. Either the
          Mortgagor
          is a natural person or the Mortgagor is an inter-vivos trust acceptable
          to
          Fannie Mae. With respect to each inter-vivos trust, holding title to the
          Mortgaged Property in such trust will not diminish any rights as a creditor
          including the right to full title to the Mortgaged Property in the event
          foreclosure proceedings are initiated;

         

        (m)  Each
          Mortgage Loan is covered by an ALTA lender’s title insurance policy issued by a
          title insurer acceptable to Fannie Mae or Freddie Mac and qualified to
          do
          business in the jurisdiction where the Mortgaged Property is located, insuring
          (subject to the exceptions contained in (j)(1), (2) and (3) above and,
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          Second
          Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) clause
          (4)) the
          Company, its successors and assigns, as to the first (or, where applicable,
          second) priority lien of the Mortgage in the original principal amount
          of the
          Mortgage Loan and, with respect to each Adjustable Rate Mortgage Loan,
          against
          any loss by reason of the invalidity or unenforceability of the lien resulting
          from the provisions of the Mortgage providing for adjustment in the Mortgage
          Interest Rate and Monthly Payment. Additionally, such policy affirmatively
          insures ingress and egress to and from the Mortgaged Property. Where required
          by
          applicable state law or regulation, the Mortgagor has been given the opportunity
          to choose the carrier of the required mortgage title insurance. The Company,
          its
          successors and assigns, are the sole insureds of such lender’s title insurance
          policy, such title insurance policy has been duly and validly endorsed
          to the
          Purchaser or the assignment to the Purchaser of the Company’s interest therein
          does not require the consent of or notification to the insurer and such
          lender’s
          title insurance policy is in full force and effect and will be in full
          force and
          effect upon the consummation of the transactions contemplated by this Agreement
          and the related Confirmation. No claims have been made under such lender’s title
          insurance policy, and no prior holder of the related Mortgage, including
          the
          Company, has done, by act or omission, anything which would impair the
          coverage
          of such lender’s title insurance policy;

         

        (n)  There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event permitting acceleration;
          and
          neither the Company nor any prior mortgagee has waived any default, breach,
          violation or event permitting acceleration. With respect to each Mortgage
          Loan
          which is indicated by the Company to be a Second Lien Mortgage Loan (as
          reflected on the Mortgage Loan Schedule) (i) the First Lien is in full
          force and
          effect, (ii) there is no default, breach, violation or event of acceleration
          existing under such First Lien mortgage or the related mortgage note, (iii)
          either no consent for the Mortgage Loan is required by the holder of the
          First
          Lien or such consent has been obtained and is contained in the Mortgage
          File,
          (iv) to the best of Company’s knowledge, no event which, with the passage of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event of acceleration thereunder,
          and
          either (A) the First Lien mortgage contains a provision which allows or
          (B)
          applicable law requires, the mortgagee under the Second Lien Mortgage Loan
          to
          receive notice of, and affords such mortgagee an opportunity to cure any
          default
          by payment in full or otherwise under the First Lien mortgage, and (v)
          such
          Second Lien Mortgage Loan is secured by a one- to four-family residence
          that is
          the principal residence of the Mortgagor;

         

        (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)  The
          Mortgage Loan was originated by or for the Company. The Mortgage Loan complies
          with all the terms, conditions and requirements of the Company’s Underwriting
          Standards in effect at the time of origination of such Mortgage Loan. The
          Mortgage Notes and Mortgages (exclusive of any riders) are on forms generally
          acceptable to Fannie Mae or Freddie Mac. The Company is currently selling
          loans
          to Fannie Mae and/or Freddie Mac which are the same document forms as the
          Mortgage Notes and Mortgages (inclusive of any riders). The Mortgage Loan
          bears
          interest at the Mortgage Interest Rate set forth in the related Mortgage
          Loan
          Schedule, and Monthly Payments under the Mortgage Note are due and payable
          on
          the first day of each month. The Mortgage contains the usual and enforceable
          provisions of the originator at the time of origination for the acceleration
          of
          the payment of the unpaid principal amount of the Mortgage Loan if the
          related
          Mortgaged Property is sold without the prior consent of the mortgagee
          thereunder;

         

        (r)  The
          Mortgaged Property is not subject to any material damage by waste, fire,
          earthquake, windstorm, flood or other casualty, and is in good repair.
          At
          origination of the Mortgage Loan there was, and there currently is, no
          proceeding pending for the total or partial condemnation of the Mortgaged
          Property. There have not been any condemnation proceedings with respect
          to the
          Mortgaged Property and there are no such proceedings 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.
          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
          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 which,
          (a)
          with respect to First Lien Mortgage Loans, was on appraisal form 1004 or
          form
          2055 with an interior inspection, or (b) with respect to Second Lien Mortgage
          Loans, was on appraisal form 704, 2065 or 2055 with an exterior only inspection,
          and (c) with respect to (a) or (b) above, was 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 Freddie Mac and Title XI of 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
          Freddie Mac;

         

        (v)  All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (B) (1) organized under the laws of such state,
          or (2)
          qualified to do business in such state, or (3) federal savings and loan
          associations or national banks or a Federal Home Loan Bank or savings bank
          having principal offices in such state, or (4) not doing business in such
          state;

         

        (w)  The
          related Mortgage Note is not and has not been secured by any collateral
          except
          the lien of the corresponding Mortgage and the security interest of any
          applicable security agreement or chattel mortgage referred to in (j) above
          and
          such collateral does not serve as security for any other
          obligation;

         

        (x)  The
          Mortgagor has received 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 and does not have a
          shared appreciation or other contingent interest feature; no Mortgage Loan
          contains any buydown provisions;

         

        (z)  The
          Mortgagor is not in bankruptcy and the Mortgagor is not insolvent and the
          Company has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
          standing that could reasonably be expected to cause investors to regard
          the
          Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to
          become
          delinquent, or materially adversely affect the value or marketability of
          the
          Mortgage Loan;

         

        (aa)  Principal
          payments on the Mortgage Loan commenced no more than sixty (60) days after
          the
          funds were disbursed in connection with the Mortgage Loan. The Mortgage
          Loans
          have an original term to maturity of not more than 30 years, with interest
          payable in arrears on the first day of each month. Each Mortgage Note requires
          a
          monthly payment which is sufficient to fully amortize the original principal
          balance over the original term thereof (other than during the interest-only
          period with respect to a Mortgage Loan identified on the related Mortgage
          Loan
          Schedule as an interest-only Mortgage Loan) and to pay interest at the
          related
          Mortgage Interest Rate. With respect to each Mortgage Loan identified on
          the
          Mortgage Loan Schedule as an interest-only Mortgage Loan, the interest-only
          period does not exceed ten (10) years (or such lesser period specified
          on the
          Mortgage Loan Schedule) and following the expiration of such interest-only
          period, the remaining Monthly Payments shall be sufficient to fully amortize
          the
          original principal balance over the remaining term of the Mortgage Loan.
          No
          Mortgage Loan contains terms or provisions which would result in negative
          amortization. No Mortgage Loan provides for the capitalization or forbearance
          of
          interest;

         

        (bb)  No
          Mortgage Loan is subject to a lender-paid mortgage insurance policy;

         

        (cc)  As
          to any
          Mortgage Loan which is not a MERS Mortgage Loan, 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)  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 cooperative housing corporation erected thereon,
          or a
          mobile home. As of the date of origination, no portion of the Mortgaged
          Property
          was used for commercial purposes, and since the date or origination no
          portion
          of the Mortgaged Property has been used for commercial purposes;

         

        (ee)  Except
          as
          set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
          are
          subject to a Prepayment Penalty. For any Mortgage Loan originated prior
          to
          October 1, 2002 that is subject to a Prepayment Penalty, such prepayment
          penalty
          does not extend beyond five years after the date of origination. For any
          Mortgage Loan originated on or following October 1, 2002 that is subject
          to a
          Prepayment Penalty, such prepayment penalty does not extend beyond three
          years
          after the date of origination. Any such prepayment penalty is permissible
          and
          enforceable in accordance with its terms upon the Mortgagor’s full and voluntary
          principal prepayment under applicable law. With respect to any Mortgage
          Loan
          that contains a provision permitting imposition of a penalty upon a prepayment
          prior to maturity: (i) the Mortgage Loan provides some benefit to the Mortgagor
          (e.g., a rate or fee reduction) in exchange for accepting such a prepayment
          penalty; (ii) the Mortgage Loan’s originator had a written policy of offering
          the Mortgagor, or requiring third-party brokers to offer the Mortgagor,
          the
          option of obtaining a Mortgage Loan that did not require payment of such
          a
          prepayment penalty and the Mortgagor was offer such a product by the Mortgage
          Loan’s originator; (iii) the prepayment penalty was adequately disclosed to
          the
          Mortgagor in the loan documents pursuant to applicable state and federal
          law;
          and (iv) such prepayment penalty shall not be imposed in any instance where
          the
          Mortgage Loan is accelerated or paid off in connection with the workout
          of a
          delinquent mortgage or due to the Mortgagor’s default, notwithstanding that the
          terms of the Mortgage Loan or state or federal law might permit the imposition
          of such a prepayment penalty;

         

        (ff)  The
          Mortgaged Property is 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;

         

        (gg)  If
          the
          Mortgaged Property is a condominium unit or a planned unit development
          (other
          than a de minimis planned unit development), such condominium or planned
          unit
          development project meets the eligibility requirements of Fannie Mae and
          Freddie
          Mac;

         

        (hh)  
          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 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;

         

        (ii)  The
          Mortgagor has not notified the Company requesting relief under the Soldiers’ and
          Sailors’ Civil Relief Act of 1940 or the Servicemembers Civil Relief Act, 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 or the Servicemembers
          Civil Relief Act or any similar state laws;

         

        (jj)  As
          of the
          related Closing Date, no Mortgage Loan was in construction or rehabilitation
          status or has facilitated the trade-in or exchange of a Mortgaged
          Property;

         

        (kk)  No
          action
          has been taken or failed to be taken on or prior to the related Closing
          Date
          which has resulted or will result in an exclusion from, denial of, or defense
          to
          coverage under any insurance policy related to a Mortgage Loan (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, or for any other
          reason under such coverage;

         

        (ll)  The
          Mortgage Loan was originated by a savings and loan association, a savings
          bank,
          a commercial bank, a credit union, an insurance company, or similar institution
          which is supervised and examined by a federal or state authority, or by
          a
          mortgagee approved by the Secretary of HUD pursuant to Sections 203 and
          211 of
          the National Housing Act;

         

        (mm)  No
          Mortgaged Property is subject to a ground lease;

         

        (nn)  With
          respect to any broker fees collected and paid on any of the Mortgage Loans,
          all
          broker fees have been properly assessed to the Mortgagor and no claims
          will
          arise as to broker fees that are double charged and for which the Mortgagor
          would be entitled to reimbursement;

         

        (oo)  With
          respect to any Mortgage Loan as to which an affidavit has been delivered
          to the
          Purchaser certifying that the original Mortgage Note has been lost or destroyed
          and not been replaced, if such Mortgage Loan is subsequently in default,
          the
          enforcement of such Mortgage Loan will not be materially adversely affected
          by
          the absence of the original Mortgage Note;

         

        (pp)  Each
          Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
          of
          the Code and Treasury Regulations Section 1.860G-2(a)(1);

         

        (qq)  Except
          as
          provided in Section 2.06, the Mortgage Note, the Mortgage, the Assignment
          of
          Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1
          and
          required to be delivered on the related Closing Date have been delivered
          to the
          Purchaser or its designee all in compliance with the specific requirements
          of
          this Agreement. With respect to each Mortgage Loan, the Company is in possession
          of a complete Mortgage File and Servicing File except for such documents
          as have
          been delivered to the Purchaser or its designee;

         

        (rr)  All
          information supplied by, on behalf of, or concerning the Mortgagor is true,
          accurate and complete and does not contain any statement that is or will
          be
          inaccurate or misleading in any material respect; 

         

        (ss)  
          To the
          best of the Company’s knowledge, there does not exist on the related Mortgaged
          Property any hazardous substances, hazardous wastes or solid wastes, as
          such
          terms are defined in the Comprehensive Environmental Response Compensation
          and
          Liability Act, the Resource Conservation and Recovery Act of 1976, or other
          federal, state or local environmental legislation; 

         

        (tt)  No
          Mortgage Loan had a Loan-to-Value Ratio at the time of origination of more
          than
          95% and no Mortgage Loan had a Combined Loan-to-Value Ratio at the time
          of
          origination of more than 100%;

         

        (uu)  No
          Mortgage Loan is (a) subject to, covered by or in violation of the Home
          Ownership and Equity Protection Act of 1994 (“HOEPA”), (b) classified as a “high
          cost,” “covered,” “high risk home”, “high-rate, high-fee,” “threshold,” or
“predatory” loan under HOEPA or any other applicable state, federal or local
          law, including any predatory or abusive lending laws (or a similarly classified
          loan using different terminology under a law imposing heightened regulatory
          scrutiny or additional legal liability for a residential mortgage loan
          having
          high interest rates, points and/or fees), (c) a High Cost Loan or Covered
          Loan,
          as applicable (as such terms are defined in the current version of Standard
          & Poor’s LEVELS® Glossary, Appendix E) or (d) in violation of any state law
          or ordinance comparable to HOEPA. No Mortgage Loan (including purchase
          money
          loans or refinance transactions) has an “annual percentage rate” or “total
          points and fees” payable by the Mortgagor (as each such term is defined under
          HOEPA) that equal or exceed the applicable thresholds defined under HOEPA
          (Section 32 of Regulation Z, 12 C.F.R. Section 226.32(a)(1)(i) and
          (ii));

         

        (vv)  No
          Mortgagor was required to purchase any credit life, disability, accident,
          unemployment, property or health insurance product or debt cancellation
          agreement as a condition of obtaining the extension of credit. No Mortgagor
          obtained a prepaid single premium credit life, disability, unemployment,
          property, mortgage, accident or health insurance policy in connection with
          the
          origination of the Mortgage Loan; No proceeds from any Mortgage Loan were
          used
          to purchase or finance single-premium insurance policies or debt cancellation
          agreements as part of the origination of or as a condition to closing,
          such
          Mortgage Loan;

         

        (ww)  Any
          principal advances made to the Mortgagor prior to the related Closing 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 (A) first lien priority
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          First
          Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien priority
          with respect to each Mortgage Loan which is indicated by the Company to
          be a
          Second Lien Mortgage Loan (as reflected on the Mortgage Loan Data Transmission),
          in either case, 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;

         

        (xx)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (yy)  No
          Mortgage Loan is a Balloon Mortgage Loan;

         

        (zz)  With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the related Mortgage Loan Schedule. The related
          assignment of Mortgage to MERS has been duly and properly recorded;

         

        (aaa)  With
          respect to each MERS Mortgage Loan, the Company has not received any notice
          of
          liens or legal actions with respect to such Mortgage Loan and no such notices
          have been electronically posted by MERS;

         

        (bbb)  Any
          Mortgaged Property that is considered manufactured housing shall be legally
          classified as real property, is permanently affixed to a foundation and
          must
          assume the characteristics of site-built housing and must otherwise conform
          to
          the requirements of Fannie Mae and Freddie Mac, including without limitation
          the
          requirement that such manufactured housing will be the principal residence
          of
          the Mortgagor upon origination of the Mortgage Loan;

         

        (ccc)  With
          respect to each Mortgage Loan, the Company has fully and accurately furnished
          complete information (e.g., favorable and unfavorable) on the related borrower
          credit files to Equifax, Experian and Trans Union Credit Information Company
          (three of the credit repositories), in accordance with the Fair Credit
          Reporting
          Act and its implementing regulations, on a monthly basis and the Company
          will
          fully furnish, in accordance with the Fair Credit Reporting Act and its
          implementing regulations, accurate and complete information (e.g., favorable
          and
          unfavorable) on its borrower credit files to Equifax, Experian, and Trans
          Union
          Credit Information Company (three of the credit repositories), on a monthly
          basis;

         

        (ddd)  The
          Company has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money
          Laundering Laws”);
          the
          Company has established an anti-money laundering compliance program as
          required
          by the Anti-Money Laundering Laws, has conducted the requisite due diligence
          in
          connection with the origination of each Mortgage Loan for purposes of the
          Anti-Money Laundering Laws, including with respect to the legitimacy of
          the
          applicable Mortgagor and the origin of the assets used by the said Mortgagor
          to
          purchase the property in question, and maintains, and will maintain, sufficient
          information to identify the applicable Mortgagor for purposes of the Anti-Money
          Laundering Laws. No Mortgage Loan is subject to nullification pursuant
          to
          Executive Order 13224 (the “Executive Order”) or the regulations promulgated by
          the Office of Foreign Assets Control of the United States Department of
          the
          Treasury (the “OFAC Regulations”) or in violation of the Executive Order or the
          OFAC Regulations, and no Mortgagor is subject to the provisions of such
          Executive Order or the OFAC Regulations nor listed as a “blocked person” for
          purposes of the OFAC Regulations;

         

        (eee)  With
          respect to each Mortgage Loan which is a Second Lien Mortgage Loan the
          related
          first lien does not contain any term that could result in negative
          amortization;

         

        (fff)  No
          predatory or deceptive lending practices, including but not limited to,
          the
          extension of credit to the applicable Mortgagor without regard for said
          Mortgagor’s ability to repay the Mortgage Loan and the extension of credit to
          said Mortgagor which has no apparent benefit to said Mortgagor, were employed
          by
          the originator of the Mortgage Loan in connection with the origination
          of the
          Mortgage Loan. Each
          Mortgage Loan is in compliance with the anti-predatory lending eligibility
          for
          purchase requirements of Fannie Mae’s Selling Guide;

         

        (ggg)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending
          Act, as amended (the “Georgia Act”) or New York Banking Law 6-1. No Mortgage
          Loan secured by owner occupied real property or an owner occupied manufactured
          home located in the State of Georgia was originated (or modified) on or
          after
          October 1, 2002 through and including March 6, 2003;

         

        (hhh)  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 borrowers, taking into account such facts as, without
          limitation, the mortgage loan’s requirements and the Mortgagor’s credit history,
          income, assets and liabilities. Any Mortgagor who sought financing through
          the
          Mortgage Loan originator’s higher priced sup prime lending channel was directed
          towards or offered the Mortgage Loan’s originator standard mortgage line if the
          Borrower was able to qualify for one of the standard products. 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;

         

        (iii)  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          did not rely solely on the extent of the Mortgagor’s equity in the collateral as
          the principal determining factor in approving such extension of credit.
          The
          methodology employed objective criteria such as the Mortgagor’s income, assets
          and liabilities, to the proposed mortgage payment and, based on such
          methodology, the Mortgage Loan’s originator made a reasonable determination that
          at the time of the origination the Mortgagor had the ability to make timely
          payments on the Mortgage Loan; 

         

        (jjj)  All
          points, fees and charges (including finance charges) and whether or not
          financed, assessed, collected or to be collected in connection with the
          origination and servicing of each Mortgage Loan have been disclosed in
          writing
          to the Mortgagor in accordance with applicable state and federal law and
          regulation;

         

        (kkk)  All
          Points and Fees related to each Loan were disclosed in writing to the Mortgagor
          in accordance with applicable state and federal law and regulation. Except
          as
          otherwise disclosed in the Mortgage Loan Schedule, no Mortgagor was charged
          Points and Fees (whether or not financed) in an amount that exceeds the
          greater
          of (1) 5% of the principal amount of such Mortgage Loan or (2)
          $1,000;

         

        (lll)  The
          Company will transmit full-file credit reporting data for each Mortgage
          Loan
          pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
          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; 

         

        (mmm)  Each
          Mortgage Loan is eligible for sale in the secondary mortgage market or
          for
          securitization without unreasonable credit enhancement;

         

        (nnn)  No
          Mortgage Loan is a “High-Cost Home Loan” under the New Jersey Home Ownership
          Security Act of 2002 (the “NJ Act”); and each Mortgage Loan subject to the NJ
          Act is considered under the NJ Act as, either, a (1) purchase money Home
          Loan,
          (2) purchase money Covered Loan (with
          respect to Mortgage Loans which were originated between November 26, 2003
          and
          July 7, 2004),
          or (3)
          a rate/term refinance Home Loan; 

         

        (ooo)  No
          Mortgagor agreed to submit to arbitration to resolve any dispute arising
          out of
          or relating in any way to the Mortgage Loan transaction; 

         

        (ppp)  The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
‘average’ or ‘yield spread premium’ to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (qqq)  No
          Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
          of
          Massachusetts was made to pay off or refinance an existing loan or other
          debt of
          the related borrower (as the term "borrower" is defined in the regulations
          promulgated by the Massachusetts Secretary of State in connection with
          the
          Massachusetts General Laws Chapter 183, Section 28C) unless (a) the related
          Mortgage Interest Rate (that would be effective once the introductory rate
          expires, with respect to Adjustable Rate Mortgage Loans) did or would not
          exceed
          by more than 2.50% the yield on United States Treasury securities having
          comparable periods of maturity to the maturity of the related Mortgage
          Loan as
          of the fifteenth day of the month immediately preceding the month in which
          the
          application for the extension of credit was received by the related lender
          or
          (b) the Mortgage Loan is an “open-end home loan” (as such term is used in the
          Massachusetts General Laws Chapter 183, Section 28C or the regulations
          promulgated in connection therewith) and the related Mortgage Note provides
          that
          the related Mortgage Interest Rate may not exceed at any time the Prime
          rate
          index as published in the Wall
          Street Journal
          plus a
          margin of one percent;

         

        (rrr)  [Reserved];
          and

         

        (sss)  With
          respect to each Mortgage Loan, the related residential dwelling is not
          a
          manufactured housing unit.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

          ASSIGNMENT
            AND RECOGNITION AGREEMENT

           

          THIS
            ASSIGNMENT AND RECOGNITION AGREEMENT, dated December 28, 2006, (“Agreement”)
            among
            UBS Real Estate Securities Inc. (“Assignor”),
            Mortgage Asset Securitization Transactions, Inc. (“Assignee”)
            and
            New Century Mortgage Corporation (the “Company”):

           

          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:

           

          I.
            Assignment and Conveyance

          

          The
            Assignor hereby conveys, sells, grants, transfers and assigns to the
            Assignee
            (x) all of the right, title and interest of the Assignor, as purchaser,
            in, to
            and under (a) those certain Mortgage Loans listed as being originated
            by the
            Company on the schedule (the “Mortgage
            Loan Schedule”)
            attached hereto as Exhibit A (the “Mortgage
            Loans”)
            and
            (b) except as described below, that certain Master Seller’s Purchase, Warranties
            and Interim Servicing Agreement dated as of May 1, 2004 as amended (the
            “Purchase
            Agreement”),
            among
            the Assignor, as initial purchaser (the “Purchaser”),
            New
            Century Mortgage Corporation, as seller and the Company, as originator
            and
            servicer, solely insofar as the Purchase Agreement relates to the Mortgage
            Loans
            and (y) other than as provided below with respect to the enforcement
            of
            representations and warranties, none of the obligations of the Assignor
            under
            the Purchase Agreement.

           

          The
            Assignor specifically reserves and does not assign to the Assignee hereunder
            any
            and all right, title and interest in, to and under and any obligations
            of the
            Assignor with respect to any mortgage loans subject to the Purchase Agreement
            which are not the Mortgage Loans set forth on the Mortgage Loan Schedule
            and are
            not the subject of this Agreement.

           

          II.
            Recognition of the Company

           

          From
            and
            after the date hereof, the Company shall and does hereby recognize that
            the
            Assignee will transfer the Mortgage Loans and assign its rights under
            the
            Purchase Agreement (solely to the extent set forth herein) and this Agreement
            to
            MASTR Asset-Backed Securities Trust 2006-HE5 (the “Trust”) created pursuant to a
            Pooling and Servicing Agreement, dated as of December 1, 2006 (the “Pooling
            Agreement”), among
            the
            Assignee, Wells Fargo Bank, N.A. as master servicer and trust administrator
            (including its successors in interest and any successor servicers under
            the
            Pooling Agreement, the “Master Servicer” or “Trust Administrator”), Barclays
            Capital Real Estate Inc. d/b/a HomEq Servicing as servicer (the “Servicer”) and
            U.S. Bank National Association, as trustee (including its successors
            in interest
            and any successor trustees under the Pooling Agreement, the
“Trustee”).
            The
            Company hereby acknowledges and agrees that from and after the date hereof
            (i)
            the Trust will be the owner of the Mortgage Loans, (ii) the Trust
            (including the Trustee, the Trust Administrator, the Master Servicer
            and the
            Servicer acting on the Trust’s behalf) shall have all the rights and remedies
            available to the Assignor, insofar as they relate to the Mortgage Loans,
            under
            the Purchase Agreement, including, without limitation, the enforcement
            of the
            document delivery requirements and remedies with respect to breaches
            of
            representations and warranties set forth in the Purchase Agreement, and
            shall be
            entitled to enforce all of the obligations of the Company thereunder
            insofar as
            they relate to the Mortgage Loans and (iii) all references to the Purchaser
            (insofar as they relate to the rights, title and interest and, with respect
            to
            obligations of the Purchaser, only insofar as they relate to the enforcement
            of
            the representations, warranties and covenants of the Company) or the
            Custodian
            under the Purchase Agreement insofar as they relate to the Mortgage Loans,
            shall
            be deemed to refer to the Trust (including the Trustee, the Trust Administrator,
            the Master Servicer and the Servicer acting on the Trust’s behalf). 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 Purchase Agreement
            which
            amendment, modification, waiver or other alteration would in any way
            affect the
            Mortgage Loans or the Company’s performance under the Purchase Agreement with
            respect to the Mortgage Loans without the prior written consent of the
            Trustee.

           

          III.
            Representations, Warranties and Covenants

          

          1.  The
            Company warrants and represents to the Assignor, the Assignee and the
            Trust as
            of the date hereof that:

           

          (a)  The
            Company is duly organized, validly existing and in good standing under
            the laws
            of the jurisdiction of its incorporation;

           

          (b)  The
            Company has full power and authority to execute, deliver and perform
            its
            obligations under this Agreement and has full power and authority to
            perform its
            obligations under the Purchase Agreement. The execution by the Company
            of 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 charter or bylaws 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
            have been
            duly authorized by all necessary corporate action on 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; 

           

          (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 Company in connection with the execution, delivery or performance
            by the
            Company of this Agreement except as has already been obtained; and

           

          (d)  There
            is
            no action, suit, proceeding or investigation pending or threatened against
            the
            Company, before any court, administrative agency or other tribunal, which
            would
            draw into question the validity of this Agreement or the Purchase Agreement,
            or
            which, either in any one instance or in the aggregate, would result in
            any
            material adverse change in the ability of the Company to perform its
            obligations
            under this Agreement or the Purchase Agreement, and the Company is
            solvent.

           

          2.  Pursuant
            to Section 11 of the Purchase Agreement, the Company hereby represents
            and
            warrants, for the benefit of the Assignor, the Assignee and the Trust,
            that the
            representations and warranties set forth in Sections 7.01 and 7.02 of
            the
            Purchase Agreement (set forth on Schedule 1), are true and correct as
            of the
            Closing Date (as defined in the Pooling and Servicing Agreement) as if
            such
            representations and warranties were made on such date, except that the
            representation and warranty set forth in Section 7.02(a) shall, for the
            purposes
            of this Agreement, relate to the Mortgage Loan Schedule attached
            hereto.

           

          3.  In
            the
            event that the first Monthly Payment on any Mortgage Loan due on August
            1, 2006
            is not made by October 1, 2006, then such Mortgage Loan will be repurchased
            by
            the Company at the Purchase Price (as defined in the Pooling and Servicing
            Agreement), provided such default has not been cured prior to the date
            of such
            repurchase. Notwithstanding the foregoing, the Company’s obligation to
            repurchase any such Mortgage Loan pursuant to this paragraph shall expire
            120
            days following the Closing Date (as defined in the Pooling and Servicing
            Agreement).

           

          4.  The
            Assignor hereby makes the following representation and warranty as of
            the date
            hereof:

           

          (a)  Each
            Mortgage Loan at the time it was made complied in all material respects
            with
            applicable local, state, and federal laws, including, but not limited
            to, all
            applicable predatory and abusive lending laws;

           

          (b)  None
            of
            the Mortgage Loans are High Cost as defined by any applicable predatory
            and
            abusive lending laws;

           

          (c)  No
            Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as
            such terms
            are defined in the then current Standard & Poor’s LEVELS®
            Glossary
            which is now Version 5.7 Revised, Appendix E); and

           

          (d)  No
            mortgage loan originated on or after October 1, 2002 through March 6,
            2003 is
            governed by the Georgia Fair Lending Act.

           

          IV.
            Remedies for Breach of Representations and Warranties

           

          The
            Company hereby acknowledges and agrees that the remedies available to
            the
            Assignor, the Assignee and the Trust (including the Trustee and the Master
            Servicer acting on the Trust’s behalf) in connection with any breach of the
            representations and warranties made by the Company set forth in Sections
            3
            hereof shall be as set forth in Subsection 7.03 of the Purchase Agreement
            as if
            they were set forth herein (including without limitation the repurchase
            and
            indemnity obligations set forth therein).

           

          The
            Assignor hereby acknowledges and agrees that the remedies available to
            the
            Assignee and the Trust (including the Trustee and the Master Servicer
            acting on
            the Trust’s behalf) in connection with any breach of the representations and
            warranties made by the Assignor set forth in Section 3 hereof shall be
            as set
            forth in Section 2.03 of the Pooling and Servicing Agreement as if they
            were set
            forth herein (including without limitation the repurchase obligations
            set forth
            therein). The Assignor hereby acknowledges and agrees that a breach of
            any one
            of the representations set forth in Sections 3 above will be deemed to
            materially adversely affect the interests of the certificateholders and
            shall
            require a repurchase of the affected Mortgage Loan(s).

           

          V.
            Miscellaneous

           

          This
            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. 

           

          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, with the prior written consent
            of the
            Trustee and the Trust Administrator. 

           

          This
            Agreement shall inure to the benefit of (i) the successors and assigns
            of the
            parties hereto and (ii) the Trust (including the Trustee, the Trust
            Administrator and the Master Servicer acting on the Trust’s behalf). 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. 

           

          Each
            of
            this Agreement and the Purchase Agreement shall survive the conveyance
            of the
            Mortgage Loans and the assignment of the Purchase Agreement (to the extent
            assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
            and
            nothing contained herein shall supersede or amend the terms of the Purchase
            Agreement.

           

          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. 

           

          In
            the
            event that any provision of this Agreement conflicts with any provision
            of the
            Purchase Agreement with respect to the Mortgage Loans, the terms of this
            Agreement shall control. 

           

          Capitalized
            terms used in this Agreement (including the exhibits hereto) but not
            defined in
            this Agreement shall have the meanings given to such terms in the Purchase
            Agreement.

           

           

          [SIGNATURE
            PAGE FOLLOWS]

           

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the parties have caused this Agreement to be executed
            by their
            duly authorized officers as of the date first above written.

          

          

          
            	 	 	 	 	 	 	 	
                    UBS
                      REAL ESTATE SECURITIES INC.

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

           

          

          
            	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

          

          
            	 	 	 	 	 	 	 	
                    MORTGAGE
                      ASSET SECURITIZATION TRANSACTIONS, INC.

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

           

          

          
            	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

          

          

          
            	 	
                    NEW
                      CENTURY MORTGAGE CORPORATION

                  
	 	 	 
	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 

          

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          EXHIBIT
            A

          

          Mortgage
            Loan Schedule

          

          Available
            Upon Request

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          
 

          SCHEDULE
            1

          

          Capitalized
            terms used herein but not defined in this Schedule 1 shall have the meanings
            given to such terms in the Purchase Agreement:

           

           

          Subsection
            7.01 Representations
            and Warranties Regarding the Seller.

           

          The
            Seller and the Servicer represent, warrant and covenant to the Purchaser
            that as
            of the date hereof and as of the related Closing Date:

           

          (a)  Due
            Organization and Authority.
            Each of
            the Seller and the Servicer is a corporation duly organized, validly
            existing
            and in good standing under the laws of the state of California 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 wherein it owns
            or leases
            any material properties or 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 Seller or the Servicer, as applicable, and
            in any
            event the Seller and the Servicer are in compliance with the laws of
            any such
            state to the extent necessary to ensure the enforceability of the related
            Mortgage Loan in accordance with the terms of this Agreement and the
            related
            Purchase Price and Terms Letter; the Seller has the full corporate power,
            authority and legal right to hold, transfer and convey the Mortgage Loans
            and
            the Seller and the Servicer have the full corporate power, authority
            and legal
            right to execute and deliver this Agreement and, as applicable, the related
            Purchase Price and Terms Letter and to perform their obligations hereunder;
            the
            execution, delivery and performance of this Agreement (including all
            instruments
            of transfer to be delivered pursuant to this Agreement and the related
            Purchase
            Price and Terms Letter) by the Seller and the Servicer, and the consummation
            of
            the transactions contemplated hereby have been duly and validly authorized
            by
            each of the Seller and the Servicer; this Agreement, the related Purchase
            Price
            and Terms Letter and all agreements contemplated hereby have been duly
            executed
            and delivered and constitute the valid, legal, binding and enforceable
            obligations of the Seller and the Servicer, regardless of whether such
            enforcement is sought in a proceeding in equity or at law; and all requisite
            corporate action has been taken by the Seller and the Servicer to make
            this
            Agreement, the related Purchase Price and Terms Letter and all agreements
            contemplated hereby valid and binding upon the Seller and the Servicer
            in
            accordance with their terms;

           

          (b)  Ordinary
            Course of Business.
            The
            consummation of the transactions contemplated by this Agreement and the
            related
            Purchase Price and Terms Letter are in the ordinary course of business
            of the
            Seller and the Servicer, and the transfer, assignment and conveyance
            of the
            Mortgage Notes and the Mortgages by the Seller pursuant to this Agreement
            and
            the related Purchase Price and Terms Letter 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 related Purchase Price
            and
            Terms Letter, the acquisition or origination of the Mortgage Loans by
            the Seller
            or the Servicer, as applicable, the sale of the Mortgage Loans by the
            Seller to
            the Purchaser, the consummation of 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 Seller’s or the Servicer’s charter or by-laws or any legal
            restriction or, in any material respects, any agreement or instrument
            to which
            the Seller or 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 violation of any law, rule, regulation, order, judgment or decree
            to which
            the Seller or the Servicer or its property is subject, or result in the
            creation
            or imposition of any lien, charge or encumbrance that would have an adverse
            effect upon any of its properties pursuant to the terms of any mortgage,
            contract, deed of trust or other instrument, or impair the ability of
            the
            Purchaser to realize on the Mortgage Loans, impair the value of the Mortgage
            Loans, or impair the ability of the Purchaser to realize the full amount
            of any
            insurance benefits accruing pursuant to this Agreement;

           

          (d)  Ability
            to Perform; Solvency.
            Neither
            the Seller nor the Servicer believes, nor does it have any reason or
            cause to
            believe, that it cannot perform each and every covenant contained in
            this
            Agreement and the related Purchase Price and Terms Letter. The Seller
            is solvent
            and the sale of the Mortgage Loans will not cause the Seller to become
            insolvent. The sale of the Mortgage Loans is not undertaken with the
            intent to
            hinder, delay or defraud any of Seller’s creditors;

           

          (e)  No
            Litigation Pending.
            There
            is no action, suit, proceeding or investigation pending or threatened
            against
            the Seller or the Servicer, before any court, administrative agency or
            other
            tribunal asserting the invalidity of this Agreement, seeking to void
            the sale of
            the Mortgage Loans by the Servicer or Seller or prevent the consummation
            of any
            of the transactions contemplated by this Agreement or 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
            Seller or
            the Servicer, or in any material impairment of the right or ability of
            the
            Seller or the Servicer to carry on its business substantially as now
            conducted,
            or in any material liability on the part of the Seller or the Servicer,
            or which
            would draw into question the validity of this Agreement, the related
            Purchase
            Price and Terms Letter or the Mortgage Loans or of any action taken or
            to be
            taken in connection with the obligations of the Seller or the Servicer
            contemplated herein, or which would be likely to impair materially the
            ability
            of the Seller or the Servicer to perform under the terms of this
            Agreement;

           

          (f)  No
            Consent Required.
            No
            consent, approval, authorization or order of, or registration or filing
            with, or
            notice to any court or governmental agency or body including HUD, the
            FHA or the
            VA is required for the execution, delivery and performance by the Seller
            or the
            Servicer of or compliance by the Seller or the Servicer with this Agreement
            or
            the Mortgage Loans, the delivery of a portion of the Mortgage Files to
            the
            Custodian or the sale of the Mortgage Loans or the consummation of the
            transactions contemplated by this Agreement, or if required, such approval
            has
            been obtained prior to the related Closing Date;

           

          (g)  Selection
            Process.
            The
            Mortgage Loans were selected from among the outstanding one- to four-family
            mortgage loans in the Seller’s portfolio at the related Closing Date as to which
            the representations and warranties set forth in Subsection
            7.02
            could be
            made and such selection was not made in a manner so as to affect adversely
            the
            interests of the Purchaser;

           

          (h)  Delivery
            to the Custodian.
            The
            Mortgage Note, the Mortgage, the Assignment of Mortgage and any other
            documents
            required to be delivered with respect to each Mortgage Loan pursuant
            to this
            Agreement and the related Purchase Price and Terms Letter, shall be delivered
            to
            the Custodian all in compliance with the specific requirements of this
            Agreement. With respect to each Mortgage Loan, the Seller will be in
            possession
            of a complete Mortgage File in compliance with Exhibit A
            hereto,
            except for such documents as will be delivered to the Custodian;

           

          (i)  Mortgage
            Loan Characteristics.
            The
            characteristics of the Mortgage Loans are as set forth on the description
            of the
            pool characteristics for the Mortgage Loans delivered pursuant to Section 9
            on the
            related Closing Date in the form attached as Exhibit
            G
            hereto;

           

          (j)  No
            Untrue Information.
            Neither
            this Agreement, the related Purchase Price and Terms Letter nor any information,
            statement, tape, diskette, report, form, or other document furnished
            or to be
            furnished pursuant to this Agreement or any Reconstitution Agreement
            or in
            connection with the transactions contemplated hereby (including any
            Securitization Transfer or Whole Loan Transfer) contains or will contain
            any
            untrue statement of fact or omits or will omit to state a fact necessary
            to make
            the statements contained herein or therein not misleading;

           

          (k)  Financial
            Statements.
            Each of
            the Seller and the Servicer have delivered to the Purchaser financial
            statements
            as to its last three complete fiscal years and any later quarter ended
            more than
            60 days prior to the execution of this Agreement. All such financial
            statements
            fairly present the pertinent results of operations and changes in financial
            position for each of such periods and the financial position at the end
            of each
            such period of the Seller or the Servicer, as applicable, and its subsidiaries
            and have been prepared in accordance with generally accepted accounting
            principles consistently applied throughout the periods involved, except
            as set
            forth in the notes thereto. There has been no change in the business,
            operations, financial condition, properties or assets of the Seller or
            the
            Servicer since the date of the Seller’s or the Servicer’s financial statements
            that would have a material adverse effect on its ability to perform its
            obligations under this Agreement. The Seller and the Servicer have completed
            any
            forms requested by the Purchaser in a timely manner and in accordance
            with the
            provided instructions;

           

          (l)  No
            Brokers.
            Neither
            the Seller nor the Servicer have dealt with any broker, investment banker,
            agent
            or other person that may be entitled to any commission or compensation
            in
            connection with the sale of the Mortgage Loans;

           

          (m)  Sale
            Treatment.
            The
            Seller intends to reflect the transfer of the Mortgage Loans as a sale
            on the
            books and records of the Seller and the Seller has determined that the
            disposition of the Mortgage Loans pursuant to this Agreement and the
            related
            Purchase Price and Terms Letter will be afforded sale treatment for tax
            and
            accounting purposes;

           

          (n)  Owner
            of Record.
            The
            Seller is the owner of record of each Mortgage and the indebtedness evidenced
            by
            each Mortgage Note, except for an intervening assignments of Mortgage
            which have
            been sent for recording, upon recordation of which, the Seller will be
            the owner
            of record of each Mortgage and the indebtedness evidenced by each Mortgage
            Note;
            and

           

          (o)  HUD/Freddie
            Mac.
            The
            Servicer is an approved seller/servicer for Freddie Mac in good standing
            and is
            a HUD approved mortgagee pursuant to Section 203 of the National Housing
            Act. No
            event has occurred, including but not limited to a change in insurance
            coverage,
            which would make the Servicer unable to comply with Freddie Mac or HUD
            eligibility requirements or which would require notification to Freddie
            Mac or
            HUD.

           

          (p)  Subsection
            7.02Representations
            and Warranties Regarding Individual Mortgage Loans.

           

          The
            Seller hereby represents and warrants to the Purchaser that, as to each
            Mortgage
            Loan, as of the related Closing Date for such Mortgage Loan:

           

          (a)  Mortgage
            Loans as Described.
            The
            information set forth in the Mortgage Loan Schedule is complete, true
            and
            correct;

           

          (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, other than payments for which
            the
            related due date was not thirty or more days prior to the related Closing
            Date,
            have been made and credited. No Mortgage Loan has a Thirty-day Delinquency
            nor
            has the Mortgage Loan had a Thirty-day Delinquency at any time since
            the
            origination of the Mortgage Loan. The first Monthly Payment shall be
            made with
            respect to the Mortgage Loan on its Due Date or during the month in which
            it is
            due, 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 Mortgage, and all
            taxes,
            governmental assessments, insurance premiums, water, sewer and municipal
            charges, leasehold payments or ground rents which previously became due
            and
            owing have been paid, or an escrow of funds has been established in an
            amount
            sufficient to pay for every such item which remains unpaid and which
            has been
            assessed but is not yet due and payable. Neither the Seller nor the Servicer
            has
            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 earlier, 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, from the date of origination 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 or to such other
            Person
            as the Purchaser shall designate in writing, and the terms of which are
            reflected in the Mortgage Loan Schedule. The substance of any such waiver,
            alteration or modification has been approved by any related insurer to
            the
            extent required by the policy, and its terms are reflected on the Mortgage
            Loan
            Schedule, if applicable. No Mortgagor has been released, in whole or
            in part,
            except in connection with an assumption agreement, approved by any related
            insurer, to the extent required by the policy, and which assumption agreement
            is
            part of the Mortgage Loan File delivered to the Custodian or to such
            other
            Person as the Purchaser shall designate in writing and the terms of which
            are
            reflected in the 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 or as of the related Closing Date;

           

          (f)  Hazard
            Insurance.
            Pursuant to the terms of the Mortgage, all buildings or other 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 Guides or by Freddie Mac in an amount representing coverage
            not less
            than the lesser of (i) the maximum insurable value of the improvements
            securing
            such Mortgage Loans, and (ii) the greater of (a) the outstanding principal
            balance of the Mortgage Loan, and (b) an amount such that the proceeds
            thereof
            shall be sufficient to prevent the Mortgagor and/or the mortgagee from
            becoming
            a co-insurer. If required by the National Flood Insurance Act of 1968,
            as
            amended, each Mortgage Loan is covered by a flood insurance policy meeting
            the
            requirements of the current guidelines of the Federal Insurance Administration
            is in effect which policy is in an amount not less than the amount required
            by
            the Flood Disaster Protection Act of 1973, as amended, conforms to Fannie
            Mae
            and Freddie Mac and is insured by a Qualified Insurer. All individual
            insurance
            policies contain a standard mortgagee clause naming the Servicer 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 a condominium, or any 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.
            Neither the Seller nor the Servicer has engaged in, and has no knowledge
            of the
            Mortgagor’s or any servicer’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 such policy, 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 Seller or the Servicer;

           

          (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, all predatory, abusive and
            fair
            lending laws and disclosure laws or unfair and deceptive practices laws
            applicable to the Mortgage Loan or any related Prepayment Penalty have
            been
            complied with, the consummation of the transactions contemplated hereby
            will not
            involve the violation of any such laws or regulations, and the Seller
            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.
            Neither the Seller nor the Servicer has waived the performance by the
            Mortgagor
            of any action, if the Mortgagor’s failure to perform such action would cause the
            Mortgage Loan to be in default, nor has the Seller or the Servicer waived
            any
            default resulting from any action or inaction by the Mortgagor;

           

          (i)  Location
            and Type of Mortgaged Property.
            The
            Mortgaged Property is located in the state identified in the Mortgage
            Loan
            Schedule and consists of real property with a detached single family
            residence
            erected thereon, or a two- to four-family dwelling, or an individual
            condominium
            unit in a low-rise condominium project, or an individual unit in a planned
            unit
            development or a de minimis planned unit development which is in each
            case four
            stories or less, provided, however, that any manufactured dwelling shall
            conform
            with the applicable Fannie Mae and Freddie Mac requirements regarding
            such
            dwellings and that no Mortgage Loan is secured by a single parcel of
            real
            property with a cooperative housing corporation, a log home or a mobile
            home
            erected thereon or by a mixed-use property, a property in excess of 10
            acres, or
            other unique property types. As of the date of origination, no portion
            of the
            Mortgaged Property was used for commercial purposes, and since the date
            of
            origination, no portion of the Mortgaged Property has been used for commercial
            purposes; provided, that Mortgaged Properties which contain a home office
            shall
            not be considered as being used for commercial purposes as long as the
            Mortgaged
            Property has not been altered for commercial purposes and is not storing
            any
            chemicals or raw materials other than those commonly used for homeowner
            repair,
            maintenance and/or household purposes. With respect to any Mortgage Loan
            secured
            by a Mortgaged Property improved by manufactured housing, (i) the related
            manufactured housing unit is permanently affixed to the land, and (ii) the
            related manufactured housing unit and the related land are subject to
            a Mortgage
            properly filed in the appropriate public recording office and naming
            the
            Originator as mortgagee;

           

          (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 installations and mechanical, electrical, plumbing,
            heating and
            air conditioning systems located in or annexed to such buildings, and
            all
            additions, alterations and replacements made at any time with respect
            to the
            foregoing. The lien of the Mortgage is subject only to:

           

          
            	(i)  	
                    the
                      lien of current real property taxes and assessments not yet
                      due and
                      payable;

                  

          

           

          
            	(ii)  	
                    covenants,
                      conditions and restrictions, rights of way, easements and other
                      matters of
                      the public record as of the date of recording acceptable to
                      prudent
                      mortgage lending institutions generally and specifically referred
                      to in
                      the lender’s title insurance policy delivered to the originator of the
                      Mortgage Loan and (a) specifically referred to or otherwise
                      considered in the appraisal made for the originator of the
                      Mortgage Loan
                      or (b) which do not adversely affect the Appraised Value of the
                      Mortgaged Property set forth in such appraisal;
                      and

                  

          

           

          
            	(iii)  	
                    other
                      matters to which like properties are commonly subject which
                      do not
                      materially interfere with the benefits of the security intended
                      to be
                      provided by the Mortgage or the use, enjoyment, value or marketability
                      of
                      the related Mortgaged Property.

                  

          

          

           

          (q)  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 Originator had full
            right to
            sell and assign the same to Seller and Seller had full right to sell
            and assign
            the same to the Purchaser;

           

          (k)  Validity
            of Mortgage Documents.
            The
            Mortgage Note and the Mortgage and any other agreement executed and delivered
            by
            a Mortgagor in connection with a Mortgage Loan are genuine, and each
            is the
            legal, valid and binding obligation of the maker thereof enforceable
            in
            accordance with its terms. All parties to the Mortgage Note, the Mortgage
            and
            any other such related agreement had legal capacity to enter into the
            Mortgage
            Loan and to execute and deliver the Mortgage Note, the Mortgage and any
            such
            agreement, and the Mortgage Note, the Mortgage and any other such related
            agreement have been duly and properly executed by other such related
            parties. No
            fraud, error, omission, misrepresentation, negligence or similar occurrence
            with
            respect to a Mortgage Loan has taken place on the part of any Person,
            including
            without limitation, the Mortgagor, any appraiser, any builder or developer,
            or
            any other party involved in the origination or servicing of the Mortgage
            Loan.
            The Seller 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
            Seller is the sole owner of record and holder of the Mortgage Loan and
            the
            indebtedness evidenced by each Mortgage Note. The Mortgage Loan is not
            assigned
            or pledged, and the Seller has good, indefeasible and marketable title
            thereto,
            and has full right to transfer and sell the Mortgage Loan 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 and the related
            Purchase
            Price and Terms Letter and following the sale of each Mortgage Loan,
            the
            Purchaser will own such Mortgage Loan free and clear of any encumbrance,
            equity,
            participation interest, lien, pledge, charge, claim or security interest.
            The
            Seller intends to relinquish all rights to possess, control and monitor
            the
            Mortgage Loan. After the related Closing Date, the Seller will have no
            right to
            modify or alter the terms of the sale of the Mortgage Loan and the Seller
            will
            have no obligation or right to repurchase the Mortgage Loan or substitute
            another Mortgage Loan, except as provided in 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) either (i) organized under the laws of
            such state, or (ii) qualified to do business in such state, or (iii) a
            federal savings and loan association, a savings bank or a national bank
            having a
            principal office in such state, or (3) not doing business in such
            state;

           

          (o)  LTV.
            No
            Mortgage Loan has an LTV greater than 95%. No Mortgage Loan had a Combined
            Loan-to-Value Ratio at the time of origination of more than 100%;

           

          (p)  Title
            Insurance.
            The
            Mortgage Loan is covered by an ALTA lender’s title insurance policy, or with
            respect to any Mortgage Loan for which the related Mortgaged Property
            is located
            in California a CLTA lender’s title insurance policy, or other generally
            acceptable form of policy or insurance acceptable to Fannie Mae or Freddie
            Mac
            and each such title insurance policy is issued by a Qualified Insurer,
            insuring
            the Seller, its successors and assigns, or the Originator, its successors
            and
            assigns, as to the first priority lien of the Mortgage in the original
            principal
            amount of the Mortgage Loan, subject only to the exceptions contained
            in clauses
            (1) and (2) of paragraph (j) of this Subsection
            7.02,
            and in
            the case of 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 to the Mortgage Interest Rate and Monthly
            Payment;

           

          (q)  No
            Defaults.
            Other
            than payments due but not yet delinquent, there is no default, breach,
            violation
            or event which would permit 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 which would permit acceleration, and neither the Seller
            nor
            the Originator, nor any of their affiliates nor any of their respective
            predecessors, have waived any default, breach, violation or event which
            would
            permit acceleration. With respect to each Mortgage Loan which is indicated
            by
            the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage
            Loan
            Schedule) (i) the First Lien is in full force and effect, (ii) there
            is no
            default, breach, violation or event of acceleration existing under such
            First
            Lien mortgage or the related mortgage note, (iii) no event which, with
            the
            passage of time or with notice and the expiration of any grace or cure
            period,
            would constitute a default, breach, violation or event of acceleration
            thereunder, and either (A) the First Lien mortgage contains a provision
            which
            allows or (B) applicable law requires, the mortgagee under the Second
            Lien
            Mortgage Loan to receive notice of, and affords such mortgagee an opportunity
            to
            cure any default by payment in full or otherwise under the First Lien
            mortgage;

           

          (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 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.
            Each
            Mortgage Loan was either originated by the Originator or acquired by
            the
            Originator from a Third Party Originator or Qualified Correspondent and,
            subsequent to the Originator’s origination or acquisition of such Mortgage Loan,
            the Originator conveyed the Mortgage Loan to the Seller. Either (a) 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 other similar institution which is supervised
            and
            examined by a federal or state authority, or (b) the following requirements
            have
            been met with respect to the Mortgage Loan: the Seller and the Originator
            meet
            the requirements set forth in clause (a), and (i) such Mortgage Loan
            was
            underwritten in accordance with standards established by the Seller and
            the
            Originator, using application forms and related credit documents approved
            by the
            Seller and the Originator, (ii) the Seller and the Originator approved
            each
            application and the related credit documents before a commitment by the
            correspondent was issued, and no such commitment was issued until the
            Seller and
            the Originator agreed to fund such Mortgage Loan, (iii) the closing documents
            for such Mortgage Loan were prepared on forms approved by the Seller
            and the
            Originator, and (iv) such Mortgage Loan was actually funded by the Seller
            and
            the Originator and was purchased by the Seller and the Originator at
            closing or
            soon thereafter. The documents, instruments and agreements submitted
            for loan
            underwriting were not falsified and contain no untrue statement of material
            fact
            or omit to state a material fact required to be stated therein or necessary
            to
            make the information and statements therein not misleading. No Mortgage
            Loan
            contains terms or provisions which would result in negative amortization.
            Except
            with respect to IO Mortgage Loans, principal payments on the Mortgage
            Loan
            commenced no more than sixty days after funds were disbursed in connection
            with
            the Mortgage Loan. The Mortgage Interest Rate as well as the Lifetime
            Rate Cap,
            the Initial Rate Cape and the Periodic Cap, are as set forth on Exhibit
            G
            hereto.
            The Mortgage Note is payable in equal monthly installments of principal
            and
            interest, which installments of interest, with respect to Adjustable
            Rate
            Mortgage Loans, are subject to change due to the adjustments to the Mortgage
            Interest Rate on each Interest Rate Adjustment Date, with interest calculated
            and payable in arrears, sufficient to amortize the Mortgage Loan fully
            by the
            stated maturity date, over an original term of not more than thirty years
            from
            commencement of amortization; provided that
            with
            respect to IO Mortgage Loans, The Mortgage Note is initially payable
            in equal
            monthly installments of interest, with interest calculated and payable
            in
            arrears, for such period set forth in the related Mortgage Note and then
            the
            Mortgage Note is payable in equal monthly installments of principal and
            interest, with interest calculated and payable in arrears, sufficient
            to
            amortize the Mortgage Loan fully by the stated maturity date, over the
            remaining
            term of the IO Mortgage Loan. The Mortgage Loan is payable on the first
            day of
            each month. There are no Mortgage Loans which contain a provision allowing
            the
            Mortgagor to convert the Mortgage Note from an adjustable interest rate
            Mortgage
            Note to a fixed interest rate Mortgage Note;

           

          (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, subject to applicable
            federal and state laws and judicial precedent with respect to bankruptcy
            and
            right of redemption or similar law;

           

          (v)  Conformance
            with Agency and Underwriting Standards.
            The
            Mortgage Loan was underwritten in accordance with the Underwriting Standards
            (a
            copy of which is attached hereto as Exhibit
            H).
            The
            Mortgage Note and Mortgage are on forms acceptable to Freddie Mac or
            Fannie Mae
            and neither the Seller nor the Originator has made any representations
            to a
            Mortgagor that are inconsistent with the mortgage instruments used;

           

          (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;

           

          (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 clause (j)
            above;

           

          (y)  Deeds
            of Trust.
            In the
            event the Mortgage constitutes a deed of trust, a trustee, authorized
            and duly
            qualified under applicable law to serve as such, has been properly designated
            and currently so serves and is named in the Mortgage, and no fees or
            expenses
            are or will become payable by the Purchaser to the trustee under the
            deed of
            trust, except in connection with a trustee’s sale after default by the
            Mortgagor;

           

          (z)  Delivery
            of Mortgage Documents.
            The
            Mortgage Note, the Mortgage, the Assignment of Mortgage and any other
            documents
            required to be delivered under this Agreement and the related Purchase
            Price and
            Terms Letter for each Mortgage Loan have been delivered to the Custodian.
            The
            Seller is in possession of a complete, true and accurate Mortgage File
            in
            compliance with Exhibit A
            hereto,
            except for such documents the originals of which have been delivered
            to the
            Custodian;

           

          (aa)  Condominiums/Planned
            Unit Developments.
            If the
            Mortgaged Property is a condominium unit or a planned unit development
            (other
            than a de minimis planned unit development) such condominium or planned
            unit
            development project such Mortgage Loan was originated in accordance with,
            and
            the Mortgaged Property meets the guidelines set forth in the Originator’s
            Underwriting Guidelines;

           

          (bb)  Transfer
            of Mortgage Loans.
            The
            Assignment of Mortgage with respect to each Mortgage Loan is in recordable
            form
            and is acceptable for recording under the laws of the jurisdiction in
            which the
            Mortgaged Property is located. The transfer, assignment and conveyance
            of the
            Mortgage Notes and the Mortgages by the Seller are not subject to the
            bulk
            transfer or similar statutory provisions in effect in any applicable
            jurisdiction;

           

          (cc)  Due-On-Sale.
            With
            respect to each Fixed Rate Mortgage Loan, the Mortgage contains an enforceable
            provision for the acceleration of the payment of the unpaid principal
            balance of
            the Mortgage Loan in the event that the Mortgaged Property is sold or
            transferred without the prior written consent of the mortgagee thereunder,
            and
            to the best of the Seller’s knowledge, such provision is
            enforceable;

           

          (dd)  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 Seller, the Originator, 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 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;

           

          (ee)  Consolidation
            of Future Advances.
            Any
            future advances made to the Mortgagor 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 a first lien priority
            with
            respect to each Mortgage Loan which is indicated by the Seller to be
            a First
            Lien (as reflected on the Mortgage Loan Schedule), 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;

           

          (ff)  Mortgaged
            Property Undamaged; No Condemnation Proceedings.
            There
            is no proceeding pending or 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 each
            Mortgaged
            Property is in good repair. There have not been any condemnation proceedings
            with respect to the Mortgaged Property neither the Seller nor the Originator
            have knowledge of any such proceedings in the future;

           

          (gg)  Collection
            Practices; Escrow Deposits; Interest Rate Adjustments.
            The
            origination, servicing and collection practices used by the Servicer,
            the
            Seller, the Originator and any prior servicer with respect to the Mortgage
            Loan
            have been in all respects in compliance with Accepted Servicing Practices,
            applicable laws and regulations, and have been in all respects legal
            and proper
            and prudent in the mortgage origination and servicing business. With
            respect to
            escrow deposits and Escrow Payments (other than with respect to each
            Mortgage
            Loan which is indicated by the Seller to be a Second Lien Mortgage Loan
            and for
            which the mortgagee under the First Lien is collecting Escrow Payments
            (as
            reflected on the Mortgage Loan Schedule), all such payments are in the
            possession of, or under the control of, the Servicer, the Seller or the
            Originator 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. An escrow of
            funds is
            not prohibited by applicable law and has been established in an amount
            sufficient to pay for every item that remains unpaid and has been assessed
            but
            is not yet due and payable. No escrow deposits or Escrow Payments or
            other
            charges or payments due the Seller 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 and Mortgage Note on the related Interest Rate Adjustment Date.
            If,
            pursuant to the terms of the Mortgage Note, another index was selected
            for
            determining the Mortgage Interest Rate, the same index was used with
            respect to
            each Mortgage Note which required a new index to be selected, and such
            selection
            did not conflict with the terms of the related Mortgage Note. The Seller
            or the
            Originator executed and delivered any and all 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. Any interest
            required to be paid pursuant to state, federal and local law has been
            properly
            paid and credited;

           

          (hh)  Other
            Insurance Policies.
            No
            action, inaction or event has occurred and no state of facts exists or
            has
            existed that has resulted or will result in the exclusion from, denial
            of, or
            defense to coverage under any applicable, special hazard insurance policy,
            or
            bankruptcy bond, irrespective of the cause of such failure of coverage.
            In
            connection with the placement of any such insurance, no commission, fee,
            or
            other compensation has been or will be received by the Seller or the
            Originator
            or by any officer, director, or employee of the Seller or the Originator
            or any
            designee of the Seller or the Originator or any corporation in which
            the Seller
            or the Originator or any officer, director, or employee had a financial
            interest
            at the time of placement of such insurance;

           

          (ii)  No
            Violation of Environmental Laws.
            The
            Mortgaged Property is free from any and all toxic or hazardous substances
            and
            there exists no violation of any local, state or federal environmental
            law, rule
            or regulation. There is no pending action or proceeding directly involving
            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 Mortgage 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;

           

          (jj)  Servicemembers
            Civil Relief Act.
            The
            Mortgagor has not notified the Seller or Servicer requesting relief under
            the
            Soldiers’ and Sailors’ Civil Relief Act of 1940 or the Servicemembers Civil
            Relief Act, and the Seller or Servicer has no knowledge of any relief
            requested
            or allowed to the Mortgagor under the Soldiers’ and Sailors’ Civil Relief Act of
            1940 or the Servicemembers Civil Relief Act or any similar state
            laws;

           

          (kk)  Appraisal.
            The
            Mortgage File contains an appraisal of the related Mortgaged Property
            which, (a)
            with respect to First Lien Mortgage Loans, was on appraisal form 1004
            or form
            2055 with an interior inspection, or (b) with respect to Second Lien
            Mortgage
            Loans, was on appraisal form 704, 2065 or 2055 with an exterior only
            inspection,
            and (c) with respect to (a) or (b) above, was made and signed, prior
            to the
            approval of the Mortgage Loan application, by a qualified appraiser,
            duly
            appointed by the Seller, who had no interest, direct or indirect in the
            Mortgaged Property or in any loan made on the security thereof, whose
            compensation is not affected by the approval or disapproval of the Mortgage
            Loan
            and who met the minimum qualifications of Fannie Mae and Freddie Mac.
            Each
            appraisal of the Mortgage Loan was made in accordance with the relevant
            provisions of the Financial Institutions Reform, Recovery, and Enforcement
            Act
            of 1989;

           

          (ll)  Disclosure
            Materials.
            The
            Mortgagor has executed a statement to the effect that the Mortgagor has
            received
            all disclosure materials required by, and the Originator has complied
            with, all
            applicable law with respect to the making of the Mortgage Loans. The
            Seller
            shall cause the Originator to maintain such statement in the Mortgage
            File;

           

          (mm)  Construction
            or Rehabilitation of Mortgaged Property.
            No
            Mortgage Loan was made in connection with the construction or rehabilitation
            of
            a Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged
            Property;

           

          (nn)  Value
            of Mortgaged Property.
            The
            Seller has no knowledge of any circumstances existing that could reasonably
            be
            expected to adversely affect the value or the marketability of any Mortgaged
            Property or Mortgage Loan or to cause the Mortgage Loans to prepay during
            any
            period materially faster or slower than similar mortgage loans held by
            the
            Seller generally secured by properties in the same geographic area as
            the
            related Mortgaged Property;

           

          (oo)  No
            Defense to Insurance Coverage.
            The
            Seller 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 has been taken or failed to be taken, no event
            has
            occurred and no state of facts exists or has existed on or prior to the
            related
            Closing Date (whether or not known to the Seller on or prior to such
            date) which
            has resulted or will result in an exclusion from, denial of, or defense
            to
            coverage under any primary mortgage insurance (including, without limitation,
            any exclusions, denials or defenses which would limit or reduce the availability
            of the timely payment of the full amount of the loss otherwise due thereunder
            to
            the insured) whether arising out of actions, representations, errors,
            omissions,
            negligence, or fraud of the Seller, the Originator, the related Mortgagor
            or any
            party involved in the application for such coverage, including the appraisal,
            plans and specifications and other exhibits or documents submitted therewith
            to
            the insurer under such insurance policy, or for any other reason under
            such
            coverage, but not including the failure of such insurer to pay by reason
            of such
            insurer’s breach of such insurance policy or such insurer’s financial inability
            to pay;

           

          (pp)  Escrow
            Analysis.
            With
            respect to each Mortgage, the Seller or the Originator has within the
            last
            twelve months (unless such Mortgage was originated within such twelve
            month
            period) analyzed the required Escrow Payments for each Mortgage and adjusted
            the
            amount of such payments so that, assuming all required payments are timely
            made,
            any deficiency will be eliminated on or before the first anniversary
            of such
            analysis, or any overage will be refunded to the Mortgagor, in accordance
            with
            RESPA and any other applicable law;

           

          (qq)  Prior
            Servicing.
            Each
            Mortgage Loan has been serviced in all material respects in strict compliance
            with Accepted Servicing Practices and the Servicer has reported the Mortgagor
            credit files to each of the three credit repositories in a timely
            manner;

           

          (rr)  Credit
            Information.
            As to
            each consumer report (as defined in the Fair Credit Reporting Act, Public
            Law
            91-508) or other credit information furnished by the Seller or the Originator
            to
            the Purchaser, that Seller or the Originator, as applicable, has full
            right and
            authority and is not precluded by law or contract from furnishing such
            information to the Purchaser and the Purchaser is not precluded from
            furnishing
            the same to any subsequent or prospective purchaser of such Mortgage.
            The Seller
            and the Originator shall hold the Purchaser harmless from any and all
            damages,
            losses, costs and expenses (including attorney’s fees) arising from disclosure
            of credit information in connection with the Purchaser’s secondary marketing
            operations and the purchase and sale of mortgages or Servicing Rights
            thereto;

           

          (ss)  Leaseholds.
            Except
            with respect to Mortgage Loans secured by property located in the state
            of
            Hawaii, none of the Mortgage Loans are secured by mortgaged properties
            that are
            located on leaseholds. With respect to each Mortgage Loan secured by
            property
            located on leaseholds: (1) the lessor under the lease holds a fee simple
            interest in the land; (2) the terms of such lease expressly permit the
            mortgaging of the leasehold estate, the assignment of the lease without
            the
            lessor’s consent and the acquisition by the holder of the Mortgage of the rights
            of the lessee upon foreclosure or assignment in lieu of foreclosure or
            provide
            the holder of the Mortgage with substantially similar protections; (3) the
            terms of such lease do not (a) allow the termination thereof upon the
            lessee’s default without the holder of the Mortgage being entitled to receive
            written notice of, and opportunity to cure, such default, (b) allow the
            termination of the lease in the event of damage or destruction as long
            as the
            Mortgage is in existence, (c) prohibit the holder of the Mortgage from
            being insured (or receiving proceeds of insurance) under the hazard insurance
            policy or policies relating to the Mortgaged Property or (d) permit any
            increase in rent other than pre-established increases set forth in the
            lease;
            (4) the original term of such lease is not less than 15 years; (5) the
            term of such lease does not terminate earlier than ten years after the
            maturity
            date of the Mortgage Note; (6) the Mortgaged Property is located in a
            jurisdiction in which the use of leasehold estates in transferring ownership
            in
            residential properties is a widely accepted practice; (7) the lease is
            in full
            force and effect, unmodified and not supplemented by any writing or otherwise;
            (8) the mortgagor is not in default under any of the terms thereof and
            there are
            no circumstances which, with the passage of time or the giving of notice
            or
            both, would constitute an event of default thereunder; (9) the lessor
            under the
            lease is not in default under any of the terms or provisions thereof
            on the part
            of the lessor to be observed or performed; (10) the lease or a memorandum
            thereof has been recorded and by its terms permits the leasehold estate
            to be
            mortgaged; and (11) such Mortgage Loan conforms to the Fannie Mae Selling
            Guide
            in connection ground leases;

           

          (tt)  Prepayment
            Penalty.
            Each
            Mortgage Loan is subject to a Prepayment Penalty as provided in the related
            Mortgage Note unless otherwise indicated on the Mortgage Loan Schedule
            hereof.
            For any Mortgage Loan originated prior to October 1, 2002 that is subject
            to a
            Prepayment Penalty, such prepayment penalty does not extend beyond five
            years
            after the date of origination. For any Mortgage Loan originated on or
            following
            October 1, 2002 that is subject to a Prepayment Penalty, such prepayment
            penalty
            does not extend beyond three years after the date of origination and
            no Mortgage
            Loan has a Prepayment Penalty period in excess of five years; Each Prepayment
            Penalty is permissible and enforceable in accordance with its terms upon
            the
            Mortgagor's full and voluntary principal prepayment under applicable
            law, except
            to the extent that: (1) the enforceability thereof may be limited by
            bankruptcy,
            insolvency, moratorium, receivership and other similar laws relating
            to
            creditors' rights; (2) the collectability thereof may be limited due
            to
            acceleration in connection with a foreclosure or other involuntary prepayment;
            or (3) subsequent changes in applicable law may limit or prohibit enforceability
            thereof under applicable law. 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 debt is accelerated as the result of the Mortgagor’s
            default in making the loan payments;

           

          (uu)  Predatory
            Lending Regulations.
            No
            Mortgage Loan is (a) subject to, covered by or in violation of the Home
            Ownership and Equity Protection Act of 1994 (“HOEPA”), (b) classified as a “high
            cost,” “covered,” “high risk home”, “high-rate, high-fee,” “threshold,” or
“predatory” loan under HOEPA or any other applicable state, federal or local
            law, including any predatory or abusive lending laws (or a similarly
            classified
            loan using different terminology under a law imposing heightened scrutiny
            or
            additional legal liability for a residential mortgage loan having high
            interest
            rates, points and/or fees) (c) a High Cost Loan or Covered Loan, as applicable
            (as such terms are defined in the current Standard & Poor’s LEVELS® Glossary
            Revised, Appendix E) or (d) in violation of any state law or ordinance
            comparable to HOEPA;

           

          (vv)  Single-premium
            Credit Life Insurance Policy.
            In
            connection with the origination of any Mortgage Loan, no proceeds from
            any
            Mortgage Loan were used to finance a single-premium credit life insurance
            policy. With respect to each Mortgage Loan, no Mortgagor obtained a prepaid
            single-premium credit-life, credit-disability, credit unemployment or
            credit
            property insurance policy in connection with the origination of the Mortgage
            Loan;;

           

          (ww)  Tax
            Service Contract; Flood Certification Contract.
            Each
            Mortgage Loan is covered by a paid in full, life of loan tax service
            contract
            and a paid in full, life of loan flood certification contract and each
            of these
            contracts is assignable to the Purchaser;

           

          (xx)  Qualified
            Mortgage.
            The
            Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3)
            of the Code;

           

          (yy)  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;

           

          (zz)  Recordation.
            Each
            original Mortgage was recorded and 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 Seller, the Originator, or is
            in the
            process of being recorded. The Assignment of Mortgage is in recordable
            form and
            is acceptable for recording in the jurisdiction in which the Mortgaged
            Property
            is located;

           

          (aaa)  FICO
            Scores.
            Each
            Mortgagor has a non-zero FICO score;

           

          (bbb)  Compliance
            with Anti-Money Laundering Laws.
            The
            Seller and the Servicer have complied with all applicable anti-money
            laundering
            laws and regulations, including without limitation the USA Patriot Act
            of 2001
            (collectively, the “Anti-Money
            Laundering Laws”);
            the
            Seller or the Servicer has established an anti-money laundering compliance
            program as required by the Anti-Money Laundering Laws, has conducted
            the
            requisite due diligence in connection with the origination of each Mortgage
            Loan
            for purposes of the Anti-Money Laundering Laws, including with respect
            to the
            legitimacy of the applicable Mortgagor and the origin of the assets used
            by the
            said Mortgagor to purchase the property in question, and maintains, and
            will
            maintain, sufficient information to identify the applicable Mortgagor
            for
            purposes of the Anti-Money Laundering Laws. No Mortgage Loan is subject
            to
            nullification pursuant to Executive Order 13224 (the “Executive Order”) or the
            regulations promulgated by the Office of Foreign Assets Control of the
            United
            States Department of the Treasury (the “OFAC Regulations”) or in violation of
            the Executive Order or the OFAC Regulations, and no Mortgagor is subject
            to the
            provisions of such Executive Order or the OFAC Regulations nor listed
            as a
“blocked person” for purposes of the OFAC Regulations;

           

          (ccc)  Interest
            Calculation.
            Interest on each Mortgage Loan is calculated on the basis of a 360-day
            year
            consisting of twelve 30-day months;

           

          (ddd)  No
            Balloon Loans.
            No
            Mortgage Loan is a balloon loan;

           

          (eee)  Credit
            Reporting.
            With
            respect to each Mortgage Loan, the Servicer has fully and accurately
            furnished
            complete information on the related borrower credit files to Equifax,
            Experian
            and Trans Union Credit Information Company, in accordance with the Fair
            Credit
            Reporting Act and its implementing regulations;

           

          (fff)  No
            Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending
            Act, as amended (the “Georgia Act”) or New York Banking Law 6-1. No Mortgage
            Loan secured by owner occupied real property or an owner occupied manufactured
            home located in the State of Georgia was originated (or modified) on
            or after
            October 1, 2002 through and including March 6, 2003;

           

          (ggg)  No
            Mortgage Loan is a “High-Cost Home Loan,” as defined in Section 6-1 of the New
            York State Banking Law;

           

          (hhh)  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 borrowers, 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 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;

           

          (iii)  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 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;

           

          (jjj)  All
            points fees and charges (including finance charges) and whether or not
            financed,
            assessed, collected or to be collected in connection with the origination
            and
            servicing of each Loan have been disclosed in writing to the Mortgagor
            in
            accordance with applicable state and federal law and regulation;

           

          (kkk)  
            [Reserved];

           

          (lll)  The
            Servicer will transmit full-file credit reporting data for each Mortgage
            Loan
            pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage
            Loan,
            Servicer agrees it shall report one of the following statuses each month
            as
            follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
            foreclosed, or charged-off;

           

          (mmm)  No
            Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
            Protection Act effective July 16, 2003 (Act 1340 or 2003);

           

          (nnn)  No
            Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
            loan statute effective June 24, 2003 (Ky. Rev. Stat. Section
            360.100);

           

          (ooo)  No
            Mortgage Loan secured by property located in the State of Nevada is a
“home
            loan” as defined in the Nevada Assembly Bill No. 284;

           

          (ppp)  No
            Mortgage Loan originated in the City of Oakland is subject to the City
            of
            Oakland, California Ordinance 12361, as a home loan;

           

          (qqq)  No
            Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
            and
            Equity Protection Act;

           

          (rrr)  No
            Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
            Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
            seq.);

           

          (sss)  No
            Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
            Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
            seq.);

           

          (ttt)  No
            Mortgage Loan is a “High-Cost Home Loan” under the New Jersey Home Ownership
            Security Act of 2002 (the “NJ Act”); and each Mortgage Loan subject to the NJ
            Act is considered under the NJ Act as, either, a (1) purchase money Home
            Loan,
            (2) purchase money Covered Loan, or (3) a rate/term refinance Home
            Loan;

           

          (uuu)  No
            Mortgage Loan originated in the city of Los Angeles, California on or
            after the
            effective date of the Los Angeles, California anti-predatory lending
            ordinance
            is a “home loan” under such ordinance; 

           

          (vvv)  No
            Mortgage Loan that is secured by property located within the State of
            Maine
            meets the definition of a (i) “high-rate, high-fee” mortgage loan under Article
            VIII, Title 9-A of the Maine Consumer Credit Code No Mortgage Loan or
            (ii)
“High-Cost Home Loan” as defined under the Maine House Bill 383 L.D. 494,
            effective as of September 13, 2003;

           

          (www)  No
            Mortgagor agreed to submit to arbitration to resolve any dispute arising
            out of
            or relating in any way to the Mortgage Loan transaction; 

           

          (xxx)  As
            to any
            Mortgage Loan which is not a MERS Mortgage Loan, 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;

           

          (yyy)  With
            respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
            such MIN
            is accurately provided on the related Mortgage Loan Schedule. The related
            assignment of Mortgage to MERS has been duly and properly recorded;

           

          (zzz)  With
            respect to each MERS Mortgage Loan, neither the Seller nor the Servicer
            has
            received any notice of liens or legal actions with respect to such Mortgage
            Loan
            and no such notices have been electronically posted by MERS;

           

          (aaaa)  Each
            Loan
            is eligible for sale in the secondary mortgage market or for securitization
            without unreasonable credit enhancement; and

           

          (bbbb)  With
            respect to each Mortgage Loan which is a Second Lien, (i) the related
            first lien
            does not provide for negative amortization, and (ii) either no consent
            for the
            Mortgage Loan is required by the holder of the first lien or such consent
            has
            been obtained and is contained in the Mortgage File;

           

          (cccc)  With
            respect to any Mortgage Loan for which a mortgage loan application was
            submitted
            by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by
            Mortgaged
            Property in the State of Illinois which has a Mortgage Interest Rate
            in excess
            of 8.0% per annum has lender-imposed fees (or other charges) in excess
            of 3.0%
            of the original principal balance of the Mortgage Loan;

           

          (dddd)  The
            Mortgagor has not made or caused to be made any payment in the nature
            of an
‘average’ or ‘yield spread premium’ to a mortgage broker or a like Person which
            has not been fully disclosed to the Mortgagor;

           

          (eeee)  No
            Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the
            Massachusetts Predatory Home Loan Practices Act, effective November 6,
            2004
            (Mass. Ann. Laws Ch. 183C);

           

          (ffff)  No
            predatory or deceptive lending practices, including but not limited to,
            the
            extension of credit to the applicable Mortgagor without regard for said
            Mortgagor's ability to repay the Mortgage Loan and the extension of credit
            to
            said Mortgagor which has no apparent benefit to said Mortgagor, were
            employed by
            the originator of the Mortgage Loan in connection with the origination
            of the
            Mortgage Loan;

           

          (gggg)  All
            points and fees related to each Mortgage Loan were disclosed in writing
            to the
            Mortgagor in accordance with applicable state and federal law and regulation.
            Other than with respect to each Points and Fees Excess Loan, as identified
            on
            the related Points and Fees Schedule, no Mortgagor was charged Points
            and Fees
in
            an
            amount greater than (a) $1,000 or (b) 5% of the principal amount of such
            Mortgage Loan, whichever is greater;

           

          (hhhh)  No
            Mortgage Loan is secured by property considered to be manufactured
            housing;

           

          (iiii)  The
            methodology used in underwriting the extension of credit for each Mortgage
            Loan
            did not rely on the extent of the Mortgagor’s equity in the collateral as the
            principal determining factor in approving such extension of credit. The
            methodology employed objective criteria that related such facts as, without
            limitation, the Mortgagor’s credit history, income, assets or liabilities, to
            the proposed mortgage payment and, based on such methodology, the Seller
            made a
            reasonable determination that at the time of origination the Mortgagor
            had the
            ability to make timely payments on the Mortgage Loan;

           

          (jjjj)  The
            information set forth in the Points and Fees Schedule is complete, true
            and
            correct;

           

          (kkkk)  With
            respect to each Mortgage Loan which is indicated by the Seller to be
            a Second
            Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) (i) the
            First
            Lien is in full force and effect, (ii) there is no default, breach, violation
            or
            event of acceleration existing under such First Lien mortgage or the
            related
            mortgage note, (iii) no event which, with the passage of time or with
            notice and
            the expiration of any grace or cure period, would constitute a default,
            breach,
            violation or event of acceleration thereunder, and either (A) the First
            Lien
            mortgage contains a provision which allows or (B) applicable law requires,
            the
            mortgagee under the Second Lien Mortgage Loan to receive notice of, and
            affords
            such mortgagee an opportunity to cure any default by payment in full
            or
            otherwise under the First Lien mortgage, (iv) either no consent for the
            Mortgage
            Loan is required by the holder of the First Lien or such consent has
            been
            obtained and is contained in the Mortgage File, and (v) such Second Lien
            Mortgage Loan is secured by a one- to four-family residence that was
            (or would
            be) the principal residence of the Mortgagor upon the origination of
            the Second
            Lien Mortgage Loan;

 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        E

       

      REQUEST
        FOR RELEASE

      

       

      
        	
                To:

              	
                Wells
                  Fargo Bank, N.A.

              

      

      Attn:
        Inventory Control

      1015
        10th
        Avenue SE

      Minneapolis,
        MN 55414

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of December 1, 2006, among Mortgage
                  Asset Securitization Transactions, Inc., as Depositor, Wells Fargo
                  Bank,
                  N.A. as Master Servicer and Trust Administrator, Barclays
                  Capital Real Estate Inc. d/b/a HomEq Servicing, as Servicer and
                  U.S. Bank
                  National Association, as Trustee,
                  Mortgage Pass-Through Certificates, Series
                  2006-HE5

              

      

       

      In
        connection with the administration of the Mortgage Loans held by you as
        Custodian pursuant to the above-captioned Pooling and Servicing Agreement,
        we
        request the release, and hereby acknowledge receipt of the Custodian’s Mortgage
        File Or the Mortgage Loan described below, for the reason
        indicated.

       

      In
        addition, all amounts have been received in connection with such payment,
        repurchase or liquidation and have been credited to the related Collection
        Account.

       

      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

      Wells
        Fargo Bank, N.A.

      

      Please
        acknowledge the execution of the above request by your signature and date
        below:

       

       

      
        	 	 	 
	
                Signature

              	 	Date
	 	 	 
	Documents
                returned to Custodian:	 	 
	 	 	 
	 	 	 
	Custodian	 	Date

      

       

      

      

      EXHIBIT
        F-1

       

      FORM
        OF
        TRANSFEROR REPRESENTATION LETTER

       

      [Date]

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attn:
        Transfer Unit / MABS 2006-HE5

      

      
        	 	
                Re:

              	
                MASTR
                  Asset Backed Securities Trust 2006-HE5, Mortgage Pass-Through
                  Certificates, Class ___, representing
                  a ___% Class ___ Percentage
                  Interest

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the transfer by ________________ (the “Transferor”) to
        ________________ (the “Transferee”) of the captioned Mortgage Pass-Through
        certificates (the “Certificates”), the Transferor hereby certifies as
        follows:

       

      Neither
        the Transferor nor anyone acting on its behalf has (a) offered, pledged,
        sold,
        disposed of or otherwise transferred any Certificate, any interest in any
        Certificate or any other similar security to any person in any manner, (b)
        has
        solicited any offer to buy or to accept a pledge, disposition or other transfer
        of any Certificate, any interest in any Certificate or any other similar
        security from any person in any manner, (c) has otherwise approached or
        negotiated with respect to any Certificate, any interest in any Certificate
        or
        any other similar security with any person in any manner, (d) has made any
        general solicitation by means of general advertising or in any other manner,
        (e)
        has taken any other action, that (in the case of each of subclauses (a) through
        (e) above) would constitute a distribution of the Certificates under the
        Securities Act of 1933, as amended (the “1933 Act”), or would render the
        disposition of any Certificate a violation of Section 5 of the 1933 Act or
        any
        state securities law or would require registration or qualification pursuant
        thereto. The Transferor will not act, nor has it authorized or will it authorize
        any person to act, in any manner set forth in the foregoing sentence with
        respect to any Certificate. The Transferor will not sell or otherwise transfer
        any of the Certificates, except in compliance with the provisions of that
        certain Pooling and Servicing Agreement, dated as of December 1, 2006, among
        Mortgage Asset Securitization Transactions, Inc. as Depositor, Barclays
        Capital Real Estate Inc. d/b/a HomEq Servicing,
        as
        Servicer, Wells Fargo Bank, N.A. as Master Servicer and Trust Administrator
        and
        U.S. Bank National Association as Trustee (the “Pooling and Servicing
        Agreement”), pursuant to which Pooling and Servicing Agreement the Certificates
        were issued.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      Capitalized
        terms used but not defined herein shall have the meanings assigned thereto
        in
        the Pooling and Servicing Agreement.

       

      
        	
                Very
                  truly yours,

              
	
                [Transferor]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      FORM
        OF
        TRANSFEREE REPRESENTATION LETTER

       

      [Date]

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attn:
        Transfer Unit / MABS 2006-HE5

      

      
        	 	
                Re:

              	
                MASTR
                  Asset Backed Securities Trust 2006-HE5, Mortgage Pass-Through
                  Certificates, Series 2006-HE5, Class ___, representing a ___% Class
                  ___Percentage
                  Interest

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the purchase from ______________________ (the “Transferor”) on
        the date hereof of the captioned trust certificates (the “Certificates”),
        _______________ (the “Transferee”) hereby certifies as follows:

       

      1. The
        Transferee is a “qualified institutional buyer” as that term is defined in Rule
        144A (“Rule 144A”) under the Securities Act of 1933 (the “1933 Act”) and has
        completed either of the forms of certification to that effect attached hereto
        as
        Annex 1 or Annex 2. The Transferee is aware that the sale to it is being
        made in
        reliance on Rule 144A. The Transferee is acquiring the Certificates for its
        own
        account or for the account of a qualified institutional buyer, and understands
        that such Certificate may be resold, pledged or transferred only (i) to a
        person
        reasonably believed to be a qualified institutional buyer that purchases
        for its
        own account or for the account of a qualified institutional buyer to whom
        notice
        is given that the resale, pledge or transfer is being made in reliance on
        Rule
        144A, or (ii) pursuant to another exemption from registration under the 1933
        Act.

       

      2. The
        Transferee has been furnished with all information regarding (a) the
        Certificates and distributions thereon, (b) the nature, performance and
        servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement
        referred to below, and (d) any credit enhancement mechanism associated with
        the
        Certificates, that it has requested.

       

      With
        respect to a transfer of the Class CE Certificates, the Transferee agrees
        to
        provide to the Trust Administrator the appropriate tax certification form
        (i.e.,
        IRS Form W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable
        (or any
        successor form thereto)), and agrees to update such forms (i) upon expiration
        of
        any such form, (ii) as required under then applicable U.S. Treasury regulations
        and (iii) promptly upon learning that any IRS Form W-9 or IRS Form W-8BEN,
        W-8IMY, W-8EXP or W-8ECI, as applicable (or any successor form thereto),
        has
        become obsolete or incorrect. The Transferee hereby authorizes the Trust
        Administrator to provide such tax certification form to the Supplemental
        Interest Trust Trustee and the Swap Provider.

      

      All
        capitalized terms used but not otherwise defined herein have the respective
        meanings assigned thereto in the Pooling and Servicing Agreement, dated as
        of
        December 1, 2006, among Mortgage Asset Securitization Transactions, Inc.
        as
        Depositor, Barclays
        Capital Real Estate Inc. d/b/a HomEq Servicing,
        as
        Servicer, Wells Fargo Bank, N.A. as Master Servicer and Trust Administrator
        and
        U.S. Bank National Association as Trustee, pursuant to which the Certificates
        were issued.

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      
        	
                [TRANSFEREE]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ANNEX
        1 TO EXHIBIT F-1

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

      [FOR
        TRANSFEREES OTHER THAN REGISTERED INVESTMENT COMPANIES]

       

      The
        undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Trust Administrator, with respect
        to the Mortgage Pass-Through certificates (the “Certificates”) described in the
        Transferee Certificate to which this certification relates and to which this
        certification is an Annex:

       

      1.
        As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the entity purchasing
        the
        Certificates (the “Transferee”).

       

      2.
        In
        connection with purchases by the Transferee, the Transferee is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933 (“Rule 144A”) because (i) the Transferee owned and/or invested on a
        discretionary basis $______________________1 
        in
        securities (except for the excluded securities referred to below) as of the
        end
        of the Transferee's most recent fiscal year (such amount being calculated
        in
        accordance with Rule 144A) and (ii) the Transferee satisfies the criteria
        in the
        category marked below.

       

      ___
        CORPORATION, ETC. The Transferee is a corporation (other than a bank, savings
        and loan association or similar institution), Massachusetts or similar business
        trust, partnership, or any organization described in Section 501(c)(3) of
        the
        Internal Revenue Code of 1986.

       

      ___
        BANK.
        The Transferee (a) is a national bank or banking institution organized under
        the
        laws of any State, territory or the District of Columbia, the business of
        which
        is substantially confined to banking and is supervised by the State or
        territorial banking commission or similar official or is a foreign bank or
        equivalent institution, and (b) has an audited net worth of at least $25,000,000
        as demonstrated in its latest annual financial statements, a copy of which
        is
        attached hereto.

       

      ___
        SAVINGS AND LOAN. The Transferee (a) is a savings and loan association, building
        and loan association, cooperative bank, homestead association or similar
        institution, which is supervised and examined by a State or Federal authority
        having supervision over any such institutions or is a foreign savings and
        loan
        association or equivalent institution and (b) has an audited net worth of
        at
        least

       

      ___
        BROKER-DEALER. The Transferee is a dealer registered pursuant to Section
        15 of
        the Securities Exchange Act of 1934.

       

      ___
        INSURANCE COMPANY. The Transferee is an insurance company whose primary and
        predominant business activity is the writing of insurance or the reinsuring
        of
        risks underwritten by insurance companies and which is subject to supervision
        by
        the insurance commissioner or a similar official or agency of a State, territory
        or the District of Columbia.

       

      ___
        STATE
        OR LOCAL PLAN. The Transferee is a plan established and maintained by a State,
        its political subdivisions, or any agency or instrumentality of the State
        or its
        political subdivisions, for the benefit of its employees.

       

      ___
        ERISA
        PLAN. The Transferee is an employee benefit plan within the meaning of Title
        I
        of the Employee Retirement Income Security Act of 1974.

       

      ___
        INVESTMENT ADVISOR. The Transferee is an investment advisor registered under
        the
        Investment Advisers Act of 1940.

       

      3.
        The
        term “SECURITIES” as used herein DOES NOT INCLUDE (i) securities of issuers that
        are affiliated with the Transferee, (ii) securities that are part of an unsold
        allotment to or subscription by the Transferee, if the Transferee is a dealer,
        (iii) securities issued or guaranteed by the U.S. or any instrumentality
        thereof, (iv) bank deposit notes and certificates of deposit, (v) loan
        participations, (vi) repurchase agreements, (vii) securities owned but subject
        to a repurchase agreement and (viii) currency, interest rate and commodity
        swaps.

       

      4.
        For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Transferee, the Transferee used the cost
        of such
        securities to the Transferee and did not include any of the securities referred
        to in the preceding paragraph. Further, in determining such aggregate amount,
        the Transferee may have included securities owned by subsidiaries of the
        Transferee, but only if such subsidiaries are consolidated with the Transferee
        in its financial statements prepared in accordance with generally accepted
        accounting principles and if the investments of such subsidiaries are managed
        under the Transferee's direction. However, such securities were not included
        if
        the Transferee is a majority-owned, consolidated subsidiary of another
        enterprise and the Transferee is not itself a reporting company under the
        Securities Exchange Act of 1934.

       

      5.
        The
        Transferee acknowledges that it is familiar with Rule 144A and understands
        that
        the Transferor and other parties related to the Certificates are relying
        and
        will continue to rely on the statements made herein because one or more sales
        to
        the Transferee may be in reliance on Rule 144A.

       

      
        	
                ___
                  

              	
                ___
                  

              	
                Will
                  the Transferee be purchasing the Certificates

              
	
                Yes
                  

              	
                No
                  

              	
                only
                  for the Transferee's own account?

              
	 	 	 

      

      6.
        If the
        answer to the foregoing question is “no”, the Transferee agrees that, in
        connection with any purchase of securities sold to the Transferee for the
        account of a third party (including any separate account) in reliance on
        Rule
        144A, the Transferee will only purchase for the account of a third party
        that at
        the time is a “qualified institutional buyer” within the meaning of Rule 144A.
        In addition, the Transferee agrees that the Transferee will not purchase
        securities for a third party unless the Transferee has obtained a current
        representation letter from such third party or taken other appropriate steps
        contemplated by Rule 144A to conclude that such third party independently
        meets
        the definition of “qualified institutional buyer” set forth in Rule
        144A.

       

      7.
        The
        Transferee will notify each of the parties to which this certification is
        made
        of any changes in the information and conclusions herein. Until such notice
        is
        given, the Transferee's purchase of the Certificates will constitute a
        reaffirmation of this certification as of the date of such purchase. In
        addition, if the Transferee is a bank or savings and loan as provided above,
        the
        Transferee agrees that it will furnish to such parties updated annual financial
        statements promptly after they become available.

       

      Dated:
        ___________

       

      
        	 
	
                Print
                  Name of Transferee

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

       

      
        

        
          1 Transferee
            must own and/or invest on a discretionary basis at least $100,000,000
            in
            securities unless Transferee is a dealer, and, in that case, Transferee
            must own
            and/or invest on a discretionary basis at least $10,000,000 in securities.
            $25,000,000 as demonstrated in its latest annual financial statements,
            A COPY OF
            WHICH IS ATTACHED HERETO.

        

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ANNEX
        2 TO EXHIBIT F-1

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [FOR
        TRANSFEREES THAT ARE REGISTERED INVESTMENT COMPANIES]

       

      The
        undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Trust Administrator, with respect
        to the Mortgage Pass-Through certificates (the “Certificates”) described in the
        Transferee Certificate to which this certification relates and to which this
        certification is an Annex:

       

      1.
        As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the entity purchasing the Certificates (the
“Transferee”) or, if the Transferee is a “qualified institutional buyer” as that
        term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”)
        because the Transferee is part of a Family of Investment Companies (as defined
        below), is such an officer of the investment adviser (the
“Adviser”).

       

      2.
        In
        connection with purchases by the Transferee, the Transferee is a “qualified
        institutional buyer” as defined in Rule 144A because (i) the Transferee is an
        investment company registered under the Investment Company Act of 1940, and
        (ii)
        as marked below, the Transferee alone, or the Transferee's Family of Investment
        Companies, owned at least $100,000,000 in securities (other than the excluded
        securities referred to below) as of the end of the Transferee's most recent
        fiscal year. For purposes of determining the amount of securities owned by
        the
        Transferee or the Transferee's Family of Investment Companies, the cost of
        such
        securities was used.

       

      
        	 	
                ____
                  

              	 	
                The
                  Transferee owned $___________________ in securities (other than
                  the
                  excluded securities referred to below) as of the end of the Transferee's
                  most recent fiscal year (such amount being calculated in accordance
                  with
                  Rule 144A).

              

      

       

      
        	 	
                ____
                  

              	 	
                The
                  Transferee is part of a Family of Investment Companies which owned
                  in the
                  aggregate $______________ in securities (other than the excluded
                  securities referred to below) as of the end of the Transferee's
                  most
                  recent fiscal year (such amount being calculated in accordance
                  with Rule
                  144A).

              

      

       

      3.
        The
        term “FAMILY OF INVESTMENT COMPANIES” as used herein means two or more
        registered investment companies (or series thereof) that have the same
        investment adviser or investment advisers that are affiliated (by virtue
        of
        being majority owned subsidiaries of the same parent or because one investment
        adviser is a majority owned subsidiary of the other).

       

      4.
        The
        term “SECURITIES” as used herein does not include (i) securities of issuers that
        are affiliated with the Transferee or are part of the Transferee's Family
        of
        Investment Companies, (ii) securities issued or guaranteed by the U.S. or
        any
        instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
        (iv) loan participations, (v) repurchase agreements, (vi) securities owned
        but
        subject to a repurchase agreement and (vii) currency, interest rate and
        commodity swaps.

       

      5.
        The
        Transferee is familiar with Rule 144A and understands that the parties to
        which
        this certification is being made are relying and will continue to rely on
        the
        statements made herein because one or more sales to the Transferee will be
        in
        reliance on Rule 144A. In addition, the Transferee will only purchase for
        the
        Transferee's own account.

       

      6.
        The
        undersigned will notify the parties to which this certification is made of
        any
        changes in the information and conclusions herein. Until such notice, the
        Transferee's purchase of the Certificates will constitute a reaffirmation
        of
        this certification by the undersigned as of the date of such
        purchase.

       

      Dated:
        __________

       

      
        	 
	
                Print
                  Name of Transferee or Advisor

              
	
                By:

              	 
	
                Name

              	 
	
                Title

              	 
	 	 
	 	 
	
                IF
                  AN ADVISER:

              
	 	 
	 
	
                Print
                  Name of Buyer

              

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
FORM
        OF TRANSFEREE REPRESENTATION LETTER

       

      The
        undersigned hereby certifies on behalf of the purchaser named below (the
        “Purchaser”) as follows:

       

      1.
        I am
        an executive officer of the Purchaser.

       

      2.
        The
        Purchaser is a “qualified institutional buyer”, as defined in Rule 144A, (“Rule
        144A”) under the Securities Act of 1933, as amended.

       

      3.
        As of
        the date specified below (which is not earlier than the last day of the
        Purchaser's most recent fiscal year), the amount of “securities”, computed for
        purposes of Rule 144A, owned and invested on a discretionary basis by the
        Purchaser was in excess of $100,000,000.

       

      
        	
                Name
                  of Purchaser

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      Date
        of
        this certificate: ______________

       

      Date
        of
        information provided in paragraph 3: ______________

      

      

      EXHIBIT
        F-2

       

      FORM
        OF
        TRANSFER AFFIDAVIT AND AGREEMENT

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

       

      1.  The
        undersigned is an officer of the proposed Transferee of an Ownership Interest
        in
        a Class [R] [R-X] Certificate (the “Certificate”) issued pursuant to the Pooling
        and Servicing Agreement, (the “Agreement”), relating to the above-referenced
        Certificates, dated as of December 1, 2006 (the “Agreement”),
        among
        Mortgage Asset Securitization Transactions, Inc., as depositor (the
“Depositor”),
        Barclays
        Capital Real Estate Inc. d/b/a HomEq Servicing (“HomEq Servicing”),
        as
        servicer (the “Servicer”),
        Wells
        Fargo Bank, N.A., master servicer (“the Master
        Servicer”)
        and
        trust administrator (the “Trust Administrator”) and U.S. Bank National
        Association, as trustee (the “Trustee”).
        Capitalized terms used, but not defined herein or in Exhibit 1 hereto,
        shall have the meanings ascribed to such terms in the Agreement. The Transferee
        has authorized the undersigned to make this affidavit on behalf of the
        Transferee for the benefit of the Depositor and the Trustee.

       

      2.  The
        Transferee is, as of the date hereof, and will be, as of the date of the
        Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
        Interest in the Certificate for its own account. The Transferee has no knowledge
        that any such affidavit is false.

       

      3.  The
        Transferee has been advised of, and understands that (i) a tax will be
        imposed on Transfers of the Certificate to Persons that are not Permitted
        Transferees; (ii) such tax will be imposed on the transferor, or, if such
        Transfer is through an agent (which includes a broker, nominee or middleman)
        for
        a Person that is not a Permitted Transferee, on the agent; and (iii) the
        Person otherwise liable for the tax shall be relieved of liability for the
        tax
        if the subsequent Transferee furnished to such Person an affidavit that such
        subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
        such Person does not have actual knowledge that the affidavit is
        false.

       

      4.  The
        Transferee has been advised of, and understands that a tax will be imposed
        on a
“pass-through entity” holding the Certificate if at any time during the taxable
        year of the pass-through entity a Person that is not a Permitted Transferee
        is
        the record holder of an interest in such entity. The Transferee understands
        that
        such tax will not be imposed for any period with respect to which the record
        holder furnishes to the pass-through entity an affidavit that such record
        holder
        is a Permitted Transferee and the pass-through entity does not have actual
        knowledge that such affidavit is false. (For this purpose, a “pass-through
        entity” includes a regulated investment company, a real estate investment trust
        or common trust fund, a partnership, trust or estate, and certain cooperatives
        and, except as may be provided in Treasury Regulations, persons holding
        interests in pass-through entities as a nominee for another
        Person.)

       

      5.  The
        Transferee has reviewed the provisions of Section 5.02 (c) of the Agreement
        and
        understands the legal consequences of the acquisition of an Ownership Interest
        in the Certificate including, without limitation, the restrictions on subsequent
        Transfers and the provisions regarding voiding the Transfer and mandatory
        sales.
        The Transferee expressly agrees to be bound by and to abide by the provisions
        of
        Section 5.02 (c) of the Agreement and the restrictions noted on the face of
        the Certificate. The Transferee understands and agrees that any breach of
        any of
        the representations included herein shall render the Transfer to the Transferee
        contemplated hereby null and void.

       

      6.  The
        Transferee agrees to require a Transfer Affidavit from any Person to whom
        the
        Transferee attempts to Transfer its Ownership Interest in the Certificate,
        and
        in connection with any Transfer by a Person for whom the Transferee is acting
        as
        nominee, trustee or agent, and the Transferee will not Transfer its Ownership
        Interest or cause any Ownership Interest to be Transferred to any Person
        that
        the Transferee knows is not a Permitted Transferee. In connection with any
        such
        Transfer by the Transferee, the Transferee agrees to deliver to the Trust
        Administrator a certificate substantially in the form set forth as
        Exhibit F-2 to the Agreement (a “Transferor
        Certificate”)
        to the
        effect that such Transferee has no actual knowledge that the Person to which
        the
        Transfer is to be made is not a Permitted Transferee.

       

      7.  The
        Transferee has historically paid its debts as they have come due, intends
        to pay
        its debts as they come due in the future, and understands that the taxes
        payable
        with respect to the Certificate may exceed the cash flow with respect thereto
        in
        some or all periods and intends to pay such taxes as they become due. The
        Transferee does not have the intention to impede the assessment or collection
        of
        any tax legally required to be paid with respect to the
        Certificate.

       

      8.  The
        Transferee’s taxpayer identification number is [_____________].

       

      9.  The
        Transferee is a U.S. Person as defined in Code
        Section 7701(a)(30).

       

      10.  The
        Transferee is aware that the Certificate may be a “noneconomic residual
        interest” within the meaning of proposed Treasury regulations promulgated
        pursuant to the Code and that the transferor of a noneconomic residual interest
        will remain liable for any taxes due with respect to the income on such residual
        interest, unless no significant purpose of the transfer was to impede the
        assessment or collection of tax.

       

      11.  The
        Transferee will not cause income from the Certificate to be attributable
        to a
        foreign permanent establishment or fixed base, within the meaning of an
        applicable income tax treaty, of the Transferee or any other U.S.
        person.

       

      12.  Check
        one
        of the following:

       

      o  The
        present
        value of the anticipated tax liabilities associated with holding the
        Certificate, as applicable, does not exceed the sum of:

       

      
        	 	
                (i)

              	
                the
                  present value of any consideration given to the Transferee to acquire
                  such
                  Certificate;

              

      

       

      
        	 	
                (ii)

              	
                the
                  present value of the expected future distributions on such Certificate;
                  and

              

      

       

      
        	 	
                (iii)

              	
                the
                  present value of the anticipated tax savings associated with holding
                  such
                  Certificate as the related REMIC generates
                  losses.

              

      

       

      For
        purposes of this calculation, (i) the Transferee is assumed to pay tax at
        the
        highest rate currently specified in Section 11(b) of the Code (but the tax
        rate
        in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
        specified in Section 11(b) of the Code if the Transferee has been subject
        to the
        alternative minimum tax under Section 55 of the Code in the preceding two
        years
        and will compute its taxable income in the current taxable year using the
        alternative minimum tax rate) and (ii) present values are computed using
        a
        discount rate equal to the short-term Federal rate prescribed by Section
        1274(d)
        of the Code for the month of the transfer and the compounding period used
        by the
        Transferee.

       

      o  The
        transfer of the
        Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5)
        and
        (6) and, accordingly,

       

      
        	 	
                (i)

              	
                the
                  Transferee is an “eligible corporation,” as defined in U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(i), as to which income from
                  the
                  Certificate will only be taxed in the United
                  States;

              

      

       

      
        	 	
                (ii)

              	
                at
                  the time of the transfer, and at the close of the Transferee’s two fiscal
                  years preceding the year of the transfer, the Transferee had gross
                  assets
                  for financial reporting purposes (excluding any obligation of a
                  person
                  related to the Transferee within the meaning of U.S. Treasury Regulations
                  Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                  in
                  excess of $10 million;

              

      

       

      
        	 	
                (iii)

              	
                the
                  Transferee will transfer the Certificate only to another “eligible
                  corporation,” as defined in U.S. Treasury Regulations Section
                  1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                  of
                  Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                  of
                  the U.S. Treasury Regulations;
                  and

              

      

       

      
        	 	
                (iv)

              	
                the
                  Transferee determined the consideration paid to it to acquire the
                  Certificate based on reasonable market assumptions (including,
                  but not
                  limited to, borrowing and investment rates, prepayment and loss
                  assumptions, expense and reinvestment assumptions, tax rates and
                  other
                  factors specific to the Transferee) that it has determined in good
                  faith.

              

      

       

      o  None
        of the
        above.

       

      13.  The
        Transferee is not an employee benefit plan that is subject to Title I of
        ERISA
        or a plan that is subject to Section 4975 of the Code or a plan subject to
        any Federal, state or local law that is substantially similar to Title I
        of
        ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
        of
        or investing plan assets of such a plan.

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      IN
        WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
        behalf, pursuant to the authority of its Board of Directors, by its [Vice]
        President, attested by its [Assistant] Secretary, this ____ day of __________,
        20__.

       

      
        	
                [OWNER]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	
                [Vice]
                  President

              

      

      

       

      ATTEST:

       

      
        	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	
                [Assistant]
                  Secretary

              

      

      

       

      Personally
        appeared before me the above-named , known or proved to me to be the same
        person
        who executed the foregoing instrument and to be a [Vice] President of the
        Owner,
        and acknowledged to me that [he/she] executed the same as [his/her] free
        act and
        deed and the free act and deed of the Owner.

       

      Subscribed
        and sworn before me this ____ day of __________, 20___.

       

      
        	 	 
	 	
                Notary
                  Public

              
	 	
                 

                County
                  of __________________ 

                State
                  of ___________________

                 

                My
                  Commission expires:

              

      

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      FORM
        OF TRANSFEROR AFFIDAVIT

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

       

      __________________________,
        being duly sworn, deposes, represents and warrants as follows:

       

      1.
         I
        am a
        ____________________ of ____________________________ (the “Owner”), a
        corporation duly organized and existing under the laws of ______________,
        on
        behalf of whom I make this affidavit.

       

      2.
         The
        Owner
        is not transferring the Residual Certificates (the “Residual Certificates”) to
        impede the assessment or collection of any tax.

       

      3.
         The
        Owner
        has no actual knowledge that the Person that is the proposed transferee (the
        “Purchaser”) of the Residual Certificates: (i) has insufficient assets to pay
        any taxes owed by such proposed transferee as holder of the Residual
        Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding
        for so long as the Residual Certificates remain outstanding; and (iii) is
        not a
        Permitted Transferee.

       

      4.
         The
        Owner
        understands that the Purchaser has delivered to the Trust Administrator a
        transfer affidavit and agreement in the form attached to the Pooling and
        Servicing Agreement as Exhibit F-2. The Owner does not know or believe that
        any
        representation contained therein is false.

       

      5.
         At
        the
        time of transfer, the Owner has conducted a reasonable investigation of the
        financial condition of the Purchaser as contemplated by Treasury Regulations
        Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Owner
        has
        determined that the Purchaser has historically paid its debts as they became
        due
        and has found no significant evidence to indicate that the Purchaser will
        not
        continue to pay its debts as they become due in the future. The Owner
        understands that the transfer of a Residual Certificate may not be respected
        for
        United States income tax purposes (and the Owner may continue to be liable
        for
        United States income taxes associated therewith) unless the Owner has conducted
        such an investigation.

       

      6.
         Capitalized
        terms not otherwise defined herein shall have the meanings ascribed to them
        in
        the Pooling and Servicing Agreement.

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      IN
        WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
        behalf, pursuant to the authority of its Board of Directors, by its [Vice]
        President, attested by its [Assistant] Secretary, this ____ day of ___________,
        20__.

       

      
        	
                [OWNER]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	
                [Vice]
                  President

              

      

      

       

      
        	
                ATTEST:

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	
                [Assistant]
                  Secretary

              

      

      

       

      Personally
        appeared before me the above-named , known or proved to me to be the same
        person
        who executed the foregoing instrument and to be a [Vice] President of the
        Owner,
        and acknowledged to me that [he/she] executed the same as [his/her] free
        act and
        deed and the free act and deed of the Owner.

       

      Subscribed
        and sworn before me this ____ day of __________, 20___.

       

      
        	 	 
	 	
                Notary
                  Public

              
	 	
                 

                County
                  of __________________ 

                State
                  of ___________________

                 

                My
                  Commission expires:

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      

      EXHIBIT
        G

       

      FORM
        OF
        CERTIFICATION WITH RESPECT TO ERISA AND THE CODE

       

      _____________,
        [2006]

       

      Mortgage
        Asset Securitization Transactions, Inc.

      1285
        Avenue of the Americas

      New
        York,
        New York 10019

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      

      U.S.
        Bank
        National Association 

      60
        Livingston Avenue

      EP-MN-WS3D
        

      St.
        Paul,
        MN 55107 

      Attn:
        Structured Finance/ MASTR 2006-HE5

      

       

      
        	 	
                Re:

              	
                MASTR
                  Asset Backed Securities Trust 2006-HE5, Mortgage
                  Pass-Through Certificates, Class 

              

      

       

      Dear
        Sirs:

       

      _______________________
        (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance of MASTR Asset
        Backed Securities Trust 2006-HE5, Mortgage Pass-Through Certificates, Series
        2006-HE5, Class [CE] [P] [R](the “Certificates”), issued pursuant to a Pooling
        and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as of
        December 1, 2006, among Mortgage Asset Securitization Transactions, Inc.
        as
        depositor (the “Depositor”), Wells Fargo Bank, N.A. as master servicer and trust
        administrator (the “Master Servicer” and the “Trust Administrator”),
Barclays
        Capital Real Estate Inc. d/b/a HomEq Servicing
        as a
        servicer (the “Servicer”) and U.S. Bank National Association as trustee (the
“Trustee”). Capitalized terms used herein and not otherwise defined shall have
        the meanings assigned thereto in the Pooling and Servicing Agreement. The
        Transferee hereby certifies, represents and warrants to, and covenants with
        the
        Depositor, the Trust Administrator, the Trustee and the Master Servicer that:
        

       

      The
        Certificates (i) are not being acquired by, and will not be transferred to,
        any
        employee benefit plan within the meaning of section 3(3) of the Employee
        Retirement Income Security Act of 1974, as amended (“ERISA”), or other
        retirement arrangement, including individual retirement accounts and annuities,
        Keogh plans and bank collective investment funds and insurance company general
        or separate accounts in which such plans, accounts or arrangements are invested,
        that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
        Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
        acquired with “plan assets” of a Plan within the meaning of the Department of
        Labor (“DOL”) regulation, 29 C.F.R. § 2510.3-101, and (iii) will not be
        transferred to any entity that is deemed to be investing in plan assets within
        the meaning of the DOL regulation at 29 C.F.R. § 2510.3-101.

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      
        	
                Very
                  truly yours,

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        H

       

      [Reserved]

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        I

       

      FORM
        OF
        LOST NOTE AFFIDAVIT

       

      Loan
        #:
        ____________

      BORROWER:
        _____________

       

      LOST
        NOTE
        AFFIDAVIT

       

      I,
        as
        ____________________ of ______________________, a _______________ corporation
        am
        authorized to make this Affidavit on behalf of _____________________ (the
        “Seller”). In connection with the administration of the Mortgage Loans held by
        ____________________, a _________________ corporation as Seller on behalf
        of
        Mortgage Asset Securitization Transactions, Inc. (the “Purchaser”),
        _____________________ (the “Deponent”), being duly sworn, deposes and says
        that:

       

      1.            
        The
        Seller's address is:  

      
        	 	 	 
	 	 	 
	 	 	 

      

       

      
        	 	
                2.

              	
                The
                  Seller previously delivered to the Purchaser a signed Initial
                  Certification with respect to such Mortgage and/or Assignment of
                  Mortgage;

              

      

       

      
        	
              	3.	
                Such
                  Mortgage Note and/or Assignment of Mortgage was assigned or sold
                  to the
                  Purchaser by ________________________, a ____________ corporation
                   pursuant
                  to the terms and provisions of a Mortgage Loan Purchase Agreement
                  dated as
                  of __________ __, _____;

              

      

       

      
        	 	
                4.

              	
                Such
                  Mortgage Note and/or Assignment of Mortgage is not outstanding
                  pursuant to
                  a request for release of Documents;

              

      

       

      
        	 	
                5.
                  

              	
                Aforesaid
                  Mortgage Note and/or Assignment of Mortgage (the “Original”) has been
                  lost;

              

      

       

      
        	 	
                6.

              	
                Deponent
                  has made or caused to be made a diligent search for the Original
                  and has
                  been unable to find or recover
                  same;

              

      

       

      
        	 	
                7.

              	
                The
                  Seller was the Seller of the Original at the time of the loss;
                  and

              

      

       

      
        	 	
                8.

              	
                Deponent
                  agrees that, if said Original should ever come into Seller's possession,
                  custody or power, Seller will immediately and without consideration
                  surrender the Original to the
                  Purchaser.

              

      

       

      
        	 	
                9.

              	
                Attached
                  hereto is a true and correct copy of (i) the Note, endorsed in
                  blank by
                  the Mortgagee and (ii) the Mortgage or Deed of Trust (strike one)
                  which
                  secures the Note, which Mortgage or Deed of Trust is recorded in
                  the
                  county where the property is
                  located.

              

      

       

      10. Deponent
        hereby agrees that the Seller (a) shall indemnify and hold harmless the
        Purchaser, its successors and assigns, against any loss, liability or damage,
        including reasonable attorney's fees, resulting from the unavailability of
        any
        Notes, including but not limited to any loss, liability or damage arising
        from
        (i) any false statement contained in this Affidavit, (ii) any claim of any
        party
        that has already purchased a mortgage loan evidenced by the Lost Note or
        any
        interest in such mortgage loan, (iii) any claim of any borrower with respect
        to
        the existence of terms of a mortgage loan evidenced by the Lost Note on the
        related property to the fact that the mortgage loan is not evidenced by an
        original note and (iv) the issuance of a new instrument in lieu thereof (items
        (i) through (iv) above hereinafter referred to as the “Losses”) and (b) if
        required by any Rating Agency in connection with placing such Lost Note into
        a
        Pass-Through Transfer, shall obtain a surety from an insurer acceptable to
        the
        applicable Rating Agency to cover any Losses with respect to such Lost
        Note.

       

      11. This
        Affidavit is intended to be relied upon by the Purchaser, its successors
        and
        assigns. _____________________, a ______________ corporation represents and
        warrants that is has the authority to perform its obligations under this
        Affidavit of Lost Note.

       

      Executed
        this ____ day, of ___________ ______.

       

      

       

      
        	
                SELLER

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      On
        this
        _____ day of ________, _____, before me appeared _________________ to me
        personally known, who being duly sworn did say that he is the
        _____________________ of ____________________ a ______________ corporation
        and
        that said Affidavit of Lost Note was signed and sealed on behalf of such
        corporation and said acknowledged this instrument to be the free act and
        deed of
        said corporation.

       

      Signature:

       

      [Seal]

      

      

      EXHIBIT
        J-1

       

      FORM
        OF
        CERTIFICATION TO BE PROVIDED BY THE MASTER SERVICER

      WITH
        FORM
        10-K

       

      Certification

       

      I,
        [identify the certifying individual], certify that:

       

      1. I
        have
        reviewed this annual report on Form 10-K, and all reports on Form 10-D required
        to be filed in respect of the period covered by this report on Form 10-K
        of
        [identify issuing entity] (i.e., the name of the specific deal to which this
        certification relates rather than just the name of the Depositor)] (the
“Exchange Act periodic reports”);

       

      2. Based
        on
        my knowledge, the Exchange Act periodic reports, taken as a whole, do not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        this report;

       

      3. Based
        on
        my knowledge, all of the distribution, servicing and other information required
        to be provided under Form 10-D for the period covered by this report is included
        in the Exchange Act periodic reports;

       

      4.
         I
        am
        responsible for reviewing the activities performed by the servicer and based
        on
        my knowledge and the compliance review conducted in preparing the servicer
        compliance statement required in this report under Item 1123 of Regulation
        AB,
        and except as disclosed in the Exchange Act periodic reports, the servicer
        has
        fulfilled its obligations under the servicing agreement; and

       

      5. All
        of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        13a-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this report on Form
        10-K.

       

      In
        giving
        the certifications above, I have reasonably relied on information provided
        to me
        by the following unaffiliated parties: [_________________].

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      
        	
                WELLS
                  FARGO BANK, N.A.

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	
                Date:

              	 

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        J-2

       

      FORM
        OF
        CERTIFICATION TO BE PROVIDED BY THE SERVICER TO THE MASTER SERVICER

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager - MABS 2006-HE5

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of December 1, 2006, among Mortgage
                  Asset Securitization Transactions, Inc., as Depositor, Wells Fargo
                  Bank,
                  N.A. as Master Servicer and Trust Administrator, Barclays
                  Capital Real Estate Inc. d/b/a HomEq Servicing, as Servicer and
                  U.S. Bank
                  National Association, as Trustee
                  (the “Agreement”) 

              

      

       

      Barclays
        Capital Real Estate Inc. d/b/a HomEq Servicing,
        as
        Servicer hereby certifies to the Master Servicer that:

       

      (A)  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 Master Servicer pursuant to the Agreement (collectively, the
        “Company Servicing Information”);

       

      (B)  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;

       

      (C)  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 Master
        Servicer;

       

      (D)  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

       

      (E)  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 Master Servicer. Any material instances
        of
        noncompliance described in such reports have been disclosed to the Master
        Servicer. Any material instance of noncompliance with the Servicing Criteria
        has
        been disclosed in such reports.

       

      

      

      
        	 	
                Date:
                  _________________________

              
	 	 
	 	 
	 	
                By: _______________________________

              
	 	
                Name:

              
	 	
                Title:

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

       

      

      EXHIBIT
        K

       

      FORMS
        OF
        INTEREST RATE CAP AGREEMENTS

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      

        ASSIGNMENT
          AGREEMENT

        
          

          UBS
            AG
            has entered into the transaction listed on Attachment 1 hereto with Reference
            Number 37533995 (the “Old Transaction”) with UBS Real Estate Securities, Inc.
            (“UBS Real Estate”).

          

          For
            valuable consideration, receipt of which is hereby acknowledged, UBS
            Real Estate
            hereby assigns, transfers and sets over effective 28 December 2006 unto
            Mortgage
            Asset Securitization Transactions Inc. (“MASTR”), without recourse all of its
            rights, title and interest in and to the Old Transaction and UBS Real
            Estate
            hereby gives MASTR and its assigns full power and authority for its or
            their own
            uses and benefit, but at its or their own cost, to demand, collect, receive
            and
            give acquittance for the same or any part of thereof, and to prosecute
            or
            withdraw any suits or proceedings therefore. UBS AG hereby consents to
            the
            assignment of the Old Transaction to MASTR as herein provided.

          

          Upon
            the
            effectiveness of such assignment, for valuable consideration, receipt
            of which
            is hereby acknowledged, MASTR hereby assigns, transfers and sets over
            effective
            28 December 2006 unto Wells Fargo Bank, N.A., not individually, but solely
            as
            trust administrator with respect to the MASTR Asset Backed Securities
            Trust
            2006-HE5, Mortgage Pass Through Certificates, Series 2006-HE5 (the “Trust”),
            without recourse, all of its rights, title and interest in and to the
            Old
            Transaction (as so assigned and transferred, referenced by UBS AG as
            a new
            transaction with Reference Number 37536048 as listed on Attachment 2
            hereto and
            referred to as the “New Transaction”) and MASTR hereby gives the Trust and its
            assigns full power and authority for its or their own uses and benefit,
            but at
            its or their own cost, to demand, collect, receive and give acquittance
            for the
            same or any part of thereof, and to prosecute or withdraw any suits or
            proceedings therefor. UBS AG hereby consents to the assignment of the
            New
            Transaction to the Trust as herein provided, with the understanding that
            the
            provisions labeled “Additional Provisions” in the confirmation relating to the
            New Transaction shall become effective upon the assignment to the
            Trust. 

          

          Each
            party hereby represents and warrants to the other that the execution,
            delivery
            and performance of this Assignment Agreement by it are within its powers,
            and
            have been duly authorized by all necessary corporate or other action
            and that
            this Assignment Agreement constitutes its legal, valid and binding
            obligation.

          

          This
            Assignment Agreement shall be governed by and construed and interpreted
            in
            accordance with the laws of the State of New York without regard the
            conflict of
            law provisions thereof other than New York General Obligations Law Sections
            5-1401 and 5-1402.

          
 

          IN
            WITNESS WHEREOF, the parties have duly executed this Assignment Agreement
            as of
            the date first written above.\

          
 

          
            
              
                	
                        UBS
                          AG

                      	
                        UBS
                          REAL ESTATE SECURITIES, INC.

                      
	 	 
	
                        By:

                      	
                        By:
                          ___________________________________

                      
	
                        Name:
                          Christopher Dingle

                      	
                        Name:

                      
	
                        Title:
                          Director

                      	
                        Title:

                      
	 	 
	 	 
	 	 
	
                        By:

                      	
                        By:
                          __________________________________

                      
	
                        Name:
                          Jonathan McTernan

                      	
                        Name:

                      
	
                        Title:
                          Associate Director

                      	
                        Title:

                      

              

            

          

          
            	
                    MORTGAGE
                      ASSET SECURITIZATION TRANSACTIONS INC.

                  	
                    Wells
                      Fargo Bank, N.A., not individually, but solely as trust administrator
                      with
                      respect to the MASTR Asset Backed Securities Trust 2006-HE5,
                      Mortgage Pass
                      Through Certificates, Series
                      2006-HE5

                  

          

          

          

            
              	
                      By:

                    	
                      By:
                        ___________________________________

                    
	
                      Name:
                        

                    	
                      Name:

                    
	
                      Title:
                        

                    	
                      Title:

                    
	 	 
	 	 
	 	 
	
                      By:

                    	
                       

                    
	
                      Name:
                        

                    	
                       

                    
	
                      Title:
                        

                    	
                       

                    

            

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          

          

          Attachment
            1

           

          
            

          

           

          

            
              	
                      Date:

                    	
                      28
                        December 2006

                    
	 	 
	
                      To:

                    	
                      UBS
                        Real Estate Securities, Inc. (“Counterparty”)

                    
	 	 
	
                      Attention:

                    	
                      Swaps
                        Administration

                    
	 	 
	
                      From:

                    	
                      UBS
                        AG, London Branch (“UBS AG”)

                    
	 	 
	
                      Subject:

                    	
                      Interest
                        Rate Cap Transaction

                    
	 	
                      UBS
                        AG Ref: 37533995

                    

            

          

           

          Dear
            Sirs

          

          The
            purpose of this communication is to confirm the terms and conditions
            of the
            Transaction entered into between us on the Trade Date specified below.
            This
            Confirmation constitutes a “Confirmation” as referred to in the Master Agreement
            or Agreement specified below. 

           

          The
            definitions contained in the 2000 ISDA Definitions as published by the
            International Swaps and Derivatives Association, Inc., are incorporated
            into
            this Confirmation. In the event of any inconsistency between any of the
            definitions listed above and this Confirmation, this Confirmation will
            govern.

          

          If
            you
            and we are parties to a master agreement that governs transactions of
            this type
            (whether in the form of the ISDA Master Agreement (Multicurrency-Cross
            Border)(the "ISDA Form") or any other form (a "Master Agreement"), then
            this
            Confirmation will supplement, form a part of, and be subject to that
            Master
            Agreement. If you and we are not parties to such a Master Agreement,
            then you
            and we agree to use all reasonable efforts promptly to negotiate, execute
            and
            deliver an agreement in the form of the ISDA Form, with such modifications
            as
            you and we will in good faith agree. Upon the execution by you and us
            of such an
            agreement, this Confirmation will supplement, form a part of and be subject
            to
            and governed by that agreement, except as expressly modified below. Until
            we
            execute and deliver that agreement, this Confirmation, together with
            all other
            documents referring to the ISDA Form (each a "Confirmation") confirming
            transactions (each a "Transaction") entered into between us (notwithstanding
            anything to the contrary in a confirmation), shall supplement, form a
            part of,
            and be subject to an agreement in the form of the ISDA Form as if we
            had
            executed an agreement in such form (but without any Schedule except for
            the
            election of the laws of New York as the Governing Law and U.S. Dollars
            as the
            Termination Currency) on the Trade Date of the first Transaction between
            us
            (hereinafter the "Agreement"). In the event of any inconsistency between
            the
            provisions of any such Agreement and this Confirmation, this Confirmation
            will
            prevail for the purposes of this Transaction.

          

          The
            terms
            of the particular Cap Transaction to which this Confirmation relates
            are as
            follows:

           

          
            	
                    General
                      Terms

                  	 
	 	 
	
                    Trade
                      Date:

                  	
                    28
                      December 2006

                  
	 	 
	
                    Effective
                      Date

                  	
                    25
                      January 2007

                  
	 	 
	
                    Termination
                      Date:

                  	
                    25
                      December 2013,
                      subject to adjustment in accordance with the Modified Following
                      Business
                      Day Convention.

                  
	 	 
	
                    Calculation
                      Amount:

                  	
                    Initially
                      USD 891,000.00, amortizing as per Amortizing Schedule
                      below

                  

          

           

          
            	 	 	 
	
                    Amortization
                      Schedule:

                  	 	 
	
                    Period
                      From (and including)

                  	
                    Period
                      To (but excluding)

                  	
                    Calculation
                      Amount (USD)

                  
	
                    Effective
                      Date

                  	
                    25-Feb-07

                  	
                    891,000.00

                  
	
                    25-Feb-07

                  	
                    25-Mar-07

                  	
                    1,996,000.00

                  
	
                    25-Mar-07

                  	
                    25-Apr-07

                  	
                    3,313,000.00

                  
	
                    25-Apr-07

                  	
                    25-May-07

                  	
                    4,836,000.00

                  
	
                    25-May-07

                  	
                    25-Jun-07

                  	
                    6,556,000.00

                  
	
                    25-Jun-07

                  	
                    25-Jul-07

                  	
                    8,458,000.00

                  
	
                    25-Jul-07

                  	
                    25-Aug-07

                  	
                    10,527,000.00

                  
	
                    25-Aug-07

                  	
                    25-Sep-07

                  	
                    12,739,000.00

                  
	
                    25-Sep-07

                  	
                    25-Oct-07

                  	
                    14,994,000.00

                  
	
                    25-Oct-07

                  	
                    25-Nov-07

                  	
                    17,025,000.00

                  
	
                    25-Nov-07

                  	
                    25-Dec-07

                  	
                    18,845,000.00

                  
	
                    25-Dec-07

                  	
                    25-Jan-08

                  	
                    20,470,000.00

                  
	
                    25-Jan-08

                  	
                    25-Feb-08

                  	
                    21,914,000.00

                  
	
                    25-Feb-08

                  	
                    25-Mar-08

                  	
                    23,190,000.00

                  
	
                    25-Mar-08

                  	
                    25-Apr-08

                  	
                    24,310,000.00

                  
	
                    25-Apr-08

                  	
                    25-May-08

                  	
                    25,286,000.00

                  
	
                    25-May-08

                  	
                    25-Jun-08

                  	
                    26,128,000.00

                  
	
                    25-Jun-08

                  	
                    25-Jul-08

                  	
                    26,846,000.00

                  
	
                    25-Jul-08

                  	
                    25-Aug-08

                  	
                    27,600,000.00

                  
	
                    25-Aug-08

                  	
                    25-Sep-08

                  	
                    29,535,000.00

                  
	
                    25-Sep-08

                  	
                    25-Oct-08

                  	
                    30,902,000.00

                  
	
                    25-Oct-08

                  	
                    25-Nov-08

                  	
                    31,799,000.00

                  
	
                    25-Nov-08

                  	
                    25-Dec-08

                  	
                    32,303,000.00

                  
	
                    25-Dec-08

                  	
                    25-Jan-09

                  	
                    32,457,000.00

                  
	
                    25-Jan-09

                  	
                    25-Feb-09

                  	
                    32,135,000.00

                  
	
                    25-Feb-09

                  	
                    25-Mar-09

                  	
                    31,766,000.00

                  
	
                    25-Mar-09

                  	
                    25-Apr-09

                  	
                    31,354,000.00

                  
	
                    25-Apr-09

                  	
                    25-May-09

                  	
                    30,908,000.00

                  
	
                    25-May-09

                  	
                    25-Jun-09

                  	
                    30,429,000.00

                  
	
                    25-Jun-09

                  	
                    25-Jul-09

                  	
                    29,923,000.00

                  
	
                    25-Jul-09

                  	
                    25-Aug-09

                  	
                    29,440,000.00

                  
	
                    25-Aug-09

                  	
                    25-Sep-09

                  	
                    28,973,000.00

                  
	
                    25-Sep-09

                  	
                    25-Oct-09

                  	
                    28,442,000.00

                  
	
                    25-Oct-09

                  	
                    25-Nov-09

                  	
                    27,862,000.00

                  
	
                    25-Nov-09

                  	
                    25-Dec-09

                  	
                    27,243,000.00

                  
	
                    25-Dec-09

                  	
                    25-Jan-10

                  	
                    26,599,000.00

                  
	
                    25-Jan-10

                  	
                    25-Feb-10

                  	
                    25,950,000.00

                  
	
                    25-Feb-10

                  	
                    25-Mar-10

                  	
                    25,299,000.00

                  
	
                    25-Mar-10

                  	
                    25-Apr-10

                  	
                    24,651,000.00

                  
	
                    25-Apr-10

                  	
                    25-May-10

                  	
                    24,006,000.00

                  
	
                    25-May-10

                  	
                    25-Jun-10

                  	
                    23,365,000.00

                  
	
                    25-Jun-10

                  	
                    25-Jul-10

                  	
                    22,731,000.00

                  
	
                    25-Jul-10

                  	
                    25-Aug-10

                  	
                    22,103,000.00

                  
	
                    25-Aug-10

                  	
                    25-Sep-10

                  	
                    21,483,000.00

                  
	
                    25-Sep-10

                  	
                    25-Oct-10

                  	
                    20,872,000.00

                  
	
                    25-Oct-10

                  	
                    25-Nov-10

                  	
                    20,271,000.00

                  
	
                    25-Nov-10

                  	
                    25-Dec-10

                  	
                    19,680,000.00

                  
	
                    25-Dec-10

                  	
                    25-Jan-11

                  	
                    19,100,000.00

                  
	
                    25-Jan-11

                  	
                    25-Feb-11

                  	
                    18,531,000.00

                  
	
                    25-Feb-11

                  	
                    25-Mar-11

                  	
                    17,974,000.00

                  
	
                    25-Mar-11

                  	
                    25-Apr-11

                  	
                    17,428,000.00

                  
	
                    25-Apr-11

                  	
                    25-May-11

                  	
                    16,895,000.00

                  
	
                    25-May-11

                  	
                    25-Jun-11

                  	
                    16,373,000.00

                  
	
                    25-Jun-11

                  	
                    25-Jul-11

                  	
                    15,865,000.00

                  
	
                    25-Jul-11

                  	
                    25-Aug-11

                  	
                    15,368,000.00

                  
	
                    25-Aug-11

                  	
                    25-Sep-11

                  	
                    14,885,000.00

                  
	
                    25-Sep-11

                  	
                    25-Oct-11

                  	
                    14,413,000.00

                  
	
                    25-Oct-11

                  	
                    25-Nov-11

                  	
                    13,953,000.00

                  
	
                    25-Nov-11

                  	
                    25-Dec-11

                  	
                    13,506,000.00

                  
	
                    25-Dec-11

                  	
                    25-Jan-12

                  	
                    59,993,000.00

                  
	
                    25-Jan-12

                  	
                    25-Feb-12

                  	
                    57,427,000.00

                  
	
                    25-Feb-12

                  	
                    25-Mar-12

                  	
                    54,977,000.00

                  
	
                    25-Mar-12

                  	
                    25-Apr-12

                  	
                    52,639,000.00

                  
	
                    25-Apr-12

                  	
                    25-May-12

                  	
                    50,406,000.00

                  
	
                    25-May-12

                  	
                    25-Jun-12

                  	
                    48,274,000.00

                  
	
                    25-Jun-12

                  	
                    25-Jul-12

                  	
                    46,238,000.00

                  
	
                    25-Jul-12

                  	
                    25-Aug-12

                  	
                    44,293,000.00

                  
	
                    25-Aug-12

                  	
                    25-Sep-12

                  	
                    42,435,000.00

                  
	
                    25-Sep-12

                  	
                    25-Oct-12

                  	
                    40,661,000.00

                  
	
                    25-Oct-12

                  	
                    25-Nov-12

                  	
                    38,965,000.00

                  
	
                    25-Nov-12

                  	
                    25-Dec-12

                  	
                    37,344,000.00

                  
	
                    25-Dec-12

                  	
                    25-Jan-13

                  	
                    35,795,000.00

                  
	
                    25-Jan-13

                  	
                    25-Feb-13

                  	
                    34,315,000.00

                  
	
                    25-Feb-13

                  	
                    25-Mar-13

                  	
                    32,899,000.00

                  
	
                    25-Mar-13

                  	
                    25-Apr-13

                  	
                    31,546,000.00

                  
	
                    25-Apr-13

                  	
                    25-May-13

                  	
                    30,252,000.00

                  
	
                    25-May-13

                  	
                    25-Jun-13

                  	
                    29,014,000.00

                  
	
                    25-Jun-13

                  	
                    25-Jul-13

                  	
                    27,830,000.00

                  
	
                    25-Jul-13

                  	
                    25-Aug-13

                  	
                    26,698,000.00

                  
	
                    25-Aug-13

                  	
                    25-Sep-13

                  	
                    25,614,000.00

                  
	
                    25-Sep-13

                  	
                    25-Oct-13

                  	
                    24,577,000.00

                  
	
                    25-Oct-13

                  	
                    25-Nov-13

                  	
                    23,585,000.00

                  
	
                    25-Nov-13

                  	
                    Termination
                      Date

                  	
                    22,635,000.00

                  

          

          

          The
            dates
            in the above schedule with the exception of the Effective Date will be
            subject
            to adjustment in accordance with the Modified Following Business Day
            Convention.

          

          
            	
                    Seller
                      of the Cap:

                  	
                    UBS
                      AG

                  
	 	 
	
                    Buyer
                      of the Cap:

                  	
                    Counterparty

                  
	 	 
	
                    Calculation
                      Agent:

                  	
                    UBS
                      AG, unless otherwise specified in the schedule to the Master
                      Agreement

                  
	 	 
	
                    Business
                      Days:

                  	
                    New
                      York

                  
	 	 
	
                    Broker:

                  	
                    None

                  

          

          

          
            	
                    Fixed
                      Amounts

                  	 
	 	 
	
                    Fixed
                      Rate Payer:

                  	
                    Counterparty

                  
	 	 
	
                    Fixed
                      Amount:

                  	
                    USD
                      770,000.00

                  
	 	 
	
                    Fixed
                      Rate Payer Payment Date:

                  	
                    22
                      December 2006

                  
	 	 
	
                    Business
                      Day Convention:

                  	
                    Not
                      Applicable

                  

          

          

          Floating
            Amounts

          

          
            	
                    Floating
                      Rate Payer:

                  	
                    UBS
                      AG

                  
	 	 
	
                    Cap
                      Rate:

                  	
                    As
                      per the Cap Rate Schedule below

                  
	 	 	 

          

          

            
              	
                      Cap
                        Rate Schedule:

                    	 	 
	 	 	 
	
                      Period
                        From (and including)

                    	
                      Period
                        To (but excluding)

                    	
                      Cap
                        Rate

                    
	
                      Effective
                        Date

                    	
                      25
                        November 2008

                    	
                      5.35%

                    
	
                      25
                        November 2008

                    	
                      Termination
                        Date

                    	
                      5.55%

                    

            

          

           

          
 

          
            	
                    Floating
                      Amount:

                  	
                    To
                      be determined in accordance with the following formula:

                    Greater
                      of

                    (1)
                      Calculation Amount * Floating Rate Day Count Fraction * (Floating
                      Rate
                      Option - Cap Rate) and

                  
	 	
                    (2)
                      0

                  
	 	 
	
                    Floating
                      Rate Option:

                  	
                    USD-LIBOR-BBA

                  
	 	 	 

          

          

          
            	 	 
	
                    Designated
                      Maturity:

                  	
                    One
                      Month

                  
	 	 
	
                    Spread:

                  	
                    None

                  
	 	 
	
                    Floating
                      Rate Day Count Fraction:

                  	
                    Actual/360

                  
	 	 
	
                    Floating
                      Rate Payer End Dates:

                  	
                    25
                      January, 25 February, 25 March, 25 April, 25 May, 25 June,
                      25 July, 25
                      August, 25 September, 25 October, 25 November and 25 December,
                      in each
                      year, from and including 25 February 2007, up to and including
                      the
                      Termination Date, subject to adjustment in accordance with
                      the Business
                      Day Convention specified immediately below. 

                  
	 	 
	
                    Floating
                      Rate Payer Payment Dates:

                  	
                    Early
                      Payment shall be applicable. The Floating Rate Payer Payment
                      Dates shall
                      be two Business Days prior to each Floating Rate Payer Period
                      End
                      Date.

                  
	 	 
	
                    Business
                      Day Convention:

                  	
                    Modified
                      Following

                  

          

          

          Relationship
            Between Parties

          Each
            party will be deemed to represent to the other party on the date on which
            it
            enters into this Transaction that (in the absence of a written Agreement
            between
            the parties which expressly imposes affirmative obligations to the contrary
            for
            this Transaction):

           

          (a)
            Non-Reliance. Each party is acting for its own account, and has made
            its own
            independent decisions to enter into this Transaction and this such Transaction
            is appropriate or proper for it based upon its own judgement and upon
            advice
            from such advisers as it has deemed necessary. Each party is not relying
            on any
            communication (written or oral) of the other party as investment advice
            or as a
            recommendation to enter into this Transaction; it being understood that
            information and explanation relating to the terms and conditions of this
            Transaction shall not be considered investment advice or a recommendation
            to
            enter into this Transaction. No communication (written or oral) received
            from
            the other party shall be deemed to be an assurance or guarantee as to
            the
            expected results of this Transaction.

           

          (b)
            Assessment and Understanding. Each party is capable of assessing the
            merits of
            and understands (on its own behalf or through independent professional
            advice),
            and accepts, the terms, conditions and risks of this Transaction. Each
            party is
            also capable of assuming and assumes, the risks of this
            Transaction.

           

          (c)
            Status of the Parties. Neither party is acting as a fiduciary for or
            as an
            adviser to the other in respect of this Transaction.

          

          References
            in this clause to "a party" shall, in the case of UBS AG and where the
            context
            so allows, include references to any affiliate of UBS AG.

          

          

          
            	
                    Account
                      Details for UBS AG:

                  	 
	
                    Currency:

                  	
                    USD

                  
	
                    Correspondent
                      Bank:

                  	
                    UBS
                      AG,
                      STAMFORD
                      BRANCH

                  
	
                    Swift
                      Address:

                  	
                    UBSWUS33XXX

                  
	
                    Favour:
                      

                  	
                    UBS
                      AG LONDON
                      BRANCH

                  
	
                    Swift
                      Address: 

                  	
                    UBSWGB2LXXX

                  
	
                    Account
                      No: 

                  	
                    101-wa-140007-000

                  
	
                    Further
                      Credit To: 

                  	
                     

                  
	
                    Swift
                      Address: 

                  	 
	
                    Account
                      No: 

                  	 

          

          

          Offices

          
            	(a)  	
                    The
                      office of UBS AG for the Interest Rate Cap Transaction is London;
                      and

                  

          

          
            	(b)  	
                    The
                      office of Counterparty for the Interest Rate Cap Transaction
                      is New
                      York.

                  

          

          

          

          
            	
                    Contact
                      Names at UBS AG:

                  	 	 
	
                    Payment
                      Inquiries

                  	
                    Elisa
                      Doctor

                  	
                    Email:
                      DL-USOTCRATES-SETTS@ubs.com

                  
	
                    Pre
                      Value Payments:

                  	
                    Pre
                      Value Payment Investigations:

                  	
                    203.719-1110

                  
	
                    Post
                      Value Payments:

                  	
                    Post
                      Value Payment Investigations:

                  	
                    203.719.1110

                  
	
                    Confirmation
                      Queries:

                  	
                    Confirmation
                      Control:

                  	
                    203.719.3733

                  
	
                    ISDA
                      Documentation:

                  	
                    Legal

                  	
                    203.719.4747

                  
	
                    Swift:

                  	
                    UBSWGB2L

                  
	
                    Fax:

                  	
                    (44)
                      20 7567 2685/2990

                  
	
                    Address:

                  	
                    UBS
                      AG

                  
	 	
                    100
                      Liverpool Street

                    London
                      EC2M 2RH

                  

          

          

           

           

          

          Please
            confirm that the foregoing correctly sets forth the terms and conditions
            of our
            agreement by executing a copy of this Confirmation and returning it to
            us or by
            sending to us a letter or facsimile substantially similar to this letter,
            which
            letter or facsimile sets forth the material terms of the Transaction
            to which
            this Confirmation relates and indicates your agreement to those terms
            or by
            sending to us a return letter or facsimile in the form attached.

          

          This
            Agreement may be executed in several counterparts, each of which shall
            be deemed
            an original but all of which together shall constitute one and the same
            instrument.

          

          
            	
                    Yours
                      Faithfully

                  
	
                    For
                      and on Behalf of 

                  
	
                    UBS
                      AG, London Branch

                  

          

          

          
            	
                    By:

                  	 	 	
                    By:

                  	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                    Name:

                  	
                    Christopher
                      Dingle

                  	 	
                    Name:

                  	
                    Jonathan
                      McTernan

                  
	
                    Title:

                  	
                    Associate
                      Director

                  	 	
                    Title:

                  	
                    Associate
                      Director

                  

          

          

          Acknowledged
            and Agreed by UBS Real Estate Securities, Inc. as of the date first written
            above:

          

          
            	
                    By:

                  	 
	 	 
	 	 
	 	 
	 	 
	 	 
	
                    Name
                      :

                  	 	 	 
	
                    Title
                      :

                  	 	 	 

          

          

          

          UBS
            AG
            London Branch, 1 Finsbury Avenue, London, EC2M 2PP

          UBS
            AG is
            a member of the London Stock Exchange and is regulated in the UK by the
            Financial Services Authority.

          Representatives
            of UBS Limited introduce trades to UBS AG via UBS Limited.

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          
            Attachment
              2

          

          
          

          
            
               

            

          

          
            
              	
                      Date:

                    	
                      28
                        December 2006

                    
	 	 
	
                      To:

                    	
                      Wells
                        Fargo Bank, N.A., not individually, but solely as trust administrator
                        with
                        respect to the MASTR Asset Backed Securities Trust 2006-HE5,
                        Mortgage Pass
                        Through Certificates, Series 2006-HE5 (“Counterparty”)

                    
	 	 
	
                      Attention:

                    	
                      Swaps
                        Administration

                    
	 	 
	
                      From:

                    	
                      UBS
                        AG, London Branch (“UBS AG”)

                    
	 	 
	
                      Subject:

                    	
                      Interest
                        Rate Cap Transaction

                    
	 	
                      UBS
                        AG Ref: 37536048

                    

            

             

          

          Dear
            Sirs

          

          The
            purpose of this communication is to confirm the terms and conditions
            of the
            Transaction entered into between us on the Trade Date specified below.
            This
            Confirmation constitutes a “Confirmation” as referred to in the Master Agreement
            or Agreement specified below. 

           

          The
            definitions contained in the 2000 ISDA Definitions as published by the
            International Swaps and Derivatives Association, Inc., are incorporated
            into
            this Confirmation. In the event of any inconsistency between any of the
            definitions listed above and this Confirmation, this Confirmation will
            govern.

          

          This
            Confirmation supplements, forms part of, and is subject to, the ISDA
            Master
            Agreement dated as of 28 December 2006 as amended and supplemented from
            time to
            time (the "Agreement"), between Counterparty and UBS AG. All provisions
            contained in the Agreement govern this Confirmation except as expressly
            modified
            below.

          

          The
            terms
            of the particular Cap Transaction to which this Confirmation relates
            are as
            follows:

           

          
            	
                    General
                      Terms

                  	 
	 	 
	
                    Trade
                      Date:

                  	
                    28
                      December 2006

                  
	 	 
	
                    Effective
                      Date

                  	
                    25
                      January 2007

                  
	 	 
	
                    Termination
                      Date:

                  	
                    25
                      December 2013,
                      subject to adjustment in accordance with the Modified Following
                      Business
                      Day Convention.

                  
	 	 
	
                    Calculation
                      Amount:

                  	
                    Initially
                      3,564.00 amortizing as per Amortizing Schedule
                      below

                  

          

           

          

            
              	
                      Amortization
                        Schedule:

                    	 	 
	
                      Period
                        From (and including)

                    	
                      Period
                        To (but excluding)

                    	
                      Calculation
                        Amount (USD)

                    
	
                      Effective
                        Date

                    	
                      25-Feb-07

                    	
                      3,564.00

                    
	
                      25-Feb-07

                    	
                      25-Mar-07

                    	
                      7,984.00

                    
	
                      25-Mar-07

                    	
                      25-Apr-07

                    	
                      13,252.00

                    
	
                      25-Apr-07

                    	
                      25-May-07

                    	
                      19,344.00

                    
	
                      25-May-07

                    	
                      25-Jun-07

                    	
                      26,224.00

                    
	
                      25-Jun-07

                    	
                      25-Jul-07

                    	
                      33,832.00

                    
	
                      25-Jul-07

                    	
                      25-Aug-07

                    	
                      42,108.00

                    
	
                      25-Aug-07

                    	
                      25-Sep-07

                    	
                      50,956.00

                    
	
                      25-Sep-07

                    	
                      25-Oct-07

                    	
                      59,976.00

                    
	
                      25-Oct-07

                    	
                      25-Nov-07

                    	
                      68,100.00

                    
	
                      25-Nov-07

                    	
                      25-Dec-07

                    	
                      75,380.00

                    
	
                      25-Dec-07

                    	
                      25-Jan-08

                    	
                      81,880.00

                    
	
                      25-Jan-08

                    	
                      25-Feb-08

                    	
                      87,656.00

                    
	
                      25-Feb-08

                    	
                      25-Mar-08

                    	
                      92,760.00

                    
	
                      25-Mar-08

                    	
                      25-Apr-08

                    	
                      97,240.00

                    
	
                      25-Apr-08

                    	
                      25-May-08

                    	
                      101,144.00

                    
	
                      25-May-08

                    	
                      25-Jun-08

                    	
                      104,512.00

                    
	
                      25-Jun-08

                    	
                      25-Jul-08

                    	
                      107,384.00

                    
	
                      25-Jul-08

                    	
                      25-Aug-08

                    	
                      110,400.00

                    
	
                      25-Aug-08

                    	
                      25-Sep-08

                    	
                      118,140.00

                    
	
                      25-Sep-08

                    	
                      25-Oct-08

                    	
                      123,608.00

                    
	
                      25-Oct-08

                    	
                      25-Nov-08

                    	
                      127,196.00

                    
	
                      25-Nov-08

                    	
                      25-Dec-08

                    	
                      129,212.00

                    
	
                      25-Dec-08

                    	
                      25-Jan-09

                    	
                      129,828.00

                    
	
                      25-Jan-09

                    	
                      25-Feb-09

                    	
                      128,540.00

                    
	
                      25-Feb-09

                    	
                      25-Mar-09

                    	
                      127,064.00

                    
	
                      25-Mar-09

                    	
                      25-Apr-09

                    	
                      125,416.00

                    
	
                      25-Apr-09

                    	
                      25-May-09

                    	
                      123,632.00

                    
	
                      25-May-09

                    	
                      25-Jun-09

                    	
                      121,716.00

                    
	
                      25-Jun-09

                    	
                      25-Jul-09

                    	
                      119,692.00

                    
	
                      25-Jul-09

                    	
                      25-Aug-09

                    	
                      117,760.00

                    
	
                      25-Aug-09

                    	
                      25-Sep-09

                    	
                      115,892.00

                    
	
                      25-Sep-09

                    	
                      25-Oct-09

                    	
                      113,768.00

                    
	
                      25-Oct-09

                    	
                      25-Nov-09

                    	
                      111,448.00

                    
	
                      25-Nov-09

                    	
                      25-Dec-09

                    	
                      108,972.00

                    
	
                      25-Dec-09

                    	
                      25-Jan-10

                    	
                      106,396.00

                    
	
                      25-Jan-10

                    	
                      25-Feb-10

                    	
                      103,800.00

                    
	
                      25-Feb-10

                    	
                      25-Mar-10

                    	
                      101,196.00

                    
	
                      25-Mar-10

                    	
                      25-Apr-10

                    	
                      98,604.00

                    
	
                      25-Apr-10

                    	
                      25-May-10

                    	
                      96,024.00

                    
	
                      25-May-10

                    	
                      25-Jun-10

                    	
                      93,460.00

                    
	
                      25-Jun-10

                    	
                      25-Jul-10

                    	
                      90,924.00

                    
	
                      25-Jul-10

                    	
                      25-Aug-10

                    	
                      88,412.00

                    
	
                      25-Aug-10

                    	
                      25-Sep-10

                    	
                      85,932.00

                    
	
                      25-Sep-10

                    	
                      25-Oct-10

                    	
                      83,488.00

                    
	
                      25-Oct-10

                    	
                      25-Nov-10

                    	
                      81,084.00

                    
	
                      25-Nov-10

                    	
                      25-Dec-10

                    	
                      78,720.00

                    
	
                      25-Dec-10

                    	
                      25-Jan-11

                    	
                      76,400.00

                    
	
                      25-Jan-11

                    	
                      25-Feb-11

                    	
                      74,124.00

                    
	
                      25-Feb-11

                    	
                      25-Mar-11

                    	
                      71,896.00

                    
	
                      25-Mar-11

                    	
                      25-Apr-11

                    	
                      69,712.00

                    
	
                      25-Apr-11

                    	
                      25-May-11

                    	
                      67,580.00

                    
	
                      25-May-11

                    	
                      25-Jun-11

                    	
                      65,492.00

                    
	
                      25-Jun-11

                    	
                      25-Jul-11

                    	
                      63,460.00

                    
	
                      25-Jul-11

                    	
                      25-Aug-11

                    	
                      61,472.00

                    
	
                      25-Aug-11

                    	
                      25-Sep-11

                    	
                      59,540.00

                    
	
                      25-Sep-11

                    	
                      25-Oct-11

                    	
                      57,652.00

                    
	
                      25-Oct-11

                    	
                      25-Nov-11

                    	
                      55,812.00

                    
	
                      25-Nov-11

                    	
                      25-Dec-11

                    	
                      54,024.00

                    
	
                      25-Dec-11

                    	
                      25-Jan-12

                    	
                      239,972.00

                    
	
                      25-Jan-12

                    	
                      25-Feb-12

                    	
                      229,708.00

                    
	
                      25-Feb-12

                    	
                      25-Mar-12

                    	
                      219,908.00

                    
	
                      25-Mar-12

                    	
                      25-Apr-12

                    	
                      210,556.00

                    
	
                      25-Apr-12

                    	
                      25-May-12

                    	
                      201,624.00

                    
	
                      25-May-12

                    	
                      25-Jun-12

                    	
                      193,096.00

                    
	
                      25-Jun-12

                    	
                      25-Jul-12

                    	
                      184,952.00

                    
	
                      25-Jul-12

                    	
                      25-Aug-12

                    	
                      177,172.00

                    
	
                      25-Aug-12

                    	
                      25-Sep-12

                    	
                      169,740.00

                    
	
                      25-Sep-12

                    	
                      25-Oct-12

                    	
                      162,644.00

                    
	
                      25-Oct-12

                    	
                      25-Nov-12

                    	
                      155,860.00

                    
	
                      25-Nov-12

                    	
                      25-Dec-12

                    	
                      149,376.00

                    
	
                      25-Dec-12

                    	
                      25-Jan-13

                    	
                      143,180.00

                    
	
                      25-Jan-13

                    	
                      25-Feb-13

                    	
                      137,260.00

                    
	
                      25-Feb-13

                    	
                      25-Mar-13

                    	
                      131,596.00

                    
	
                      25-Mar-13

                    	
                      25-Apr-13

                    	
                      126,184.00

                    
	
                      25-Apr-13

                    	
                      25-May-13

                    	
                      121,008.00

                    
	
                      25-May-13

                    	
                      25-Jun-13

                    	
                      116,056.00

                    
	
                      25-Jun-13

                    	
                      25-Jul-13

                    	
                      111,320.00

                    
	
                      25-Jul-13

                    	
                      25-Aug-13

                    	
                      106,792.00

                    
	
                      25-Aug-13

                    	
                      25-Sep-13

                    	
                      102,456.00

                    
	
                      25-Sep-13

                    	
                      25-Oct-13

                    	
                      98,308.00

                    
	
                      25-Oct-13

                    	
                      25-Nov-13

                    	
                      94,340.00

                    
	
                      25-Nov-13

                    	
                      Termination
                        Date

                    	
                      90,540.00

                    

            

          

          

          The
            dates
            in the above schedule with the exception of the Effective Date will be
            subject
            to adjustment in accordance with the Modified Following Business Day
            Convention.

          

          
            	
                    Seller
                      of the Cap:

                  	
                    UBS
                      AG

                  
	 	 
	
                    Buyer
                      of the Cap:

                  	
                    Counterparty

                  
	 	 
	
                    Calculation
                      Agent:

                  	
                    UBS
                      AG, unless otherwise specified in the schedule to the Master
                      Agreement

                  
	 	 
	
                    Business
                      Days:

                  	
                    New
                      York

                  
	 	 
	
                    Broker:

                  	
                    None

                  

          

          

          
            	
                    Fixed
                      Amounts

                  	 
	 	 
	
                    Fixed
                      Rate Payer:

                  	
                    Counterparty

                  
	 	 
	
                    Fixed
                      Amount:

                  	
                    Not
                      Applicable

                  
	 	 
	
                    Fixed
                      Rate Payer Payment Date:

                  	
                    Not
                      Applicable

                  
	 	 
	
                    Business
                      Day Convention:

                  	
                    Not
                      Applicable

                  

          

          

          Floating
            Amounts

          

          
            	
                    Floating
                      Rate Payer:

                  	
                    UBS
                      AG

                  
	 	 
	
                    Cap
                      Rate:

                  	
                    As
                      per the Cap Rate Schedule below

                  

          

           

          
            

              
                	
                        Cap
                          Rate Schedule:

                      	 	 
	 	 	 
	
                        Period
                          From (and including)

                      	
                        Period
                          To (but excluding)

                      	
                        Cap
                          Rate

                      
	
                        Effective
                          Date

                      	
                        25
                          November 2008

                      	
                        5.35%

                      
	
                        25
                          November 2008

                      	
                        Termination
                          Date

                      	
                        5.55%

                      

              

            

             

          

          
 

          
            	
                    Floating
                      Amount:

                  	
                    To
                      be determined in accordance with the following formula:

                    Greater
                      of

                    (1)
                      250 * Calculation Amount * Floating Rate Day Count Fraction
                      * (Floating
                      Rate Option - Cap Rate) and

                  
	 	
                    (2)
                      0

                  
	 	 
	
                    Floating
                      Rate Option:

                  	
                    USD-LIBOR-BBA

                  
	 	 	 

          

           

          
            	 	 
	
                    Designated
                      Maturity:

                  	
                    One
                      Month

                  
	 	 
	
                    Spread:

                  	
                    None

                  
	 	 
	
                    Floating
                      Rate Day Count Fraction:

                  	
                    Actual/360

                  
	 	 
	
                    Floating
                      Rate Payer End Dates:

                  	
                    25
                      January, 25 February, 25 March, 25 April, 25 May, 25 June,
                      25 July, 25
                      August, 25 September, 25 October, 25 November and 25 December,
                      in each
                      year, from and including 25 February 2007, up to and including
                      the
                      Termination Date, subject to adjustment in accordance with
                      the Business
                      Day Convention specified immediately below. 

                  
	 	 
	
                    Floating
                      Rate Payer Payment Dates:

                  	
                    Early
                      Payment shall be applicable. The Floating Rate Payer Payment
                      Dates shall
                      be two Business Days prior to each Floating Rate Payer Period
                      End
                      Date.

                  
	 	 
	
                    Business
                      Day Convention:

                  	
                    Modified
                      Following

                  

          

          

          Relationship
            Between Parties

          Each
            party will be deemed to represent to the other party on the date on which
            it
            enters into this Transaction that (in the absence of a written Agreement
            between
            the parties which expressly imposes affirmative obligations to the contrary
            for
            this Transaction):

           

          (a)
            Non-Reliance. Each party is acting for its own account, and has made
            its own
            independent decisions to enter into this Transaction and this such Transaction
            is appropriate or proper for it based upon its own judgement and upon
            advice
            from such advisers as it has deemed necessary. Each party is not relying
            on any
            communication (written or oral) of the other party as investment advice
            or as a
            recommendation to enter into this Transaction; it being understood that
            information and explanation relating to the terms and conditions of this
            Transaction shall not be considered investment advice or a recommendation
            to
            enter into this Transaction. No communication (written or oral) received
            from
            the other party shall be deemed to be an assurance or guarantee as to
            the
            expected results of this Transaction.

           

          (b)
            Assessment and Understanding. Each party is capable of assessing the
            merits of
            and understands (on its own behalf or through independent professional
            advice),
            and accepts, the terms, conditions and risks of this Transaction. Each
            party is
            also capable of assuming and assumes, the risks of this
            Transaction.

           

          (c)
            Status of the Parties. Neither party is acting as a fiduciary for or
            as an
            adviser to the other in respect of this Transaction.

          

          (d)
            Eligible
            Contract Participant.
            Each
            party constitutes an “eligible contract participant” as such term is defined in
            Section 1(a)12 of the Commodity Exchange Act, as amended.

          

          Fully-Paid
            Transactions
            Notwithstanding the terms of Sections 5 and 6 of the ISDA Master Agreement,
            (a)
            the occurrence of an event described in Section 5(a) of the Form Master
            Agreement with respect to Counterparty shall not constitute an Event
            of Default
            or Potential Event of Default with respect to Counterparty as the Defaulting
            Party and (b) UBS AG shall be entitled to designate an Early Termination
            Date
            pursuant to Section 6 of the ISDA Master Agreement only as a result of
            a
            Termination Event set forth in either Section 5(b)(i) or Section 5(b)(ii)
            of the
            ISDA Master Agreement with respect to UBS AG as the Affected Party or
            Section
            5(b)(iii) of the ISDA Master Agreement with respect to UBS AG as the
            Burdened
            Party.

          

          References
            in this clause to "a party" shall, in the case of UBS AG and where the
            context
            so allows, include references to any affiliate of UBS AG.

          

          
            	
                    Account
                      Details for UBS AG:

                  	 
	
                    Currency:

                  	
                    USD

                  
	
                    Correspondent
                      Bank:

                  	
                    UBS
                      AG,
                      STAMFORD
                      BRANCH

                  
	
                    Swift
                      Address:

                  	
                    UBSWUS33XXX

                  
	
                    Favour:
                      

                  	
                    UBS
                      AG LONDON
                      BRANCH

                  
	
                    Swift
                      Address: 

                  	
                    UBSWGB2LXXX

                  
	
                    Account
                      No: 

                  	
                    101-wa-140007-000

                  
	
                    Further
                      Credit To: 

                  	
                     

                  
	
                    Swift
                      Address: 

                  	 
	
                    Account
                      No: 

                  	 

          

          

          

          Offices

          
            	(a)  	
                    The
                      office of UBS AG for the Interest Rate Cap Transaction is London;
                      and

                  

          

          
            	(b)  	
                    The
                      office of Counterparty for the Interest Rate Cap Transaction
                      is New
                      York

                  

          

          

          
            	
                    Contact
                      Names at UBS AG:

                  	 	 
	
                    Payment
                      Inquiries

                  	
                    Elisa
                      Doctor

                  	
                    Email:
                      DL-USOTCRATES-SETTS@ubs.com

                  
	
                    Pre
                      Value Payments:

                  	
                    Pre
                      Value Payment Investigations:

                  	
                    203.719-1110

                  
	
                    Post
                      Value Payments:

                  	
                    Post
                      Value Payment Investigations:

                  	
                    203.719.1110

                  
	
                    Confirmation
                      Queries:

                  	
                    Confirmation
                      Control:

                  	
                    203.719.3733

                  
	
                    ISDA
                      Documentation:

                  	
                    Legal

                  	
                    203.719.4747

                  
	
                    Swift:

                  	
                    UBSWGB2L

                  
	
                    Fax:

                  	
                    (44)
                      20 7567 2685/2990

                  
	
                    Address:

                  	
                    UBS
                      AG

                  
	 	
                    100
                      Liverpool Street

                    London
                      EC2M 2RH

                  

          

          

          

          Contact
            Info:

          Wells
            Fargo Bank, N.A.

          9062
            Old
            Annapolis Road

          Columbia,
            MD 21045-1951

          Attn:
            Client Manager MABS 2006-HE5

          (p)
            410.884.2000

          (f)
            410.715.2380

          

          Wiring
            Instructions:

          WELLS
            FARGO BANK, NA

          ABA#
            121000248

          FOR
            CREDIT TO: CORPORATE TRUST CLEARING

          ACCT:
            3970771416

          FFC
            TO:
            Cap
            Account,
            Account #
            50977902 

          

          

          

          Please
            confirm that the foregoing correctly sets forth the terms and conditions
            of our
            agreement by executing a copy of this Confirmation and returning it to
            us or by
            sending to us a letter or facsimile substantially similar to this letter,
            which
            letter or facsimile sets forth the material terms of the Transaction
            to which
            this Confirmation relates and indicates your agreement to those terms
            or by
            sending to us a return letter or facsimile in the form attached.

          

          This
            Agreement may be executed in several counterparts, each of which shall
            be deemed
            an original but all of which together shall constitute one and the same
            instrument.

          

          
            	
                    Yours
                      Faithfully

                  
	
                    For
                      and on Behalf of 

                  
	
                    UBS
                      AG, London Branch

                  

          

          

          
            	
                    By:

                  	 	 	
                    By:

                  	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                    Name:

                  	
                    Christopher
                      Dingle

                  	 	
                    Name:

                  	
                    Jonathan
                      McTernan

                  
	
                    Title:

                  	
                    Associate
                      Director

                  	 	
                    Title:

                  	
                    Associate
                      Director

                  

          

          

          Acknowledged
            and Agreed by Wells Fargo Bank, N.A., not individually, but solely as
            trust
            administrator with respect to the MASTR Asset Backed Securities Trust
            2006-HE5,
            Mortgage Pass Through Certificates, Series 2006-HE5 as of the date first
            written
            above:

          

          
            	
                    By:

                  	 
	 	 
	 	 
	 	 
	 	 
	
                    Name
                      :

                  	 	 	 
	
                    Title
                      :

                  	 	 	 

          

          

          

          UBS
            AG
            London Branch, 1 Finsbury Avenue, London, EC2M 2PP

          UBS
            AG is
            a member of the London Stock Exchange and is regulated in the UK by the
            Financial Services Authority.

          Representatives
            of UBS Limited introduce trades to UBS AG via UBS Limited.

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

    
      

        ASSIGNMENT
          AGREEMENT

        

        UBS
          AG has entered into the transaction listed on Attachment 1 hereto with
          Reference
          Number 37533987 (the “Old Transaction”) with UBS Real Estate Securities, Inc.
          (“UBS Real Estate”).

        

        For
          valuable consideration, receipt of which is hereby acknowledged, UBS Real
          Estate
          hereby assigns, transfers and sets over effective 28 December 2006 unto
          Mortgage
          Asset Securitization Transactions Inc. (“MASTR”), without recourse all of its
          rights, title and interest in and to the Old Transaction and UBS Real Estate
          hereby gives MASTR and its assigns full power and authority for its or
          their own
          uses and benefit, but at its or their own cost, to demand, collect, receive
          and
          give acquittance for the same or any part of thereof, and to prosecute
          or
          withdraw any suits or proceedings therefore. UBS AG hereby consents to
          the
          assignment of the Old Transaction to MASTR as herein provided.

        

        Upon
          the
          effectiveness of such assignment, for valuable consideration, receipt of
          which
          is hereby acknowledged, MASTR hereby assigns, transfers and sets over effective
          28 December 2006 unto Wells Fargo Bank, N. A. not individually, but solely
          as
          trust administrator with respect to the MASTR Asset Backed Securities Trust,
          2006-HE5, Mortgage Pass Through Certificates, Series 2006-HE5 (the “Trust”),
          without recourse, all of its rights, title and interest in and to the Old
          Transaction (as so assigned and transferred, referenced by UBS AG as a
          new
          transaction with Reference Number 37536074 as listed on Attachment 2 hereto
          and
          referred to as the “New Transaction”) and MASTR hereby gives the Trust and its
          assigns full power and authority for its or their own uses and benefit,
          but at
          its or their own cost, to demand, collect, receive and give acquittance
          for the
          same or any part of thereof, and to prosecute or withdraw any suits or
          proceedings therefor. UBS AG hereby consents to the assignment of the New
          Transaction to the Trust as herein provided, with the understanding that
          the
          provisions labeled “Additional Provisions” in the confirmation relating to the
          New Transaction shall become effective upon the assignment to the
          Trust. 

        

        Each
          party hereby represents and warrants to the other that the execution, delivery
          and performance of this Assignment Agreement by it are within its powers,
          and
          have been duly authorized by all necessary corporate or other action and
          that
          this Assignment Agreement constitutes its legal, valid and binding
          obligation.

        

        This
          Assignment Agreement shall be governed by and construed and interpreted
          in
          accordance with the laws of the State of New York without regard the conflict
          of
          law provisions thereof other than New York General Obligations Law Sections
          5-1401 and 5-1402.

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        IN
          WITNESS WHEREOF, the parties have duly executed this Assignment Agreement
          as of
          the date first written above.

        

        
          	
                  UBS
                    AG

                	 	
                  UBS
                    REAL ESTATE SECURITIES, INC.

                
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	
                  Christopher
                    Dingle

                	 	
                  Name:

                	 
	
                  Title:

                	
                  Director

                	 	
                  Title:

                	 
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	
                  Jonathan
                    McTernan

                	 	
                  Name:

                	 
	
                  Title:

                	
                  Associate
                    Director

                	 	
                  Title:

                	 

        

        

        

        

        

        
          	
                  MORTGAGE
                    ASSET SECURITIZATION TRANSACTIONS INC.

                	
                  Wells
                    Fargo Bank, N. A. not individually, but solely as trust administrator
                    with
                    respect to the MASTR Asset Backed Securities Trust, 2006-HE5,
                    Mortgage
                    Pass Through Certificates, Series
                    2006-HE5

                

        

         

        
          	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	 	 	
                  Name:

                	 
	
                  Title:

                	 	 	
                  Title:

                	 
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	 	 
	
                  Name:

                	 	 	 	 
	
                  Title:

                	 	 	 	 

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        Attachment
          1

        

        

        

        

        Date:                                                            
          28
          December 2006

        

        To:                                   
            
          UBS
          Real
          Estate Securities, Inc. (“Counterparty”)

        

        Attention:                                                  
           Swaps
          Administration

        

        From:                                                          
           UBS
          AG,
          London Branch
          (“UBS
          AG”)

        

        Subject:                                                       Interest
          Rate Cap Transaction

             
          UBS AG Ref: 37533987

         

        Dear
          Sirs

        

        The
          purpose of this communication is to confirm the terms and conditions of
          the
          Transaction entered into between us on the Trade Date specified below.
          This
          Confirmation constitutes a “Confirmation” as referred to in the Master Agreement
          or Agreement specified below. 

         

        The
          definitions contained in the 2000 ISDA Definitions as published by the
          International Swaps and Derivatives Association, Inc., are incorporated
          into
          this Confirmation. In the event of any inconsistency between any of the
          definitions listed above and this Confirmation, this Confirmation will
          govern.

        

        If
          you
          and we are parties to a master agreement that governs transactions of this
          type
          (whether in the form of the ISDA Master Agreement (Multicurrency-Cross
          Border)(the "ISDA Form") or any other form (a "Master Agreement"), then
          this
          Confirmation will supplement, form a part of, and be subject to that Master
          Agreement. If you and we are not parties to such a Master Agreement, then
          you
          and we agree to use all reasonable efforts promptly to negotiate, execute
          and
          deliver an agreement in the form of the ISDA Form, with such modifications
          as
          you and we will in good faith agree. Upon the execution by you and us of
          such an
          agreement, this Confirmation will supplement, form a part of and be subject
          to
          and governed by that agreement, except as expressly modified below. Until
          we
          execute and deliver that agreement, this Confirmation, together with all
          other
          documents referring to the ISDA Form (each a "Confirmation") confirming
          transactions (each a "Transaction") entered into between us (notwithstanding
          anything to the contrary in a confirmation), shall supplement, form a part
          of,
          and be subject to an agreement in the form of the ISDA Form as if we had
          executed an agreement in such form (but without any Schedule except for
          the
          election of the laws of New York as the Governing Law and U.S. Dollars
          as the
          Termination Currency) on the Trade Date of the first Transaction between
          us
          (hereinafter the "Agreement"). In the event of any inconsistency between
          the
          provisions of any such Agreement and this Confirmation, this Confirmation
          will
          prevail for the purposes of this Transaction.

        

        The
          terms
          of the particular Cap Transaction to which this Confirmation relates are
          as
          follows:

         

        
          	
                  General
                    Terms

                	 
	 	 
	
                  Trade
                    Date:

                	
                  28
                    December 2006

                
	 	 
	
                  Effective
                    Date

                	
                  25
                    January 2007

                
	 	 
	
                  Termination
                    Date:

                	
                  25
                    December 2013,
                    subject to adjustment in accordance with the Modified Following
                    Business
                    Day Convention.

                
	 	 
	
                  Calculation
                    Amount:

                	
                  Initially
                    USD 1,318,000.00, amortizing as per Amortizing Schedule
                    below

                

        

        

        
          	 	 	 
	
                  Amortization
                    Schedule:

                	 	 

        

        

        
          	
                  Period
                    From (and including)

                	
                  Period
                    To (but excluding)

                	
                  Calculation
                    Amount (USD)

                
	
                  Effective
                    Date

                	
                  25-Feb-07

                	
                  1,318,000.00

                
	
                  25-Feb-07

                	
                  25-Mar-07

                	
                  2,951,000.00

                
	
                  25-Mar-07

                	
                  25-Apr-07

                	
                  4,895,000.00

                
	
                  25-Apr-07

                	
                  25-May-07

                	
                  7,142,000.00

                
	
                  25-May-07

                	
                  25-Jun-07

                	
                  9,679,000.00

                
	
                  25-Jun-07

                	
                  25-Jul-07

                	
                  12,486,000.00

                
	
                  25-Jul-07

                	
                  25-Aug-07

                	
                  15,539,000.00

                
	
                  25-Aug-07

                	
                  25-Sep-07

                	
                  18,809,000.00

                
	
                  25-Sep-07

                	
                  25-Oct-07

                	
                  22,156,000.00

                
	
                  25-Oct-07

                	
                  25-Nov-07

                	
                  25,209,000.00

                
	
                  25-Nov-07

                	
                  25-Dec-07

                	
                  27,985,000.00

                
	
                  25-Dec-07

                	
                  25-Jan-08

                	
                  30,501,000.00

                
	
                  25-Jan-08

                	
                  25-Feb-08

                	
                  32,775,000.00

                
	
                  25-Feb-08

                	
                  25-Mar-08

                	
                  34,821,000.00

                
	
                  25-Mar-08

                	
                  25-Apr-08

                	
                  36,655,000.00

                
	
                  25-Apr-08

                	
                  25-May-08

                	
                  38,290,000.00

                
	
                  25-May-08

                	
                  25-Jun-08

                	
                  39,738,000.00

                
	
                  25-Jun-08

                	
                  25-Jul-08

                	
                  41,014,000.00

                
	
                  25-Jul-08

                	
                  25-Aug-08

                	
                  42,318,000.00

                
	
                  25-Aug-08

                	
                  25-Sep-08

                	
                  45,120,000.00

                
	
                  25-Sep-08

                	
                  25-Oct-08

                	
                  47,252,000.00

                
	
                  25-Oct-08

                	
                  25-Nov-08

                	
                  48,814,000.00

                
	
                  25-Nov-08

                	
                  25-Dec-08

                	
                  49,883,000.00

                
	
                  25-Dec-08

                	
                  25-Jan-09

                	
                  50,485,000.00

                
	
                  25-Jan-09

                	
                  25-Feb-09

                	
                  50,355,000.00

                
	
                  25-Feb-09

                	
                  25-Mar-09

                	
                  50,137,000.00

                
	
                  25-Mar-09

                	
                  25-Apr-09

                	
                  49,841,000.00

                
	
                  25-Apr-09

                	
                  25-May-09

                	
                  49,474,000.00

                
	
                  25-May-09

                	
                  25-Jun-09

                	
                  49,044,000.00

                
	
                  25-Jun-09

                	
                  25-Jul-09

                	
                  48,556,000.00

                
	
                  25-Jul-09

                	
                  25-Aug-09

                	
                  48,080,000.00

                
	
                  25-Aug-09

                	
                  25-Sep-09

                	
                  47,613,000.00

                
	
                  25-Sep-09

                	
                  25-Oct-09

                	
                  47,048,000.00

                
	
                  25-Oct-09

                	
                  25-Nov-09

                	
                  46,402,000.00

                
	
                  25-Nov-09

                	
                  25-Dec-09

                	
                  45,686,000.00

                
	
                  25-Dec-09

                	
                  25-Jan-10

                	
                  44,914,000.00

                
	
                  25-Jan-10

                	
                  25-Feb-10

                	
                  44,108,000.00

                
	
                  25-Feb-10

                	
                  25-Mar-10

                	
                  43,286,000.00

                
	
                  25-Mar-10

                	
                  25-Apr-10

                	
                  42,450,000.00

                
	
                  25-Apr-10

                	
                  25-May-10

                	
                  41,605,000.00

                
	
                  25-May-10

                	
                  25-Jun-10

                	
                  40,753,000.00

                
	
                  25-Jun-10

                	
                  25-Jul-10

                	
                  39,896,000.00

                
	
                  25-Jul-10

                	
                  25-Aug-10

                	
                  39,036,000.00

                
	
                  25-Aug-10

                	
                  25-Sep-10

                	
                  38,175,000.00

                
	
                  25-Sep-10

                	
                  25-Oct-10

                	
                  37,316,000.00

                
	
                  25-Oct-10

                	
                  25-Nov-10

                	
                  36,461,000.00

                
	
                  25-Nov-10

                	
                  25-Dec-10

                	
                  35,610,000.00

                
	
                  25-Dec-10

                	
                  25-Jan-11

                	
                  34,765,000.00

                
	
                  25-Jan-11

                	
                  25-Feb-11

                	
                  33,927,000.00

                
	
                  25-Feb-11

                	
                  25-Mar-11

                	
                  33,098,000.00

                
	
                  25-Mar-11

                	
                  25-Apr-11

                	
                  32,278,000.00

                
	
                  25-Apr-11

                	
                  25-May-11

                	
                  31,469,000.00

                
	
                  25-May-11

                	
                  25-Jun-11

                	
                  30,670,000.00

                
	
                  25-Jun-11

                	
                  25-Jul-11

                	
                  29,884,000.00

                
	
                  25-Jul-11

                	
                  25-Aug-11

                	
                  29,109,000.00

                
	
                  25-Aug-11

                	
                  25-Sep-11

                	
                  28,348,000.00

                
	
                  25-Sep-11

                	
                  25-Oct-11

                	
                  27,599,000.00

                
	
                  25-Oct-11

                	
                  25-Nov-11

                	
                  26,863,000.00

                
	
                  25-Nov-11

                	
                  25-Dec-11

                	
                  26,141,000.00

                
	
                  25-Dec-11

                	
                  25-Jan-12

                	
                  25,433,000.00

                
	
                  25-Jan-12

                	
                  25-Feb-12

                	
                  24,739,000.00

                
	
                  25-Feb-12

                	
                  25-Mar-12

                	
                  24,060,000.00

                
	
                  25-Mar-12

                	
                  25-Apr-12

                	
                  23,396,000.00

                
	
                  25-Apr-12

                	
                  25-May-12

                	
                  22,746,000.00

                
	
                  25-May-12

                	
                  25-Jun-12

                	
                  22,110,000.00

                
	
                  25-Jun-12

                	
                  25-Jul-12

                	
                  21,489,000.00

                
	
                  25-Jul-12

                	
                  25-Aug-12

                	
                  20,883,000.00

                
	
                  25-Aug-12

                	
                  25-Sep-12

                	
                  20,291,000.00

                
	
                  25-Sep-12

                	
                  25-Oct-12

                	
                  19,713,000.00

                
	
                  25-Oct-12

                	
                  25-Nov-12

                	
                  19,149,000.00

                
	
                  25-Nov-12

                	
                  25-Dec-12

                	
                  18,600,000.00

                
	
                  25-Dec-12

                	
                  25-Jan-13

                	
                  18,064,000.00

                
	
                  25-Jan-13

                	
                  25-Feb-13

                	
                  17,542,000.00

                
	
                  25-Feb-13

                	
                  25-Mar-13

                	
                  17,033,000.00

                
	
                  25-Mar-13

                	
                  25-Apr-13

                	
                  16,538,000.00

                
	
                  25-Apr-13

                	
                  25-May-13

                	
                  16,055,000.00

                
	
                  25-May-13

                	
                  25-Jun-13

                	
                  15,586,000.00

                
	
                  25-Jun-13

                	
                  25-Jul-13

                	
                  15,129,000.00

                
	
                  25-Jul-13

                	
                  25-Aug-13

                	
                  14,685,000.00

                
	
                  25-Aug-13

                	
                  25-Sep-13

                	
                  14,252,000.00

                
	
                  25-Sep-13

                	
                  25-Oct-13

                	
                  13,832,000.00

                
	
                  25-Oct-13

                	
                  25-Nov-13

                	
                  13,423,000.00

                
	
                  25-Nov-13

                	
                  Termination
                    Date

                	
                  13,026,000.00

                

        

        

        The
          dates
          in the above schedule with the exception of the Effective Date will be
          subject
          to adjustment in accordance with the Modified Following Business Day
          Convention.

        

        
          	
                  Seller
                    of the Cap:

                	
                  UBS
                    AG

                
	 	 
	
                  Buyer
                    of the Cap:

                	
                  Counterparty

                
	 	 
	
                  Calculation
                    Agent:

                	
                  UBS
                    AG, unless otherwise specified in the schedule to the Master
                    Agreement

                
	 	 
	
                  Business
                    Days:

                	
                  New
                    York

                
	 	 
	
                  Broker:

                	
                  None

                

        

        

        
          	
                  Fixed
                    Amounts

                	 
	 	 
	
                  Fixed
                    Rate Payer:

                	
                  Counterparty

                
	 	 
	
                  Fixed
                    Amount:

                	
                  Not
                    Applicable

                
	 	 
	
                  Fixed
                    Rate Payer Payment Date:

                	
                  Not
                    Applicable

                
	 	 
	
                  Business
                    Day Convention:

                	
                  Not
                    Applicable

                

        

        

        Floating
          Amounts

        

        
          	
                  Floating
                    Rate Payer:

                	
                  UBS
                    AG

                
	 	 
	
                  Cap
                    Rate:

                	
                  7.00%
                    per annum

                

        

        

        
          	
                  Floating
                    Amount:

                	
                  To
                    be determined in accordance with the following formula:

                  Greater
                    of

                  (1)
                    Calculation Amount * Floating Rate Day Count Fraction * (Floating
                    Rate
                    Option - Cap Rate) and

                
	 	
                  (2)
                    0

                
	 	 
	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA

                

        

        

        
          	 	 
	
                  Designated
                    Maturity:

                	
                  One
                    Month

                
	 	 
	
                  Spread:

                	
                  None

                
	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360

                
	 	 
	
                  Floating
                    Rate Payer End Dates:

                	
                  25
                    January, 25 February, 25 March, 25 April, 25 May, 25 June, 25
                    July, 25
                    August, 25 September, 25 October, 25 November and 25 December,
                    in each
                    year, from and including 25 February 2007, up to and including
                    the
                    Termination Date, subject to adjustment in accordance with the
                    Business
                    Day Convention specified immediately below. 

                
	 	 
	
                  Floating
                    Rate Payer Payment Dates:

                	
                  Early
                    Payment shall be applicable. The Floating Rate Payer Payment
                    Dates shall
                    be two Business Days prior to each Floating Rate Payer Period
                    End
                    Date.

                
	 	 
	
                  Business
                    Day Convention:

                	
                  Modified
                    Following

                

        

        

        Relationship
          Between Parties

        Each
          party will be deemed to represent to the other party on the date on which
          it
          enters into this Transaction that (in the absence of a written Agreement
          between
          the parties which expressly imposes affirmative obligations to the contrary
          for
          this Transaction):

         

        (a)
          Non-Reliance. Each party is acting for its own account, and has made its
          own
          independent decisions to enter into this Transaction and this such Transaction
          is appropriate or proper for it based upon its own judgement and upon advice
          from such advisers as it has deemed necessary. Each party is not relying
          on any
          communication (written or oral) of the other party as investment advice
          or as a
          recommendation to enter into this Transaction; it being understood that
          information and explanation relating to the terms and conditions of this
          Transaction shall not be considered investment advice or a recommendation
          to
          enter into this Transaction. No communication (written or oral) received
          from
          the other party shall be deemed to be an assurance or guarantee as to the
          expected results of this Transaction.

         

        (b)
          Assessment and Understanding. Each party is capable of assessing the merits
          of
          and understands (on its own behalf or through independent professional
          advice),
          and accepts, the terms, conditions and risks of this Transaction. Each
          party is
          also capable of assuming and assumes, the risks of this
          Transaction.

         

        (c)
          Status of the Parties. Neither party is acting as a fiduciary for or as
          an
          adviser to the other in respect of this Transaction.

        

        References
          in this clause to "a party" shall, in the case of UBS AG and where the
          context
          so allows, include references to any affiliate of UBS AG.

        

        

        
          	
                  Account
                    Details for UBS AG:

                	 

        

        

        
          	
                  Currency:

                	
                  USD

                
	
                  Correspondent
                    Bank:

                	
                  UBS
                    AG,
                    STAMFORD
                    BRANCH

                
	
                  Swift
                    Address:

                	
                  UBSWUS33XXX

                
	
                  Favour:
                    

                	
                  UBS
                    AG LONDON
                    BRANCH

                
	
                  Swift
                    Address: 

                	
                  UBSWGB2LXXX

                
	
                  Account
                    No: 

                	
                  101-wa-140007-000

                
	
                  Further
                    Credit To: 

                	
                   

                
	
                  Swift
                    Address: 

                	 
	
                  Account
                    No: 

                	 

        

        

        Offices

        
          	(a)  	
                  The
                    office of UBS AG for the Interest Rate Cap Transaction is London;
                    and

                

        

        
          	(b)  	
                  The
                    office of Counterparty for the Interest Rate Cap Transaction
                    is New
                    York.

                

        

        

        

        
          	
                  Contact
                    Names at UBS AG:

                	 	 
	
                  Payment
                    Inquiries

                	
                  Elisa
                    Doctor

                	
                  Email:
                    DL-USOTCRATES-SETTS@ubs.com

                
	
                  Pre
                    Value Payments:

                	
                  Pre
                    Value Payment Investigations:

                	
                  203.719-1110

                
	
                  Post
                    Value Payments:

                	
                  Post
                    Value Payment Investigations:

                	
                  203.719.1110

                
	
                  Confirmation
                    Queries:

                	
                  Confirmation
                    Control:

                	
                  203.719.3733

                
	
                  ISDA
                    Documentation:

                	
                  Legal

                	
                  203.719.4747

                
	
                  Swift:

                	
                  UBSWGB2L

                
	
                  Fax:

                	
                  (44)
                    20 7567 2685/2990

                
	
                  Address:

                	
                  UBS
                    AG

                
	 	
                  100
                    Liverpool Street

                  London
                    EC2M 2RH

                

        

        

        Please
          confirm that the foregoing correctly sets forth the terms and conditions
          of our
          agreement by executing a copy of this Confirmation and returning it to
          us or by
          sending to us a letter or facsimile substantially similar to this letter,
          which
          letter or facsimile sets forth the material terms of the Transaction to
          which
          this Confirmation relates and indicates your agreement to those terms or
          by
          sending to us a return letter or facsimile in the form attached.

        

        This
          Agreement may be executed in several counterparts, each of which shall
          be deemed
          an original but all of which together shall constitute one and the same
          instrument.

        

        Yours
          Faithfully

        For
          and
          on Behalf of 

        UBS
          AG,
          London Branch

        

        
          	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	
                  Christopher
                    Dingle

                	 	
                  Name:

                	
                  Jonathan
                    McTernan

                
	
                  Title:

                	
                  Associate
                    Director

                	 	
                  Title:

                	
                  Associate
                    Director

                

        

        

        Acknowledged
          and Agreed by UBS Real Estate Securities, Inc. as of the date first written
          above:

        

        
          	
                  By:

                
	 
	
                  Name
                    :

                	 
	
                  Title
                    :

                	 

        

        

        

        UBS
          AG
          London Branch, 1 Finsbury Avenue, London, EC2M 2PP

        UBS
          AG is
          a member of the London Stock Exchange and is regulated in the UK by the
          Financial Services Authority.

        Representatives
          of UBS Limited introduce trades to UBS AG via UBS Limited.

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Attachment
          2

        

        
          	
                  

                

        

        

        Date:                                                     
           28
          December 2006

        

        
          	
                  To:

                	
                  Wells
                    Fargo Bank, N. A. not individually, but solely as trust administrator
                    with
                    respect to the MASTR Asset Backed Securities Trust, 2006-HE5,
                    Mortgage
                    Pass Through Certificates, Series 2006-HE5
                    (“Counterparty”)

                

        

        

        Attention: 

        

        From:                                                    
           UBS
          AG,
          London Branch
          (“UBS
          AG”)

        

        Subject:                                                
           Interest
          Rate Cap Transaction

        UBS
          AG Ref: 37536074

         

        

        Dear
          Sirs

        

        The
          purpose of this communication is to confirm the terms and conditions of
          the
          Transaction entered into between us on the Trade Date specified below.
          This
          Confirmation constitutes a “Confirmation” as referred to in the Master Agreement
          or Agreement specified below. 

         

        The
          definitions contained in the 2000 ISDA Definitions as published by the
          International Swaps and Derivatives Association, Inc., are incorporated
          into
          this Confirmation. In the event of any inconsistency between any of the
          definitions listed above and this Confirmation, this Confirmation will
          govern.

        

        This
          Confirmation supplements, forms part of, and is subject to, the ISDA Master
          Agreement dated as of 28 December 2006 as amended and supplemented from
          time to
          time (the "Agreement"), between Counterparty and UBS AG. All provisions
          contained in the Agreement govern this Confirmation except as expressly
          modified
          below.

        

        The
          terms
          of the particular Cap Transaction to which this Confirmation relates are
          as
          follows:

         

        
          	
                  General
                    Terms

                	 
	 	 
	
                  Trade
                    Date:

                	
                  28
                    December 2006

                
	 	 
	
                  Effective
                    Date

                	
                  25
                    January 2007

                
	 	 
	
                  Termination
                    Date:

                	
                  25
                    December 2013,
                    subject to adjustment in accordance with the Modified Following
                    Business
                    Day Convention.

                
	 	 
	
                  Calculation
                    Amount:

                	
                  Initially
                    5,272.00 amortizing as per Amortizing Schedule
                    below

                

        

        

        
          	
                  Amortization
                    Schedule:

                	 	 
	
                  Period
                    From (and including)

                	
                  Period
                    To (but excluding)

                	
                  Calculation
                    Amount (USD)

                
	
                  Effective
                    Date

                	
                  25-Feb-07

                	
                  5,272.00

                
	
                  25-Feb-07

                	
                  25-Mar-07

                	
                  11,804.00

                
	
                  25-Mar-07

                	
                  25-Apr-07

                	
                  19,580.00

                
	
                  25-Apr-07

                	
                  25-May-07

                	
                  28,568.00

                
	
                  25-May-07

                	
                  25-Jun-07

                	
                  38,716.00

                
	
                  25-Jun-07

                	
                  25-Jul-07

                	
                  49,944.00

                
	
                  25-Jul-07

                	
                  25-Aug-07

                	
                  62,156.00

                
	
                  25-Aug-07

                	
                  25-Sep-07

                	
                  75,236.00

                
	
                  25-Sep-07

                	
                  25-Oct-07

                	
                  88,624.00

                
	
                  25-Oct-07

                	
                  25-Nov-07

                	
                  100,836.00

                
	
                  25-Nov-07

                	
                  25-Dec-07

                	
                  111,940.00

                
	
                  25-Dec-07

                	
                  25-Jan-08

                	
                  122,004.00

                
	
                  25-Jan-08

                	
                  25-Feb-08

                	
                  131,100.00

                
	
                  25-Feb-08

                	
                  25-Mar-08

                	
                  139,284.00

                
	
                  25-Mar-08

                	
                  25-Apr-08

                	
                  146,620.00

                
	
                  25-Apr-08

                	
                  25-May-08

                	
                  153,160.00

                
	
                  25-May-08

                	
                  25-Jun-08

                	
                  158,952.00

                
	
                  25-Jun-08

                	
                  25-Jul-08

                	
                  164,056.00

                
	
                  25-Jul-08

                	
                  25-Aug-08

                	
                  169,272.00

                
	
                  25-Aug-08

                	
                  25-Sep-08

                	
                  180,480.00

                
	
                  25-Sep-08

                	
                  25-Oct-08

                	
                  189,008.00

                
	
                  25-Oct-08

                	
                  25-Nov-08

                	
                  195,256.00

                
	
                  25-Nov-08

                	
                  25-Dec-08

                	
                  199,532.00

                
	
                  25-Dec-08

                	
                  25-Jan-09

                	
                  201,940.00

                
	
                  25-Jan-09

                	
                  25-Feb-09

                	
                  201,420.00

                
	
                  25-Feb-09

                	
                  25-Mar-09

                	
                  200,548.00

                
	
                  25-Mar-09

                	
                  25-Apr-09

                	
                  199,364.00

                
	
                  25-Apr-09

                	
                  25-May-09

                	
                  197,896.00

                
	
                  25-May-09

                	
                  25-Jun-09

                	
                  196,176.00

                
	
                  25-Jun-09

                	
                  25-Jul-09

                	
                  194,224.00

                
	
                  25-Jul-09

                	
                  25-Aug-09

                	
                  192,320.00

                
	
                  25-Aug-09

                	
                  25-Sep-09

                	
                  190,452.00

                
	
                  25-Sep-09

                	
                  25-Oct-09

                	
                  188,192.00

                
	
                  25-Oct-09

                	
                  25-Nov-09

                	
                  185,608.00

                
	
                  25-Nov-09

                	
                  25-Dec-09

                	
                  182,744.00

                
	
                  25-Dec-09

                	
                  25-Jan-10

                	
                  179,656.00

                
	
                  25-Jan-10

                	
                  25-Feb-10

                	
                  176,432.00

                
	
                  25-Feb-10

                	
                  25-Mar-10

                	
                  173,144.00

                
	
                  25-Mar-10

                	
                  25-Apr-10

                	
                  169,800.00

                
	
                  25-Apr-10

                	
                  25-May-10

                	
                  166,420.00

                
	
                  25-May-10

                	
                  25-Jun-10

                	
                  163,012.00

                
	
                  25-Jun-10

                	
                  25-Jul-10

                	
                  159,584.00

                
	
                  25-Jul-10

                	
                  25-Aug-10

                	
                  156,144.00

                
	
                  25-Aug-10

                	
                  25-Sep-10

                	
                  152,700.00

                
	
                  25-Sep-10

                	
                  25-Oct-10

                	
                  149,264.00

                
	
                  25-Oct-10

                	
                  25-Nov-10

                	
                  145,844.00

                
	
                  25-Nov-10

                	
                  25-Dec-10

                	
                  142,440.00

                
	
                  25-Dec-10

                	
                  25-Jan-11

                	
                  139,060.00

                
	
                  25-Jan-11

                	
                  25-Feb-11

                	
                  135,708.00

                
	
                  25-Feb-11

                	
                  25-Mar-11

                	
                  132,392.00

                
	
                  25-Mar-11

                	
                  25-Apr-11

                	
                  129,112.00

                
	
                  25-Apr-11

                	
                  25-May-11

                	
                  125,876.00

                
	
                  25-May-11

                	
                  25-Jun-11

                	
                  122,680.00

                
	
                  25-Jun-11

                	
                  25-Jul-11

                	
                  119,536.00

                
	
                  25-Jul-11

                	
                  25-Aug-11

                	
                  116,436.00

                
	
                  25-Aug-11

                	
                  25-Sep-11

                	
                  113,392.00

                
	
                  25-Sep-11

                	
                  25-Oct-11

                	
                  110,396.00

                
	
                  25-Oct-11

                	
                  25-Nov-11

                	
                  107,452.00

                
	
                  25-Nov-11

                	
                  25-Dec-11

                	
                  104,564.00

                
	
                  25-Dec-11

                	
                  25-Jan-12

                	
                  101,732.00

                
	
                  25-Jan-12

                	
                  25-Feb-12

                	
                  98,956.00

                
	
                  25-Feb-12

                	
                  25-Mar-12

                	
                  96,240.00

                
	
                  25-Mar-12

                	
                  25-Apr-12

                	
                  93,584.00

                
	
                  25-Apr-12

                	
                  25-May-12

                	
                  90,984.00

                
	
                  25-May-12

                	
                  25-Jun-12

                	
                  88,440.00

                
	
                  25-Jun-12

                	
                  25-Jul-12

                	
                  85,956.00

                
	
                  25-Jul-12

                	
                  25-Aug-12

                	
                  83,532.00

                
	
                  25-Aug-12

                	
                  25-Sep-12

                	
                  81,164.00

                
	
                  25-Sep-12

                	
                  25-Oct-12

                	
                  78,852.00

                
	
                  25-Oct-12

                	
                  25-Nov-12

                	
                  76,596.00

                
	
                  25-Nov-12

                	
                  25-Dec-12

                	
                  74,400.00

                
	
                  25-Dec-12

                	
                  25-Jan-13

                	
                  72,256.00

                
	
                  25-Jan-13

                	
                  25-Feb-13

                	
                  70,168.00

                
	
                  25-Feb-13

                	
                  25-Mar-13

                	
                  68,132.00

                
	
                  25-Mar-13

                	
                  25-Apr-13

                	
                  66,152.00

                
	
                  25-Apr-13

                	
                  25-May-13

                	
                  64,220.00

                
	
                  25-May-13

                	
                  25-Jun-13

                	
                  62,344.00

                
	
                  25-Jun-13

                	
                  25-Jul-13

                	
                  60,516.00

                
	
                  25-Jul-13

                	
                  25-Aug-13

                	
                  58,740.00

                
	
                  25-Aug-13

                	
                  25-Sep-13

                	
                  57,008.00

                
	
                  25-Sep-13

                	
                  25-Oct-13

                	
                  55,328.00

                
	
                  25-Oct-13

                	
                  25-Nov-13

                	
                  53,692.00

                
	
                  25-Nov-13

                	
                  Termination
                    Date

                	
                  52,104.00

                

        

        

        The
          dates
          in the above schedule with the exception of the Effective Date will be
          subject
          to adjustment in accordance with the Modified Following Business Day
          Convention.

        

        
          	
                  Seller
                    of the Cap:

                	
                  UBS
                    AG

                
	 	 
	
                  Buyer
                    of the Cap:

                	
                  Counterparty

                
	 	 
	
                  Calculation
                    Agent:

                	
                  UBS
                    AG, unless otherwise specified in the schedule to the Master
                    Agreement

                
	 	 
	
                  Business
                    Days:

                	
                  New
                    York

                
	 	 
	
                  Broker:

                	
                  None

                

        

        

        
          	
                  Fixed
                    Amounts

                	 
	 	 
	
                  Fixed
                    Rate Payer:

                	
                  Counterparty

                
	 	 
	
                  Fixed
                    Amount:

                	
                  Not
                    Applicable

                
	 	 
	
                  Fixed
                    Rate Payer Payment Date:

                	
                  Not
                    Applicable

                
	 	 
	
                  Business
                    Day Convention:

                	
                  Not
                    Applicable

                

        

        

        Floating
          Amounts

        

        
          	
                  Floating
                    Rate Payer:

                	
                  UBS
                    AG

                
	 	 
	
                  Cap
                    Rate:

                	
                  7.00%
                    per annum

                

        

        

        

        
          	
                  Floating
                    Amount:

                	
                  To
                    be determined in accordance with the following formula:

                  Greater
                    of

                  (1)
                    250 * Calculation Amount * Floating Rate Day Count Fraction *
                    (Floating
                    Rate Option - Cap Rate) and

                
	 	
                  (2)
                    0

                
	 	 
	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA

                

        

        

        
          	
                  Designated
                    Maturity:

                	
                  One
                    Month

                
	 	 
	
                  Spread:

                	
                  None

                
	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360

                
	 	 
	
                  Floating
                    Rate Payer End Dates:

                	
                  25
                    January, 25 February, 25 March, 25 April, 25 May, 25 June, 25
                    July, 25
                    August, 25 September, 25 October, 25 November and 25 December,
                    in each
                    year, from and including 25 February 2007, up to and including
                    the
                    Termination Date, subject to adjustment in accordance with the
                    Business
                    Day Convention specified immediately below. 

                
	 	 
	
                  Floating
                    Rate Payer Payment Dates:

                	
                  Early
                    Payment shall be applicable. The Floating Rate Payer Payment
                    Dates shall
                    be two Business Days prior to each Floating Rate Payer Period
                    End
                    Date.

                
	 	 
	
                  Business
                    Day Convention:

                	
                  Modified
                    Following

                

        

        

        Relationship
          Between Parties

        Each
          party will be deemed to represent to the other party on the date on which
          it
          enters into this Transaction that (in the absence of a written Agreement
          between
          the parties which expressly imposes affirmative obligations to the contrary
          for
          this Transaction):

         

        (a)
          Non-Reliance. Each party is acting for its own account, and has made its
          own
          independent decisions to enter into this Transaction and this such Transaction
          is appropriate or proper for it based upon its own judgement and upon advice
          from such advisers as it has deemed necessary. Each party is not relying
          on any
          communication (written or oral) of the other party as investment advice
          or as a
          recommendation to enter into this Transaction; it being understood that
          information and explanation relating to the terms and conditions of this
          Transaction shall not be considered investment advice or a recommendation
          to
          enter into this Transaction. No communication (written or oral) received
          from
          the other party shall be deemed to be an assurance or guarantee as to the
          expected results of this Transaction.

         

        (b)
          Assessment and Understanding. Each party is capable of assessing the merits
          of
          and understands (on its own behalf or through independent professional
          advice),
          and accepts, the terms, conditions and risks of this Transaction. Each
          party is
          also capable of assuming and assumes, the risks of this
          Transaction.

         

        (c)
          Status of the Parties. Neither party is acting as a fiduciary for or as
          an
          adviser to the other in respect of this Transaction.

        

        (d)
          Eligible
          Contract Participant.
          Each
          party constitutes an “eligible contract participant” as such term is defined in
          Section 1(a)12 of the Commodity Exchange Act, as amended.

        

        Fully-Paid
          Transactions
          Notwithstanding the terms of Sections 5 and 6 of the ISDA Master Agreement,
          (a)
          the occurrence of an event described in Section 5(a) of the Form Master
          Agreement with respect to Counterparty shall not constitute an Event of
          Default
          or Potential Event of Default with respect to Counterparty as the Defaulting
          Party and (b) UBS AG shall be entitled to designate an Early Termination
          Date
          pursuant to Section 6 of the ISDA Master Agreement only as a result of
          a
          Termination Event set forth in either Section 5(b)(i) or Section 5(b)(ii)
          of the
          ISDA Master Agreement with respect to UBS AG as the Affected Party or Section
          5(b)(iii) of the ISDA Master Agreement with respect to UBS AG as the Burdened
          Party.

        

        

        References
          in this clause to "a party" shall, in the case of UBS AG and where the
          context
          so allows, include references to any affiliate of UBS AG.

        

        
          	
                  Account
                    Details for UBS AG:

                	 

        

        

        
          	
                  Currency:

                	
                  USD

                
	
                  Correspondent
                    Bank:

                	
                  UBS
                    AG,
                    STAMFORD
                    BRANCH

                
	
                  Swift
                    Address:

                	
                  UBSWUS33XXX

                
	
                  Favour:
                    

                	
                  UBS
                    AG LONDON
                    BRANCH

                
	
                  Swift
                    Address: 

                	
                  UBSWGB2LXXX

                
	
                  Account
                    No: 

                	
                  101-wa-140007-000

                
	
                  Further
                    Credit To: 

                	
                   

                
	
                  Swift
                    Address: 

                	 
	
                  Account
                    No: 

                	 

        

        

        

        Offices

        
          	(a)  	
                  The
                    office of UBS AG for the Interest Rate Cap Transaction is London;
                    and

                

        

        
          	(b)  	
                  The
                    office of Counterparty for the Interest Rate Cap Transaction
                    is New
                    York

                

        

        

        
          	
                  Contact
                    Names at UBS AG:

                	 	 
	
                  Payment
                    Inquiries

                	
                  Elisa
                    Doctor

                	
                  Email:
                    DL-USOTCRATES-SETTS@ubs.com

                
	
                  Pre
                    Value Payments:

                	
                  Pre
                    Value Payment Investigations:

                	
                  203.719-1110

                
	
                  Post
                    Value Payments:

                	
                  Post
                    Value Payment Investigations:

                	
                  203.719.1110

                
	
                  Confirmation
                    Queries:

                	
                  Confirmation
                    Control:

                	
                  203.719.3733

                
	
                  ISDA
                    Documentation:

                	
                  Legal

                	
                  203.719.4747

                
	
                  Swift:

                	
                  UBSWGB2L

                
	
                  Fax:

                	
                  (44)
                    20 7567 2685/2990

                
	
                  Address:

                	
                  UBS
                    AG

                
	 	
                  100
                    Liverpool Street

                  London
                    EC2M 2RH

                

        

        

        

        Contact
          Info:

        Wells
          Fargo Bank, N.A.

        9062
          Old
          Annapolis Road

        Columbia,
          MD 21045-1951

        Attn:
          Client Manager MABS 2006-HE5

        (p)
          410.884.2000

        (f)
          410.715.2380

        

        Wiring
          Instructions:

        WELLS
          FARGO BANK, NA

        ABA#
          121000248

        FOR
          CREDIT TO: CORPORATE TRUST CLEARING

        ACCT:
          3970771416

        FFC
          TO:
          Cap
          Account,
          Account #
          50977902

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Please
          confirm that the foregoing correctly sets forth the terms and conditions
          of our
          agreement by executing a copy of this Confirmation and returning it to
          us or by
          sending to us a letter or facsimile substantially similar to this letter,
          which
          letter or facsimile sets forth the material terms of the Transaction to
          which
          this Confirmation relates and indicates your agreement to those terms or
          by
          sending to us a return letter or facsimile in the form attached.

        

        This
          Agreement may be executed in several counterparts, each of which shall
          be deemed
          an original but all of which together shall constitute one and the same
          instrument.

        

        Yours
          Faithfully

        For
          and
          on Behalf of 

        UBS
          AG,
          London Branch

        

        

        
          	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	
                  Christopher
                    Dingle

                	 	
                  Name:

                	
                  Jonathan
                    McTernan

                
	
                  Title:

                	
                  Associate
                    Director

                	 	
                  Title:

                	
                  Associate
                    Director

                

        

        

        

        Acknowledged
          and Agreed by Wells Fargo Bank, N. A. not individually, but solely as trust
          administrator with respect to the MASTR Asset Backed Securities Trust,
          2006-HE5,
          Mortgage Pass Through Certificates, Series 2006-HE5 as of the date first
          written
          above:

        

        
          	
                  By:

                
	 
	
                  Name
                    :

                	 
	
                  Title
                    :

                	 

        

        

        

        UBS
          AG
          London Branch, 1 Finsbury Avenue, London, EC2M 2PP

        UBS
          AG is
          a member of the London Stock Exchange and is regulated in the UK by the
          Financial Services Authority.

        Representatives
          of UBS Limited introduce trades to UBS AG via UBS Limited.

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        (Multicurrency-Cross
          Border)

        ISDAâ

        

        International
          Swap Dealers Association, Inc.

        

        MASTER
          AGREEMENT

        

        dated
          as
          of December 28, 2006

        

        
          	
                  UBS
                    AG

                   

                  (“Party
                    A”)

                	
                  and

                	
                  WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, not individually, but solely
                    as trust
                    administrator with respect to the MASTR Asset Backed Securities
                    Trust
                    2006-HE5, Mortgage Pass Through Certificates, Series
                    2006-HE5

                   

                  (“Party
                    B”)

                

        

        

        

        have
          entered and/or anticipate entering into one or more transactions (each
          a
“Transaction”) that are or will be governed by this Master Agreement, which
          includes the schedule (the “Schedule”), and the documents and other confirming
          evidence (each a “Confirmation”) exchanged between the parties confirming those
          Transactions.

        

        Accordingly,
          the parties agree as follows:3⁄4

        

        1. Interpretation

        

        (a) Definitions.
          The
          terms defined in Section 14 and in the Schedule will have the meanings
          therein
          specified for the purpose of this Master Agreement.

        

        (b) Inconsistency. 
          In the
          event of any inconsistency between the provisions of the Schedule and the
          other
          provisions of this Master Agreement, the Schedule will prevail. In the
          event of
          any inconsistency between the provisions of any Confirmation and this Master
          Agreement (including the Schedule), such Confirmation will prevail for
          the
          purposes of the relevant Transaction.

        

        (c) Single
          Agreement.
          All
          Transactions are entered into in reliance on the fact that this Master
          Agreement
          and all Confirmations form a single agreement between the parties (collectively
          referred to as this “Agreement”), and the parties would not otherwise enter into
          any Transactions.

        

        2. Obligations

        

        (a) General
          Conditions.

        

        (i)
          Each
          party will make each payment or delivery specified in each Confirmation
          to be
          made by it, subject to the other provisions of this Agreement.

        

        (ii)
          Payments under this Agreement will be made on the due date for value on
          that
          date in the place of the account specified in the relevant Confirmation
          or
          otherwise pursuant to this Agreement, in freely transferable funds and
          in
          the manner customary for
          payments in the required currency.
          Where settlement is by delivery (that is, other than by payment), such
          delivery
          will be made for receipt on the due date in the manner customary for the
          relevant obligation unless otherwise specified in the relevant Confirmation
          or
          elsewhere in this Agreement.

        

        (iii)
          Each obligation of each party under Section 2(a)(i) is subject to (1) the
          condition precedent that no Event of Default or Potential Event of Default
          with
          respect to the other party has occurred and is continuing, (2) the condition
          precedent that no Early Termination Date in respect of the relevant Transaction
          has occurred or been effectively designated and (3) each other applicable
          condition precedent specified in this Agreement.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        value
          of
          that which was (or would have been) required to be delivered as of the
          originally scheduled date for delivery, in each case together with (to
          the
          extent permitted under applicable law) interest, in the currency of such
          amounts, from (and including) the date
          such
          amounts or obligations were or
          would
          have been
          required to have been paid or performed to (but excluding) such
          Early Termination Date, at the Applicable Rate. Such amounts of interest
          will be
          calculated on the basis of daily compounding and the actual number of days
          elapsed. The fair market value of any obligation referred to in clause
          (b) above
          shall be reasonably determined by the party obliged to make the determination
          under Section 6(e) or, if each party is so obliged, it shall be the average
          of
          the Termination Currency Equivalents of the fair market values reasonably
          determined by both parties.

        

        IN
          WITNESS WHEREOF the parties have executed this document on the respective
          dates
          specified below with effect from the date specified on the first page of
          this
          document.

         

         

        
          	
                  UBS
                    AG

                  (“Party
                    A”)

                	 	
                  WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, not individually, but solely
                    as trust
                    administrator with respect to the MASTR Asset Backed Securities
                    Trust
                    2006-HE5, Mortgage Pass Through Certificates, Series
                    2006-HE5

                  (“Party
                    B”)

                
	 	 	 
	
                  (Name
                    of Party)

                	 	
                  (Name
                    of Party)

                
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	 	 	
                  Name:

                	 
	
                  Title:

                	 	 	
                  Title:

                	 
	
                  Date:

                	 	 	
                  Date:

                	 
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	 	 
	
                  Name:

                	 	 	 	 
	
                  Title:

                	 	 	 	 
	
                  Date:

                	 	 	 	 

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        
 

      

      
        Execution
          Copy

        (Multicurrency-Cross
          Border) 

        Cap
          Schedule

         

         

        SCHEDULE

        to
          the

        Master
          Agreement

        dated
          as
          of December 28, 2006

         

        between

         

        UBS
          AG (“Party
          A”),

        a
          banking
          corporation organized under the laws of Switzerland

         

        and

         

        WELLS
          FARGO BANK, NATIONAL ASSOCIATION, not individually, but solely as trust
          administrator with respect to the MASTR Asset Backed Securities Trust 2006-HE5,
          Mortgage Pass Through Certificates, Series 2006-HE5 (“Party B”)

         

        Part
          1. 

        Termination
          Provisions

         

        In
          this
          Agreement:

         

        
          	
                  (a)

                	
                  “Specified
                    Entity” means
                    in relation to Party A for the purpose
                    of:-

                

        

        

        Section
          5(a)(v),  Not
          applicable.

        Section
          5(a)(vi), Not
          applicable.

        Section
          5(a)(vii), Not
          applicable.

        Section
          5(b)(iv), Not
          applicable.

        

        and
          in
          relation to Party B for the purpose of:

         

        Section
          5(a)(v),  Not
          applicable.

        Section
          5(a)(vi), Not
          applicable.

        Section
          5(a)(vii), Not
          applicable.

        Section
          5(b)(iv), Not
          applicable.

         

        
          	
                  (b)

                	
                  “Specified
                    Transaction” will
                    have the meaning specified in Section 14 of this Agreement.
                    

                

        

         

        
          	
                  (c)

                	
                  The
                    “Failure
                    to Pay or Deliver”
                    provisions of Section 5(a)(i) of this Agreement will apply to
                    Party A and
                    will apply to Party B.

                

        

         

        
          	
                  (d)

                	
                  The
                    “Breach
                    of Agreement”
                    provisions of Section 5(a)(ii) of this Agreement will apply to
                    Party A and
                    will not apply to Party B. 

                

        

         

        
          	
                  (e)
                    

                	
                  The
                    “Credit
                    Support Default”
                    provisions of Section 5(a)(iii) of this Agreement will apply
                    to Party A
                    and will not apply to Party B except that Section 5(a)(iii)(1)
                    of this
                    Agreement will apply to Party B only with respect to the Transfer
                    of any
                    Return Amount required to be made by Party B pursuant to the
                    Credit
                    Support Annex.

                

        

         

        
          	
                  (f)

                	
                  The
                    “Misrepresentation”
                    provisions of Section 5(a)(iv) of this Agreement will not apply
                    to either
                    Party A or Party B. 

                

        

         

        
          	
                  (g)

                	
                  The
                    “Default
                    under Specified Transaction”
                    provisions of Section 5(a)(v) of this Agreement will apply to
                    Party A and
                    will not apply to Party B.

                

        

         

        
          	
                  (h)

                	
                  The
                    “Cross
                    Default” provisions
                    of Section 5(a)(vi) of this Agreement, as modified below, will
                    apply to
                    Party A and will not apply to Party B. Section 5(a)(vi) of this
                    Agreement
                    is hereby amended by the addition of the following at the end
                    thereof:

                

        

         

        
          	 	
                  “provided,
                    however, that notwithstanding the foregoing, an Event of Default
                    shall not
                    occur under either (1) or (2) above if, as demonstrated to the
                    reasonable
                    satisfaction of the other party, (a) the event or condition referred
                    to in
                    (1) or the failure to pay referred to in (2) is a failure to
                    pay caused by
                    an error or omission of an administrative or operational nature;
                    (b) funds
                    were available to such party to enable it to make the relevant
                    payment
                    when due; and (c) such relevant payment is made within three
                    Local
                    Business Days following receipt of written notice from an interested
                    party
                    of such failure to pay.”

                

        

         

        
          	 	
                  For
                    purposes of this provision:

                

        

         

        
          	 	
                  “Specified
                    Indebtedness”
                    will have the meaning specified in Section 14 of this
                    Agreement.

                

        

         

        
          	 	
                  “Threshold
                    Amount”
                    means with respect to Party A, an amount equal to three percent
                    (3%) of
                    the shareholders’ equity (howsoever described) of Party A as shown on the
                    most recent annual audited financial statements of Party
                    A.

                

        

         

        
          	
                  (i)

                	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) of this Agreement will not apply
                    to either
                    Party A or Party B.

                

        

         

        
          	
                  (j)

                	
                  The
                    “Automatic
                    Early Termination”
                    provisions of Section 6(a) of this Agreement will not apply to
                    Party A and
                    will not apply to Party B; provided that, if the Event of Default
                    specified in Section 5(a)(vii) (except for Section 5(a)(vii)(2))
                    is
                    governed by a system of law that does not permit termination
                    to take place
                    after the occurrence of the relevant Event of Default with respect
                    to a
                    party, then the Automatic Early Termination provision of Section
                    6(a) will
                    apply to such party.

                

        

         

        
          	
                  (k)

                	
                  The
                    “Bankruptcy”
                    provisions of Section 5(a)(vii) of this Agreement will apply
                    to both Party
                    A and Party B; provided, however, that with respect to Party
                    B the
                    following modifications shall apply: (i) clause (2) shall not
                    apply; (ii)
                    clause (4) shall exclude proceedings or petitions instituted
                    or presented
                    by Party A or any of Party A’s Affiliates; (iii) the words “seeks or”
                    shall be deleted from clause (6); (iv) clause (6) shall not apply
                    in
                    connection with any appointment that is contemplated by the [Transaction
                    Documents] (as such term is defined in the Indenture); (v) clauses
                    (7) and
                    (9) shall not apply; and (vi) clause (8) shall apply only to
                    the extent
                    that any of the events specified in clauses (1) through (7) are
                    applicable. 

                

        

        

        (l)          
           Payments
          on Early Termination.
          For the
          purpose of Section 6(e) of this Agreement:

        (i) Market
          Quotation will apply.

        (ii) The
          Second Method will apply.

        

        
          	
                  (m)

                	
                  Calculations.
                    Notwithstanding Section 6 of this Agreement, so long as Party
                    A is (A) the
                    Affected Party in respect of an Additional Termination Event,
                    Illegality,
                    Tax Event or a Tax Event Upon Merger or (B) the Defaulting Party
                    in
                    respect of any Event of Default, paragraphs (i) to (vi) below
                    shall
                    apply:

                

        

        

        (i) The
          definition of “Market Quotation” shall be deleted in its entirety and replaced
          with the following:

        

        “Market
          Quotation”
means,
          with respect to one or more Terminated Transactions, a Firm Offer which
          is (1)
          made by a Reference Market-maker that is an Eligible Replacement, (2) for
          an
          amount that would be paid to Party B (expressed as a negative number) or
          by
          Party B (expressed as a positive number) in consideration of an agreement
          between Party B and such Reference Market-maker to enter into a transaction
          (the
“Replacement
          Transaction”)
          that
          would have the effect of preserving for such party the economic equivalent
          of
          any payment or delivery (whether the underlying obligation was absolute
          or
          contingent and assuming the satisfaction of each applicable condition precedent)
          by the parties under Section 2(a)(i) in respect of such Terminated Transactions
          or group of Terminated Transactions that would, but for the occurrence
          of the
          relevant Early Termination Date, have been required after that Date, (3)
          made on
          the basis that Unpaid Amounts in respect of the Terminated Transaction
          or group
          of Transactions are to be excluded but, without limitation, any payment
          or
          delivery that would, but for the relevant Early Termination Date, have
          been
          required (assuming satisfaction of each applicable condition precedent)
          after
          that Early Termination Date is to be included and (4) made in respect of
          a
          Replacement Transaction with terms substantially the same as those of this
          Agreement (save for the exclusion of provisions relating to Transactions
          that
          are not Terminated Transactions).” 

        

        (ii) The
          definition of “Settlement Amount” shall be deleted in its entirety and replaced
          with the following:

        

        “Settlement
          Amount”
means,
          with respect to any Early Termination Date, an amount (as determined by
          Party B)
          equal to the Termination Currency Equivalent of the amount (whether positive
          or
          negative) of any Market Quotation for the relevant Terminated Transaction
          or
          group of Terminated Transactions that is accepted by Party B so as to become
          legally binding, Provided that:

        

        (1) If,
          no
          Automatic Early Termination has occurred and, on the Early Termination
          Date, (x)
          no Market Quotation for the relevant Terminated Transaction or group of
          Terminated Transactions has been accepted by Party B so as to become legally
          binding and (y) one or more Market Quotations have been made and remain
          capable
          of becoming legally binding upon acceptance, the Settlement Amount shall
          equal
          the Termination Currency Equivalent of the amount (whether positive or
          negative)
          of the lowest of such Market Quotations; and

        

        (2) If
          no
          Automatic Early Termination has occurred and, on the Early Termination
          Date, (x)
          no Market Quotation for the relevant Terminated Transaction or group of
          Terminated Transactions is accepted by Party B so as to become legally
          binding
          and (y) no Market Quotations have been made and remain capable of becoming
          legally binding upon acceptance, the Settlement Amount shall equal Party
          B’s
          Loss (whether positive or negative and without reference to any Unpaid
          Amounts)
          for the relevant Terminated Transaction or group of Terminated
          Transactions.

        

        (3) If
          an
          Automatic Early Termination has occurred and, on the Early Termination
          Date, no
          Market Quotation for the relevant Terminated Transaction or group of Terminated
          Transactions is accepted by Party B so as to become legally binding, the
          Settlement Amount shall equal Party B’s Loss (whether positive or negative and
          without reference to any Unpaid Amounts) for the relevant Terminated Transaction
          or group of Terminated Transactions.

         

        
          	 	
                  (iii)  

                	
                  
                    For
                      the purpose of paragraph (4) of the definition of Market Quotation,
                      Party
                      B shall determine in its sole discretion, acting in a commercially
                      reasonable manner, whether a Firm Offer is made in respect
                      of a
                      Replacement Transaction with commercial terms substantially
                      the same as
                      those of this Agreement (save for the exclusion of provisions
                      relating to
                      Transactions that are not Terminated
                      Transactions).

                  

                

        

         

        
          	 	
                  (iv)

                	
                  
                    At
                      any time on or before the Early Termination Date at which two
                      or more
                      Market Quotations remain capable of becoming legally binding
                      upon
                      acceptance, Party B shall be entitled to accept only the lowest
                      of such
                      Market Quotations.

                  

                

        

         

        
          	 	
                  (v)

                	
                  If
                    Party B requests Party A in writing to obtain Market Quotations,
                    Party A
                    shall use its reasonable efforts to do so before the Early Termination
                    Date.

                

        

         

        
          	 	
                  (vi)

                	
                  If
                    the Settlement Amount is a negative number, Section 6(e)(i)(3)
                    of this
                    Agreement shall be deleted in its entirety and replaced with
                    the
                    following:

                

        

         

        “Second
          Method and Market Quotation.
          If
          Second Method and Market Quotation apply, (1) Party B shall pay to Party
          A an
          amount equal to the absolute value of the Settlement Amount in respect
          of the
          Terminated Transactions, (2) Party B shall pay to Party A the Termination
          Currency Equivalent of the Unpaid Amounts owing to Party A and (3) Party
          A shall
          pay to Party B the Termination Currency Equivalent of the Unpaid Amounts
          owing
          to Party B, provided that, (i) the amounts payable under (2) and (3) shall
          be
          subject to netting in accordance with Section 2(c) of this Agreement and
          (ii)
          notwithstanding any other provision of this Agreement, any amount payable
          by
          Party A under (3) shall not be netted-off against any amount payable by
          Party B
          under (1).”

         

        (n) “Termination
          Currency”
          means
          United States Dollars (“USD”).

         

        (o) Additional
          Termination Event
          will
          apply to Party A and Party B as set forth below:

         

        	(i)  	
                Each
                  of the following events shall be an Additional Termination Event
                  for which
                  Party B shall be the sole Affected Party and all Transactions shall
                  be
                  Affected Transactions: 

              

         

        (A)
          The
          trust created pursuant to the Pooling and Servicing Agreement (as defined
          below)
          is unable to pay, or fails or admits in writing its inability, to pay,
          on any
          Distribution Date, any Uncertificated Interest with respect to the Class
          A
          Certificates, to the extent required pursuant to the terms of the Pooling
          and
          Servicing Agreement to be paid to the Class A Certificates on such Distribution
          Date; 

         

        (B)
          The
          Pooling and Servicing Agreement dated as of December 1, 2006 among Mortgage
          Asset Securitization Transactions, Inc. as depositor, Wells Fargo Bank,
          National
          Association as master servicer and trust administrator, Barclays Capital
          Real
          Estate Inc. d/b/a HomeEq Servicing as servicer and U.S. Bank National
          Association as trustee (the “Pooling and Servicing Agreement”) is amended or
          modified without the prior written consent of Party A where such consent
          is
          required under the Pooling and Servicing Agreement (such consent not to
          be
          unreasonably withheld, conditioned or delayed), if such amendment or
          modification adversely affects, in any material respect, the interests
          of Party
          A; and

        

        (C)
          Optional
          Termination of Securitization. An
          Additional Termination Event shall occur upon the notice to Certificateholders
          of an Optional Termination becoming unrescindable in accordance with Article
          [IX] of the Pooling and Servicing Agreement. Party B shall be the sole
          Affected
          Party with respect to this Additional Termination Event and the cap transactions
          with reference numbers 37536063 and 37536083 shall be the sole Affected
          Transactions; provided, however, that notwithstanding anything to the contrary
          in Section 6(b)(iv), only Party B may designate an Early Termination Date
          in
          respect of this Additional Termination Event. 

         

        
          	 	
                  (ii)

                	
                  Each
                    of the following events shall be an Additional Termination Event
                    for which
                    Party A shall be the sole Affected Party and all Transactions
                    shall be
                    Affected Transactions:

                

        

         

        (A) If
          (x)
          within 30 Local Business Days after the date on which the Moody’s First Trigger
          Event applies or (y) within 30 calendar days after the date on which the
          S&P
          First Trigger Event applies,
          Party A
          fails to comply with or perform any obligation to be complied with or performed
          under the CSA (including any obligation to Transfer Eligible Collateral
          thereunder). 

        

        (B) On
          any
          Local Business Day that is (1) at least 30 Local Business Days after the
          occurrence of (x) a Moody’s Second Trigger Event (which is continuing) or that
          is (2) at least 10 Local Business Days after the occurrence of (y) an S&P
          Second Trigger Event (which is continuing), and in the case of both (x)
          and (y),
          a Firm Offer that remains capable of being accepted is either (i) made
          by an
          Eligible Replacement that satisfies the
          Moody’s Ratings Requirement (Second Trigger)
          and
          S&P Ratings Requirement (First Trigger) to accept transfer of Party A’s
          obligations hereunder or (ii) made by a guarantor that satisfies the Moody’s
          Ratings Requirement (Second Trigger) and S&P Ratings Requirement (First
          Trigger) to provide an Eligible Guarantee in respect of Party A’s present and
          future payment and delivery obligations under this Agreement and the CSA
          and
          such a Firm Offer is not accepted by Party A within one (1) Local Business
          Day
          of being made. During any period prior to the acceptance of such offer,
          Party A
          will continue to comply with its obligations under the CSA.

        (C) If,
          upon
          the occurrence of a Swap Disclosure Event (as defined below in Part 5(aa)
          of
          this Schedule) Party A has not, within the lesser of 15 calendar days and
          10
          Local Business Days (after giving effect to any grace period applicable
          to the
          relevant filing) after such Swap Disclosure Event, complied with any of
          the
          provisions set forth in Part 5(aa) below. 

        

        For
          the
          purposes hereof:

         

        “Cap
          Rating Agency” means each of S&P and Moody’s, to the extent that each such
          rating agency is then providing a rating for any of the MASTR Asset Backed
          Securities Trust 2006-HE5, Mortgage Pass Through Certificates, Series 2006-HE5
          (the “Certificates”) or any notes backed by the Certificates (the “Notes”).

        

        “Eligible
          Guarantee” means an unconditional and irrevocable guarantee that is provided by
          a guarantor as principal debtor rather than surety and is directly enforceable
          by Party B, where (A) either (x) a law firm has given a legal opinion confirming
          that none of the guarantor’s payments to Party B under such guarantee will be
          subject to withholding for Tax or (y) such guarantee provides that, in
          the event
          that any of such guarantor’s payments to Party B are subject to withholding for
          Tax, such guarantor is required to pay such additional amount as is necessary
          to
          ensure that the net amount actually received by Party B (free and clear
          of any
          withholding tax) will equal the full amount Party B would have received
          had no
          such withholding been required and (B) the Rating Agency Condition with
          respect
          to S&P is satisfied. 

        

        “Eligible
          Replacement” means an entity satisfying (or whose present and future payment and
          delivery obligations owing to Party B are guaranteed pursuant to an Eligible
          Guarantee provided by a guarantor satisfying) the Moody’s
          Ratings Requirement (Second Trigger) and S&P Ratings Requirement (First
          Trigger).
          Where
          the Eligible Replacement will enter into documentation substantively similar
          to
          this Agreement, Party A must provide written notice to each Cap Rating
          Agency of
          such transfer and such transfer must be in connection with the assignment
          and
          assumption of this Agreement without modification of its terms, other than
          party
          names, dates relevant to the effective date of such transfer, tax
          representations and any other representations regarding the status of the
          substitute counterparty. In all other cases, the Rating Agency Condition
          must be
          satisfied with respect to S&P.

         

        “Firm
          Offer” means an offer which, when made, was capable of becoming legally binding
          upon acceptance by the offeree.

         

        “Long
          Term Rating” means the long-term unsecured and unsubordinated debt or
          counterparty rating assigned to a party by a Cap Rating Agency.

         

        “Moody’s”
          shall mean Moody’s Investors Service, Inc., or any successor
          thereto.

         

        “Moody’s
          First Trigger Event” means no Relevant Entity satisfies the Moody’s Ratings
          Requirement (First Trigger).

         

        “Moody’s
          Ratings Requirement (First Trigger)” means, with respect to a party:
(x)
          such
          party’s Short Term Rating from Moody’s is at least “P-1” and its Long Term
          Rating from Moody’s is at least “A2”; or (y) if such party does
          not
          have a Short Term Rating from Moody’s,
          its
          Long Term Rating from Moody’s is at least “A1.

         

        “Moody’s
          Ratings Requirement (Second Trigger)” means, (x) with respect to a Relevant
          Entity, its Short
          Term Rating from Moody’s is at least “P-2” and its Long Term Rating from Moody’s
          is at least “A3” or (y) if such Relevant Entity does
          not
          have a Short Term Rating,
          its
          Long Term Rating from Moody’s is at least “A3”.

         

        “Moody’s
          Second Trigger Event” means no
          Relevant Entity satisfies the Moody’s Ratings
          Requirement (Second Trigger).

         

        “Relevant
          Entity” means Party A and any guarantor under an Eligible Guarantee in respect
          of all of Party A’s present and future obligations hereunder.

         

        “S&P”
          means Standard & Poor’s Rating Services, a division of The McGraw-Hill
          Companies, Inc., or any successor thereto.

         

        “S&P
          First Trigger Event” means no Relevant Entity satisfies the S&P Ratings
          Requirement (First Trigger).

         

        “S&P
          Ratings Requirement (First Trigger)” means: (x) the Relevant Entity’s Short Term
          Rating from S&P is at least “A-1” or (y) if such Relevant Entity does not
          have a Short Term Rating from S&P, its Long Term Rating from S&P is at
          least “A+”.

         

        “S&P
          Ratings Requirement (Second Trigger)” means the Relevant Entity’s Long Term
          Rating is at least “BBB-”.

         

        “S&P
          Second Trigger Event”
          means
          that no Relevant Entity’s Long Term Rating satisfies the S&P Ratings
          Requirement (Second Trigger).

         

        “Second
          Trigger Collateralization Level” applies at any time a Moody’s Second Trigger
          Event has occurred and has been continuing for thirty (30) or more Local
          Business Days. For the avoidance of doubt, the Second Trigger Collateralization
          Level shall cease to apply at any time a Relevant Entity satisfies the
          Moody’s
          Ratings Requirement (Second Trigger).

         

        “Short
          Term Rating” means the short-term unsecured and unsubordinated debt rating
          assigned to a party by a
          Cap
          Rating Agency.

         

        (p) Second
          Trigger Event Additional Obligations. For
          so
          long as Party A does not satisfy the Moody’s Ratings Requirement (Second
          Trigger) or the S&P Ratings Requirement (Second Trigger), Party
          A
          shall use commercially reasonable efforts to obtain a Firm
          Offer to, as soon as is reasonably practicable, either (1) transfer
          its obligations under this Agreement to an Eligible Replacement that satisfies
          the
          Moody’s Ratings Requirement (Second Trigger) and the S&P Ratings Requirement
          (First Trigger) or (2), to the extent consistent with its then-current
          internal
          policies and practices, guaranty its present and future payment and delivery
          obligations under this Agreement and the CSA through an Eligible Guarantee
          from
          a guarantor that satisfies the Moody’s Ratings Requirement (Second Trigger) and
          the S&P Ratings Requirement (First Trigger).

         

        Part
          2. 

        Tax
          Representations

        

         

        
          	
                  (a)

                	
                  Payer
                    Tax Representations.
                    For the purpose of Section 3(e) of this Agreement, Party A and
                    Party B
                    will each make the following representation:
                    None.

                

        

         

        
          	
                   (b)

                	
                  Payee
                    Representations.
                    

                

        

         

        
          	 	
                  (i)

                	
                  For
                    the purpose of Section 3(f) of this Agreement, Party A makes
                    the following
                    representations to Party B: None.

                

        

        
          	 	
                  (ii)

                	
                  For
                    the purpose of Section 3(f) of this Agreement, Party B makes
                    the following
                    representations to Party A: None

                

        

         

        Part
          3.

        Agreement
          to Deliver Documents.

         

        For
          the
          purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees
          to
          deliver the following documents, as applicable:

         

        (a) Tax
          forms, documents or certificates to be delivered are:

        
          	
                  Party
                    required to

                  deliver
                    document

                	
                   

                  Form/Document/Certificate

                	
                  Date
                    by which to be delivered

                
	 	 	 
	
                  Party
                    A

                   

                	
                  An
                    original properly completed and executed United States Internal
                    Revenue
                    Service Form W-8BEN (or any successor thereto), as appropriate,
                    with
                    respect to any payments received or to be received by Party A
                    that
                    eliminates U.S. federal withholding and backup withholding Tax
                    on payments
                    to Party A under this Agreement.

                	
                  (i)
                    Upon execution and delivery of this Agreement, with such form
                    to be
                    updated at the beginning of each succeeding three calendar year
                    period
                    beginning after execution of this Agreement, or as otherwise
                    required
                    under then applicable U.S. Treasury Regulations; (ii) promptly
                    upon
                    reasonable demand by Party B; and (iii) promptly upon learning
                    that any
                    information on any previously delivered form (or any successor
                    thereto)
                    has become obsolete or incorrect.

                
	 	 	 
	
                  Party
                    B

                	
                  (i)
                    Upon execution of this Agreement, an original properly completed
                    and
                    executed United States Internal Revenue Service Form W-9 (or
                    any successor
                    thereto) with respect to any payments received or to be received
                    by the
                    initial beneficial owner of payments to Party B under this Agreement,
                    and
                    (ii) thereafter, the appropriate tax certification from (i.e.,
                    IRS Form
                    W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable
                    (or any
                    successor thereto) with respect to any payments received or to
                    be received
                    by the beneficial owner of payments to Party B under this Agreement
                    from
                    time to time.

                	
                  (i)
                    Prior to the First Floating Rate Payer Payment Date, (ii) promptly
                    upon
                    reasonable demand by Party A, (iii) promptly upon learning that
                    any such
                    form previously provided by Party B has become obsolete or incorrect
                    and
                    (iv) in the case of a tax certification form other than a Form
                    W-9, before
                    December 31 of each third succeeding calendar
                    year.

                

        

         

        
          	
                  (b)

                	
                  Other
                    documents to be delivered are:-

                

          	 	 

        

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which

                  to
                    be Delivered

                	
                  Covered
                    by

                  Section
                    3(d)

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                  Party
                    A

                	
                  Evidence
                    of authority of signatories to this Agreement

                	
                  Upon
                    execution of this Agreement

                	
                  Yes

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                  Party
                    B 

                	
                  Certified
                    copy of the Board of Directors resolution (or equivalent authorizing
                    documentation) which sets forth the authority of each signatory
                    to the
                    Agreement signing on its behalf and the authority of such party
                    to enter
                    into Transactions contemplated and performance of its obligations
                    hereunder

                	
                  Upon
                    execution of this Agreement

                	
                  Yes

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                  Party
                    A

                	
                  Any
                    publicly available annual audited financial statements prepared
                    in
                    accordance with generally accepted accounting principles in the
                    country in
                    which Party A is organized

                	
                  As
                    such statements are made publicly available on Party A’s website
                    (http://www.ubs.com/1/e/investors/annualreporting.html)
                    or on the U.S. Securities Exchange Commission EDGAR information
                    retrieval
                    system

                	
                  Yes

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                  Party
                    A

                	
                  Any
                    publicly available interim unaudited financial statements prepared
                    in
                    accordance with generally accepted accounting principles in the
                    country in
                    which Party A is organized

                	
                  As
                    such statements are made publicly available on Party A’s website
                    (http://www.ubs.com/1/e/investors/quarterly_reporting.html
                    or
                    on the U.S. Securities Exchange Commission EDGAR information
                    retrieval
                    system

                	
                  Yes

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                  Party
                    B

                	
                  A
                    duly executed copy of the Pooling and Servicing Agreement
                    (“PSA”)

                	
                  Promptly
                    upon being finalized

                	
                  No

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                  Party
                    B

                	
                  (1)
                    Monthly statements to certificateholders pursuant to Section
                    4.02 of the
                    PSA and (2) Notice of any amendment to the PSA pursuant to Section
                    11.01
                    that would adversely
                    affect in any material respect the interests of Party A.

                	
                  (i)
                    Available monthly via Party B’s website at: www.ctslink.com 

                  (2)At
                    the time specified for such notice to parties in the applicable
                    Section of
                    the PSA

                	
                  No

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                  Party
                    A and Party B

                	
                  Legal
                    opinions reasonably satisfactory in form and substance to each
                    party
                    

                	
                  Promptly
                    following execution of this Agreement

                	
                  No

                

        

         

        Part
          4.

        Miscellaneous.

         

        (a) Addresses
          for Notices.
          For the
          purpose of Section 12(a):-

         

        Address
          for notices or communications to Party A (for all purposes):-

        

        Address:        
           UBS
          AG,
          Stamford Branch

                  
          677 Washington Boulevard

                  
          Stamford, CT 06901 

         

        Attention:       
           Legal
          Affairs

         

        Facsimile
          No.: (203)
          719-0680

         

        Address
          for notices or communications to Party B (for all purposes): 

        

        Address:              
           9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045-1951

        Attention:         
            
          Client
          Manager - MABS HE5

        Tel
          No.:               
 410-884-2000

        Facsimile
          No.:       410-715-2380

         

        
          	
                  (b)

                	
                  Process
                    Agent.
                    For the purpose of Section 13(c):-

                

        

         

        Party
          A
          appoints as its Process Agent, [Please advise]. 

         

        Party
          B
          appoints as its Process Agent, Not applicable.

         

        
          	
                  (c)

                	
                  Offices.
                    The provisions of Section 10(a) will apply to this
                    Agreement.

                

        

         

        
          	
                  (d)

                	
                  Multibranch
                    Party.
                    For the purpose of Section 10(c) of this
                    Agreement:-

                

        

         

        Party
          A
          is a Multibranch Party and may act through its branches in any of the following
          territories or countries: Australia, England and Wales, Hong Kong, Singapore,
          Switzerland and United States of America. 

         

        Party
          B
          is not a Multibranch Party.

         

        
          	
                  (e)

                	
                  Calculation
                    Agent.
                    The Calculation Agent is Party A, unless otherwise specified
                    in a
                    Confirmation in relation to the relevant Transaction; provided,
                    however,
                    that if Party A is the Defaulting Party, Party B shall select
                    a Reference
                    Market Maker to act as Calculation Agent, the cost of which shall
                    be borne
                    by Party A. All calculations by the Calculation Agent shall be
                    made in
                    good faith and through the exercise of its commercially reasonable
                    judgment.

                

        

         

        
          	
                  (f)

                	
                  Credit
                    Support Document.
                    Details of any Credit Support
                    Document:-

                

        

         

        (i) The
          ISDA
          Credit Support Annex entered into between Party A and Party B and dated
          as of
          the date hereof (the “CSA”) shall be a Credit Support Document with respect to
          Party A and Party B.

         

        (ii) Any
          Eligible Guarantee provided by a guarantor in support of Party A’s obligations
          hereunder shall be a Credit Support Document with respect to Party
          A.

         

        
          	
                   (g)

                	
                  Credit
                    Support Provider.

                

        

         

        In
          relation to Party A: Any
          guarantor providing an Eligible Guarantee in support of Party A’s obligations
          hereunder.

         

        In
          relation to Party B: Not applicable.

         

        
          	
                  (h)

                	
                  Governing
                    Law.
                    This Agreement will be governed by and construed in accordance
                    with the
                    laws of the State of New York without reference to choice of
                    law doctrine
                    (other than NY General Obligations law Sections 5-1401 and
                    5-1402).

                

        

         

        
          	
                  (i)

                	
                  Jurisdiction.
                    Section 13(b) of this Agreement is hereby amended by: (i) deleting
                    in the
                    second line of subparagraph (i) thereof the word “non-” and (ii) deleting
                    the final paragraph thereof. 

                

        

         

        
          	
                  (j)

                	
                  Netting
                    of Payments.
                    Subparagraph (ii) of Section 2(c) of this Agreement will apply
                    to the
                    Transactions under this Agreement.

                

        

         

        
          	
                  (k)

                	
                  “Affiliate”
                    will have the meaning specified in Section 14 of this Agreement;
                    provided
                    that with respect to Party B, Party B shall be deemed to not
                    have any
                    Affiliates for purposes of this Agreement, including for purposes
                    of
                    Section 6(b)(ii). 

                

        

         

        Part
          5. 

        Other
          Provisions.

         

        
          	
                  (a)

                	
                  WAIVER
                    OF TRIAL BY JURY. EACH
                    PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY
                    JURY IN ANY
                    LEGAL PROCEEDING IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION
                    THEREUNDER, AND ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT
                    TO
                    THE OTHER PARTY’S ENTERING INTO THIS AGREEMENT AND EACH TRANSACTION
                    HEREUNDER.

                

        

        

        
          	
                  (b)

                	
                  Definitions.
                    This Agreement, each Confirmation, and each Transaction are subject
                    to the
                    2000 ISDA Definitions as published by the International Swaps
                    and
                    Derivatives Association, Inc. as amended, supplemented, updated,
                    restated,
                    and superseded from time to time (collectively the “Definitions”), and
                    will be governed in all respects by the Definitions. The Definitions,
                    as
                    so modified are incorporated by reference in, and made part of,
                    this
                    Agreement and each Confirmation as if set forth in full in this
                    Agreement
                    and such Confirmations. Subject to Section 1(b) of this Agreement,
                    in the
                    event of any inconsistency between the provisions of this Agreement
                    and
                    the Definitions, this Agreement will prevail. Also, subject to
                    Section
                    1(b) of this Agreement, in the event of any inconsistency between
                    the
                    provisions of any Confirmation and this Agreement, or the Definitions,
                    such Confirmation will prevail for the purpose of the relevant
                    Transaction. The
                    provisions of the Definitions are hereby incorporated by reference
                    in and
                    shall be deemed a part of this Agreement, except that (i) references
                    in
                    the Definitions to a “Swap Transaction” shall be deemed references to a
                    “Transaction” for purposes of this Agreement, and (ii) references to a
                    “Transaction” in this Agreement shall be deemed references to a “Swap
                    Transaction” for purposes of the Definitions. Each term capitalized but
                    not defined in this Agreement or the Definitions shall have the
                    meaning
                    assigned thereto in the Pooling and Servicing
                    Agreement.

                

        

        

        

        
          	
                  (c)

                	
                  Notices.
                    For the purposes of subsections (iii) and (v) of Section 12(a),
                    the date
                    of receipt shall be presumed to be the date sent if sent on a
                    Local
                    Business Day or, if not sent on a Local Business Day, the date
                    of receipt
                    shall be presumed to be the first Local Business Day following
                    the date
                    sent.

                

        

         

        (d)          
          Reserved.
          

         

        
          	
                  (e)

                	
                  No
                    Setoff. Notwithstanding
                    any provision of this Agreement or any other existing or future
                    agreement,
                    each party irrevocably waives any and all rights it may have
                    to set off,
                    net, recoup or otherwise withhold or suspend or condition payment
                    or
                    performance of any obligation between it and the other party
                    hereunder
                    against any obligation between it and the other party under any
                    other
                    agreements. The provisions for Set-off set forth in Section 6(e)
                    of the
                    Agreement shall not apply; provided, however, that upon the designation
                    of
                    any Early Termination Date, in addition to, and not in limitation
                    of any
                    other right or remedy under applicable law, Party A may, by notice
                    to
                    Party B, require Party B to set off any sum or obligation that
                    Party A
                    owed to Party B against any collateral currently held by Party
                    B that
                    Party A has posted to Party B, and Party B shall effect such
                    set-off
                    promptly, if and to the extent permitted to do so under applicable
                    law.

                

        

         

        
          	
                  (f)

                	
                  Non-Petition.
                    Party A hereby irrevocably and unconditionally agrees that it
                    will not
                    institute against, or join any other person in instituting against,
                    Party
                    B or the trust created pursuant to the Pooling and Servicing
                    Agreement,
                    any bankruptcy, reorganization, arrangement, insolvency, or similar
                    proceeding under the laws of the United States, the Cayman Islands
                    or any
                    other jurisdiction for the non-payment of any amount due hereunder
                    or any
                    other reason until the payment in full of the Notes and the expiration
                    of
                    a period of one year plus one day (or, if longer, the applicable
                    preference period) following such payment. Pursuant to Section
                    9(c) of
                    this Agreement, the provisions of this Part 5(f) will survive
                    the
                    termination of this Agreement so long as any amounts due hereunder
                    remain
                    outstanding. 

                

        

         

        
          	
                  (g)

                	
                  Severability.
                    If any term, provision, covenant, or condition of this Agreement,
                    or the
                    application thereof to any party or circumstance, shall be held
                    to be
                    invalid or unenforceable (in whole or in part) for any reason,
                    the
                    remaining terms, provisions, covenants, and conditions hereof
                    shall
                    continue in full force and effect as if this Agreement had been
                    executed
                    with the invalid or unenforceable portion eliminated, so long
                    as this
                    Agreement as so modified continues to express, without material
                    change,
                    the original intentions of the parties as to the subject matter
                    of this
                    Agreement and the deletion of such portion of this Agreement
                    will not
                    substantially impair the respective benefits or expectations
                    of the
                    parties; provided, however, that this severability provision
                    will not be
                    applicable if any provision of Section 2, 5, 6 or 13 of this
                    Agreement (or
                    any definition or provision in Section 14 of this Agreement to
                    the extent
                    it relates to, or is used in or in connection with, such section)
                    is held
                    to be invalid or unenforceable, provided, further, that the parties
                    agree
                    to first use reasonable efforts to amend the affected provisions
                    of
                    Section 2, 5, 6 or 13 of this Agreement (or any definition or
                    provision in
                    Section 14 of this Agreement to the extent it relates to, or
                    is used in or
                    in connection with, such section) so as to preserve the original
                    intention
                    of the parties. It shall in particular be understood that this
                    severability clause shall not affect the single agreement concept
                    of
                    Section 1(c) of this Agreement.

                

        

        

        
          	 	
                  The
                    parties shall endeavor to engage in good faith negotiations to
                    replace any
                    invalid or unenforceable term, provision, covenant or condition
                    with a
                    valid or enforceable term, provision, covenant or condition,
                    the economic
                    effect of which comes as close as possible to that of the invalid
                    or
                    unenforceable term, provision, covenant or condition.
                    

                

        

         

        (h)        
           Recording
          of Conversations.
          Each
          Party: (i) consents to the recording of all telephone conversations between
          trading, operations and marketing personnel of the parties and their Affiliates
          in connection with this Agreement or any potential Transaction; (ii) agrees
          to
          give notice to such personnel that their calls will be recorded; and (iii)
          agrees that in any Proceedings, it will not object to the introduction
          of such
          recordings in evidence on grounds that consent was not properly given.
          

        

        
          	 	
                  (i)

                	
                  Amendment;
                    Consent.
                    Section 9(b) of the Agreement is amended by adding the following
                    at the
                    end of such Section:

                

        

        

        “No
          amendment, modification or waiver in respect of this Agreement will be
          effective
          unless the Rating Agency Condition is satisfied.” 

        For
          the
          purposes of this Agreement, “Rating Agency Condition” means, with respect to any
          particular proposed act or omission to act hereunder, and each Cap Rating
          Agency
          specified in connection with such proposed act or omission, that the party
          acting or failing to act must consult with each of the specified Swap Rating
          Agencies and receive from each Cap Rating Agency a prior written confirmation
          that the proposed action or inaction would not cause a downgrade or withdrawal
          of the then-current rating of any Certificates or Notes.

        

        
          	
                  (j) 

                	
                  Third
                    Party Beneficiary.
                    Party B hereby acknowledges and agrees that Party A has been
                    made a
                    third-party beneficiary of the provisions under the Pooling and
                    Servicing
                    Agreement and shall be entitled to rights and benefits (including
                    the
                    priority of payments) according to the terms of the Pooling and
                    Servicing
                    Agreement.

                

        

        

        
          	
                  (k)
                    

                	
                  Limitation
                    of Liability.
                    It
                    is expressly understood and agreed by the parties hereto that
                    insofar as
                    this Agreement is executed by Wells Fargo Bank, National Association
                    (“Wells Fargo”) not in its individual capacity, but solely as Trust
                    Administrator under the Pooling and Servicing Agreement in the
                    exercise of
                    the powers and authority conferred and invested in it thereunder;
                    (i)
                    Wells Fargo has been directed pursuant to the Pooling and Servicing
                    Agreement to enter into this Agreement and to perform its obligations
                    hereunder; (ii) each of the representations, undertakings and
                    agreements
                    herein made on behalf of Party B is made and intended not as
                    personal
                    representations of Wells Fargo but is made and intended for the
                    purpose of
                    binding only the Trust; and (iii) nothing herein shall be construed
                    as
                    imposing any liability on Wells Fargo, individually or personally,
                    to
                    perform any covenant either express or implied contained herein,
                    all such
                    liability, being expressly waived by the parties hereto and by
                    any person
                    claiming by, through or under the parties hereto and under no
                    circumstances shall Wells
                    Fargo in its individual capacity be personally liable for any
                    payment of
                    any indebtedness or expenses or be personally liable for the
                    breach or
                    failure of any obligation, representation, warranty or covenant
                    made or
                    undertaken under this Agreement. 

                

        

        
          	
                  (l)
                    

                	
                  Representations.
                    Section 3 of this Agreement is hereby amended by adding at the
                    end thereof
                    the following subsection (g):

                

        

         

        “(g)
          Relationship Between Parties.

        

        (1) 
           Non
          Reliance - Evaluation and Understanding. 

        

        (i)
          It is
          not relying upon any communications (whether written or oral) from the
          other
          party as investment advice or as a recommendation to enter into this Agreement,
          any Credit Support Document to which it is a party and each Transaction
          hereunder (other than the representations expressly set forth in this Agreement
          and in such Credit Support Document), it being understood that information
          and
          explanations related to the terms and conditions of a Transaction shall
          not be
          considered investment advice or a recommendation to enter into that Transaction;
          (ii) it has not received from the other party any assurance or guarantee
          as to
          the expected results of any Transaction; (iii) it has consulted with its
          own
          legal, regulatory, tax, business, investment, financial, and accounting
          advisors
          to the extent it has deemed necessary, and it has made its own independent
          investment, hedging, and trading decisions based upon its own judgment
          and upon
          any advice from such advisors as it has deemed necessary and not upon any
          view
          expressed by the other party and (iv) it understands and accepts the terms,
          conditions and risks of that Transaction. 

        

        (2) 
           Purpose.
          It is entering into this Agreement, any Credit Support Document to which
          it is a
          party and each Transaction hereunder for the purposes of managing its borrowings
          or investments, hedging its underlying assets or liabilities or in connection
          with a line of business.

        

        (3) 
           Status
          of
          Parties. The other party is not acting as agent, fiduciary or advisor for
          it in
          respect of any Transaction entered into hereunder.

         

        
          	 	 	
                  (4)
                    Eligible Contract Participant. It is an “eligible contract participant” as
                    that term is defined in Section 1a(12) of the U.S. Commodity
                    Exchange Act
                    (7 U.S.C. 1a) as amended by the Commodities Futures Modernization
                    Act of
                    2000.

                

        

         

        
          	
                  (m)
                    

                	
                  Additional
                    Representations. 

                

        

         

        (1)
          Party
          A Representation. Party A is entering into this Agreement and each Transaction
          as principal (and not as agent or in any other capacity, fiduciary or
          otherwise).

         

        (2)
          Party
          B Representation. Party B is entering into this Agreement as Trust Administrator
          pursuant to the Pooling and Servicing Agreement.

        

        
          	
                  (n)
                    

                	
                  Non-Recourse
                    Obligations of Party B.
                    Party A acknowledges and agrees that, notwithstanding any other
                    provision
                    herein, the obligations of Party B under this Agreement and any
                    confirmations hereto are limited recourse obligations of Party
                    B, payable
                    solely from the Trust Fund and the proceeds thereof in accordance
                    with the
                    priority of payments and other terms of the Pooling and Servicing
                    Agreement and that Party A will not have any recourse to any
                    of the
                    directors, officers, employees, shareholders or affiliates of
                    Party B with
                    respect to any claims, losses, damages, liabilities, indemnities
                    or other
                    obligations in connection with any transactions contemplated
                    hereby. In
                    the event that the Trust Fund and the proceeds thereof should
                    be
                    insufficient to satisfy all claims outstanding, any claims against
                    or
                    obligations of Party B under this Agreement or any confirmation
                    hereunder
                    still outstanding shall be extinguished and thereafter not revive.
                    The
                    provisions of this Part 5(n) shall survive the termination of
                    this
                    Agreement. 

                

        

        

        
          	
                  (o)
                    

                	
                  Change
                    of Account.
                    Section 2(b) of this Agreement is hereby amended by adding the
                    following
                    after the word “delivery” in the first line of the existing text: “to
                    another account in the same legal and tax jurisdiction as the
                    original
                    account”.

                

          	 	 

        

        
          	
                  (p)

                	
                   Right
                    to Terminate Following Termination Event.
                    Section 6(b) of this Agreement is hereby amended by inserting
                    the
                    following before the period at the end of the last sentence of
                    the
                    existing text: “; provided, however, that any election by Party A to
                    designate an Early Termination Date arising in respect of a Change
                    in Tax
                    Law shall not be effective if, within 30 days following Party
                    B’s receipt
                    of notice from Party A of Party A’s designation of an Early Termination
                    Date in respect of any event described in Section 5(b)(ii) of
                    this
                    Agreement, Party B notifies Party A that it waives its right
                    to receive
                    additional amounts from Party A under Section 2(d)(i)(4) of this
                    Agreement
                    that would not otherwise be payable but for such Change in Tax
                    Law”.

                

        

        

        (q)         
           Transfer.
          Section
          7 of this Agreement is hereby amended to read in its entirety as follows:
          

        

        Except
          as
          stated under Section 6(b)(ii) of this Agreement, in this Section 7 of this
          Agreement and Part 5 of the Schedule, neither Party A nor Party B is permitted
          to assign, novate or transfer (whether by way of security or otherwise)
          as a
          whole or in part any of its rights, obligations or interests under this
          Agreement without (1) the prior written consent of the other party and
          (2)
          satisfaction of the Rating Agency Condition with respect to S&P.
          Notwithstanding the immediately foregoing sentence, Party A may transfer
          this
          Agreement to another of Party A’s offices or branches (“Transferee”) on five
          Local Business Days prior written notice to Party B and the Swap Rating
          Agencies
          (so long as the Certificates are outstanding); provided that, (i) a Termination
          Event or Event of Default does not occur under this Agreement as a result
          of
          such transfer; (ii) and both Party A and the Transferee are at the time
          of
          transfer “dealers in notional principal contracts” within the meaning of United
          States Treasury Regulation Section 1.1001-4 and (iii) the Rating Agency
          Condition is satisfied with respect to S&P.

        

        
          	
                  (r)

                	
                  Confirmations.
                    Each Confirmation supplements, forms part of, and will be read
                    and
                    construed as one with this
                    Agreement.

                

        

        

        
          	
                   (s)
                    

                	
                  Agent
                    for Party B. Party
                    A acknowledges that Party B has appointed the Trust Administrator
                    as its
                    agent under the Pooling and Servicing Agreement to carry out
                    certain
                    functions on behalf of Party B, and that the Trust Administratorshall
                    be
                    entitled to give notices and to perform and satisfy the obligations
                    of
                    Party B hereunder on behalf of Party
                    B.

                

        

         

        
          	
                  (t)
                    

                	
                  Interpretation.
                    References in this Agreement to the parties hereto, Party A and
                    Party B,
                    shall (for the avoidance of doubt) include, where appropriate,
                    any
                    permitted successors or assigns
                    thereof.

                

        

        

        
          	
                  (u)
                    

                	
                  Gross
                    Up.
                    The third line of Section 2(d)(i) of this Agreement is hereby
                    amended by
                    the insertion before the phrase “of any relevant governmental revenue
                    authority” of the words “, application or official interpretation” and the
                    insertion of the words “(either generally or with respect to a party of
                    the Agreement)” after such phrase.

                

        

        

        
          	
                  (v)

                	
                  Scope
                    of Agreement. Upon
                    the effectiveness of this Agreement, unless otherwise agreed
                    to in writing
                    by the parties to this Agreement with respect to specific Specified
                    Transactions, all Specified Transactions then outstanding or
                    any future
                    Specified Transactions between Offices of the parties listed
                    in Part 4(d)
                    of this Schedule shall be subject to the terms hereof and each
                    such
                    Specified Transaction shall be a “Transaction” for purposes of this
                    Agreement.

                

        

        

        
          	
                  (w)

                	
                   Deduction
                    or Withholding for Tax.
                    Notwithstanding the definition of “Indemnifiable Tax” in Section 14 of
                    this Agreement, in relation to payments by Party A, any Tax shall
                    be an
                    Indemnifiable Tax and, in relation to payments by Party B, no
                    Tax shall be
                    an Indemnifiable Tax.

                

        

        

        
          	
                  (x)

                	
                  Failure
                    to Deliver Collateral. Notwithstanding
                    Sections 5(a)(i) and 5(a)(iii) or anything in the CSA to the
                    contrary, any
                    failure by Party A to comply with or perform any obligation to
                    be complied
                    with or performed by Party A under the CSA shall not be an Event
                    of
                    Default unless (A) the Second
                    Trigger Collateralization Level
                    applies, and (B) such failure is not remedied on or before the
                    third
                    (3rd)
                    Local Business Day after notice of such failure is given to Party
                    A.

                

        

        

        (y)        
           Tax
          Event and Tax
          Event Upon Merger.

        

        Section
          5(b)(ii) will apply, provided that the words “(x) any action taken by a taxing
          authority, or brought in a court of competent jurisdiction, on or after
          the date
          on which a Transaction is entered into (regardless of whether such action
          is
          taken or brought with respect to a party to this Agreement) or (y)” shall be
          deleted.

        

        Section
          5(b)(iii) will apply, provided that Party A shall not be entitled to designate
          an Early Termination Date by reason of a Tax Event Upon Merger in respect
          of
          which it is the Affected Party.

        

        Section
          6(b)(ii) will apply, provided that the words “or if a Tax Event Upon Merger
          occurs and the Burdened Party is the Affected Party” shall be deleted.

        

        
          	
                  (z)

                	
                  Cap Rating
                    Agency Notifications.

                

        

         

        
          	 	
                  Notwithstanding
                    any other provision of this Agreement, this Agreement shall not
                    be
                    amended, no Early Termination Date shall be effectively designated
                    by
                    Party B, and no transfer of any rights or obligations under this
                    Agreement
                    shall be made (other than a transfer of all of Party A’s rights and
                    obligations with respect to this Agreement in accordance with
                    Part 5(q)
                    above) unless the Cap Rating Agencies have been given prior written
                    notice
                    of such amendment, designation or transfer.

                

        

        

        (aa)      
            Compliance
          with Regulation AB 

        

        
          	 	 	 	
                  Party
                    A agrees and acknowledges that Mortgage Asset Securitization
                    Transactions,
                    Inc. (“Depositor”) is required under Regulation AB under the Securities
                    Act of 1933, as amended, and the Securities Exchange Act of 1934,
                    as
                    amended (the “Exchange Act”) (“Regulation AB”), to disclose certain
                    financial information regarding Party A, depending on the aggregate
                    “Significance Percentage” of all Transactions under this Agreement,
                    together with any other transactions that fall within the meaning
                    of
                    “derivative contracts” for the purposes of Item 1115 of Regulation AB
                    between Party A and Party B, as calculated from time to time
                    in accordance
                    with the Calculation Methodology (as defined
                    below).

                

        

        

        (ii)
          It
          shall be a swap disclosure event (“Swap Disclosure Event”) if, on any Business
          Day after the date hereof, Depositor notifies Party A that the Significance
          Percentage has reached one of the thresholds for significance of derivative
          contracts set forth in Item 1115 of Regulation AB (based on a reasonable
          determination by Depositor, in good faith and using the Calculation Methodology,
          of such Significance Percentage).

        

        (iii) Upon
          the
          occurrence of a Swap Disclosure Event, Party A, at its own expense, shall
          provide to Depositor the applicable Swap Financial Disclosure (as defined
          below).

        

        (iv) In
          the
          alternative to subparagraph (iii) above, upon the occurrence of a Swap
          Disclosure Event or at any time after complying with subparagraph (iii)
          above,
          Party A may, at its option and at its own expense, (a) secure another entity
          to
          replace Party A as party to this Agreement on terms substantially similar
          to
          this Agreement and subject to prior notification to the Swap Rating Agencies,
          which entity (or a guarantor therefor) meets or exceeds the S&P Ratings
          Requirement (First Trigger) and Moody’s Ratings Requirement (Second Trigger)
          (and which satisfies the Rating Agency Condition) and which entity is able
          to
          comply with the requirements of Item 1115 of Regulation AB or (b) obtain
          a
          guaranty of the Party A’s obligations under this Agreement from an affiliate of
          the Party A that is able to comply with the financial information disclosure
          requirements of Item 1115 of Regulation AB, such that disclosure provided
          in
          respect of the affiliate will satisfy any disclosure requirements applicable
          to
          the Swap Provider, and cause such affiliate to provide Swap Financial
          Disclosure. If permitted by Regulation AB, any required Swap Financial
          Disclosure may be provided by reference to or incorporation by reference
          from
          reports filed pursuant to the Exchange Act.

        

        (v) Party
          A
          agrees that, in the event that Party A provides Swap Financial Disclosure
          to
          Depositor in accordance with paragraph (iii) above or causes its affiliate
          to
          provide Swap Financial Disclosure to Depositor in accordance with paragraph
          (iv)(b) above, it will indemnify and hold harmless Depositor, its respective
          directors or officers and any person controlling Depositor, from and against
          any
          and all losses, claims, damages and liabilities (any “Damage”) caused by any
          untrue statement or alleged untrue statement of a material fact contained
          in
          such Swap Financial Disclosure or caused by any omission or alleged omission
          to
          state in such Swap Financial Disclosure a material fact required to be
          stated
          therein or necessary to make the statements therein, in light of the
          circumstances under which they were made, not misleading; provided, however
          that
          the foregoing shall not apply to any Damage caused by the negligence or
          any
          willful action of Depositor or any other party (other than Party A or any
          of its
          affiliates or any of their respective agents), including without limitation
          any
          failure to calculate the Significance Percentage according to the terms
          of this
          Agreement or to make any filing as and when required under Regulation
          AB.

        

        (vi) Depositor
          shall be an express third party beneficiary of this Agreement as if it
          were a
          party hereto to the extent of Depositor’s rights explicitly specified
          herein.

        

        (vii) In
          the
          event that Party A provides the information referred to above, such information
          shall be provided on the date that is the later of (i) five (5) Business
          Days
          after the Swap Disclosure Event or (ii) five (5) Business Days after the
          relevant Distribution Date for which the Trust Administrator will be required
          to
          file a Form 10-D.

        

        For
          the
          purposes hereof:

        

        “Calculation
          Methodology”
          means
          such method for determining maximum probable exposure of a derivative contract
          as mutually agreed to by Depositor and Party A.

        

        “Swap
          Financial Disclosure”
          means
          the financial information specified in Item 1115 of Regulation AB relating
          to
          the applicable Significance Percentage. 

        

        
          	
                   (bb)

                	
                  Limitation
                    on Events of Default.
                    Notwithstanding the provisions of Sections 5 and 6 of this Agreement,
                    if
                    at any time and so long as Party B has satisfied in full all
                    its payment
                    obligations under Section 2(a)(i) of this Agreement in respect
                    of the
                    transaction with the reference numbers 37536063 and 37536083
                    (each, a “Cap
                    Transaction”) and has at the time no future payment obligations, whether
                    absolute or contingent, under such Section in respect of such
                    Cap
                    Transaction, then unless Party A is required pursuant to appropriate
                    proceedings to return to Party B or otherwise returns to Party
                    B upon
                    demand of Party B any portion of any such payment in respect
                    of such Cap
                    Transaction, (a) the occurrence of an event described in Section
                    5(a) of
                    this Agreement with respect to Party B shall not constitute an
                    Event of
                    Default or Potential Event of Default with respect to Party B
                    as
                    Defaulting Party in respect of such Cap Transaction and (b) Party
                    A shall
                    be entitled to designate an Early Termination Date pursuant to
                    Section 6
                    in respect of such Cap Transaction only as a result of the occurrence
                    of a
                    Termination Event set forth in either Section 5(b)(i) or 5(b)(ii)
                    of this
                    Agreement with respect to Party A as the Affected Party, or Section
                    5(b)(iii) of this Agreement with respect to Party A as the Burdened
                    Party.
                    For purposes of each Transaction identified by the reference
                    numbers
                    37536063 and 37536083, Party A acknowledges and agrees that Party
                    B’s only
                    obligation under Section 2(a)(i) of this Agreement in respect
                    of each Cap
                    Transaction is to pay the related Fixed Amount on the related
                    Fixed Amount
                    Payer Payment Date.

                

        

        

        [signatures
          follow]

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        The
          parties executing this Schedule have executed the Master Agreement and
          have
          agreed as to the contents of this Schedule.

        

        
          	
                  UBS
                    AG

                	 	
                  WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

                
	 	 	
                  not
                    individually, but solely as trust administrator with respect
                    to the MASTR
                    Asset Backed Securities Trust 2006-HE5, Mortgage Pass Through
                    Certificates, Series 2006-HE5

                
	 	 	 
	 	 	 
	
                  By:______________________________

                	 	
                  By:______________________________

                
	
                  Name:

                	 	
                  Name:

                
	
                  Title:

                	 	
                  Title:
                    

                
	
                  By:________________________________
                    

                
	
                  Name:

                
	
                  Title:

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        Execution
          Copy (Cap)

        

        ISDA®

        CREDIT
          SUPPORT ANNEX

        to
          the
          Schedule to the

        ISDA
          Master Agreement

        dated
          as
          of December 28, 2006 between

        UBS
          AG
          (hereinafter referred to as “Party
          A”
          or
“Pledgor”)

        and

        WELLS
          FARGO BANK, NATIONAL ASSOCIATION,
          not
          individually, but solely as trust administrator with respect to the MASTR
          Asset
          Backed Securities Trust 2006-HE5, Mortgage Pass Through Certificates, Series
          2006-HE5 (“Party B”)

        (hereinafter
          referred to as “Party
          B”
          or
“Secured
          Party”).

        

         

        Paragraph
          13. Elections and Variables.

         

        
          	(a)         	
                  Security
                    Interest for “Obligations”.
                    The term “Obligations”
                    as
                    used in this Annex includes the following additional
                    obligations:

                

        

         

        With
          respect to Party A: not applicable.

         

        With
          respect to Party B: not applicable.

         

        
          	(b)         	
                  Credit
                    Support Obligations.

                

        

         

        
          	(i)       
                    	
                  Delivery
                    Amount, Return Amount and Credit Support
                    Amount.

                

        

         

        
          	(A)    
                    	
                  “Delivery
                    Amount”
                    has the meaning specified in Paragraph 3(a) as amended (I) by
                    deleting the
                    words “upon a demand made by the Secured Party on or promptly following
                    a
                    Valuation Date” and inserting in lieu thereof the words “not later than
                    the close of business on each Valuation Date” and (II) by deleting in its
                    entirety the sentence beginning “Unless otherwise specified in Paragraph
                    13” and ending “(ii) the Value as of that Valuation Date of all Posted
                    Credit Support held by the Secured Party.” and inserting in lieu thereof
                    the following:

                

        

         

        The
          “Delivery
          Amount”
          applicable to the Pledgor for any Valuation Date will equal the greatest
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P Credit Support Amount for such Valuation
                    Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                    Credit Support held by the Secured Party,

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                    Valuation Date of all Posted Credit Support held by the Secured
                    Party,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                    such Valuation Date of all Posted Credit Support held by the
                    Secured
                    Party.

                

        

         

        
          	(B)     
                    	
                  “Return
                    Amount”
                    has the meaning specified in Paragraph 3(b) as amended by deleting
                    in its
                    entirety the sentence beginning “Unless otherwise specified in Paragraph
                    13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                    thereof the following:

                

        

         

        The
          “Return
          Amount”
          applicable to the Secured Party for any Valuation Date will equal the least
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P Value as of such Valuation Date of all
                    Posted Credit Support held by the Secured Party exceeds (b) the
                    S&P
                    Credit Support Amount for such Valuation Date,

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s Second Trigger Credit Support Amount for such Valuation
                    Date.

                

        

         

        
          	(C)     
                    	
                  “Credit
                    Support Amount”
                    shall not apply. For purposes of calculating any Delivery Amount
                    or Return
                    Amount for any Valuation Date, reference shall be made to the
                    S&P
                    Credit Support Amount, the Moody’s First Trigger Credit Support Amount, or
                    the Moody’s Second Trigger Credit Support Amount, in each case for such
                    Valuation Date, as provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                    above.

                

        

         

        
          	(ii)      
                    	
                   Eligible
                    Collateral.
                    

                

        

         

        On
          any
          date, the following items will qualify as “Eligible
          Collateral”:

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        
          	
                   

                  Collateral
                    

                	
                  S&P
                    Valuation 

                  Percentage

                	
                  Moody’s
                    

                  First
                    Trigger Valuation
                    Percentage

                	
                  Moody’s
                    

                  Second
                    Trigger Valuation
                    Percentage

                
	
                  (A)  Cash
                    in the form of USD

                	
                  100%

                	
                  100%

                	
                  100%

                
	
                  (B)  Fixed-rate
                    negotiable USD denominated debt obligations issued by the U.S.
                    Treasury
                    Department having a remaining maturity on such date of not more
                    than one
                    year

                	
                  98.5%

                	
                  100%

                	
                  100%

                
	
                  (C)  Fixed-rate
                    negotiable USD denominated debt obligations issued by the U.S.
                    Treasury
                    Department having a remaining maturity on such date of more than
                    one year
                    but not more than ten years

                	
                  89.9%

                	
                  100%

                	
                  94%

                
	
                  (D)  Fixed-rate
                    negotiable USD denominated debt obligations issued by the U.S.
                    Treasury
                    Department having a remaining maturity on such date of more than
                    ten
                    years

                	
                  83.9%

                	
                  100%

                	
                  87%

                

        

        

         

        
          	   
                  (iii) \   	
                  Other
                    Eligible Support. 

                

        

         

        The
          following items will qualify as “Other
          Eligible Support”
          for the
          party specified: 

         

        Not
          applicable.

         

        
          	(iv)        	
                  Threshold.

                

        

         

        
          	(A)     
                    	
                  “Independent
                    Amount”
                    means zero with respect to Party A and Party
                    B.

                

        

         

        
          	(B)     
                    	
                  “Threshold”
                    means, with respect to Party A and any Valuation Date, zero if
                    a
                    Collateral Event has occurred and has been continuing (i) (x)for
                    at least
                    30 daysor (y) since this Annex was executed, or (ii) an S&P Second
                    Trigger Event has occurred and is continuing; otherwise,
                    infinity.

                

        

         

          “Threshold”
          means,
          with respect to Party B and any Valuation Date, infinity.

         

        
          	(C)     
                    	
                  “Minimum
                    Transfer Amount” means
                    USD 100,000 with respect to Party A and Party B; provided, however,
                    that
                    if the aggregate Certificate Principal Balance and note principal
                    balance
                    of Certificates and Notes rated by S&P ceases to be more than USD
                    50,000,000, the “Minimum
                    Transfer Amount”
                    shall be USD 50,000.

                

        

         

        
          	(D)      
                    	
                  Rounding:
                    The Delivery Amount will be rounded up to the nearest integral
                    multiple of
                    USD 10,000. The Return Amount will be rounded down to the nearest
                    integral
                    multiple of USD 1,000.

                

        

         

        
          	(c)      
                    	
                  Valuation
                    and Timing.

                

        

         

        
          	(i)        
                    	
                  “Valuation
                    Agent”
                    means Party A; provided, however, that if an Event of Default
                    shall have
                    occurred with respect to which Party A is the Defaulting Party,
                    Party B
                    shall have the right to designate as Valuation Agent an independent
                    party,
                    reasonably acceptable to Party A, the cost for which shall be
                    borne by
                    Party A. All calculations by the Valuation Agent must be made
                    in
                    accordance with standard market practice, including, in the event
                    of a
                    dispute as to the Value of any Eligible Credit Support or Posted
                    Credit
                    Support, by making reference to quotations received by the Valuation
                    Agent
                    from one or more Pricing Sources.

                

        

         

        
          	(ii)      
                    	
                  “Valuation
                    Date” means
                    each Local Business Dayon which any of the S&P Credit Support Amount,
                    the Moody’s First Trigger Credit Support Amount or the Moody’s Second
                    Trigger Credit Support Amount is greater than
                    zero.

                

        

         

        
          	(iii)     
                    	
                  “Valuation
                    Time” means
                    the close of business in the city of the Valuation Agent on the
                    Local
                    Business Day immediately preceding the Valuation Date or date
                    of
                    calculation, as applicable; provided
                    that the calculations of Value and Exposure will be made as of
                    approximately the same time on the same date.

                

        

         

        
          	(iv)      
                    	
                  “Notification
                    Time” means
                    11:00 a.m., New York time, on a Local Business Day.
                    

                

        

         

        
          	(v)       
                    	
                  External
                    Verification.
                    Notwithstanding anything to the contrary in the definitions of
                    Valuation
                    Agent or Valuation Date, at any time at which Party A (or, to
                    the extent
                    applicable, its Credit Support Provider) does not have a long-term
                    unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                    the Valuation Agent shall (A) calculate the Secured Party’s Exposure and
                    the S&P Value of Posted Credit Suppport on each Valuation Date based
                    on internal marks and (B) verify such calculations with external
                    marks
                    monthly by obtaining on the last Local Business Day of each calendar
                    month
                    two external marks for each Transaction to which this Annex relates
                    and
                    for all Posted Credit Suport; such verification of the Secured
                    Party’s
                    Exposure shall be based on the higher of the two external marks.
                    Each
                    external mark in respect of a Transaction shall be obtained from
                    an
                    independent Reference Market-maker that would be eligible and
                    willing to
                    enter into such Transaction in the absence of the current derivative
                    provider, provided that an external mark may not be obtained
                    from the same
                    Reference Market-maker more than four times in any 12-month period.
                    The
                    Valuation Agent shall obtain these external marks directly or
                    through an
                    independent third party, in either case at no cost to Party B.
                    The
                    Valuation Agent shall calculate on each Valuation Date (for purposes
                    of
                    this paragraph, the last Local Business Day in each calendar
                    month
                    referred to above shall be considered a Valuation Date) the Secured
                    Party’s Exposure based on the greater of the Valuation Agent’s internal
                    marks and the external marks received. If the S&P Value on any such
                    Valuation Date of all Posted Credit Support then held by the
                    Secured Party
                    is less than the S&P Credit Support Amount on such Valuation Date (in
                    each case as determined pursuant to this paragraph), Party A
                    shall, within
                    three Local Business Days of such Valuation Date, Transfer to
                    the Secured
                    Party Eligible Credit Support having an S&P Value as of the date of
                    Transfer at least equal to such deficiency.

                

        

         

        
          	(vi)      
                    	
                  Notice
                    to S&P.
                    At
                    any time at which Party A (or, to the extent applicable, its
                    Credit
                    Support Provider) does not have a long-term unsubordinated and
                    unsecured
                    debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                    provide to S&P not later than the Notification Time on the Local
                    Business Day following each Valuation Date its calculations of
                    the Secured
                    Party’s Exposure and the S&P Value of any Eligible Credit Support or
                    Posted Credit Support for that Valuation Date. The Valuation
                    Agent shall
                    also provide to S&P any external marks received pursuant to the
                    preceding paragraph.

                

        

         

        
          	(d)      
                    	
                  Conditions
                    Precedent and Secured Party’s Rights and
                    Remedies.
                    The following Termination Events will be a “Specified
                    Condition”
                    for the party specified (that party being the Affected Party
                    if the
                    Termination Event occurs with respect to that party): With respect
                    to
                    Party A: any Additional Termination Event with respect to which
                    Party A is
                    the sole Affected Party. With respect to Party B:
                    None.

                

        

         

        
          	(e)     
                    	
                  Substitution.

                

        

         

        
          	(i)        
                    	
                  “Substitution
                    Date”
                    has the meaning specified in Paragraph
                    4(d)(ii).

                

        

         

        
          	(ii)      
                    	
                  Consent.
                    If
                    specified here as applicable, then the Pledgor must obtain the
                    Secured
                    Party’s consent for any substitution pursuant to Paragraph 4(d):
                    Inapplicable.

                

        

         

        
          	(f)       
                    	
                  Dispute
                    Resolution.

                

        

         

        
          	(i)        
                    	
                  “Resolution
                    Time”
                    means 1:00 p.m. New York time on the Local Business Day following
                    the date
                    on which the notice of the dispute is given under Paragraph
                    5.

                

        

         

        
          	(ii)       
                    	
                  Value.
                    Notwithstanding anything to the contrary in Paragraph 12, for
                    the purpose
                    of Paragraphs 5(i)(C) and 5(ii), the S&P Value, Moody’s First Trigger
                    Value, and Moody’s Second Trigger Value, on any date, of Eligible
                    Collateral other than Cash will be calculated as follows:
                    

                

        

         

        For
          Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
          the
          sum of (A) the product of (1)(x) the bid price at the Valuation Time for
          such
          securities on the principal national securities exchange on which such
          securities are listed, or (y) if such securities are not listed on a national
          securities exchange, the bid price for such securities quoted at the Valuation
          Time by any principal market maker for such securities selected by the
          Valuation
          Agent, or (z) if no such bid price is listed or quoted for such date, the
          bid
          price listed or quoted (as the case may be) at the Valuation Time for the
          day
          next preceding such date on which such prices were available and (2) the
          applicable Valuation Percentage for such Eligible Collateral, and (B) the
          accrued interest on such securities (except to the extent Transferred to
          the
          Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price
          referred to in the immediately preceding clause (A)) as of such
          date.

         

        
          	(iii)     
                    	
                  Alternative.
                    The provisions of Paragraph 5 will
                    apply.

                

        

         

        
          	(g)     
                    	
                  Holding
                    and Using Posted
                    Collateral.

                

        

         

        
          	(i)        
                    	
                  Eligibility
                    to Hold Posted Collateral; Custodians.  Party
                    B (or any Custodian) will be entitled to hold Posted Collateral
                    pursuant
                    to Paragraph 6(b). 

                

        

         

        Party
          B
          may appoint as Custodian (A) the entity then serving as Trust Administrator
          or
          (B) any entity other than the entity then serving as Trust Administrator
          if such
          other entity (or, to the extent applicable, its parent company or credit
          support
          provider) shall then have a short-term unsecured and unsubordinated debt
          rating
          from S&P of at least “A-1.”

         

        Initially,
          the Custodian
          for
          Party B is: Wells Fargo Bank, N.A.

         

        
          	(ii)       
                    	
                  Use
                    of Posted Collateral. The
                    provisions of Paragraph 6(c)(i) will not apply to Party B, but
                    the
                    provisions of Paragraph 6(c)(ii) will apply to Party B.
                    

                

        

         

        
          	(h)      
                    	
                  Distributions
                    and Interest Amount.

                

        

         

        
          	(i)        
                    	
                  Interest
                    Rate.
                    The “Interest
                    Rate”
                    will be the interest rate per annum equal to the overnight Federal
                    Funds
                    Rate (as reported in Federal Reserve Publication H.15-519) for
                    each day
                    Posted Collateral in the form of Cash is held by Party B’s Custodian
                    according to Paragraph 13(l) of this Annex.

                

        

         

        
          	(ii)       
                    	
                  Transfer
                    of Interest Amount.
                    The Transfer of the Interest Amount will be made on the second
                    Local
                    Business Day following the end of each calendar month and on
                    any other
                    Local Business Day on which Posted Collateral in the form of
                    Cash is
                    Transferred to the Pledgor pursuant to Paragraph 3(b); provided,
                    however,
                    that the obligation of Party B to Transfer any Interest Amount
                    to Party A
                    shall be limited to the extent that Party B has earned and received
                    such
                    funds as interest in respect of Posted Collateral in the form
                    of Cash and
                    such funds are available to Party B.

                

        

         

        
          	(iii)     
                    	
                  Alternative
                    to Interest Amount.
                    The provisions of Paragraph 6(d)(ii) will
                    apply.

                

        

         

        
          	(i)       
                    	
                  Additional
                    Representation(s).
                    There are no additional representations by either
                    party.

                

        

         

        
          	(j)       
                    	
                  Other
                    Eligible Support and Other Posted Support.

                

        

         

        
          	(i)       
                    	
                  “Value”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable. 

                

        

         

        
          	(ii)      
                    	
                  “Transfer”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable.

                

        

         

        
          	(k)      
                    	
                  Demands
                    and Notices.All
                    demands, specifications and notices under this Annex will be
                    made pursuant
                    to the Notices Section of this Agreement, except that any demand,
                    specification or notice shall be given to or made at the following
                    addresses, or at such other address as the relevant party may
                    from time to
                    time designate by giving notice (in accordance with the terms
                    of this
                    paragraph) to the other party:

                

        

         

        If
          to
          Party A: 

         

        UBS
          AG,
          Stamford Branch / Collateral Management/ 677 Washington Boulevard, Stamford,
          CT
          06901 / Attention: Margin Specialist / Telephone 203-719-6116 /
          DL-Coll-STM@otc.ubs.com

         

        If
          to
          Party B, at the address specified pursuant to the Notices Section of this
          Agreement.

         

        If
          to
          Party B’s Custodian: Same address as if to Party B pursuant to the Notices
          Section of this Agreement.

         

        
          	(l)       
                    	
                  Address
                    for Transfers.
                    Each Transfer hereunder shall be made to the address [specified
                    below or
                    to an address] specified in writing from time to time by the
                    party to
                    which such Transfer will be made.

                

        

         

        Party
          A:-
          To be provided

         

        Party
          B
          account details:

         

        Wells
          Fargo Bank, N.A./ San Francisco, CA/ ABA# 121-000-248 / Acct # 3970771416
          / For
          Credit to: Corporate Trust Clearing / FFC: Cap Posted Collateral Account,
          Account # 50978003

         

        
          	(m)     
                    	
                  Other
                    Provisions.

                

        

         

        
          	(i)        
                    	
                  Collateral
                    Account.
                    Party B shall open and maintain a segregated account, which shall
                    be an
                    Eligible Account, and hold, record and identify all Posted Collateral
                    in
                    such segregated account.

                

        

         

        
          	(ii)       
                    	
                  Agreement
                    as to Single Secured Party and Single Pledgor.
                    Party A and Party B hereby agree that, notwithstanding anything
                    to the
                    contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                    means only Party B, (b) the term “Pledgor” as used in this Annex means
                    only Party A, (c) only Party A makes the pledge and grant in
                    Paragraph 2,
                    the acknowledgement in the final sentence of Paragraph 8(a) and
                    the
                    representations in Paragraph 9.

                

        

         

        
          	(iii)      
                    	
                  Calculation
                    of Value.
                    Paragraph 4(c) is hereby amended by deleting the word “Value” and
                    inserting in lieu thereof “S&P Value, Moody’s First Trigger Value,
                    Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended by (A)
                    deleting the words “a Value” and inserting in lieu thereof “an S&P
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and
                    (B) deleting the words “the Value” and inserting in lieu thereof “S&P
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                    Paragraph 5 (flush language) is hereby amended by deleting the
                    word
                    “Value” and inserting in lieu thereof “S&P Value, Moody’s First
                    Trigger Value, or Moody’s Second Trigger Value”. Paragraph 5(i) (flush
                    language) is hereby amended by deleting the word “Value” and inserting in
                    lieu thereof “S&P Value, Moody’s First Trigger Value, and Moody’s
                    Second Trigger Value”. Paragraph 5(i)(C) is hereby amended by deleting the
                    word “the Value, if” and inserting in lieu thereof “any one or more of the
                    S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                    Value, as may be”. Paragraph 5(ii) is hereby amended by (1) deleting the
                    first instance of the words “the Value” and inserting in lieu thereof “any
                    one or more of the S&P Value, Moody’s First Trigger Value, or Moody’s
                    Second Trigger Value” and (2) deleting the second instance of the words
                    “the Value” and inserting in lieu thereof “such disputed S&P Value,
                    Moody’s First Trigger Value, or Moody’s Second Trigger Value”. Each of
                    Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by
                    deleting
                    the word “Value” and inserting in lieu thereof “least of the S&P
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                    

                

        

         

        
          	(iv)       
                    	
                  Form
                    of Annex. Party
                    A and Party B hereby agree that the text of Paragraphs 1 through
                    12,
                    inclusive, of this Annex is intended to be the printed form of
                    ISDA Credit
                    Support Annex (Bilateral Form - ISDA Agreements Subject to New
                    York Law
                    Only version) as published and copyrighted in 1994 by the International
                    Swaps and Derivatives Association,
                    Inc.

                

        

         

        
          	(v)        
                    	
                  Events
                    of Default.
                    Paragraph 7 will not apply to cause any Event of Default to exist
                    with
                    respect to Party B except that Paragraph 7(i) will apply to Party
                    B solely
                    in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                    Support Annex. Notwithstanding anything to the contrary in Paragraph
                    7,
                    any failure by Party A to comply with or perform any obligation
                    to be
                    complied with or performed by Party A under the Credit Support
                    Annex shall
                    only be an Event of Default if (A) a Moody’s Second Trigger Event or an
                    S&P Second Trigger Event has occurred and been continuing for 30
                    or
                    more Local Business Days and (B) such failure is not remedied
                    on or before
                    the third Local Business Day after notice of such failure is
                    given to
                    Party A.

                

        

         

        
          	(vi)       
                    	
                  Expenses.
                    Notwithstanding anything to the contrary in Paragraph 10, the
                    Pledgor will
                    be responsible for, and will reimburse the Secured Party for,
                    all transfer
                    and other taxes and other costs involved in any Transfer of Eligible
                    Collateral.

                

        

         

        
          	(vii)     
                    	
                  Withholding.
                    Paragraph 6(d)(ii) is hereby amended by inserting immediately
                    after “the
                    Interest Amount” in the fourth line thereof the words “less any applicable
                    withholding taxes.”

                

        

         

        
          	(viii)       	
                  Notice
                    of Failure to Post Collateral. Upon
                    any failure by Party A to post collateral as required under this
                    Agreement, Party B shall, no later than the next Business Day
                    after the
                    date such collateral was required to be posted, give a written
                    notice of
                    such failure to Party A and to Depositor. For the avoidance of
                    doubt,
                    notwithstanding anything in this Agreement to the contrary, the
                    failure of
                    Party B to comply with the requirements of this paragraph shall
                    not
                    constitute an Event of Default or Termination Event.
                    

                

        

         

        (ix)       
           Additional
          Definitions.
          As used
          in this Annex:

         

        “Approved
          Ratings Threshold” means
          each of the Moody’s Ratings Requirement (First Trigger) and S&P Ratings
          Requirement (First Trigger).

         

        “Collateral
          Event” means
          that no Relevant Entity has credit ratings at least equal to the Approved
          Ratings Threshold.

         

         “DV01”
          means,
          with respect to a Transaction and any date of determination, the sum of
          the
          estimated change in the Secured Party’s Transaction Exposure with respect to
          such Transaction that would result from a one basis point change in the
          relevant
          swap curve on such date, as determined by the Valuation Agent in good faith
          and
          in a commercially reasonable manner. The Valuation Agent shall, upon request
          of
          Party B, provide to Party B a statement showing in reasonable detail such
          calculation.

         

        “Exposure”
          has the
          meaning specified in Paragraph 12, except that after the word “Agreement” the
          words “(assuming, for this purpose only, that Part 1(f) of the Schedule is
          deleted)” shall be inserted. 

         

        “Fitch
          Rating Threshold Event” means,
          on
          any date, no Relevant Entity has credit ratings from Fitch which exceed
          the
          Fitch Approved Ratings Threshold.

         

        “Local
          Business Day”
means:
          any day on which (A) commercial banks are open for business (including
          dealings
          in foreign exchange and foreign currency deposits) in New York and the
          location
          of Party A, Party B and any Custodian, and (B) in relation to a Transfer
          of
          Eligible Collateral, any day on which the clearance system agreed between
          the
          parties for the delivery of Eligible Collateral is open for acceptance
          and
          execution of settlement instructions (or in the case of a Transfer of Cash
          or
          other Eligible Collateral for which delivery is contemplated by other means
          a
          day on which commercial banks are open for business (including dealings
          in
          foreign exchange and foreign deposits) in New York and the location of
          Party A,
          Party B and any Custodian. 

         

        “Moody’s
          First Trigger Event” means
          that no Relevant Entity has credit ratings from Moody’s at least equal to the
          Moody’s First Trigger Ratings Threshold.

         

        “Moody’s
          First Trigger Credit Support Amount” means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which (I) a Moody’s First Trigger Event has occurred
                    and has been continuing (x) for at least 30 Local Business Days
                    or (y)
                    since this Annex was executed and (II) it is not the case that
                    a Moody’s
                    Second Trigger Event has occurred and been continuing for at
                    least 30
                    Local Business Days, the sum, for each Transaction to which this
                    Annex
                    relates, of an amount equal to the
                    following:

                

        

         

        the
          greater of (a) zero and (b) the sum of (i) the Secured Party’s Transaction
          Exposure for such Transaction and such Valuation Date and (ii) the lesser
          of (x)
          the product of the Moody’s First Trigger DV01 Multiplier and DV01 for such
          Transaction and such Valuation Date and (y) the product of Moody’s First Trigger
          Notional Amount Multiplier and the Notional Amount for such Transaction
          for the
          Calculation Period which includes such Valuation Date; 

         

        or
          

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)       
           the
          Threshold for Party A such Valuation Date.

         

        “Moody’s
          First Trigger DV01 Multiplier”
          means
          15.

         

        “Moody’s
          First Trigger Value”
          means,
          on any date and with respect to (i) any Eligible Collateral in the form
          of Cash,
          the amount thereof and (ii) any Eligible Collateral other than Cash, the
          bid
          price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Moody’s
          First Trigger Notional Amount Multiplier”
          means
          2%.

         

        “Moody’s
          Second Trigger Event” means
          that no Relevant Entity has credit ratings from Moody’s at least equal to the
          Moody’s Second Trigger Ratings Threshold.

         

        “Moody’s
          Second Trigger Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which it is the case that a Moody’s Second Trigger
                    Event has occurred and been continuing for at least 30 Local
                    Business
                    Days, the sum, for each Transaction to which this Annex relates,
                    of an
                    amount equal to the following:

                

        

         

        
          	(1)  	
                  if
                    such Transaction is not a Transaction-Specific Hedge,
                    

                

        

         

        the
          greatest of (a) zero, (b) the amount of the next payment due to be paid
          by Party
          A under such Transaction, and (c) the sum of (x) the Secured Party’s Transaction
          Exposure for such Transaction and such Valuation Date and (y) the lesser
          of (i)
          the product of the Moody’s Second Trigger DV01 Multiplier and DV01 for such
          Transaction and such Valuation Date and (ii) the product of the Moody’s Second
          Trigger Notional Amount Multiplier and the Notional Amount for such Transaction
          for the Calculation Period which includes such Valuation Date; 

         

        or

         

        
          	(2)  	
                  if
                    such Transaction is a Transaction-Specific Hedge,
                    

                

        

         

        the
          greatest of (a) zero, (b) the amount of the next payment due to be paid
          by Party
          A under such Transaction, and (c) the sum of (x) the Secured Party’s Transaction
          Exposure for such Transaction and such Valuation Date and (y) the lesser
          of (i)
          the product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
          Multiplier and DV01 for such Transaction and such Valuation Date and (ii)
          the
          product of the Moody’s Second Trigger Transaction-Specific Hedge Notional Amount
          Multiplier and the Notional Amount for such Transaction for the Calculation
          Period which includes such Valuation Date; or
          

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)      
           the
          Threshold for Party A for such Valuation Date.

         

        “Moody’s
          Second Trigger DV01 Multiplier”
          means,
          50

         

        “Moody’s
          Second Trigger Transaction-Specific Hedge DV01
          Multiplier”
          means
          65

         

        “Moody’s
          Second Trigger Transaction-Specific Hedge Notional Amount
          Multiplier”
          means
          10%.

         

        “Moody’s
          Second Trigger Value”
          means,
          on any date and with respect to (i) any Eligible Collateral in the form
          of Cash,
          the amount thereof and (ii) any Eligible Collateral other than Cash, the
          bid
          price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Moody’s
          Second Trigger Notional Amount Multiplier”
          means
          8%.

         

         “Pricing
          Sources”
          means
          the sources of financial information commonly known as Bloomberg, Bridge
          Information Services, Data Resources Inc., Interactive Data Services,
          International Securities Market Association, Merrill Lynch Securities Pricing
          Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp Pricing, JJ
          Kenny,
          S&P and Telerate.

         

        “S&P
          Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)
                    

                	
                  (i)
                    for any Valuation Date on which an S&P First Trigger Event has
                    occurred and been continuing for at least 30 days, or (ii) a
                    S&P
                    Second Trigger Event has occurred and is continuing, an amount
                    equal to
                    the sum, for each Transaction to which this Annex relates, of
                    the sum of
                    (1) 100.0% of the Secured Party’s Transaction Exposure for such Valuation
                    Date and (2) the product of the Volatility Buffer for such Transaction
                    and
                    the Notional Amount of such Transaction for the Calculation Period
                    of such
                    Transaction which includes such Valuation Date, or
                    

                

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)       
           the
          Threshold for Party A for such Valuation Date.

         

         “S&PFirst
          Trigger
          Event”
          means,
          on any date, no Relevant Entity has credit ratings from S&P which exceed the
          S&P
          Ratings
          Requirement (First Trigger).

         

        “S&P
          Value”
          means,
          on any date and with respect to (i) any Eligible Collateral in the form
          of Cash,
          the amount thereof and (ii) any Eligible Collateral other than Cash, the
          product
          of (A) the bid price obtained by the Valuation Agent for such Eligible
          Collateral and (B) the S&P
          Valuation Percentage for such Eligible Collateral set forth in paragraph
          13(b)(ii).

         

         “Transaction
          Exposure”
          means,
          for any Transaction, Exposure determined as if such Transaction were the
          only
          Transaction between the Secured Party and the Pledgor.

         

        “Transaction-Specific
          Hedge” means
          any
          Transaction that is an interest rate cap, interest rate floor or interest
          rate
          swaption, or an interest rate swap if (x) the notional amount of the interest
          rate swap is “balance guaranteed” or (y) the notional amount of the interest
          rate swap for any Calculation Period otherwise is not a specific dollar
          amount
          that is fixed at the inception of the Transaction.

         

        “Valuation
          Percentage”
          shall
          mean, for purposes of determining the S&P Value, Moody’s First Trigger
          Value, or Moody’s Second Trigger Value with respect to any Eligible Collateral
          or Posted Collateral, the applicable S&P Valuation Percentage, Moody’s First
          Trigger Valuation Percentage, or Moody’s Second Trigger Valuation Percentage for
          such Eligible Collateral or Posted Collateral, respectively, in each case
          as set
          forth in Paragraph 13(b)(ii).

         

        “Value”
          shall
          mean, in respect of any date, the related S&P Value, the related Moody’s
          First Trigger Value, and the related Moody’s Second Trigger Value.

         

        “Volatility
          Buffer”
          means,
          for any Transaction, the related percentage set forth in the following
          table.

         

        
          	
                  The
                    higher of the S&P credit rating of (i) Party A and (ii) the Credit
                    Support Provider of Party A, if applicable

                	
                  Remaining
                    Weighted Average Maturity 

                  up
                    to 3 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 5 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 10 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 30 years

                
	
                  At
                    least “A-2”

                	
                  2.75%

                	
                  3.25%

                	
                  4.00%

                	
                  4.75%

                
	
                  “A-3”

                	
                  3.25%

                	
                  4.00%

                	
                  5.00%

                	
                  6.25%

                
	
                  “BB+”
                    or lower

                	
                  3.50%

                	
                  4.50%

                	
                  6.75%

                	
                  7.50%

                

        

        

         

        

         

         

         

        

         

        IN
          WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
          representatives as of the date of the Agreement.

         

        
          	
                  UBS
                    AG

                	 	
                  Wells
                    Fargo Bank, National Association, 

                
	 	 	
                  not
                    individually, but solely as trust administrator with respect
                    to the MASTR
                    Asset Backed Securities Trust 2006-HE5, Mortgage Pass Through
                    Certificates, Series 2006-HE5

                
	 	 	 
	
                  By:______________________________

                	 	
                  By:______________________________

                
	
                  Name:

                	 	
                  Name:

                
	
                  Title:

                	 	
                  Title:
                    

                
	
                   

                   

                  By:________________________________
                    

                
	
                  Name:

                
	
                  Title:

                

        

        
 

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      EXHIBIT
        L

       

      ANNUAL
        STATEMENT OF COMPLIANCE PURSUANT TO SECTION 3.20

       

      MASTR
        ASSET BACKED SECURITIES TRUST 2006-HE5, 

       

      MORTGAGE
        PASS-THROUGH CERTIFICATES

       

      I,
        _____________________, hereby certify that I am a duly appointed
        __________________________ of [_________________] (the “Servicer”), and further
        certify as follows:

       

      1. This
        certification is being made pursuant to the terms of the Pooling and Servicing
        Agreement, dated as of December 1, 2006 (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc., as depositor, Wells Fargo Bank, N.A.,
        as
        master servicer and trust administrator, Barclays
        Capital Real Estate Inc. d/b/a HomEq Servicing,
        as
        servicer and U.S. Bank National Association, as trustee.

       

      2. The
        undersigned officer of the Servicer hereby certifies that (i) a review of
        the
        activities of the Servicer during the preceding calendar year and of performance
        under the Agreement has been made under such officers’ supervision and (ii) to
        the best of such officers’ knowledge, based on such review, the Servicer has
        fulfilled all of its obligations under the Agreement in all material respects
        throughout such year.

       

      Capitalized
        terms not otherwise defined herein have the meanings set forth in the
        Agreements.

       

      Dated:
        _____________, 2006

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      IN
        WITNESS WHEREOF, the undersigned has executed this Certificate as of
        _____________.

       

      
        	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      I,
        _________________________, a (an) __________________ of the Servicer, hereby
        certify that _________________ is a duly elected, qualified, and acting
        _______________________ of the Servicer and that the signature appearing
        above
        is his/her genuine signature.

       

      IN
        WITNESS WHEREOF, the undersigned has executed this Certificate as of
        ______________.

       

      
        	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        M

       

      FORM
        OF
        INTEREST RATE SWAP AGREEMENT

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
 

      
        ASSIGNMENT
          AGREEMENT

        

        UBS
          AG
          has entered into the transaction listed on Attachment 1 hereto with Reference
          Number 37533991 (the “Old Transaction”) with UBS Real Estate Securities, Inc.
          (“UBS Real Estate”).

        

        For
          valuable consideration, receipt of which is hereby acknowledged, UBS Real
          Estate
          hereby assigns, transfers and sets over effective 28 December 2006 unto
          Mortgage
          Asset Securitization Transactions Inc. (“MASTR”), without recourse all of its
          rights, title and interest in and to the Old Transaction and UBS Real Estate
          hereby gives MASTR and its assigns full power and authority for its or
          their own
          uses and benefit, but at its or their own cost, to demand, collect, receive
          and
          give acquittance for the same or any part thereof, and to prosecute or
          withdraw
          any suits or proceedings therefore. UBS AG hereby consents to the assignment
          of
          the Old Transaction to MASTR as herein provided.

        

        Upon
          the
          effectiveness of such assignment, for valuable consideration, receipt of
          which
          is hereby acknowledged, MASTR hereby assigns, transfers and sets over effective
          28 December 2006 unto Wells Fargo Bank, N.A., not individually, but solely
          as
          trustee on behalf of the Supplemental Interest Trust for the MASTR Asset
          Backed
          Securities Trust, 2006-HE5 Mortgage Pass Through Certificates, Series 2006-HE5
          (the “Trust”) without recourse, all of its rights, title and interest in and to
          the Old Transaction (as so assigned and transferred, referenced by UBS
          AG as a
          new transaction with Reference Number 37536097, as listed on Attachment
          2 hereto
          and referred to as the “New Transaction”) and MASTR hereby gives the Trust and
          its assigns full power and authority for its or their own uses and benefit,
          but
          at its or their own cost, to demand, collect, receive and give acquittance
          for
          the same or any part of thereof, and to prosecute or withdraw any suits
          or
          proceedings therefor. UBS AG hereby consents to the assignment of the New
          Transaction to the Trust as herein provided, with the understanding that
          the
          provisions labeled “Additional Provisions” in the confirmation relating to the
          New Transaction shall become effective upon the assignment to the
          Trust. 

        

        Each
          party hereby represents and warrants to the other that the execution, delivery
          and performance of this Assignment Agreement by it are within its powers,
          and
          have been duly authorized by all necessary corporate or other action and
          that
          this Assignment Agreement constitutes its legal, valid and binding
          obligation.

        

        This
          Assignment Agreement shall be governed by and construed and interpreted
          in
          accordance with the laws of the State of New York without regards to the
          conflict of law provisions thereof, other than New York General Obligations
          Law
          Section 5-1401 and 5-1402.

         

        IN
          WITNESS WHEREOF, the parties have duly executed this Assignment Agreement
          as of
          the date first written above.

        

        UBS
          AG

        
          	
                  By:

                	 	
                    UBS
                    REAL ESTATE SECURITIES, INC.

                
	 	 	 
	 	 	 
	
                  Name:

                	
                  Christopher
                    Dingle

                	By:
                  ___________________________________
	
                  Title:

                	
                  Associate
                    Director

                	Name:

        

         

         

        
          	
                  By:

                	 	 
	 	 	 
	 	 	 
	
                  Name:

                	
                  Jonathan
                    McTernan

                	By:
                  ___________________________________
	
                  Title:

                	
                  Associate
                    Director

                	Name:

        

        
 

        
          	
                  MORTAGE
                    ASSET SECURITIZATION TRANSACTIONS INC.

                	
                  Wells
                    Fargo Bank, N.A., not individually, but solely as trustee on
                    behalf of the
                    Supplemental Interest Trust for the MASTR Asset Backed Securities
                    Trust
                    2006-HE5, Mortgage Pass Through Certificates, Series 2006-HE5
                    

                

        

        

        
           

          
            	
                    By:_________________________________

                  	By:
                    ___________________________________
	
                    Name: 

                  	Name:
	Title:	Title:

          

          
             

            
              	
                      By:_________________________________

                    	By:
                      ___________________________________
	
                      Name: 

                    	Name:
	Title:	Title:

            

             

          

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Attachment
          1

        
          	
                  
                    

                  

                

        

        

         

        
          
            	
                    Date:

                  	
                    28
                      December 2006

                  
	 	 
	
                    To:

                  	
                    UBS
                      Real Estate Securities, Inc. (“Counterparty”)

                  
	 	 
	
                    Attn:

                  	
                    Swaps
                      Administration

                  
	 	 
	
                    From:

                  	
                    UBS
                      AG, London Branch (“UBS AG”)

                  
	 	 
	
                    Subject:

                  	
                    Interest
                      Rate Swap Transaction

                  
	
                  	
                    
                      UBS
                        AG Ref: 
37533991

                    

                  

          

        

         

        Dear
          Sirs,

        

        The
          purpose of this communication is to confirm the terms and conditions of
          the
          Transaction entered into between us on the Trade Date specified below.
          This
          Confirmation constitutes a “Confirmation” as referred to in the Master Agreement
          or Agreement specified below.

        

        The
          definitions contained in the 2000
          ISDA
          Definitions as published by the International Swaps and Derivatives Association,
          Inc., are incorporated into this Confirmation. In the event of any inconsistency
          between any of the definitions listed above and this Confirmation, this
          Confirmation will govern.

        

        If
          you
          and we are parties to a master agreement that governs transactions of this
          type
          (whether in the form of the ISDA Master Agreement (Multicurrency-Cross
          Border)(the "ISDA Form") or any other form (a "Master Agreement"), then
          this
          Confirmation will supplement, form a part of, and be subject to that Master
          Agreement. If you and we are not parties to such a Master Agreement, then
          you
          and we agree to use all reasonable efforts promptly to negotiate, execute
          and
          deliver an agreement in the form of the ISDA Form, with such modifications
          as
          you and we will in good faith agree. Upon the execution by you and us of
          such an
          agreement, this Confirmation will supplement, form a part of and be subject
          to
          and governed by that agreement, except as expressly modified below. Until
          we
          execute and deliver that agreement, this Confirmation, together with all
          other
          documents referring to the ISDA Form (each a "Confirmation") confirming
          transactions (each a "Transaction") entered into between us (notwithstanding
          anything to the contrary in a confirmation), shall supplement, form a part
          of,
          and be subject to an agreement in the form of the ISDA Form as if we had
          executed an agreement in such form (but without any Schedule except for
          the
          election of the laws of New York as the Governing Law and U.S. Dollars
          as the
          Termination Currency) on the Trade Date of the first Transaction between
          us
          (hereinafter the "Agreement"). In the event of any inconsistency between
          the
          provisions of any such Agreement and this Confirmation, this Confirmation
          will
          prevail for the purposes of this Transaction.

        

        The
          terms
          of the particular Swap Transaction to which this Confirmation relates are
          as
          follows:

        

        
          	
                  General
                    Terms

                	 	 	 
	 	 	
                   

                	 
	
                  Trade
                    Date:

                	 	
                  28
                    December 2006

                	 
	 	 	
                   

                	 
	
                  Effective
                    Date:

                	 	
                  28
                    December 2006

                	 
	 	 	
                   

                	 
	
                  Termination
                    Date:

                	 	
                  25
                    December 2011

                	 
	 	 	
                   

                	 
	
                  Calculation
                    Agent:

                	 	
                  UBS
                    AG, unless otherwise stated in the Schedule to the Master
                    Agreement.

                	 
	 	 	
                   

                	 
	
                  Business
                    Days:

                	 	
                  New
                    York

                	 
	 	 	
                   

                	 
	
                  Calculation
                    Amount:

                	 	
                  Initially
                    USD 903,750,000.00, amortizing as per Amortizing Schedule
                    below

                	 
	 	 	
                   

                	 
	
                  Broker:

                	 	
                  None

                	 

        

         

        
          	
                  Amortization
                    Schedule

                	 	 
	
                  Period
                    From

                	
                  Period
                    To

                	
                  Calculation
                    Amount (USD)

                
	
                  Effective
                    Date

                	
                  25-Jan-07

                	
                  903,750,000.00

                
	
                  25-Jan-07

                	
                  25-Feb-07

                	
                  890,961,000.00

                
	
                  25-Feb-07

                	
                  25-Mar-07

                	
                  875,271,000.00

                
	
                  25-Mar-07

                	
                  25-Apr-07

                	
                  856,697,000.00

                
	
                  25-Apr-07

                	
                  25-May-07

                	
                  835,297,000.00

                
	
                  25-May-07

                	
                  25-Jun-07

                	
                  811,144,000.00

                
	
                  25-Jun-07

                	
                  25-Jul-07

                	
                  784,354,000.00

                
	
                  25-Jul-07

                	
                  25-Aug-07

                	
                  755,057,000.00

                
	
                  25-Aug-07

                	
                  25-Sep-07

                	
                  723,433,000.00

                
	
                  25-Sep-07

                	
                  25-Oct-07

                	
                  690,492,000.00

                
	
                  25-Oct-07

                	
                  25-Nov-07

                	
                  659,074,000.00

                
	
                  25-Nov-07

                	
                  25-Dec-07

                	
                  629,108,000.00

                
	
                  25-Dec-07

                	
                  25-Jan-08

                	
                  600,526,000.00

                
	
                  25-Jan-08

                	
                  25-Feb-08

                	
                  573,263,000.00

                
	
                  25-Feb-08

                	
                  25-Mar-08

                	
                  547,258,000.00

                
	
                  25-Mar-08

                	
                  25-Apr-08

                	
                  522,451,000.00

                
	
                  25-Apr-08

                	
                  25-May-08

                	
                  498,788,000.00

                
	
                  25-May-08

                	
                  25-Jun-08

                	
                  476,214,000.00

                
	
                  25-Jun-08

                	
                  25-Jul-08

                	
                  454,678,000.00

                
	
                  25-Jul-08

                	
                  25-Aug-08

                	
                  432,608,000.00

                
	
                  25-Aug-08

                	
                  25-Sep-08

                	
                  398,058,000.00

                
	
                  25-Sep-08

                	
                  25-Oct-08

                	
                  366,786,000.00

                
	
                  25-Oct-08

                	
                  25-Nov-08

                	
                  338,485,000.00

                
	
                  25-Nov-08

                	
                  25-Dec-08

                	
                  312,814,000.00

                
	
                  25-Dec-08

                	
                  25-Jan-09

                	
                  290,196,000.00

                
	
                  25-Jan-09

                	
                  25-Feb-09

                	
                  275,776,000.00

                
	
                  25-Feb-09

                	
                  25-Mar-09

                	
                  262,110,000.00

                
	
                  25-Mar-09

                	
                  25-Apr-09

                	
                  249,155,000.00

                
	
                  25-Apr-09

                	
                  25-May-09

                	
                  236,880,000.00

                
	
                  25-May-09

                	
                  25-Jun-09

                	
                  225,241,000.00

                
	
                  25-Jun-09

                	
                  25-Jul-09

                	
                  214,204,000.00

                
	
                  25-Jul-09

                	
                  25-Aug-09

                	
                  202,824,000.00

                
	
                  25-Aug-09

                	
                  25-Sep-09

                	
                  190,910,000.00

                
	
                  25-Sep-09

                	
                  25-Oct-09

                	
                  179,826,000.00

                
	
                  25-Oct-09

                	
                  25-Nov-09

                	
                  169,509,000.00

                
	
                  25-Nov-09

                	
                  25-Dec-09

                	
                  159,892,000.00

                
	
                  25-Dec-09

                	
                  25-Jan-10

                	
                  151,333,000.00

                
	
                  25-Jan-10

                	
                  25-Feb-10

                	
                  143,848,000.00

                
	
                  25-Feb-10

                	
                  25-Mar-10

                	
                  136,756,000.00

                
	
                  25-Mar-10

                	
                  25-Apr-10

                	
                  130,036,000.00

                
	
                  25-Apr-10

                	
                  25-May-10

                	
                  123,669,000.00

                
	
                  25-May-10

                	
                  25-Jun-10

                	
                  117,634,000.00

                
	
                  25-Jun-10

                	
                  25-Jul-10

                	
                  111,912,000.00

                
	
                  25-Jul-10

                	
                  25-Aug-10

                	
                  106,485,000.00

                
	
                  25-Aug-10

                	
                  25-Sep-10

                	
                  101,339,000.00

                
	
                  25-Sep-10

                	
                  25-Oct-10

                	
                  96,458,000.00

                
	
                  25-Oct-10

                	
                  25-Nov-10

                	
                  91,828,000.00

                
	
                  25-Nov-10

                	
                  25-Dec-10

                	
                  87,435,000.00

                
	
                  25-Dec-10

                	
                  25-Jan-11

                	
                  83,265,000.00

                
	
                  25-Jan-11

                	
                  25-Feb-11

                	
                  79,308,000.00

                
	
                  25-Feb-11

                	
                  25-Mar-11

                	
                  75,551,000.00

                
	
                  25-Mar-11

                	
                  25-Apr-11

                	
                  71,984,000.00

                
	
                  25-Apr-11

                	
                  25-May-11

                	
                  68,598,000.00

                
	
                  25-May-11

                	
                  25-Jun-11

                	
                  65,381,000.00

                
	
                  25-Jun-11

                	
                  25-Jul-11

                	
                  62,325,000.00

                
	
                  25-Jul-11

                	
                  25-Aug-11

                	
                  59,422,000.00

                
	
                  25-Aug-11

                	
                  25-Sep-11

                	
                  56,663,000.00

                
	
                  25-Sep-11

                	
                  25-Oct-11

                	
                  54,040,000.00

                
	
                  25-Oct-11

                	
                  25-Nov-11

                	
                  51,547,000.00

                
	
                  25-Nov-11

                	
                  Termination
                    Date

                	
                  49,176,000.00

                

        

        

        With
          respect to the Floating Rate Payer Calculation Periods, the dates in the
          above
          schedule with the exception of the Effective Date will be subject to adjustment
          in accordance with the Modified Following Business Day Convention. With
          respect
          to the Fixed Rate Payer Calculation Periods, the dates in the above schedule
          will be subject to No Adjustment.

        

        
          	
                  Fixed
                    Amounts

                	 
	 	 
	
                  Fixed
                    Rate Payer:

                	
                  Counterparty

                
	 	 
	
                  Fixed
                    Rate: 

                   

                  Fixed
                    Rate Day Count Fraction: 

                	
                  5.35
                    percent per annum

                   

                  30/360

                
	 	 
	
                  Fixed
                    Rate Payer Payment Dates:

                	
                  25
                    January, 25 February, 25 March, 25 April, 25 May, 25 June, 25
                    July, 25
                    August, 25 September, 25 October, 25 November and 25 December,
                    in each
                    year, from and including 25 January 2007, up to and including
                    the
                    Termination Date, subject to adjustment in accordance with the
                    Business
                    Day Convention specified immediately below
                    and there shall be No Adjustment to the Calculation
                    Period

                
	 	 
	
                  Business
                    Day Convention:

                	
                  Modified
                    Following

                

        

        

        
          	
                  Floating
                    Amounts

                	 
	 	 
	
                  Floating
                    Rate Payer:

                	
                  UBS
                    AG

                
	 	 
	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA

                
	 	 
	
                  Designated
                    Maturity:

                	
                  One
                    month

                
	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360

                
	 	 
	
                  Spread:

                	
                  None

                
	 	 
	
                  Floating
                    Rate Payer Period End Dates:

                	
                  25
                    January, 25 February, 25 March, 25 April, 25 May, 25 June, 25
                    July, 25
                    August, 25 September, 25 October, 25 November and 25 December,
                    in each
                    year, from and including 25 January 2007, up to and including
                    the
                    Termination Date, subject to adjustment in accordance with the
                    Business
                    Day Convention specified immediately below

                
	 	 
	
                  Floating
                    Rate Payer Payment Dates:

                	
                  Early
                    Payment shall be applicable. The Floating Rate Payer Payment
                    Dates shall
                    be two Business Days prior to each Floating Rate Payer Period
                    End
                    Date.

                
	 	 
	
                  Reset
                    Dates:

                	
                  First
                    day of each Calculation Period

                
	 	 
	
                  Business
                    Day Convention:

                	
                  Modified
                    Following

                
	 	 
	
                  Compounding:

                	
                  Inapplicable

                

        

        

        Relationship
          Between Parties

        Each
          party will be deemed to represent to the other party on the date on which
          it
          enters into this Transaction that (in the absence of a written Agreement
          between
          the parties which expressly imposes affirmative obligations to the contrary
          for
          this Transaction):

         

        (a)
          Non-Reliance. Each party is acting for its own account, and has made its
          own
          independent decisions to enter into this Transaction and this such Transaction
          is appropriate or proper for it based upon its own judgement and upon advice
          from such advisers as it has deemed necessary. Each party is not relying
          on any
          communication (written or oral) of the other party as investment advice
          or as a
          recommendation to enter into this Transaction; it being understood that
          information and explanation relating to the terms and conditions of this
          Transaction shall not be considered investment advice or a recommendation
          to
          enter into this Transaction. No communication (written or oral) received
          from
          the other party shall be deemed to be an assurance or guarantee as to the
          expected results of this Transaction.

         

        (b)
          Assessment and Understanding. Each party is capable of assessing the merits
          of
          and understands (on its own behalf or through independent professional
          advice),
          and accepts, the terms, conditions and risks of this Transaction. Each
          party is
          also capable of assuming and assumes, the risks of this
          Transaction.

         

        (c)
          Status of the Parties. Neither party is acting as a fiduciary for or as
          an
          adviser to the other in respect of this Transaction.

         

        References
          in this clause to "a party" shall, in the case of UBS AG, London Branch
          and
          where the context so allows, include references to any affiliate of UBS
          AG,
          London Branch

        
          	
                  Account
                    Details

                
	
                  Currency:

                	
                  USD

                
	
                  Correspondent
                    Bank:

                	
                  UBS
                    AG,
                    STAMFORD
                    BRANCH

                
	
                  Swift
                    Address:

                	
                  UBSWUS33XXX

                
	
                  Favour:
                    

                	
                  UBS
                    AG LONDON
                    BRANCH

                
	
                  Swift
                    Address: 

                	
                  UBSWGB2LXXX

                
	
                  Account
                    No: 

                	
                  101-wa-140007-000

                
	
                  Further
                    Credit To: 

                	
                   

                
	
                  Swift
                    Address: 

                	 
	
                  Account
                    No: 

                	 

        

        

        Offices

        
          	(a)  	
                  The
                    office of UBS AG for the Swap Transaction is London;
                    and

                

        

        
          	(b)  	
                  The
                    office of the Counterparty for the Swap Transaction is New
                    York.

                

        

        

        Contact
          Names at UBS AG

        
          	
                  Payment
                    Inquiries

                	
                  Elisa
                    Doctor

                	
                  Email:
                    DL-USOTCRATES-SETTS@ubs.com

                
	
                  Pre
                    Value Payments:

                	
                  Pre
                    Value Payment Investigations:

                	
                  203.719-1110

                
	
                  Post
                    Value Payments:

                	
                  Post
                    Value Payment Investigations:

                	
                  203.719.1110

                
	
                  Confirmation
                    Queries:

                	
                  Confirmation
                    Control:

                	
                  203.719.3733

                
	
                  ISDA
                    Documentation:

                	
                  Legal

                	
                  203.719.4747

                

        

        

        

        
          	
                  Swift:

                	
                  UBSWGB2L

                
	
                  Fax:

                	
                  (44)
                    20 7567 2685/2990

                
	
                  Address:

                	
                  UBS
                    AG

                
	 	
                  100
                    Liverpool Street

                  London
                    EC2M 2RH

                

        

        

        Please
          confirm that the foregoing correctly sets forth the terms and conditions
          of our
          agreement by executing a copy of this Confirmation and returning it to
          us or by
          sending to us a letter or facsimile substantially similar to this letter,
          which
          letter or facsimile sets forth the material terms of the Transaction to
          which
          this Confirmation relates and indicates your agreement to those terms or
          by
          sending to us a return letter or facsimile in the form attached.

        

        
          	
                  Yours
                    Faithfully

                
	
                  For
                    and on Behalf of 

                
	
                  UBS
                    AG, London Branch

                

        

        

        
          	
                  By:

                	 	 	
                  By:

                	 
	 	 	 	 	 
	 	 	 	 	 
	
                  Name:

                	
                  Christopher
                    Dingle

                	 	
                  Name:

                	
                  Jonathan
                    McTernan

                
	
                  Title:

                	
                  Associate
                    Director

                	 	
                  Title:

                	
                  Associate
                    Director

                

        

        

        Acknowledged
          and agreed by UBS Real Estate Securities, Inc. as of the Trade Date specified
          above:

        

        
          	
                  By:

                	 	
                  By:

                
	 	 	 
	
                  Name
                    :

                	 	 	
                  Name
                    :

                	 
	
                  Title
                    :

                	 	 	
                  Title:

                	 

        

        

        

        UBS
          AG
          London Branch, 1 Finsbury Avenue, London, EC2M 2PP

        UBS
          AG is
          a member of the London Stock Exchange and is regulated in the UK by the
          Financial Services Authority.

        Representatives
          of UBS Limited introduce trades to UBS AG via UBS Limited

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Attachment
          2

        
          	

        

         

        

          
            	
                    Date:

                  	
                    28
                      December 2006

                  
	 	 
	
                    To:

                  	
                    Wells
                      Fargo Bank, N.A., not individually, but solely as trustee on
                      behalf of the
                      Supplemental Interest Trust for the MASTR Asset Backed Securities
                      Trust
                      2006-HE5, Mortgage Pass Through Certificates, Series 2006-HE5
                      (“Counterparty”)

                  
	 	 
	
                    Attn:

                  	 
	 	 
	
                    From:

                  	
                    UBS
                      AG, London Branch (“UBS AG”)

                  
	 	 
	
                    Subject:

                  	
                    Interest
                      Rate Swap Transaction

                  
	 	
                    UBS
                      AG Ref: 
37536097

                  

          

        

        Dear
          Sirs,

        

        The
          purpose of this communication is to confirm the terms and conditions of
          the
          Transaction entered into between us on the Trade Date specified below.
          This
          Confirmation constitutes a “Confirmation” as referred to in the Master Agreement
          or Agreement specified below.

        

        The
          definitions contained in the 2000
          ISDA
          Definitions as published by the International Swaps and Derivatives Association,
          Inc., are incorporated into this Confirmation. In the event of any inconsistency
          between any of the definitions listed above and this Confirmation, this
          Confirmation will govern.

        

        This
          Confirmation supplements, forms part of, and is subject to, the ISDA Master
          Agreement dated as of 28 December 2006 as amended and supplemented from
          time to
          time (the "Agreement"), between Counterparty and UBS AG. All provisions
          contained in the Agreement govern this Confirmation except as expressly
          modified
          below.

        

        The
          terms
          of the particular Swap Transaction to which this Confirmation relates are
          as
          follows:

        

        
          	
                  General
                    Terms

                	 
	 	 
	
                  Trade
                    Date:

                	
                  28
                    December 2006

                
	 	 
	
                  Effective
                    Date:

                	
                  28
                    December 2006

                
	 	 
	
                  Termination
                    Date:

                	
                  25
                    December 2011

                
	 	 
	
                  Calculation
                    Agent:

                	
                  UBS
                    AG, unless otherwise stated in the Schedule to the Master
                    Agreement.

                
	 	 
	
                  Business
                    Days:

                	
                  New
                    York

                
	 	 
	
                  Calculation
                    Amount:

                	
                  Initially
                    USD 3,615,000.00, amortizing as per Amortizing Schedule
                    below

                
	 	 
	
                  Broker:

                	
                  None

                

        

        

        
          	
                  Amortizing
                    Schedule:

                	 	 
	
                  Period
                    From

                	
                  Period
                    To

                	
                  Calculation
                    Amount (USD)

                
	
                  Effective
                    Date

                	
                  25-Jan-07

                	
                  3,615,000.00
                    

                
	
                  25-Jan-07

                	
                  25-Feb-07

                	
                  3,563,844.00
                    

                
	
                  25-Feb-07

                	
                  25-Mar-07

                	
                  3,501,084.00
                    

                
	
                  25-Mar-07

                	
                  25-Apr-07

                	
                  3,426,788.00
                    

                
	
                  25-Apr-07

                	
                  25-May-07

                	
                  3,341,188.00
                    

                
	
                  25-May-07

                	
                  25-Jun-07

                	
                  3,244,576.00
                    

                
	
                  25-Jun-07

                	
                  25-Jul-07

                	
                  3,137,416.00
                    

                
	
                  25-Jul-07

                	
                  25-Aug-07

                	
                  3,020,228.00
                    

                
	
                  25-Aug-07

                	
                  25-Sep-07

                	
                  2,893,732.00
                    

                
	
                  25-Sep-07

                	
                  25-Oct-07

                	
                  2,761,968.00
                    

                
	
                  25-Oct-07

                	
                  25-Nov-07

                	
                  2,636,296.00
                    

                
	
                  25-Nov-07

                	
                  25-Dec-07

                	
                  2,516,432.00
                    

                
	
                  25-Dec-07

                	
                  25-Jan-08

                	
                  2,402,104.00
                    

                
	
                  25-Jan-08

                	
                  25-Feb-08

                	
                  2,293,052.00
                    

                
	
                  25-Feb-08

                	
                  25-Mar-08

                	
                  2,189,032.00
                    

                
	
                  25-Mar-08

                	
                  25-Apr-08

                	
                  2,089,804.00
                    

                
	
                  25-Apr-08

                	
                  25-May-08

                	
                  1,995,152.00
                    

                
	
                  25-May-08

                	
                  25-Jun-08

                	
                  1,904,856.00
                    

                
	
                  25-Jun-08

                	
                  25-Jul-08

                	
                  1,818,712.00
                    

                
	
                  25-Jul-08

                	
                  25-Aug-08

                	
                  1,730,432.00
                    

                
	
                  25-Aug-08

                	
                  25-Sep-08

                	
                  1,592,232.00
                    

                
	
                  25-Sep-08

                	
                  25-Oct-08

                	
                  1,467,144.00
                    

                
	
                  25-Oct-08

                	
                  25-Nov-08

                	
                  1,353,940.00
                    

                
	
                  25-Nov-08

                	
                  25-Dec-08

                	
                  1,251,256.00
                    

                
	
                  25-Dec-08

                	
                  25-Jan-09

                	
                  1,160,784.00
                    

                
	
                  25-Jan-09

                	
                  25-Feb-09

                	
                  1,103,104.00
                    

                
	
                  25-Feb-09

                	
                  25-Mar-09

                	
                  1,048,440.00
                    

                
	
                  25-Mar-09

                	
                  25-Apr-09

                	
                  996,620.00
                    

                
	
                  25-Apr-09

                	
                  25-May-09

                	
                  947,520.00
                    

                
	
                  25-May-09

                	
                  25-Jun-09

                	
                  900,964.00
                    

                
	
                  25-Jun-09

                	
                  25-Jul-09

                	
                  856,816.00
                    

                
	
                  25-Jul-09

                	
                  25-Aug-09

                	
                  811,296.00
                    

                
	
                  25-Aug-09

                	
                  25-Sep-09

                	
                  763,640.00
                    

                
	
                  25-Sep-09

                	
                  25-Oct-09

                	
                  719,304.00
                    

                
	
                  25-Oct-09

                	
                  25-Nov-09

                	
                  678,036.00
                    

                
	
                  25-Nov-09

                	
                  25-Dec-09

                	
                  639,568.00
                    

                
	
                  25-Dec-09

                	
                  25-Jan-10

                	
                  605,332.00
                    

                
	
                  25-Jan-10

                	
                  25-Feb-10

                	
                  575,392.00
                    

                
	
                  25-Feb-10

                	
                  25-Mar-10

                	
                  547,024.00
                    

                
	
                  25-Mar-10

                	
                  25-Apr-10

                	
                  520,144.00
                    

                
	
                  25-Apr-10

                	
                  25-May-10

                	
                  494,676.00
                    

                
	
                  25-May-10

                	
                  25-Jun-10

                	
                  470,536.00
                    

                
	
                  25-Jun-10

                	
                  25-Jul-10

                	
                  447,648.00
                    

                
	
                  25-Jul-10

                	
                  25-Aug-10

                	
                  425,940.00
                    

                
	
                  25-Aug-10

                	
                  25-Sep-10

                	
                  405,356.00
                    

                
	
                  25-Sep-10

                	
                  25-Oct-10

                	
                  385,832.00
                    

                
	
                  25-Oct-10

                	
                  25-Nov-10

                	
                  367,312.00
                    

                
	
                  25-Nov-10

                	
                  25-Dec-10

                	
                  349,740.00
                    

                
	
                  25-Dec-10

                	
                  25-Jan-11

                	
                  333,060.00
                    

                
	
                  25-Jan-11

                	
                  25-Feb-11

                	
                  317,232.00
                    

                
	
                  25-Feb-11

                	
                  25-Mar-11

                	
                  302,204.00
                    

                
	
                  25-Mar-11

                	
                  25-Apr-11

                	
                  287,936.00
                    

                
	
                  25-Apr-11

                	
                  25-May-11

                	
                  274,392.00
                    

                
	
                  25-May-11

                	
                  25-Jun-11

                	
                  261,524.00
                    

                
	
                  25-Jun-11

                	
                  25-Jul-11

                	
                  249,300.00
                    

                
	
                  25-Jul-11

                	
                  25-Aug-11

                	
                  237,688.00
                    

                
	
                  25-Aug-11

                	
                  25-Sep-11

                	
                  226,652.00
                    

                
	
                  25-Sep-11

                	
                  25-Oct-11

                	
                  216,160.00
                    

                
	
                  25-Oct-11

                	
                  25-Nov-11

                	
                  206,188.00
                    

                
	
                  25-Nov-11

                	
                  Termination
                    Date

                	
                  196,704.00
                    

                

        

        

        With
          respect to the Floating Rate Payer Calculation Periods, the dates in the
          above
          schedule with the exception of the Effective Date will be subject to adjustment
          in accordance with the Modified Following Business Day Convention. With
          respect
          to the Fixed Rate Payer Calculation Periods, the dates in the above schedule
          will be subject to No Adjustment. 

        

        
          	
                  Fixed
                    Amounts

                	 
	 	 
	
                  Fixed
                    Rate Payer:

                	
                  Counterparty

                
	 	 
	
                  Fixed
                    Amount:

                	
                  To
                    be determined in accordance with the following formula: 250 *
                    Fixed Rate *
                    Calculation Amount * Fixed Rate Day Count Fraction

                
	 	 
	
                  Fixed
                    Rate: 

                   

                  Fixed
                    Rate Day Count Fraction: 

                	
                  5.35
                    percent per annum

                   

                  30/360

                
	 	 
	
                  Fixed
                    Rate Payer Payment Dates:

                	
                  25
                    January, 25 February, 25 March, 25 April, 25 May, 25 June, 25
                    July, 25
                    August, 25 September, 25 October, 25 November and 25 December,
                    in each
                    year, from and including 25 January 2007, up to and including
                    the
                    Termination Date, subject to adjustment in accordance with the
                    Business
                    Day Convention specified immediately below
                    and there shall be No Adjustment to the Calculation
                    Period

                
	 	 
	
                  Business
                    Day Convention:

                	
                  Modified
                    Following

                

        

        

        
          	
                  Floating
                    Amounts

                	 
	 	 
	
                  Floating
                    Rate Payer:

                	
                  UBS
                    AG

                
	 	 
	
                  Floating
                    Amount:

                	
                  To
                    be determined in accordance with the following formula: 250 *
                    Floating
                    Rate Option * Calculation Amount * Floating Rate Day Count
                    Fraction

                
	 	 
	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA

                
	 	 
	
                  Designated
                    Maturity:

                	
                  1
                    month

                
	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360

                
	 	 
	
                  Spread:

                	
                  None

                
	 	 
	
                  Floating
                    Rate Payer Period End Dates:

                	
                  25
                    January, 25 February, 25 March, 25 April, 25 May, 25 June, 25
                    July, 25
                    August, 25 September, 25 October, 25 November and 25 December,
                    in each
                    year, from and including 25 January 2007, up to and including
                    the
                    Termination Date, subject to adjustment in accordance with the
                    Business
                    Day Convention specified immediately below

                
	 	 
	
                  Floating
                    Rate Payer Payment Dates:

                	
                  Early
                    Payment shall be applicable. The Floating Rate Payer Payment
                    Dates shall
                    be two Business Days prior to each Floating Rate Payer Period
                    End
                    Date.

                
	 	 
	
                  Reset
                    Dates:

                	
                  First
                    day of each Calculation Period

                
	 	 
	
                  Business
                    Day Convention:

                	
                  Modified
                    Following

                
	 	 
	
                  Compounding:

                	
                  Inapplicable

                

        

        

        Relationship
          Between Parties

        Each
          party will be deemed to represent to the other party on the date on which
          it
          enters into this Transaction that (in the absence of a written Agreement
          between
          the parties which expressly imposes affirmative obligations to the contrary
          for
          this Transaction):

         

        (a)
          Non-Reliance. Each party is acting for its own account, and has made its
          own
          independent decisions to enter into this Transaction and this such Transaction
          is appropriate or proper for it based upon its own judgement and upon advice
          from such advisers as it has deemed necessary. Each party is not relying
          on any
          communication (written or oral) of the other party as investment advice
          or as a
          recommendation to enter into this Transaction; it being understood that
          information and explanation relating to the terms and conditions of this
          Transaction shall not be considered investment advice or a recommendation
          to
          enter into this Transaction. No communication (written or oral) received
          from
          the other party shall be deemed to be an assurance or guarantee as to the
          expected results of this Transaction.

         

        (b)
          Assessment and Understanding. Each party is capable of assessing the merits
          of
          and understands (on its own behalf or through independent professional
          advice),
          and accepts, the terms, conditions and risks of this Transaction. Each
          party is
          also capable of assuming and assumes, the risks of this
          Transaction.

         

        (c)
          Status of the Parties. Neither party is acting as a fiduciary for or as
          an
          adviser to the other in respect of this Transaction.

         

        (d)
          Purpose. It is an "eligible swap participant" as such term is defined in
          Section
          35.1(b)(2) of the regulations (17 C.F.R. 35) promulgated under, and an
          "eligible
          contract participant" as defined in Section 1(a)(12) of the Commodity Exchange
          Act, as amended, and it is entering into the Transaction for the purposes
          of
          managing its borrowing or investments, hedging its underlying assets or
          liabilities or in connection with a line of business.

        

        References
          in this clause to "a party" shall, in the case of UBS AG, London Branch
          and
          where the context so allows, include references to any affiliate of UBS
          AG,
          London Branch

        

        
          	
                  Account
                    Details

                
	
                  Currency:

                	
                  USD

                
	
                  Correspondent
                    Bank:

                	
                  UBS
                    AG,
                    STAMFORD
                    BRANCH

                
	
                  Swift
                    Address:

                	
                  UBSWUS33XXX

                
	
                  Favour:
                    

                	
                  UBS
                    AG LONDON
                    BRANCH

                
	
                  Swift
                    Address: 

                	
                  UBSWGB2LXXX

                
	
                  Account
                    No: 

                	
                  101-wa-140007-000

                
	
                  Further
                    Credit To: 

                	
                   

                
	
                  Swift
                    Address: 

                	 
	
                  Account
                    No: 

                	 

        

         

        Offices

        (a)The
          office of UBS AG for the Swap Transaction is London;
          and

        (b)The
          office of the Counterparty for the Swap Transaction is New York

         

        Contact
          Names at UBS AG

        
          	
                  Payment
                    Inquiries

                	
                  Elisa
                    Doctor

                	
                  Email:
                    DL-USOTCRATES-SETTS@ubs.com

                
	
                  Pre
                    Value Payments:

                	
                  Pre
                    Value Payment Investigations:

                	
                  203.719-1110

                
	
                  Post
                    Value Payments:

                	
                  Post
                    Value Payment Investigations:

                	
                  203.719.1110

                
	
                  Confirmation
                    Queries:

                	
                  Confirmation
                    Control:

                	
                  203.719.3733

                
	
                  ISDA
                    Documentation:

                	
                  Legal

                	
                  203.719.4747

                
	
                  Swift:

                	
                  UBSWGB2L

                
	
                  Fax:

                	
                  (44)
                    20 7567 2685/2990

                
	
                  Address:

                	
                  UBS
                    AG

                
	 	
                  100
                    Liverpool Street

                  London
                    EC2M 2RH

                

        

        

        Contact
          Info:

        Wells
          Fargo Bank, N.A.

        9062
          Old
          Annapolis Road

        Columbia,
          MD 21045-1951

        Attn:
          Client Manager MABS 2006-HE5

        (p)
          410.884.2000

        (f)
          410.715.2380

        

        Wiring
          Instructions:

        WELLS
          FARGO BANK, NA

        ABA#
          121000248

        FOR
          CREDIT TO: CORPORATE TRUST CLEARING

        ACCT:
          3970771416

        FFC
          TO:
          Swap
          Account,
          Account #
          50977901

         

        Please
          confirm that the foregoing correctly sets forth the terms and conditions
          of our
          agreement by executing a copy of this Confirmation and returning it to
          us or by
          sending to us a letter or facsimile substantially similar to this letter,
          which
          letter or facsimile sets forth the material terms of the Transaction to
          which
          this Confirmation relates and indicates your agreement to those terms or
          by
          sending to us a return letter or facsimile in the form attached.

        

        
          	
                  Yours
                    Faithfully

                
	
                  For
                    and on Behalf of 

                
	
                  UBS
                    AG, London Branch

                

        

         

        
          	
                  By:

                	 	 	
                  By:

                	 
	 	 	 	 	 
	 	 	 	 	 
	
                  Name:

                	
                  Christopher
                    Dingle

                	 	
                  Name:

                	
                  Jonathan
                    McTernan

                
	
                  Title:

                	
                  Associate
                    Director

                	 	
                  Title:

                	
                  Associate
                    Director

                

        

         

        

        Acknowledged
          and agreed by Wells
          Fargo Bank, N.A., not individually, but solely as trustee on behalf of
          the
          Supplemental Interest Trust for the MASTR Asset Backed Securities Trust
          2006-HE5, Mortgage Pass Through Certificates, Series 2006-HE5 as of the
          Trade
          Date specified above:

         

        
          	
                  By:

                	 	 	
                   

                	 
	 	 	 	 	 
	 	 	 	 	 
	
                  Name:

                	
                	 	
                	
                
	
                  Title:

                	
                	 	
                	
                

        

        

        UBS
          AG
          London Branch, 1 Finsbury Avenue, London, EC2M 2PP

        UBS
          AG is
          a member of the London Stock Exchange and is regulated in the UK by the
          Financial Services Authority.

        Representatives
          of UBS Limited introduce trades to UBS AG via UBS Limited

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

       

      
        (Multicurrency-Cross
          Border)

        ISDAâ

        

        International
          Swap Dealers Association, Inc.

        

        MASTER
          AGREEMENT

        

        dated
          as
          of December 28, 2006

        

        
          	
                  UBS
                    AG

                  (“Party
                    A”)

                	
                  and

                	
                  WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, not
                    individually, but solely as trustee on behalf of the Supplemental
                    Interest
                    Trust for the MASTR Asset Backed Securities Trust 2006-HE5, Mortgage
                    Pass
                    Through Certificates, Series 2006-HE5

                  (“Party
                    B”)

                

        

        

        

        have
          entered and/or anticipate entering into one or more transactions (each
          a
“Transaction”) that are or will be governed by this Master Agreement, which
          includes the schedule (the “Schedule”), and the documents and other confirming
          evidence (each a “Confirmation”) exchanged between the parties confirming those
          Transactions.

        

        Accordingly,
          the parties agree as follows:3⁄4

        

        1.                     Interpretation

        

        (a)      Definitions.
          The
          terms defined in Section 14 and in the Schedule will have the meanings
          therein
          specified for the purpose of this Master Agreement.

        

        (b)      Inconsistency. 
          In the
          event of any inconsistency between the provisions of the Schedule and the
          other
          provisions of this Master Agreement, the Schedule will prevail. In the
          event of
          any inconsistency between the provisions of any Confirmation and this Master
          Agreement (including the Schedule), such Confirmation will prevail for
          the
          purposes of the relevant Transaction.

        

        (c)      Single
          Agreement.
          All
          Transactions are entered into in reliance on the fact that this Master
          Agreement
          and all Confirmations form a single agreement between the parties (collectively
          referred to as this “Agreement”), and the parties would not otherwise enter into
          any Transactions.

        

        2.        Obligations

        

        (a)      General
          Conditions.

        

        (i) 
           Each party will make each payment or delivery specified in each
          Confirmation to be made by it, subject to the other provisions of this
          Agreement.

        

        (ii) 
           Payments under this Agreement will be made on the due date for value on
          that date in the place of the account specified in the relevant Confirmation
          or
          otherwise pursuant to this Agreement, in freely transferable funds and
          in
          the manner customary for
          payments in the required currency.
          Where settlement is by delivery (that is, other than by payment), such
          delivery
          will be made for receipt on the due date in the manner customary for the
          relevant obligation unless otherwise specified in the relevant Confirmation
          or
          elsewhere in this Agreement.

        

        (iii) 
           Each obligation of each party under Section 2(a)(i) is subject to (1) the
          condition precedent that no Event of Default or Potential Event of Default
          with
          respect to the other party has occurred and is continuing, (2) the condition
          precedent that no Early Termination Date in respect of the relevant Transaction
          has occurred or been effectively designated and (3) each other applicable
          condition precedent specified in this Agreement.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        value
          of
          that which was (or would have been) required to be delivered as of the
          originally scheduled date for delivery, in each case together with (to
          the
          extent permitted under applicable law) interest, in the currency of such
          amounts, from (and including) the date
          such
          amounts or obligations were or
          would
          have been
          required to have been paid or performed to (but excluding) such
          Early Termination Date, at the Applicable Rate. Such amounts of interest
          will be
          calculated on the basis of daily compounding and the actual number of days
          elapsed. The fair market value of any obligation referred to in clause
          (b) above
          shall be reasonably determined by the party obliged to make the determination
          under Section 6(e) or, if each party is so obliged, it shall be the average
          of
          the Termination Currency Equivalents of the fair market values reasonably
          determined by both parties.

        

        IN
          WITNESS WHEREOF the parties have executed this document on the respective
          dates
          specified below with effect from the date specified on the first page of
          this
          document.

         

        

        

        
          	
                  UBS
                    AG

                  (“Party
                    A”)

                	 	
                  WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, not
                    individually, but solely as trustee on behalf of the Supplemental
                    Interest
                    Trust for the MASTR Asset Backed Securities Trust 2006-HE5, Mortgage
                    Pass
                    Through Certificates, Series 2006-HE5

                  (“Party
                    B”)

                
	
                  (Name
                    of Party)

                	 	
                  (Name
                    of Party)

                   

                
	
                  By:________________________________ 

                	 	
                   By:_______________________________

                
	
                  Name:

                	 	
                  Name:

                
	
                  Title:

                	 	
                  Title:

                
	
                  Date:

                	 	
                  Date:

                
	
                  By:________________________________ 

                	 	 
	
                  Name:

                	 	 
	
                  Title:

                	 	 
	
                  Date:

                	 	 

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

      

       

       

       

      
        Execution
          Copy

        (Multicurrency-Cross
          Border) 

        Swap
          Schedule

         

        SCHEDULE

        to
          the

        Master
          Agreement

        dated
          as
          of December 28, 2006

         

        between

         

        UBS
          AG (“Party
          A”),

        a
          banking
          corporation organized under the laws of Switzerland

        and

         

        WELLS
          FARGO BANK, NATIONAL ASSOCIATION, not individually, but solely as trustee
          on
          behalf of the Supplemental Interest Trust for the MASTR Asset Backed Securities
          Trust 2006-HE5, Mortgage Pass Through Certificates, Series 2006-HE5 (“Party
          B”)

         

        Part
          1. 

        Termination
          Provisions

         

        In
          this
          Agreement:

         

        
          	
                  (a)

                	
                  “Specified
                    Entity” means
                    in relation to Party A for the purpose
                    of:-

                

        

        

        Section
          5(a)(v),  Not
          applicable.

        Section
          5(a)(vi),        
 Not
          applicable.

        Section
          5(a)(vii),          
 Not
          applicable.

        Section
          5(b)(iv),          
 Not
          applicable.

        

        and
          in
          relation to Party B for the purpose of:

         

        Section
          5(a)(v),  Not
          applicable.

        Section
          5(a)(vi),           
 Not
          applicable.

        Section
          5(a)(vii),          
 Not
          applicable.

        Section
          5(b)(iv),           
 Not
          applicable.

         

        
          	
                  (b)

                	
                  “Specified
                    Transaction” will
                    have the meaning specified in Section 14 of this Agreement.
                    

                

        

         

        
          	
                  (c)

                	
                  The
                    “Failure
                    to Pay or Deliver”
                    provisions of Section 5(a)(i) of this Agreement will apply to
                    Party A and
                    will apply to Party B.

                

        

         

        
          	
                  (d)

                	
                  The
                    “Breach
                    of Agreement”
                    provisions of Section 5(a)(ii) of this Agreement will apply to
                    Party A and
                    will not apply to Party B. 

                

        

         

        
          	
                  (e)
                    

                	
                  The
                    “Credit
                    Support Default”
                    provisions of Section 5(a)(iii) of this Agreement will
                    apply to Party A and will not apply to Party B except that Section
                    5(a)(iii)(1) of this Agreement will apply to Party B only with
                    respect to
                    the Transfer of any Return Amount required to be made by Party
                    B pursuant
                    to the Credit Support Annex.

                

        

         

        
          	
                  (f)

                	
                  The
                    “Misrepresentation”
                    provisions of Section 5(a)(iv) of this Agreement will not apply
                    to either
                    Party A or Party B. 

                

        

         

        
          	
                  (g)

                	
                  The
                    “Default
                    under Specified Transaction”
                    provisions of Section 5(a)(v) of this Agreement will apply to
                    Party A and
                    will not apply to Party B.

                

        

         

        
          	
                  (h)

                	
                  The
                    “Cross
                    Default” provisions
                    of Section 5(a)(vi) of this Agreement, as modified below, will
                    apply to
                    Party A and will not apply to Party B. Section 5(a)(vi) of this
                    Agreement
                    is hereby amended by the addition of the following at the end
                    thereof:

                

        

         

        
          	 	
                  “provided,
                    however, that notwithstanding the foregoing, an Event of Default
                    shall not
                    occur under either (1) or (2) above if, as demonstrated to the
                    reasonable
                    satisfaction of the other party, (a) the event or condition referred
                    to in
                    (1) or the failure to pay referred to in (2) is a failure to
                    pay caused by
                    an error or omission of an administrative or operational nature;
                    (b) funds
                    were available to such party to enable it to make the relevant
                    payment
                    when due; and (c) such relevant payment is made within three
                    Local
                    Business Days following receipt of written notice from an interested
                    party
                    of such failure to pay.”

                

        

         

        
          	 	
                  For
                    purposes of this provision:

                

        

         

        
          	 	
                  “Specified
                    Indebtedness”
                    will have the meaning specified in Section 14 of this
                    Agreement.

                

        

         

        
          	 	
                  “Threshold
                    Amount”
                    means with respect to Party A, an amount equal to three percent
                    (3%) of
                    the shareholders’ equity (howsoever described) of Party A as shown on the
                    most recent annual audited financial statements of Party
                    A.

                

        

         

        
          	
                  (i)

                	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) of this Agreement will not apply
                    to either
                    Party A or Party B.

                

        

         

        
          	
                  (j)

                	
                  The
                    “Automatic
                    Early Termination”
                    provisions of Section 6(a) of this Agreement will not apply to
                    Party A and
                    will not apply to Party B; provided that, if the Event of Default
                    specified in Section 5(a)(vii) (except for Section 5(a)(vii)(2))
                    is
                    governed by a system of law that does not permit termination
                    to take place
                    after the occurrence of the relevant Event of Default with respect
                    to a
                    party, then the Automatic Early Termination provision of Section
                    6(a) will
                    apply to such party.

                

        

         

        
          	
                  (k)

                	
                  The
                    “Bankruptcy”
                    provisions of Section 5(a)(vii) of this Agreement will apply
                    to both Party
                    A and Party B; provided, however, that with respect to Party
                    B the
                    following modifications shall apply: (i) clause (2) shall not
                    apply; (ii)
                    clause (4) shall exclude proceedings or petitions instituted
                    or presented
                    by Party A or any of Party A’s Affiliates; (iii) the words “seeks or”
                    shall be deleted from clause (6); (iv) clauses (7) and (9) shall
                    not
                    apply; and (v) clause (8) shall apply only to the extent that
                    any of the
                    events specified in clauses (1) through (7) are applicable.
                    

                

        

        

        (l)         
           Payments
          on Early Termination.
          For the
          purpose of Section 6(e) of this Agreement:

        (i) Market
          Quotation will apply.

        (ii) The
          Second Method will apply.

        

        
          	
                  (m)

                	
                  Calculations.
                    Notwithstanding Section 6 of this Agreement, so long as Party
                    A is (A) the
                    Affected Party in respect of an Additional Termination Event,
                    Illegality,
                    Tax Event or a Tax Event Upon Merger or (B) the Defaulting Party
                    in
                    respect of any Event of Default, paragraphs (i) to (vi) below
                    shall
                    apply:

                

        

        

        (i) The
          definition of “Market Quotation” shall be deleted in its entirety and replaced
          with the following:

        

        “Market
          Quotation”
means,
          with respect to one or more Terminated Transactions, a Firm Offer which
          is (1)
          made by a Reference Market-maker that is an Eligible Replacement, (2) for
          an
          amount that would be paid to Party B (expressed as a negative number) or
          by
          Party B (expressed as a positive number) in consideration of an agreement
          between Party B and such Reference Market-maker to enter into a transaction
          (the
“Replacement
          Transaction”)
          that
          would have the effect of preserving for such party the economic equivalent
          of
          any payment or delivery (whether the underlying obligation was absolute
          or
          contingent and assuming the satisfaction of each applicable condition precedent)
          by the parties under Section 2(a)(i) in respect of such Terminated Transactions
          or group of Terminated Transactions that would, but for the occurrence
          of the
          relevant Early Termination Date, have been required after that Date, (3)
          made on
          the basis that Unpaid Amounts in respect of the Terminated Transaction
          or group
          of Transactions are to be excluded but, without limitation, any payment
          or
          delivery that would, but for the relevant Early Termination Date, have
          been
          required (assuming satisfaction of each applicable condition precedent)
          after
          that Early Termination Date is to be included and (4) made in respect of
          a
          Replacement Transaction with terms substantially the same as those of this
          Agreement (save for the exclusion of provisions relating to Transactions
          that
          are not Terminated Transactions).” 

        

        (ii) The
          definition of “Settlement Amount” shall be deleted in its entirety and replaced
          with the following:

        

        “Settlement
          Amount”
means,
          with respect to any Early Termination Date, an amount (as determined by
          Party B)
          equal to the Termination Currency Equivalent of the amount (whether positive
          or
          negative) of any Market Quotation for the relevant Terminated Transaction
          or
          group of Terminated Transactions that is accepted by Party B so as to become
          legally binding, Provided that:

        

        (1) If,
          no
          Automatic Early Termination has occurred and, on the Early Termination
          Date, (x)
          no Market Quotation for the relevant Terminated Transaction or group of
          Terminated Transactions has been accepted by Party B so as to become legally
          binding and (y) one or more Market Quotations have been made and remain
          capable
          of becoming legally binding upon acceptance, the Settlement Amount shall
          equal
          the Termination Currency Equivalent of the amount (whether positive or
          negative)
          of the lowest of such Market Quotations; and

        

        (2) If
          no
          Automatic Early Termination has occurred and, on the Early Termination
          Date, (x)
          no Market Quotation for the relevant Terminated Transaction or group of
          Terminated Transactions is accepted by Party B so as to become legally
          binding
          and (y) no Market Quotations have been made and remain capable of becoming
          legally binding upon acceptance, the Settlement Amount shall equal Party
          B’s
          Loss (whether positive or negative and without reference to any Unpaid
          Amounts)
          for the relevant Terminated Transaction or group of Terminated
          Transactions.

        

        (3)  If
          an
          Automatic Early Termination has occurred and, on the Early Termination
          Date, no
          Market Quotation for the relevant Terminated Transaction or group of Terminated
          Transactions is accepted by Party B so as to become legally binding, the
          Settlement Amount shall equal Party B’s Loss (whether positive or negative and
          without reference to any Unpaid Amounts) for the relevant Terminated Transaction
          or group of Terminated Transactions.

        
           

          
            	 	
                    (iii)  

                  	
                    
                      For
                        the purpose of paragraph (4) of the definition of Market
                        Quotation, Party
                        B shall determine in its sole discretion, acting in a commercially
                        reasonable manner, whether a Firm Offer is made in respect
                        of a
                        Replacement Transaction with commercial terms substantially
                        the same as
                        those of this Agreement (save for the exclusion of provisions
                        relating to
                        Transactions that are not Terminated
                        Transactions).

                    

                  

          

           

        

        
          	 	
                  (iv)  

                	
                  
                    
                      At
                        any time on or before the Early Termination Date at which
                        two or more
                        Market Quotations remain capable of becoming legally binding
                        upon
                        acceptance, Party B shall be entitled to accept only the
                        lowest of such
                        Market Quotations.

                    

                  

                

        

         

        
          	 	
                  (v)

                	
                  If
                    Party B requests Party A in writing to obtain Market Quotations,
                    Party A
                    shall use its reasonable efforts to do so before the Early Termination
                    Date.

                

        

         

        
          	 	
                  (vi)

                	
                  If
                    the Settlement Amount is a negative number, Section 6(e)(i)(3)
                    of this
                    Agreement shall be deleted in its entirety and replaced with
                    the
                    following:

                

        

         

        “Second
          Method and Market Quotation.
          If
          Second Method and Market Quotation apply, (1) Party B shall pay to Party
          A an
          amount equal to the absolute value of the Settlement Amount in respect
          of the
          Terminated Transactions, (2) Party B shall pay to Party A the Termination
          Currency Equivalent of the Unpaid Amounts owing to Party A and (3) Party
          A shall
          pay to Party B the Termination Currency Equivalent of the Unpaid Amounts
          owing
          to Party B, provided that, (i) the amounts payable under (2) and (3) shall
          be
          subject to netting in accordance with Section 2(c) of this Agreement and
          (ii)
          notwithstanding any other provision of this Agreement, any amount payable
          by
          Party A under (3) shall not be netted-off against any amount payable by
          Party B
          under (1).”

         

        (n)        
           “Termination
          Currency”
          means
          United States Dollars (“USD”).

         

        (o)        
           Additional
          Termination Event
          will
          apply to Party A and Party B as set forth below:

         

        
          	(i)  	
                  Each
                    of the following events shall be an Additional Termination Event
                    for which
                    Party B shall be the sole Affected Party and all Transactions
                    shall be
                    Affected Transactions: 

                

        

         

        (A)
          The
          trust created pursuant to the Pooling and Servicing Agreement (as defined
          below)
          is unable to pay, or fails or admits in writing its inability, to pay,
          on any
          Distribution Date, any Uncertificated Interest with respect to the Class
          A
          Certificates, to the extent required pursuant to the terms of the Pooling
          and
          Servicing Agreement to be paid to the Class A Certificates on such Distribution
          Date; 

         

        (B)
          The
          Pooling and Servicing Agreement dated as of December 1, 2006 among Mortgage
          Asset Securitization Transactions, Inc. as depositor, Wells Fargo Bank,
          National
          Association as master servicer and trust administrator, Barclays Capital
          Real
          Estate Inc. d/b/a HomeEq Servicing as servicer and U.S. Bank National
          Association as trustee (the “Pooling and Servicing Agreement”) is amended or
          modified without the prior written consent of Party A where such consent
          is
          required under the Pooling and Servicing Agreement (such consent not to
          be
          unreasonably withheld, conditioned or delayed), if such amendment or
          modification adversely affects, in any material respect, the interests
          of Party
          A; and

        

        (C)
           An
          Additional Termination Event shall occur upon the notice to Certificateholders
          of an Optional Termination becoming unrescindable in accordance with Article
          IX
          of the Pooling and Servicing Agreement (such notice, the “Optional Termination
          Notice”). 

        

        With
          respect to such Additional Termination Event:

        

        (i)
          Party
          B shall be the sole Affected Party and the swap transaction with Reference
          Number 37536220 (the “Swap Transaction”) shall be the sole Affected
          Transaction;

        

        (ii)
          notwithstanding anything to the contrary in Section 6(b)(iv) of the Agreement
          or

        Section
          6(c)(i) of the Agreement, the final Distribution Date specified in the
          Optional
          Termination Notice is hereby designated as the Early Termination Date for
          this
          Additional Termination Event in respect of the Swap Transaction;

        

        (iii)
          Section 2(a)(iii)(2) of the Agreement shall not be applicable to the
          Swap

        Transaction
          in connection with the Early Termination Date resulting from this Additional
          Termination Event; notwithstanding anything to the contrary in Section
          6(c)(ii)
          of the Agreement, payments and deliveries under Section 2(a)(i) of the
          Agreement
          or Section 2(e) of the Agreement in respect of the Terminated Transactions
          resulting from this Additional Termination Event will be required to be
          made
          through and including the Early Termination Date designated as a result
          of this
          Additional Termination Event; provided, for the avoidance of doubt, that
          any
          such payments or deliveries that are made on or prior to such Early Termination
          Date will not be treated as Unpaid Amounts in determining the amount payable
          in
          respect of such Early Termination Date;

        

        (iv)
          notwithstanding anything to the contrary in Section 6(d)(i) of the Agreement,
          

        

        (A)
          if,
          no later than 4:00 pm New York City time on the day that is four Business
          Days
          prior to the final Distribution Date specified in the Optional Termination
          Notice, the Trust Administrator requests the amount of the Estimated Swap
          Termination Payment, Party A shall provide to the Terminator and the Trust
          Administrator in writing (which may be done in electronic format) the amount
          of
          the Estimated Swap Termination Payment no later than 2:00 pm New York City
          time
          on the following Business Day and (B) if the Trust Administrator provides
          written notice to Party A no later than two Business Days prior to the
          final
          Distribution Date specified in the Optional Termination Notice that all
          requirements of the Optional Termination have been met, then Party A shall,
          no
          later than one Business Day prior to the final Distribution Date specified
          in
          the Optional Termination Notice, make the calculations contemplated by
          Section
          6(e) of the Agreement (as amended herein) and provide to the Trust Administrator
          in writing (which may be done in electronic format) the amount payable
          by either
          Party B or Party A in respect of the related Early Termination Date in
          connection with this Additional Termination Event; provided, however, that
          the
          amount payable by Party B, if any, in respect of the related Early Termination
          Date shall be the lesser of (x) the amount calculated to be due from Party
          B
          pursuant to Section 6(e) of the Agreement and (y) the Estimated Swap Termination
          Payment; and

        

        (v)
          notwithstanding anything to the contrary in Section 6(d)(ii) of the Agreement,
          any amount due from Party B to Party A in respect of this Additional Termination
          Event will be payable on the final Distribution Date specified in the Optional
          Termination Notice and any amount due from Party A to Party B in respect
          of this
          Additional Termination Event will be payable one Business Day prior to
          the final
          Distribution Date specified in the Optional Termination Notice.

        

        “Estimated
          Swap Termination Payment” shall mean, with respect to an Early Termination Date,
          an amount determined by Party A in good faith in a commercially reasonable
          manner as the maximum payment that could be owed by Party B with respect
          to such
          early termination pursuant to Section 6(e) of the Agreement taking into
          account
          then current market conditions.

        

        The
          Trust
          Administrator shall be an express third party beneficiary of this Agreement
          as
          if a party hereto to the extent of the Trust Administrator’s rights specified in
          Part 1(m)(i)(3) hereof.

         

        
          	 	
                  (ii)

                	
                  Each
                    of the following events shall be an Additional Termination Event
                    for which
                    Party A shall be the sole Affected Party and all Transactions
                    shall be
                    Affected Transactions:

                

        

        (A) If
          (x)
          within 30 Local Business Days after the date on which the Moody’s First Trigger
          Event applies or (y) within 30 calendar days after the date on which the
          S&P
          First Trigger Event applies,
          Party A
          fails to comply with or perform any obligation to be complied with or performed
          under the CSA (including any obligation to Transfer Eligible Collateral
          thereunder). 

        

        (B) On
          any
          Local Business Day that is (1) at least 30 Local Business Days after the
          occurrence of (x) a Moody’s Second Trigger Event (which is continuing) or that
          is (2) at least 10 Local Business Days after the occurrence of (y) an S&P
          Second Trigger Event (which is continuing), and in the case of both (x)
          and (y),
          a Firm Offer that remains capable of being accepted is either (i) made
          by an
          Eligible Replacement that satisfies the
          Moody’s Ratings Requirement (Second Trigger)
          and
          S&P Ratings Requirement (First Trigger) to accept transfer of Party A’s
          obligations hereunder or (ii) made by a guarantor that satisfies the Moody’s
          Ratings Requirement (Second Trigger) and S&P Ratings Requirement (First
          Trigger) to provide an Eligible Guarantee in respect of Party A’s present and
          future payment and delivery obligations under this Agreement and the CSA
          and
          such a Firm Offer is not accepted by Party A within one (1) Local Business
          Day
          of being made. During any period prior to the acceptance of such offer,
          Party A
          will continue to comply with its obligations under the CSA.

        (C) If,
          upon
          the occurrence of a Swap Disclosure Event (as defined below in Part 5(aa)
          of
          this Schedule) Party A has not, within the lesser of 15 calendar days and
          10
          Local Business Days (after giving effect to any grace period applicable
          to the
          relevant filing) after such Swap Disclosure Event, complied with any of
          the
          provisions set forth in Part 5(aa) below. 

        

        For
          the
          purposes hereof:

         

        “Eligible
          Guarantee” means an unconditional and irrevocable guarantee that is provided by
          a guarantor as principal debtor rather than surety and is directly enforceable
          by Party B, where (A) either (x) a law firm has given a legal opinion confirming
          that none of the guarantor’s payments to Party B under such guarantee will be
          subject to withholding for Tax or (y) such guarantee provides that, in
          the event
          that any of such guarantor’s payments to Party B are subject to withholding for
          Tax, such guarantor is required to pay such additional amount as is necessary
          to
          ensure that the net amount actually received by Party B (free and clear
          of any
          withholding tax) will equal the full amount Party B would have received
          had no
          such withholding been required and (B) the Rating Agency Condition with
          respect
          to S&P is satisfied. 

        

        “Eligible
          Replacement” means an entity satisfying (or whose present and future payment and
          delivery obligations owing to Party B are guaranteed pursuant to an Eligible
          Guarantee provided by a guarantor satisfying) the Moody’s
          Ratings Requirement (Second Trigger) and S&P Ratings Requirement (First
          Trigger).
          Where
          the Eligible Replacement will enter into documentation substantively similar
          to
          this Agreement, Party A must provide written notice to each Swap Rating
          Agency
          of such transfer and such transfer must be in connection with the assignment
          and
          assumption of this Agreement without modification of its terms, other than
          party
          names, dates relevant to the effective date of such transfer, tax
          representations and any other representations regarding the status of the
          substitute counterparty. In all other cases, the Rating Agency Condition
          must be
          satisfied with respect to S&P.

         

        “Firm
          Offer” means an offer which, when made, was capable of becoming legally binding
          upon acceptance by the offeree.

         

        “Long
          Term Rating” means the long-term unsecured and unsubordinated debt or
          counterparty rating assigned to a party by a Swap Rating Agency.

         

        “Moody’s”
          shall mean Moody’s Investors Service, Inc., or any successor
          thereto.

         

        “Moody’s
          First Trigger Event” means no Relevant Entity satisfies the Moody’s Ratings
          Requirement (First Trigger).

         

        “Moody’s
          Ratings Requirement (First Trigger)” means, with respect to a party:
(x)
          such
          party’s Short Term Rating from Moody’s is at least “P-1” and its Long Term
          Rating from Moody’s is at least “A2”; or (y) if such party does
          not
          have a Short Term Rating from Moody’s,
          its
          Long Term Rating from Moody’s is at least “A1.

         

        “Moody’s
          Ratings Requirement (Second Trigger)” means, (x) with respect to a Relevant
          Entity, its Short
          Term Rating from Moody’s is at least “P-2” and its Long Term Rating from Moody’s
          is at least “A3” or (y) if such Relevant Entity does
          not
          have a Short Term Rating,
          its
          Long Term Rating from Moody’s is at least “A3”.

         

        “Moody’s
          Second Trigger Event” means no
          Relevant Entity satisfies the Moody’s Ratings
          Requirement (Second Trigger).

         

        “Relevant
          Entity” means Party A and any guarantor under an Eligible Guarantee in respect
          of all of Party A’s present and future obligations hereunder.

         

        “S&P”
          means Standard & Poor’s Rating Services, a division of The McGraw-Hill
          Companies, Inc., or any successor thereto.

         

        “S&P
          First Trigger Event” means no Relevant Entity satisfies the S&P Ratings
          Requirement (First Trigger).

         

        “S&P
          Ratings Requirement (First Trigger)” means: (x) the Relevant Entity’s Short Term
          Rating from S&P is at least “A-1” or (y) if such Relevant Entity does not
          have a Short Term Rating from S&P, its Long Term Rating from S&P is at
          least “A+”.

         

        “S&P
          Ratings Requirement (Second Trigger)” means the Relevant Entity’s Long Term
          Rating is at least “BBB-”.

         

        “S&P
          Second Trigger Event”
          means
          that no Relevant Entity’s Long Term Rating satisfies the S&P Ratings
          Requirement (Second Trigger).

         

        “Second
          Trigger Collateralization Level” applies at any time a Moody’s Second Trigger
          Event has occurred and has been continuing for thirty (30) or more Local
          Business Days. For the avoidance of doubt, the Second Trigger Collateralization
          Level shall cease to apply at any time a Relevant Entity satisfies the
          Moody’s
          Ratings Requirement (Second Trigger).

         

        “Short
          Term Rating” means the short-term unsecured and unsubordinated debt rating
          assigned to a party by a
          Swap
          Rating Agency.

         

        “Swap
          Rating Agency” means each of S&P and Moody’s, to the extent that each such
          rating agency is then providing a rating for any of the MASTR Asset Backed
          Securities Trust 2006-HE5, Mortgage Pass Through Certificates, Series 2006-HE5
          (the “Certificates”) or any notes backed by the Certificates (the “Notes”).

         

        
          	(p)  	
                  Second
                    Trigger Event Additional Obligations. For
                    so long as Party A does not satisfy the Moody’s Ratings Requirement
                    (Second Trigger) or the S&P Ratings Requirement (Second Trigger),
                    Party
                    A shall use commercially reasonable efforts to obtain a Firm
                    Offer to, as soon as is reasonably practicable, either (1) transfer
                    its obligations under this Agreement to an Eligible Replacement
                    that
                    satisfies the
                    Moody’s Ratings Requirement (Second Trigger) and the S&P Ratings
                    Requirement (First Trigger) or (2), to the extent consistent
                    with its
                    then-current internal policies and practices, guaranty its present
                    and
                    future payment and delivery obligations under this Agreement
                    and the CSA
                    through an Eligible Guarantee from a guarantor that satisfies
                    the Moody’s
                    Ratings Requirement (Second Trigger) and the S&P Ratings Requirement
                    (First Trigger).

                

        

         

        Part
          2. 

        Tax
          Representations

        

         

        
          	
                  (a)

                	
                  Payer
                    Tax Representations.
                    For the purpose of Section 3(e) of this Agreement, Party A and
                    Party B
                    will each make the following representation:
                    None.

                

        

         

        
          	
                   (b)

                	
                  Payee
                    Representations.
                    

                

        

         

        
          	 	
                  (i)

                	
                  For
                    the purpose of Section 3(f) of this Agreement, Party A makes
                    the following
                    representations to Party B: None.

                

        

        
          	 	
                  (ii)

                	
                  For
                    the purpose of Section 3(f) of this Agreement, Party B makes
                    the following
                    representations to Party A: None

                

        

         

        Part
          3.

        Agreement
          to Deliver Documents.

         

        For
          the
          purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees
          to
          deliver the following documents, as applicable:

         

        (a) Tax
          forms, documents or certificates to be delivered are:

         

        
          	
                  Party
                    required to

                  deliver
                    document

                	
                   

                  Form/Document/Certificate

                	
                  Date
                    by which to be delivered

                
	 	 	 
	
                  Party
                    A

                   

                	
                  An
                    original properly completed and executed United States Internal
                    Revenue
                    Service Form W-8BEN (or any successor thereto), as appropriate,
                    with
                    respect to any payments received or to be received by Party A
                    that
                    eliminates U.S. federal withholding and backup withholding Tax
                    on payments
                    to Party A under this Agreement.

                	
                  (i)
                    Upon execution and delivery of this Agreement, with such form
                    to be
                    updated at the beginning of each succeeding three calendar year
                    period
                    beginning after execution of this Agreement, or as otherwise
                    required
                    under then applicable U.S. Treasury Regulations; (ii) promptly
                    upon
                    reasonable demand by Party B; and (iii) promptly upon learning
                    that any
                    information on any previously delivered form (or any successor
                    thereto)
                    has become obsolete or incorrect.

                
	 	 	 
	
                  Party
                    B

                	
                  (i)
                    Upon execution of this Agreement, an original properly completed
                    and
                    executed United States Internal Revenue Service Form W-9 (or
                    any successor
                    thereto) with respect to any payments received or to be received
                    by the
                    initial beneficial owner of payments to Party B under this Agreement,
                    and
                    (ii) thereafter, the appropriate tax certification form (i.e.,
                    IRS Form
                    W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable
                    (or any
                    successor thereto) with respect to any payments received or to
                    be received
                    by the beneficial owner of payments to Party B under this Agreement
                    from
                    time to time.

                	
                  (i)
                    Prior to the First Floating Rate Payer Payment Date, (ii) promptly
                    upon
                    reasonable demand by Party A, (iii) promptly upon learning that
                    any such
                    form previously provided by Party B has become obsolete or incorrect
                    and
                    (iv) in the case of a tax certification form other than a Form
                    W-9, before
                    December 31 of each third succeeding calendar
                    year.

                

        

         

        
          	
                  (b)

                	
                  Other
                    documents to be delivered are:-

                

        

         

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which

                  to
                    be Delivered

                	
                  Covered
                    by

                  Section
                    3(d)

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                  Party
                    A

                	
                  Evidence
                    of authority of signatories to this Agreement

                	
                  Upon
                    execution of this Agreement

                	
                  Yes

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                  Party
                    B 

                	
                  Certified
                    copy of the Board of Directors resolution (or equivalent authorizing
                    documentation) which sets forth the authority of each signatory
                    to the
                    Agreement signing on its behalf and the authority of such party
                    to enter
                    into Transactions contemplated and performance of its obligations
                    hereunder

                	
                  Upon
                    execution of this Agreement

                	
                  Yes

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                  Party
                    A

                	
                  Any
                    publicly available annual audited financial statements prepared
                    in
                    accordance with generally accepted accounting principles in the
                    country in
                    which Party A is organized

                	
                  As
                    such statements are made publicly available on Party A’s website
                    (http://www.ubs.com/1/e/investors/annualreporting.html)
                    or on the U.S. Securities Exchange Commission EDGAR information
                    retrieval
                    system

                	
                  Yes

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                  Party
                    A

                	
                  Any
                    publicly available interim unaudited financial statements prepared
                    in
                    accordance with generally accepted accounting principles in the
                    country in
                    which Party A is organized

                	
                  As
                    such statements are made publicly available on Party A’s website
                    (http://www.ubs.com/1/e/investors/quarterly_reporting.html
                    or
                    on the U.S. Securities Exchange Commission EDGAR information
                    retrieval
                    system

                	
                  Yes

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                  Party
                    B

                	
                  A
                    duly executed copy of the Pooling and Servicing Agreement
                    (“PSA”)

                	
                  Promptly
                    upon being finalized

                	
                  No

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                  Party
                    B

                	
                  (1)
                    Monthly statements to certificateholders pursuant to Section
                    4.02 of the
                    PSA and (2) Notice of any amendment to the PSA pursuant to Section
                    11.01
                    that would adversely
                    affect in any material respect the interests of Party A.

                	
                  (1)
                    Available monthly via Party B’s website at: www.ctslink.com 

                  (2)
                    At the time specified for such notice to parties in the applicable
                    Section
                    of the PSA

                	
                  No

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                  Party
                    A and Party B

                	
                  Legal
                    opinions reasonably satisfactory in form and substance to each
                    party
                    

                	
                  Promptly
                    following execution of this Agreement

                	
                  No

                

        

         

        Part
          4.

        Miscellaneous.

         

        (a)         
           Addresses
          for Notices.
          For the
          purpose of Section 12(a):-

         

        Address
          for notices or communications to Party A (for all purposes):-

        

        Address:         
             UBS
          AG,
          Stamford Branch

                
               677 Washington Boulevard

                
               Stamford, CT 06901 

         

        Attention:        
             Legal
          Affairs

         

        Facsimile
          No.:     (203)
          719-0680

         

        Address
          for notices or communications to Party B (for all purposes): 

        

        Address:           
           9062
          Old
          Annapolis Road

         
          Columbia, Maryland 21045-1951

        Attention:        
           Client
          Manager - MABS HE5

        Tel
          No.:             
 410-884-2000

        Facsimile
          No.:     410-715-2380

        

         

        
          	
                  (b)

                	
                  Process
                    Agent.
                    For the purpose of Section 13(c):-

                

        

         

        Party
          A
          appoints as its Process Agent, Not Applicable

         

        Party
          B
          appoints as its Process Agent, Not applicable.

         

        
          	
                  (c)

                	
                  Offices.
                    The provisions of Section 10(a) will apply to this
                    Agreement.

                

        

         

        
          	
                  (d)

                	
                  Multibranch
                    Party.
                    For the purpose of Section 10(c) of this
                    Agreement:-

                

        

         

        Party
          A
          is a Multibranch Party and may act through its branches in any of the following
          territories or countries: Australia, England and Wales, Hong Kong, Singapore,
          Switzerland and United States of America. 

         

        Party
          B
          is not a Multibranch Party.

         

        
          	
                  (e)

                	
                  Calculation
                    Agent.
                    The Calculation Agent is Party A, unless otherwise specified
                    in a
                    Confirmation in relation to the relevant Transaction; provided,
                    however,
                    that if Party A is the Defaulting Party, Party B shall select
                    a Reference
                    Market Maker to act as Calculation Agent, the cost of which shall
                    be borne
                    by Party A. All calculations by the Calculation Agent shall be
                    made in
                    good faith and through the exercise of its commercially reasonable
                    judgment.

                

        

         

        
          	
                  (f)

                	
                  Credit
                    Support Document.
                    Details of any Credit Support
                    Document:-

                

        

         

        (i) The
          ISDA
          Credit Support Annex entered into between Party A and Party B and dated
          as of
          the date hereof (the “CSA”) shall be a Credit Support Document with respect to
          Party A and Party B.

         

        (ii) Any
          Eligible Guarantee provided by a guarantor in support of Party A’s obligations
          hereunder shall be a Credit Support Document with respect to Party
          A.

         

        
          	
                   (g)

                	
                  Credit
                    Support Provider.

                

        

         

        In
          relation to Party A: Any
          guarantor providing an Eligible Guarantee in support of Party A’s obligations
          hereunder.

         

        In
          relation to Party B: Not applicable.

         

        
          	
                  (h)

                	
                  Governing
                    Law.
                    This Agreement will be governed by and construed in accordance
                    with the
                    laws of the State of New York without reference to choice of
                    law doctrine
                    (other than NY General Obligations law Sections 5-1401 and
                    5-1402).

                

        

         

        
          	
                  (i)

                	
                  Jurisdiction.
                    Section 13(b) of this Agreement is hereby amended by: (i) deleting
                    in the
                    second line of subparagraph (i) thereof the word “non-” and (ii) deleting
                    the final paragraph thereof. 

                

        

         

        
          	
                  (j)

                	
                  Netting
                    of Payments.
                    Subparagraph (ii) of Section 2(c) of this Agreement will apply
                    to the
                    Transactions under this Agreement.

                

        

         

        
          	
                  (k)

                	
                  “Affiliate”
                    will have the meaning specified in Section 14 of this Agreement;
                    provided
                    that with respect to Party B, Party B shall be deemed to not
                    have any
                    Affiliates for purposes of this Agreement, including for purposes
                    of
                    Section 6(b)(ii). 

                

        

         

        Part
          5. 

        Other
          Provisions.

         

        
          	
                  (a)

                	
                  WAIVER
                    OF TRIAL BY JURY. EACH
                    PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY
                    JURY IN ANY
                    LEGAL PROCEEDING IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION
                    THEREUNDER, AND ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT
                    TO
                    THE OTHER PARTY’S ENTERING INTO THIS AGREEMENT AND EACH TRANSACTION
                    HEREUNDER.

                

        

        

        
          	
                  (b)

                	
                  Definitions.
                    This Agreement, each Confirmation, and each Transaction are subject
                    to the
                    2000 ISDA Definitions as published by the International Swaps
                    and
                    Derivatives Association, Inc. as amended, supplemented, updated,
                    restated,
                    and superseded from time to time (collectively the “Definitions”), and
                    will be governed in all respects by the Definitions. The Definitions,
                    as
                    so modified are incorporated by reference in, and made part of,
                    this
                    Agreement and each Confirmation as if set forth in full in this
                    Agreement
                    and such Confirmations. Subject to Section 1(b) of this Agreement,
                    in the
                    event of any inconsistency between the provisions of this Agreement
                    and
                    the Definitions, this Agreement will prevail. Also, subject to
                    Section
                    1(b) of this Agreement, in the event of any inconsistency between
                    the
                    provisions of any Confirmation and this Agreement, or the Definitions,
                    such Confirmation will prevail for the purpose of the relevant
                    Transaction. The
                    provisions of the Definitions are hereby incorporated by reference
                    in and
                    shall be deemed a part of this Agreement, except that (i) references
                    in
                    the Definitions to a “Swap Transaction” shall be deemed references to a
                    “Transaction” for purposes of this Agreement, and (ii) references to a
                    “Transaction” in this Agreement shall be deemed references to a “Swap
                    Transaction” for purposes of the Definitions. Each term capitalized but
                    not defined in this Agreement or the Definitions shall have the
                    meaning
                    assigned thereto in the Pooling and Servicing
                    Agreement.

                

        

        

        

        
          	
                  (c)

                	
                  Notices.
                    For the purposes of subsections (iii) and (v) of Section 12(a),
                    the date
                    of receipt shall be presumed to be the date sent if sent on a
                    Local
                    Business Day or, if not sent on a Local Business Day, the date
                    of receipt
                    shall be presumed to be the first Local Business Day following
                    the date
                    sent.

                

        

         

        (d)         
           Reserved.
          

         

        
          	
                  (e)

                	
                  No
                    Setoff. Notwithstanding
                    any provision of this Agreement or any other existing or future
                    agreement,
                    each party irrevocably waives any and all rights it may have
                    to set off,
                    net, recoup or otherwise withhold or suspend or condition payment
                    or
                    performance of any obligation between it and the other party
                    hereunder
                    against any obligation between it and the other party under any
                    other
                    agreements. The provisions for Set-off set forth in Section 6(e)
                    of the
                    Agreement shall not apply; provided, however, that upon the designation
                    of
                    any Early Termination Date, in addition to, and not in limitation
                    of any
                    other right or remedy under applicable law, Party A may, by notice
                    to
                    Party B, require Party B to set off any sum or obligation that
                    Party A
                    owed to Party B against any collateral currently held by Party
                    B that
                    Party A has posted to Party B, and Party B shall effect such
                    set-off
                    promptly, if and to the extent permitted to do so under applicable
                    law.

                

        

         

        
          	
                   (f)

                	
                  Non-Petition.
                    Party A hereby irrevocably and unconditionally agrees that it
                    will not
                    institute against, or join any other person in instituting against,
                    Party
                    B, the Supplemental Interest Trust Trustee, or the trust created
                    pursuant
                    to the Pooling and Servicing Agreement, any bankruptcy, reorganization,
                    arrangement, insolvency, or similar proceeding under the laws
                    of the
                    United States, the Cayman Islands or any other jurisdiction for
                    the
                    non-payment of any amount due hereunder or any other reason until
                    the
                    payment in full of the Notes and the expiration of a period of
                    one year
                    plus one day (or, if longer, the applicable preference period)
                    following
                    such payment. Pursuant to Section 9(c) of this Agreement, the
                    provisions
                    of this Part 5(f) will survive the termination of this Agreement
                    so long
                    as any amounts due hereunder remain outstanding.
                    

                

        

         

        
          	
                  (g)

                	
                  Severability.
                    If any term, provision, covenant, or condition of this Agreement,
                    or the
                    application thereof to any party or circumstance, shall be held
                    to be
                    invalid or unenforceable (in whole or in part) for any reason,
                    the
                    remaining terms, provisions, covenants, and conditions hereof
                    shall
                    continue in full force and effect as if this Agreement had been
                    executed
                    with the invalid or unenforceable portion eliminated, so long
                    as this
                    Agreement as so modified continues to express, without material
                    change,
                    the original intentions of the parties as to the subject matter
                    of this
                    Agreement and the deletion of such portion of this Agreement
                    will not
                    substantially impair the respective benefits or expectations
                    of the
                    parties; provided, however, that this severability provision
                    will not be
                    applicable if any provision of Section 2, 5, 6 or 13 of this
                    Agreement (or
                    any definition or provision in Section 14 of this Agreement to
                    the extent
                    it relates to, or is used in or in connection with, such section)
                    is held
                    to be invalid or unenforceable, provided, further, that the parties
                    agree
                    to first use reasonable efforts to amend the affected provisions
                    of
                    Section 2, 5, 6 or 13 of this Agreement (or any definition or
                    provision in
                    Section 14 of this Agreement to the extent it relates to, or
                    is used in or
                    in connection with, such section) so as to preserve the original
                    intention
                    of the parties. It shall in particular be understood that this
                    severability clause shall not affect the single agreement concept
                    of
                    Section 1(c) of this Agreement.

                

        

        

        
          	 	
                  The
                    parties shall endeavor to engage in good faith negotiations to
                    replace any
                    invalid or unenforceable term, provision, covenant or condition
                    with a
                    valid or enforceable term, provision, covenant or condition,
                    the economic
                    effect of which comes as close as possible to that of the invalid
                    or
                    unenforceable term, provision, covenant or condition.
                    

                

        

         

        (h)         
           Recording
          of Conversations.
          Each
          Party: (i) consents to the recording of all telephone conversations between
          trading, operations and marketing personnel of the parties and their Affiliates
          in connection with this Agreement or any potential Transaction; (ii) agrees
          to
          give notice to such personnel that their calls will be recorded; and (iii)
          agrees that in any Proceedings, it will not object to the introduction
          of such
          recordings in evidence on grounds that consent was not properly given.
          

        

        
          	 	
                  (i)

                	
                  Amendment;
                    Consent.
                    Section 9(b) of the Agreement is amended by adding the following
                    at the
                    end of such Section:

                

        

        

        “No
          amendment, modification or waiver in respect of this Agreement will be
          effective
          unless the Rating Agency Condition is satisfied.” 

        For
          the
          purposes of this Agreement, “Rating Agency Condition” means, with respect to any
          particular proposed act or omission to act hereunder, and each Swap Rating
          Agency specified in connection with such proposed act or omission, that
          the
          party acting or failing to act must consult with each of the specified
          Swap
          Rating Agencies and receive from each Swap Rating Agency a prior written
          confirmation that the proposed action or inaction would not cause a downgrade
          or
          withdrawal of the then-current rating of any Certificates or Notes.

        

        
          	
                  (j) 

                	
                  Third
                    Party Beneficiary.
                    Party B hereby acknowledges and agrees that Party A has been
                    made a
                    third-party beneficiary of the provisions under the Pooling and
                    Servicing
                    Agreement and shall be entitled to rights and benefits (including
                    the
                    priority of payments) according to the terms of the Pooling and
                    Servicing
                    Agreement.

                

        

        

        
          	
                  (k)
                    

                	
                  Limitation
                    of Liability.
                    It
                    is expressly understood and agreed by the parties hereto that
                    insofar as
                    this Agreement is executed by Wells Fargo Bank, National Association
                    (“Wells Fargo”) not in its individual capacity, but solely as trustee of
                    the Supplemental Interest Trust under the Pooling and Servicing
                    Agreement
                    in the exercise of the powers and authority conferred and invested
                    in it
                    thereunder; (i) Wells Fargo has been directed pursuant to the
                    Pooling and
                    Servicing Agreement to enter into this Agreement and to perform
                    its
                    obligations hereunder; (ii) each of the representations, undertakings
                    and
                    agreements herein made on behalf of Party B is made and intended
                    not as
                    personal representations of Wells Fargo but is made and intended
                    for the
                    purpose of binding only the Supplemental Interest Trust; and
                    (iii) nothing
                    herein shall be construed as imposing any liability on Wells
                    Fargo,
                    individually or personally, to perform any covenant either express
                    or
                    implied contained herein, all such liability, being expressly
                    waived by
                    the parties hereto and by any person claiming by, through or
                    under the
                    parties hereto and under no circumstances shall Wells
                    Fargo in its individual capacity be personally liable for any
                    payment of
                    any indebtedness or expenses or be personally liable for the
                    breach or
                    failure of any obligation, representation, warranty or covenant
                    made or
                    undertaken under this Agreement. 

                

        

        
          	
                  (l)
                    

                	
                  Representations.
                    Section 3 of this Agreement is hereby amended by adding at the
                    end thereof
                    the following subsection (g):

                

        

         

        “(g)
          Relationship Between Parties.

        

        (1)      
           Non
          Reliance - Evaluation and Understanding. 

        

        (i)
          It is
          not relying upon any communications (whether written or oral) from the
          other
          party as investment advice or as a recommendation to enter into this Agreement,
          any Credit Support Document to which it is a party and each Transaction
          hereunder (other than the representations expressly set forth in this Agreement
          and in such Credit Support Document), it being understood that information
          and
          explanations related to the terms and conditions of a Transaction shall
          not be
          considered investment advice or a recommendation to enter into that Transaction;
          (ii) it has not received from the other party any assurance or guarantee
          as to
          the expected results of any Transaction; (iii) it has consulted with its
          own
          legal, regulatory, tax, business, investment, financial, and accounting
          advisors
          to the extent it has deemed necessary, and it has made its own independent
          investment, hedging, and trading decisions based upon its own judgment
          and upon
          any advice from such advisors as it has deemed necessary and not upon any
          view
          expressed by the other party and (iv) it understands and accepts the terms,
          conditions and risks of that Transaction. 

        

        (2) 
           Purpose.
          It is entering into this Agreement, any Credit Support Document to which
          it is a
          party and each Transaction hereunder for the purposes of managing its borrowings
          or investments, hedging its underlying assets or liabilities or in connection
          with a line of business.

        

        (3) 
           Status
          of
          Parties. The other party is not acting as agent, fiduciary or advisor for
          it in
          respect of any Transaction entered into hereunder.

         

        
          	 	 	
                  (4)
                     Eligible Contract Participant. It is an “eligible contract
                    participant” as that term is defined in Section 1a(12) of the U.S.
                    Commodity Exchange Act (7 U.S.C. 1a) as amended by the Commodities
                    Futures
                    Modernization Act of 2000.

                

        

         

        
          	
                  (m)
                    

                	
                  Additional
                    Representations. 

                

        

         

        (1)
          Party
          A Representation. Party A is entering into this Agreement and each Transaction
          as principal (and not as agent or in any other capacity, fiduciary or
          otherwise).

        

        (2)
          Party
          B Representation. Party B is entering into this Agreement as Supplemental
          Interest Trust Trustee on behalf of the Supplemental Interest Trust pursuant
          to
          the Pooling and Servicing Agreement.

        

        
          	
                  (n)
                    

                	
                  Non-Recourse
                    Obligations of Party B.
                    Party A acknowledges and agrees that, notwithstanding any other
                    provision
                    herein, the obligations of Party B under this Agreement and any
                    confirmations hereto are limited recourse obligations of Party
                    B, payable
                    solely from the Supplemental Interest Trust and the proceeds
                    thereof in
                    accordance with the priority of payments and other terms of the
                    Pooling
                    and Servicing Agreement and that Party A will not have any recourse
                    to any
                    of the directors, officers, employees, shareholders or affiliates
                    of Party
                    B with respect to any claims, losses, damages, liabilities, indemnities
                    or
                    other obligations in connection with any transactions contemplated
                    hereby.
                    In the event that the Supplemental Interest Trust and the proceeds
                    thereof
                    should be insufficient to satisfy all claims outstanding, any
                    claims
                    against or obligations of Party B under this Agreement or any
                    confirmation
                    hereunder still outstanding shall be extinguished and thereafter
                    not
                    revive. Wells Fargo Bank, National Association shall not have
                    liability
                    for any failure or delay in making a payment hereunder to Party
                    A due to
                    any failure or delay in receiving amounts in the account held
                    by the
                    Supplemental Interest Trust from the Trust created pursuant to
                    the Pooling
                    and Servicing Agreement. The provisions of this Part 5(n) shall
                    survive
                    the termination of this Agreement. 

                

        

        

        
          	
                  (o)
                    

                	
                  Change
                    of Account.
                    Section 2(b) of this Agreement is hereby amended by adding the
                    following
                    after the word “delivery” in the first line of the existing text: “to
                    another account in the same legal and tax jurisdiction as the
                    original
                    account”.

                

        

         

        
          	
                  (p)

                	
                  Right
                    to Terminate Following Termination Event.
                    Section 6(b) of this Agreement is hereby amended by inserting
                    the
                    following before the period at the end of the last sentence of
                    the
                    existing text: “; provided, however, that any election by Party A to
                    designate an Early Termination Date arising in respect of a Change
                    in Tax
                    Law shall not be effective if, within 30 days following Party
                    B’s receipt
                    of notice from Party A of Party A’s designation of an Early Termination
                    Date in respect of any event described in Section 5(b)(ii) of
                    this
                    Agreement, Party B notifies Party A that it waives its right
                    to receive
                    additional amounts from Party A under Section 2(d)(i)(4) of this
                    Agreement
                    that would not otherwise be payable but for such Change in Tax
                    Law”.

                

        

        

        (q)        
           Transfer.
          Section
          7 of this Agreement is hereby amended to read in its entirety as follows:
          

        

        Except
          as
          stated under Section 6(b)(ii) of this Agreement, in this Section 7 of this
          Agreement and Part 5 of the Schedule, neither Party A nor Party B is permitted
          to assign, novate or transfer (whether by way of security or otherwise)
          as a
          whole or in part any of its rights, obligations or interests under this
          Agreement without (1) the prior written consent of the other party and
          (2)
          satisfaction of the Rating Agency Condition with respect to S&P.
          Notwithstanding the immediately foregoing sentence, Party A may transfer
          this
          Agreement to another of Party A’s offices or branches (“Transferee”) on five
          Local Business Days prior written notice to Party B and the Swap Rating
          Agencies
          (so long as the Certificates are outstanding); provided that, (i) a Termination
          Event or Event of Default does not occur under this Agreement as a result
          of
          such transfer; (ii) and both Party A and the Transferee are at the time
          of
          transfer “dealers in notional principal contracts” within the meaning of United
          States Treasury Regulation Section 1.1001-4 and (iii) the Rating Agency
          Condition is satisfied with respect to S&P.

        

        
          	
                  (r)

                	
                  Confirmations.
                    Each Confirmation supplements, forms part of, and will be read
                    and
                    construed as one with this
                    Agreement.

                

        

        

        
          	
                  (s)
                    

                	
                  Agent
                    for Party B. Party
                    A acknowledges that Party B has appointed the Supplemental Interest
                    Trust
                    Trustee as its agent under the Pooling and Servicing Agreement
                    to carry
                    out certain functions on behalf of Party B, and that the Supplemental
                    Interest Trust Trusteeshall be entitled to give notices and to
                    perform and
                    satisfy the obligations of Party B hereunder on behalf of Party
                    B.

                

        

         

        
          	
                  (t)
                    

                	
                  Interpretation.
                    References in this Agreement to the parties hereto, Party A and
                    Party B,
                    shall (for the avoidance of doubt) include, where appropriate,
                    any
                    permitted successors or assigns
                    thereof.

                

        

        

        
          	
                  (u)
                    

                	
                  Gross
                    Up.
                    The third line of Section 2(d)(i) of this Agreement is hereby
                    amended by
                    the insertion before the phrase “of any relevant governmental revenue
                    authority” of the words “, application or official interpretation” and the
                    insertion of the words “(either generally or with respect to a party of
                    the Agreement)” after such phrase.

                

        

        

        
          	
                  (v)

                	
                  Scope
                    of Agreement. Upon
                    the effectiveness of this Agreement, unless otherwise agreed
                    to in writing
                    by the parties to this Agreement with respect to specific Specified
                    Transactions, all Specified Transactions then outstanding or
                    any future
                    Specified Transactions between Offices of the parties listed
                    in Part 4(d)
                    of this Schedule shall be subject to the terms hereof and each
                    such
                    Specified Transaction shall be a “Transaction” for purposes of this
                    Agreement.

                

        

        

        
          	
                  (w)

                	
                   Deduction
                    or Withholding for Tax.
                    Notwithstanding the definition of “Indemnifiable Tax” in Section 14 of
                    this Agreement, in relation to payments by Party A, any Tax shall
                    be an
                    Indemnifiable Tax and, in relation to payments by Party B, no
                    Tax shall be
                    an Indemnifiable Tax.

                

        

        

        
          	
                  (x)

                	
                  Failure
                    to Deliver Collateral. Notwithstanding
                    Sections 5(a)(i) and 5(a)(iii) or anything in the CSA to the
                    contrary, any
                    failure by Party A to comply with or perform any obligation to
                    be complied
                    with or performed by Party A under the CSA shall not be an Event
                    of
                    Default unless (A) the Second
                    Trigger Collateralization Level
                    applies, and (B) such failure is not remedied on or before the
                    third
                    (3rd)
                    Local Business Day after notice of such failure is given to Party
                    A.

                

        

        

        (y)        
           Tax
          Event and Tax
          Event Upon Merger.

        

        Section
          5(b)(ii) will apply, provided that the words “(x) any action taken by a taxing
          authority, or brought in a court of competent jurisdiction, on or after
          the date
          on which a Transaction is entered into (regardless of whether such action
          is
          taken or brought with respect to a party to this Agreement) or (y)” shall be
          deleted.

        

        Section
          5(b)(iii) will apply, provided that Party A shall not be entitled to designate
          an Early Termination Date by reason of a Tax Event Upon Merger in respect
          of
          which it is the Affected Party.

        

        Section
          6(b)(ii) will apply, provided that the words “or if a Tax Event Upon Merger
          occurs and the Burdened Party is the Affected Party” shall be deleted.

        

        
          	
                  (z)

                	
                  Swap Rating
                    Agency Notifications.

                

        

         

        
          	 	
                  Notwithstanding
                    any other provision of this Agreement, this Agreement shall not
                    be
                    amended, no Early Termination Date shall be effectively designated
                    by
                    Party B, and no transfer of any rights or obligations under this
                    Agreement
                    shall be made (other than a transfer of all of Party A’s rights and
                    obligations with respect to this Agreement in accordance with
                    Part 5(q)
                    above) unless the Swap Rating Agencies have been given prior
                    written
                    notice of such amendment, designation or transfer.
                    

                

        

        

        (aa)      
           Compliance
          with Regulation AB 

        

        
          	 	 	 	
                  Party
                    A agrees and acknowledges that Mortgage Asset Securitization
                    Transactions,
                    Inc. (“Depositor”) is required under Regulation AB under the Securities
                    Act of 1933, as amended, and the Securities Exchange Act of 1934,
                    as
                    amended (the “Exchange Act”) (“Regulation AB”), to disclose certain
                    financial information regarding Party A, depending on the aggregate
                    “Significance Percentage” of all Transactions under this Agreement,
                    together with any other transactions that fall within the meaning
                    of
                    “derivative contracts” for the purposes of Item 1115 of Regulation AB
                    between Party A and Party B, as calculated from time to time
                    in accordance
                    with the Calculation Methodology (as defined
                    below).

                

        

        

        (ii)
          It
          shall be a swap disclosure event (“Swap Disclosure Event”) if, on any Business
          Day after the date hereof, Depositor notifies Party A that the Significance
          Percentage has reached one of the thresholds for significance of derivative
          contracts set forth in Item 1115 of Regulation AB (based on a reasonable
          determination by Depositor, in good faith and using the Calculation Methodology,
          of such Significance Percentage).

        

        (iii) Upon
          the
          occurrence of a Swap Disclosure Event, Party A, at its own expense, shall
          provide to Depositor the applicable Swap Financial Disclosure (as defined
          below).

        

        (iv) In
          the
          alternative to subparagraph (iii) above, upon the occurrence of a Swap
          Disclosure Event or at any time after complying with subparagraph (iii)
          above,
          Party A may, at its option and at its own expense, (a) secure another entity
          to
          replace Party A as party to this Agreement on terms substantially similar
          to
          this Agreement and subject to prior notification to the Swap Rating Agencies,
          which entity (or a guarantor therefor) meets or exceeds the S&P Ratings
          Requirement (First Trigger) and Moody’s Ratings Requirement (Second Trigger)
          (and which satisfies the Rating Agency Condition) and which entity is able
          to
          comply with the requirements of Item 1115 of Regulation AB or (b) obtain
          a
          guaranty of the Party A’s obligations under this Agreement from an affiliate of
          the Party A that is able to comply with the financial information disclosure
          requirements of Item 1115 of Regulation AB, such that disclosure provided
          in
          respect of the affiliate will satisfy any disclosure requirements applicable
          to
          the Swap Provider, and cause such affiliate to provide Swap Financial
          Disclosure. If permitted by Regulation AB, any required Swap Financial
          Disclosure may be provided by reference to or incorporation by reference
          from
          reports filed pursuant to the Exchange Act.

        

        (v) Party
          A
          agrees that, in the event that Party A provides Swap Financial Disclosure
          to
          Depositor in accordance with paragraph (iii) above or causes its affiliate
          to
          provide Swap Financial Disclosure to Depositor in accordance with paragraph
          (iv)(b) above, it will indemnify and hold harmless Depositor, its respective
          directors or officers and any person controlling Depositor, from and against
          any
          and all losses, claims, damages and liabilities (any “Damage”) caused by any
          untrue statement or alleged untrue statement of a material fact contained
          in
          such Swap Financial Disclosure or caused by any omission or alleged omission
          to
          state in such Swap Financial Disclosure a material fact required to be
          stated
          therein or necessary to make the statements therein, in light of the
          circumstances under which they were made, not misleading; provided, however
          that
          the foregoing shall not apply to any Damage caused by the negligence or
          any
          willful action of Depositor or any other party (other than Party A or any
          of its
          affiliates or any of their respective agents), including without limitation
          any
          failure to calculate the Significance Percentage according to the terms
          of this
          Agreement or to make any filing as and when required under Regulation
          AB.

        

        (vi)  Depositor
          shall be an express third party beneficiary of this Agreement as if it
          were a
          party hereto to the extent of Depositor’s rights explicitly specified
          herein.

        

        (vii) In
          the
          event that Party A provides the information referred to above, such information
          shall be provided on the date that is the later of (i) five (5) Business
          Days
          after the Swap Disclosure Event or (ii) five (5) Business Days after the
          relevant Distribution Date for which the Trust Administrator will be required
          to
          file a Form 10-D.

        

        For
          the
          purposes hereof:

        

        “Calculation
          Methodology”
          means
          such method for determining maximum probable exposure of a derivative contract
          as mutually agreed to by Depositor and Party A.

        

        “Swap
          Financial Disclosure”
          means
          the financial information specified in Item 1115 of Regulation AB relating
          to
          the applicable Significance Percentage. 

        

        
          	
                   (bb)

                	
                  Timing
                    of Payments by Party B upon Early Termination.
                    Notwithstanding anything to the contrary in Section 6(d)(ii)
                    of this
                    Agreement, to the extent that all or a portion (in either case,
                    the
                    “Unfunded Amount”) of any amount that is calculated as being due in
                    respect of any Early Termination Date under Section 6(e) of this
                    Agreement
                    from Party B to Party A will be paid by Party B from amounts
                    other than
                    any upfront payment paid to Party B by an Eligible Replacement
                    that has
                    entered a Replacement Transaction with Party B, then such Unfunded
                    Amount
                    shall be due on the next subsequent Distribution Date following
                    the date
                    on which the payment would have been payable as determined in
                    accordance
                    with Section 6(d)(ii) of this Agreement, and on any subsequent
                    Distribution Dates until paid in full (or if such Early Termination
                    Date
                    is the final Distribution Date, on such final Distribution Date);
                    provided, however, that if the date on which the payment would
                    have been
                    payable as determined in accordance with Section 6(d)(ii) of
                    this
                    Agreement is a Distribution Date, such payment will be payable
                    on such
                    Distribution Date.

                

        

        

        [signatures
          follow]

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        The
          parties executing this Schedule have executed the Master Agreement and
          have
          agreed as to the contents of this Schedule.

        

        
          	
                  UBS
                    AG

                	 	
                  WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

                
	 	 	
                  not
                    individually, but solely as trustee on behalf of the Supplemental
                    Interest
                    Trust for the MASTR Asset Backed Securities Trust 2006-HE5, Mortgage
                    Pass
                    Through Certificates, Series 2006-HE5

                
	 	 	 
	 	 	 
	
                  
                    By:________________________________
                      

                  

                	 	
                  
                    By:________________________________
                      

                  

                
	
                  Name:

                	 	
                  Name:

                
	
                  Title:

                	 	
                  Title:
                    

                
	
                  By:________________________________
                    

                
	
                  Name:

                
	
                  Title:

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

        Execution
          Copy (Swap)

        ISDA®

        CREDIT
          SUPPORT ANNEX

        to
          the
          Schedule to the

        ISDA
          Master Agreement

        dated
          as
          of December 28, 2006 between

        UBS
          AG
          (hereinafter referred to as “Party
          A”
          or
“Pledgor”)

        and

        WELLS
          FARGO BANK, NATIONAL ASSOCIATION,
          not
          individually, but solely as trustee on behalf of the Supplemental Interest
          Trust
          for the MASTR Asset Backed Securities Trust 2006-HE5, Mortgage Pass Through
          Certificates, Series 2006-HE5 (“Party B”)

        (hereinafter
          referred to as “Party
          B”
          or
“Secured
          Party”).

        

        For
          the
          avoidance of doubt, and notwithstanding anything to the contrary that may
          be
          contained in the Agreement, this Credit Support Annex shall relate solely
          to the
          Transaction documented in the Confirmation dated as of December 28, 2006
          between
          Party A and Party B, Reference Number 37536097.

        

         

        Paragraph
          13. Elections and Variables.

         

        
          	(a)  	
                  Security
                    Interest for “Obligations”.
                    The term “Obligations”
                    as
                    used in this Annex includes the following additional
                    obligations:

                

        

         

        With
          respect to Party A: not applicable.

         

        With
          respect to Party B: not applicable.

         

        
          	(b)  	
                  Credit
                    Support Obligations.

                

        

         

        
          	(i)  	
                  Delivery
                    Amount, Return Amount and Credit Support
                    Amount.

                

        

         

        
          	(A)  	
                  “Delivery
                    Amount”
                    has the meaning specified in Paragraph 3(a) as amended (I) by
                    deleting the
                    words “upon a demand made by the Secured Party on or promptly following
                    a
                    Valuation Date” and inserting in lieu thereof the words “not later than
                    the close of business on each Valuation Date” and (II) by deleting in its
                    entirety the sentence beginning “Unless otherwise specified in Paragraph
                    13” and ending “(ii) the Value as of that Valuation Date of all Posted
                    Credit Support held by the Secured Party.” and inserting in lieu thereof
                    the following:

                

        

         

        The
          “Delivery
          Amount”
          applicable to the Pledgor for any Valuation Date will equal the greatest
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P Credit Support Amount for such Valuation
                    Date exceeds (b) the S&P Value as of such Valuation Date of all Posted
                    Credit Support held by the Secured Party,

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                    Valuation Date of all Posted Credit Support held by the Secured
                    Party,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                    such Valuation Date of all Posted Credit Support held by the
                    Secured
                    Party.

                

        

         

        
          	(B)  	
                  “Return
                    Amount”
                    has the meaning specified in Paragraph 3(b) as amended by deleting
                    in its
                    entirety the sentence beginning “Unless otherwise specified in Paragraph
                    13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                    thereof the following:

                

        

         

        The
          “Return
          Amount”
          applicable to the Secured Party for any Valuation Date will equal the least
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P Value as of such Valuation Date of all
                    Posted Credit Support held by the Secured Party exceeds (b) the
                    S&P
                    Credit Support Amount for such Valuation Date,

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s Second Trigger Credit Support Amount for such Valuation
                    Date.

                

        

         

        
          	(C)  	
                  “Credit
                    Support Amount”
                    shall not apply. For purposes of calculating any Delivery Amount
                    or Return
                    Amount for any Valuation Date, reference shall be made to the
                    S&P
                    Credit Support Amount, the Moody’s First Trigger Credit Support Amount, or
                    the Moody’s Second Trigger Credit Support Amount, in each case for such
                    Valuation Date, as provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                    above.

                

        

         

        
          	(ii)  	
                  Eligible
                    Collateral.
                    

                

        

         

        On
          any
          date, the following items will qualify as “Eligible
          Collateral”:

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        
          	
                   

                  Collateral
                    

                	
                  S&P
                    Valuation 

                  Percentage

                	
                  Moody’s
                    

                  First
                    Trigger Valuation
                    Percentage

                	
                  Moody’s
                    

                  Second
                    Trigger Valuation
                    Percentage

                
	 	 	 	 
	
                  (A)  Cash
                    in the form of USD

                	
                  100%

                	
                  100%

                	
                  100%

                
	 	 	 	 
	
                  (B)  Fixed-rate
                    negotiable USD denominated debt obligations issued by the U.S.
                    Treasury
                    Department having a remaining maturity on such date of not more
                    than one
                    year

                	
                  98.5%

                	
                  100%

                	
                  100%

                
	 	 	 	 
	
                  (C)  Fixed-rate
                    negotiable USD denominated debt obligations issued by the U.S.
                    Treasury
                    Department having a remaining maturity on such date of more than
                    one year
                    but not more than ten years

                	
                  89.9%

                	
                  100%

                	
                  94%

                
	 	 	 	 
	
                  (D)  Fixed-rate
                    negotiable USD denominated debt obligations issued by the U.S.
                    Treasury
                    Department having a remaining maturity on such date of more than
                    ten
                    years

                	
                  83.9%

                	
                  100%

                	
                  87%

                

        

        

         

        
          	(iii)  	
                  Other
                    Eligible Support. 

                

        

         

        The
          following items will qualify as “Other
          Eligible Support”
          for the
          party specified: 

         

        Not
          applicable.

         

        
          	(iv)  	
                  Threshold.

                

        

         

        
          	(A)  	
                  “Independent
                    Amount”
                    means zero with respect to Party A and Party
                    B.

                

        

         

        
          	(B)  	
                  “Threshold”
                    means, with respect to Party A and any Valuation Date, zero if
                    a
                    Collateral Event has occurred and has been continuing (i) (x)for
                    at least
                    30 daysor (y) since this Annex was executed, or (ii) an S&P Second
                    Trigger Event has occurred and is continuing; otherwise,
                    infinity.

                

        

         

          “Threshold”
          means,
          with respect to Party B and any Valuation Date, infinity.

         

        
          	(C)  	
                  “Minimum
                    Transfer Amount” means
                    USD 100,000 with respect to Party A and Party B; provided, however,
                    that
                    if the aggregate Certificate Principal Balance and note principal
                    balance
                    of Certificates and Notes rated by S&P ceases to be more than USD
                    50,000,000, the “Minimum
                    Transfer Amount”
                    shall be USD 50,000.

                

        

         

        
          	(D)  	
                  Rounding:
                    The Delivery Amount will be rounded up to the nearest integral
                    multiple of
                    USD 10,000. The Return Amount will be rounded down to the nearest
                    integral
                    multiple of USD 1,000.

                

        

         

        
          	(c)  	
                  Valuation
                    and Timing.

                

        

         

        
          	(i)  	
                  “Valuation
                    Agent”
                    means Party A; provided, however, that if an Event of Default
                    shall have
                    occurred with respect to which Party A is the Defaulting Party,
                    Party B
                    shall have the right to designate as Valuation Agent an independent
                    party,
                    reasonably acceptable to Party A, the cost for which shall be
                    borne by
                    Party A. All calculations by the Valuation Agent must be made
                    in
                    accordance with standard market practice, including, in the event
                    of a
                    dispute as to the Value of any Eligible Credit Support or Posted
                    Credit
                    Support, by making reference to quotations received by the Valuation
                    Agent
                    from one or more Pricing Sources.

                

        

         

        
          	(ii)  	
                  “Valuation
                    Date” means
                    each Local Business Dayon which any of the S&P Credit Support Amount,
                    the Moody’s First Trigger Credit Support Amount or the Moody’s Second
                    Trigger Credit Support Amount is greater than
                    zero.

                

        

         

        
          	(iii)  	
                  “Valuation
                    Time” means
                    the close of business in the city of the Valuation Agent on the
                    Local
                    Business Day immediately preceding the Valuation Date or date
                    of
                    calculation, as applicable; provided
                    that the calculations of Value and Exposure will be made as of
                    approximately the same time on the same date.

                

        

         

        
          	(iv)  	
                  “Notification
                    Time” means
                    11:00 a.m., New York time, on a Local Business Day.
                    

                

        

         

        
          	(v)  	
                  External
                    Verification.
                    Notwithstanding anything to the contrary in the definitions of
                    Valuation
                    Agent or Valuation Date, at any time at which Party A (or, to
                    the extent
                    applicable, its Credit Support Provider) does not have a long-term
                    unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                    the Valuation Agent shall (A) calculate the Secured Party’s Exposure and
                    the S&P Value of Posted Credit Suppport on each Valuation Date based
                    on internal marks and (B) verify such calculations with external
                    marks
                    monthly by obtaining on the last Local Business Day of each calendar
                    month
                    two external marks for each Transaction to which this Annex relates
                    and
                    for all Posted Credit Suport; such verification of the Secured
                    Party’s
                    Exposure shall be based on the higher of the two external marks.
                    Each
                    external mark in respect of a Transaction shall be obtained from
                    an
                    independent Reference Market-maker that would be eligible and
                    willing to
                    enter into such Transaction in the absence of the current derivative
                    provider, provided that an external mark may not be obtained
                    from the same
                    Reference Market-maker more than four times in any 12-month period.
                    The
                    Valuation Agent shall obtain these external marks directly or
                    through an
                    independent third party, in either case at no cost to Party B.
                    The
                    Valuation Agent shall calculate on each Valuation Date (for purposes
                    of
                    this paragraph, the last Local Business Day in each calendar
                    month
                    referred to above shall be considered a Valuation Date) the Secured
                    Party’s Exposure based on the greater of the Valuation Agent’s internal
                    marks and the external marks received. If the S&P Value on any such
                    Valuation Date of all Posted Credit Support then held by the
                    Secured Party
                    is less than the S&P Credit Support Amount on such Valuation Date (in
                    each case as determined pursuant to this paragraph), Party A
                    shall, within
                    three Local Business Days of such Valuation Date, Transfer to
                    the Secured
                    Party Eligible Credit Support having an S&P Value as of the date of
                    Transfer at least equal to such deficiency.

                

        

         

        
          	(vi)  	
                  Notice
                    to S&P.
                    At
                    any time at which Party A (or, to the extent applicable, its
                    Credit
                    Support Provider) does not have a long-term unsubordinated and
                    unsecured
                    debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                    provide to S&P not later than the Notification Time on the Local
                    Business Day following each Valuation Date its calculations of
                    the Secured
                    Party’s Exposure and the S&P Value of any Eligible Credit Support or
                    Posted Credit Support for that Valuation Date. The Valuation
                    Agent shall
                    also provide to S&P any external marks received pursuant to the
                    preceding paragraph.

                

        

         

        
          	(d)  	
                  Conditions
                    Precedent and Secured Party’s Rights and
                    Remedies.
                    The following Termination Events will be a “Specified
                    Condition”
                    for the party specified (that party being the Affected Party
                    if the
                    Termination Event occurs with respect to that party): With respect
                    to
                    Party A: any Additional Termination Event with respect to which
                    Party A is
                    the sole Affected Party. With respect to Party B:
                    None.

                

        

         

        
          	(e)  	
                  Substitution.

                

        

         

        
          	(i)  	
                  “Substitution
                    Date”
                    has the meaning specified in Paragraph
                    4(d)(ii).

                

        

         

        
          	(ii)  	
                  Consent.
                    If
                    specified here as applicable, then the Pledgor must obtain the
                    Secured
                    Party’s consent for any substitution pursuant to Paragraph 4(d):
                    Inapplicable.

                

        

         

        
          	(f)  	
                  Dispute
                    Resolution.

                

        

         

        
          	(i)  	
                  “Resolution
                    Time”
                    means 1:00 p.m. New York time on the Local Business Day following
                    the date
                    on which the notice of the dispute is given under Paragraph
                    5.

                

        

         

        
          	(ii)  	
                  Value.
                    Notwithstanding anything to the contrary in Paragraph 12, for
                    the purpose
                    of Paragraphs 5(i)(C) and 5(ii), the S&P Value, Moody’s First Trigger
                    Value, and Moody’s Second Trigger Value, on any date, of Eligible
                    Collateral other than Cash will be calculated as follows:
                    

                

        

         

        For
          Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
          the
          sum of (A) the product of (1)(x) the bid price at the Valuation Time for
          such
          securities on the principal national securities exchange on which such
          securities are listed, or (y) if such securities are not listed on a national
          securities exchange, the bid price for such securities quoted at the Valuation
          Time by any principal market maker for such securities selected by the
          Valuation
          Agent, or (z) if no such bid price is listed or quoted for such date, the
          bid
          price listed or quoted (as the case may be) at the Valuation Time for the
          day
          next preceding such date on which such prices were available and (2) the
          applicable Valuation Percentage for such Eligible Collateral, and (B) the
          accrued interest on such securities (except to the extent Transferred to
          the
          Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price
          referred to in the immediately preceding clause (A)) as of such
          date.

         

        
          	(iii)  	
                  Alternative.
                    The provisions of Paragraph 5 will
                    apply.

                

        

         

        
          	(g)  	
                  Holding
                    and Using Posted
                    Collateral.

                

        

         

        
          	(i)  	
                  Eligibility
                    to Hold Posted Collateral; Custodians.  Party
                    B (or any Custodian) will be entitled to hold Posted Collateral
                    pursuant
                    to Paragraph 6(b). 

                

        

         

        Party
          B
          may appoint as Custodian (A) the entity then serving as Supplemental Interest
          Trust Trustee or (B) any entity other than the entity then serving as
          Supplemental Interest Trust Trustee if such other entity (or, to the extent
          applicable, its parent company or credit support provider) shall then have
          a
          short-term unsecured and unsubordinated debt rating from S&P of at least
“A-1.”

         

        Initially,
          the Custodian
          for
          Party B is: Wells Fargo Bank, N.A.

         

        
          	(ii)  	
                  Use
                    of Posted Collateral. The
                    provisions of Paragraph 6(c)(i) will not apply to Party B, but
                    the
                    provisions of Paragraph 6(c)(ii) will apply to Party B.
                    

                

        

         

        
          	(h)  	
                  Distributions
                    and Interest Amount.

                

        

         

        
          	(i)  	
                  Interest
                    Rate.
                    The “Interest
                    Rate”
                    will be the interest rate per annum equal to the overnight Federal
                    Funds
                    Rate (as reported in Federal Reserve Publication H.15-519) for
                    each day
                    Posted Collateral in the form of Cash is held by Party B’s Custodian
                    according to Paragraph 13(l) of this Annex. 

                

        

         

        
          	(ii)  	
                  Transfer
                    of Interest Amount.
                    The Transfer of the Interest Amount will be made on the second
                    Local
                    Business Day following the end of each calendar month and on
                    any other
                    Local Business Day on which Posted Collateral in the form of
                    Cash is
                    Transferred to the Pledgor pursuant to Paragraph 3(b); provided,
                    however,
                    that the obligation of Party B to Transfer any Interest Amount
                    to Party A
                    shall be limited to the extent that Party B has earned and received
                    such
                    funds as interest in respect of Posted Collateral in the form
                    of Cash and
                    such funds are available to Party B.

                

        

         

        
          	(iii)  	
                  Alternative
                    to Interest Amount.
                    The provisions of Paragraph 6(d)(ii) will
                    apply.

                

        

         

        
          	(i)  	
                  Additional
                    Representation(s).
                    There are no additional representations by either
                    party.

                

        

         

        
          	(j)  	
                  Other
                    Eligible Support and Other Posted Support.

                

        

         

        
          	(i)  	
                  “Value”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable. 

                

        

         

        
          	(ii)  	
                  “Transfer”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable.

                

        

         

        
          	(k)  	
                  Demands
                    and Notices.All
                    demands, specifications and notices under this Annex will be
                    made pursuant
                    to the Notices Section of this Agreement, except that any demand,
                    specification or notice shall be given to or made at the following
                    addresses, or at such other address as the relevant party may
                    from time to
                    time designate by giving notice (in accordance with the terms
                    of this
                    paragraph) to the other party:

                

        

         

        If
          to
          Party A:

         

        UBS
          AG,
          Stamford Branch / Collateral Management/ 677 Washington Boulevard, Stamford,
          CT
          06901 / Attention: Margin Specialist / Telephone 203-719-6116 /
          DL-Coll-STM@otc.ubs.com

         

        If
          to
          Party B, at the address specified pursuant to the Notices Section of this
          Agreement.

         

        If
          to
          Party B’s Custodian: Same address as if to Party B pursuant to the Notices
          Section of this Agreement.

         

        
          	(l)  	
                  Address
                    for Transfers.
                    Each Transfer hereunder shall be made to the address [specified
                    below or
                    to an address] specified in writing from time to time by the
                    party to
                    which such Transfer will be made.

                

        

         

        Party
          A
          account details - To be provided.

         

        Party
          B
          account details:

         

        Wells
          Fargo Bank, N.A. / San Francisco, CA / ABA# 121-000-248 / Acct # 3970771416
          /
          For Credit to: Corporate Trust Clearing / FFC: Swap Posted Collateral Account,
          Account # 50978004

         

        
          	(m)  	
                  Other
                    Provisions.

                

        

         

        
          	(i)  	
                  Collateral
                    Account.
                    Party B shall open and maintain a segregated account, which shall
                    be an
                    Eligible Account, and hold, record and identify all Posted Collateral
                    in
                    such segregated account.

                

        

         

        
          	(ii)  	
                  Agreement
                    as to Single Secured Party and Single Pledgor.
                    Party A and Party B hereby agree that, notwithstanding anything
                    to the
                    contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                    means only Party B, (b) the term “Pledgor” as used in this Annex means
                    only Party A, (c) only Party A makes the pledge and grant in
                    Paragraph 2,
                    the acknowledgement in the final sentence of Paragraph 8(a) and
                    the
                    representations in Paragraph 9.

                

        

         

        
          	(iii)  	
                  Calculation
                    of Value.
                    Paragraph 4(c) is hereby amended by deleting the word “Value” and
                    inserting in lieu thereof “S&P Value, Moody’s First Trigger Value,
                    Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended by (A)
                    deleting the words “a Value” and inserting in lieu thereof “an S&P
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and
                    (B) deleting the words “the Value” and inserting in lieu thereof “S&P
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                    Paragraph 5 (flush language) is hereby amended by deleting the
                    word
                    “Value” and inserting in lieu thereof “S&P Value, Moody’s First
                    Trigger Value, or Moody’s Second Trigger Value”. Paragraph 5(i) (flush
                    language) is hereby amended by deleting the word “Value” and inserting in
                    lieu thereof “S&P Value, Moody’s First Trigger Value, and Moody’s
                    Second Trigger Value”. Paragraph 5(i)(C) is hereby amended by deleting the
                    word “the Value, if” and inserting in lieu thereof “any one or more of the
                    S&P Value, Moody’s First Trigger Value, or Moody’s Second Trigger
                    Value, as may be”. Paragraph 5(ii) is hereby amended by (1) deleting the
                    first instance of the words “the Value” and inserting in lieu thereof “any
                    one or more of the S&P Value, Moody’s First Trigger Value, or Moody’s
                    Second Trigger Value” and (2) deleting the second instance of the words
                    “the Value” and inserting in lieu thereof “such disputed S&P Value,
                    Moody’s First Trigger Value, or Moody’s Second Trigger Value”. Each of
                    Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by
                    deleting
                    the word “Value” and inserting in lieu thereof “least of the S&P
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                    

                

        

         

        
          	(iv)  	
                  Form
                    of Annex. Party
                    A and Party B hereby agree that the text of Paragraphs 1 through
                    12,
                    inclusive, of this Annex is intended to be the printed form of
                    ISDA Credit
                    Support Annex (Bilateral Form - ISDA Agreements Subject to New
                    York Law
                    Only version) as published and copyrighted in 1994 by the International
                    Swaps and Derivatives Association,
                    Inc.

                

        

         

        
          	(v)  	
                  Events
                    of Default.
                    Paragraph 7 will not apply to cause any Event of Default to exist
                    with
                    respect to Party B except that Paragraph 7(i) will apply to Party
                    B solely
                    in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                    Support Annex. Notwithstanding anything to the contrary in Paragraph
                    7,
                    any failure by Party A to comply with or perform any obligation
                    to be
                    complied with or performed by Party A under the Credit Support
                    Annex shall
                    only be an Event of Default if (A) a Moody’s Second Trigger Event or an
                    S&P Second Trigger Event has occurred and been continuing for 30
                    or
                    more Local Business Days and (B) such failure is not remedied
                    on or before
                    the third Local Business Day after notice of such failure is
                    given to
                    Party A.

                

        

         

        
          	(vi)  	
                  Expenses.
                    Notwithstanding anything to the contrary in Paragraph 10, the
                    Pledgor will
                    be responsible for, and will reimburse the Secured Party for,
                    all transfer
                    and other taxes and other costs involved in any Transfer of Eligible
                    Collateral.

                

        

         

        
          	(vii)  	
                  Withholding.
                    Paragraph 6(d)(ii) is hereby amended by inserting immediately
                    after “the
                    Interest Amount” in the fourth line thereof the words “less any applicable
                    withholding taxes.”

                

        

         

        
          	(viii)  	
                  Notice
                    of Failure to Post Collateral. Upon
                    any failure by Party A to post collateral as required under this
                    Agreement, Party B shall, no later than the next Business Day
                    after the
                    date such collateral was required to be posted, give a written
                    notice of
                    such failure to Party A and to Depositor. For the avoidance of
                    doubt,
                    notwithstanding anything in this Agreement to the contrary, the
                    failure of
                    Party B to comply with the requirements of this paragraph shall
                    not
                    constitute an Event of Default or Termination Event.
                    

                

        

         

        (ix)
           Additional
          Definitions.
          As used
          in this Annex:

         

        “Approved
          Ratings Threshold” means
          each of the Moody’s Ratings Requirement (First Trigger) and S&P Ratings
          Requirement (First Trigger).

         

        “Collateral
          Event” means
          that no Relevant Entity has credit ratings at least equal to the Approved
          Ratings Threshold.

         

         “DV01”
          means,
          with respect to a Transaction and any date of determination, the sum of
          the
          estimated change in the Secured Party’s Transaction Exposure with respect to
          such Transaction that would result from a one basis point change in the
          relevant
          swap curve on such date, as determined by the Valuation Agent in good faith
          and
          in a commercially reasonable manner. The Valuation Agent shall, upon request
          of
          Party B, provide to Party B a statement showing in reasonable detail such
          calculation.

         

        “Exposure”
          has the
          meaning specified in Paragraph 12, except that after the word “Agreement” the
          words “(assuming, for this purpose only, that Part 1(f) of the Schedule is
          deleted)” shall be inserted. 

         

        “Fitch
          Rating Threshold Event” means,
          on
          any date, no Relevant Entity has credit ratings from Fitch which exceed
          the
          Fitch Approved Ratings Threshold.

         

        “Local
          Business Day”
means:
          any day on which (A) commercial banks are open for business (including
          dealings
          in foreign exchange and foreign currency deposits) in New York and the
          location
          of Party A, Party B and any Custodian, and (B) in relation to a Transfer
          of
          Eligible Collateral, any day on which the clearance system agreed between
          the
          parties for the delivery of Eligible Collateral is open for acceptance
          and
          execution of settlement instructions (or in the case of a Transfer of Cash
          or
          other Eligible Collateral for which delivery is contemplated by other means
          a
          day on which commercial banks are open for business (including dealings
          in
          foreign exchange and foreign deposits) in New York and the location of
          Party A,
          Party B and any Custodian. 

         

        “Moody’s
          First Trigger Event” means
          that no Relevant Entity has credit ratings from Moody’s at least equal to the
          Moody’s First Trigger Ratings Threshold.

         

        “Moody’s
          First Trigger Credit Support Amount” means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which (I) a Moody’s First Trigger Event has occurred
                    and has been continuing (x) for at least 30 Local Business Days
                    or (y)
                    since this Annex was executed and (II) it is not the case that
                    a Moody’s
                    Second Trigger Event has occurred and been continuing for at
                    least 30
                    Local Business Days, the sum, for each Transaction to which this
                    Annex
                    relates, of an amount equal to the
                    following:

                

        

         

        the
          greater of (a) zero and (b) the sum of (i) the Secured Party’s Transaction
          Exposure for such Transaction and such Valuation Date and (ii) the lesser
          of (x)
          the product of the Moody’s First Trigger DV01 Multiplier and DV01 for such
          Transaction and such Valuation Date and (y) the product of Moody’s First Trigger
          Notional Amount Multiplier and the Notional Amount for such Transaction
          for the
          Calculation Period which includes such Valuation Date; 

         

        or
          

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)          the
          Threshold for Party A such Valuation Date.

         

        “Moody’s
          First Trigger DV01 Multiplier”
          means
          15.

         

        “Moody’s
          First Trigger Value”
          means,
          on any date and with respect to (i) any Eligible Collateral in the form
          of Cash,
          the amount thereof and (ii) any Eligible Collateral other than Cash, the
          bid
          price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Moody’s
          First Trigger Notional Amount Multiplier”
          means
          2%.

         

        “Moody’s
          Second Trigger Event” means
          that no Relevant Entity has credit ratings from Moody’s at least equal to the
          Moody’s Second Trigger Ratings Threshold.

         

        “Moody’s
          Second Trigger Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which it is the case that a Moody’s Second Trigger
                    Event has occurred and been continuing for at least 30 Local
                    Business
                    Days, the sum, for each Transaction to which this Annex relates,
                    of an
                    amount equal to the following:

                

        

         

        
          	(1)  	
                  if
                    such Transaction is not a Transaction-Specific Hedge,
                    

                

        

         

        the
          greatest of (a) zero, (b) the amount of the next payment due to be paid
          by Party
          A under such Transaction, and (c) the sum of (x) the Secured Party’s Transaction
          Exposure for such Transaction and such Valuation Date and (y) the lesser
          of (i)
          the product of the Moody’s Second Trigger DV01 Multiplier and DV01 for such
          Transaction and such Valuation Date and (ii) the product of the Moody’s Second
          Trigger Notional Amount Multiplier and the Notional Amount for such Transaction
          for the Calculation Period which includes such Valuation Date; 

         

        or

         

        
          	(2)  	
                  if
                    such Transaction is a Transaction-Specific Hedge,
                    

                

        

         

        the
          greatest of (a) zero, (b) the amount of the next payment due to be paid
          by Party
          A under such Transaction, and (c) the sum of (x) the Secured Party’s Transaction
          Exposure for such Transaction and such Valuation Date and (y) the lesser
          of (i)
          the product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
          Multiplier and DV01 for such Transaction and such Valuation Date and (ii)
          the
          product of the Moody’s Second Trigger Transaction-Specific Hedge Notional Amount
          Multiplier and the Notional Amount for such Transaction for the Calculation
          Period which includes such Valuation Date;

         

        or
          

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)        
           the
          Threshold for Party A for such Valuation Date.

         

        “Moody’s
          Second Trigger DV01 Multiplier”
          means,
          50

         

        “Moody’s
          Second Trigger Transaction-Specific Hedge DV01
          Multiplier”
          means
          65.

         

        “Moody’s
          Second Trigger Transaction-Specific Hedge Notional Amount
          Multiplier”
          means
          10%.

         

        “Moody’s
          Second Trigger Value”
          means,
          on any date and with respect to (i) any Eligible Collateral in the form
          of Cash,
          the amount thereof and (ii) any Eligible Collateral other than Cash, the
          bid
          price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Moody’s
          Second Trigger Notional Amount Multiplier”
          means
          8%.

         

         “Pricing
          Sources”
          means
          the sources of financial information commonly known as Bloomberg, Bridge
          Information Services, Data Resources Inc., Interactive Data Services,
          International Securities Market Association, Merrill Lynch Securities Pricing
          Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp Pricing, JJ
          Kenny,
          S&P and Telerate.

         

        “S&P
          Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)
                    

                	
                  (i)
                    for any Valuation Date on which an S&P First Trigger Event has
                    occurred and been continuing for at least 30 days, or (ii) a
                    S&P
                    Second Trigger Event has occurred and is continuing, an amount
                    equal to
                    the sum, for each Transaction to which this Annex relates, of
                    the sum of
                    (1) 100.0% of the Secured Party’s Transaction Exposure for such Valuation
                    Date and (2) the product of the Volatility Buffer for such Transaction
                    and
                    the Notional Amount of such Transaction for the Calculation Period
                    of such
                    Transaction which includes such Valuation Date, or
                    

                

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)        
           the
          Threshold for Party A for such Valuation Date.

         

         “S&PFirst
          Trigger
          Event”
          means,
          on any date, no Relevant Entity has credit ratings from S&P which exceed the
          S&P
          Ratings
          Requirement (First Trigger).

         

        “S&P
          Value”
          means,
          on any date and with respect to (i) any Eligible Collateral in the form
          of Cash,
          the amount thereof and (ii) any Eligible Collateral other than Cash, the
          product
          of (A) the bid price obtained by the Valuation Agent for such Eligible
          Collateral and (B) the S&P
          Valuation Percentage for such Eligible Collateral set forth in paragraph
          13(b)(ii).

         

        “Swap
          Provider Trigger Event”
          means:
          (A) an Event of Default with respect to which Party A is a Defaulting Party,
          (B)
          a Termination Event with respect to which Party A is the sole Affected
          Party or
          (C) an Additional Termination Event with respect to which Party A is the
          sole
          Affected Party.

         

        “Transaction
          Exposure”
          means,
          for any Transaction, Exposure determined as if such Transaction were the
          only
          Transaction between the Secured Party and the Pledgor.

         

        “Transaction-Specific
          Hedge” means
          any
          Transaction that is an interest rate cap, interest rate floor or interest
          rate
          swaption, or an interest rate swap if (x) the notional amount of the interest
          rate swap is “balance guaranteed” or (y) the notional amount of the interest
          rate swap for any Calculation Period otherwise is not a specific dollar
          amount
          that is fixed at the inception of the Transaction.

         

        “Valuation
          Percentage”
          shall
          mean, for purposes of determining the S&P Value, Moody’s First Trigger
          Value, or Moody’s Second Trigger Value with respect to any Eligible Collateral
          or Posted Collateral, the applicable S&P Valuation Percentage, Moody’s First
          Trigger Valuation Percentage, or Moody’s Second Trigger Valuation Percentage for
          such Eligible Collateral or Posted Collateral, respectively, in each case
          as set
          forth in Paragraph 13(b)(ii).

         

        “Value”
          shall
          mean, in respect of any date, the related S&P Value, the related Moody’s
          First Trigger Value, and the related Moody’s Second Trigger Value.

         

        “Volatility
          Buffer”
          means,
          for any Transaction, the related percentage set forth in the following
          table.

         

        
          	
                  The
                    higher of the S&P credit rating of (i) Party A and (ii) the Credit
                    Support Provider of Party A, if applicable

                	
                  Remaining
                    Weighted Average Maturity 

                  up
                    to 3 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 5 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 10 years

                	
                  Remaining
                    Weighted Average Maturity

                  up
                    to 30 years

                
	
                  At
                    least “A-2”

                	
                  2.75%

                	
                  3.25%

                	
                  4.00%

                	
                  4.75%

                
	
                  “A-3”

                	
                  3.25%

                	
                  4.00%

                	
                  5.00%

                	
                  6.25%

                
	
                  “BB+”
                    or lower

                	
                  3.50%

                	
                  4.50%

                	
                  6.75%

                	
                  7.50%

                

        IN
          WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
          representatives as of the date of the Agreement.

         

        
          	
                  UBS
                    AG

                	 	
                  Wells
                    Fargo Bank, National Association, 

                
	 	 	
                  not
                    individually, but solely as trustee on behalf of the Supplemental
                    Interest
                    Trust for the MASTR Asset Backed Securities Trust 2006-HE5, Mortgage
                    Pass
                    Through Certificates, Series 2006-HE5

                
	 	 	 
	
                  By:______________________________

                	 	
                  By:______________________________

                
	
                  Name:

                	 	
                  Name:

                
	
                  Title:

                	 	
                  Title:
                    

                
	
                   

                   

                   

                  By:________________________________
                    

                
	
                  Name:

                
	
                  Title:

                

        

      

       

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        N

       

      FORM
        OF
        SWAP ADMINISTRATION AGREEMENT

       

      

        SWAP
          ADMINISTRATION AGREEMENT

         

        This
          Swap
          Administration Agreement, dated as of December 28, 2006 (this “Agreement”),
          among Wells Fargo Bank, N.A., a national banking association (“Wells Fargo”), as
          swap administrator (in such capacity, the “Swap Administrator”) and as trust
          administrator and supplemental interest trust trustee under the Pooling
          and
          Servicing Agreement, as hereinafter defined (in such capacity, the “Trust
          Administrator” and “Supplemental Interest Trust Trustee”), and UBS Real Estate
          Securities Inc. (“UBSRES”).

         

        WHEREAS,
          the Trust Administrator, on behalf of the holders of the MASTR Asset-Backed
          Securities Trust 2006-NC3, Mortgage Pass Through Certificates, Series 2006-NC3,
          is counterparty to an Interest Rate Swap Agreement (the “Swap Agreement”), a
          copy of which is attached hereto as Exhibit A, between the Supplemental
          Interest
          Trust Trustee and UBS AG (“UBS AG”);
          and

         

        WHEREAS,
          it is desirable to irrevocably appoint the Swap Administrator, and the
          Swap
          Administrator desires to accept such appointment, to receive and distribute
          funds payable by UBS AG under the Swap Agreement as provided herein;

         

        NOW,
          THEREFORE, in consideration of the mutual covenants contained herein, and
          for
          other good and valuable consideration, the receipt and adequacy of which
          are
          hereby acknowledged, the parties agree as follows: 

         

        1.  Definitions.
          Capitalized terms used but not otherwise defined herein shall have the
          respective meanings assigned thereto in the Pooling and Servicing Agreement,
          dated as of December 1, 2006 (the “Pooling and Servicing Agreement”), among
          Mortgage Asset Securitization Transactions, Inc. as depositor, Wells Fargo
          as
          master servicer and trust administrator, Barclays Capital Real Estate Inc.
          d/b/a
          HomEq Servicing as servicer and U.S. Bank National Association as trustee,
          relating to the MASTR Asset-Backed Securities Trust 2006-NC3, Mortgage
          Pass-Through Certificates, Series 2006-NC3 (the “Certificates”), or in the
          related Indenture, as the case may be, as in effect on the date hereof.
          

         

        2.   
          Swap
          Administrator.
          

         

        (a)  The
          Swap
          Administrator is hereby irrevocably appointed to receive all funds paid
          to the
          Supplemental Interest Trust Trustee by UBS AG, or its successors in interest
          (the “Swap Provider”) under the Swap Agreement (including any Swap Termination
          Payment) and the Swap Administrator hereby accepts such appointment and
          hereby
          agrees to receive such amounts from the Supplemental Interest Trust Trustee
          and
          to distribute on each Distribution Date such amounts in the following order
          of
          priority:

         

        (i)  first,
          to
          the Trust Administrator for deposit into the Swap Account, an amount equal
          to
          the sum of the following amounts remaining outstanding after distribution
          of the
          Net Monthly Excess Cashflow: (A) Unpaid Interest Shortfall Amounts; (B)
          Net WAC
          Rate Carryover Amounts; (C) an amount
          necessary to maintain or restore the Overcollateralization Target Amount;
          and
          (D) any
          Allocated Realized Loss Amounts;

         

        (ii)  second,
          to UBSRES, any amounts remaining after payment of (i) above, provided,
          however,
          upon the
          issuance of notes by an issuer (the “Trust”), secured by all or a portion of the
          Class CE Certificates and the Class P Certificates (the “NIM Notes”), UBSRES
          hereby instructs the Swap Administrator to make any payments under this
          clause
          2(a)(ii) in the following order of priority:

         

        (A)  to
          the
          Indenture Trustee for the Trust, for deposit into the Note Account (each
          as to
          defined in the related Indenture), and until satisfaction and discharge
          of the
          Indenture, the Floating Amount (as defined in Annex I); and

         

        (B)  concurrently,
          to the Holders of the Class CE Certificates, pro
          rata
          based on
          the outstanding Notional Amount of each such Certificate; provided,
          however,
          that
          any Swap Termination Payment received by the Swap Administrator shall not
          be
          payable to the Holders of the Class CE Certificates pursuant to this clause
          (ii)(B) without the prior written consent of the NIMS Insurer, if any and
          the
          Rating Agencies.

         

        (b)  The
          Swap
          Administrator agrees to hold any amounts received from the Supplemental
          Interest
          Trust Trustee in trust upon the terms and conditions and for the exclusive
          use
          and benefit of the Trustee, the Trust Administrator and the Indenture Trustee,
          as applicable (in turn for the benefit of the Certificateholders, the
          Noteholders and the NIMS Insurer, if any) as set forth herein. The rights,
          duties and liabilities of the Swap Administrator in respect of this Agreement
          shall be as follows:

         

        (i) The
          Swap
          Administrator shall have the full power and authority to do all things
          not
          inconsistent with the provisions of this Agreement that it may deem advisable
          in
          order to enforce the provisions hereof. The Swap Administrator shall not
          be
          answerable or accountable except for its own bad faith, willful misconduct
          or
          negligence. The Swap Administrator shall not be required to take any action
          to
          exercise or enforce any of its rights or powers hereunder which, in the
          opinion
          of the Swap Administrator, shall be likely to involve expense or liability
          to
          the Swap Administrator, unless the Swap Administrator shall have received
          an
          agreement satisfactory to it in its sole discretion to indemnify it against
          such
          liability and expense.

         

        (ii) The
          Swap
          Administrator shall not be liable with respect to any action taken or omitted
          to
          be taken by it in good faith in accordance with the direction of any party
          hereto or the NIMS Insurer, if any, or otherwise as provided herein, relating
          to
          the time, method and place of conducting any proceeding for any remedy
          available
          to the Swap Administrator or exercising any right or power conferred upon
          the
          Swap Administrator under this Agreement.

         

        (iii) The
          Swap
          Administrator may perform any duties hereunder either directly or by or
          through
          agents or attorneys of the Swap Administrator. The Swap Administrator shall
          not
          be liable for the acts or omissions of its agents or attorneys so long
          as the
          Swap Administrator chose such Persons with due care.

         

        3.  Swap
          Account.
          The
          Swap Administrator shall segregate and hold all funds received from the
          Supplemental Interest Trust Trustee (including any Swap Termination Payment)
          separate and apart from any of its own funds and general assets and shall
          establish and maintain in the name of the Swap Administrator one or more
          segregated accounts (such account or accounts, the “Swap Account”), held in
          trust for the benefit of the Trustee, the Trust Administrator, the Indenture
          Trustee and the parties to this Agreement. All amounts on deposit in the
          Swap
          Account shall remain uninvested unless the Swap Administrator receives
          instructions to the contrary from any party hereto, with the consent of
          the NIMS
          Insurer, if any. The Swap Administrator hereby agrees that it holds and
          shall
          hold the Swap Account and all amounts deposited therein in trust for the
          exclusive use and benefit of the Trustee, the Trust Administrator and the
          Indenture Trustee as their interests may appear.

         

        4.    
          Replacement
          Swap Agreements.
          

         

        The
          Supplemental Interest Trust Trustee shall, at the direction of the NIMS
          Insurer,
          if any, or, with the consent of the NIMS Insurer, if any, at the direction
          of
          UBSRES, enforce all of its rights and exercise any remedies under the Swap
          Agreement. In the event the Swap Agreement is terminated as a result of
          the
          designation by either party thereto of an Early Termination Date (as defined
          therein), the Trust Administrator shall, at the direction of UBSRES, find
          a
          replacement counterparty to enter into a replacement swap
          agreement.

         

        Any
          Swap
          Termination Payment received by the Swap Administrator from the Supplemental
          Interest Trust Trustee shall be deposited in the Swap Account and shall
          be used
          to make any upfront payment required under a replacement swap agreement
          and any
          upfront payment received from the counterparty to a replacement swap agreement
          shall be used to pay any Swap Termination Payment owed to the Swap
          Provider.

         

        5.  Representations
          and Warranties of Wells Fargo.
          Wells
          Fargo represents and warrants as follows:

         

        (a)  Wells
          Fargo is duly organized and validly existing as a national banking association
          under the laws of the United States and has all requisite power and authority
          to
          execute and deliver this Agreement, to perform its obligations as Swap
          Administrator hereunder.

         

        (b)  The
          execution, delivery and performance of this Agreement by Wells Fargo as
          Trust
          Administrator have been duly authorized in the Pooling and Servicing
          Agreement.

         

        (c)  This
          Agreement has been duly executed and delivered by Wells Fargo as Swap
          Administrator, Trust Administrator and Supplemental Interest Trust Trustee
          and
          is enforceable against Wells Fargo in such capacities in accordance with
          its
          terms, except as enforceability may be affected by bankruptcy, insolvency,
          fraudulent conveyance, reorganization, moratorium and other similar laws
          relating to or affecting creditors’ rights generally, general equitable
          principles (whether considered in a proceeding in equity or at
          law).

         

        6.   
          Replacement
          of Swap Administrator.

         

        Any
          corporation, bank, trust company or association into which the Swap
          Administrator may be merged or converted or with which it may be consolidated,
          or any corporation, bank, trust company or association resulting from any
          merger, conversion or consolidation to which the Swap Administrator shall
          be a
          party, or any corporation, bank, trust company or association succeeding
          to all
          or substantially all the corporate trust business of the Swap Administrator,
          shall be the successor of the Swap Administrator hereunder, without the
          execution or filing of any paper or any further act on the part of any
          of the
          parties hereto, except to the extent that assumption of its duties and
          obligations, as such, is not effected by operation of law.

         

        No
          resignation or removal of the Swap Administrator and no appointment of
          a
          successor Swap Administrator shall become effective until the appointment
          by
          UBSRES of a successor swap administrator acceptable to the NIMS Insurer,
          if any.
          Any successor swap administrator shall execute such documents or instruments
          necessary or appropriate to vest in and confirm to such successor swap
          administrator all such rights and powers conferred by this
          Agreement.

         

        The
          Swap
          Administrator may resign at any time by giving written notice thereof to
          the
          other parties hereto with a copy to the NIMS Insurer, if any. If a successor
          swap administrator shall not have accepted the appointment hereunder within
          30
          days after the giving by the resigning Swap Administrator of such notice
          of
          resignation, the resigning Swap Administrator may petition any court of
          competent jurisdiction for the appointment of a successor swap administrator
          acceptable to the NIMS Insurer, if any.

         

        In
          the
          event of a resignation or removal of the Swap Administrator, UBSRES shall
          promptly appoint a successor Swap Administrator acceptable to the NIMS
          Insurer,
          if any. If no such appointment has been made within 10 days of the resignation
          or removal, the NIMS Insurer, if any, may appoint a successor Swap
          Administrator.

         

        7.   
          Trust
          Administrator Obligations.

         

        Whenever
          the Supplemental Interest Trust Trustee, as a party to the Swap Agreement,
          has
          the option or is requested in such capacity, whether such request is by
          the
          counterparty to such agreement, to take any action or to give any consent,
          approval or waiver that it is entitled to take or give in such capacity,
          including, without limitation, in connection with an amendment of such
          agreement
          or the occurrence of a default or termination event thereunder, the Supplemental
          Interest Trust Trustee shall promptly notify the parties hereto and the
          NIMS
          Insurer, if any, of such request in such detail as is available to it and,
          shall, on behalf of the parties hereto and the NIMS Insurer, if any, take
          such
          action in connection with the exercise and/or enforcement of any rights
          and/or
          remedies available to it in such capacity with respect to such request
          as the
          NIMS Insurer, if any, shall direct in writing; provided that if no such
          direction is received prior to the date that is established for taking
          such
          action or giving such consent, approval or waiver (notice of which date
          shall be
          given by the Supplemental Interest Trust Trustee to the parties hereto
          and the
          NIMS Insurer, if any), the Supplemental Interest Trust Trustee may abstain
          from
          taking such action or giving such consent, approval or waiver.

         

        The
          Supplemental Interest Trust Trustee shall forward to the parties hereto
          and the
          NIMS Insurer, if any, on the Payment Date following its receipt thereof
          copies
          of any and all notices, statements, reports and/or other material communications
          and information (collectively, the “Swap Reports”) that it receives in
          connection with the Swap Agreement or from the counterparty
          thereto.

         

        8.   
          Miscellaneous.
          

         

        (a)  This
          Agreement shall be governed by and construed in accordance with the laws
          of the
          State of New York.

         

        (b)  Any
          action or proceeding against any of the parties hereto relating in any
          way to
          this Agreement may be brought and enforced in the courts of the State of
          New
          York sitting in the borough of Manhattan or of the United States District
          Court
          for the Southern District of New York and the Swap Administrator irrevocably
          submits to the jurisdiction of each such court in respect of any such action
          or
          proceeding. The Swap Administrator waives, to the fullest extent permitted
          by
          law, any right to remove any such action or proceeding by reason of improper
          venue or inconvenient forum.

         

        (c)  This
          Agreement may be amended, supplemented or modified in writing by the parties
          hereto, but only with the consent of the NIMS Insurer, if any.

         

        (d)  This
          Agreement may not be assigned or transferred without the prior written
          consent
          of the NIMS Insurer, if any; provided,
          however,
          the
          parties hereto acknowledge and agree to the assignment of the rights of
          UBSRES
          as provided under this Agreement pursuant to the Sale Agreement, the Trust
          Agreement and the Indenture.

         

        (e)  This
          Agreement may be executed by one or more of the parties to this Agreement
          on any
          number of separate counterparts (including by facsimile transmission),
          and all
          such counterparts taken together shall be deemed to constitute one and
          the same
          instrument.

         

        (f)  Any
          provision of this Agreement which is prohibited or unenforceable in any
          jurisdiction shall, as to such jurisdiction, be ineffective to the extent
          of
          such prohibition or unenforceability without invalidating the remaining
          provisions hereof, and any such prohibition or unenforceability in any
          jurisdiction shall not invalidate or render unenforceable such provision
          in any
          other jurisdiction.

         

        (g)  The
          representations and warranties made by the parties to this Agreement shall
          survive the execution and delivery of this Agreement. No act or omission
          on the
          part of any party hereto shall constitute a waiver of any such representation
          or
          warranty.

         

        (h)  The
          article and section headings herein are for convenience of reference only,
          and
          shall not limit or otherwise affect the meaning hereof.

         

        (i)  The
          representations and warranties made by the parties to this Agreement shall
          survive the execution and delivery of this Agreement. No act or omission
          on the
          part of any party hereto shall constitute a waiver of any such representation
          or
          warranty.

         

        9.  Third-Party
          Beneficiary.
          Each of
          the Note Insurer, the Backup Note Insurer and the Indenture Trustee, if
          any,
          shall be deemed a third-party beneficiary of this Agreement to the same
          extent
          as if it were a party hereto, and shall have the right to enforce the provisions
          of this Agreement.

         

        10.  Swap
          Administrator and Trust Administrator Rights.
          The
          Swap Administrator shall be entitled to the same rights, protections and
          indemnities afforded to the Trust Administrator under the Pooling and Servicing
          Agreement and the Indenture Trustee under the Indenture, in each case,
          as if
          specifically set forth herein with respect to the Swap
          Administrator.

         

        The
          Trust
          Administrator and the Supplemental Interest Trust Trustee shall be entitled
          to
          the same rights, protections and indemnities afforded to the Trust Administrator
          under the Pooling and Servicing Agreement as if specifically set forth
          herein
          with respect to the Trust Administrator.

         

        11.  Limited
          Recourse.
          It is
          expressly understood and agreed by the parties hereto that this Agreement
          is
          executed and delivered by the Trust Administrator, not in its individual
          capacity but solely as trust administrator under the Pooling and Servicing
          Agreement. Notwithstanding any other provisions of this Agreement, the
          obligations of the Trust Administrator under this Agreement are non-recourse
          to
          the Trust Administrator, its assets and its property, and shall be payable
          solely from the assets of the Trust Fund, and following realization of
          such
          assets, any claims of any party hereto shall be extinguished and shall
          not
          thereafter be reinstated. No recourse shall be had against any principal,
          director, officer, employee, beneficiary, shareholder, partner, member,
          trustee,
          agent or affiliate of the Trust Administrator or any person owning, directly
          or
          indirectly, any legal or beneficial interest in the Trust Administrator,
          or any
          successors or assigns of any of the foregoing (the “Exculpated Parties”) for the
          payment of any amount payable under this Agreement. The parties hereto
          shall not
          enforce the liability and obligations of the Trust Administrator to perform
          and
          observe the obligations contained in this Agreement by any action or proceeding
          wherein a money judgment establishing any personal liability shall be sought
          against the Trust Administrator, subject to the following sentence, or
          the
          Exculpated Parties. The agreements in this paragraph shall survive termination
          of this Agreement and the performance of all obligations hereunder.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
          and
          delivered as of the day and year first above written. 

         

        

          
            	
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Swap Administrator

                  
	 
	 
	
                    By:  
                      

                  	 
	 	
                    Name: 

                  
	 	
                    Title: 

                  
	 
	 
	
                    WELLS
                      FARGO BANK, N.A.,

                    not
                      in its individual capacity but solely as Trust Administrator
                      and
                      Supplemental Interest Trust Trustee under the Pooling and Servicing
                      Agreement

                  
	 
	 
	
                    
                      By:  
                        

                    

                  	 
	 	
                    Name: 

                  
	 	
                    Title: 

                  
	 
	 
	
                    UBS
                      REAL ESTATE SECURITIES INC.

                  
	 
	 
	
                    By:  
                      

                  	 
	 	
                    Name: 

                  
	 	
                    Title: 

                  
	 	 
	
                    By:  
                      

                  	 
	 	
                    Name: 

                  
	 	
                    Title: 

                  

          

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        EXHIBIT
          A

         

        INTEREST
          RATE SWAP AGREEMENT

         

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        ANNEX
          I

        

        The
          amounts paid under clause 2(a)(ii) of the Swap Administration Agreement
          shall be
          calculated as follows:

        

        
          	
                  Floating
                    Amount:

                	 
	 	 
	
                  Floating
                    Rate Payer:

                	
                  Wells
                    Fargo Bank, N.A.

                
	 	 
	
                  Cap
                    Rate:

                	
                  15.00%

                
	 	 
	
                  Floating
                    Amount

                	
                  To
                    be determined in accordance with the following formula:

                   

                  The
                    product of: (i) 250; (ii) the Cap Rate, (iii) the Notional Amount;
                    and
                    (iv) the Floating Rate Day Count Fraction;

                   

                  provided,
                    however,
                    the Swap Administrator will only be obligated to pay the Floating
                    Amount
                    up to the amount remaining after payments are made under clause
                    2(a)(i) of
                    the Swap Administration Agreement.

                   

                  The
                    Floating Amount shall be paid to the Indenture Trustee for payment
                    in
                    accordance with Section 2.09(e) of the Indenture.

                
	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360.

                
	 	 
	
                  Notional
                    Amount:

                	
                  The
                    amount set forth for such period in the Amortization Schedule
                    A.

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          A TO ANNEX I 

         

        
          	
                   

                  Distribution
                    Date

                	
                  Swap
                    Agreement 

                  Calculation
                    Amount ($)

                
	
                  January
                    25, 2007

                	
                  4,126,756.00

                
	
                  February
                    25, 2007

                	
                  4,070,144.00

                
	
                  March
                    25, 2007

                	
                  4,000,232.00

                
	
                  April
                    25, 2007

                	
                  3,917,080.00

                
	
                  May
                    25, 2007

                	
                  3,820,948.00

                
	
                  June
                    25, 2007

                	
                  3,712,140.00

                
	
                  July
                    25, 2007

                	
                  3,591,176.00

                
	
                  August
                    25, 2007

                	
                  3,458,632.00

                
	
                  September
                    25, 2007

                	
                  3,315,312.00

                
	
                  October
                    25, 2007

                	
                  3,164,100.00

                
	
                  November
                    25, 2007

                	
                  3,019,884.00

                
	
                  December
                    25, 2007

                	
                  2,882,344.00

                
	
                  January
                    25, 2008

                	
                  2,751,164.00

                
	
                  February
                    25, 2008

                	
                  2,626,048.00

                
	
                  March
                    25, 2008

                	
                  2,506,708.00

                
	
                  April
                    25, 2008

                	
                  2,392,880.00

                
	
                  May
                    25, 2008

                	
                  2,284,300.00

                
	
                  June
                    25, 2008

                	
                  2,180,724.00

                
	
                  July
                    25, 2008

                	
                  2,081,924.00

                
	
                  August
                    25, 2008

                	
                  1,984,864.00

                
	
                  September
                    25, 2008

                	
                  1,825,424.00

                
	
                  October
                    25, 2008

                	
                  1,681,140.00

                
	
                  November
                    25, 2008

                	
                  1,550,552.00

                
	
                  December
                    25, 2008

                	
                  1,432,132.00

                
	
                  January
                    25, 2009

                	
                  1,325,916.00

                
	
                  February
                    25, 2009

                	
                  1,259,756.00

                
	
                  March
                    25, 2009

                	
                  1,197,056.00

                
	
                  April
                    25, 2009

                	
                  1,137,636.00

                
	
                  May
                    25, 2009

                	
                  1,081,344.00

                
	
                  June
                    25, 2009

                	
                  1,027,976.00

                
	
                  July
                    25, 2009

                	
                  977,380.00

                
	
                  August
                    25, 2009

                	
                  926,536.00

                
	
                  September
                    25, 2009

                	
                  871,456.00

                
	
                  October
                    25, 2009

                	
                  820,252.00

                
	
                  November
                    25, 2009

                	
                  772,636.00

                
	
                  December
                    25, 2009

                	
                  728,280.00

                
	
                  January
                    25, 2010

                	
                  688,232.00

                
	
                  February
                    25, 2010

                	
                  653,980.00

                
	
                  March
                    25, 2010

                	
                  621,532.00

                
	
                  April
                    25, 2010

                	
                  590,792.00

                
	
                  May
                    25, 2010

                	
                  561,676.00

                
	
                  June
                    25, 2010

                	
                  534,088.00

                
	
                  July
                    25, 2010

                	
                  507,936.00

                
	
                  August
                    25, 2010

                	
                  483,144.00

                
	
                  September
                    25, 2010

                	
                  459,640.00

                
	
                  October
                    25, 2010

                	
                  437,352.00

                
	
                  November
                    25, 2010

                	
                  416,216.00

                
	
                  December
                    25, 2010

                	
                  396,168.00

                
	
                  January
                    25, 2011

                	
                  377,148.00

                
	
                  February
                    25, 2011

                	
                  359,104.00

                
	
                  March
                    25, 2011

                	
                  341,976.00

                
	
                  April
                    25, 2011

                	
                  325,720.00

                
	
                  May
                    25, 2011

                	
                  310,288.00

                
	
                  June
                    25, 2011

                	
                  295,640.00

                
	
                  July
                    25, 2011

                	
                  281,724.00

                
	
                  August
                    25, 2011

                	
                  268,512.00

                
	
                  September
                    25, 2011

                	
                  255,960.00

                
	
                  October
                    25, 2011

                	
                  244,032.00

                
	
                  November
                    25, 2011

                	
                  232,692.00

                
	
                  December
                    25, 2011

                	
                  221,912.00

                

        

        
 

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        O

       

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      Definitions

      Primary
        Servicer - transaction party having borrower contact

      Master
        Servicer - aggregator of pool assets

      Trust
        Administrator - waterfall calculator (may be the Trustee, or may be the Master
        Servicer)

      Back-up
        Servicer - named in the transaction (in the event a Back up Servicer becomes
        the
        Primary Servicer, follow Primary Servicer obligations)

      Custodian
        - safe keeper of pool assets

      Paying
        Agent - distributor of funds to ultimate investor 

      Trustee
        -
        fiduciary of the transaction

      

      Note:
        The
        definitions above describe the essential function that the party performs,
        rather than the party’s title. So, for example, in a particular transaction, the
        trustee may perform the “paying agent” and “securities administrator” functions,
        while in another transaction, the securities administrator may perform these
        functions.

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key:       
         X  -
        obligation

      [X]
        - under consideration for obligation

      

      

      

        
          	
                  Reg
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Servicers

                	
                  Wells
                    Fargo

                	
                  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

                	 
	
                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities.

                	
                  X

                	
                  X

                	 
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the Pool Assets are maintained. 

                	 	 	 
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements. 

                	
                  X

                	
                  X

                	 
	 	
                  Cash
                    Collection and Administration

                	 	 	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on pool assets are deposited into the appropriate custodial bank
                    accounts
                    and related bank clearing accounts no more than two business
                    days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements. 

                	
                  X

                	
                  X

                	 
	
                  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

                	 
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction agreements.
                    

                	
                  X

                	
                  X

                	 
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of over collateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements. 

                	
                  X

                	
                  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

                	 
	
                  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

                	 
	 	
                  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

                	 
	
                  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

                	 
	
                  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

                	 
	
                  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

                	 
	 	
                  Pool
                    Asset Administration

                	 	 	 
	
                  1122(d)(4)(i)
                    

                	
                  Collateral
                    or security on pool assets is maintained as required by the transaction
                    agreements or related pool asset documents. 

                	
                  X

                	 	
                  X

                
	
                  1122(d)(4)(ii)

                	
                  Pool
                    assets and related documents are safeguarded as required by the
                    transaction agreements 

                	
                  X

                	 	
                  X

                
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements. 

                	
                  X

                	 	 
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on pool assets, including any payoffs, made in accordance with
                    the related
                    pool asset documents are posted to the Servicer’s obligor records
                    maintained no more than two business days after receipt, or such
                    other
                    number of days specified in the transaction agreements, and allocated
                    to
                    principal, interest or other items (e.g., escrow) in accordance
                    with the
                    related pool asset documents. 

                	
                  X

                	 	 
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the pool assets agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal balance.
                    

                	
                  X

                	 	 
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor's pool assets
                    (e.g.,
                    loan modifications or re-agings) are made, reviewed and approved
                    by
                    authorized personnel in accordance with the transaction agreements
                    and
                    related pool asset documents. 

                	
                  X

                	 	 
	
                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation or recovery actions (e.g., forbearance plans, modifications
                    and
                    deeds in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    agreements. 

                	
                  X

                	 	 
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a pool
                    asset is delinquent in accordance with the transaction agreements.
                    Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent pool assets including, for
                    example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or unemployment).
                    

                	
                  X

                	 	 
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for pool assets with variable
                    rates
                    are computed based on the related pool asset documents. 

                	
                  X

                	 	 
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s pool asset documents,
                    on at least an annual basis, or such other period specified in
                    the
                    transaction agreements; (B) interest on such funds is paid, or
                    credited,
                    to obligors in accordance with applicable pool asset documents
                    and state
                    laws; and (C) such funds are returned to the obligor within 30
                    calendar
                    days of full repayment of the related pool assets, or such other
                    number of
                    days specified in the transaction agreements. 

                	
                  X

                	 	 
	
                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax or insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the servicer at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements. 

                	
                  X

                	 	 
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the Servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission. 

                	
                  X

                	 	 
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements. 

                	
                  X

                	 	 
	
                  1122(d)(4)(xiv)
                    

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements. 

                	
                  X

                	
                  X

                	 
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements. 

                	 	
                  X

                	 

        

      

      

       

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        P

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity or entities indicated as the Responsible
        Party shall be primarily responsible for reporting the information to the
        Trust
        Administrator and the Depositor pursuant to Section 4.06(a)(iv). 

      

      Under
        Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
        included in the periodic Distribution Date statement under Section 4.02,
        provided by the Trust Administrator based on information received from the
        Master Servicer; and b) items marked “Form 10-D report” are required to be in
        the Form 10-D report but not the 4.02 statement, provided by the party
        indicated. Information under all other Items of Form 10-D is to be included
        in
        the Form 10-D report.

      

        

          
            	
                    Form

                  	
                    Item

                  	
                    Description

                  	
                    Responsible
                      Party

                  
	
                    10-D

                  	
                    Must
                      be filed within 15 days of the Distribution Date.

                  
	
                    1

                  	
                    Distribution
                      and Pool Performance Information

                  	 
	
                    Item
                      1121(a) - Distribution and Pool Performance
                      Information

                  	 
	
                    (1)
                      Any applicable record dates, accrual dates, determination dates
                      for
                      calculating distributions and actual distribution dates for
                      the
                      distribution period.

                  	
                    4.02
                      statement

                  
	
                    (2)
                      Cash flows received and the sources thereof for distributions,
                      fees and
                      expenses.

                  	
                    4.02
                      statement

                  
	
                    (3)
                      Calculated amounts and distribution of the flow of funds for
                      the period
                      itemized by type and priority of payment, including:

                  	
                    4.02
                      statement

                  
	
                    (i)
                      Fees or expenses accrued and paid, with an identification of
                      the general
                      purpose of such fees and the party receiving such fees or
                      expenses.

                  	
                    4.02
                      statement

                  
	
                    (ii)
                      Payments accrued or paid with respect to enhancement or other
                      support
                      identified in Item 1114 of Regulation AB (such as insurance
                      premiums or
                      other enhancement maintenance fees), with an identification
                      of the general
                      purpose of such payments and the party receiving such
                      payments.

                  	
                    4.02
                      statement

                  
	
                    (iii)
                      Principal, interest and other distributions accrued and paid
                      on the
                      asset-backed securities by type and by class or series and
                      any principal
                      or interest shortfalls or carryovers.

                  	
                    4.02
                      statement

                  
	
                    (iv)
                      The amount of excess cash flow or excess spread and the disposition
                      of
                      excess cash flow.

                  	
                    4.02
                      statement

                  
	
                    (4)
                      Beginning and ending principal balances of the asset-backed
                      securities.

                  	
                    4.02
                      statement

                  
	
                    (5)
                      Interest rates applicable to the pool assets and the asset-backed
                      securities, as applicable. Consider providing interest rate
                      information
                      for pool assets in appropriate distributional groups or incremental
                      ranges.

                  	
                    4.02
                      statement

                  
	
                    (6)
                      Beginning and ending balances of transaction accounts, such
                      as reserve
                      accounts, and material account activity during the period.

                  	
                    4.02
                      statement

                  
	
                    (7)
                      Any amounts drawn on any credit enhancement or other support
                      identified in
                      Item 1114 of Regulation AB, as applicable, and the amount of
                      coverage
                      remaining under any such enhancement, if known and
                      applicable.

                  	
                    4.02
                      statement

                  
	
                    (8)
                      Number and amount of pool assets at the beginning and ending
                      of each
                      period, and updated pool composition information, such as weighted
                      average
                      coupon, weighted average remaining term, pool factors and prepayment
                      amounts.

                  	
                    4.02
                      statement

                     

                    Updated
                      pool composition information fields to be as specified by Depositor
                      from
                      time to time

                  
	
                    (9)
                      Delinquency and loss information for the period. 

                     

                    In
                      addition, describe any material changes to the information
                      specified in
                      Item 1100(b)(5) of Regulation AB regarding the pool
                      assets.

                  	
                    4.02
                      statement.

                     

                     

                    Form
                      10-D report: Depositor

                  
	
                    (10)
                      Information on the amount, terms and general purpose of any
                      advances made
                      or reimbursed during the period, including the general use
                      of funds
                      advanced and the general source of funds for
                      reimbursements.

                  	
                    4.02
                      statement

                  
	
                    (11)
                      Any material modifications, extensions or waivers to pool asset
                      terms,
                      fees, penalties or payments during the distribution period
                      or that have
                      cumulatively become material over time.

                  	
                    4.02
                      statement

                  
	
                    (12)
                      Material breaches of pool asset representations or warranties
                      or
                      transaction covenants.

                  	
                    Form
                      10-D report: 

                    Trust
                      Administrator, Servicer, Depositor

                  
	
                    (13)
                      Information on ratio, coverage or other tests used for determining
                      any
                      early amortization, liquidation or other performance trigger
                      and whether
                      the trigger was met.

                  	
                    4.02
                      statement

                  
	
                    (14)
                      Information regarding any new issuance of asset-backed securities
                      backed
                      by the same asset pool, 

                    [information
                      regarding] any pool asset changes (other than in connection
                      with a pool
                      asset converting into cash in accordance with its terms), such
                      as
                      additions or removals in connection with a prefunding or revolving
                      period
                      and pool asset substitutions and repurchases (and purchase
                      rates, if
                      applicable), and cash flows available for future purchases,
                      such as the
                      balances of any prefunding or revolving accounts, if
                      applicable.

                    Disclose
                      any material changes in the solicitation, credit-granting,
                      underwriting,
                      origination, acquisition or pool selection criteria or procedures,
                      as
                      applicable, used to originate, acquire or select the new pool
                      assets.

                  	
                    Form
                      10-D report: Depositor

                     

                    Form
                      10-D report: Depositor or Servicer

                     

                     

                     

                     

                    Form
                      10-D report: Depositor

                  
	
                    Item
                      1121(b) - Pre-Funding or Revolving Period Information

                    Updated
                      pool information as required under Item 1121(b).

                  	
                    Depositor

                  
	
                    2

                  	
                    Legal
                      Proceedings

                  	 
	
                    Item
                      1117 - Legal proceedings pending against the following entities,
                      or their
                      respective property, that is material to Certificateholders,
                      including
                      proceedings known to be contemplated by governmental
                      authorities:

                    Seller

                    Depositor

                    Trustee

                    Issuing
                      entity

                    Master
                      Servicer

                    Originator
                      

                    Custodian

                    Servicer

                  	
                    (i)
                      All parties to the Pooling and Servicing Agreement (as to themselves),
                      (ii) the Trustee, Master Servicer and Depositor as to the Issuing
                      entity
                      and (iii) the Depositor as to the Sponsor, any 1110(b) originator
                      and any
                      1100(d)(i) party

                  
	
                    3

                  	
                    Sales
                      of Securities and Use of Proceeds

                  	 
	
                    Information
                      from Item 2(a) of Part II of Form 10-Q:

                     

                    With
                      respect to any sale of securities by the sponsor, depositor
                      or issuing
                      entity, that are backed by the same asset pool or are otherwise
                      issued by
                      the issuing entity, whether or not registered, provide the
                      sales and use
                      of proceeds information in Item 701 of Regulation S-K. Pricing
                      information
                      can be omitted if securities were not registered.

                  	
                     

                     

                     

                    Depositor

                  
	
                    4

                  	
                    Defaults
                      Upon Senior Securities

                  	 
	
                    Information
                      from Item 3 of Part II of Form 10-Q:

                     

                    Report
                      the occurrence of any Event of Default (after expiration of
                      any grace
                      period and provision of any required notice)

                  	
                     

                     

                    Trust
                      Administrator

                  
	
                    5

                  	
                    Submission
                      of Matters to a Vote of Security Holders

                  	 
	
                    Information
                      from Item 4 of Part II of Form 10-Q

                  	
                    Trustee,
                      Trust Administrator

                  
	
                    6

                  	
                    Significant
                      Obligors of Pool Assets

                  	 
	
                    Item
                      1112(b) - Significant
                      Obligor Financial Information*

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Item.

                  	 
	
                    7

                  	
                    Significant
                      Enhancement Provider Information

                  	 
	
                    Item
                      1114(b)(2) - Credit Enhancement Provider Financial
                      Information*

                    Determining
                      applicable disclosure threshold

                    Requesting
                      required financial information or effecting incorporation by
                      reference

                  	
                     

                     

                    Trust
                      Administrator Depositor

                  
	
                    Item
                      1115(b) - Derivative Counterparty Financial Information*

                    Determining
                      current maximum probable exposure

                    Determining
                      current significance percentage

                    Requesting
                      required financial information or effecting incorporation by
                      reference

                  	
                     

                    Depositor

                    Trust
                      Administrator 

                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Items.

                  	 
	
                    8

                  	
                    Other
                      Information

                  	 
	
                    Disclose
                      any information required to be reported on Form 8-K during
                      the period
                      covered by the Form 10-D but not reported

                  	
                    The
                      Responsible Party for the applicable Form 8-K item as indicated
                      below

                  
	
                    9

                  	
                    Exhibits

                  	 
	
                    Distribution
                      report

                  	
                    Trust
                      Administrator

                  
	
                    Exhibits
                      required by Item 601 of Regulation S-K, such as material
                      agreements

                  	
                    Depositor

                  
	
                    8-K

                  	
                    Must
                      be filed within four business days of an event reportable on
                      Form
                      8-K.

                  
	
                    1.01

                  	
                    Entry
                      into a Material Definitive Agreement

                  	 
	
                    Disclosure
                      is required regarding entry into or amendment of any definitive
                      agreement
                      that is material to the securitization, even if depositor is
                      not a party.
                      

                    Examples:
                      servicing agreement, custodial agreement.

                    Note:
                      disclosure not required as to definitive agreements that are
                      fully
                      disclosed in the prospectus

                  	
                    Depositor,
                      Servicer, Master Servicer, Custodian, Trust
                      Administrator

                  
	
                    1.02

                  	
                    Termination
                      of a Material Definitive Agreement

                  	 
	
                    Disclosure
                      is required regarding termination of any definitive agreement
                      that is
                      material to the securitization (other than expiration in accordance
                      with
                      its terms), even if depositor is not a party. 

                    Examples:
                      servicing agreement, custodial agreement.

                  	
                    Depositor,
                      Servicer, Master Servicer, Custodian, Trust
                      Administrator

                  
	
                    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, Trustee, Cap Provicer,
                      Custodian

                  	
                    Depositor,
                      Servicer, Master Servicer, Custodian, Trust Administrator,
                      Trustee (as to
                      itself)

                  
	
                    2.04

                  	
                    Triggering
                      Events that Accelerate or Increase a Direct Financial Obligation
                      or an
                      Obligation under an Off-Balance Sheet Arrangement

                  	 
	
                    Includes
                      an early amortization, performance trigger or other event,
                      including event
                      of default, that would materially alter the payment priority/distribution
                      of cash flows/amortization schedule.

                    Disclosure
                      will be made of events other than waterfall triggers which
                      are disclosed
                      in the 4.02 statement

                  	
                    Depositor/
                      Trust Administrator

                  
	
                    3.03

                  	
                    Material
                      Modification to Rights of Security Holders

                  	 
	
                    Disclosure
                      is required of any material modification to documents defining
                      the rights
                      of Certificateholders, including the Pooling and Servicing
                      Agreement

                  	
                    Trust
                      Administrator

                  
	
                    5.03

                  	
                    Amendments
                      to Articles of Incorporation or Bylaws; Change in Fiscal
                      Year

                  	 
	
                    Disclosure
                      is required of any amendment “to the governing documents of the issuing
                      entity”

                  	
                    Depositor

                  
	
                    5.06

                  	
                    Change
                      in Shell Company Status

                  	 
	
                    [Not
                      applicable to ABS issuers]

                  	
                    Depositor

                  
	
                    6.01

                  	
                    ABS
                      Informational and Computational Material

                  	 
	
                    [Not
                      included in reports to be filed under Section 4.07]

                  	
                    Depositor

                  
	
                    6.02

                  	
                    Change
                      of Master 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. Reg AB disclosure about any new servicer
                      or
                      trustee is also required.

                  	
                    Depositor

                  
	
                    6.03

                  	
                    Change
                      in Credit Enhancement or Other External Support

                  	 
	
                    Covers
                      termination of any enhancement in manner other than by its
                      terms, the
                      addition of an enhancement, or a material change in the enhancement
                      provided. Applies to external credit enhancements as well as
                      derivatives.
                      

                    Requesting
                      Regulation AB disclosure about any new enhancement or effecting
                      incorporation by reference

                  	
                    Trust
                      Administrator

                     

                     

                    Depositor

                  
	
                    6.04

                  	
                    Failure
                      to Make a Required Distribution

                  	
                    Trust
                      Administrator

                  
	
                    6.05

                  	
                    Securities
                      Act Updating Disclosure

                  	 
	
                    If
                      any material pool characteristic differs by 5% or more at the
                      time of
                      issuance of the securities from the description in the final
                      prospectus,
                      provide updated Regulation AB disclosure about the actual asset
                      pool.

                  	
                    Depositor

                  
	
                    If
                      there are any new servicers or originators required to be disclosed
                      under
                      Regulation AB as a result of the foregoing, provide the information
                      called
                      for in Items 1108 and 1110 respectively.

                  	
                    Depositor

                  
	
                    7.01

                  	
                    Regulation
                      FD Disclosure

                  	
                    Depositor

                  
	
                    8.01

                  	
                    Other
                      Events

                  	 
	
                    Any
                      event, with respect to which information is not otherwise called
                      for in
                      Form 8-K, that the registrant deems of importance to security
                      holders.

                  	
                    Depositor

                  
	
                    9.01

                  	
                    Financial
                      Statements and Exhibits

                  	
                    The
                      Responsible Party applicable to reportable event, other than
                      the
                      Trustee

                  
	
                    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

                  	
                    N/A

                  
	
                    Item
                      1114(b)(2) - Credit Enhancement Provider Financial
                      Information

                    Determining
                      applicable disclosure threshold

                    Requesting
                      required financial information or effecting incorporation by
                      reference

                  	
                     

                    Trust
                      Administrator Depositor

                  
	
                    Item
                      1115(b) - Derivative Counterparty Financial Information

                    Determining
                      current maximum probable exposure

                    Determining
                      current significance percentage

                    Requesting
                      required financial information or effecting incorporation by
                      reference

                  	
                    Depositor

                     

                    Trust
                      Administrator 

                     

                     

                  
	
                    Item
                      1117 - Legal proceedings pending against the following entities,
                      or their
                      respective property, that is material to Certificateholders,
                      including
                      proceedings known to be contemplated by governmental
                      authorities:

                    Seller

                    Depositor

                    Trustee

                    Issuing
                      entity

                    Master
                      Servicer

                    Servicer

                    Originator
                      

                    Custodian

                  	
                     

                     

                    Seller

                    Depositor

                    Trustee

                    Master
                      Servicer

                    Custodian

                    Servicer

                  
	
                    Item
                      1119 - Affiliations and relationships between the following
                      entities, or
                      their respective affiliates, that are material to
                      Certificateholders:

                    Seller

                    Depositor

                    Trustee

                    Issuing
                      entity

                    Master
                      Servicer

                    Servicer

                    Originator
                      

                    Custodian
                      

                    Credit
                      Enhancer/Support Provider, if any

                    Significant
                      Obligor, if any

                  	
                    (i)
                      All parties to the Pooling and Servicing Agreement (as to themselves),
                      (ii) the Depositor as to the Sponsor, Originator, Significant
                      Obligor,
                      Credit Enhancer/Support Provider and (iii) the Depositor as
                      to the Issuing
                      entity 

                     

                  
	
                    Item
                      1122 - Assessment of Compliance with Servicing
                      Criteria

                  	
                    Master
                      Servicer

                    Trust
                      Administrator

                    Custodian

                    Servicer

                  
	
                    Item
                      1123 -Servicer Compliance Statement

                  	
                    Master
                      Servicer

                    Servicer

                  

          

        

      

      

      

       

      

      EXHIBIT
        Q

      

      ADDITIONAL
        DISCLOSURE NOTIFICATION

      

      **SEND
        VIA FAX TO [XXX-XXX-XXXX] AND VIA EMAIL TO
        [                         
] AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY
        BELOW**

      

      Wells
        Fargo Bank, N.A., as Trust Administrator

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attn:
        Corporate Trust Services- [DEAL NAME]—SEC REPORT PROCESSING

      

      Mortgage
        Asset Securitization Transactions, Inc.

      1285
        Avenue of the Americas

      New
        York,
        New York 10019

      

      RE:
        **Additional Form [10-D][10-K][8-K] Disclosure** Required

      

      

      Ladies
        and Gentlemen:

       

      In
        accordance with Section [ ] of the Pooling and Servicing Agreement, dated
        as of
        December 1, 2006, among Mortgage Asset Securitization Transactions, Inc.
        as
        Depositor, Wells Fargo Bank, N.A. as Master Servicer and Trust Administrator,
        Barclays
        Capital Real Estate Inc. d/b/a HomEq Servicing, as Servicer and U.S. Bank
        National Association, as
        Trustee, the undersigned, as [ ], hereby notifies you that certain events
        have
        come to our attention that [will] [may] need to be disclosed on Form
        [10-D][10-K][8-K].

       

      Description
        of Additional Form [10-D][10-K][8-K] Disclosure:

       

      

       

      List
        of any Attachments hereto to be included in the Additional Form
        [10-D][10-K][8-K] Disclosure:

       

      

       

      

       

      

       

      Any
        inquiries related to this notification should be directed to [ ], phone number:
        [ ]; email address: [ ]. 

       

      [NAME
        OF
        PARTY],

      as
        [role]

       

      By:
        

      Name:
        

      Title:

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        R-1

       

      FORM
        OF DELINQUENCY REPORT 

      

        
          	
                  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 ($)

                

        

      

      
 

      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

              

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      

      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

                  

          

        

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      Standard
        File Codes - Delinquency Reporting, Continued

      

       

      The
        FNMA
        Delinquent Status Code
        field
        should show the Status of Default as follows: 

       

      

        
          	
                  Status
                    Code

                	
                  Status
                    Description

                
	
                  09

                	
                  Forbearance

                
	
                  17

                	
                  Pre-foreclosure
                    Sale Closing Plan Accepted

                
	
                  24

                	
                  Government
                    Seizure

                
	
                  26

                	
                  Refinance

                
	
                  27

                	
                  Assumption

                
	
                  28

                	
                  Modification

                
	
                  29

                	
                  Charge-Off

                
	
                  30

                	
                  Third
                    Party Sale

                
	
                  31

                	
                  Probate

                
	
                  32

                	
                  Military
                    Indulgence

                
	
                  43

                	
                  Foreclosure
                    Started

                
	
                  44

                	
                  Deed-in-Lieu
                    Started

                
	
                  49

                	
                  Assignment
                    Completed

                
	
                  61

                	
                  Second
                    Lien Considerations

                
	
                  62

                	
                  Veteran’s
                    Affairs-No Bid

                
	
                  63

                	
                  Veteran’s
                    Affairs-Refund

                
	
                  64

                	
                  Veteran’s
                    Affairs-Buydown

                
	
                  65

                	
                  Chapter
                    7 Bankruptcy

                
	
                  66

                	
                  Chapter
                    11 Bankruptcy

                
	
                  67

                	
                  Chapter
                    13 Bankruptcy

                

        

      

       

      

      

       

      EXHIBIT
        R-2

      FORM
        OF MONTHLY REMITTANCE ADVICE

      

        
          	
                  Column
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                	
                  Max
                    Size

                
	
                  SER_INVESTOR_NBR

                	
                  A
                    value assigned by the Servicer to define a group of loans.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  20

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the investor.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  BORROWER_NAME

                	
                  The
                    borrower name as received in the file. It is not separated by
                    first and
                    last name.

                	
                   

                	
                  Maximum
                    length of 30 (Last, First)

                	
                  30

                
	
                  SCHED_PAY_AMT

                	
                  Scheduled
                    monthly principal and scheduled interest payment that a borrower
                    is
                    expected to pay, P&I constant.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NOTE_INT_RATE

                	
                  The
                    loan interest rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  NET_INT_RATE

                	
                  The
                    loan gross interest rate less the service fee rate as reported
                    by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_RATE

                	
                  The
                    servicer's fee rate for a loan as reported by the Servicer.
                    

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_AMT

                	
                  The
                    servicer's fee amount for a loan as reported by the Servicer.
                    

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_PAY_AMT

                	
                  The
                    new loan payment amount as reported by the Servicer. 

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_LOAN_RATE

                	
                  The
                    new loan rate as reported by the Servicer. 

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ARM_INDEX_RATE

                	
                  The
                    index the Servicer is using to calculate a forecasted
                    rate.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ACTL_BEG_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the beginning of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_END_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the end of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date at the end of processing cycle that the borrower's next
                    payment is
                    due to the Servicer, as reported by Servicer.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  SERV_CURT_AMT_1

                	
                  The
                    first curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_1

                	
                  The
                    curtailment date associated with the first curtailment amount.
                    

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_1

                	
                  The
                    curtailment interest on the first curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_2

                	
                  The
                    second curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_2

                	
                  The
                    curtailment date associated with the second curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_2

                	
                  The
                    curtailment interest on the second curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_3

                	
                  The
                    third curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_3

                	
                  The
                    curtailment date associated with the third curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_AMT_3

                	
                  The
                    curtailment interest on the third curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_AMT

                	
                  The
                    loan "paid in full" amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_DATE

                	
                  The
                    paid in full date as reported by the Servicer.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                   

                	
                   

                	
                   

                	
                  Action
                    Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                    65=Repurchase,70=REO 

                	
                  2

                
	
                  ACTION_CODE

                	
                  The
                    standard FNMA numeric code used to indicate the default/delinquent
                    status
                    of a particular loan.

                
	
                  INT_ADJ_AMT

                	
                  The
                    amount of the interest adjustment as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SOLDIER_SAILOR_ADJ_AMT

                	
                  The
                    Soldier and Sailor Adjustment amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NON_ADV_LOAN_AMT

                	
                  The
                    Non Recoverable Loan Amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  LOAN_LOSS_AMT

                	
                  The
                    amount the Servicer is passing as a loss, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_BEG_PRIN_BAL

                	
                  The
                    scheduled outstanding principal amount due at the beginning of
                    the cycle
                    date to be passed through to investors.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_END_PRIN_BAL

                	
                  The
                    scheduled principal balance due to investors at the end of a
                    processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_PRIN_AMT

                	
                  The
                    scheduled principal amount as reported by the Servicer for the
                    current
                    cycle -- only applicable for Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_NET_INT

                	
                  The
                    scheduled gross interest amount less the service fee amount for
                    the
                    current cycle as reported by the Servicer -- only applicable
                    for
                    Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_PRIN_AMT

                	
                  The
                    actual principal amount collected by the Servicer for the current
                    reporting cycle -- only applicable for Actual/Actual
                    Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_NET_INT

                	
                  The
                    actual gross interest amount less the service fee amount for
                    the current
                    reporting cycle as reported by the Servicer -- only applicable
                    for
                    Actual/Actual Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    AMT

                	
                  The
                    penalty amount received when a borrower prepays on his loan as
                    reported by
                    the Servicer. 

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    WAIVED

                	
                  The
                    prepayment penalty amount for the loan waived by the
                    servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                
	
                  MOD_DATE

                	
                  The
                    Effective Payment Date of the Modification for the loan.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  MOD_TYPE

                	
                  The
                    Modification Type.

                	
                   

                	
                  Varchar
                    - value can be alpha or numeric

                	
                  30

                
	
                  DELINQ_P&I_ADVANCE_AMT

                	
                  The
                    current outstanding principal and interest advances made by
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                

        

      

      

      

       

      

       

      

      EXHIBIT
        R-3

      FORM
        OF REALIZED LOSS REPORT

      

      Exhibit
        : Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due on the remittance report date.
        Late
        submissions may result in claims not being passed until the following month.
        The
        Servicer is responsible to remit all funds pending loss approval and /or
        resolution of any disputed items. 

       

      2.

       

      3.      
          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
        Servicing Officer certification 

       

      *
        Unusual
        or extraordinary items may require further documentation. 

       

      13.  The
        total
        of lines 1 through 12.

       

      4.     
          Credits:
        

       

      14-21.   
         Complete
        as applicable. Required documentation:

       

      *
        Copy of
        the HUD 1 from the REO sale. If a 3rd
        Party
        Sale, bid instructions and Escrow Agent / Attorney Letter of Proceeds
        Breakdown.

       

      *
        Copy of
        EOB for any MI or gov't guarantee 

       

      *
        All
        other credits need to be clearly defined on the 332
        form      
     

       

       

      
        	 	
                22.

              	
                The
                  total of lines 14 through 21.

              

      

       

       

      Please
        Note: For
        HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
        Part
        B/Supplemental proceeds.

       

      Total
        Realized Loss (or Amount of Any Gain)

       

      23. The
        total
        derived from subtracting line 22 from 13. If the amount represents a realized
        gain, show
        the
        amount in parenthesis ( ). 

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      Exhibit
        3A: Calculation
        of Realized Loss/Gain Form 332

      

       

      Prepared
        by: __________________   Date:
        _______________

       

      Phone:
        ______________________ Email Address:_____________________

       

       

       

      
        	
                 

                Servicer
                  Loan No.

              	 	
                 

                Servicer
                  Name

                 

              	 	
                 

                Servicer
                  Address 

                 

                 

              

      

       

       

      WELLS
        FARGO BANK, N.A. Loan No._____________________________

       

      Borrower's
        Name: _________________________________________________________

      Property
        Address: _________________________________________________________

       

       

       

      Liquidation
        Type: REO Sale  
        3rd
        Party Sale  Short
        Sale Charge
        Off 

       

       

      Was
        this loan granted a Bankruptcy deficiency or cramdown  Yes 
        No

      If
“Yes”,
        provide deficiency or cramdown amount
        _______________________________

       

      Liquidation
        and Acquisition Expenses:

      
        
          	
                  (1)

                	
                  Actual
                    Unpaid Principal Balance of Mortgage Loan

                	
                  $
                    ______________

                	
                  (1)

                
	
                  (2)

                	
                  Interest
                    accrued at Net Rate

                	
                  ________________

                	
                  (2)

                
	
                  (3)

                	
                  Accrued
                    Servicing Fees

                	
                  ________________

                	
                  (3)

                
	
                  (4)

                	
                  Attorney's
                    Fees

                	
                  ________________

                	
                  (4)

                
	
                  (5)

                	
                  Taxes
                    (see page 2)

                	
                  ________________

                	
                  (5)

                
	
                  (6)

                	
                  Property
                    Maintenance

                	
                  ________________

                	
                  (6)

                
	
                  (7)

                	
                  MI/Hazard
                    Insurance Premiums (see page 2)

                	
                  ________________

                	
                  (7)

                
	
                  (8)

                	
                  Utility
                    Expenses

                	
                  ________________

                	
                  (8)

                
	
                  (9)

                	
                  Appraisal/BPO

                	
                  ________________

                	
                  (9)

                
	
                  (10)

                	
                  Property
                    Inspections

                	
                  ________________

                	
                  (10)

                
	
                  (11)

                	
                  FC
                    Costs/Other Legal Expenses

                	
                  ________________

                	
                  (11)

                
	
                  (12)

                	
                  Other
                    (itemize)

                	
                  ________________

                	
                  (12)

                
	 	
                  Cash
                    for Keys__________________________

                	
                  ________________

                	
                  (12)

                
	 	
                  HOA/Condo
                    Fees_______________________

                	
                  ________________

                	
                  (12)

                
	 	
                  ______________________________________

                	
                  ________________

                	
                  (12)

                
	 	 	 	 
	 	
                  Total
                    Expenses

                	
                  $
                    _______________

                	
                  (13)

                
	
                  Credits:

                	 	 
	
                  (14)

                	
                  Escrow
                    Balance

                	
                  $
                    _______________

                	
                  (14)

                
	
                  (15)

                	
                  HIP
                    Refund

                	
                  ________________

                	
                  (15)

                
	
                  (16)

                	
                  Rental
                    Receipts

                	
                  ________________

                	
                  (16)

                
	
                  (17)

                	
                  Hazard
                    Loss Proceeds

                	
                  ________________

                	
                  (17)

                
	
                  (18)

                	
                  Primary
                    Mortgage Insurance / Gov’t Insurance

                	
                  ________________

                	
                  (18a)
                    HUD Part A

                
	 	 	
                  ________________
                    

                	
                  (18b)
                    HUD Part B

                
	
                  (19)

                	
                  Pool
                    Insurance Proceeds

                	
                  ________________

                	
                  (19)

                
	
                  (20)

                	
                  Proceeds
                    from Sale of Acquired Property

                	
                  ________________

                	
                  (20)

                
	
                  (21)

                	
                  Other
                    (itemize)

                	
                  ________________

                	
                  (21)

                
	 	
                  _________________________________________

                	
                  ________________

                	
                  (21)

                
	 	 	 	 
	 	
                  Total
                    Credits

                	
                  $________________

                	
                  (22)

                
	
                  Total
                    Realized Loss (or Amount of Gain)

                	
                  $________________

                	
                  (23)

                

        

      

       

       

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      Escrow
        Disbursement Detail

      

      

      

        
          	
                  Type

                  (Tax
                    /Ins.)

                	
                  Date
                    Paid

                	
                  Period
                    of Coverage

                	
                  Total
                    Paid

                	
                  Base
                    Amount

                	
                  Penalties

                	
                  Interest

                
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        S-1

       

      

       

      FORM
        OF
        WATCHLIST REPORT

       

      AVAILABLE
        UPON REQUEST

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        S-2 

       

      FORM
        OF
        LOSS SEVERITY REPORT

       

      AVAILABLE
        UPON REQUEST

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      

      

      EXHIBIT
        S-3 

       

      FORM
        OF
        PREPAYMENT PREMIUMS REPORT

       

      AVAILABLE
        UPON REQUEST

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      

      

      EXHIBIT
        S-4

       

      FORM
        OF
        ANALYTICS REPORT 

       

      AVAILABLE
        UPON REQUEST

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        1

       

      MORTGAGE
        LOAN SCHEDULE

       

      AS
        FILED
        ON DECEMBER 29, 2006

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        2

       

      PREPAYMENT
        CHARGE SCHEDULE

       

      

       

      

      AVAILABLE
        UPON REQUESTexv4w2

 

Exhibit 4.2

FIRST SUPPLEMENTAL INDENTURE

This FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) is executed as of January 19,
2007 among Expedia, Inc., a Delaware corporation (the “Company”), the Subsidiary Guarantors parties
hereto and The Bank of New York Trust Company, N.A., a national banking association, as Trustee
(the “Trustee”) under the Indenture dated as of August 21, 2006 (the “Indenture”).

WITNESSETH

     WHEREAS, the Company and Subsidiary Guarantors party thereto have entered into the Indenture
with the Trustee pursuant to which the Trustee acts as trustee for the holders of the Company’s
7.456% Senior Notes due 2018;

     WHEREAS, pursuant to Section 10.7 of the Indenture, the Company agreed to cause any Domestic
Subsidiary that becomes a guarantor or borrower under the Credit Agreement to become a Subsidiary
Guarantor by executing a Supplemental Indenture;

     WHEREAS, Expedia Partner Services, Inc. and TravelNow.com Inc. (the “Additional Guarantors”)
are agreeing to become guarantors under the Credit Agreement; and

     WHEREAS, the Indenture permits the Company, the Trustee, and Additional Guarantors to execute
a Supplemental Indenture for the purpose of adding Subsidiary Guarantors.

AGREEMENT

     NOW, THEREFORE, in consideration of the agreements set forth herein and for other good and
valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto agree
as follows:

     Section 1. DEFINITIONS. All capitalized terms used in this Supplemental Indenture not
defined herein shall have the same meanings ascribed to them in the Indenture.

     Section 2. ADDITIONAL GUARANTORS. Each Additional Guarantor by the execution of this
Supplemental Indenture agrees to be a Subsidiary Guarantor under the Indenture and to be bound by
the terms of the Indenture applicable to Subsidiary Guarantors.

     Section 3. GOVERNING LAW. This Supplemental Indenture shall be governed by and construed in
accordance with the laws of the State of New York.

     Section 4. MISCELLANEOUS. This Supplemental Indenture may be executed in various
counterparts which together will constitute one and the same document. This Supplemental Indenture
is an amendment supplemental to the Indenture and this Supplemental Indenture will henceforth be read together.

 

 

     Section 5. TRUSTEE. The Trustee makes no representations as to the validity or sufficiency of
this Supplemental Indenture. The recitals and statements herein are deemed to be those of the
Company and the Subsidiary Guarantors and not of the Trustee.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first written above.

	 	 	 	 	 
	 	EXPEDIA, INC.

EXPEDIA, INC. (WA)

 	 
	 	By:  	/s/ Michael B. Adler
 	 
	 	Name:  	Michael B. Adler 	 
	 	Title:  	Chief Financial Officer and Secretary 	 
	 

	 	 	 	 	 
	 	TRAVELSCAPE, LLC

HOTELS.COM

HOTWIRE, INC.

TRIPADVISOR, LLC

INTERACTIVE AFFILIATE NETWORK, L.L.C.

HOTELS.COM GP, LLC

OWL HOLDING COMPANY, INC.

CLASSIC VACATIONS, LLC

EXPEDIA PARTNER SERVICES, INC.

 	 
	 	By:  	/s/ Michael B. Adler
 	 
	 	Name:  	Michael B. Adler 	 
	 	Title:  	Chief Financial Officer and Secretary 	 
	 

	 	 	 	 	 
	 	TRAVELNOW.COM INC.

 	 
	 	By:  	/s/ Michael B. Adler
 	 
	 	Name:  	Michael B. Adler 	 
	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	HRN 99 HOLDINGS, LLC

 	 
	 	By:  	/s/ Amy E. Weaver
 	 
	 	Name:  	Amy E. Weaver 	 
	 	Title:  	Manager 	 
	 

 

 

	 	 	 	 	 
	 	IAN.COM, L.P.

HOTELS.COM, L.P.

 	 
	 	HOTEL.COM GP, LLC,
 	 
	 	its general partner 	 
	 
	 	By:  	/s/ Michael B. Adler
 	 
	 	Name:  	Michael B. Adler 	 
	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	TRIPADVISOR BUSINESS TRUST

 	 
	 	By:  	/s/ Stephen Kaufer
 	 
	 	Name:  	Stephen Kaufer 	 
	 	Title:  	Trustee, President and Chief

Executive Officer, and not

Individually 	 
	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK TRUST

COMPANY, N.A., as Trustee

 	 
	 	By:  	/s/ Michelle Larios-Escobedo
 	 
	 	Name:  	Michelle Larios-Escobedo 	 
	 	Title:  	Assistant Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]