Document:

Unassociated Document

    
       

    

    
      

      

    

     

    ACE
      SECURITIES CORP.

    Depositor

     

    OPTION
      ONE MORTGAGE CORPORATION

    Servicer

    

    WELLS
      FARGO BANK, N.A.

    Master
      Servicer and Securities Administrator

     

    

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION

    Trustee

     

    

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of May 1, 2006

     

     

    ACE
      Securities Corp. Home Equity Loan Trust, Series 2006-OP1

    Asset
      Backed Pass-Through Certificates

     

    

     

    
      

      

    

     

    
      
        
          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF
      CONTENTS

     

     

    ARTICLE
      I
      DEFINITIONS 11

     

    
      	 	
              SECTION
                1.01.

            	
              Defined
                Terms.

            	
               

            

    

    
      	 	
              SECTION
                1.02.

            	
              Allocation
                of Certain Interest Shortfalls.

            	
               

            

    

     

    ARTICLE
      II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES 99

     

    
      	 	
              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.

            	
               

            

    

    
      	 	
              SECTION
                2.04.

            	
              Representations
                and Warranties of the Master Servicer.

            	
               

            

    

    
      	 	
              SECTION
                2.05.

            	
              Representations,
                Warranties and Covenants of the Servicer.

            	
               

            

    

    
      	 	
              SECTION
                2.06.

            	
              Issuance
                of the REMIC I Regular Interests and the Class R-I
                Interest.

            	
               

            

    

    
      	 	
              SECTION
                2.07.

            	
              Conveyance
                of the REMIC I Regular Interests; Acceptance of REMIC II and REMIC
                III by
                the Trustee.

            	
               

            

    

    
      	 	
              SECTION
                2.08.

            	
              Issuance
                of the Residual Certificates.

            	
               

            

    

    
      	 	
              SECTION
                2.09.

            	
              Establishment
                of the Trust.

            	
               

            

    

    
      	 	
              SECTION
                2.10.

            	
              Purpose
                and Powers of the Trust.

            	
               

            

    

     

    ARTICLE
      III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS 110

     

    
      	 	
              SECTION
                3.01.

            	
              The
                Servicer to Act as Servicer.

            	
               

            

    

    
      	 	
              SECTION
                3.02.

            	
              Sub-Servicing
                Agreements between the Servicer and Sub-Servicers.

            	
               

            

    

    
      	 	
              SECTION
                3.03.

            	
              Successor
                Sub-Servicers.

            	
               

            

    

    
      	 	
              SECTION
                3.04.

            	
              No
                Contractual Relationship Between Sub-Servicer, Subcontractor, Trustee
                or
                the Certificateholders.

            	
               

            

    

    
      	 	
              SECTION
                3.05.

            	
              Assumption
                or Termination of Sub-Servicing Agreement by Successor
                Servicer.

            	
               

            

    

    
      	 	
              SECTION
                3.06.

            	
              Collection
                of Certain Mortgage Loan Payments.

            	
               

            

    

    
      	 	
              SECTION
                3.07.

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

            	
               

            

    

    
      	 	
              SECTION
                3.08.

            	
              Collection
                Account and Distribution Account.

            	
               

            

    

    
      	 	
              SECTION
                3.09.

            	
              Withdrawals
                from the Collection Account and Distribution Account.

            	
               

            

    

    
      	 	
              SECTION
                3.10.

            	
              Investment
                of Funds in the Investment Accounts.

            	
               

            

    

    
      	 	
              SECTION
                3.11.

            	
              Maintenance
                of Hazard Insurance, Errors and Omissions and Fidelity Coverage and
                Primary Mortgage Insurance.

            	
               

            

    

    
      	 	
              SECTION
                3.12.

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

            	
               

            

    

    
      	 	
              SECTION
                3.13.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	
               

            

    

    
      	 	
              SECTION
                3.14.

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            	
               

            

    

    
      	 	
              SECTION
                3.15.

            	
              Servicing
                Compensation.

            	
               

            

    

    
      	 	
              SECTION
                3.16.

            	
              Collection
                Account Statements.

            	
               

            

    

    
      	 	
              SECTION
                3.17.

            	
              Annual
                Statement as to Compliance.

            	
               

            

    

    
      	 	
              SECTION
                3.18.

            	
              Assessments
                of Compliance and Attestation Reports.

            	
               

            

    

    
      	 	
              SECTION
                3.19.

            	
              Annual
                Certification; Additional Information.

            	
               

            

    

    
      	 	
              SECTION
                3.20.

            	
              Access
                to Certain Documentation.

            	
               

            

    

    
      	 	
              SECTION
                3.21.

            	
              Title,
                Management and Disposition of REO Property.

            	
               

            

    

    
      	 	
              SECTION
                3.22.

            	
              Obligations
                of the Servicer in Respect of Prepayment Interest Shortfalls; Relief
                Act
                Interest Shortfalls.

            	
               

            

    

    
      	 	
              SECTION
                3.23.

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

            	
               

            

    

    
      	 	
              SECTION
                3.24.

            	
              Reserve
                Fund.

            	
               

            

    

    
      	 	
              SECTION
                3.25.

            	
              Advance
                Facility.

            	
               

            

    

    
      	 	
              SECTION
                3.26.

            	
              Indemnification.

            	
               

            

    

     

    ARTICLE
      IV ADMINISTRATION AND MASTER SERVICING OF THE MORTGAGE LOANS BY THE MASTER
      SERVICER 142

     

    
      	 	
              SECTION
                4.01.

            	
              Master
                Servicer.

            	
               

            

    

    
      	 	
              SECTION
                4.02.

            	
              REMIC-Related
                Covenants.

            	
               

            

    

    
      	 	
              SECTION
                4.03.

            	
              Monitoring
                of Servicer.

            	
               

            

    

    
      	 	
              SECTION
                4.04.

            	
              Fidelity
                Bond.

            	
               

            

    

    
      	 	
              SECTION
                4.05.

            	
              Power
                to Act; Procedures.

            	
               

            

    

    
      	 	
              SECTION
                4.06.

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            	
               

            

    

    
      	 	
              SECTION
                4.07.

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

            	
               

            

    

    
      	 	
              SECTION
                4.08.

            	
              Standard
                Hazard Insurance and Flood Insurance Policies.

            	
               

            

    

    
      	 	
              SECTION
                4.09.

            	
              Presentment
                of Claims and Collection of Proceeds.

            	
               

            

    

    
      	 	
              SECTION
                4.10.

            	
              Maintenance
                of Primary Mortgage Insurance Policies.

            	
               

            

    

    
      	 	
              SECTION
                4.11.

            	
              Trustee
                to Retain Possession of Certain Insurance Policies and
                Documents.

            	
               

            

    

    
      	 	
              SECTION
                4.12.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	
               

            

    

    
      	 	
              SECTION
                4.13.

            	
              Compensation
                for the Master Servicer.

            	
               

            

    

    
      	 	
              SECTION
                4.14.

            	
              REO
                Property.

            	
               

            

    

    
      	 	
              SECTION
                4.15.

            	
              Master
                Servicer Annual Statement of Compliance.

            	
               

            

    

    
      	 	
              SECTION
                4.16.

            	
              Master
                Servicer Assessments of Compliance.

            	
               

            

    

    
      	 	
              SECTION
                4.17.

            	
              Master
                Servicer Attestation Reports.

            	
               

            

    

    
      	 	
              SECTION
                4.18.

            	
              Annual
                Certification.

            	
               

            

    

    
      	 	
              SECTION
                4.19.

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

            	
               

            

    

    
      	 	
              SECTION
                4.20.

            	
              Prepayment
                Penalty Verification.

            	
               

            

    

     

    ARTICLE
      V
      PAYMENTS TO CERTIFICATEHOLDERS 154

     

    
      	 	
              SECTION
                5.01.

            	
              Distributions.

            	
               

            

    

    
      	 	
              SECTION
                5.02.

            	
              Statements
                to Certificateholders.

            	
               

            

    

    
      	 	
              SECTION
                5.03.

            	
              Servicer
                Reports; P&I Advances.

            	
               

            

    

    
      	 	
              SECTION
                5.04.

            	
              Allocation
                of Realized Losses.

            	
               

            

    

    
      	 	
              SECTION
                5.05.

            	
              Compliance
                with Withholding Requirements.

            	
               

            

    

    
      	 	
              SECTION
                5.06.

            	
              Reports
                Filed with Securities and Exchange Commission.

            	
               

            

    

    
      	 	
              SECTION
                5.07.

            	
              Supplemental
                Interest Trust.

            	
               

            

    

    
      	 	
              SECTION
                5.08.

            	
              Tax
                Treatment of Swap Payments and Swap Termination Payments.

            	
               

            

    

     

    ARTICLE
      VI THE CERTIFICATES 187

     

    
      	 	
              SECTION
                6.01.

            	
              The
                Certificates.

            	
               

            

    

    
      	 	
              SECTION
                6.02.

            	
              Registration
                of Transfer and Exchange of Certificates.

            	
               

            

    

    
      	 	
              SECTION
                6.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            	
               

            

    

    
      	 	
              SECTION
                6.04.

            	
              Persons
                Deemed Owners.

            	
               

            

    

    
      	 	
              SECTION
                6.05.

            	
              Certain
                Available Information.

            	
               

            

    

     

    ARTICLE
      VII THE DEPOSITOR, THE SERVICER AND THE MASTER SERVICER 196

     

    
      	 	
              SECTION
                7.01.

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

            	
               

            

    

    
      	 	
              SECTION
                7.02.

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

            	
               

            

    

    
      	 	
              SECTION
                7.03.

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

            	
               

            

    

    
      	 	
              SECTION
                7.04.

            	
              Limitation
                on Resignation of the Servicer.

            	
               

            

    

    
      	 	
              SECTION
                7.05.

            	
              Limitation
                on Resignation of the Master Servicer.

            	
               

            

    

    
      	 	
              SECTION
                7.06.

            	
              Assignment
                of Master Servicing.

            	
               

            

    

    
      	 	
              SECTION
                7.07.

            	
              Rights
                of the Depositor in Respect of the Servicer and the Master
                Servicer.

            	
               

            

    

    
      	 	
              SECTION
                7.08.

            	
              Duties
                of the Credit Risk Manager.

            	
               

            

    

    
      	 	
              SECTION
                7.09.

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            	
               

            

    

    
      	 	
              SECTION
                7.10.

            	
              Removal
                of the Credit Risk Manager.

            	
               

            

    

     

    ARTICLE
      VIII DEFAULT 202

     

    
      	 	
              SECTION
                8.01.

            	
              Servicer
                Events of Default.

            	
               

            

    

    
      	 	
              SECTION
                8.02.

            	
              Master
                Servicer to Act; Appointment of Successor.

            	
               

            

    

    
      	 	
              SECTION
                8.03.

            	
              Notification
                to Certificateholders.

            	
               

            

    

    
      	 	
              SECTION
                8.04.

            	
              Waiver
                of Servicer Events of Default.

            	
               

            

    

     

    ARTICLE
      IX CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR 210

     

    
      	 	
              SECTION
                9.01.

            	
              Duties
                of Trustee and Securities Administrator.

            	
               

            

    

    
      	 	
              SECTION
                9.02.

            	
              Certain
                Matters Affecting Trustee and Securities Administrator.

            	
               

            

    

    
      	 	
              SECTION
                9.03.

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

            	
               

            

    

    
      	 	
              SECTION
                9.04.

            	
              Trustee
                and Securities Administrator May Own Certificates.

            	
               

            

    

    
      	 	
              SECTION
                9.05.

            	
              Fees
                and Expenses of Trustee, Custodian and Securities
                Administrator.

            	
               

            

    

    
      	 	
              SECTION
                9.06.

            	
              Eligibility
                Requirements for Trustee and Securities Administrator.

            	
               

            

    

    
      	 	
              SECTION
                9.07.

            	
              Resignation
                and Removal of Trustee and Securities Administrator.

            	
               

            

    

    
      	 	
              SECTION
                9.08.

            	
              Successor
                Trustee or Securities Administrator.

            	
               

            

    

    
      	 	
              SECTION
                9.09.

            	
              Merger
                or Consolidation of Trustee or Securities Administrator.

            	
               

            

    

    
      	 	
              SECTION
                9.10.

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            	
               

            

    

    
      	 	
              SECTION
                9.11.

            	
              Appointment
                of Office or Agency.

            	
               

            

    

    
      	 	
              SECTION
                9.12.

            	
              Representations
                and Warranties.

            	
               

            

    

     

    ARTICLE
      X
      TERMINATION 220

     

    
      	 	
              SECTION
                10.01.

            	
              Termination
                Upon Repurchase or Liquidation of All Mortgage Loans.

            	
               

            

    

    
      	 	
              SECTION
                10.02.

            	
              Additional
                Termination Requirements.

            	
               

            

    

     

    ARTICLE
      XI REMIC PROVISIONS 224

     

    
      	 	
              SECTION
                11.01.

            	
              REMIC
                Administration.

            	
               

            

    

    
      	 	
              SECTION
                11.02.

            	
              Prohibited
                Transactions and Activities.

            	
               

            

    

    
      	 	
              SECTION
                11.03.

            	
              Indemnification.

            	
               

            

    

     

    ARTICLE
      XII MISCELLANEOUS PROVISIONS 229

     

    
      	 	
              SECTION
                12.01.

            	
              Amendment.

            	
               

            

    

    
      	 	
              SECTION
                12.02.

            	
              Recordation
                of Agreement; Counterparts.

            	
               

            

    

    
      	 	
              SECTION
                12.03.

            	
              Limitation
                on Rights of Certificateholders.

            	
               

            

    

    
      	 	
              SECTION
                12.04.

            	
              Governing
                Law.

            	
               

            

    

    
      	 	
              SECTION
                12.05.

            	
              Notices.

            	
               

            

    

    
      	 	
              SECTION
                12.06.

            	
              Severability
                of Provisions.

            	
               

            

    

    
      	 	
              SECTION
                12.07.

            	
              Notice
                to Rating Agencies.

            	
               

            

    

    
      	 	
              SECTION
                12.08.

            	
              Article
                and Section References.

            	
               

            

    

    
      	 	
              SECTION
                12.09.

            	
              Grant
                of Security Interest.

            	
               

            

    

    
      	 	
              SECTION
                12.10.

            	
              Survival
                of Indemnification.

            	
               

            

    

    
      	 	
              SECTION
                12.11.

            	
              Intention
                of the Parties and Interpretation.

            	
               

            

    

    
      	 	
              SECTION
                12.12.

            	
              Indemnification.

            	
               

            

    

    
      	 	
              SECTION
                12.13.

            	
              Swap
                Provider as a Third Party Beneficiary.

            	
               

            

    

    

    Exhibits

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Class A Certificate

            
	
              Exhibit
                A-2

            	
              Form
                of Class M Certificate

            
	
              Exhibit
                A-3

            	
              Form
                of Class CE Certificate

            
	
              Exhibit
                A-4

            	
              Form
                of Class P Certificate

            
	
              Exhibit
                A-5

            	
              Form
                of Class R Certificate

            
	
              Exhibit
                B-1

            	
              Form
                of Transferor Representation Letter and Form of Transferee Representation
                Letter in Connection with Transfer of the Class P Certificates, Class
                CE
                Certificates and Residual Certificates Pursuant to Rule 144A Under
                the
                Securities Act

            
	
              Exhibit
                B-2

            	
              Form
                of Transferor Representation Letter and Form of Transferee Representation
                Letter in Connection with Transfer of the Class P Certificates, Class
                CE
                Certificates and Residual Certificates Pursuant to Rule 501(a) Under
                the
                Securities Act

            
	
              Exhibit
                B-3

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

            
	
              Exhibit
                C

            	
              Form
                of Back-Up Certification

            
	
              Exhibit
                D

            	
              Form
                of Power of Attorney

            
	
              Exhibit
                E

            	
              Servicing
                Criteria

            
	
              Exhibit
                F

            	
              Mortgage
                Loan Purchase Agreement

            
	
              Exhibit
                G

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

            
	
              Exhibit
                H

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                I

            	
              Swap
                Agreement

            
	 	 
	
              Schedule
                1

            	
              Mortgage
                Loan Schedule

            
	
              Schedule
                2

            	
              Prepayment
                Charge Schedule

            
	
              Schedule
                3

            	
              Reserved

            
	
              Schedule
                4

            	
              Standard
                File Layout - Delinquency Reporting

            
	
              Schedule
                5

            	
              Standard
                File Layout - Master Servicing

            
	
              Schedule
                6

            	
              Data
                Requirements of Servicing Advances Incurred Prior to Cut-off
                Date

            

    

    

    

      
        
          
            

             

            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    This
      Pooling and Servicing Agreement, is dated and effective as of May 1, 2006,
      among
      ACE SECURITIES CORP., as Depositor, OPTION ONE MORTGAGE CORPORATION, as the
      Servicer, WELLS FARGO BANK, N.A., as Master Servicer and Securities
      Administrator and HSBC BANK USA, 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 of the Trust Fund 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 Securities Administrator will elect to treat the segregated
      pool of assets consisting of the Mortgage Loans and certain other related assets
      subject to this Agreement (other than the Reserve Fund and, for the avoidance
      of
      doubt, the Supplemental Interest Trust and the Swap 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
                I

              Remittance
                Rate

            	 	
              Initial

              Uncertificated
                Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            	 
	
              A-I

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,957.63

            	 	 	
              April
                25, 2036

            	 
	
              I-1-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,629,351.96

            	 	 	
              April
                25, 2036

            	 
	
              I-1-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,629,351.96

            	 	 	
              April
                25, 2036

            	 
	
              I-2-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,227,109.13

            	 	 	
              April
                25, 2036

            	 
	
              I-2-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,227,109.13

            	 	 	
              April
                25, 2036

            	 
	
              I-3-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,810,150.68

            	 	 	
              April
                25, 2036

            	 
	
              I-3-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,810,150.68

            	 	 	
              April
                25, 2036

            	 
	
              I-4-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,375,654.87

            	 	 	
              April
                25, 2036

            	 
	
              I-4-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,375,654.87

            	 	 	
              April
                25, 2036

            	 
	
              I-5-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,918,733.12

            	 	 	
              April
                25, 2036

            	 
	
              I-5-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,918,733.12

            	 	 	
              April
                25, 2036

            	 
	
              I-6-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,434,517.57

            	 	 	
              April
                25, 2036

            	 
	
              I-6-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,434,517.57

            	 	 	
              April
                25, 2036

            	 
	
              I-7-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,918,222.92

            	 	 	
              April
                25, 2036

            	 
	
              I-7-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,918,222.92

            	 	 	
              April
                25, 2036

            	 
	
              I-8-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              7,362,247.40

            	 	 	
              April
                25, 2036

            	 
	
              I-8-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              7,362,247.40

            	 	 	
              April
                25, 2036

            	 
	
              I-9-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              7,459,344.54

            	 	 	
              April
                25, 2036

            	 
	
              I-9-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              7,459,344.54

            	 	 	
              April
                25, 2036

            	 
	
              I-10-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              7,158,043.69

            	 	 	
              April
                25, 2036

            	 
	
              I-10-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              7,158,043.69

            	 	 	
              April
                25, 2036

            	 
	
              I-11-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,860,148.90

            	 	 	
              April
                25, 2036

            	 
	
              I-11-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,860,148.90

            	 	 	
              April
                25, 2036

            	 
	
              I-12-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,574,683.40

            	 	 	
              April
                25, 2036

            	 
	
              I-12-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,574,683.40

            	 	 	
              April
                25, 2036

            	 
	
              I-13-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,301,127.37

            	 	 	
              April
                25, 2036

            	 
	
              I-13-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,301,127.37

            	 	 	
              April
                25, 2036

            	 
	
              I-14-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,038,982.53

            	 	 	
              April
                25, 2036

            	 
	
              I-14-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,038,982.53

            	 	 	
              April
                25, 2036

            	 
	
              I-15-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,787,771.88

            	 	 	
              April
                25, 2036

            	 
	
              I-15-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,787,771.88

            	 	 	
              April
                25, 2036

            	 
	
              I-16-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,547,038.53

            	 	 	
              April
                25, 2036

            	 
	
              I-16-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,547,038.53

            	 	 	
              April
                25, 2036

            	 
	
              I-17-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,316,344.04

            	 	 	
              April
                25, 2036

            	 
	
              I-17-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,316,344.04

            	 	 	
              April
                25, 2036

            	 
	
              I-18-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,095,269.45

            	 	 	
              April
                25, 2036

            	 
	
              I-18-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,095,269.45

            	 	 	
              April
                25, 2036

            	 
	
              I-19-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,906,241.29

            	 	 	
              April
                25, 2036

            	 
	
              I-19-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,906,241.29

            	 	 	
              April
                25, 2036

            	 
	
              I-20-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              9,688,129.38

            	 	 	
              April
                25, 2036

            	 
	
              I-20-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              9,688,129.38

            	 	 	
              April
                25, 2036

            	 
	
              I-21-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              15,196,596.02

            	 	 	
              April
                25, 2036

            	 
	
              I-21-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              15,196,596.02

            	 	 	
              April
                25, 2036

            	 
	
              I-22-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              12,788,009.92

            	 	 	
              April
                25, 2036

            	 
	
              I-22-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              12,788,009.92

            	 	 	
              April
                25, 2036

            	 
	
              I-23-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              10,634,007.67

            	 	 	
              April
                25, 2036

            	 
	
              I-23-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              10,634,007.67

            	 	 	
              April
                25, 2036

            	 
	
              I-24-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,659,430.39

            	 	 	
              April
                25, 2036

            	 
	
              I-24-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,659,430.39

            	 	 	
              April
                25, 2036

            	 
	
              I-25-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,686,502.58

            	 	 	
              April
                25, 2036

            	 
	
              I-25-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,686,502.58

            	 	 	
              April
                25, 2036

            	 
	
              I-26-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,480,162.26

            	 	 	
              April
                25, 2036

            	 
	
              I-26-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,480,162.26

            	 	 	
              April
                25, 2036

            	 
	
              I-27-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,366,543.01

            	 	 	
              April
                25, 2036

            	 
	
              I-27-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,366,543.01

            	 	 	
              April
                25, 2036

            	 
	
              I-28-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,258,096.77

            	 	 	
              April
                25, 2036

            	 
	
              I-28-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,258,096.77

            	 	 	
              April
                25, 2036

            	 
	
              I-29-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,155,114.07

            	 	 	
              April
                25, 2036

            	 
	
              I-29-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,155,114.07

            	 	 	
              April
                25, 2036

            	 
	
              I-30-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,056,899.43

            	 	 	
              April
                25, 2036

            	 
	
              I-30-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,056,899.43

            	 	 	
              April
                25, 2036

            	 
	
              I-31-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,963,228.05

            	 	 	
              April
                25, 2036

            	 
	
              I-31-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,963,228.05

            	 	 	
              April
                25, 2036

            	 
	
              I-32-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,873,887.49

            	 	 	
              April
                25, 2036

            	 
	
              I-32-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,873,887.49

            	 	 	
              April
                25, 2036

            	 
	
              I-33-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,788,661.48

            	 	 	
              April
                25, 2036

            	 
	
              I-33-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,788,661.48

            	 	 	
              April
                25, 2036

            	 
	
              I-34-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,707,178.34

            	 	 	
              April
                25, 2036

            	 
	
              I-34-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,707,178.34

            	 	 	
              April
                25, 2036

            	 
	
              I-35-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,629,625.93

            	 	 	
              April
                25, 2036

            	 
	
              I-35-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,629,625.93

            	 	 	
              April
                25, 2036

            	 
	
              I-36-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,555,698.31

            	 	 	
              April
                25, 2036

            	 
	
              I-36-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,555,698.31

            	 	 	
              April
                25, 2036

            	 
	
              I-37-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,485,177.16

            	 	 	
              April
                25, 2036

            	 
	
              I-37-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,485,177.16

            	 	 	
              April
                25, 2036

            	 
	
              I-38-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,417,904.03

            	 	 	
              April
                25, 2036

            	 
	
              I-38-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,417,904.03

            	 	 	
              April
                25, 2036

            	 
	
              I-39-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,353,724.53

            	 	 	
              April
                25, 2036

            	 
	
              I-39-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,353,724.53

            	 	 	
              April
                25, 2036

            	 
	
              I-40-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,292,486.48

            	 	 	
              April
                25, 2036

            	 
	
              I-40-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,292,486.48

            	 	 	
              April
                25, 2036

            	 
	
              I-41-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,234,072.63

            	 	 	
              April
                25, 2036

            	 
	
              I-41-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,234,072.63

            	 	 	
              April
                25, 2036

            	 
	
              I-42-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,178,346.82

            	 	 	
              April
                25, 2036

            	 
	
              I-42-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,178,346.82

            	 	 	
              April
                25, 2036

            	 
	
              I-43-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,125,179.22

            	 	 	
              April
                25, 2036

            	 
	
              I-43-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,125,179.22

            	 	 	
              April
                25, 2036

            	 
	
              I-44-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              24,309,637.43

            	 	 	
              April
                25, 2036

            	 
	
              I-44-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              24,309,637.43

            	 	 	
              April
                25, 2036

            	 
	
              A-II

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,052.19

            	 	 	
              April
                25, 2036

            	 
	
              II-1-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,835,588.89

            	 	 	
              April
                25, 2036

            	 
	
              II-1-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,835,588.89

            	 	 	
              April
                25, 2036

            	 
	
              II-2-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,137,911.85

            	 	 	
              April
                25, 2036

            	 
	
              II-2-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,137,911.85

            	 	 	
              April
                25, 2036

            	 
	
              II-3-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,432,792.20

            	 	 	
              April
                25, 2036

            	 
	
              II-3-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,432,792.20

            	 	 	
              April
                25, 2036

            	 
	
              II-4-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,718,802.82

            	 	 	
              April
                25, 2036

            	 
	
              II-4-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,718,802.82

            	 	 	
              April
                25, 2036

            	 
	
              II-5-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,993,471.26

            	 	 	
              April
                25, 2036

            	 
	
              II-5-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,993,471.26

            	 	 	
              April
                25, 2036

            	 
	
              II-6-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,254,335.51

            	 	 	
              April
                25, 2036

            	 
	
              II-6-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,254,335.51

            	 	 	
              April
                25, 2036

            	 
	
              II-7-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,498,975.38

            	 	 	
              April
                25, 2036

            	 
	
              II-7-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,498,975.38

            	 	 	
              April
                25, 2036

            	 
	
              II-8-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,723,546.16

            	 	 	
              April
                25, 2036

            	 
	
              II-8-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,723,546.16

            	 	 	
              April
                25, 2036

            	 
	
              II-9-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,772,654.21

            	 	 	
              April
                25, 2036

            	 
	
              II-9-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,772,654.21

            	 	 	
              April
                25, 2036

            	 
	
              II-10-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,620,267.65

            	 	 	
              April
                25, 2036

            	 
	
              II-10-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,620,267.65

            	 	 	
              April
                25, 2036

            	 
	
              II-11-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,469,603.74

            	 	 	
              April
                25, 2036

            	 
	
              II-11-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,469,603.74

            	 	 	
              April
                25, 2036

            	 
	
              II-12-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,325,226.09

            	 	 	
              April
                25, 2036

            	 
	
              II-12-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,325,226.09

            	 	 	
              April
                25, 2036

            	 
	
              II-13-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,186,871.80

            	 	 	
              April
                25, 2036

            	 
	
              II-13-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,186,871.80

            	 	 	
              April
                25, 2036

            	 
	
              II-14-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,054,288.85

            	 	 	
              April
                25, 2036

            	 
	
              II-14-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,054,288.85

            	 	 	
              April
                25, 2036

            	 
	
              II-15-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,927,236.02

            	 	 	
              April
                25, 2036

            	 
	
              II-15-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,927,236.02

            	 	 	
              April
                25, 2036

            	 
	
              II-16-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,805,482.20

            	 	 	
              April
                25, 2036

            	 
	
              II-16-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,805,482.20

            	 	 	
              April
                25, 2036

            	 
	
              II-17-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,688,805.65

            	 	 	
              April
                25, 2036

            	 
	
              II-17-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,688,805.65

            	 	 	
              April
                25, 2036

            	 
	
              II-18-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,576,994.49

            	 	 	
              April
                25, 2036

            	 
	
              II-18-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,576,994.49

            	 	 	
              April
                25, 2036

            	 
	
              II-19-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,481,391.20

            	 	 	
              April
                25, 2036

            	 
	
              II-19-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,481,391.20

            	 	 	
              April
                25, 2036

            	 
	
              II-20-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,899,889.25

            	 	 	
              April
                25, 2036

            	 
	
              II-20-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,899,889.25

            	 	 	
              April
                25, 2036

            	 
	
              II-21-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              7,685,863.25

            	 	 	
              April
                25, 2036

            	 
	
              II-21-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              7,685,863.25

            	 	 	
              April
                25, 2036

            	 
	
              II-22-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,467,691.54

            	 	 	
              April
                25, 2036

            	 
	
              II-22-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,467,691.54

            	 	 	
              April
                25, 2036

            	 
	
              II-23-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,378,278.70

            	 	 	
              April
                25, 2036

            	 
	
              II-23-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,378,278.70

            	 	 	
              April
                25, 2036

            	 
	
              II-24-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,368,087.91

            	 	 	
              April
                25, 2036

            	 
	
              II-24-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,368,087.91

            	 	 	
              April
                25, 2036

            	 
	
              II-25-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,358,731.35

            	 	 	
              April
                25, 2036

            	 
	
              II-25-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,358,731.35

            	 	 	
              April
                25, 2036

            	 
	
              II-26-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,254,372.23

            	 	 	
              April
                25, 2036

            	 
	
              II-26-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,254,372.23

            	 	 	
              April
                25, 2036

            	 
	
              II-27-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,196,907.91

            	 	 	
              April
                25, 2036

            	 
	
              II-27-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,196,907.91

            	 	 	
              April
                25, 2036

            	 
	
              II-28-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,142,059.90

            	 	 	
              April
                25, 2036

            	 
	
              II-28-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,142,059.90

            	 	 	
              April
                25, 2036

            	 
	
              II-29-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,089,975.15

            	 	 	
              April
                25, 2036

            	 
	
              II-29-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,089,975.15

            	 	 	
              April
                25, 2036

            	 
	
              II-30-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,040,301.90

            	 	 	
              April
                25, 2036

            	 
	
              II-30-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,040,301.90

            	 	 	
              April
                25, 2036

            	 
	
              II-31-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              992,926.46

            	 	 	
              April
                25, 2036

            	 
	
              II-31-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              992,926.46

            	 	 	
              April
                25, 2036

            	 
	
              II-32-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              947,741.39

            	 	 	
              April
                25, 2036

            	 
	
              II-32-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              947,741.39

            	 	 	
              April
                25, 2036

            	 
	
              II-33-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              904,637.30

            	 	 	
              April
                25, 2036

            	 
	
              II-33-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              904,637.30

            	 	 	
              April
                25, 2036

            	 
	
              II-34-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              863,426.21

            	 	 	
              April
                25, 2036

            	 
	
              II-34-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              863,426.21

            	 	 	
              April
                25, 2036

            	 
	
              II-35-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              824,203.13

            	 	 	
              April
                25, 2036

            	 
	
              II-35-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              824,203.13

            	 	 	
              April
                25, 2036

            	 
	
              II-36-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              786,813.34

            	 	 	
              April
                25, 2036

            	 
	
              II-36-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              786,813.34

            	 	 	
              April
                25, 2036

            	 
	
              II-37-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              751,146.41

            	 	 	
              April
                25, 2036

            	 
	
              II-37-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              751,146.41

            	 	 	
              April
                25, 2036

            	 
	
              II-38-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              717,122.21

            	 	 	
              April
                25, 2036

            	 
	
              II-38-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              717,122.21

            	 	 	
              April
                25, 2036

            	 
	
              II-39-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              684,662.64

            	 	 	
              April
                25, 2036

            	 
	
              II-39-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              684,662.64

            	 	 	
              April
                25, 2036

            	 
	
              II-40-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              653,690.76

            	 	 	
              April
                25, 2036

            	 
	
              II-40-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              653,690.76

            	 	 	
              April
                25, 2036

            	 
	
              II-41-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              624,147.24

            	 	 	
              April
                25, 2036

            	 
	
              II-41-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              624,147.24

            	 	 	
              April
                25, 2036

            	 
	
              II-42-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              595,963.24

            	 	 	
              April
                25, 2036

            	 
	
              II-42-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              595,963.24

            	 	 	
              April
                25, 2036

            	 
	
              II-43-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              569,073.08

            	 	 	
              April
                25, 2036

            	 
	
              II-43-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              569,073.08

            	 	 	
              April
                25, 2036

            	 
	
              II-44-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              12,294,894.77

            	 	 	
              April
                25, 2036

            	 
	
              II-44-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              12,294,894.77

            	 	 	
              April
                25, 2036

            	 
	
              A-III

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,889.89

            	 	 	
              April
                25, 2036

            	 
	
              III-1-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,479,320.64

            	 	 	
              April
                25, 2036

            	 
	
              III-1-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              3,479,320.64

            	 	 	
              April
                25, 2036

            	 
	
              III-2-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,052,367.53

            	 	 	
              April
                25, 2036

            	 
	
              III-2-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,052,367.53

            	 	 	
              April
                25, 2036

            	 
	
              III-3-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,611,307.12

            	 	 	
              April
                25, 2036

            	 
	
              III-3-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,611,307.12

            	 	 	
              April
                25, 2036

            	 
	
              III-4-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,153,434.31

            	 	 	
              April
                25, 2036

            	 
	
              III-4-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,153,434.31

            	 	 	
              April
                25, 2036

            	 
	
              III-5-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,674,062.62

            	 	 	
              April
                25, 2036

            	 
	
              III-5-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,674,062.62

            	 	 	
              April
                25, 2036

            	 
	
              III-6-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,168,525.41

            	 	 	
              April
                25, 2036

            	 
	
              III-6-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,168,525.41

            	 	 	
              April
                25, 2036

            	 
	
              III-7-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,632,235.20

            	 	 	
              April
                25, 2036

            	 
	
              III-7-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,632,235.20

            	 	 	
              April
                25, 2036

            	 
	
              III-8-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              7,057,904.44

            	 	 	
              April
                25, 2036

            	 
	
              III-8-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              7,057,904.44

            	 	 	
              April
                25, 2036

            	 
	
              III-9-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              7,150,987.75

            	 	 	
              April
                25, 2036

            	 
	
              III-9-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              7,150,987.75

            	 	 	
              April
                25, 2036

            	 
	
              III-10-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,862,142.17

            	 	 	
              April
                25, 2036

            	 
	
              III-10-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,862,142.17

            	 	 	
              April
                25, 2036

            	 
	
              III-11-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,576,561.86

            	 	 	
              April
                25, 2036

            	 
	
              III-11-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,576,561.86

            	 	 	
              April
                25, 2036

            	 
	
              III-12-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,302,897.02

            	 	 	
              April
                25, 2036

            	 
	
              III-12-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,302,897.02

            	 	 	
              April
                25, 2036

            	 
	
              III-13-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,040,649.33

            	 	 	
              April
                25, 2036

            	 
	
              III-13-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,040,649.33

            	 	 	
              April
                25, 2036

            	 
	
              III-14-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,789,341.12

            	 	 	
              April
                25, 2036

            	 
	
              III-14-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,789,341.12

            	 	 	
              April
                25, 2036

            	 
	
              III-15-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,548,515.10

            	 	 	
              April
                25, 2036

            	 
	
              III-15-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,548,515.10

            	 	 	
              April
                25, 2036

            	 
	
              III-16-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,317,733.27

            	 	 	
              April
                25, 2036

            	 
	
              III-16-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,317,733.27

            	 	 	
              April
                25, 2036

            	 
	
              III-17-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,096,575.30

            	 	 	
              April
                25, 2036

            	 
	
              III-17-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              5,096,575.30

            	 	 	
              April
                25, 2036

            	 
	
              III-18-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,884,639.56

            	 	 	
              April
                25, 2036

            	 
	
              III-18-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,884,639.56

            	 	 	
              April
                25, 2036

            	 
	
              III-19-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,703,425.51

            	 	 	
              April
                25, 2036

            	 
	
              III-19-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              4,703,425.51

            	 	 	
              April
                25, 2036

            	 
	
              III-20-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              9,287,638.37

            	 	 	
              April
                25, 2036

            	 
	
              III-20-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              9,287,638.37

            	 	 	
              April
                25, 2036

            	 
	
              III-21-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              14,568,394.23

            	 	 	
              April
                25, 2036

            	 
	
              III-21-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              14,568,394.23

            	 	 	
              April
                25, 2036

            	 
	
              III-22-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              12,259,375.04

            	 	 	
              April
                25, 2036

            	 
	
              III-22-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              12,259,375.04

            	 	 	
              April
                25, 2036

            	 
	
              III-23-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              10,194,415.63

            	 	 	
              April
                25, 2036

            	 
	
              III-23-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              10,194,415.63

            	 	 	
              April
                25, 2036

            	 
	
              III-24-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,384,140.71

            	 	 	
              April
                25, 2036

            	 
	
              III-24-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,384,140.71

            	 	 	
              April
                25, 2036

            	 
	
              III-25-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,575,447.07

            	 	 	
              April
                25, 2036

            	 
	
              III-25-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,575,447.07

            	 	 	
              April
                25, 2036

            	 
	
              III-26-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,377,636.51

            	 	 	
              April
                25, 2036

            	 
	
              III-26-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,377,636.51

            	 	 	
              April
                25, 2036

            	 
	
              III-27-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,268,714.09

            	 	 	
              April
                25, 2036

            	 
	
              III-27-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,268,714.09

            	 	 	
              April
                25, 2036

            	 
	
              III-28-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,164,750.83

            	 	 	
              April
                25, 2036

            	 
	
              III-28-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,164,750.83

            	 	 	
              April
                25, 2036

            	 
	
              II-29-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,066,025.27

            	 	 	
              April
                25, 2036

            	 
	
              III-29-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              2,066,025.27

            	 	 	
              April
                25, 2036

            	 
	
              III-30-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,971,870.66

            	 	 	
              April
                25, 2036

            	 
	
              III-30-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,971,870.66

            	 	 	
              April
                25, 2036

            	 
	
              III-31-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,882,071.49

            	 	 	
              April
                25, 2036

            	 
	
              III-31-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,882,071.49

            	 	 	
              April
                25, 2036

            	 
	
              III-32-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,796,424.12

            	 	 	
              April
                25, 2036

            	 
	
              III-32-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,796,424.12

            	 	 	
              April
                25, 2036

            	 
	
              III-33-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,714,721.22

            	 	 	
              April
                25, 2036

            	 
	
              III-33-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,714,721.22

            	 	 	
              April
                25, 2036

            	 
	
              III-34-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,636,606.45

            	 	 	
              April
                25, 2036

            	 
	
              III-34-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,636,606.45

            	 	 	
              April
                25, 2036

            	 
	
              III-35-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,562,259.93

            	 	 	
              April
                25, 2036

            	 
	
              III-35-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,562,259.93

            	 	 	
              April
                25, 2036

            	 
	
              III-36-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,491,388.35

            	 	 	
              April
                25, 2036

            	 
	
              III-36-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,491,388.35

            	 	 	
              April
                25, 2036

            	 
	
              III-37-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,423,782.43

            	 	 	
              April
                25, 2036

            	 
	
              III-37-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,423,782.43

            	 	 	
              April
                25, 2036

            	 
	
              III-38-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,359,290.26

            	 	 	
              April
                25, 2036

            	 
	
              III-38-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,359,290.26

            	 	 	
              April
                25, 2036

            	 
	
              III-39-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,297,763.83

            	 	 	
              April
                25, 2036

            	 
	
              III-39-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,297,763.83

            	 	 	
              April
                25, 2036

            	 
	
              III-40-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,239,057.26

            	 	 	
              April
                25, 2036

            	 
	
              III-40-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,239,057.26

            	 	 	
              April
                25, 2036

            	 
	
              III-41-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,183,058.13

            	 	 	
              April
                25, 2036

            	 
	
              III-41-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,183,058.13

            	 	 	
              April
                25, 2036

            	 
	
              III-42-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,129,635.94

            	 	 	
              April
                25, 2036

            	 
	
              III-42-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,129,635.94

            	 	 	
              April
                25, 2036

            	 
	
              III-43-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,078,666.20

            	 	 	
              April
                25, 2036

            	 
	
              III-43-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              1,078,666.20

            	 	 	
              April
                25, 2036

            	 
	
              III-44-A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              23,304,717.80

            	 	 	
              April
                25, 2036

            	 
	
              III-44-B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              23,304,717.80

            	 	 	
              April
                25, 2036

            	 
	
              P

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              100.00

            	 	 	
              April
                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 Securities Administrator 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. The
      following table irrevocably sets forth the designation, the REMIC II Remittance
      Rate, the initial aggregate 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. None of the
      REMIC II Regular Interests will be certificated.

     

    

    
      	
              Designation

            	 	
              REMIC
                II

              Remittance

              Rate

            	 	
              Initial

              Uncertificated
                Balance

            	 	
              Latest
                Possible

              Maturity
                Date (1)

            	 
	
              AA

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              542,457,011.60

            	 	 	
              April
                25, 2036

            	 
	
              A-1A

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              1,784,505.00

            	 	 	
              April
                25, 2036

            	 
	
              A-1B

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              902,535.00

            	 	 	
              April
                25, 2036

            	 
	
              A-2A

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              881,045.00

            	 	 	
              April
                25, 2036

            	 
	
              A-2B

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              318,495.00

            	 	 	
              April
                25, 2036

            	 
	
              A-2C

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              297,405.00

            	 	 	
              April
                25, 2036

            	 
	
              A-2D

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              213,790.00

            	 	 	
              April
                25, 2036

            	 
	
              M-1

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              190,965.00

            	 	 	
              April
                25, 2036

            	 
	
              M-2

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              171,595.00

            	 	 	
              April
                25, 2036

            	 
	
              M-3

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              102,405.00

            	 	 	
              April
                25, 2036

            	 
	
              M-4

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              91,330.00

            	 	 	
              April
                25, 2036

            	 
	
              M-5

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              91,330.00

            	 	 	
              April
                25, 2036

            	 
	
              M-6

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              80,260.00

            	 	 	
              April
                25, 2036

            	 
	
              M-7

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              80,260.00

            	 	 	
              April
                25, 2036

            	 
	
              M-8

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              71,960.00

            	 	 	
              April
                25, 2036

            	 
	
              M-9

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              55,355.00

            	 	 	
              April
                25, 2036

            	 
	
              M-10

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              30,445.00

            	 	 	
              April
                25, 2036

            	 
	
              M-11

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              55,355.00

            	 	 	
              April
                25, 2036

            	 
	
              ZZ

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              5,651,516.26

            	 	 	
              April
                25, 2036

            	 
	
              P

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              100.00

            	 	 	
              April
                25, 2036

            	 
	
              IO

            	 	 	
              Variable(2

            	
              )

            	 	 	 	 	
              (3

            	
              )

            	 	
              April
                25, 2036

            	 
	
              IA-SUB

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              9,231.36

            	 	 	
              April
                25, 2036

            	 
	
              IA-GRP

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              44,921.46

            	 	 	
              April
                25, 2036

            	 
	
              IB-SUB

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              4,668.88

            	 	 	
              April
                25, 2036

            	 
	
              IB-GRP

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              22,719.58

            	 	 	
              April
                25, 2036

            	 
	
              II-SUB

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              8,849.78

            	 	 	
              April
                25, 2036

            	 
	
              II-GRP

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              43,064.48

            	 	 	
              April
                25, 2036

            	 
	
              XX

            	 	 	
              Variable(2

            	
              )

            	 	 	 	
              $

            	
              553,394,107.31

            	 	 	
              April
                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 IO will not have an Uncertificated Balance, but
                will
                accrue interest on its Uncertificated Notional
                Amount.

            

    

     

    

     

    

    REMIC
      III

     

    As
      provided herein, the Securities Administrator 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. 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.

     

    
      	
              Designation

            	 	
              Pass-Through
                Rate

            	 	
              Initial
                Aggregate Certificate Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date (1)

            	 
	
              Class
                A-1A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              356,901,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                A-1B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              180,507,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                A-2A

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              176,209,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                A-2B

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              63,699,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                A-2C

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              59,481,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                A-2D

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              42,758,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                M-1

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              38,193,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                M-2

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              34,319,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                M-3

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              20,481,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                M-4

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              18,266,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                M-5

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              18,266,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                M-6

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              16,052,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                M-7 

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              16,052,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                M-8 

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              14,392,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                M-9 

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              11,071,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                M-10

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              6,089,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                M-11

            	 	 	
              Variable(2

            	
              )

            	
              $

            	
              11,071,000.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                P 

            	 	 	
              N/A(3

            	
              )

            	
              $

            	
              100.00

            	 	 	
              April
                25, 2036

            	 
	
              Class
                CE

            	 	 	
              N/A(4

            	
              )

            	
              $

            	
              23,248,125.71

            	 	 	
              April
                25, 2036

            	 
	
              Class
                IO Interest 

            	 	 	
              N/A(5

            	
              )

            	 	
              (5

            	
              )

            	 	
              April
                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 Class of Certificates.

     

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

     

    (3) The
      Class
      P Certificates will not accrue interest.

     

    (4) The
      Class
      CE Certificates will accrue interest at their variable Pass-Through Rate on
      the
      Notional Amount of the Class CE Certificates outstanding from time to time
      which
      shall equal the Uncertificated Balance of the REMIC II Regular Interests (other
      than REMIC II Regular Interest P). The Class CE Certificates will not accrue
      interest on their Certificate Principal Balance.

    (5) The
      Class
      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
      Regulation Interest IO.

    

    The
      Mortgage Loans had an aggregate Scheduled Principal Balance as of the Cut-off
      Date, after deducting all Monthly Payments due on or before the Cut-off Date,
      of
      $1,107,055,225.71. As of the Cut-off Date, the Group IA Mortgage Loans had
      an
      aggregate Scheduled Principal Balance equal to $449,214,622.97, the Group IB
      Mortgage Loans had an aggregate Scheduled Principal Balance equal to
      $227,195,758.61 and the Group II Mortgage Loans had an aggregate Scheduled
      Principal Balance equal to $430,644,844.13.

     

    In
      consideration of the mutual agreements herein contained, the Depositor, the
      Servicer, the Master Servicer, the Securities 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.

     

    “Accepted
      Master Servicing Practices”: With respect to any Mortgage Loan, as applicable,
      either (x) those customary mortgage 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
      or (y) as provided in Section 3.01 hereof, but in no event below the
      standard set forth in clause (x) of this definition.

     

    “Accepted
      Servicing Practices”: As defined in Section 3.01.

     

    “Account”:
      The Collection Account and the Distribution Account, as the context may
      require.

     

    “Accrued
      Certificate Interest”: With respect to any Class A Certificate, Mezzanine
      Certificate or Class CE Certificate and each Distribution Date, interest accrued
      during the related Interest Accrual Period at the Pass-Through Rate for such
      Certificate for such Distribution Date on the Certificate Principal Balance,
      in
      the case of the Class A Certificates and the Mezzanine Certificates, or on
      the
      Notional Amount in the case of the Class CE Certificates, of such Certificate
      immediately prior to such Distribution Date. The Class P Certificates are not
      entitled to distributions in respect of interest and, accordingly, will not
      accrue interest. All distributions of interest on the Class A Certificates
      and
      the Mezzanine Certificates will be calculated on the basis of a 360-day year
      and
      the actual number of days in the applicable Interest Accrual Period. All
      distributions of interest on the Class CE Certificates will be based on a
      360-day year consisting of twelve 30-day months. Accrued Certificate Interest
      with respect to each Distribution Date, as to any Class A Certificate, Mezzanine
      Certificate or Class CE Certificate shall be reduced by an amount equal to
      the
      portion allocable to such Certificate pursuant to Section 1.02 hereof, if
      any, of the sum of (a) the aggregate Prepayment Interest Shortfall, if any,
      for
      such Distribution Date to the extent not covered by payments pursuant to
      Section 3.22 or Section 4.18 of this Agreement and (b) the aggregate
      amount of any Relief Act Interest Shortfall, if any, for such Distribution
      Date.
      In addition, Accrued Certificate Interest with respect to each Distribution
      Date, as to any Class CE Certificate, shall be reduced by an amount equal to
      the
      portion allocable to such Class CE Certificate of Realized Losses, if any,
      pursuant to Section 1.02 and Section 5.04 hereof. 

     

    

    “Additional
      Disclosure Notification”: Has the meaning set forth in Section 5.06(a)(ii).

     

    “Additional
      Form 10-D Disclosure”: Has the meaning set forth in Section 5.06(a) of this
      Agreement.

     

    “Additional
      Form 10-K Disclosure”: Has the meaning set forth in Section 5.06(d) of this
      Agreement.

     

    “Additional
      Servicer”: Means each affiliate of the Servicer that Services any of the
      Mortgage Loans and each Person who is not an affiliate of the Servicer. For
      clarification purposes, the Master Servicer and the Securities Administrator
      are
      Additional Servicers.

     

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

     

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

     

    “Administration
      Fees: The sum of (i) the Servicing Fee, (ii) the Master Servicing Fee and (iii)
      the Credit Risk Management Fee.

     

    “Administration
      Fee Rate”: The sum of (i) the Servicing Fee Rate, (ii) the Master Servicing Fee
      and (iii) the Credit Risk Management Fee Rate. 

     

    “Advance
      Facility”: As defined in Section 3.25(a).

     

    “Advance
      Financing Person”: As defined in Section 3.25(a).

     

    “Advance
      Reimbursement Amounts”: As defined in Section 3.25(b).

     

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

     

    “Agreement”:
      This Pooling and Servicing Agreement, including all exhibits and schedules
      hereto and all amendments hereof and supplements hereto.

     

    “Allocated
      Realized Loss Amount”: With respect to any Class of Mezzanine Certificates and
      any Distribution Date, an amount equal to the sum of any Realized Loss allocated
      to that Class of Certificates on the Distribution Date and any Allocated
      Realized Loss Amount for that Class remaining unpaid from the previous
      Distribution Date.

     

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

     

    “Ancillary
      Income”: All income derived from the Mortgage Loans, other than Servicing Fees
      and Prepayment Charges, including but not limited to, late charges, fees
      received with respect to checks or bank drafts returned by the related bank
      for
      non-sufficient funds, assumption fees, optional insurance administrative fees
      and all other incidental fees and charges.

     

    “Annual
      Statement of Compliance”: As defined in Section 3.17.

     

    “Assignment”:
      An assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form, which is sufficient under the laws of the jurisdiction where
      the related Mortgaged Property is located to reflect of record the sale and
      assignment 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.

     

    “Available
      Distribution Amount”: With respect to any Distribution Date, an amount equal to
      (1) the sum of (a) the aggregate of the amounts on deposit in the Collection
      Account and Distribution Account as of the close of business on the related
      Servicer Remittance Date, (b) the aggregate of any amounts deposited in the
      Distribution Account by the Servicer or the Master Servicer in respect of
      Prepayment Interest Shortfalls for such Distribution Date pursuant to
      Section 3.22 or Section 4.19 of this Agreement, (c) the aggregate of
      any P&I Advances for such Distribution Date made by the Servicer pursuant to
      Section 5.03 of this Agreement and (d) the aggregate of any P&I
      Advances made by a successor servicer (including the Master Servicer) for such
      Distribution Date pursuant to Section 8.02 of this Agreement, reduced (to
      an amount not less than zero) over (2) the portion of the amount described
      in
      clause (1)(a) above that represents (i) Amounts Held for Future Distribution,
      (ii) Principal Prepayments on the Mortgage Loans received after the related
      Prepayment Period (together with any interest payments received with such
      Principal Prepayments to the extent they represent the payment of interest
      accrued on the Mortgage Loans during a period subsequent to the related
      Prepayment Period), (iii) Liquidation Proceeds, Insurance Proceeds and
      Subsequent Recoveries received in respect of the Mortgage Loans after the
      related Prepayment Period, (iv) amounts reimbursable or payable to the
      Depositor, the Servicer, the Trustee, the Master Servicer, the Securities
      Administrator or the Custodian pursuant to Section 3.09 or 9.05 of this
      Agreement or otherwise payable in respect of Extraordinary Trust Fund Expenses,
      (v) the Credit Risk Management Fee, (vi) amounts deposited in the Collection
      Account or the Distribution Account in error, (vii) the amount of any Prepayment
      Charges collected by the Servicer in connection with the Principal Prepayment
      of
      any of the Mortgage Loans and (viii) amounts reimbursable to a successor
      servicer (including the Master Servicer) pursuant to Section 8.02 of this
      Agreement.

     

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

     

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

     

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

     

    “Book-Entry
      Certificates”: The Offered 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 6.01.

     

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

     

    “Cash-Out
      Refinancing”: A Refinanced Mortgage Loan the proceeds of which are more than a
      nominal amount in excess of the principal balance of any existing first mortgage
      plus any subordinate mortgage on the related Mortgaged Property and related
      closing costs.

     

    “Certificate”:
      Any one of ACE Securities Corp., Asset Backed Pass-Through Certificates, Series
      2006-OP1, Class A-1A, Class A-1B, Class A-2A, Class A-2B, Class A-2C, Class
      A-2D, 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 P, Class CE and Class
      R
      Certificates issued under this Agreement. 

     

    “Certificate
      Factor”: With respect to any Class of Certificates (other than the Residual
      Certificates) as of any Distribution Date, a fraction, expressed as a decimal
      carried to six places, the numerator of which is the aggregate Certificate
      Principal Balance (or 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 resulting
      in
      reduction of the Certificate Principal Balance (or 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 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 the Class A-1A Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-1A, 0.150% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.300%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class A-1B Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-1B, 0.150% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.300%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class A-2A Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2A, 0.060% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.120%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class A-2B Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2B, 0.100% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.200%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class A-2C Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2C, 0.150% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.300%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class A-2D Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2D, 0.240% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.480%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-1 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-1, 0.280% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.420%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-2 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-2, 0.290% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.435%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-3 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-3, 0.310% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.465%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-4 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-4, 0.370% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.555%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-5 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-5, 0.390% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.585%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-6 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-6, 0.490% in the case of each
      Distribution Date through and including the Optional Termination Date and 0.735%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-7 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-7, 0.900% in the case of each
      Distribution Date through and including the Optional Termination Date and 1.350%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-8 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-8, 1.050% in the case of each
      Distribution Date through and including the Optional Termination Date and 1.550%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-9 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-9, 1.850% in the case of each
      Distribution Date through and including the Optional Termination Date and 2.350%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-10 Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest M-10, 2.500% in the case of each
      Distribution Date through and including the Optional Termination Date and 3.000%
      in the case of each Distribution Date thereafter.

     

    With
      respect to the Class M-11 Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest M-11, 2.500% in the case of each
      Distribution Date through and including the Optional Termination Date and 3.000%
      in the case of each Distribution Date thereafter.

     

    “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 or beneficially owned
      by
      the Depositor, the Sponsor, the Servicer, the Master Servicer, the Securities
      Administrator, the Trustee 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 12.01 of this Agreement. The Trustee and the Securities
      Administrator may conclusively rely upon a certificate of the Depositor, the
      Sponsor, the Master Servicer, the Securities Administrator or the 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 Trustee and the Securities Administrator
      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 5.04 of this Agreement, minus (i) all distributions allocable to
      principal made thereon and (ii) Realized Losses allocated thereto, if any,
      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
      Balances of the REMIC II Regular Interests over (B) the then aggregate
      Certificate Principal Balances of the Class A Certificates, the Mezzanine
      Certificates and the Class P Certificates then outstanding. The aggregate
      initial Certificate Principal Balance of each Class of Regular Certificates
      is
      set forth in the Preliminary Statement hereto.

     

    “Certificate
      Register”: The register maintained pursuant to Section 6.02 of this
      Agreement.

     

    

    “Certification
      Parties”: Has the meaning set forth in Section 3.19 of this
      Agreement.

     

    “Certifying
      Person”: Has the meaning set forth in Section 3.19 of this
      Agreement.

     

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

     

    “Class
      A
      Certificate”: Any Class A-1A, Class A-1B, Class A-2A, Class A-2B, Class A-2C or
      Class A-2D Certificate.

     

    “Class
      A
      Principal Distribution Amount”: The Class A Principal Distribution Amount is an
      amount equal to the sum of: (i) the Class A-1A Principal Distribution Amount,
      (ii) the Class A-1B Principal Distribution Amount and (iii) the Class A-2
      Principal Distribution Amount.

     

    “Class
      A-1A Allocation Percentage”: With respect to any Distribution Date is the
      percentage equivalent of a fraction, the numerator of which is (x) the Group
      IA
      Principal Remittance Amount for such Distribution Date and the denominator
      of
      which is (y) the Principal Remittance Amount for such Distribution
      Date.

     

    “Class
      A-1A Certificate”: Any one of the Class A-1A Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-1 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      A-1A Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the Certificate Principal Balance of the Class A-1A Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 58.90% and (ii) the aggregate Stated Principal Balance of the
      Group IA 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 aggregate
      Stated Principal Balance of the Group IA 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) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Group IA Mortgage Loans as of the Cut-off Date.

     

    “Class
      A-1B Allocation Percentage”: With respect to any Distribution Date is the
      percentage equivalent of a fraction, the numerator of which is (x) the Group
      IB
      Principal Remittance Amount for such Distribution Date and the denominator
      of
      which is (y) the Principal Remittance Amount for such Distribution
      Date.

     

    “Class
      A-1B Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the Certificate Principal Balance of the Class A-1B Certificate
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 58.90% and (ii) the aggregate Stated Principal Balance of the
      Group IB 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 aggregate
      Stated Principal Balance of the Group IB 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) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Group IB Mortgage Loans as of the Cut-off Date.

     

    “Class
      A-1B Certificate”: Any one of the Class A-1B Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-1 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      A-2 Allocation Percentage”: With respect to any Distribution Date is the
      percentage equivalent of a fraction, the numerator of which is (x) the Group
      II
      Principal Remittance Amount for such Distribution Date and the denominator
      of
      which is (y) the Principal Remittance Amount for such Distribution
      Date.

     

    “Class
      A-2 Certificate”: Any Class A-2A, Class A-2B, Class A-2C or Class A-2D
      Certificate.

     

    “Class
      A-2 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of the Certificate Principal Balances of the Class A-2A,
      Class A-2B, Class A-2C and Class A-2D Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 58.90% and
      (ii)
      the aggregate Stated Principal Balance of the Group II 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 aggregate Stated Principal Balance of the Group II 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) minus the product of (i) 0.50% and (ii) the
      aggregate principal balance of the Group II Mortgage Loans as of the Cut-off
      Date.

     

    “Class
      A-2A Certificate”: Any one of the Class A-2A Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-1 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      A-2B Certificate”: Any one of the Class A-2B Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-1 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      A-2C Certificate”: Any one of the Class A-2C Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-1 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      A-2D Certificate”: Any one of the Class A-2D Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-1 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      CE
      Certificate”: Any one of the Class CE Certificates executed and authenticated by
      the Securities Administrator and delivered by the Trustee, substantially in
      the
      form annexed hereto as Exhibit A-3 and evidencing a Regular Interest in REMIC
      III for purposes of the REMIC Provisions.

     

    “Class
      IO Distribution Amount”: As defined in Section 5.07(e) hereof. For
      purposes of clarity, the Class IO Distribution Amount for any Distribution
      Date
      shall equal the amount payable to the Supplemental Interest Trust on such
      Distribution Date in excess of the amount payable on the Class IO Interest
      on
      such Distribution Date, all as further provided in Section 5.07(e)
      hereof.

     

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

     

    “Class
      M
      Certificates”: 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.

     

    “Class
      M-1 Certificate”: Any one of the Class M-1 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-1 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date) and (ii) the
      Certificate Principal Balance of the Class M-1 Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 65.80%
      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 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) minus the product of (i) 0.50% and (ii) the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-2 Certificate”: Any one of the Class M-2 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-2 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date) and (iii) the Certificate Principal Balance of the Class M-2 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 72.00% 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 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) minus the product
      of
      (i) 0.50% and (ii) the aggregate principal balance of the Mortgage Loans as
      of
      the Cut-off Date.

     

    “Class
      M-3 Certificate”: Any one of the Class M-3 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-3 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date) and (iv) the Certificate Principal Balance
      of
      the Class M-3 Certificates immediately prior to such Distribution Date over
      (y)
      the lesser of (A) the product of (i) 75.70% 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 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) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-4 Certificate”: Any one of the Class M-4 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-4 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date) and (v) 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) 79.00% 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 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) minus the product of (i) 0.50% and (ii) the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-5 Certificate”: Any one of the Class M-5 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-5 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date) and (vi) 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) 82.30% 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 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) minus the product
      of
      (i) 0.50% and (ii) the aggregate principal balance of the Mortgage Loans as
      of
      the Cut-off Date.

     

    “Class
      M-6 Certificate”: Any one of the Class M-6 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-6 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the payment of the Class M-5 Principal Distribution
      Amount on such Distribution Date) and (vii) 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) 85.20% 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 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) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-7 Certificate”: Any one of the Class M-7 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-7 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the payment of the Class M-5 Principal Distribution
      Amount on such Distribution Date), (vii) the Certificate Principal Balance
      of
      the Class M-6 Certificates (after taking into account the payment of the Class
      M-6 Principal Distribution Amount on such Distribution Date) and (viii) 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) 88.10%
      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 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) minus the product of (i) 0.50% and (ii) the aggregate
      principal balance of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-8 Certificate”: Any one of the Class M-8 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-8 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the payment of the Class M-5 Principal Distribution
      Amount on such Distribution Date), (vii) the Certificate Principal Balance
      of
      the Class M-6 Certificates (after taking into account the payment of the Class
      M-6 Principal Distribution Amount on such Distribution Date), (viii) the
      Certificate Principal Balance of the Class M-7 Certificates (after taking into
      account the payment of the Class M-7 Principal Distribution Amount on such
      Distribution Date) and (ix) 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) 90.70% 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 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) minus
      the product of (i) 0.50% and (ii) the aggregate principal balance of the
      Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-9 Certificate”: Any one of the Class M-9 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-9 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the payment of the Class M-5 Principal Distribution
      Amount on such Distribution Date), (vii) the Certificate Principal Balance
      of
      the Class M-6 Certificates (after taking into account the payment of the Class
      M-6 Principal Distribution Amount on such Distribution Date). (viii) the
      Certificate Principal Balance of the Class M-7 Certificates (after taking into
      account the payment of the Class M-7 Principal Distribution Amount on such
      Distribution Date), (ix) the Certificate Principal Balance of the Class M-8
      Certificates (after taking into account the payment of the Class M-8 Principal
      Distribution Amount on such Distribution Date) and (x) 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) 92.70% 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 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) minus the product of (i) 0.50% and (ii) the aggregate principal balance
      of the Mortgage Loans as of the Cut-off Date.

     

    “Class
      M-10 Certificate”: Any one of the Class M-10 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-10 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the payment of the Class M-5 Principal Distribution
      Amount on such Distribution Date), (vii) the Certificate Principal Balance
      of
      the Class M-6 Certificates (after taking into account the payment of the Class
      M-6 Principal Distribution Amount on such Distribution Date). (viii) the
      Certificate Principal Balance of the Class M-7 Certificates (after taking into
      account the payment of the Class M-7 Principal Distribution Amount on such
      Distribution Date), (ix) the Certificate Principal Balance of the Class M-8
      Certificates (after taking into account the payment of the Class M-8 Principal
      Distribution Amount on such Distribution Date), (x) the Certificate Principal
      Balance of the Class M-9 Certificates (after taking into account the payment
      of
      the Class M-9 Principal Distribution Amount on such Distribution Date) and
      (xi)
      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)
      93.80% 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 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) minus the product of (i) 0.50% and (ii)
      the aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date.

     

    “Class
      M-11 Certificate”: Any one of the Class M-11 Certificates executed and
      authenticated by the Securities Administrator and delivered by the Trustee,
      substantially in the form annexed hereto as Exhibit A-2 and evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      M-11 Principal Distribution Amount”: With respect to any Distribution Date on or
      after the Stepdown Date and on which a Trigger Event is not in effect, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the payment of the Class M-5 Principal Distribution
      Amount on such Distribution Date), (vii) the Certificate Principal Balance
      of
      the Class M-6 Certificates (after taking into account the payment of the Class
      M-6 Principal Distribution Amount on such Distribution Date). (viii) the
      Certificate Principal Balance of the Class M-7 Certificates (after taking into
      account the payment of the Class M-7 Principal Distribution Amount on such
      Distribution Date), (ix) the Certificate Principal Balance of the Class M-8
      Certificates (after taking into account the payment of the Class M-8 Principal
      Distribution Amount on such Distribution Date), (x) the Certificate Principal
      Balance of the Class M-9 Certificates (after taking into account the payment
      of
      the Class M-9 Principal Distribution Amount on such Distribution Date), (xi)
      the
      Certificate Principal Balance of the Class M-10 Certificates (after taking
      into
      account the payment of the Class M-10 Principal Distribution Amount on such
      Distribution Date) and (xii) 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) 95.80% 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 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) minus
      the product of (i) 0.50% and (ii) the aggregate principal balance of the
      Mortgage Loans as of the Cut-off Date.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed and authenticated by
      the Securities Administrator and delivered by the Trustee, substantially in
      the
      form annexed hereto as Exhibit A-4 and evidencing a Regular Interest in REMIC
      III for purposes of the REMIC Provisions.

     

    “Class
      R
      Certificates”: Any one of the Class R Certificates executed and authenticated by
      the Securities Administrator and delivered by the Trustee, substantially in
      the
      form annexed hereto as Exhibit A-5, and evidencing the Class R-I Interest,
      the
      Class R-II Interest and the Class R-III 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.

     

    “Closing
      Date”: May 25, 2006.

     

    “Code”:
      The Internal Revenue Code of 1986 as amended from time to time.

     

    “Collection
      Account”: The separate account or accounts created and maintained, or caused to
      be created and maintained, by the Servicer pursuant to Section 3.08(a) of
      this Agreement, which shall be entitled “Option One Mortgage Corporation, as
      Servicer for HSBC Bank USA, National Association as Trustee, in trust for the
      registered Holders of ACE Securities Corp., Home Equity Loan Trust, Series
      2006-OP1, Asset Backed Pass-Through Certificates”. The Collection Account must
      be an Eligible Account.

     

    “Commission”:
      The Securities and Exchange Commission.

     

    “Controlling
      Person”: Means, with respect to any Person, any other Person who “controls” such
      Person within the meaning of the Securities Act.

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee or the
      Securities 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, HSBC Bank USA, National Association,
      452 Fifth Avenue, New York, New York 10018, Attention: ACE Securities Corp.,
      2006-OP1, or at such other address as the Trustee may designate from time to
      time by notice to the Certificateholders, the Depositor, the Master Servicer,
      the Securities Administrator and the Servicer and (ii) with respect to the
      Securities Administrator, (A) for purposes of Certificate transfers and
      surrender, Wells Fargo Bank, National Association, Sixth Street and Marquette
      Avenue, Minneapolis, Minnesota 55479, Attention: Corporate Trust (ACE 2006-OP1),
      and (B) for all other purposes, Wells Fargo Bank, National Association, P.O.
      Box
      98, Columbia, Maryland 21046, Attention: Corporate Trust (ACE 2006-OP1) (or
      for
      overnight deliveries, at 9062 Old Annapolis Road, Columbia, Maryland 21045,
      Attention: Corporate Trust (ACE 2006-OP1)), or at such other address as the
      Securities Administrator may designate from time to time by notice to the
      Certificateholders, the Depositor, the Master Servicer, the Servicer and the
      Trustee.

     

    “Corresponding
      Certificate”: With respect to each REMIC II Regular Interest, as
      follows:

     

    
      	
              REMIC
                II Regular Interest

            	
              Class

            
	
              REMIC
                II Regular Interest A-1A

            	
              A-1A

            
	
              REMIC
                II Regular Interest A-1B

            	
              A-1B

            
	
              REMIC
                II Regular Interest A-2A

            	
              A-2A

            
	
              REMIC
                II Regular Interest A-2B

            	
              A-2B

            
	
              REMIC
                II Regular Interest A-2C

            	
              A-2C

            
	
              REMIC
                II Regular Interest A-2D

            	
              A-2D

            
	
              REMIC
                II Regular Interest M-1

            	
              M-1

            
	
              REMIC
                II Regular Interest M-2

            	
              M-2

            
	
              REMIC
                II Regular Interest M-3

            	
              M-3

            
	
              REMIC
                II Regular Interest M-4

            	
              M-4

            
	
              REMIC
                II Regular Interest M-5

            	
              M-5

            
	
              REMIC
                II Regular Interest M-6

            	
              M-6

            
	
              REMIC
                II Regular Interest M-7

            	
              M-7

            
	
              REMIC
                II Regular Interest M-8

            	
              M-8

            
	
              REMIC
                II Regular Interest M-9

            	
              M-9

            
	
              REMIC
                II Regular Interest M-10

            	
              M-10

            
	
              REMIC
                II Regular Interest M-11

            	
              M-11

            
	
              REMIC
                II Regular Interest P

            	
              P

            

    

    

    “Credit
      Enhancement Percentage”: For any Distribution Date, the percentage equivalent of
      a fraction, the numerator of which is the sum of the aggregate Certificate
      Principal Balances 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 after 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 Agreements”: The agreements between the Credit Risk Manager and
      the Servicer and/or Master Servicer, each regarding the loss mitigation and
      advisory services to be provided by the Credit Risk Manager.

     

    “Credit
      Risk Management 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 and all powers and duties of the Credit Risk
      Manager under the Credit Risk Management Agreements, which amount shall equal
      one twelfth of the product of (i) the Credit Risk Management Fee Rate multiplied
      by (ii) the Stated Principal Balance of the Mortgage Loans and any related
      REO
      Properties as of the first day of the related Due Period.

     

    “Credit
      Risk Management Fee Rate”: 0.013% per annum.

     

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

     

    “Custodial
      Agreement”: The Custodial Agreement dated as of May 1, 2006 among the Trustee,
      Wells Fargo and the Servicer, as may be amended or supplemented from time to
      time, or any other custodial agreement entered into after the date hereof with
      respect to any Mortgage Loan subject to this Agreement.

     

    “Custodian”:
      Wells Fargo, or any other custodian appointed under any custodial agreement
      entered into after the date of this Agreement.

     

    “Cut-off
      Date”: With respect to each Mortgage Loan, May 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.

     

    “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 6.01(b) of this
      Agreement.

     

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

     

    “Delinquency
      Percentage”: As of the last day of the related Due Period, the percentage
      equivalent of a fraction, the numerator of which is the aggregate Stated
      Principal Balance of all Mortgage Loans that, as of the last day of the previous
      calendar month, are sixty (60) or more days delinquent, are in foreclosure,
      have
      been converted to REO Properties or have been discharged by reason of
      bankruptcy, and the denominator of which is the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties as of the last day of the
      previous calendar month.

     

    “Depositor”:
      ACE Securities Corp., 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 Exchange Act.

     

    “Depository
      Institution”: Any depository institution or trust company, including the
      Trustee, that (a) is incorporated under the laws of the United States of America
      or any State thereof, (b) is subject to supervision and examination by federal
      or state banking authorities and (c) has outstanding unsecured commercial paper
      or other short-term unsecured debt obligations (or, in the case of a depository
      institution that is the principal subsidiary of a holding company, such holding
      company has unsecured commercial paper or other short-term unsecured debt
      obligations) that are rated at least A-1+ by S&P, F-1+ by Fitch and P-1 by
      Moody’s (or, if such Rating Agencies are no longer rating the Offered
      Certificates, comparable ratings by any other nationally recognized statistical
      rating agency then rating the Offered Certificates).

     

    “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 each 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. The
      Determination Date for purposes of Article X hereof shall mean the
      15th
      day of
      the month or, if such 15th
      day is
      not a Business Day, the first Business Day following 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 Servicer, on behalf of the Trustee,
      shall not be considered to Directly Operate an REO Property solely because
      the
      Servicer 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.

     

    “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 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 separate trust account or accounts created and maintained by the
      Securities Administrator pursuant to Section 3.08(b) of this Agreement in
      the name of the Securities Administrator for the benefit of the
      Certificateholders and designated “Wells Fargo Bank, National Association, in
      trust for registered holders of ACE Securities Corp. Home Equity Loan Trust,
      Series 2006-OP1”. Funds in the Distribution Account shall be held in trust for
      the Certificateholders for the uses and purposes set forth in this Agreement.
      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 June
      2006.

     

    “Due
      Date”: With respect to each Distribution Date, the day of the month on which the
      Monthly Payment is due on a Mortgage Loan during the related Due Period,
      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 first day of the month in which
      such
      Distribution Date occurs. 

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a Depository
      Institution, (ii) an account or accounts the deposits in which are fully insured
      by the FDIC, (iii) a trust account or accounts maintained with a federal
      depository institution or state chartered depository institution acting in
      its
      fiduciary capacity. Eligible Accounts may bear interest or (iv) an account
      or
      accounts acceptable to each Rating Agency as confirmed and approved in writing
      by each Rating Agency.

     

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

     

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

     

    “Excess
      Liquidation Proceeds”: To the extent that such amount is not required by law to
      be paid to the related Mortgagor, the amount, if any, by which Liquidation
      Proceeds with respect to a liquidated Mortgage Loan exceed the sum of (i) the
      outstanding principal balance of such Mortgage Loan and accrued but unpaid
      interest at the related Net Mortgage Rate through the last day of the month
      in
      which the related Liquidation Event occurs, plus (ii) related liquidation
      expenses or other amounts to which the Servicer is entitled to be reimbursed
      from Liquidation Proceeds with respect to such liquidated Mortgage Loan pursuant
      to Section 3.09 of this Agreement.

     

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

     

    “Extraordinary
      Trust Fund Expense”: Any amounts payable or reimbursable to the Trustee, the
      Master Servicer, the Securities Administrator, the Custodian or any director,
      officer, employee or agent of any such Person from the Trust Fund pursuant
      to
      the terms of this Agreement and any amounts payable from the Distribution
      Account in respect of taxes pursuant to Section 11.01(g)(v) of this
      Agreement.

     

    “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
      Maturity Date”: The Distribution Date occurring in April 2036.

     

    “Final
      Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
      Property (other than a Mortgage Loan or REO Property purchased by an originator,
      the Sponsor or the Master Servicer pursuant to or as contemplated by
      Section 2.03, 3.13(c) or Section 10.01 of this Agreement), 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, which determination shall be evidenced by a certificate
      of a
      Servicing Officer of the Servicer delivered to the Master Servicer and
      maintained in its records.

     

    “Fitch”:
      Fitch Ratings or any successor in interest.

     

    “Form
      8-K
      Disclosure Information”: Has the meaning set forth in Section
      5.06(b).

     

    “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.

     

    “Group
      IA
      Allocation Percentage”: The aggregate principal balance of the Group IA Mortgage
      Loans divided by the sum of the aggregate principal balance of the Group IA
      Mortgage Loans, Group IB Mortgage Loans and Group II Mortgage
      Loans.

     

    “Group
      IA
      Interest Remittance Amount”: With respect to any Distribution Date is that
      portion of the Available Distribution Amount for such Distribution Date that
      represents interest received or advanced on the Group IA Mortgage Loans (net
      of
      the Administration Fees and any Prepayment Charges and after taking into account
      amounts payable or reimbursable to the Trustee, the Custodian, the Securities
      Administrator, the Credit Risk Manager, the Master Servicer or the Servicer
      pursuant to this Agreement or the Custodial Agreement).

     

    “Group
      IA
      Mortgage Loans”: Those Mortgage Loans identified on the Mortgage Loan Schedule
      as Group IA Mortgage Loans.

     

    “Group
      IA
      Principal Distribution Amount”: With respect to any Distribution Date will be
      the sum of (i) the principal portion of all Monthly Payments on the Group IA
      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 Group IA Mortgage Loan
      or,
      in the case of a substitution, certain amounts representing a principal
      adjustment, during the related Prepayment Period pursuant to or as contemplated
      by Section 2.03, Section 3.13(c) and Section 10.01 of this
      Agreement; (iii) the principal portion of all other unscheduled collections,
      including Insurance Proceeds, Liquidation Proceeds and all Principal Prepayments
      in full and in part, received during the related Prepayment Period, to the
      extent applied as recoveries of principal on the Group IA Mortgage Loans, net
      in
      each case of payments or reimbursements to the Trustee, the Custodian, the
      Credit Risk Manager, the Master Servicer, the Securities Administrator, the
      Servicer and (iv) the Class A-1A Allocation Percentage of the amount of any
      Overcollateralization Increase Amount for such Distribution Date minus
      (v) the
      Class A-1A Allocation Percentage of the amount of any Overcollateralization
      Reduction Amount for such Distribution Date.

     

    “Group
      IA
      Principal Remittance Amount”: With respect to any Distribution Date will be the
      sum of (a) the amounts described in clauses (i) through (iii) of the definition
      of Group IA Principal Distribution Amount.

     

    “Group
      IB
      Allocation Percentage”: The aggregate principal balance of the Group IB Mortgage
      Loans divided by the sum of the aggregate principal balance of the Group IA
      Mortgage Loans, Group IB Mortgage Loans and Group II Mortgage
      Loans.

     

    “Group
      IB
      Interest Remittance Amount”: With respect to any Distribution Date is that
      portion of the Available Distribution Amount for such Distribution Date that
      represents interest received or advanced on the Group IB Mortgage Loans (net
      of
      the Administration Fees and any Prepayment Charges and after taking into account
      amounts payable or reimbursable to the Trustee, the Custodian, the Credit Risk
      Manager, the Securities Administrator, the Master Servicer or the Servicer
      pursuant to this Agreement or the Custodial Agreement).

     

    “Group
      IB
      Mortgage Loans”: Those Mortgage Loans identified on the Mortgage Loan Schedule
      as Group IB Mortgage Loans.

     

    “Group
      IB
      Principal Distribution Amount”: With respect to any Distribution Date will be
      the sum of (i) the principal portion of all Monthly Payments on the Group IB
      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 Group IB Mortgage Loan
      or,
      in the case of a substitution, certain amounts representing a principal
      adjustment, during the related Prepayment Period pursuant to or as contemplated
      by Section 2.03, Section 3.13(c) and Section 10.01 of this
      Agreement; (iii) the principal portion of all other unscheduled collections,
      including Insurance Proceeds, Liquidation Proceeds and all Principal Prepayments
      in full and in part, received during the related Prepayment Period, to the
      extent applied as recoveries of principal on the Group IB Mortgage Loans, net
      in
      each case of payments or reimbursements to the Trustee, the Custodian, the
      Credit Risk Manager, the Master Servicer, the Securities Administrator, the
      Servicer and (iv) the Class A-1B Allocation Percentage of the amount of any
      Overcollateralization Increase Amount for such Distribution Date minus
      (v) the
      Class A-1B Allocation Percentage of the amount of any Overcollateralization
      Reduction Amount for such Distribution Date.

     

    “Group
      IB
      Principal Remittance Amount”: With respect to any Distribution Date will be the
      sum of the amounts described in clauses (i) through (iii) of the definition
      of
      Group IB Principal Distribution Amount.

     

    “Group
      II
      Allocation Percentage”:
      The
      aggregate principal balance of the Group II Mortgage Loans divided by the sum
      of
      the aggregate principal balance of the Group IA Mortgage Loans, Group IB
      Mortgage Loans and Group II Mortgage Loans.

     

    “Group
      II
      Interest Remittance Amount”: With respect to any Distribution Date is that
      portion of the Available Distribution Amount for such Distribution Date that
      represents interest received or advanced on the Group II Mortgage Loans (net
      of
      the Administration Fees and any Prepayment Charges and after taking into account
      amounts payable or reimbursable to the Trustee, the Custodian, the Securities
      Administrator, the Credit Risk Manager, the Master Servicer or the Servicer
      pursuant to this Agreement or the Custodial Agreement).

     

    “Group
      II
      Mortgage Loans”: Those Mortgage Loans identified on the Mortgage Loan Schedule
      as Group II Mortgage Loans.

     

    “Group
      II
      Principal Distribution Amount”: With respect to any Distribution Date will be
      the sum of (i) the principal portion of all Monthly Payments on the Group II
      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 Group II Mortgage Loan
      or,
      in the case of a substitution, certain amounts representing a principal
      adjustment, during the related Prepayment Period pursuant to or as contemplated
      by Section 2.03, Section 3.13(c) and Section 10.01 of this
      Agreement; (iii) the principal portion of all other unscheduled collections,
      including Insurance Proceeds, Liquidation Proceeds and all Principal Prepayments
      in full and in part, received during the related Prepayment Period, to the
      extent applied as recoveries of principal on the Group II Mortgage Loans, net
      in
      each case of payments or reimbursements to the Trustee, the Custodian, the
      Credit Risk Manager, the Master Servicer, the Securities Administrator or the
      Servicer and (iv) the Class A-2 Allocation Percentage of the amount of any
      Overcollateralization Increase Amount for such Distribution Date minus
      (v) the
      Class A-2 Allocation Percentage of the amount of any Overcollateralization
      Reduction Amount for such Distribution Date.

     

    “Group
      II
      Principal Remittance Amount”: With respect to any Distribution Date will be the
      sum of the amounts described in clauses (i) through (iii) of the definition
      of
      Group II Principal Distribution Amount.

     

    “Independent”:
      When used with respect to any accountants, a Person who is “independent” within
      the meaning of Rule 2-01(B) of the Commission’s Regulation S-X. When used with
      respect to any specified Person, any such Person who (a) is in fact independent
      of the Depositor, the Master Servicer, the Securities Administrator, the
      Servicer, the Sponsor, any originator, and their respective Affiliates, (b)
      does
      not have any direct financial interest in or any material indirect financial
      interest in the Depositor, the Master Servicer, the Securities Administrator,
      the Servicer, the Sponsor, any originator, or any Affiliate thereof, (c) is
      not
      connected with the Depositor, the Master Servicer, the Securities Administrator,
      the Servicer, the Sponsor, any originator or any Affiliate thereof 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 a 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 any
      Servicer) if the Trustee has received an Opinion of Counsel 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”:
      As of any Adjustment Date, the index applicable to the determination of the
      Mortgage Rate on each Adjustable Rate Mortgage Loan will generally be the
      average of the interbank offered rates for six-month United States dollar
      deposits in the London market as published in The
      Wall Street Journal and
      as
      most recently available either (a) as of the first Business Day forty-five
      (45)
      days prior to such Adjustment Date or (b) as of the first Business Day of the
      month preceding the month of such Adjustment Date, as specified in the related
      Mortgage Note.

     

    “Institutional
      Accredited Investor”: As defined in Section 6.01(c).

     

    “Insurance
      Proceeds”: Proceeds of any title policy, hazard policy or other insurance
      policy, covering a Mortgage Loan or the related Mortgaged Property, to the
      extent such proceeds are not to be applied to the restoration of the related
      Mortgaged Property or released to the Mortgagor or a senior lienholder in
      accordance with Accepted Servicing Practices, subject to the terms and
      conditions of the related Mortgage Note and Mortgage.

     

    “Interest
      Accrual Period”: With respect to any Distribution Date and the Class A
      Certificates and the Mezzanine Certificates, the period commencing on the
      Distribution Date of the month immediately preceding the month in which such
      Distribution Date occurs (or, in the case of the first Distribution Date,
      commencing on the Closing Date) and ending on the day preceding such
      Distribution Date. With respect to any Distribution Date and the Class CE
      Certificates and the REMIC I Regular Interests, the one-month period ending
      on
      the last day of the calendar month immediately preceding the month in which
      such
      Distribution Date occurs.

     

    “Interest
      Carry Forward Amount”: With respect to any Distribution Date and any Class A
      Certificate or Mezzanine Certificate, the sum of (i) the amount, if any, by
      which (a) the Interest Distribution Amount for such Class as of the immediately
      preceding Distribution Date exceeded (b) the actual amount distributed on such
      Class in respect of interest on such immediately preceding Distribution Date
      and
      (ii) the amount of any Interest Carry Forward Amount for such Class remaining
      unpaid from the previous Distribution Date, plus accrued interest on such sum
      calculated at the related Pass-Through Rate for the most recently ended Interest
      Accrual Period.

     

    “Interest
      Determination Date”: With respect to the Class A Certificates, the Mezzanine
      Certificates, REMIC I Regular Interests and REMIC II Regular Interests (other
      than REMIC I Regular Interest P and REMIC II Regular Interest P) and any
      Interest Accrual Period therefor, the second London Business Day preceding
      the
      commencement of such Interest Accrual Period.

     

    “Interest
      Distribution Amount”: With respect to any Distribution Date and any Class A
      Certificates, any Mezzanine Certificates and any Class CE Certificates, the
      aggregate Accrued Certificate Interest on the Certificates of such Class for
      such Distribution Date.

     

    “Interest
      Remittance Amount”: With respect to any Distribution Date, the sum of: (i) the
      Group IA Interest Remittance Amount, (ii) the Group IB Interest Remittance
      Amount and (iii) the Group II Interest Remittance Amount.

     

    “Last
      Scheduled Distribution Date”: The Distribution Date in April 2036, which is the
      Distribution Date immediately following the maturity date for the Mortgage
      Loan
      with the latest maturity date.

     

    “Late
      Collections”: With respect to any Mortgage Loan and any Due Period, all amounts
      received subsequent to the Determination Date immediately following such Due
      Period with respect to such Mortgage Loan, 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.

     

    “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, sold or replaced pursuant to or as contemplated by
      Section 2.03, Section 3.13(c) or Section 10.01 of this Agreement.
      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 10.01 of this Agreement.

     

    “Liquidation
      Proceeds”: The amount (other than Insurance Proceeds, amounts received in
      respect of the rental of any REO Property prior to REO Disposition, or required
      to be released to a Mortgagor or a senior lienholder in accordance with
      applicable law or the terms of the related Mortgage Loan Documents) 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 (other
      than
      amounts required to be released to the Mortgagor or a senior lienholder), (ii)
      the liquidation of a defaulted Mortgage Loan through a trustee’s sale,
      foreclosure sale or otherwise, (iii) the repurchase, substitution or sale of
      a
      Mortgage Loan or an REO Property pursuant to or as contemplated by
      Section 2.03, Section 3.13(c), Section 3.21 or Section 10.01
      of this Agreement or (iv) any Subsequent Recoveries. 

     

    “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 Cities of London and 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-1 Certificates 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 Interest A-1A, REMIC II Regular
      Interest A-1B, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B,
      REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular
      Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3,
      REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular
      Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8,
      REMIC II Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular
      Interest M-11 and REMIC II Regular Interest ZZ, with the rate on each such
      REMIC
      II Regular Interest (other than REMIC II Regular Interest ZZ) subject to a
      cap
      equal to the lesser of (i) the related One-Month LIBOR Pass-Through Rate and
      (ii) the related Net WAC Pass-Through Rate for the Corresponding Certificate
      for
      the purpose of this calculation for such Distribution Date and with the rate
      on
      REMIC II Regular Interest ZZ subject to a cap of zero for the purpose of this
      calculation; provided however, each such cap for each REMIC II Regular Interest
      (other than REMIC II Regular Interest ZZ) shall be multiplied by a fraction
      the
      numerator of which is the actual number of days in the related Interest Accrual
      Period and the denominator of which is 30.

     

    “Master
      Servicer”: As of the Closing Date, Wells Fargo Bank, National Association and
      thereafter, its respective successors in interest who meet the qualifications
      of
      this Agreement. The Master Servicer and the Securities Administrator shall
      at
      all times be the same Person or an Affiliate.

     

    “Master
      Servicer Event of Default”: One or more of the events described in
      Section 8.01(b) of this Agreement.

     

    “Master
      Servicing Fee”: With respect to each Mortgage Loan and for any calendar month,
      an amount equal to one twelfth of the product of the Master Servicing Fee Rate
      multiplied by the Scheduled Principal Balance of the Mortgage Loans as of the
      Due Date in the preceding calendar month.

     

    “Master
      Servicing Fee Rate”: 0.0040% per annum.

     

    “Maximum
      ZZ 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 ZZ for such Distribution Date on a
      balance equal to the Uncertificated Balance of REMIC II Regular Interest ZZ
      minus the REMIC II Overcollateralization Amount, in each case for such
      Distribution Date, over (ii) Uncertificated Interest on REMIC II Regular
      Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular Interest A-2A,
      REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular
      Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2,
      REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular
      Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7,
      REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular
      Interest M-10 and REMIC II Regular Interest M-11 for such Distribution Date,
      with the rate on each such REMIC II Regular Interest subject to a cap equal
      to
      the lesser of (i) the related One-Month LIBOR Pass-Through Rate and (ii) the
      related Net WAC Pass-Through Rate for the Corresponding Certificate for the
      purpose of this calculation for such Distribution Date; provided however, each
      such cap for each REMIC II Regular Interest shall be multiplied by a fraction
      the numerator of which is the actual number of days in the related Interest
      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, 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 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
      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
      or
      similar state laws; (b) without giving effect to any extension granted or agreed
      to by the Servicer pursuant to Section 3.01 of this Agreement; and (c) on
      the assumption that all other amounts, if any, due under such Mortgage Loan
      are
      paid when due.

     

    “Moody’s”:
      Moody’s Investors Service, Inc. or any 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 Loan Documents pertaining to a particular Mortgage
      Loan.

     

    “Mortgage
      Loan”: Each mortgage loan transferred and assigned to the Trustee and the
      Mortgage Loan Documents for which have been delivered to the Custodian pursuant
      to Section 2.01 of this Agreement and pursuant to the Custodial Agreement,
      as held from time to time as a part of the Trust Fund, the Mortgage Loans so
      held being identified in the Mortgage Loan Schedule. 

     

    “Mortgage
      Loan Documents”: The documents evidencing or relating to each Mortgage Loan
      delivered to the Custodian under the Custodial Agreement on behalf of the
      Trustee.

     

    “Mortgage
      Loan Purchase Agreement”: Shall mean the Mortgage Loan Purchase Agreement dated
      as of May 25, 2006, between the Depositor and the Sponsor a copy of which is
      attached hereto as Exhibit
      F.

     

    “Mortgage
      Loan Schedule”: As of any date, the list of Mortgage Loans included in REMIC I
      on such date, separately identifying the Group IA Mortgage Loans, the Group
      IB
      Mortgage Loans and the Group II Mortgage Loans, attached hereto as Schedule
      1.
      The Depositor shall deliver or cause the delivery of the initial Mortgage Loan
      Schedule to the Servicer, the Master Servicer, the Custodian and the Trustee
      on
      the Closing Date. The Mortgage Loan Schedule shall set forth the following
      information with respect to each Mortgage Loan:

     

    (i)  the
      Mortgage Loan identifying number;

     

    (ii)  the
      Mortgagor’s first and last name;

     

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

     

    (iv)  a
      code
      indicating whether the Mortgaged Property is owner-occupied;

     

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

     

    (vi)  the
      original months to maturity;

     

    (vii)  the
      original date of the Mortgage Loan and the 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 as of 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)  with
      respect to each Adjustable Rate Mortgage Loan, the first Adjustment
      Date;

     

    (xviii)  with
      respect to each Adjustable Rate Mortgage Loan, the Gross Margin;

     

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

     

    (xx)  with
      respect to each Adjustable Rate Mortgage Loan, the Maximum Mortgage Rate under
      the terms of the Mortgage Note;

     

    (xxi)  with
      respect to each Adjustable Rate Mortgage Loan, the Minimum Mortgage Rate under
      the terms of the Mortgage Note;

     

    (xxii)  the
      Mortgage Rate at origination;

     

    (xxiii)  with
      respect to each Adjustable Rate Mortgage Loan, the Periodic Rate
      Cap;

     

    (xxiv)  with
      respect to each Adjustable Rate Mortgage Loan, the first Adjustment Date
      immediately following the Cut-off Date;

     

    (xxv)  with
      respect to each Adjustable Rate Mortgage Loan, the Index;

     

    (xxvi)  the
      date
      on which the first Monthly Payment was due on the Mortgage Loan and, if such
      date is not consistent with the Due Date currently in effect, such Due
      Date;

     

    (xxvii)  a
      code
      indicating whether the Mortgage Loan is an Adjustable Rate Mortgage Loan or
      a
      fixed rate Mortgage Loan;

     

    (xxviii)  a
      code
      indicating the documentation style (i.e., full, stated or limited);

     

    (xxix)  a
      code
      indicating if the Mortgage Loan is subject to a primary insurance policy or
      lender paid mortgage insurance policy and the name of the insurer and, if
      applicable, the rate payable in connection therewith;

     

    (xxx)  the
      Appraised Value of the Mortgaged Property;

     

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

     

    (xxxii)  a
      code
      indicating whether the Mortgage Loan is subject to a Prepayment Charge, the
      term
      of such Prepayment Charge and the amount of such Prepayment Charge;

     

    (xxxiii)   the
      product type (e.g., 2/28, 15 year fixed, 30 year fixed, 15/30 balloon,
      etc.);

     

    (xxxiv)  the
      Mortgagor’s debt to income ratio; 

     

    (xxxv)  the
      FICO
      score at origination; 

     

    (xxxvi)  with
      respect to each Mortgage Loan registered on MERS, the MIN; and

     

    (xxxvii)  a
      code
      indicating whether the Mortgage Loan is secured by a first or second
      lien.

     

    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; (2) the current 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
      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 each
      Adjustable Rate Mortgage Loan (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 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
      Monthly Excess Cashflow”: With respect to any Distribution Date, the sum of (i)
      any Overcollateralization Reduction Amount for such Distribution Date and (ii)
      the excess of (x) the Available Distribution Amount for such Distribution Date
      over (y) the sum for such Distribution Date of (A) the aggregate Senior Interest
      Distribution Amounts payable to the Holders of the Class A Certificates, (B)
      the
      aggregate Interest Distribution Amounts payable to the holders of the Mezzanine
      Certificates, (C) the Principal Remittance Amount, and (D) any Net Swap Payment
      or Swap Termination Payment (not caused by the occurrence of a Swap Provider
      Trigger Event) owed to the Swap Provider.

     

    “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 Administration Fee
      Rate.

     

    “Net
      Swap
      Payment”: With respect to each Distribution Date, the net payment required to be
      made pursuant to the terms of the Swap Agreement by either the Swap Provider
      or
      the Supplemental Interest Trust, which net payment shall not take into account
      any Swap Termination Payment.

     

    “Net
      WAC
      Pass-Through Rate”: With respect to the Class A-1A Certificates and any
      Distribution Date, a rate per annum (adjusted for the actual number of days
      elapsed in the related Interest Accrual Period) equal to the product of (i)
      twelve and (ii) a fraction, expressed as a percentage, the numerator of which
      is
      the amount of interest which accrued on the Group IA Mortgage Loans in the
      prior
      calendar month minus the fees payable to the Servicer, the Master Servicer
      and
      the Credit Risk Manager with respect to the Group IA Mortgage Loans and the
      Group IA Allocation Percentage of any Net Swap Payment payable to the Swap
      Provider or Swap Termination Payment payable to the Swap Provider which was
      not
      caused by the occurrence of a Swap Provider Trigger Event, in each case for
      such
      Distribution Date and the denominator of which is the aggregate principal
      balance of the Group IA Mortgage Loans as of the last day of the immediately
      preceding Due Period (or as of the Cut-off Date with respect to the first
      Distribution Date), after giving effect to Principal Prepayments received during
      the related Prepayment Period. For federal income tax purposes, the economic
      equivalent of such rate shall be expressed as the weighted average of (adjusted
      for the actual number of days elapsed in the related Interest Accrual Period)
      the REMIC II Remittance Rate on REMIC II Regular Interest IA-GRP, weighted
      on
      the basis of the Uncertificated Balance of such REMIC II Regular Interest.
      

     

    With
      respect to the Class A-1B Certificates and any Distribution Date, a rate per
      annum (adjusted for the actual number of days elapsed in the related Interest
      Accrual Period) equal to the product of (i) twelve and (ii) a fraction,
      expressed as a percentage, the numerator of which is the amount of interest
      which accrued on the Group IB Mortgage Loans in the prior calendar month minus
      the fees payable to the Servicer, the Master Servicer and the Credit Risk
      Manager with respect to the Group IB Mortgage Loans and the Group IB Allocation
      Percentage of any Net Swap Payment payable to the Swap Provider or Swap
      Termination Payment payable to the Swap Provider which was not caused by the
      occurrence of a Swap Provider Trigger Event, in each case for such Distribution
      Date and the denominator of which is the aggregate principal balance of the
      Group IB Mortgage Loans as of the last day of the immediately preceding Due
      Period (or as of the Cut-off Date with respect to the first Distribution Date),
      after giving effect to Principal Prepayments received during the related
      Prepayment Period. For federal income tax purposes, the economic equivalent
      of
      such rate shall be expressed as the weighted average of (adjusted for the actual
      number of days elapsed in the related Interest Accrual Period) the REMIC II
      Remittance Rate on REMIC II Regular Interest IB-GRP, weighted on the basis
      of
      the Uncertificated Balance of such REMIC II Regular Interest.

     

    With
      respect to the Class A-2 Certificates and any Distribution Date, a rate per
      annum (adjusted for the actual number of days elapsed in the related Interest
      Accrual Period) equal to the product of (i) twelve and (ii) a fraction,
      expressed as a percentage, the numerator of which is the amount of interest
      which accrued on the Group II Mortgage Loans in the prior calendar month minus
      the fees payable to the Servicer, the Master Servicer and the Credit Risk
      Manager with respect to the Group II Mortgage Loans and the Group II Allocation
      Percentage of any Net Swap Payment payable to the Swap Provider or Swap
      Termination Payment payable to the Swap Provider which was not caused by the
      occurrence of a Swap Provider Trigger Event, in each case for such Distribution
      Date and the denominator of which is the aggregate principal balance of the
      Group II Mortgage Loans as of the last day of the immediately preceding Due
      Period (or as of the Cut-off Date with respect to the first Distribution Date),
      after giving effect to Principal Prepayments received during the related
      Prepayment Period. For federal income tax purposes, the economic equivalent
      of
      such rate shall be expressed as the weighted average of (adjusted for the actual
      number of days elapsed in the related Interest Accrual Period) the REMIC II
      Remittance Rate on REMIC II Regular Interest II-GRP, weighted on the basis
      of
      the Uncertificated Balance of such REMIC II Regular Interest.

     

    With
      respect to the Mezzanine Certificates and any Distribution Date a rate per
      annum
      equal to (x) the weighted average (weighted in proportion to the results of
      subtracting from the Scheduled Principal Balance of each loan group, the
      Certificate Principal Balance of the related Class A Certificates) of (i) the
      Net WAC Pass-Through Rate for the Class A-1A Certificates, (ii) the Net WAC
      Pass-Through Rate for the Class A-1B Certificates and (iii) the Net WAC
      Pass-Through Rate for the Class A-2 Certificates. For federal income tax
      purposes, the economic equivalent of such rate shall be expressed as the
      weighted average of (adjusted for the actual number of days elapsed in the
      related Interest Accrual Period) the REMIC II Remittance Rates on (a) REMIC
      II
      Regular Interest IA-SUB, subject to a cap and a floor equal to the REMIC II
      Remittance Rate on REMIC II Regular Interest IA-GRP, (b) REMIC II Regular
      Interest IB-SUB, subject to a cap and a floor equal to the REMIC II Remittance
      Rate on REMIC II Regular Interest IB-GRP and (c) REMIC II Regular Interest
      II-SUB, subject to a cap and a floor equal to the REMIC II Remittance Rate
      on
      REMIC II Regular Interest II-GRP, weighted on the basis of the Uncertificated
      Balance of each such REMIC II Regular Interest.

     

    “Net
      WAC
      Rate Carryover Amount”: With respect to any Class A Certificate or Mezzanine
      Certificate and any Distribution Date on which the Pass-Through Rate is limited
      to the applicable Net WAC Pass-Through Rate, an amount equal to the sum of
      (i)
      the excess of (x) the amount of interest such Class would have been entitled
      to
      receive on such Distribution Date if the applicable Net WAC Pass-Through Rate
      would not have been applicable to such Class on such Distribution Date over
      (y)
      the amount of interest paid to such Class on such Distribution Date at the
      applicable Net WAC Pass-Through Rate plus (ii) the related Net WAC Rate
      Carryover Amount for the previous Distribution Date not previously distributed
      to such Class together with interest thereon at a rate equal to the Pass-Through
      Rate for such Class for the most recently ended Interest Accrual Period without
      taking into account the applicable Net WAC Pass-Through Rate.

     

    “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.

     

    “Nonrecoverable
      P&I Advance”: Any P&I 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 a successor servicer (including the Master Servicer)
      will not or, in the case of a proposed P&I 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 or a successor servicer (including the Master 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 Certificates and any Distribution Date,
      the Uncertificated Balance of the REMIC II Regular Interests (other than REMIC
      II Regular Interest P) for such Distribution Date. As of the Closing Date,
      the
      Notional Amount of the Class CE Certificates is equal to
      $1,107,055,125.71.

     

    “Offered
      Certificates”: The Class A Certificates and the Mezzanine Certificates,
      collectively.

     

    “Officer’s
      Certificate”: With respect to any Person, a certificate signed by the Chairman
      of the Board, the Vice Chairman of the Board, the President or a vice president
      (however denominated), or by the Treasurer, the Secretary, or one of the
      assistant treasurers or assistant secretaries of such Person (or, in the case
      of
      a Person that is not a corporation, signed by a person or persons having like
      responsibilities.

     

    “One-Month
      LIBOR”: With respect to the Class A Certificates, the Mezzanine Certificates,
      REMIC II Regular Interests (other than REMIC II Regular Interest P) and any
      Interest Accrual Period therefor, the rate determined by the Securities
      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 Securities
      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 Interest 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
      Interest Accrual Period shall be the higher of (i) LIBOR as determined on the
      previous Interest Determination Date and (ii) the Reserve Interest Rate.
      Notwithstanding the foregoing, if, under the priorities described above, LIBOR
      for an Interest Determination Date would be based on LIBOR for the previous
      Interest Determination Date for the third consecutive Interest Determination
      Date, the Securities Administrator shall select an alternative comparable index
      (over which the Securities 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. The establishment of
      One-Month LIBOR by the Securities Administrator and the Securities
      Administrator’s subsequent calculation of the One-Month LIBOR Pass-Through Rates
      for the relevant Interest Accrual Period, shall, in the absence of manifest
      error, be final and binding.

     

    “One-Month
      LIBOR Pass-Through Rate”: With respect to the Class A-1A Certificates and, for
      purposes of the definition of “Marker Rate”, REMIC II Regular Interest A-1A, a
      per annum rate equal to One-Month LIBOR plus the related Certificate
      Margin.

     

    With
      respect to the Class A-1B Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-1B, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class A-2A Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2A, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class A-2B Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2B, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class A-2C Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2C, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class A-2D Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest A-2D, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-1 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-1, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-2 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-2, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-3 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-3, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-4 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-4, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-5 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-5, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-6 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-6, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-7 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-7, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-8 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-8, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-9 Certificates and, for purposes of the definition of
      “Marker Rate”, REMIC II Regular Interest M-9, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-10 Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest M-10, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

    With
      respect to the Class M-11 Certificates and, for purposes of the definition
      of
“Marker Rate”, REMIC II Regular Interest M-11, a per annum rate equal to
      One-Month LIBOR plus the related Certificate Margin.

     

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

     

    “Option
      One”: Option One Mortgage Corporation or any successor thereto appointed
      hereunder in connection with the servicing and administration of the Mortgage
      Loans.

     

    “Optional
      Termination Date”: The Distribution Date on which the aggregate principal
      balance of the Mortgage Loans (and properties acquired in respect thereof)
      remaining in the Trust Fund as of the last day of the related Due Period is
      equal to or less than 10% of the aggregate principal balance of the Mortgage
      Loans as of the Cut-off Date.

     

    “Overcollateralization
      Amount”: With respect to any Distribution Date, the excess, if any, of (a) the
      aggregate Stated Principal Balances of the Mortgage Loans and REO Properties
      immediately following such Distribution Date over (b) the sum of the aggregate
      Certificate Principal Balances of the Class A Certificates, the Mezzanine
      Certificates and the Class P Certificates as of such Distribution Date (after
      taking into account the payment of the Principal Remittance Amount on such
      Distribution Date).

     

    “Overcollateralization
      Increase Amount”: With respect to any Distribution Date, the amount of Net
      Monthly Excess Cashflow actually applied as an accelerated payment of principal
      to the Class A Certificates and the Mezzanine Certificates then entitled to
      distributions of principal to the extent the Required Overcollateralization
      Amount exceeds the Overcollateralization Amount.

     

    “Overcollateralization
      Reduction Amount”: With respect to any Distribution Date, the lesser of (i) the
      amount by which the Overcollateralization Amount exceeds the Required
      Overcollateralization Amount and (ii) the Principal Remittance Amount; provided
      however that on any Distribution Date on which a Trigger Event is in effect,
      the
      Overcollateralization Reduction Amount shall equal zero.

     

    “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.

     

    “P&I
      Advance”: As to any Mortgage Loan or REO Property, any advance made by the
      Servicer in respect of any Determination Date pursuant to Section 5.03 of
      this Agreement, an Advance Financing Person pursuant to Section 3.25 of
      this Agreement or in respect of any Distribution Date by a successor servicer
      (including the Master Servicer) pursuant to Section 8.02 of this Agreement
      (which advances shall not include principal or interest shortfalls due to
      bankruptcy proceedings or application of the Relief Act or similar state or
      local laws).

     

    “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 One-Month LIBOR Pass-Through Rate for such Distribution Date and (ii)
      the related Net WAC Pass-Through Rate for such Distribution Date.

     

    With
      respect to the Class CE Certificates and any Distribution Date, a rate per
      annum
      equal to the percentage equivalent of a fraction, the numerator of which is
      the
      sum of the amounts calculated pursuant to clauses (i) through (xx) below, and
      the denominator of which is the aggregate Uncertificated Balances of REMIC
      II
      Regular Interest AA, REMIC II Regular Interest A-1A, REMIC II Regular Interest
      A-1B, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC
      II
      Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest
      M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II
      Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest
      M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II
      Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest
      M-11 and REMIC II Regular Interest ZZ. For purposes of calculating the
      Pass-Through Rate for the Class CE Certificates, the numerator is equal to
      the
      sum of the following components:

     

    (i)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest AA minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest AA;

     

    (ii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-1A minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-1A;

     

    (iii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-1B1 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-1B;

     

    (iv)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-2A minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-2A;

     

    (v)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-2B minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-2B;

     

    (vi)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-2C minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-2C;

     

    (vii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest A-2D minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest A-2D;

     

    (viii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-1 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-1;

     

    (ix)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-2 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-2;

     

    (x)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-3 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-3;

     

    (xi)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-4 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-4;

     

    (xii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-5 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-5;

     

    (xiii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-6 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-6;

     

    (xiv)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-7 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-7;

     

    (xv)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-8 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-8;

     

    (xvi)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-9 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-9;

     

    (xvii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-10 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-10;

     

    (xviii)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest M-11 minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest M-11;

     

    (xix)  the
      REMIC
      II Remittance Rate for REMIC II Regular Interest ZZ minus the Marker Rate,
      applied to an amount equal to the Uncertificated Balance of REMIC II Regular
      Interest ZZ; and

     

    (xx)  100%
      of
      the interest on REMIC II Regular Interest P.

     

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

     

    “PCAOB”:
      Means the Public Company Accounting Oversight Board.

     

    “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 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 Notional 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 Notional
      Balance 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 integral multiples of 5% in excess
      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 Adjustable
      Rate
      Mortgage Loan may increase or decrease (without regard to the Maximum Mortgage
      Rate or the Minimum Mortgage Rate) on such Adjustment Date from the Mortgage
      Rate in effect immediately prior to such Adjustment Date.

     

    “Permitted
      Investments”: Any one or more of the following obligations or securities
      acquired at a purchase price of not greater than par, regardless of whether
      issued by the Depositor, the Servicer, the Master Servicer, the Trustee or
      any
      of their respective Affiliates:

     

    (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, Fitch 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, F-1 or
      higher by Fitch 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 a party in exchange for such collateral and
      (C)
      be delivered to such party or, if such party is supplying the collateral, an
      agent for such party, 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 each Rating Agency that rates such securities in its
      highest long-term unsecured rating categories at the time of such investment
      or
      contractual commitment providing for such investment;

     

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

     

    (vi)  units
      of
      money market funds that have been rated “AAA” by Fitch (if rated by Fitch),
“AAA” by S&P or “Aaa” by Moody’s including any such money market fund
      managed or advised by the Master Servicer, the Trustee or any of their
      Affiliates; and

     

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

     

    provided,
      however, 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, limited liability company, corporation, partnership, 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.

     

    “Prepayment
      Assumption”: A prepayment rate for (a) the Adjustable Rate Mortgage Loans of
      100% PPC, which represents (i) a per annum prepayment rate of 5% of the then
      outstanding principal balance of the Adjustable Rate Mortgage Loans in the
      first
      month of the life of the Adjustable Rate Mortgage Loans, (ii) an additional
      2%
      per annum in each month thereafter through the eleventh month, (iii) building
      to
      a constant prepayment rate of 27% per annum beginning in the twelfth month
      and
      remaining constant until the twenty-third month, (iv) increasing to and
      remaining constant at a prepayment rate of 60% per annum beginning in the
      twenty-fourth month until the twenty-seventh month and (v) decreasing and
      remaining constant at a prepayment rate of 30% per annum from the twenty-eighth
      month and thereafter; provided, however, the prepayment rate will not exceed
      85%
      per annum in any period for any percentage of PPC and (b) the fixed-rate
      Mortgage Loans of 100% PPC, which represents (i) a per annum prepayment rate
      of
      4% of the then outstanding principal balance of the fixed rate Mortgage Loans
      in
      the first month of the life of such Mortgage Loans, (ii) an additional
      approximate 1.72727% (precisely, 19%/11) per annum in each month thereafter
      through the eleventh month and (iii) a constant prepayment rate of 23% per
      annum
      beginning in the twelfth month and in each month thereafter during the life
      of
      the fixed rate Mortgage Loans; provided, however, the prepayment rate will
      not
      exceed 85% per annum in any period for any percentage of PPC. The Prepayment
      Assumption is used solely for determining the accrual of original issue discount
      on the Certificates for federal income tax purposes.

     

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

     

    “Prepayment
      Charge Schedule”: As of any date, the list of Mortgage Loans providing for a
      Prepayment Charge included in the Trust Fund on such date, attached hereto
      as
      Schedule 2 (including the prepayment charge summary attached thereto). The
      Depositor shall deliver or cause the delivery of the Prepayment Charge Schedule
      to the Servicer, the Master Servicer and the Trustee on the Closing Date. The
      Prepayment Charge Schedule shall set forth the following information with
      respect to each Prepayment Charge:

     

    (i)  the
      Mortgage Loan identifying number;

     

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

     

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

     

    (iv)  the
      term
      of the related Prepayment Charge;

     

    (v)  the
      original Stated Principal Balance of the related Mortgage Loan; and

     

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

     

    “Prepayment
      Interest Excess”: With respect to each Mortgage Loan that was the subject of a
      Principal Prepayment in full during the portion of the related Prepayment Period
      occurring between the first day of the calendar month in which such Distribution
      Date occurs and the Determination Date of the calendar month in which such
      Distribution Date occurs, an amount equal to interest (to the extent received)
      at the applicable Net Mortgage Rate on the amount of such Principal Prepayment
      for the number of days commencing on the first day of the calendar month in
      which such Distribution Date occurs and ending on the last date through which
      interest is collected from the related Mortgagor. The Servicer may withdraw
      such
      Prepayment Interest Excess from the Collection Account in accordance with
      Section 3.09(a)(x) of this Agreement. 

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each such
      Mortgage Loan that was the subject of a Principal Prepayment in full or in
      part
      during the portion of the related Prepayment Period occurring between the first
      day of the related Prepayment Period and the last day of the calendar month
      preceding the month in which such Distribution Date occurs that was applied
      by
      the Servicer to reduce the outstanding principal balance of such Mortgage Loan
      on a date preceding the Due Date in the succeeding Prepayment Period, an amount
      equal to interest at the applicable Net Mortgage Rate on the amount of such
      Principal Prepayment for the number of days commencing on the date on which
      the
      prepayment is applied and ending on the last day of the calendar month preceding
      such Distribution Date. The obligations of the Servicer and the Master Servicer
      in respect of any Prepayment Interest Shortfall are set forth in
      Section 3.22 and Section 4.18, respectively of this Agreement.

     

    “Prepayment
      Period”: With respect to any Distribution Date, the period commencing on the day
      after the Determination Date in the month preceding the month in which such
      Distribution Date falls and ending on the Determination Date of the calendar
      month in which such Distribution Date falls.

     

    “Principal
      Prepayment”: Any voluntary 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
      Distribution Amount”: With respect to any Distribution Date is the sum of the
      Group IA Principal Distribution Amount, the Group IB Principal Distribution
      Amount and the Group II Principal Distribution Amount.

     

    “Principal
      Remittance Amount”: With respect to any Distribution Date is the sum of the
      Group IA Principal Remittance Amount, the Group IB Principal Remittance Amount
      and the Group II Principal Remittance Amount.

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased
      pursuant to or as contemplated by Section 2.03, Section 3.13(c) or
      Section 10.01 of this Agreement, and as confirmed by a certification of a
      Servicing Officer of 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 10.01 of this Agreement), (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
      a P&I Advance by the Servicer, which payment or P&I Advance had as of
      the date of purchase been distributed pursuant to Section 5.01 of this
      Agreement, 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 a P&I 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 P&I Advances that as of the date of purchase had been distributed as or
      to cover REO Imputed Interest pursuant to Section 5.01 of this Agreement,
      (iii) any unreimbursed Servicing Advances and P&I Advances (including
      Nonrecoverable P&I 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 3.09(a)(ix) and Section 3.13(b) of this Agreement and (v) in
      the case of a Mortgage Loan required to be purchased pursuant to
      Section 2.03 of this Agreement, expenses reasonably incurred or to be
      incurred by the Servicer or the Trustee in respect of the breach or defect
      giving rise to the purchase obligation and any costs and damages incurred by
      the
      Trust Fund and the Trustee in connection with any violation by any such Mortgage
      Loan of any predatory or abusive lending law.

     

    “QIB”:
      As
      defined in Section 6.01(c).

     

    “Qualified
      Substitute Mortgage Loan”: A mortgage loan substituted for a Deleted Mortgage
      Loan pursuant to the terms of this Agreement which must, on the date of such
      substitution, (i) have an outstanding 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 the Scheduled 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) if the mortgage loan is an Adjustable Rate Mortgage Loan, have
      a
      Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted
      Mortgage Loan, (iv) if the mortgage loan is an Adjustable Rate Mortgage Loan,
      have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the
      Deleted Mortgage Loan, (v) if the mortgage loan is an Adjustable Rate Mortgage
      Loan, have a Gross Margin equal to the Gross Margin of the Deleted Mortgage
      Loan, (vi) if the mortgage loan is an 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) be
      secured by the same lien priority on the related Mortgaged Property as the
      Deleted Mortgage Loan, (xi) have a credit grade at least equal to the credit
      grading assigned on the Deleted Mortgage Loan, (xii) be a “qualified mortgage”
as defined in the REMIC Provisions and (xiii) conform to each representation
      and
      warranty set forth in Section 6 of the Mortgage Loan Purchase 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 credit grades
      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 (xii) hereof must be
      satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate,
      as
      the case may be.

     

    “Rate/Term
      Refinancing”: A Refinanced Mortgage Loan, the proceeds of which are not more
      than a nominal amount in excess of the existing first mortgage loan and any
      subordinate mortgage loan on the related Mortgaged Property and related closing
      costs, and were used exclusively (except for such nominal amount) to satisfy
      the
      then existing first mortgage loan and any subordinate mortgage loan of the
      Mortgagor on the related Mortgaged Property and to pay related closing
      costs.

     

    “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 Servicer.

     

    “Realized
      Loss”: With respect to each Mortgage Loan as to which a Final Recovery
      Determination has been made, an amount (not less than zero), as reported by
      the
      Servicer to the Master Servicer (in substantially the form of Schedule 4
      hereto), equal to (i) the unpaid principal balance of such Mortgage Loan as
      of
      the commencement of the calendar month in which the Final Recovery Determination
      was made, plus (ii) accrued interest from the Due Date as to which interest
      was
      last paid by the Mortgagor through the end of the calendar month in which such
      Final Recovery Determination was made, calculated in the case of each calendar
      month during such period (A) at an annual rate equal to the annual rate at
      which
      interest was then accruing on such Mortgage Loan and (B) on a principal amount
      equal to the Stated Principal Balance of such Mortgage Loan as of the close
      of
      business on the Distribution Date during such calendar month, plus (iii) any
      amounts previously withdrawn from the Collection Account in respect of such
      Mortgage Loan pursuant to Section 3.09(a)(ix) and Section 3.13(b) of
      this Agreement, minus (iv) the proceeds, if any, received in respect of such
      Mortgage Loan during the calendar month in which such Final Recovery
      Determination was made, net of amounts that are payable therefrom to the
      Servicer with respect to such Mortgage Loan pursuant to
      Section 3.09(a)(iii) of this Agreement.

     

    With
      respect to any REO Property as to which a Final Recovery Determination has
      been
      made, an amount (not less than zero) equal to (i) the unpaid principal balance
      of the related Mortgage Loan as of the date of acquisition of such REO Property
      on behalf of REMIC I, plus (ii) accrued interest from the Due Date as to which
      interest was last paid by the Mortgagor in respect of the related Mortgage
      Loan
      through the end of the calendar month immediately preceding the calendar month
      in which such REO Property was acquired, calculated in the case of each calendar
      month during such period (A) at an annual rate equal to the annual rate at
      which
      interest was then accruing on the related Mortgage Loan and (B) on a principal
      amount equal to the Stated Principal Balance of the related Mortgage Loan as
      of
      the close of business on the Distribution Date during such calendar month,
      plus
      (iii) REO Imputed Interest for such REO Property for each calendar month
      commencing with the calendar month in which such REO Property was acquired
      and
      ending with the calendar month in which such Final Recovery Determination was
      made, plus (iv) any amounts previously withdrawn from the Collection Account
      in
      respect of the related Mortgage Loan pursuant to Section 3.09(a)(ix) and
      Section 3.13(b) of this Agreement, minus (v) the aggregate of all P&I
      Advances and Servicing Advances (in the case of Servicing Advances, without
      duplication of amounts netted out of the rental income, Insurance Proceeds
      and
      Liquidation Proceeds described in clause (vi) below) made by the Servicer in
      respect of such REO Property or the related Mortgage Loan for which the Servicer
      has been or, in connection with such Final Recovery Determination, will be
      reimbursed pursuant to Section 3.21 of this Agreement out of rental income,
      Insurance Proceeds and Liquidation Proceeds received in respect of such REO
      Property, minus (vi) the total of all net rental income, Insurance Proceeds
      and
      Liquidation Proceeds received in respect of such REO Property that has been,
      or
      in connection with such Final Recovery Determination, will be transferred to
      the
      Distribution Account pursuant to Section 3.21 of this
      Agreement.

     

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

     

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

     

    To
      the
      extent the Servicer receives Subsequent Recoveries, with respect to any Mortgage
      Loan, the amount of Realized Loss with respect to that Mortgage Loan will be
      reduced to the extent such recoveries are applied to reduce the Certificate
      Principal Balance of any Class of Certificates on any Distribution
      Date.

     

    “Record
      Date”: With respect to each Distribution Date and the Class A Certificates and
      the Mezzanine Certificates, the Business Day immediately preceding such
      Distribution Date for so long as such Certificates are Book-Entry Certificates.
      With respect to each Distribution Date and any other Class of Certificates,
      including any Definitive Certificates, the last day of the calendar month
      immediately preceding the month in which such Distribution Date
      occurs.

     

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

     

    “Relevant
      Servicing Criteria”: Means the Servicing Criteria applicable to the various
      parties, as set forth on Exhibit
      E
      attached
      hereto. For clarification purposes, multiple parties can have responsibility
      for
      the same Relevant Servicing Criteria. With respect to a Servicing Function
      Participant engaged by the Master Servicer, the Securities Administrator, the
      Trustee or the Servicer, the term “Relevant Servicing Criteria” may refer to a
      portion of the Relevant Servicing Criteria applicable to such
      parties.

     

    “Relief
      Act”: The Servicemembers Civil Relief Act, as amended, or similar state or local
      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 Due Period as a result of the application of the
      Relief Act.

     

    “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
      Mortgage Loan Purchase Agreement (including any security interest created
      thereby), and (v) the Collection Accounts, the Distribution Account 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 (i) 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; (ii) the Reserve Fund and any amounts on deposit therein
      from
      time to time and any proceeds thereof; (iii) the Swap Agreement; and (iv) the
      Supplemental Interest Trust.

     

    “REMIC
      I
      Group IA Regular Interests”: REMIC I Regular Interest A-I and REMIC I Regular
      Interest I-1-A through REMIC I Regular Interest I-44-B as designated in the
      Preliminary Statement hereto.

     

    “REMIC
      I
      Group IB Regular Interests”: REMIC I Regular Interest A-II and REMIC I Regular
      Interest II-1-A through REMIC I Regular Interest II-44-B as designated in the
      Preliminary Statement hereto.

     

    “REMIC
      I
      Group II Regular Interests”: REMIC I Regular Interest A-III and REMIC I Regular
      Interest III-1-A through REMIC I Regular Interest III-44-B as designated in
      the
      Preliminary Statement hereto.

     

    “REMIC
      I
      Regular Interest”: Any of the 269 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 Balance as set forth in
      the
      Preliminary Statement hereto. 

     

    “REMIC
      I
      Remittance Rate”:
      With
      respect to REMIC I Regular Interest A-I, a per annum rate equal to the weighted
      average of the Net Mortgage Rates of the Group IA Mortgage Loans. With respect
      to each REMIC I Group IA Regular Interest ending with the designation “A”, a per
      annum rate equal to the weighted average of the Net Mortgage Rates of the Group
      IA Mortgage Loans multiplied by 2, subject to a maximum rate of 10.56%. With
      respect to each REMIC I Group IA 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 of the Net Mortgage Rates of the Group IA
      Mortgage Loans over (ii) 10.56% and (y) 0.00%. With respect to REMIC I Regular
      Interest A-II, a per annum rate equal to the weighted average of the Net
      Mortgage Rates of the Group IB Mortgage Loans. With respect to each REMIC I
      Group IB Regular Interest ending with the designation “A”, a per annum rate
      equal to the weighted average of the Net Mortgage Rates of the Group IB Mortgage
      Loans multiplied by 2, subject to a maximum rate of 10.56%. With respect to
      each
      REMIC I Group IB 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 of the Net Mortgage Rates of the Group IB Mortgage Loans over
      (ii) 10.56% and (y) 0.00%. With respect to REMIC I Regular Interest A-III,
      a per
      annum rate equal to the weighted average of the Net Mortgage Rates of the Group
      II Mortgage Loans. With respect to each REMIC I Group II Regular Interest ending
      with the designation “A”, a per annum rate equal to the weighted average of the
      Net Mortgage Rates of the Group II Mortgage Loans multiplied by 2, subject
      to a
      maximum rate of 10.56%. With respect to each REMIC I Group II 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 of the Net
      Mortgage Rates of the Group II Mortgage Loans over (ii) 10.56% and (y) 0.00%.
      With respect to REMIC I Regular Interest P, 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
      Regular Interests 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 equal to (a) the product of (i) 50% of the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties then outstanding and (ii)
      the
      REMIC II Remittance Rate for REMIC II Regular Interest AA minus the Marker
      Rate,
      divided by (b) 12.

     

    “REMIC
      II
      Marker Allocation Percentage”: 50% of any amount payable or loss attributable
      from the Mortgage Loans, which shall be allocated to REMIC II Regular Interest
      AA, REMIC II Regular Interest A-1A, REMIC II Regular Interest A-1B, REMIC II
      Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest
      A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC
      II
      Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest
      M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II
      Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest
      M-10, REMIC II Regular Interest M-11, REMIC II Regular Interest ZZ and REMIC
      II
      Regular Interest P.

     

    “REMIC
      II
      Overcollateralization Amount”: With respect to any date of determination, (i)
      0.50% of the aggregate Uncertificated Balances of the REMIC II Regular Interests
      (other than REMIC II Regular Interest P) minus (ii) the aggregate of the
      Uncertificated Balances of REMIC II Regular Interest A-1A, REMIC II Regular
      Interest A-1B, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B,
      REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular
      Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3,
      REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular
      Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8,
      REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II
      Regular Interest M-11, 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 (a) the product of (i) 50% of the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties then outstanding and (ii)
      1
      minus a fraction, the numerator of which is two times the aggregate of the
      Uncertificated Balances of REMIC II Regular Interest A-1A, REMIC II Regular
      Interest A-1B, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B,
      REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular
      Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3,
      REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular
      Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8,
      REMIC II Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular
      Interest M-11 and the denominator of which is the aggregate of the
      Uncertificated Balances of REMIC II Regular Interest A-1A, REMIC II Regular
      Interest A-1B, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B,
      REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular
      Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3,
      REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular
      Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8,
      REMIC II Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular
      Interest M-11 and REMIC II Regular Interest ZZ.

     

    “REMIC
      II
      Regular Interest”: Any of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a “regular interest” in
      REMIC II. Each REMIC II Regular Interest shall accrue interest at the related
      REMIC II 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 Balance as set forth in
      the
      Preliminary Statement hereto. The designations for the respective REMIC II
      Regular Interests are set forth in the Preliminary Statement
      hereto.

     

    “REMIC
      II
      Regular Interest AA”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest AA shall accrue interest at the related
      REMIC II 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 Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest A-1A”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest A-1A shall accrue interest
      at
      the related REMIC II 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 Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest A-1B”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest A-1B shall accrue interest
      at
      the related REMIC II 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 Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest A-2A”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest A-2A shall accrue interest
      at
      the related REMIC II 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 Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest A-2B”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest A-2B shall accrue interest
      at
      the related REMIC II 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 Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest A-2C”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest A-2C shall accrue interest
      at
      the related REMIC II 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 Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest A-2D”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest A-2D shall accrue interest
      at
      the related REMIC II 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 Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest IO”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest IO shall accrue interest at the related
      REMIC II Remittance Rate in effect from time to time and shall not be entitled
      to distributions of principal. 

     

    “REMIC
      II
      Regular Interest M-1”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest M-1 shall accrue interest at the related
      REMIC II 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 Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-2”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest M-2 shall accrue interest at the related
      REMIC II 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 Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-3”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest M-3 shall accrue interest at the related
      REMIC II 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 Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-4”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest M-4 shall accrue interest at the related
      REMIC II 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 Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-5”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest M-5 shall accrue interest at the related
      REMIC II 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 Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-6”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest M-6 shall accrue interest at the related
      REMIC II 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 Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-7”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest M-7 shall accrue interest at the related
      REMIC II 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 Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-8”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest M-8 shall accrue interest at the related
      REMIC II 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 Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-9”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest M-9 shall accrue interest at the related
      REMIC II 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 Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-10”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest M-10 shall accrue interest
      at
      the related REMIC II 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 Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest M-11”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest M-11 shall accrue interest
      at
      the related REMIC II 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 Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest P”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest P shall accrue interest at the related
      REMIC
      II 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 Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest XX”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest XX shall accrue interest at the related
      REMIC II 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 Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest ZZ”: One of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a Regular Interest
      in
      REMIC II. REMIC II Regular Interest ZZ shall accrue interest at the related
      REMIC II 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 Balance as set forth in
      the
      Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest IA-SUB”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest IA-SUB shall accrue interest
      at
      the related REMIC II 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 Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest IA-GRP”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest IA-GRP shall accrue interest
      at
      the related REMIC II 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 Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest IB-SUB”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest IB-SUB shall accrue interest
      at
      the related REMIC II 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 Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest IB-GRP”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest IB-GRP shall accrue interest
      at
      the related REMIC II 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 Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest II-GRP”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest II-GRP shall accrue interest
      at
      the related REMIC II 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 Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Regular Interest II-SUB”: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest II-SUB shall accrue interest
      at
      the related REMIC II 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 Balance
      as
      set forth in the Preliminary Statement hereto.

     

    “REMIC
      II
      Remittance Rate”: With respect to REMIC II Regular Interest AA, REMIC II Regular
      Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular Interest A-2A,
      REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular
      Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2,
      REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular
      Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7,
      REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular
      Interest M-10, REMIC II Regular Interest M-11, REMIC II Regular Interest ZZ,
      REMIC II Regular Interest IA-SUB, REMIC II Regular Interest IB-SUB, REMIC II
      Regular Interest II-SUB and REMIC II Regular Interest XX, a per annum rate
      (but
      not less than zero) equal to the weighted average of: (w) with respect to REMIC
      I Regular Interest A-I, REMIC I Regular Interest A-II and REMIC I Regular
      Interest A-III, the REMIC I Remittance Rate for each such REMIC I Regular
      Interest for each such Distribution Date, (x) with respect to each REMIC I
      Regular Interest 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 Balances of such REMIC I Regular Interests for
      each
      such Distribution Date and (y) 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 Balances of each such REMIC
      I
      Regular Interest for each such Distribution Date:

    

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-44-A

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

            
	 	
              II-1-A
                through II-44-A

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

            
	 	
              III-1-A
                through III-44-A

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

            
	
              2

            	
              I-2-A
                through I-44-A

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

            
	 	
              II-2-A
                through II-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate REMIC I Remittance
                Rate

            
	 	
              III-2-A
                through III-44-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate REMIC I Remittance
                Rate

            
	 	
              I-1-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A

            	
              REMIC
                I Remittance Rate

            
	
              3

            	
              I-3-A
                through I-44-A

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

            
	 	
              II-3-A
                through II-44-A

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

            
	 	
              III-3-A
                through III-44-A

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

            
	 	
              I-1-A
                and I-2-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                and II-2-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                and III-2-A

            	
              REMIC
                I Remittance Rate

            
	
              4

            	
              I-4-A
                through I-44-A

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

            
	 	
              II-4-A
                through II-44-A

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

            
	 	
              III-4-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-3-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-3-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-3-A

            	
              REMIC
                I Remittance Rate

            
	
              5

            	
              I-5-A
                through I-44-A

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

            
	 	
              II-5-A
                through II-44-A

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

            
	 	
              III-5-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-4-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-4-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-4-A

            	
              REMIC
                I Remittance Rate

            
	
              6

            	
              I-6-A
                through I-44-A

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

            
	 	
              II-6-A
                through II-44-A

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

            
	 	
              III-6-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-5-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-5-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-5-A

            	
              REMIC
                I Remittance Rate

            
	
              7

            	
              I-7-A
                through I-44-A

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

            
	 	
              II-7-A
                through II-44-A

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

            
	 	
              III-7-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-6-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-6-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              II-1-A
                through II-6-A

            	
              REMIC
                I Remittance Rate

            
	
              8

            	
              I-8-A
                through I-44-A

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

            
	 	
              II-8-A
                through II-44-A

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

            
	 	
              III-8-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-7-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-7-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-7-A

            	
              REMIC
                I Remittance Rate

            
	
              9

            	
              I-9-A
                through I-44-A

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

            
	 	
              II-9-A
                through II-44-A

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

            
	 	
              III-9-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-8-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-8-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-8-A

            	
              REMIC
                I Remittance Rate

            
	
              10

            	
              I-10-A
                through I-44-A

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

            
	 	
              II-10-A
                through II-44-A

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

            
	 	
              III-10-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-9-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-9-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-9-A

            	
              REMIC
                I Remittance Rate

            
	
              11

            	
              I-11-A
                through I-44-A

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

            
	 	
              II-11-A
                through II-44-A

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

            
	 	
              III-11-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-10-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-10-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-10-A

            	
              REMIC
                I Remittance Rate

            
	
              12

            	
              I-12-A
                through I-44-A

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

            
	 	
              II-12-A
                through II-44-A

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

            
	 	
              III-12-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-11-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-11-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-11-A

            	
              REMIC
                I Remittance Rate

            
	
              13

            	
              I-13-A
                through I-44-A

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

            
	 	
              II-13-A
                through II-44-A

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

            
	 	
              III-13-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-12-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-12-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-12-A

            	
              REMIC
                I Remittance Rate

            
	
              14

            	
              I-14-A
                through I-44-A

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

            
	 	
              II-14-A
                through II-44-A

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

            
	 	
               

              III-14-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-13-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-13-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-13-A

            	
              REMIC
                I Remittance Rate

            
	
              15

            	
              I-15-A
                through I-44-A

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

            
	 	
              II-15-A
                through II-44-A

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

            
	 	
              III-15-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-14-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-14-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-14-A

            	
              REMIC
                I Remittance Rate

            
	
              16

            	
              I-16-A
                through I-44-A

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

            
	 	
              II-16-A
                through II-44-A

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

            
	 	
              III-16-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-15-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-15-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-15-A

            	
              REMIC
                I Remittance Rate

            
	
              17

            	
              I-17-A
                through I-44-A

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

            
	 	
              II-17-A
                through II-44-A

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

            
	 	
              III-17-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-16-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-16-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-16-A

            	
              REMIC
                I Remittance Rate

            
	
              18

            	
              I-18-A
                through I-44-A

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

            
	 	
              II-18-A
                through II-44-A

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

            
	 	
              III-18-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-17-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-17-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-17-A

            	
              REMIC
                I Remittance Rate

            
	
              19

            	
              I-19-A
                through I-44-A

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

            
	 	
              II-19-A
                through II-44-A

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

            
	 	
              III-19-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-18-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-18-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-18-A

            	
              REMIC
                I Remittance Rate

            
	
              20

            	
              I-20-A
                through I-44-A

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

            
	 	
              II-20-A
                through II-44-A

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

            
	 	
              III-20-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-19-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-19-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-19-A

            	
              REMIC
                I Remittance Rate

            
	
              21

            	
              I-21-A
                through I-44-A

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

            
	 	
              II-21-A
                through II-44-A

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

            
	 	
              III-21-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-20-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-20-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-20-A

            	
              REMIC
                I Remittance Rate

            
	
              22

            	
              I-22-A
                through I-44-A

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

            
	 	
              II-22-A
                through II-44-A

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

            
	 	
              III-22-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-21-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-21-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-21-A

            	
              REMIC
                I Remittance Rate

            
	
              23

            	
              I-23-A
                through I-44-A

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

            
	 	
              II-23-A
                through II-44-A

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

            
	 	
              III-23-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-22-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-22-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-22-A

            	
              REMIC
                I Remittance Rate

            
	
              24

            	
              I-24-A
                through I-44-A

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

            
	 	
              II-24-A
                through II-44-A

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

            
	 	
              III-24-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-23-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-23-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-23-A

            	
              REMIC
                I Remittance Rate

            
	
              25

            	
              I-25-A
                through I-44-A

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

            
	 	
              II-25-A
                through II-44-A

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

            
	 	
              III-25-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-24-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-24-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-24-A

            	
              REMIC
                I Remittance Rate

            
	
              26

            	
              I-26-A
                through I-44-A

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

            
	 	
              II-26-A
                through II-44-A

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

            
	 	
              III-26-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-25-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-25-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-25-A

            	
              REMIC
                I Remittance Rate

            
	
              27

            	
              I-27-A
                through I-44-A

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

            
	 	
              II-27-A
                through II-44-A

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

            
	 	
              III-27-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-26-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-26-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-26-A

            	
              REMIC
                I Remittance Rate

            
	
              28

            	
              I-28-A
                through I-44-A

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

            
	 	
              II-28-A
                through II-44-A

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

            
	 	
              III-28-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-27-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-27-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-27-A

            	
              REMIC
                I Remittance Rate

            
	
              29

            	
              I-29-A
                through I-44-A

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

            
	 	
              II-29-A
                through II-44-A

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

            
	 	
              III-29-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-28-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-28-A

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

            
	 	
              III-1-A
                through III-28-A

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

            
	
              30

            	
              I-30-A
                through I-44-A

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

            
	 	
              II-30-A
                through II-44-A

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

            
	 	
              III-30-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-29-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-29-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-29-A

            	
              REMIC
                I Remittance Rate

            
	
              31

            	
              I-31-A
                through I-44-A

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

            
	 	
              II-31-A
                through II-44-A

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

            
	 	
              III-31-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-30-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-30-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-30-A

            	
              REMIC
                I Remittance Rate

            
	
              32

            	
              I-32-A
                through I-44-A

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

            
	 	
              II-32-A
                through II-44-A

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

            
	 	
              III-32-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-31-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-31-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-31-A

            	
              REMIC
                I Remittance Rate

            
	
              33

            	
              I-33-A
                through I-44-A

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

            
	 	
              II-33-A
                through II-44-A

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

            
	 	
              III-33-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-32-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-32-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-32-A

            	
              REMIC
                I Remittance Rate

            
	
              34

            	
              I-34-A
                through I-44-A

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

            
	 	
              II-34-A
                through II-44-A

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

            
	 	
              III-34-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-33-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-33-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-33-A

            	
              REMIC
                I Remittance Rate

            
	
              35

            	
              I-35-A
                through I-44-A

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

            
	 	
              II-35-A
                through II-44-A

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

            
	 	
              III-35-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-34-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-34-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-34-A

            	
              REMIC
                I Remittance Rate

            
	
              36

            	
              I-36-A
                through I-44-A

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

            
	 	
              II-36-A
                through II-44-A

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

            
	 	
              III-36-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-35-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-35-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-35-A

            	
              REMIC
                I Remittance Rate

            
	
              37

            	
              I-37-A
                through I-44-A

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

            
	 	
              II-37-A
                through II-44-A

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

            
	 	
              III-37-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-36-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-36-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-36-A

            	
              REMIC
                I Remittance Rate

            
	
              38

            	
              I-38-A
                through I-44-A

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

            
	 	
              II-38-A
                through II-44-A

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

            
	 	
              III-38-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-37-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-37-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-37-A

            	
              REMIC
                I Remittance Rate

            
	
              39

            	
              I-39-A
                through I-44-A

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

            
	 	
              II-39-A
                through II-44-A

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

            
	 	
              III-39-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-38-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-38-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-38-A

            	
              REMIC
                I Remittance Rate

            
	
              40

            	
              I-40-A
                through I-44-A

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

            
	 	
              II-40-A
                through II-44-A

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

            
	 	
              III-40-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-39-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-39-A

            	
              REMIC
                I Remittance Rate

            
	
              41

            	
              I-41-A
                through I-44-A

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

            
	 	
              II-41-A
                through II-44-A

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

            
	 	
              III-41-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-40-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-40-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-40-A

            	
              REMIC
                I Remittance Rate

            
	
              42

            	
              I-42-A
                through I-44-A

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

            
	 	
              II-42-A
                through II-44-A

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

            
	 	
              III-42-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-41-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-41-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-41-A

            	
              REMIC
                I Remittance Rate

            
	
              43

            	
              I-43-A
                through I-44-A

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

            
	 	
              II-43-A
                through II-44-A

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

            
	 	
              III-43-A
                through III-44-A

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

            
	 	
              I-1-A
                through I-42-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-42-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-42-A

            	
              REMIC
                I Remittance Rate

            
	
              44

            	
              I-44-A

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

            
	 	
              II-44-A

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

            
	 	
              III-44-A

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

            
	 	
              I-1-A
                through I-43-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-43-A

            	
              REMIC
                I Remittance Rate

            
	 	
               

              III-1-A
                through III-43-A

            	
              REMIC
                I Remittance Rate

            
	
              thereafter

            	
              I-1-A
                through I-44-A

            	
              REMIC
                I Remittance Rate

            
	 	
              II-1-A
                through II-44-A

            	
              REMIC
                I Remittance Rate

            
	 	
              III-1-A
                through III-44-A

            	
              REMIC
                I Remittance Rate

            

    

    

    With
      respect to REMIC II Regular Interest IA-GRP, a per annum rate (but not less
      than
      zero) equal to the weighted average of: (w) with respect to REMIC I Regular
      Interest A-I, the REMIC I Remittance Rate for such REMIC 1 Regular Interest
      for
      each such Distribution Date, (x) with respect to REMIC I Group IA 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 Balances of each such REMIC I Regular Interest for each
      such
      Distribution Date and (y) with respect to REMIC I Group IA Regular Interests
      ending with the designation “A”, for each Distribution Date listed below, the
      weighted average of the rates listed below for such REMIC I Regular Interests
      listed below, weighted on the basis of the Uncertificated Balances of each
      such
      REMIC I Regular Interest for each such Distribution Date:

     

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-44-A

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

            
	 	 	 
	
              2

            	
              I-2-A
                through I-44-A

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

            
	 	
              I-1-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              3

            	
              I-3-A
                through I-44-A

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

            
	 	
              I-1-A
                and I-2-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              4

            	
              I-4-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-3-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              5

            	
              I-5-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-4-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              6

            	
              I-6-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-5-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              7

            	
              I-7-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-6-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              8

            	
              I-8-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-7-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              9

            	
              I-9-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-8-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              10

            	
              I-10-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-9-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              11

            	
              I-11-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-10-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              12

            	
              I-12-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-11-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              13

            	
              I-13-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-12-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              14

            	
              I-14-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-13-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              15

            	
              I-15-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-14-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              16

            	
              I-16-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-15-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              17

            	
              I-17-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-16-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              18

            	
              I-18-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-17-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              19

            	
              I-19-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-18-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              20

            	
              I-20-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-19-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              21

            	
              I-21-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-20-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              22

            	
              I-22-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-21-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              23

            	
              I-23-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-22-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              24

            	
              I-24-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-23-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              25

            	
              I-25-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-24-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              26

            	
              I-26-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-25-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              27

            	
              I-27-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-26-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              28

            	
              I-28-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-27-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              29

            	
              I-29-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-28-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              30

            	
              I-30-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-29-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              31

            	
              I-31-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-30-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              32

            	
              I-32-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-31-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              33

            	
              I-33-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-32-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              34

            	
              I-34-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-33-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              35

            	
              I-35-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-34-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              36

            	
              I-36-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-35-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              37

            	
              I-37-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-36-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              38

            	
              I-38-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-37-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              39

            	
              I-39-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-38-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              40

            	
              I-40-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              41

            	
              I-41-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-40-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              42

            	
              I-42-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-41-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              43

            	
              I-43-A
                through I-44-A

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

            
	 	
              I-1-A
                through I-42-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              44

            	
              I-44-A

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

            
	 	
              I-1-A
                through I-43-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              thereafter

            	
              I-1-A
                through I-44-A

            	
              REMIC
                I Remittance Rate

            

    

    

    With
      respect to REMIC II Regular Interest IB-GRP, a per annum rate (but not less
      than
      zero) equal to the weighted average of: (w) with respect to REMIC I Regular
      Interest A-II, the REMIC I Remittance Rate for such REMIC 1 Regular Interest
      for
      each such Distribution Date, (x) with respect to REMIC I Group IB 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 Balances of each such REMIC I Regular Interest for each
      such
      Distribution Date and (y) with respect to REMIC I Group IB Regular Interests
      ending with the designation “A”, for each Distribution Date listed below, the
      weighted average of the rates listed below for such REMIC I Regular Interests
      listed below, weighted on the basis of the Uncertificated Balances of each
      such
      REMIC I Regular Interest for each such Distribution Date:

     

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interest

            	
              Rate

            
	
              1

            	
              II-1-A
                through II-44-A

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

            
	 	 	 
	
              2

            	
              II-2-A
                through II-44-A

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

            
	 	
              II-1-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              3

            	
              II-3-A
                through II-44-A

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

            
	 	
              II-1-A
                and II-2-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              4

            	
              II-4-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-3-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              5

            	
              II-5-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-4-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              6

            	
              II-6-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-5-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              7

            	
              II-7-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-6-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              8

            	
              II-8-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-7-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              9

            	
              II-9-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-8-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              10

            	
              II-10-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-9-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              11

            	
              II-11-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-10-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              12

            	
              II-12-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-11-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              13

            	
              II-13-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-12-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              14

            	
              II-14-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-13-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              15

            	
              II-15-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-14-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              16

            	
              II-16-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-15-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              17

            	
              II-17-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-16-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              18

            	
              II-18-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-17-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              19

            	
              II-19-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-18-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              20

            	
              II-20-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-19-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              21

            	
              II-21-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-20-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              22

            	
              II-22-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-21-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              23

            	
              II-23-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-22-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              24

            	
              II-24-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-23-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              25

            	
              II-25-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-24-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              26

            	
              II-26-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-25-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              27

            	
              II-27-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-26-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              28

            	
              II-28-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-27-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              29

            	
              II-29-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-28-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              30

            	
              II-30-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-29-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              31

            	
              II-31-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-30-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              32

            	
              II-32-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-31-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              33

            	
              II-33-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-32-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              34

            	
              II-34-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-33-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              35

            	
              II-35-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-34-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              36

            	
              II-36-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-35-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              37

            	
              II-37-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-36-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              38

            	
              II-38-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-37-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              39

            	
              II-39-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-38-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              40

            	
              II-40-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-39-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              41

            	
              II-41-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-40-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              42

            	
              II-42-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-41-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              43

            	
              II-43-A
                through II-44-A

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

            
	 	
              II-1-A
                through II-42-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              44

            	
              II-44

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

            
	 	
              II-1-A
                through II-43-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              thereafter

            	
              II-1-A
                through II-44-A

            	
              REMIC
                I Remittance Rate

            

    

    

    With
      respect to REMIC II Regular Interest II-GRP, a per annum rate (but not less
      than
      zero) equal to the weighted average of: (w) with respect to REMIC I Regular
      Interest A-II, the REMIC I Remittance Rate for such REMIC 1 Regular Interest
      for
      each such Distribution Date, (x) with respect to REMIC I Group II 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 Balances of each such REMIC I Regular Interest for each
      such
      Distribution Date and (y) with respect to REMIC I Group II Regular Interests
      ending with the designation “A”, for each Distribution Date listed below, the
      weighted average of the rates listed below for such REMIC I Regular Interests
      listed below, weighted on the basis of the Uncertificated Balances of each
      such
      REMIC I Regular Interest for each such Distribution Date:

     

    
      	
              Distribution
                Date

            	
              REMIC
                I Regular Interest

            	
              Rate

            
	
              1

            	
              III-1-A
                through III-44-A

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

            
	 	 	 
	
              2

            	
              III-2-A
                through III-44-A

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

            
	 	
              III-1-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              3

            	
              III-3-A
                through III-44-A

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

            
	 	
              III-1-A
                and III-2-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              4

            	
              III-4-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-3-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              5

            	
              III-5-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-4-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              6

            	
              III-6-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-5-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              7

            	
              III-7-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-6-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              8

            	
              III-8-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-7-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              9

            	
              III-9-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-8-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              10

            	
              III-10-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-9-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              11

            	
              III-11-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-10-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              12

            	
              III-12-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-11-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              13

            	
              III-13-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-12-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              14

            	
              III-14-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-13-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              15

            	
              III-15-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-14-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              16

            	
              III-16-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-15-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              17

            	
              III-17-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-16-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              18

            	
              III-18-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-17-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              19

            	
              III-19-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-18-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              20

            	
              III-20-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-19-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              21

            	
              III-21-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-20-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              22

            	
              III-22-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-21-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              23

            	
              III-23-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-22-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              24

            	
              III-24-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-23-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              25

            	
              III-25-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-24-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              26

            	
              III-26-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-25-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              27

            	
              III-27-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-26-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              28

            	
              III-28-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-27-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              29

            	
              III-29-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-28-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              30

            	
              III-30-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-29-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              31

            	
              III-31-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-30-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              32

            	
              III-32-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-31-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              33

            	
              III-33-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-32-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              34

            	
              III-34-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-33-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              35

            	
              III-35-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-34-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              36

            	
              III-36-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-35-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              37

            	
              III-37-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-36-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              38

            	
              III-38-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-37-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              39

            	
              III-39-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-38-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              40

            	
              III-40-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-39-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              41

            	
              III-41-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-40-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              42

            	
              III-42-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-41-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              43

            	
              III-43-A
                through III-44-A

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

            
	 	
              III-1-A
                through III-42-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              44

            	
              III-44

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

            
	 	
              III-1-A
                through III-43-A

            	
              REMIC
                I Remittance Rate

            
	 	 	 
	
              thereafter

            	
              III-1-A
                through III-44-A

            	
              REMIC
                I Remittance Rate

            

    

    

    With
      respect to REMIC II Regular Interest IO, and (i) the first Distribution Date
      through the 44th Distribution Date, the excess of (x) the weighted average
      of
      the REMIC I Remittance Rates for REMIC I Regular Interests including the
      designation “A”, over (y) 2 multiplied by Swap LIBOR and (ii) thereafter, 0.00%.
      With respect to REMIC II Regular Interest P, 0.00%.

     

    “REMIC
      II
      Sub WAC Allocation Percentage”: 50% of any amount payable or loss attributable
      from the Mortgage Loans, which shall be allocated to REMIC II Regular Interest
      IA-SUB, REMIC II Regular Interest IA-GRP, REMIC II Regular Interest IB-SUB,
      REMIC II Regular Interest IB-GRP, REMIC II Regular Interest II-SUB, REMIC II
      Regular Interest II-GRP and REMIC II Regular Interest XX.

     

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

     

    “REMIC
      II
      Required Overcollateralization Amount”: 0.50% of the Required
      Overcollateralization 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 or Class R Certificate.

     

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

     

    “REMIC
      Provisions”: Provisions of the federal income tax law relating to real estate
      mortgage investment conduits, 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 or REMIC II Regular
      Interest.

     

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

     

    “Remittance
      Report”: A report by the Servicer pursuant to Section 5.03(a) of this
      Agreement.

     

    “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 3.21 of this
      Agreement.

     

    “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 10.01 of this Agreement that
      is allocable to such REO Property) or otherwise, net of any portion of such
      amounts (i) payable in respect of the proper operation, management and
      maintenance of such REO Property or (ii) payable or reimbursable to the Servicer
      pursuant to Section 3.21(d) of this Agreement for unpaid Servicing Fees in
      respect of the related Mortgage Loan and unreimbursed Servicing Advances and
      P&I 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 or its nominee on
      behalf of REMIC I through foreclosure or deed-in-lieu of foreclosure, as
      described in Section 3.21 of this Agreement.

     

    “Reportable
      Event”: Has the meaning set forth in Section 5.06(b) of this
      Agreement.

     

    “Required
      Overcollateralization Amount”: With respect to any Distribution Date (i) prior
      to the Stepdown Date, the product of (A) 2.10% and (B) the aggregate principal
      balance of the Mortgage Loans as of the Cut-off Date, (ii) on or after the
      Stepdown Date provided a Trigger Event is not in effect, the greater of (x)
      4.20% of the aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      last day of the related Due Period and (y) an amount equal to the product of
      (A)
      0.50% and (B) the aggregate principal balance of the Mortgage Loans as of the
      Cut-off Date, and (iii) on or after the Stepdown Date and a Trigger Event is
      in
      effect, the Required Overcollateralization Amount for the immediately preceding
      Distribution Date. Notwithstanding the foregoing, on and after any Distribution
      Date following the reduction of the aggregate Certificate Principal Balance
      of
      the Class A Certificates and Mezzanine Certificates to zero, the Required
      Overcollateralization Amount shall be zero.

     

    “Reserve
      Fund”: A fund created pursuant to Section 3.24 which shall be an asset of
      the Trust Fund but which shall not be an asset of any Trust REMIC.

     

    “Reserve
      Interest Rate”: With respect to any Interest Determination Date, the rate per
      annum that the Securities 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 Securities Administrator, after consultation with the Depositor,
      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 Securities Administrator can determine no such arithmetic mean, the
      lowest one-month U.S. dollar lending rate which New York City banks selected
      by
      the Securities 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.

     

    “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, any officer of the Trustee
      having direct responsibility for the administration of this Agreement and,
      with
      respect to a particular matter, to whom such matter is referred because of
      such
      officer’s knowledge of and familiarity with the particular subject.

     

    “Rule
      144A”: As defined in Section 6.01(c).

     

    “S&P”:
      Standard and Poor’s, a division of the McGraw-Hill Companies, Inc.

     

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

     

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

     

    “Scheduled
      Principal Balance”: With respect to any Mortgage Loan: (a) as of the Cut-off
      Date, the outstanding principal balance of such Mortgage Loan as of such date,
      net of the principal portion of all unpaid Monthly Payments, if any, due on
      or
      before such date; (b) as of any Due Date subsequent to the Cut-off Date up
      to
      and including the Due Date in the calendar month in which a Liquidation Event
      occurs with respect to such Mortgage Loan, the Scheduled Principal Balance
      of
      such Mortgage Loan as of the Cut-off Date, minus the sum of (i) the principal
      portion of each Monthly Payment due on or before such Due Date but subsequent
      to
      the Cut-off Date, whether or not received, (ii) all Principal Prepayments
      received before such Due Date but after the Cut-off Date, (iii) the principal
      portion of all Liquidation Proceeds and Insurance Proceeds received before
      such
      Due Date but after the Cut-off Date, net of any portion thereof that represents
      principal due (without regard to any acceleration of payments under the related
      Mortgage and Mortgage Note) on a Due Date occurring on or before the date on
      which such proceeds were received and (iv) any Realized Loss incurred with
      respect thereto as a result of a Deficient Valuation occurring before such
      Due
      Date, but only to the extent such Realized Loss represents a reduction in the
      portion of principal of such Mortgage Loan not yet due (without regard to any
      acceleration of payments under the related Mortgage and Mortgage Note) as of
      the
      date of such Deficient Valuation; and (c) as of any Due Date subsequent to
      the
      occurrence of a Liquidation Event with respect to such Mortgage Loan, zero.
      With
      respect to any REO Property: (a) as of any Due Date subsequent to the date
      of
      its acquisition on behalf of the Trust Fund up to and including the Due Date
      in
      the calendar month in which a Liquidation Event occurs with respect to such
      REO
      Property, an amount (not less than zero) equal to the Scheduled Principal
      Balance of the related Mortgage Loan as of the Due Date in the calendar month
      in
      which such REO Property was acquired, minus the aggregate amount of REO
      Principal Amortization, if any, in respect of REO Property for all previously
      ended calendar months; and (b) as of any Due Date subsequent to the occurrence
      of a Liquidation Event with respect to such REO Property, zero.

     

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

     

    “Securities
      Administrator”: As of the Closing Date, Wells Fargo Bank, National Association
      and thereafter, its respective successors in interest that meet the
      qualifications of this Agreement. The Securities Administrator and the Master
      Servicer shall at all times be the same Person or Affiliates.

     

    “Senior
      Interest Distribution Amount”: With respect to any Distribution Date, an amount
      equal to the sum of (i) the Interest Distribution Amount for such Distribution
      Date for the Class A Certificates and (ii) the Interest Carry Forward Amount,
      if
      any, for such Distribution Date for the Class A Certificates.

     

    “Servicer”:
      Option One, or any successor thereto appointed hereunder in connection with
      the
      servicing and administration of the Mortgage Loans.

     

    “Servicer
      Event of Default”: One or more of the events described in Section 8.01(a)
      of this Agreement.

     

    “Servicer
      Remittance Date”: With respect to any Distribution Date, by 12:00 noon New York
      time on the 22nd
      day of
      the month in which such Distribution Date occurs or if such 22nd
      day of a
      given month is not a business day, the business day immediately preceding such
      22nd
      day.

     

    “Servicer
      Report”: A report (substantially in the form of Schedule 5 hereto) or otherwise
      in form and substance acceptable to the Master Servicer and Securities
      Administrator on an electronic data file or tape prepared by the Servicer
      pursuant to Section 5.03(a) of this Agreement, with such additions,
      deletions and modifications as mutually agreed to by the Master Servicer, the
      Securities Administrator and the Servicer.

     

    “Service(s)(ing)”:
      Means, in accordance with Regulation AB, the act of servicing and administering
      the Mortgage Loans or any other assets of the Trust by an entity that meets
      the
      definition of “servicer’ set forth in Item 1101 of Regulation AB and is subject
      to the disclosure requirements set forth in Item 1108 of Regulation AB. For
      clarification purposes, any uncapitalized occurrence of this term shall have
      the
      meaning commonly understood by participants in the residential mortgage-backed
      securitization market.

     

    “Servicing
      Advances”: The customary and reasonable “out-of-pocket” costs and expenses
      incurred prior to or on or after the Cut-off Date (the amounts incurred prior
      to
      the Cut-off Date shall be identified on the Servicing Advance Schedule by (a)
      the Servicer with respect to any Mortgage Loans that were transferred to the
      Servicer prior to the Cut-off Date and/or (b) the Depositor with respect to
      any
      Mortgage Loans that were transferred to the Servicer after the Cut-off Date,
      as
      applicable) 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 and protection of a Mortgaged Property, (ii) any enforcement or
      judicial proceedings, including but not limited to 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) the performance of its
      obligations under Section 3.01, Section 3.07, Section 3.11,
      Section 3.13 and Section 3.21 of this Agreement and (v) obtaining any
      legal documentation required to be included in the Mortgage File and/or
      correcting any outstanding title issues (i.e., any lien or encumbrance on the
      Mortgaged Property that prevents the effective enforcement of the intended
      lien
      position) reasonably necessary for the Servicer to perform its obligations
      under
      this Agreement. Servicing Advances also include any reasonable “out-of-pocket”
cost and expenses (including legal fees) incurred by the Servicer in connection
      with executing and recording instruments of satisfaction, deeds of reconveyance
      or Assignments to the extent not recovered from the Mortgagor or otherwise
      payable under this Agreement. The Servicer shall not be required to make any
      Nonrecoverable Servicing Advances.

     

    “Servicing
      Advance Schedule”: With respect to any Servicing Advances incurred prior to the
      Cut-off Date, the schedule or schedules provided by (a) the Servicer with
      respect to any Mortgage Loans that were transferred to the Servicer prior to
      the
      Cut-off Date and/or (b) the Depositor with respect to any Mortgage Loans that
      were transferred to the Servicer after the Cut-off Date, as applicable, to
      the
      Master Servicer and, if such schedule is provided by the Depositor, to the
      Servicer, on the date on which the Servicer seeks reimbursement for a Servicing
      Advance made by the Servicer, which schedule or schedules shall contain the
      information set forth on Schedule 6.

     

    “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 and for any calendar month, an amount
      equal to one-twelfth of the product of the Servicing Fee Rate multiplied by
      the
      Scheduled Principal Balance of the Mortgage Loans as of the Due Date in the
      preceding calendar month. The Servicing Fee is payable solely from collections
      of interest on the Mortgage Loans. 

     

    

     

    “Servicing
      Fee Rate”: For the period beginning in (i) May 2006 and ending in February 2007,
      0.30%; (ii) March 2007 and ending in October 2008, 0.40% and (iii) November
      2008
      and thereafter, 0.65%.

     

    “Servicing
      Function Participant”: Means any Sub-Servicer or Subcontractor that is
      determined by the party utilizing such Subcontractor to be “participating in the
      servicing function” within the meaning of Item 1122 of Regulation
      AB.

     

    “Servicing
      Officer”: Any officer of the Servicer or the Master Servicer involved in, or
      responsible for, the administration and servicing of the related Mortgage Loans,
      whose name and specimen signature appear on a list of Servicing Officers
      furnished by the Servicer or the Master Servicer to the Trustee, the Master
      Servicer (in the case of the Servicer), the Securities Administrator and the
      Depositor on the Closing Date, as such list may from time to time be
      amended.

     

    “Single
      Certificate”: With respect to any Class of Certificates (other than 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 Residual Certificates, a hypothetical
      Certificate of such Class evidencing a 100% Percentage Interest in such Class.
      

     

    “Sponsor”:
      DB Structured Products, Inc. or its successor in interest, in its capacity
      as
      seller under the Mortgage Loan Purchase Agreement.

     

    “Startup
      Day”: With respect to each Trust REMIC, the day designated as such pursuant to
      Section 11.01(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 Scheduled Principal Balance of such Mortgage Loan
      as
      of the Cut-off Date, 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 or a successor servicer and distributed pursuant to
      Section 5.01 of this Agreement on or before such date of determination,
      (ii) all Principal Prepayments received after the Cut-off Date, to the extent
      distributed pursuant to Section 5.01 of this Agreement 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 3.13 of this Agreement, to the extent distributed
      pursuant to Section 5.01 of this Agreement 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 or a successor servicer and distributed pursuant to
      Section 5.01 of this Agreement, 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 of this Agreement 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 later to occur of (x) the Distribution
      Date occurring in June 2009 and (y) the first Distribution Date on which the
      Credit Enhancement Percentage (calculated for this purpose only after taking
      into account distributions of principal on the Mortgage Loans, but prior to
      any
      distribution of the Principal Distribution Amount to the holders of the
      Certificates then entitled to distributions of principal on such Distribution
      Date), is greater than or equal to approximately 41.10% and (ii) the first
      Distribution Date following the Distribution Date on which the aggregate
      Certificate Principal Balance of the Class A Certificates has been reduced
      to
      zero.

     

    “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 Trustee, the Custodian or the Securities
      Administrator.

     

    “Subordinate
      Certificates”: Collectively, the Mezzanine Certificates and the Class CE
      Certificates.

     

    “Subsequent
      Recoveries”: As of any Distribution Date, amounts received during the related
      Prepayment Period by the Servicer specifically related to a defaulted Mortgage
      Loan or disposition of an REO Property prior to the related Prepayment Period
      that resulted in a Realized Loss, after the liquidation or disposition of such
      defaulted Mortgage Loan, net of any amounts reimbursable to the Servicer related
      to such Mortgage Loan or REO Property.

     

    “Sub-Servicer”:
      Means any Person that (i) is considered to be a Servicing Function Participant,
      (ii) services Mortgage Loans on behalf of any Servicer, the Master Servicer,
      the
      Securities Administrator or the Trustee, and (iii) is responsible for the
      performance (whether directly or through sub-servicers or Subcontractors) of
      Servicing functions required to be performed under this Agreement or any related
      Sub-Servicing Agreement that are identified in Item 1122(d) of Regulation
      AB.

     

    “Sub-Servicing
      Agreement”: The written contract between the Servicer and a Sub-Servicer
      relating to servicing and administration of certain Mortgage Loans as provided
      in Section 3.02 of this Agreement, as applicable.

     

    “Substitution
      Shortfall Amount”: As defined in Section 2.03 of this
      Agreement.

     

    “Supplemental
      Interest Trust”: The corpus of a trust created pursuant to Section 5.07 of
      this Agreement and designated as the “Supplemental Interest Trust,” consisting
      of the Swap Agreement, the Class IO Interest and the right to receive payments
      in respect of the Class IO Distribution Amount. For the avoidance of doubt,
      the
      Supplemental Interest Trust does not constitute a part of the Trust
      Fund.

     

    “Swap
      Agreement”: The Interest Rate Swap Agreement, dated as of May 25, 2006, between
      the Trustee, on behalf of the Supplemental Interest Trust, and the Swap
      Provider, which agreement provides for Net Swap Payments and Swap Termination
      Payments to be paid, as provided therein, together with any schedules,
      confirmations or other agreements relating thereto. A copy of the Swap Agreement
      is attached hereto as Exhibit
      I.
      

     

    “Swap
      LIBOR”: LIBOR as determined pursuant to the Swap Agreement.

     

    “Swap
      Notional Amount”: For each calculation period as defined in the Swap Agreement,
      the amount set forth below:

     

    
      	
              Distribution
                Date

            	
              Swap
                Notional Amount ($)

            
	
              June
                25, 2006

            	
              1,107,045,226.00

            
	
              July
                25, 2006

            	
              1,089,156,703.00

            
	
              August
                25, 2006

            	
              1,068,321,926.00

            
	
              September
                25, 2006

            	
              1,044,613,426.00

            
	
              October
                25, 2006

            	
              1,018,117,642.00

            
	
              November
                25, 2006

            	
              988,945,108.00

            
	
              December
                25, 2006

            	
              957,230,351.00

            
	
              January
                25, 2007

            	
              923,131,484.00

            
	
              February
                25, 2007

            	
              886,844,088.00

            
	
              March
                25, 2007

            	
              850,078,115.00

            
	
              April
                25, 2007

            	
              814,797,208.00

            
	
              May
                25, 2007

            	
              780,984,579.00

            
	
              June
                25, 2007

            	
              748,578,966.00

            
	
              July
                25, 2007

            	
              717,521,669.00

            
	
              August
                25, 2007

            	
              687,756,444.00

            
	
              September
                25, 2007

            	
              659,229,398.00

            
	
              October
                25, 2007

            	
              631,888,890.00

            
	
              November
                25, 2007

            	
              605,685,440.00

            
	
              December
                25, 2007

            	
              580,571,633.00

            
	
              January
                25, 2008

            	
              556,389,517.00

            
	
              February
                25, 2008

            	
              508,638,203.00

            
	
              March
                25, 2008

            	
              433,736,496.00

            
	
              April
                25, 2008

            	
              370,706,343.00

            
	
              May
                25, 2008

            	
              318,292,939.00

            
	
              June
                25, 2008

            	
              285,469,621.00

            
	
              July
                25, 2008

            	
              272,228,259.00

            
	
              August
                25, 2008

            	
              260,003,917.00

            
	
              September
                25, 2008

            	
              248,339,587.00

            
	
              October
                25, 2008

            	
              237,209,772.00

            
	
              November
                25, 2008

            	
              226,587,543.00

            
	
              December
                25, 2008

            	
              216,449,399.00

            
	
              January
                25, 2009

            	
              206,772,947.00

            
	
              February
                25, 2009

            	
              197,536,841.00

            
	
              March
                25, 2009

            	
              188,720,801.00

            
	
              April
                25, 2009

            	
              180,306,379.00

            
	
              May
                25, 2009

            	
              172,274,201.00

            
	
              June
                25, 2009

            	
              164,606,401.00

            
	
              July
                25, 2009

            	
              157,286,189.00

            
	
              August
                25, 2009

            	
              150,297,556.00

            
	
              September
                25, 2009

            	
              143,625,254.00

            
	
              October
                25, 2009

            	
              137,254,785.00

            
	
              November
                25, 2009

            	
              131,172,229.00

            
	
              December
                25, 2009

            	
              125,364,337.00

            
	
              January
                25, 2010

            	
              119,818,500.00

            
	
              February
                25, 2010

            	
              114,522,696.00

            
	
              March
                25, 2010

            	
              109,465,464.00

            

    

    

     

    “Swap
      Provider”: The swap provider under the Swap Agreement either (a) entitled to
      receive payments from the Supplemental Interest Trust or (b) required to make
      payments to the Supplemental Interest Trust, in either case pursuant to the
      terms of the Swap Agreement, and any successor in interest or assign. Initially,
      the Swap Provider shall be The Royal Bank of Scotland plc.

     

    “Swap
      Provider Trigger Event”: A Swap Provider Trigger Event shall have occurred if
      any of the following has occurred: (i) an Event of Default under the Swap
      Agreement with respect to which the Swap Provider is a Defaulting Party (as
      defined in the Swap Agreement), (ii) a Termination Event under the Swap
      Agreement with respect to which the Swap Provider is the sole Affected Party
      (as
      defined in the Swap Agreement) or (iii) an Additional Termination Event under
      the Swap Agreement with respect to which the Swap Provider is the sole Affected
      Party.

     

    “Swap
      Termination Payment”: Upon the designation of an “Early Termination Date” as
      defined in the Swap Agreement, the payment to be made by the Supplemental
      Interest Trust to the Swap Provider, or by the Swap Provider to the Supplemental
      Interest Trust, as applicable, pursuant to the terms of the Swap
      Agreement.

     

    “Targeted
      Credit Enhancement Test”: With respect to any Distribution Date and (i) the
      Class A-1A Certificates, shall be satisfied if on such Distribution Date the
      percentage obtained by dividing the Certificate Principal Balance of the Class
      A-1A Certificates by the aggregate principal balance of the Group IA Mortgage
      Loans is equal to or greater than 58.90%, (ii) the Class A-1B Certificates,
      shall be satisfied if on such Distribution Date the percentage obtained by
      dividing the Certificate Principal Balance of the Class A-1B Certificates by
      the
      aggregate principal balance of the Group IB Mortgage Loans is equal to or
      greater than 58.90% and (iii) the Class A-2 Certificates, shall be satisfied
      if
      on such Distribution Date the percentage obtained by dividing the sum of the
      Certificate Principal Balances of the Class A-2 Certificates by the aggregate
      principal balance of the Group II Mortgage Loans is equal to or greater than
      58.90%.

     

    “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 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 10.01.

     

    “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 has occurred with respect to a Distribution Date if
      either (x) the Delinquency Percentage exceeds 38.93% of the Credit Enhancement
      Percentage with respect to such Distribution Date or (y) the aggregate amount
      of
      Realized Losses incurred since the Cut-off Date through the last day of the
      related Due Period divided by the aggregate 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 

            	 	
              Percentages

            
	
              June
                2008 to May 2009

            	 	
              1.40%
                plus 1/12 of 1.75% for each month thereafter

            
	
              June
                2009 to May 2010

            	 	
              3.15%
                plus 1/12 of 1.80% for each month thereafter

            
	
              June
                2010 to May 2011

            	 	
              4.95%
                plus 1/12 of 1.45% for each month thereafter

            
	
              June
                2011 to May 2012

            	 	
              6.40%
                plus 1/12 of 0.75% for each month thereafter

            
	
              June
                2012 and thereafter

            	 	
              7.15%

            

    

    

    “Trust”:
      ACE Securities Corp., Home Equity Loan Trust, Series 2006-OP1, the trust created
      hereunder.

     

    “Trust
      Fund”: Collectively, all of the assets of REMIC I, REMIC II, REMIC III and the
      Reserve Fund and any amounts on deposit therein and any proceeds thereof. For
      avoidance of doubt, the Trust Fund does not include the Supplemental Interest
      Trust.

     

    “Trust
      REMIC”: REMIC I, REMIC II or REMIC III.

     

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

     

    “Uncertificated
      Balance”: The amount of the REMIC Regular Interests outstanding as of any date
      of determination. As of the Closing Date, the Uncertificated Balance of each
      REMIC Regular Interest shall equal the amount set forth in the Preliminary
      Statement hereto as its initial uncertificated balance. On each Distribution
      Date, the Uncertificated Balance of the REMIC Regular Interest shall be reduced
      by all distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 5.01 of this Agreement and, if and to
      the extent necessary and appropriate, shall be further reduced on such
      Distribution Date by Realized Losses as provided in Section 5.04 of this
      Agreement and the Uncertificated Balance of REMIC II Regular Interest ZZ shall
      be increased by interest deferrals as provided in Section 5.01 of this
      Agreement. The Uncertificated Balance of each REMIC Regular Interest shall
      never
      be less than zero.

     

    “Uncertificated
      Interest”: With respect to any REMIC Regular Interest for any Distribution Date,
      one month’s interest at the related REMIC Remittance Rate applicable to such
      REMIC Regular Interest for such Distribution Date, accrued on the Uncertificated
      Balance thereof immediately prior to such Distribution Date. Uncertificated
      Interest in respect of the REMIC Regular Interests 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
      payments pursuant to Section 3.22 or Section 4.19 of this Agreement
      and (b) the aggregate amount of any Relief Act Interest Shortfall, if any
      allocated, in each case, to such REMIC Regular Interest or REMIC Regular
      Interest pursuant to Section 1.02 of this Agreement. 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 5.04 of
      this Agreement.

     

    “Uncertificated
      Notional Amount”: With respect to REMIC II Regular Interest IO and each
      Distribution Date listed below, the aggregate Uncertificated 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-44-A, II-1-A through II-44-A and III-1-A through III-44-A
                

            
	
              2

            	
              I-2-A
                through I-44-A, II-2-A through II-44-A and III-2-A through III-44-A
                

            
	
              3

            	
              I-3-A
                through I-44-A, II-3-A through II-44-A and III-3-A through III-44-A
                

            
	
              4

            	
              I-4-A
                through I-44-A, II-4-A through II-44-A and III-4-A through III-44-A
                

            
	
              5

            	
              I-5-A
                through I-44-A, II-5-A through II-44-A and III-5-A through III-44-A
                

            
	
              6

            	
              I-6-A
                through I-44-A, II-6-A through II-44-A and III-6-A through III-44-A
                

            
	
              7

            	
              I-7-A
                through I-44-A, II-7-A through II-44-A and III-7-A through III-44-A
                

            
	
              8

            	
              I-8-A
                through I-44-A, II-8-A through II-44-A and III-8-A through III-44-A
                

            
	
              9

            	
              I-9-A
                through I-44-A, II-9-A through II-44-A and III-9-A through III-44-A
                

            
	
              10

            	
              I-10-A
                through I-44-A, II-10-A through II-44-A and III-10-A through III-44-A
                

            
	
              11

            	
              I-11-A
                through I-44-A, II-11-A through II-44-A and III-11-A through III-44-A
                

            
	
              12

            	
              I-12-A
                through I-44-A, II-12-A through II-44-A and III-12-A through III-44-A
                

            
	
              13

            	
              I-13-A
                through I-44-A, II-13-A through II-44-A and III-13-A through III-44-A
                

            
	
              14

            	
              I-14-A
                through I-44-A, II-14-A through II-44-A and III-14-A through III-44-A
                

            
	
              15

            	
              I-15-A
                through I-44-A, II-15-A through II-44-A and III-15-A through III-44-A
                

            
	
              16

            	
              I-16-A
                through I-44-A, II-16-A through II-44-A and III-16-A through III-44-A
                

            
	
              17

            	
              I-17-A
                through I-44-A, II-17-A through II-44-A and III-17-A through III-44-A
                

            
	
              18

            	
              I-18-A
                through I-44-A, II-18-A through II-44-A and III-18-A through III-44-A
                

            
	
              19

            	
              I-19-A
                through I-44-A, II-19-A through II-44-A and III-19-A through III-44-A
                

            
	
              20

            	
              I-20-A
                through I-44-A, II-20-A through II-44-A and III-20-A through III-44-A
                

            
	
              21

            	
              I-21-A
                through I-44-A, II-21-A through II-44-A and III-21-A through III-44-A
                

            
	
              22

            	
              I-22-A
                through I-44-A, II-22-A through II-44-A and III-22-A through III-44-A
                

            
	
              23

            	
              I-23-A
                through I-44-A, II-23-A through II-44-A and III-23-A through III-44-A
                

            
	
              24

            	
              I-24-A
                through I-44-A, II-24-A through II-44-A and III-24-A through III-44-A
                

            
	
              25

            	
              I-25-A
                through I-44-A, II-25-A through II-44-A and III-25-A through III-44-A
                

            
	
              26

            	
              I-26-A
                through I-44-A, II-26-A through II-44-A and III-26-A through III-44-A
                

            
	
              27

            	
              I-27-A
                through I-44-A, II-27-A through II-44-A and III-27-A through III-44-A
                

            
	
              28

            	
              I-28-A
                through I-44-A, II-28-A through II-44-A and III-28-A through III-44-A
                

            
	
              29

            	
              I-29-A
                through I-44-A, II-29-A through II-44-A and III-29-A through III-44-A
                

            
	
              30

            	
              I-30-A
                through I-44-A, II-30-A through II-44-A and III-30-A through III-44-A
                

            
	
              31

            	
              I-31-A
                through I-44-A, II-31-A through II-44-A and III-31-A through III-44-A
                

            
	
              32

            	
              I-32-A
                through I-44-A, II-32-A through II-44-A and III-32-A through III-44-A
                

            
	
              33

            	
              I-33-A
                through I-44-A, II-33-A through II-44-A and III-33-A through III-44-A
                

            
	
              34

            	
              I-34-A
                through I-44-A, II-34-A through II-44-A and III-34-A through III-44-A
                

            
	
              35

            	
              I-35-A
                through I-44-A, II-35-A through II-44-A and III-35-A through III-44-A
                

            
	
              36

            	
              I-36-A
                through I-44-A, II-36-A through II-44-A and III-36-A through III-44-A
                

            
	
              37

            	
              I-37-A
                through I-44-A, II-37-A through II-44-A and III-37-A through III-44-A
                

            
	
              38

            	
              I-38-A
                through I-44-A, II-38-A through II-44-A and III-38-A through III-44-A
                

            
	
              39

            	
              I-39-A
                through I-44-A, II-39-A through II-44-A and III-39-A through III-44-A
                

            
	
              40

            	
              I-40-A
                through I-44-A, II-40-A through II-44-A and III-40-A through III-44-A
                

            
	
              41

            	
              I-41-A
                through I-44-A, II-41-A through II-44-A and III-41-A through III-44-A
                

            
	
              42

            	
              I-42-A
                through I-44-A, II-42-A through II-44-A and III-42-A through III-44-A
                

            
	
              43

            	
              I-43-A
                through I-44-A, II-43-A through II-44-A and III-43-A through III-44-A
                

            
	
              44

            	
              I-44-A,
                II-44-A and III-44-A

            
	
              thereafter

            	
              $0.00

            

    

    

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

     

    “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 3.11 of this
      Agreement.

     

    “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 or any political subdivision thereof (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 any Class R Certificate, 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 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 I 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.

     

    “Value”:
      With respect to any Mortgaged Property, the lesser of (i) the lesser of (a)
      the
      value thereof as determined by an appraisal made for the related originator
      of
      the Mortgage Loan at the time of origination of the Mortgage Loan by an
      appraiser who met the minimum requirements of Fannie Mae and Freddie Mac and
      (b)
      the value thereof as determined by a review appraisal conducted by the related
      originator of the Mortgage Loan in accordance with the related originator’s
      underwriting guidelines, and (ii) the purchase price paid for the related
      Mortgaged Property by the Mortgagor with the proceeds of the Mortgage Loan;
      provided, however, (A) in the case of a Refinanced Mortgage Loan, such value
      of
      the Mortgaged Property is based solely upon the lesser of (1) the value
      determined by an appraisal made for the related originator of the Mortgage
      Loan
      of such Refinanced Mortgage Loan at the time of origination of such Refinanced
      Mortgage Loan by an appraiser who met the minimum requirements of Fannie Mae
      and
      Freddie Mac and (2) the value thereof as determined by a review appraisal
      conducted by the related originator of the Mortgage Loan in accordance with
      the
      related originator’s underwriting guidelines, and (B) in the case of a Mortgage
      Loan originated in connection with a “lease-option purchase,” such value of the
      Mortgaged Property is based on the lower of the value determined by an appraisal
      made for the originator of such Mortgage Loan at the time of origination or
      the
      sale price of such Mortgaged Property if the “lease option purchase price” was
      set less than twelve (12) months prior to origination, and is based on the
      value
      determined by an appraisal made for the related originator of such Mortgage
      Loan
      at the time of origination if the “lease option purchase price” was set twelve
      (12) months or more prior to origination.

     

    “Verification
      Report”: As defined in Section 4.19. 

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any such 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 among the
      holders of the Class P Certificates and 1% of all Voting Rights will be
      allocated among the holders of the Class R 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, National Association in its capacity as the Custodian
      under the Custodial Agreement or any successor thereto.

     

    SECTION
      1.02.  Allocation
      of Certain Interest Shortfalls.

     

    For
      purposes of calculating the amount of Accrued Certificate Interest and the
      amount of the Interest Distribution 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 payments by the Servicer pursuant to Section 3.22 of this
      Agreement or by the Master Servicer pursuant to Section 4.19 of this
      Agreement) and any Relief Act Interest Shortfalls incurred in respect of the
      Mortgage Loans for any Distribution Date shall be allocated first, to the Class
      CE Certificates, second, to the Class M-11 Certificates, third, to the Class
      M-10 Certificates, fourth, to the Class M-9 Certificates, fifth, to the Class
      M-8 Certificates, sixth, to the Class M-7 Certificates, seventh, to the Class
      M-6 Certificates, eighth, to the Class M-5 Certificates, ninth, to the Class
      M-4
      Certificates, tenth, to the Class M-3 Certificates, eleventh, to the Class
      M-2
      Certificates, twelfth, to the Class M-1 Certificates and thirteenth, to the
      Class A Certificates, on a pro
      rata
      basis,
      in each case 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 or Notional Amount, as applicable, of each such Certificate and (2)
      the
      aggregate amount of any Realized Losses allocated to the Mezzanine Certificates
      and Net WAC Rate Carryover Amounts paid to the Class A Certificates and the
      Mezzanine Certificates incurred for any Distribution Date shall be allocated
      to
      the Class CE 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
      or
      Notional Amount thereof, as applicable.

     

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      I
      Group IA 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 3.22 of this Agreement or the Master Servicer
      pursuant to Section 4.19 of this Agreement) and any Relief Act Interest
      Shortfalls incurred in respect of Group IA Mortgage Loans shall be allocated
      first, to REMIC I Regular Interest A-I and to the REMIC I Group IA 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 Principal Balances
      of
      each such REMIC I Regular Interest, and then, to REMIC I Group IA 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
      I
      Group IB 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 3.22 of this Agreement or the Master Servicer
      pursuant to Section 4.19 of this Agreement) and any Relief Act Interest
      Shortfalls incurred in respect of Group IB Mortgage Loans shall be allocated
      first, to REMIC I Regular Interest A-II and to the REMIC I Group IB 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 Principal Balances
      of
      each such REMIC I Regular Interest , and then, to REMIC I Group IB 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
      I
      Group II 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 3.22 of this Agreement or the Master Servicer
      pursuant to Section 4.19 of this Agreement) and any Relief Act Interest
      Shortfalls incurred in respect of Group II Mortgage Loans shall be allocated
      first, to REMIC I Regular Interest A-III and to the REMIC I Group II 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 Principal Balances
      of
      each such REMIC I Regular Interest, and then, to REMIC I Group II 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:

     

    (A) The
      REMIC
      II Marker Allocation Percentage of the aggregate amount of any Prepayment
      Interest Shortfalls (to the extent not covered by payments by the Servicer
      pursuant to Section 3.22 of this Agreement or the Master Servicer pursuant
      to Section 4.19 of this Agreement) and the REMIC II Marker Allocation
      Percentage of any Relief Act Interest Shortfalls incurred in respect of the
      Mortgage Loans for any Distribution Date shall be allocated among REMIC II
      Regular Interest AA, REMIC II Regular Interest A-1A, REMIC II Regular Interest
      A-1B, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC
      II
      Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest
      M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II
      Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest
      M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II
      Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest
      M-11 and REMIC II Regular Interest ZZ pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC II Remittance Rate on the respective Uncertificated Balance of each such
      REMIC II Regular Interest; and

     

    (B) The
      REMIC
      II Sub WAC Allocation Percentage of the aggregate amount of any Prepayment
      Interest Shortfalls (to the extent not covered by payments by the Servicer
      pursuant to Section 3.22 of this Agreement or by the Master Servicer
      pursuant to Section 4.19 of this Agreement) and the REMIC II Sub WAC
      Allocation Percentage of any Relief Act Interest Shortfalls incurred in respect
      of the Mortgage Loans for any Distribution Date shall be allocated first, to
      Uncertificated Interest payable to REMIC II Regular Interest IA-SUB, REMIC
      II
      Regular Interest IA-GRP, REMIC II Regular Interest IB-SUB, REMIC II Regular
      Interest IB-GRP, REMIC II Regular Interest II-SUB, REMIC II Regular Interest
      II-GRP and REMIC II Regular Interest XX, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC II Remittance Rate on the respective Uncertificated Balance of each such
      REMIC II Regular Interest.

     

    

    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, on behalf of
      the
      Trust, 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
      Mortgage Loan Purchase Agreement (including, without limitation the right to
      enforce the obligations of the other parties thereto thereunder), the right
      to
      any Net Swap Payment and any Swap Termination Payment made by the Swap Provider
      and all other assets included or to be included in REMIC I. Such assignment
      includes all interest and principal received by the Depositor and 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). A copy
      of
      the Mortgage Loan Purchase Agreement is attached hereto.

     

    In
      connection with such transfer and assignment, the Depositor does hereby deliver
      to, and deposit with the Custodian pursuant to the Custodial Agreement the
      documents with respect to each Mortgage Loan as described under Section 2
      of the Custodial Agreement (the “Mortgage Loan Documents”). In connection with
      such delivery and as further described in the Custodial Agreement, the Custodian
      will be required to review such Mortgage Loan Documents and deliver to the
      Trustee, the Depositor, the Servicer and the Sponsor certifications (in the
      forms attached to the Custodial Agreement) with respect to such review with
      exceptions noted thereon. In addition, under the Custodial Agreement the
      Depositor will be required to cure certain defects with respect to the Mortgage
      Loan Documents for the related Mortgage Loans after the delivery thereof by
      the
      Depositor to the Custodian as more particularly set forth therein.

     

    Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      the functions of the Trustee with respect to the custody, acceptance, inspection
      and release of the Mortgage Files, including, but not limited to certain
      insurance policies and documents contemplated by Section 4.11 of this
      Agreement, and preparation and delivery of the certifications shall be performed
      by the Custodian pursuant to the terms and conditions of the Custodial
      Agreement.

     

    The
      Depositor shall deliver or cause the related originator to deliver to the
      Servicer copies of all trailing documents required to be included in the related
      Mortgage File at the same time the originals or certified copies thereof are
      delivered to the Trustee or Custodian, such documents including 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 incurred in obtaining such documents and the Depositor shall
      cause the Servicer to be reimbursed for any such costs the Servicer may incur
      in
      connection with performing their obligations under this Agreement, as
      applicable.

     

    The
      Mortgage Loans permitted by the terms of this Agreement to be included in the
      Trust are limited to (i) Mortgage Loans (which the Depositor acquired pursuant
      to the Mortgage Loan Purchase Agreement, which contains, among other
      representations and warranties, a representation and warranty of the Sponsor
      that no Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey
      Home Ownership Act effective November 27, 2003 or as defined in the New Mexico
      Home Loan Protection Act effective January 1, 2004, as defined in the
      Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004
      (Mass. Ann. Laws Ch. 183C) or as defined in the Indiana Home Loan Practices
      Act,
      effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9))
      or a
“high risk home loan” under the Illinois High Risk Home Loan Act, effective as
      of January 1, 2004, and (ii) Qualified Substitute Mortgage Loans (which, by
      definition as set forth herein and referred to in the Mortgage Loan Purchase
      Agreement, are required to conform to, among other representations and
      warranties, the representation and warranty of the Sponsor that no Qualified
      Substitute Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey
      Home Ownership Act effective November 27, 2003 or as defined in the New Mexico
      Home Loan Protection Act effective January 1, 2004, as defined in the
      Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004
      (Mass. Ann. Laws Ch. 183C) or as defined in the Indiana Home Loan Practices
      Act,
      effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9).
      The
      Depositor and the Trustee on behalf of the Trust 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 in the New Jersey Home Ownership Act effective
      November 27, 2003, as defined in the New Mexico Home Loan Protection Act
      effective January 1, 2004, as defined in the Massachusetts Predatory Home Loan
      Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C) or as
      defined in the Indiana Home Loan Practices Act, effective January 1, 2005 (Ind.
      Code Ann. Sections 24-9-1 through 24-9-9) or a “high risk home loan” under the
      Illinois High Risk Home Loan Act, effective as of January 1, 2004. 

     

    SECTION
      2.02.  Acceptance
      of REMIC I by Trustee.

     

    The
      Trustee acknowledges receipt, subject to the provisions of Section 2.01
      hereof and Section 2 of the Custodial Agreement, of the Mortgage Loan
      Documents 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 (or the Custodian on its behalf
      holds) and will hold such documents and the other documents delivered to it
      constituting a Mortgage Loan Document, and that it holds (or the Custodian
      on
      its behalf 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.

     

    SECTION
      2.03.  Repurchase
      or Substitution of Mortgage Loans.

     

     

    (a)  Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File or of a breach by the Sponsor of
      any
      representation, warranty or covenant under the Mortgage Loan Purchase Agreement
      in respect of any Mortgage Loan that materially and adversely affects the value
      of such Mortgage Loan or the interest therein of the Certificateholders, the
      Trustee shall promptly notify the Sponsor and the Servicer of such defect,
      missing document or breach and request that the Sponsor deliver such missing
      document, cure such defect or breach within sixty (60) days from the date the
      Sponsor was notified of such missing document, defect or breach, and if the
      Sponsor does not deliver such missing document or cure such defect or breach
      in
      all material respects during such period, the Trustee shall enforce the
      obligations of the Sponsor under the Mortgage Loan Purchase Agreement to
      repurchase such Mortgage Loan from REMIC I at the Purchase Price within ninety
      (90) days after the date on which the Sponsor was notified of such missing
      document, defect or breach, if and to the extent that the Sponsor is obligated
      to do so under the Mortgage Loan Purchase Agreement. The Purchase Price for
      the
      repurchased Mortgage Loan shall be remitted to the Servicer for deposit in
      the
      Collection Account and the Trustee, upon receipt of written certification from
      the Servicer of such deposit, shall release or cause the Custodian (upon receipt
      of a request for release in the form attached to the Custodial Agreement) to
      release to the Sponsor the related Mortgage File and the Trustee shall execute
      and deliver such instruments of transfer or assignment, in each case without
      recourse, representation or warranty, as the Sponsor shall furnish to it and
      as
      shall be necessary to vest in the Sponsor any Mortgage Loan released pursuant
      hereto, and the Trustee shall not 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 Mortgage Loan Purchase Agreement, the Sponsor
      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) of this Agreement. It is understood and agreed that the
      obligation of the Sponsor 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. Notwithstanding
      anything to the contrary contained herein, any breach of a representation or
      warranty contained in clauses (viii), (xxxv), (xxxviii), (xxxix), (xl), (xli),
      (xliii), (xlvi), (xlvii), (lvi), (lvii), (lxi), (lxiv), (lxix) and/or (lxx)
      of
      Section 6 of the Mortgage Loan Purchase Agreement shall be automatically
      deemed to affect materially and adversely the interests of the
      Certificateholders.

     

    In
      addition, promptly upon the earlier of discovery by the Servicer or receipt
      of
      notice by the Servicer of the breach of the representation or covenant of the
      Sponsor set forth in Section 5(xii) of the Mortgage Loan Purchase Agreement
      which materially and adversely affects the interests of the Holders of the
      Class
      P Certificates in any Prepayment Charge, the Servicer shall promptly notify
      the
      Sponsor and the Trustee of such breach. The Trustee shall enforce the
      obligations of the Sponsor under the Mortgage Loan Purchase Agreement to remedy
      such breach to the extent and in the manner set forth in the Mortgage Loan
      Purchase Agreement.

     

    (b)  Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) of this Agreement 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 the Sponsor substitutes a Qualified Substitute
      Mortgage Loan or Loans, such substitution shall be effected by the Sponsor
      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 to the Trustee, and such other documents and agreements, with
      all
      necessary endorsements thereon, as are required by Section 2 of the
      Custodial Agreement, as applicable, together with an Officers’ Certificate
      providing that each such Qualified Substitute Mortgage Loan satisfies the
      definition thereof and specifying the Substitution Shortfall Amount (as
      described below), if any, in connection with such substitution. The Custodian
      on
      behalf of the Trustee shall acknowledge receipt of such Qualified Substitute
      Mortgage Loan or Loans and, within ten (10) Business Days thereafter, review
      such documents and deliver to the Depositor, the Trustee and the Servicer,
      with
      respect to such Qualified Substitute Mortgage Loan or Loans, an initial
      certification pursuant to the Custodial Agreement, with any applicable
      exceptions noted thereon. Within one year of the date of substitution, the
      Custodian on behalf of the Trustee shall deliver to the Depositor, the Trustee
      and the Servicer a final certification pursuant to the Custodial Agreement
      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 Sponsor. 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 Sponsor 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 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 Trustee and the
      Servicer. Upon such substitution, such Qualified Substitute Mortgage Loan or
      Loans shall constitute part of the Trust Fund and shall be subject in all
      respects to the terms of this Agreement and the Mortgage Loan Purchase
      Agreement, including all applicable representations and warranties thereof
      included herein or in the Mortgage Loan Purchase Agreement.

     

    For
      any
      month in which the Sponsor substitutes one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Servicer will determine the
      amount (the “Substitution Shortfall 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 Scheduled Principal Balance
      thereof as of the date of substitution, together with one month’s interest on
      such Scheduled Principal Balance at the applicable Net Mortgage Rate, plus
      all
      outstanding P&I Advances and Servicing Advances (including Nonrecoverable
      P&I Advances and Nonrecoverable Servicing Advances) related thereto. On the
      date of such substitution, the Sponsor will deliver or cause to be delivered
      to
      the Servicer for deposit in the Collection Account an amount equal to the
      Substitution Shortfall 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, upon receipt of a request for release in the form attached to
      the
      Custodial Agreement and certification by the Servicer of such deposit, shall
      release to the Sponsor the related Mortgage File or Files and the Trustee shall
      execute and deliver such instruments of transfer or assignment, in each case
      without recourse, representation or warranty, as the Sponsor shall deliver
      to it
      and as shall be necessary to vest therein any Deleted Mortgage Loan released
      pursuant hereto.

     

    In
      addition, the Sponsor shall obtain at its own expense and deliver to the Trustee
      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 Sponsor, the Servicer or the Trustee 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 (2) Business Days give written notice thereof to the other parties.
      In connection therewith, the Sponsor shall repurchase or substitute one or
      more
      Qualified Substitute Mortgage Loans for the affected Mortgage Loan within ninety
      (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 Sponsor 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 the Sponsor under the Mortgage Loan Purchase Agreement or (ii) the
      Depositor, if the affected Mortgage Loan’s status as a non-qualified mortgage
      does not result from a breach of a representation or warranty. Any such
      repurchase or substitution shall be made in the same manner as set forth in
      Section 2.03(a) of this Agreement. The Trustee shall reconvey to the
      Sponsor 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.

     

    (d)  With
      respect to a breach of the representations made pursuant to Section 5(xii)
      of the Mortgage Loan Purchase Agreement that materially and adversely affects
      the value of such Mortgage Loan or the interest therein of the
      Certificateholders, the Sponsor shall be required to take the actions set forth
      in this Section 2.03 of this Agreement.

     

    (e)  Within
      ninety (90) days of the earlier of discovery by the Servicer or receipt of
      notice by the Servicer of the breach of any representation, warranty or covenant
      of the Servicer set forth in Section 2.05 of this Agreement which
      materially and adversely affects the interests of the Certificateholders in
      any
      Mortgage Loan or Prepayment Charge, the Servicer shall cure such breach in
      all
      material respects.

     

    SECTION
      2.04.  Representations
      and Warranties of the Master Servicer.

     

    The
      Master Servicer hereby represents, warrants and covenants to the Servicer,
      the
      Depositor and the Trustee, for the benefit of each of the Trustee and the
      Certificateholders, 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 other parties hereto,
      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 the 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, (x)
      the ability of the Master Servicer to perform its obligations under this
      Agreement or (y) the business, operations, financial condition, properties
      or
      assets of the Master Servicer taken as a whole;

     

    (iv)  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;

     

    (v)  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;

     

    (vi)  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

     

    (vii)  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 by it 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 2.04 shall survive the resignation or termination of
      the parties hereto and the termination of this Agreement and shall inure to
      the
      benefit of the Trustee, the Depositor and the Certificateholders.

     

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

     

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

     

    (i)  The
      Servicer is a corporation organized and validly existing under the laws of
      the
      State of its incorporation and is duly authorized and qualified to transact
      any
      and all business contemplated by this Agreement to be conducted by the Servicer
      in any state in which a Mortgaged Property is located or is otherwise not
      required under applicable law to effect such qualification and, in any event,
      is
      in compliance with the doing business laws of any such State, to the extent
      necessary to ensure its ability to enforce each Mortgage Loan and to service
      the
      Mortgage Loans in accordance with the terms of this Agreement;

     

    (ii)  The
      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 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 other parties hereto, constitutes
      a
      legal, valid and binding obligation of the 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 Servicer, the servicing of
      the
      Mortgage Loans by the Servicer hereunder, the consummation by the 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
      Servicer and will not (A) result in a breach of any term or provision of the
      charter or by-laws of the 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 Servicer is a party or
      by
      which it may be bound, or any statute, order or regulation applicable to the
      Servicer of any court, regulatory body, administrative agency or governmental
      body having jurisdiction over the Servicer; and the Servicer is not a party
      to,
      bound by, or in breach or violation of any indenture or other material 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
      Servicer’s knowledge, would in the future materially and adversely affect, (x)
      the ability of the Servicer to perform its obligations under this Agreement,
      (y)
      the business, operations, financial condition, properties or assets of the
      Servicer taken as a whole or (z) the legality, validity or enforceability of
      this Agreement;

     

    (iv)  The
      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;

     

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

     

    (vi)  There
      are
      no actions or proceedings against, or investigations known to it of, the
      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
      Servicer of its obligations under, or the validity or enforceability of, this
      Agreement;

     

    (vii)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Servicer
      of,
      or compliance by the Servicer with, this Agreement or the consummation by it
      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; 

     

    (viii)  The
      Servicer has fully furnished and will continue 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 on a monthly basis; 

     

    (ix)  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 

     

    (x)  The
      Servicer will not waive any Prepayment Charge related to a Mortgage Loan other
      than in accordance with the standard set forth in Section 3.01.

     

    Notwithstanding
      anything to the contrary contained in this Agreement, if the covenant of the
      Servicer set forth in this Section 2.05(a)(x) above is breached, the Servicer
      will pay the amount of such waived Prepayment Charge, from its own funds without
      any right of reimbursement, for the benefit of the Holders of the Class P
      Certificates, by depositing such amount into the related Collection Account
      within 90 days of the earlier of discovery by the Servicer or receipt of notice
      by the Servicer of such breach; provided, however, the Servicer shall not have
      any obligation to pay the amount of any uncollected Prepayment Charge under
      this
      Section 2.05 if the Servicer did not have a copy of the related Mortgage Note,
      the Servicer requested a copy of the same from the Custodian in accordance
      with
      the terms of the Custodial Agreement and the Custodian failed to provide such
      a
      copy within the time frame set forth in the Custodial Agreement. Furthermore,
      notwithstanding any other provisions of this Agreement, any payments made by
      the
      Servicer in respect of any waived Prepayment Charges pursuant to this paragraph
      shall be deemed to be paid outside of the Trust Fund.

     

    (b) It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive the resignation or termination of
      the
      parties hereto, the termination of this Agreement and the delivery of the
      Mortgage Files to the Custodian and shall inure to the benefit of the Trustee,
      the Master Servicer, the Securities Administrator, the Depositor and the
      Certificateholders. Upon discovery by any such Person or the Servicer of a
      breach of any of the foregoing representations, warranties and covenants which
      materially and adversely affects the value of any Mortgage Loan, Prepayment
      Charge or the interests therein of the Certificateholders, the party discovering
      such breach shall give prompt written notice (but in no event later than two
      (2)
      Business Days following such discovery) to the Trustee. Subject to Section
      8.01,
      unless such breach shall not be susceptible of cure within ninety (90) days,
      the
      obligation of the Servicer set forth in Section 2.03(e) to cure breaches shall
      constitute the sole remedy against the Servicer available to the
      Certificateholders, the Depositor or the Trustee on behalf of the
      Certificateholders respecting a breach of the representations, warranties and
      covenants contained in this Section 2.05.

     

    SECTION
      2.06.  Issuance
      of the REMIC I Regular Interests and the Class R-I Interest.

     

    The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to the Custodian on its behalf of the Mortgage Loan Documents, subject to the
      provisions of Section 2.01 and Section 2.02 hereof and Section 2
      of the Custodial Agreement, together with the assignment to it of all other
      assets included in REMIC I, the receipt of which is hereby acknowledged. 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.
      The
      rights of the Holders of the Class R-I Interest and REMIC I (as holder of the
      REMIC I Regular Interests) to receive distributions from the proceeds of REMIC
      I
      in respect of the Class R-I Interest and the REMIC I Regular Interests,
      respectively, and all ownership interests evidenced or constituted by the Class
      R-I Interest and the REMIC I Regular Interests, shall be as set forth in this
      Agreement.

     

    SECTION
      2.07.  Conveyance
      of the REMIC I Regular Interests; Acceptance of REMIC II and REMIC III by the
      Trustee.

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the REMIC I Regular
      Interests for the benefit of the Class R-II Interest and REMIC II (as holder
      of
      the REMIC I Regular Interests). 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 all present and future Holders of the Class
      R-II Interest and REMIC II (as holder of the REMIC I Regular Interests). The
      rights of the Holder of the Class R-II Interest and REMIC II (as holder of
      the
      REMIC I Regular Interests) to receive distributions from the proceeds of REMIC
      II in respect of the Class R-II Interest and the REMIC II Regular Interests,
      respectively, and all ownership interests evidenced or constituted by the Class
      R-II Interest and the REMIC II Regular Interests, shall be as set forth in
      this
      Agreement. The Class R-II Interest and the REMIC II Regular Interests shall
      constitute the entire beneficial ownership interest in REMIC II. 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
      all
      present and future Holders of the Class R-III Interest and REMIC III (as holder
      of the REMIC II Regular Interests). The rights of the Holder of the Class R-III
      Interest and REMIC III (as holder of the REMIC II Regular Interests) to receive
      distributions from the proceeds of REMIC III in respect of the Class R-III
      Interest and the Regular Certificates, respectively, and all ownership interests
      evidenced or constituted by the Class R-III Interest and the Regular
      Certificates, shall be as set forth in this Agreement. The Class R-III Interest
      and the Regular Certificates shall constitute the entire beneficial ownership
      interest in REMIC III.

     

    SECTION
      2.08.  Issuance
      of the Residual Certificates.

     

    The
      Trustee acknowledges the assignment to it of the REMIC I 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 Securities
      Administrator has executed and authenticated and the Trustee has delivered
      to or
      upon the order of the Depositor, the Class R Certificates in authorized
      denominations. The Class R Certificates evidence ownership in the Class R-I
      Interest, the Class R-II Interest and the Class R-III Interest.

     

    SECTION
      2.09.  Establishment
      of the Trust.

     

    The
      Depositor does hereby establish, pursuant to the further provisions of this
      Agreement and the laws of the State of New York, an express trust to be known,
      for convenience, as “ACE Securities Corp., Home Equity Loan Trust, Series
      2006-OP1” and does hereby appoint HSBC Bank USA, National Association as Trustee
      in accordance with the provisions of this Agreement.

     

    SECTION
      2.10.  Purpose
      and Powers of the Trust.

     

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

     

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

     

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

     

    (c)  to
      make
      payments on the Certificates;

     

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

     

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

     

    The
      trust
      is hereby authorized to engage in the foregoing activities. The Trustee shall
      not cause the trust to engage in any activity other than in connection with
      the
      foregoing or other than as required or authorized by the terms of this Agreement
      (or those ancillary thereto) while any Certificate is outstanding, and this
      Section 2.10 may not be amended, without the consent of the Certificateholders
      evidencing 51% or more of the aggregate voting rights of the
      Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      III  

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS; ACCOUNTS

     

    SECTION
      3.01.  The
      Servicer to Act as Servicer.

     

    On
      and
      after the Closing Date, 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
      respective Mortgage Loans and all applicable law and regulations 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 prudent mortgage
      lenders and loan servicers administering similar mortgage loans but without
      regard to:

     

    (i)  any
      relationship that the Servicer or any of its Affiliates may have with the
      related Mortgagor;

     

    (ii)  the
      ownership of any Certificate by the Servicer or any of its
      Affiliates;

     

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

     

    (iv)  the
      Servicer’s right to receive compensation for its services
      hereunder;

     

    To
      the
      extent consistent with the foregoing, the Servicer shall also seek to maximize
      the timely and complete recovery of principal and interest on the related
      Mortgage Notes and shall 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 is related to
      a
      default or 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 and, if such
      waiver is made in connection with a refinancing of the related Mortgage Loan,
      such refinancing is related to a default or a reasonably foreseeable default,
      (ii) such Prepayment Charge is unenforceable in accordance with applicable
      law
      or the collection of such related Prepayment Charge would otherwise violate
      applicable law or (iii) 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. Notwithstanding any
      provision in this Agreement to the contrary, in the event the Prepayment Charge
      payable under the terms of the Mortgage Note is less than the amount of the
      Prepayment Charge set forth in the Prepayment Charge Schedule or other
      information provided to the Servicer, the Servicer and the Master Servicer
      shall
      not have any liability or obligation with respect to such difference (including
      any obligation to recalculate any prepayment charges), and in addition shall
      not
      have any liability or obligation to pay the amount of any uncollected Prepayment
      Charge if the failure to collect such amount is the direct result of inaccurate
      or incomplete information on the Prepayment Charge Schedule. 

     

    In
      the
      event that the Servicer waives a Prepayment Charge in connection with clauses
      (ii) or (iii) of the preceding paragraph, the Servicer shall provide a written
      explanation of the Servicer’s determination to the Master Servicer, and the
      Master Servicer shall provide a copy of such writing to the Sponsor and the
      Depositor. 

     

    Subject
      only to the above-described servicing standards (the “Accepted Servicing
      Practices”) and the terms of this Agreement and of the related Mortgage Loans,
      the Servicer shall have full power and authority, 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 with the goal of maximizing proceeds of the Mortgage
      Loan. Without limiting the generality of the foregoing, the Servicer in its
      own
      name is hereby authorized and empowered by the Trustee when the Servicer
      believes it appropriate in its best judgment, to execute and deliver, on behalf
      of the Trust Fund, the Certificateholders and the Trustee or any of them, and
      upon written notice to the Trustee, any and all instruments of satisfaction
      or
      cancellation, or of partial or full release or discharge or subordination,
      and
      all other comparable instruments, with respect to the related Mortgage Loans
      and
      the related 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, for the benefit of the Trust Fund and the 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 3.14,
      the
      Trustee shall execute, at the written request of the Servicer, and furnish
      to
      the Servicer a power of attorney in the form of Exhibit D hereto and other
      documents necessary or appropriate to enable the Servicer to carry out its
      servicing and administrative duties hereunder, and furnished to the Trustee
      by
      the Servicer, and the Trustee shall not be liable for the actions of the
      Servicer under such powers of attorney and shall be indemnified by the Servicer
      for any cost, liability or expense incurred by the Trustee in connection with
      the Servicer’s use or misuse of any such power of attorney.

     

    The
      Servicer further is hereby authorized and empowered 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 by the Trust Fund to the
      Servicer.

     

    In
      accordance with Accepted Servicing Practices, the Servicer shall make or cause
      to be made Servicing Advances as necessary for the purpose of effecting the
      payment of taxes and assessments on the Mortgaged Properties, which Servicing
      Advances shall be reimbursable in the first instance from related collections
      from the related Mortgagors pursuant to Section 3.07 of this Agreement, and
      further as provided in Section 3.09 of this Agreement; provided, however,
the
      Servicer
      shall
      only make such Servicing Advance if the related Mortgagor has not made such
      payment and if the failure to make such Servicing Advance would result in the
      loss of the related Mortgaged Property due to a tax sale or foreclosure as
      result of a tax lien. Any cost incurred by the Servicer in effecting the payment
      of taxes and assessments on a Mortgaged Property shall not, for the purpose
      of
      calculating the Stated Principal Balance of such Mortgage Loan or 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.
      The parties to this Agreement acknowledge that Servicing Advances shall be
      reimbursable pursuant to Section 3.09 of this Agreement, and agree that no
      Servicing Advance shall be rejected or disallowed by any party unless it has
      been shown that such Servicing Advance was not made in accordance with
      the
      terms of this Agreement. Notwithstanding
      the foregoing, the parties understand and agree that, with respect to any
      Mortgage Loan (1) the Master Servicer shall not approve the reimbursement of
      any
      Servicing Advance made with respect to such Mortgage Loan prior to the Cut-off
      Date (each, a “Pre-Cut-off Date Advance”) unless and until it has received a
      Servicing Advance Schedule listing the amount of Pre-Cut-off Date Advances
      made
      in respect of such Mortgage Loan from (a) the Servicer with respect to any
      Mortgage Loans that were transferred to the Servicer prior to the Cut-off Date
      and/or (b) the Depositor with respect to any Mortgage Loans that were
      transferred to the Servicer after the Cut-off Date, as applicable, (2) the
      aggregate Pre-Cut-off Date Advances reimbursable hereunder with respect to
      such
      Mortgage Loan shall not exceed the amount of Pre-Cut-off Date Advances for
      such
      Mortgage Loan shown on the Servicing Advance Schedule delivered to the Master
      Servicer, (3) the Depositor shall be deemed to have agreed with and approved
      the
      Pre-Cut-off Date Advances shown on any Servicing Advance Schedule furnished
      to
      the Master Servicer, and (4) the Master Servicer will have no liability to
      the
      Depositor, the Servicer or any other Person, including any Certificateholder,
      for approving reimbursement of related Pre-Cut-off Date Advances so long as
      the
      aggregate amount of such advances reimbursed hereunder does not exceed of the
      amount of Pre-Cut-off Date Advances for such Mortgage Loan shown on the
      Servicing Advance Schedule.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Servicer may not make any future
      advances with respect to a Mortgage Loan and the Servicer shall not permit
      any
      modification with respect to any related Mortgage Loan that would change the
      Mortgage Rate, reduce or increase the principal balance (except for reductions
      resulting from actual payments of principal) or change the final maturity date
      on such related Mortgage Loan (unless, as provided in Section 3.06 of this
      Agreement, the related Mortgagor is in default with respect to the related
      Mortgage Loan or such default is, in the judgment of the Servicer, reasonably
      foreseeable) or any modification, waiver or amendment of any term of any related
      Mortgage Loan that would both (A) effect an exchange or reissuance of such
      Mortgage Loan under Section 1001 of the Code (or final, temporary or
      proposed Treasury regulations promulgated thereunder) and (B) cause any Trust
      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.

     

    In
      the
      event that the Mortgage Loan Documents relating to a Mortgage Loan contain
      provisions requiring the related Mortgagor to arbitrate disputes (at the option
      of the Trustee, on behalf of the Trust), the Trustee hereby authorizes the
      related to waive the Trustee’s right or option to arbitrate disputes and to send
      written notice of such waiver to the Mortgagor, although the Mortgagor may
      still
      require arbitration at its option.

     

    The
      Servicer 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 or their successors on a monthly
      basis.

     

    SECTION
      3.02.  Sub-Servicing
      Agreements between the Servicer and Sub-Servicers.

     

    (a)  The
      Servicer may arrange for the subservicing of any Mortgage Loan by a Sub-Servicer
      pursuant to a Sub-Servicing Agreement; provided that such sub-servicing
      arrangement and the terms of the related Sub-Servicing Agreement must provide
      for the servicing of such Mortgage Loans in a manner consistent with the
      servicing arrangements contemplated hereunder and the Servicer shall cause
      any
      Sub-Servicer to comply with the provisions of this Agreement (including, without
      limitation, to provide the information required to be delivered under Sections
      3.17, 3.18 and 3.19 hereof), to the same extent as if such Sub-Servicer were
      the
      Servicer. The Servicer shall be responsible for obtaining from each Sub-Servicer
      and delivering to the Master Servicer any annual statement of compliance,
      assessment of compliance, attestation report and Sarbanes-Oxley related
      certification as and when required to be delivered. 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. Notwithstanding the provisions of any
      Sub-Servicing Agreement, any of the provisions of this Agreement relating to
      agreements or arrangements between the Servicer or a Sub-Servicer or reference
      to actions taken through the Servicer or otherwise, the Servicer shall remain
      obligated and liable to the Depositor, the Trustee and the Certificateholders
      for the servicing and administration of the Mortgage Loans in accordance with
      the provisions of this Agreement 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. Every Sub-Servicing Agreement entered into
      by
      the Servicer shall contain a provision giving the successor servicer the option
      to terminate such agreement in the event a successor servicer is appointed.
      All
      actions of each Sub-Servicer performed pursuant to the related Sub-Servicing
      Agreement shall be performed as an agent of the Servicer with the same force
      and
      effect as if performed directly by the Servicer.

     

    (b)  Notwithstanding
      the foregoing, the Servicer shall be entitled to outsource one or more separate
      servicing functions to a Subcontractor that does not meet the eligibility
      requirements for a Sub-Servicer, so long as such outsourcing does not constitute
      the delegation of the Servicer’s obligation to perform all or substantially all
      of the servicing of the related Mortgage Loans to such Subcontractor. The
      Servicer shall promptly, upon request, provide to the Master Servicer, the
      Trustee and the Depositor a written description (in form and substance
      reasonably satisfactory to the Master Servicer, the Trustee and the Depositor)
      of the role and function of each Subcontractor utilized by the Servicer,
      specifying (i) the identity of each such Subcontractor “participating in the
      servicing function” within the meaning of Item 1122 of Regulation AB, and (ii)
      which elements of the Servicing Criteria will be addressed in assessments of
      compliance provided by each Subcontractor identified pursuant to clause (i)
      of
      this subsection; provided, however, that the Servicer shall not be required
      to
      provide the information in clauses (i) or (ii) of this subsection until such
      time that the applicable assessment of compliance is due pursuant to Section
      3.18 of this Agreement. The use by the Servicer of any such Subcontractor shall
      not release the Servicer from any of its obligations hereunder and the Servicer
      shall remain responsible hereunder for all acts and omissions of such
      Subcontractor as fully as if such acts and omissions were those of the Servicer,
      and the Servicer shall pay all fees and expenses of the Subcontractor from
      the
      Servicer’s own funds.

     

    (c)  As
      a
      condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, the Servicer shall cause any such Subcontractor used by the
      Servicer for the benefit of the Master Servicer, the Trustee and the Depositor
      to comply with the provisions of Sections 3.18 and 3.19 of this Agreement to
      the
      same extent as if such Subcontractor were the Servicer. The Servicer shall
      be
      responsible for obtaining from each such Subcontractor and delivering to the
      Master Servicer, the Trustee and any Depositor any assessment of compliance,
      attestation report and Sarbanes-Oxley related certification required to be
      delivered by such Subcontractor under Sections 3.18 and 3.19, in each case
      as
      and when required to be delivered.

     

    (d)  For
      purposes of this Agreement, the Servicer shall be deemed to have received any
      collections, recoveries or payments with respect to the Mortgage Loans that
      are
      received by a Sub-Servicer regardless of whether such payments are remitted
      by
      the Sub-Servicer to the Servicer. 

     

    SECTION
      3.03.  Successor
      Sub-Servicers.

     

    Any
      Sub-Servicing Agreement shall provide that the Servicer shall be entitled to
      terminate any Sub-Servicing Agreement and to either itself directly service
      the
      related Mortgage Loans or 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
      any successor to the Servicer (which may be the Master Servicer) without fee,
      in
      accordance with the terms of this Agreement, in the event that the Servicer
      (or
      any successor to the Servicer) shall, for any reason, no longer be the Servicer
      of the related Mortgage Loans (including termination due to a Servicer Event
      of
      Default).

     

    SECTION
      3.04.  No
      Contractual Relationship Between Sub-Servicer, Subcontractor, Trustee or the
      Certificateholders.

     

    Any
      Sub-Servicing Agreement and any other transactions or services relating to
      the
      Mortgage Loans involving a Sub-Servicer or a Subcontractor, as applicable shall
      be deemed to be between the Sub-Servicer and the Servicer or Subcontractor,
      as
      applicable alone and the Master Servicer, Trustee and the Certificateholders
      shall not be deemed parties thereto and shall have no claims, rights,
      obligations, duties or liabilities with respect to any Sub-Servicer or
      Subcontractor except as set forth in Section 3.05 of this
      Agreement.

     

    SECTION
      3.05.  Assumption
      or Termination of Sub-Servicing Agreement by Successor Servicer.

     

    In
      connection with the assumption of the responsibilities, duties and liabilities
      and of the authority, power and rights of the Servicer hereunder by a successor
      servicer pursuant to Section 8.02, it is understood and agreed that the
      Servicer’s rights and obligations under any Sub-Servicing Agreement then in
      force between the Servicer and a Sub-Servicer shall be assumed simultaneously
      by
      such successor servicer without act or deed on the part of such successor
      servicer; provided, however, that any successor servicer may terminate the
      Sub-Servicer.

     

    The
      Servicer shall, upon the reasonable request of the Master Servicer, but at
      its
      own expense, deliver to the assuming party documents and records relating to
      each Sub-Servicing Agreement and an accounting of amounts collected and held
      by
      it and otherwise use its best efforts to effect the orderly and efficient
      transfer of the Sub-Servicing Agreements to the assuming party.

     

    The
      Servicing Fee payable to any such successor servicer shall be payable from
      payments received on the related Mortgage Loans in the amount and in the manner
      set forth in this Agreement.

     

    SECTION
      3.06.  Collection
      of Certain Mortgage Loan Payments.

     

    The
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the related Mortgage Loans, and shall, to the extent
      such procedures shall be consistent with this Agreement and Accepted Servicing
      Practices, follow such collection procedures as it would follow with respect
      to
      mortgage loans comparable to the Mortgage Loans and held for its own account.
      Consistent with the foregoing, the Servicer may in its discretion (i) waive
      any
      late payment charge or, if applicable, penalty interest or (ii) extend the
      due
      dates for the Monthly Payments due on a Mortgage Note related to a Mortgage
      Loan
      for a period of not greater than 180 days; provided that any extension pursuant
      to this clause shall not affect the amortization schedule of any Mortgage Loan
      for purposes of any computation hereunder. 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 Accepted
      Servicing Practices may waive, modify or vary any term of such Mortgage Loan
      (including, but not limited to, modifications that 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 if in the Servicer’s determination
      such waiver, modification, postponement or indulgence is not materially adverse
      to the interests of the Certificateholders (taking into account any estimated
      Realized Loss that might result absent such action). 

     

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

     

    To
      the
      extent the terms of a Mortgage provide for Escrow Payments, the Servicer shall
      establish and maintain 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, 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 (1) Business Day after the Servicer’s receipt thereof, all Escrow
      Payments collected on account of the related Mortgage Loans and shall thereafter
      deposit such Escrow Payments in the Servicing Accounts, in no event later than
      the second Business Day after the deposit of good funds into the clearing
      account, and retain therein, all Escrow Payments collected on account of the
      related Mortgage Loans, for the purpose of effecting the timely payment of
      any
      such items as required under the terms of this Agreement. Withdrawals of amounts
      from a Servicing Account may be made by the Servicer only to (i) effect timely
      payment of taxes, assessments, fire, flood, and hazard insurance premiums,
      and
      comparable items; (ii) reimburse itself out of related collections for any
      Servicing Advances made pursuant to Section 3.01 (with respect to taxes and
      assessments) and Section 3.11 (with respect to fire, flood and 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, only to the extent not required to
      be
      paid to the related Mortgagors, to pay itself interest 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
      related Mortgage Loans under this Agreement in accordance with Article X. As
      part of its servicing duties, the Servicer shall pay to the Mortgagors interest
      on funds in 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 own funds, without any reimbursement therefor.
      Notwithstanding the foregoing, the Servicer shall not be obligated to collect
      Escrow Payments if the related Mortgage Loan does not require such payments
      but
      the Servicer shall nevertheless be obligated to make Servicing Advances as
      provided in Section 3.01 and Section 3.11. In the event the Servicer shall
      deposit in the Servicing Accounts any amount not required to be deposited
      therein, it may at any time withdraw such amount from the Servicing Accounts,
      any provision to the contrary notwithstanding.

     

    To
      the
      extent that a Mortgage does not provide for Escrow Payments, the Servicer (i)
      shall determine whether any such payments are made by the Mortgagor in a manner
      and at a time that 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 and (ii) shall ensure
      that all insurance required to be maintained on the Mortgaged Property pursuant
      to this Agreement is maintained. If any such payment has not been made and
      the
      Servicer receives notice of a tax lien with respect to the Mortgage Loan being
      imposed, the Servicer shall, promptly and to the extent required to avoid loss
      of the Mortgaged Property, advance or cause to be advanced funds necessary
      to
      discharge such lien on the Mortgaged Property unless the Servicer determines
      the
      advance to be nonrecoverable. The Servicer assumes full responsibility for
      the
      payment of all such bills and shall effect payments of all such bills
      irrespective of the Mortgagor’s faithful performance in the payment of same or
      the making of the Escrow Payments and shall make Servicing Advances to effect
      such payments subject to its determination of recoverability.

     

    SECTION
      3.08.  Collection
      Account and Distribution Account.

     

    (a)  On
      behalf
      of the Trust Fund, the Servicer shall establish and maintain one or more
“Collection Accounts”, held in trust for the benefit of 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 (1)
      Business Day after the Servicer’s receipt thereof, and shall thereafter deposit
      in the Collection Account, in no event later than two (2) Business Days after
      the deposit of good funds into the clearing account, as and when received or
      as
      otherwise required hereunder, the following payments and collections received
      or
      made by it on or subsequent to the Cut-off Date other than amounts attributable
      to a Due Date on or prior to the Cut-off Date:

     

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

     

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

     

    (iii)  all
      Insurance Proceeds and Liquidation Proceeds (other than proceeds collected
      in
      respect of any particular REO Property) and all Subsequent Recoveries with
      respect to the Mortgage Loans;

     

    (iv)  any
      amounts required to be deposited by the Servicer pursuant to Section 3.10
      of this Agreement 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 3.11(a)of this Agreement in respect of any blanket
      policy deductibles;

     

    (vi)  any
      Purchase Price or Substitution Shortfall Amount delivered to the Servicer and
      all proceeds (net of amounts payable or reimbursable to the Servicer, the Master
      Servicer, the Trustee, the Custodian or the Securities Administrator) of
      Mortgage Loans purchased in accordance with Section 2.03, Section 3.13
      or Section 10.01 of this Agreement; and

     

    (vii)  any
      Prepayment Charges collected by the Servicer in connection with the Principal
      Prepayment of any of the Mortgage Loans or amounts required to be deposited
      by
      the Servicer in connection with a breach of its obligations under Section
      2.05.

     

    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, Ancillary Income need not be deposited by the Servicer in the
      Collection Account and may be retained by the Servicer as additional servicing
      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 Securities 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, the Trust Fund and the Certificateholders.
      On behalf of the Trust Fund, the Servicer shall deliver to the Securities
      Administrator in immediately available funds for deposit in the Distribution
      Account on or before 12:00 noon New York time on the Servicer Remittance Date,
      that portion of the Available Distribution Amount (calculated without regard
      to
      the references in clause (2) of 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 and the amount of all Prepayment Charges
      collected by the Servicer in connection with the Principal Prepayment of any
      of
      the Mortgage Loans then on deposit in the Collection Account and the amount
      of
      any funds reimbursable to an Advance Financing Person pursuant to Section 3.25
      of this Agreement. If the balance on deposit in a Collection Account exceeds
      $100,000 as of the commencement of business on any Business Day and the
      Collection Account constitutes an Eligible Account solely pursuant to clause
      (ii) of the definition of “Eligible Account,” the Servicer shall, on or before
      5:00 p.m. New York time on such Business Day, withdraw from the related
      Collection Account any and all amounts payable or reimbursable to the Depositor,
      the Servicer, the Trustee, the Master Servicer, the Securities Administrator
      or
      the Sponsor pursuant to Section 3.09 of this Agreement and shall pay such
      amounts to the Persons entitled thereto or shall establish a separate Collection
      Account (which shall also be an Eligible Account) and withdraw from the existing
      Collection Account the amount on deposit therein in excess of $100,000 and
      deposit such excess in the newly created Collection Account.

     

    With
      respect to any remittance received by the Securities Administrator after the
      Servicer Remittance Date on which such payment was due, the Securities
      Administrator shall send written notice thereof to the Servicer. The Servicer
      shall pay to the Securities Administrator interest on any such late payment
      by
      the Servicer at an annual rate equal to Prime Rate (as defined in The
      Wall Street Journal)
      plus
      one percentage point, but in no event greater than the maximum amount permitted
      by applicable law. Such interest shall be paid by the Servicer to the Securities
      Administrator on the date such late payment is made and shall cover the period
      commencing with the day following the Servicer Remittance Date and ending with
      the Business Day on which such payment is made, both inclusive. The payment
      by
      the Servicer of any such interest, or the failure of the Securities
      Administrator to notify the Servicer of such interest, shall not be deemed
      an
      extension of time for payment or a waiver of any Event of Default by the
      Servicer.

     

    (c)  Funds
      in
      the Collection Account and in the Distribution Account may be invested in
      Permitted Investments in accordance with the provisions set forth in Section
      3.10. The Servicer shall give notice to the Trustee, the Securities
      Administrator and the Master Servicer of the location of the Collection Account
      maintained by it when established and prior to any change thereof. The
      Securities Administrator shall give notice to 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
      in
      immediately available funds to the Securities Administrator for deposit in
      the
      Distribution Account. In the event the Servicer shall deliver to the Securities
      Administrator for deposit in the Distribution Account any amount not required
      to
      be deposited therein, it may at any time request that the Securities
      Administrator withdraw such amount from the Distribution Account and remit
      to it
      any such amount, any provision herein to the contrary notwithstanding. In no
      event shall the Securities Administrator incur liability as a result of
      withdrawals from the Distribution Account at the direction of the Servicer
      in
      accordance with the immediately preceding sentence. In addition, the Servicer
      shall deliver to the Securities Administrator no later than the Servicer
      Remittance Date the amounts set forth in clauses (i) through (iv)
      below:

     

    (i)  any
      P&I Advances, as required pursuant to Section 5.03 of this
      Agreement;

     

    (ii)  any
      amounts required to be deposited pursuant to Section 3.21(d) or 3.21(f) of
      this
      Agreement in connection with any related REO Property;

     

    (iii)  any
      amounts to be paid in connection with a purchase of Mortgage Loans and REO
      Properties pursuant to Section 10.01 of this Agreement; and

     

    (iv)  any
      amounts required to be deposited pursuant to Section 3.22 of this Agreement
      in
      connection with any Prepayment Interest Shortfalls.

     

    SECTION
      3.09.  Withdrawals
      from the Collection Account and Distribution Account.

     

    (a)  The
      Servicer shall, from time to time, make withdrawals from the Collection Account
      for any of the following purposes or as described in Section 5.03 of this
      Agreement:

     

    (i)  to
      remit
      to the Securities Administrator for deposit in the Distribution Account the
      amounts required to be so remitted pursuant to Section 3.08(b) of this
      Agreement or permitted to be so remitted pursuant to the first sentence of
      Section 3.08(d) of this Agreement;

     

    (ii)  subject
      to Section 3.13(d) of this Agreement, to reimburse itself (including any
      successor servicer) for P&I Advances made by it, but only to the extent of
      amounts received which represent Late Collections (net of the related Servicing
      Fees) of Monthly Payments on related Mortgage Loans with respect to which such
      P&I Advances were made in accordance with the provisions of
      Section 5.03;

     

    (iii)  subject
      to Section 3.13(d) of this Agreement, to pay itself any unpaid Servicing
      Fees and reimburse itself any unreimbursed Servicing Advances with respect
      to
      each related Mortgage Loan, but only to the extent of any Liquidation Proceeds
      and Insurance Proceeds received with respect to such related Mortgage Loan
      or
      rental or other income from the related REO Property;

     

    (iv)  to
      pay to
      itself as 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 to
      itself or the Sponsor, as the case may be, with respect to each related Mortgage
      Loan that has previously been purchased or replaced pursuant to
      Section 2.03 or Section 3.13(c) of this Agreement all amounts received
      thereon not included in the Purchase Price or the Substitution Shortfall
      Amount;

     

    (vi)  to
      reimburse itself (including any successor servicer) for

     

    (A) any
      P&I Advance or Servicing Advance previously made by it which the Servicer
      has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable
      Servicing Advance in accordance with the provisions of Section 5.03 of this
      Agreement provided however, that the Servicer shall be entitled to reimbursement
      for any Servicing Advance made prior to the Cut-off Date if the Servicer
      determines that such Servicing Advance constitutes a Nonrecoverable Servicing
      Advance of this Agreement; or

     

    (B) any
      unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds,
      Insurance Proceeds or other amounts received with respect to the related
      Mortgage Loan under Section 3.06(a)(iii) of this Agreement, or

     

    (C) to
      reimburse itself for any P&I Advance made from its own funds from the
      Amounts Held for Future Distribution and in accordance with Section
      5.03(b).

     

    (vii)  to
      reimburse itself or the Depositor for expenses incurred by or reimbursable
      to
      itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section
      7.03 of this Agreement;

     

    (viii)  to
      reimburse itself 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 related Mortgage Loan, including any expenses arising
      out
      of the enforcement of the purchase obligation;

     

    (ix)  to
      pay,
      or to reimburse itself for advances in respect of, expenses incurred in
      connection with any related Mortgage Loan pursuant to Section 3.13(b) of this
      Agreement; 

     

    (x)  to
      pay to
      itself any Prepayment Interest Excess on the related Mortgage Loans to the
      extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement;
      and

     

    (xi)  to
      clear
      and terminate the Collection Account pursuant to Section 10.01 of this
      Agreement.

     

    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), (v), (vi), (vii), (viii), (ix) and (x)
      above.

     

    (b)  The
      Securities Administrator shall, from time to time, make withdrawals from the
      Distribution Account, for any of the following purposes, without
      priority:

     

    (i)  to
      make
      distributions to Certificateholders in accordance with Section 5.01 of this
      Agreement;

     

    (ii)  to
      pay to
      itself, the Custodian and the Master Servicer amounts to which it is entitled
      pursuant to Section 9.05 of this Agreement or any other provision of this
      Agreement and any Extraordinary Trust Fund Expenses;

     

    (iii)  to
      reimburse itself or the Master Servicer pursuant to Section 8.02 of this
      Agreement;

     

    (iv)  to
      pay
      any Net Swap Payment or Swap Termination Payment payable to the Supplemental
      Interest Trust (unless the Swap Provider is the sole Defaulting Party or the
      sole Affected Party (as defined in the Swap Agreement)) owed to the Swap
      Provider;

     

    (v)  to
      pay
      any amounts in respect of taxes pursuant to Section 11.01(g)(v) of this
      Agreement;

     

    (vi)  to
      pay
      the Credit Risk Management Fee to the Credit Risk Manager; and

     

    (vii)  to
      clear
      and terminate the Distribution Account pursuant to Section 10.01 of this
      Agreement.

     

    SECTION
      3.10.  Investment
      of Funds in the Investment Accounts.

     

    (a)  The
      Servicer may direct, by means of written directions (which may be standing
      directions), any depository institution maintaining the Collection Account
      to
      invest the funds in the Collection Account (for purposes of this Section 3.10,
      an “Investment Account”) 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 Securities Administrator is the obligor thereon, 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 Securities Administrator is the obligor
      on
      such Permitted Investment. Amounts in the Distribution Account may be invested
      in Permitted Investments as directed in writing by the Master Servicer 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
      Securities Administrator is the obligor thereon, 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 Securities Administrator is the obligor thereon. All
      such
      Permitted Investments shall be held to maturity, unless payable on demand.
      Any
      investment of funds shall be made in the name of the Trustee (in its capacity
      as
      such) or in the name of a nominee of the Trustee. The Securities Administrator
      shall be entitled to sole possession over each such investment in the
      Distribution Account and, subject to subsection (b) below, the income thereon,
      and any certificate or other instrument evidencing any such investment shall
      be
      delivered directly to the Securities Administrator or its agent, together with
      any document of transfer necessary to transfer title to such investment to
      the
      Trustee or its nominee. In the event amounts on deposit in the Collection
      Account are at any time invested in a Permitted Investment payable on demand,
      the party with investment discretion over such Investment Account
      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 receipt by such party of
      written notice from the Servicer 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 shall be for the benefit of the Servicer and shall be subject
      to its withdrawal in accordance with Section 3.09. The Servicer shall deposit
      in
      the Collection Account the amount of any loss incurred in respect of any such
      Permitted Investment made with funds in such account immediately upon
      realization of such loss. All earnings and gain realized from the investment
      of
      funds deposited in the Distribution Account shall be for the benefit of the
      Master Servicer. The Master Servicer shall remit from its own funds for deposit
      into the Distribution Account the amount of any loss incurred on Permitted
      Investments in the Distribution Account.

     

    (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 Trustee
      may and, subject to Section 9.01 and Section 9.02(a)(v), shall, at the written
      direction of the Servicer, take such action as may be appropriate to enforce
      such payment or performance, including the institution and prosecution of
      appropriate proceedings.

     

    (d)  The
      Trustee, the Master Servicer or their respective Affiliates are permitted to
      receive additional compensation that could be deemed to be in the Trustee’s or
      the Master Servicer’s economic self-interest for (i) serving as investment
      adviser, administrator, shareholder servicing agent, custodian or sub-custodian
      with respect to certain of the Permitted Investments, (ii) using Affiliates
      to
      effect transactions in certain Permitted Investments and (iii) effecting
      transactions in certain Permitted Investments. Such compensation shall not
      be
      considered an amount that is reimbursable or payable to the Trustee or the
      Master Servicer pursuant to Section 3.09 or 3.10 or otherwise payable in respect
      of Extraordinary Trust Fund Expenses. Such additional compensation shall not
      be
      an expense of the Trust Fund.

     

    SECTION
      3.11.  Maintenance
      of Hazard Insurance, Errors and Omissions and Fidelity Coverage and Primary
      Mortgage Insurance.

     

    (a)  The
      terms
      of each Mortgage Note require the related Mortgagor to maintain fire, flood
      and
      hazard insurance policies. To the extent such policies are not maintained,
      the
      Servicer shall cause to be maintained for each Mortgaged Property fire and
      hazard insurance with extended coverage as is customary in the area where the
      Mortgaged Property is located in an amount which is at least equal to the lesser
      of the current principal balance of the related Mortgage Loan and the amount
      necessary to compensate fully for any damage or loss to the improvements which
      are a part of such property on a replacement cost basis, 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 fire and hazard insurance on each
      REO
      Property with extended coverage as is customary in the area where the Mortgaged
      Property is located in an amount which is at least equal to the lesser of (i)
      the maximum insurable value of the improvements which are a part of such
      property and (ii) the outstanding principal balance of the related Mortgage
      Loan
      (including, with respect to each second lien mortgage loan, the outstanding
      principal balance of the related first lien) at the time it became an REO
      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 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 Accepted Servicing Practices, 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 3.09, if received
      in respect of a Mortgage Loan, or in the REO Account, subject to withdrawal
      pursuant to Section 3.21, 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. 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 the Mortgaged
      Property or REO Property is at any time in an area identified in the Federal
      Register by the Federal Emergency Management Agency as having special flood
      hazards, the Servicer will cause to be maintained a flood insurance policy
      in
      respect thereof. Such flood insurance shall be in an amount equal to the lesser
      of (i) the unpaid principal balance of the related Mortgage Loan and (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), 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.

     

    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 or otherwise acceptable to Fannie Mae or Freddie Mac insuring against
      hazard losses on all of the related Mortgage Loans, it shall conclusively be
      deemed to have satisfied its obligations to cause fire and hazard insurance
      to
      be maintained on the Mortgaged Properties, it being understood and agreed that
      such policy may contain a deductible clause, in which case the Servicer shall,
      in the event that there shall not have been maintained on the related Mortgaged
      Property or REO Property a policy complying with this Section 3.11, 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 administrator and servicer of the related
      Mortgage Loans, the Servicer agrees to prepare and present, on behalf of itself,
      the Trustee, the Trust Fund, the 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 its respective 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 related 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 Trustee.

     

    (c)  The
      Servicer shall not take any action that would result in noncoverage under any
      applicable primary mortgage insurance policy of any loss which, but for the
      actions of the Servicer would have been covered thereunder. The Servicer shall
      use its best efforts to keep in force and effect any applicable primary mortgage
      insurance policy and, to the extent that the related Mortgage Loan requires
      the
      Mortgagor to maintain such insurance, any other primary mortgage insurance
      applicable to any Mortgage Loan. Except as required by applicable law or the
      related Mortgage Loan Documents, the Servicer shall not cancel or refuse to
      renew any such primary mortgage insurance policy that is in effect at the date
      of the initial issuance of the related Mortgage Note and is required to be
      kept
      in force hereunder.

     

    (d)  The
      Servicer agrees to present on behalf of the Trustee and the Certificateholders
      claims to the applicable insurer under any primary mortgage insurance policies
      and, in this regard, to take such reasonable action as shall be necessary to
      permit recovery under any primary mortgage insurance policies respecting
      defaulted Mortgage Loans. Pursuant to Section 3.08, any amounts collected by
      the
      Servicer under any primary mortgage insurance policies shall be deposited in
      the
      Collection Account, subject to withdrawal pursuant to Section 3.09.
      Notwithstanding any provision to the contrary, the Servicer shall not have
      any
      responsibility with respect to a primary mortgage insurance policy unless the
      Servicer has been made aware of such policy, as reflected on the Mortgage Loan
      Schedule or otherwise and have been provided with adequate information to
      administer such policy. 

     

    SECTION
      3.12.  Enforcement
      of Due-on-Sale Clauses; Assumption Agreements.

     

    The
      Servicer shall, to the extent it has knowledge of any conveyance of any related
      Mortgaged Property by any related 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 exercise
      any such rights if prohibited by law from doing so. If the Servicer reasonably
      believes that 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 shall 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
      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 then current underwriting criteria of the Servicer for mortgage
      loans similar to the related Mortgage Loans. In connection with any assumption
      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 neither take nor 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 or substitution of liability agreement
      will 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 Trustee (or the
      Custodian) that any such substitution or assumption agreement has been completed
      by forwarding to the Trustee (or the Custodian) the executed original of such
      substitution 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 whatever.
      For purposes of this Section 3.12, 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
      3.13.  Realization
      Upon Defaulted Mortgage Loans.

     

    (a)  The
      Servicer shall use its best efforts, consistent with Accepted Servicing
      Practices, 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 3.06. 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 Sections 3.09 and 3.21. 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. 

     

    (b)  Notwithstanding
      the foregoing provisions of this Section 3.13 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 Trust Fund, 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 Trust Fund, the
      Trustee 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 prudent report prepared by an Independent
      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
      cost
      of the environmental audit report contemplated by this Section 3.13 shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.09(a)(ix), 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.
      The cost of any such compliance, containment, cleanup 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 Sections 3.09(a)(iii) or
      3.09(a)(ix), 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 shall have the right to purchase from REMIC I any defaulted Mortgage
      Loan serviced by it that is 90 days or more delinquent, which the Servicer
      determines in good faith will otherwise become subject to foreclosure
      proceedings (evidence of such determination to be delivered in writing to the
      Trustee, in form and substance satisfactory to the Servicer and the Trustee
      prior to purchase), at a price equal to the Purchase Price. The Purchase Price
      for any Mortgage Loan purchased hereunder shall be deposited in the Collection
      Account, and the Trustee, upon receipt of written certification from the
      Servicer of such deposit, shall release or cause to be released to the Servicer
      the related Mortgage File and the Trustee shall execute and deliver such
      instruments of transfer or assignment, in each case without recourse,
      representation or warranty, as the Servicer shall furnish and as shall be
      necessary to vest in the Servicer title to any Mortgage Loan released pursuant
      hereto.

     

    (d)  Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds or
      Liquidation Proceeds, in respect of any Mortgage Loan, will be applied in the
      following order of priority: first, to reimburse the Servicer for any related
      unreimbursed Servicing Advances and P&I Advances, pursuant to Section
      3.09(a)(ii) or (a)(iii); second, 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 third, as a recovery of
      principal of the Mortgage Loan. If the amount of the recovery so allocated
      to
      interest is less than the full amount of accrued and unpaid interest due on
      such
      Mortgage Loan, the amount of such recovery will be allocated by the Servicer
      as
      follows: first, to unpaid Servicing Fees; and second, to the balance of the
      interest then due and owing. The portion of the recovery so allocated to unpaid
      Servicing Fees shall be reimbursed to the Servicer pursuant to Section
      3.09(a)(iii). The portion of the recovery allocated to interest (net of unpaid
      Servicing Fees) and the portion of the recovery allocated to principal of the
      Mortgage Loan shall be applied as follows: first, to reimburse the Servicer
      for
      any related unreimbursed Servicing Advances or P&I Advances in accordance
      with Section 3.09(a)(ii) and any other amounts reimbursable to the Servicer
      pursuant to Section 3.09, and second, as part of the amounts to be transferred
      to the Distribution Account in accordance with Section 3.08(b).

     

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

     

    (a)  Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      the Servicer of a notification that payment in full has been escrowed in a
      manner customary for such purposes for payment to Certificateholders on the
      next
      Distribution Date, the Servicer will promptly furnish to the Custodian, on
      behalf of the Trustee, two copies of a request for release substantially in
      the
      form attached to the Custodial Agreement signed by a Servicing Officer or in
      a
      mutually agreeable electronic format which will, in lieu of a signature on
      its
      face, originate from a Servicing Officer (which certification shall include
      a
      statement to the effect that all amounts received in connection with such
      payment that are required to be deposited in the Collection Account have been
      or
      will be so deposited) and shall request that the Custodian, on behalf of the
      Trustee, deliver to the Servicer the related Mortgage File. Upon receipt of
      such
      certification and request, the Custodian, on behalf of the Trustee, shall within
      five (5) Business Days release the related Mortgage File to the Servicer and
      the
      Trustee and the Custodian shall have no further responsibility with regard
      to
      such Mortgage File. Upon any such payment in full, the Servicer is authorized,
      to give, as agent for the Trustee, as the mortgagee under the Mortgage that
      secured the Mortgage Loan, an instrument of satisfaction (or assignment of
      mortgage without recourse) regarding the Mortgaged Property subject to the
      Mortgage, which instrument of satisfaction or assignment, as the case may be,
      shall be delivered to the Person or Persons entitled thereto against receipt
      therefor of such payment, it being understood and agreed that no expenses
      incurred in connection with such instrument of satisfaction or assignment,
      as
      the case may be, shall be chargeable to the Collection Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, the Trustee shall execute such documents as shall be prepared and
      furnished to the Trustee by the Servicer (in form reasonably acceptable to
      the
      Trustee) and as are necessary to the prosecution of any such proceedings. The
      Custodian, on behalf of the Trustee, shall, upon the request of the Servicer,
      and delivery to the Custodian, on behalf of the Trustee, of two copies of a
      request for release signed by a Servicing Officer substantially in the form
      attached to the Custodial Agreement (or in a mutually agreeable electronic
      format which will, in lieu of a signature on its face, originate from a
      Servicing Officer), release within five (5) Business Days the related Mortgage
      File held in its possession or control to the Servicer. Such trust receipt
      shall
      obligate the Servicer to return the Mortgage File to the Custodian on behalf
      of
      the Trustee, when the need therefor by the Servicer no longer exists unless
      the
      Mortgage Loan shall be liquidated, in which case, upon receipt of a certificate
      of a Servicing Officer similar to that hereinabove specified, the Mortgage
      File
      shall be released by the Custodian, on behalf of the Trustee, to the
      Servicer.

     

    Notwithstanding
      the foregoing, in connection with a Principal Prepayment in full of any Mortgage
      Loan, the Master Servicer may request release of the related Mortgage File
      from
      the Custodian, in accordance with the provisions of the Custodial Agreement,
      in
      the event the Servicer fails to do so.

     

    Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Servicer, any court pleadings, requests for trustee’s sale or
      other documents prepared and delivered to the Trustee and reasonably acceptable
      to it and 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.
      So long as no Servicer Event of Default shall have occurred and be continuing,
      the Servicer shall have the right to execute any and all such court pleadings,
      requests and other documents as attorney-in-fact for, and on behalf of the
      Trustee. Notwithstanding the preceding sentence, the Trustee shall in no way
      be
      liable or responsible for the willful malfeasance of the Servicer, or for any
      wrongful or negligent actions taken by the Servicer, while the Servicer is
      acting in its capacity as attorney in fact for and on behalf of the
      Trustee.

     

    SECTION
      3.15.  Servicing
      Compensation.

     

    As
      compensation for its activities hereunder, the Servicer shall be entitled to
      the
      Servicing Fee with respect to each Mortgage Loan serviced by it payable solely
      from payments of interest in respect of such Mortgage Loan, subject to
      Section 3.22. In addition, the Servicer shall be entitled to recover unpaid
      Servicing Fees out of Insurance Proceeds or Liquidation Proceeds to the extent
      permitted by Section 3.09(a)(iii) and out of amounts derived from the
      operation and sale of an REO Property to the extent permitted by
      Section 3.21. 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 to the extent
      permitted herein.

     

    Additional
      servicing compensation in the form of Ancillary Income (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 3.09(a)(iv) to withdraw from the Collection Account and
      pursuant to Section 3.21(b) to withdraw from any REO Account, as additional
      servicing compensation, interest or other income earned on deposits therein,
      subject to Section 3.10. In addition, the Servicer shall be entitled to
      retain or withdraw from the Collection Account, pursuant to
      Section 3.09(a)(x), any Prepayment Interest Excess with respect to the
      Mortgage Loans serviced by it as additional servicing compensation. The Servicer
      shall be required to pay all expenses incurred by it in connection with its
      servicing activities hereunder and shall not be entitled to reimbursement
      therefor except as specifically provided herein.

     

    SECTION
      3.16.  Collection
      Account Statements.

     

    Upon
      request, not later than fifteen (15) days after each Distribution Date, the
      Servicer shall forward to the Master Servicer and, upon request, to the
      Securities Administrator, the Trustee and the Depositor, the most current
      available bank statement prepared by the institution at which the Collection
      Account is maintained. Copies of such statement and any similar statements
      provided by the Servicer shall be provided by the Securities Administrator
      to
      any Certificateholder and to any Person identified to the Securities
      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 Securities Administrator.

     

    SECTION
      3.17.  Annual
      Statement as to Compliance.

     

    (a)  The
      Servicer shall deliver (and shall cause any Additional Servicer engaged by
      it to
      deliver) to the Master Servicer and the Depositor on or before March 15 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 the Servicer’s performance
      under this Agreement, or such other applicable agreement in the case of an
      Additional Servicer, 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 an Additional Servicer, 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. Promptly after
      receipt of each such Officer’s Certificate from the Servicer or any Additional
      Servicer engaged by the Servicer, the Depositor shall review such Officer’s
      Certificate and, if applicable, consult with each such party, as applicable,
      as
      to the nature of any failures by such party, in the fulfillment of any of the
      Servicer’s obligations hereunder or, in the case of an Additional Servicer,
      under such other applicable agreement.

     

    (b)  Failure
      of the Servicer to comply timely with this Section 3.17 shall be deemed a
      Servicer Event of Default as to the Servicer, automatically, without notice
      and
      without any cure period, and the Master Servicer may, in addition to whatever
      rights the Master Servicer may have under this Agreement and at law or in equity
      or to damages, including injunctive relief and specific performance, terminate
      all the rights and obligations of the Servicer under this Agreement and in
      and
      to the Mortgage Loans and the proceeds thereof without compensating the Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    SECTION
      3.18.  Assessments
      of Compliance and Attestation Reports.

     

    (a)  By
      March
      15 of each year, commencing in March 2007, the Servicer, at its own expense,
      shall furnish, and shall cause any Servicing Function Participant engaged by
      it
      to furnish, each at its own expense, to the Master Servicer, 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 5.06(d), 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. 

     

    (b)  By
      March
      15 of each year, commencing in March 2007, the Servicer, at its own expense,
      shall cause, and the Servicer 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 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 a report to the
      Master Servicer, to the effect that such firm attests to, and reports on, the
      assessment made by such asserting party pursuant to Section 3.18(a) above,
      which
      report shall be made in accordance with standards for attestation engagements
      issued or adopted by the PCAOB. Such report must be available for general use
      and not contain restricted use language. 

     

    (c)  Failure
      of the Servicer to comply timely with this Section 3.18 shall be deemed a
      Servicer Event of Default as to the Servicer, automatically, without notice
      and
      without any cure period, and the Master Servicer may, in addition to whatever
      rights the Master Servicer may have under this Agreement and at law or in equity
      or to damages, including injunctive relief and specific performance, terminate
      all the rights and obligations of the Servicer under this Agreement and in
      and
      to the Mortgage Loans and the proceeds thereof without compensating the Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    SECTION
      3.19.  Annual
      Certification; Additional Information.

     

    (a)  The
      Servicer shall and 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 15 of each year in which the Trust is subject to the reporting
      requirements of the Exchange Act, a certification (each, a “Back-Up
      Certification”),
      in
      the form attached hereto as Exhibit C, 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 officer of the Master Servicer in charge of the master
      servicing function shall serve as the Certifying Person on behalf of the Trust.
      In the event the Servicer or any Servicing Function Participant engaged by
      it 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 3.19 with
      respect to the period of time it was subject to this Agreement or any applicable
      Sub-Servicing Agreement, as the case may be.

     

    (b)  The
      Servicer shall indemnify and hold harmless the Master Servicer, the Securities
      Administrator, the Trustee, the Depositor and their respective officers,
      directors, agents and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments and other costs and expenses arising out of or based upon a breach
      by
      the Servicer or any of its officers, directors, agents or affiliates of its
      obligations under this Section 3.19 or the Servicer’s gross negligence, bad
      faith or willful misconduct. Such indemnity shall survive the termination or
      resignation of the parties hereto or the termination of this Agreement. If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Master Servicer, the Securities Administrator, the Trustee and
      the
      Depositor, then the Servicer agrees that it shall contribute to the amount
      paid
      or payable by the Master Servicer, the Securities Administrator, the Trustee
      and
      the Depositor as a result of the losses, claims, damages or liabilities of
      the
      Master Servicer, the Securities Administrator, the Trustee and the Depositor
      in
      such proportion as is appropriate to reflect the relative fault of the Master
      Servicer, the Securities Administrator, the Trustee and the Depositor on the
      one
      hand and the Servicer on the other in connection with a breach of the Servicer’s
      obligations under this Section 3.19.

     

    (c)  The
      Servicer shall provide to the Master Servicer prompt notice of the occurrence
      of
      any of the following: 

     

    (i)  any
      Servicer Event of Default under the terms of this Agreement, any merger,
      consolidation or sale of substantially all of the assets of the Servicer, the
      Servicer’s engagement of any Sub-Servicer to perform or assist in the
      performance of any of the Servicer’s obligations under this Agreement, any
      material litigation involving the Servicer that is material to the
      Certificateholders, and to the extent disclosure is required under Regulation
      AB, any affiliation or other significant relationship between the Servicer
      and
      the Sponsor, the Depositor, the Master Servicer, the Securities Administrator,
      the Trustee, the Custodian and the Swap Provider.

     

    (ii)  If
      the
      Servicer has knowledge of the occurrence of any of the events described in
      this
      clause (ii), then no later than ten days prior to the deadline for the filing
      of
      any Distribution Report on Form 10-D in respect of the Trust, the Servicer
      shall
      provide to the Master Servicer notice of the occurrence of any of the following
      events along with all information, data, and materials related thereto as may
      be
      required to be included in the related Distribution Report on Form 10-D (as
      specified in the provisions of Regulation AB referenced below): 

     

    (A) any
      material modifications, extensions or waivers of pool asset terms, fees,
      penalties or payments during the distribution period or that have cumulatively
      become material over time, which information will be included on the Servicer’s
      Remittance Report (Item 1121(a)(11) of Regulation AB);

     

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

     

    (C) any
      material pool asset changes (such as, substitutions or repurchases) relating
      to
      the Mortgage Loans serviced by the Servicer, to the extent known to the Servicer
      (Item 1121(a)(14) of Regulation AB).

     

    (d)  The
      Servicer shall provide to the Securities Administrator and the Master Servicer
      such additional information as the Securities Administrator or the Master
      Servicer may reasonably request, including evidence of the authorization of
      the
      person signing any certification or statement, financial information and reports
      and of the fidelity bond and errors and omissions insurance policy required
      to
      be maintained by the Servicer pursuant to this Agreement, and such other
      information related to the Servicer or its performance hereunder.

     

    SECTION
      3.20.  Access
      to Certain Documentation.

     

    The
      Servicer shall provide to the Office of Thrift Supervision, the FDIC, and any
      other federal or state banking or insurance regulatory authority that may
      exercise authority over any Certificate Owner, access to the documentation
      regarding the related 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 3.20 shall limit the
      obligation of the Servicer to comply with any applicable law prohibiting
      disclosure of information regarding the Mortgagors 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. Nothing in this
      Section 3.20 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 Person unless provisions have been made for the reimbursement of the
      costs thereof. 

     

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

     

    (a)  The
      deed
      or certificate of sale of any REO Property related to a Mortgage Loan shall
      be
      taken in the name of the Trustee, or its nominee, on behalf of the Trust Fund
      and for the benefit of the Certificateholders. The Servicer, on behalf of REMIC
      I, shall either sell any REO Property by the close of the third calendar year
      following the calendar year in which REMIC I acquires ownership of such REO
      Property for purposes of Section 860(a)(8) of the Code or request from the
      Internal Revenue Service, no later than sixty (60) days before the day on which
      the three-year grace period would otherwise expire an extension of the
      three-year grace period, unless the Servicer had delivered to the Trustee an
      Opinion of Counsel, addressed to the Trustee and the Depositor, to the effect
      that the holding by REMIC I of such REO Property subsequent to three (3) years
      after its acquisition will not result in the imposition on any Trust REMIC
      created hereunder of taxes on “prohibited transactions” thereof, as defined in
      Section 860F of the Code, or cause any Trust REMIC 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 Trust REMIC 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 segregate and hold all funds collected and received in connection
      with the operation of any REO Property separate and apart from its own funds
      and
      general assets and shall establish and maintain with respect to REO Properties
      an account held in trust for the Trustee, on behalf of the Trust Fund and 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 the maintenance of separate
      ledgers for each REO Property. The Servicer shall be entitled to retain or
      withdraw any interest income paid on funds deposited in the related 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 related to a Mortgage Loan serviced by it
      as
      are consistent with the manner in which the Servicer manages and operates
      similar property owned by it or any of its Affiliates, all on such terms and
      for
      such period 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 (1)
      Business Day after the Servicer’s receipt thereof, and shall thereafter deposit
      in the REO Account, in no event more than two (2) Business Days after the
      deposit of good funds into the clearing account, all revenues received by it
      with respect to an REO Property related to a Mortgage Loan serviced by it 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 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.

     

    Subject
      to compliance with applicable laws and regulations as shall at any time be
      in
      force, and notwithstanding the foregoing, the Servicer, on behalf of the Trust
      Fund, shall not:

     

    (i)  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;

     

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

     

    (iii)  authorize
      or permit 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

     

    (iv)  allow
      any
      Person to Directly Operate any REO Property on any date more than ninety (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 Servicer and the Trustee, 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 REMIC I, 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 (30) days following
      the receipt thereof by such Independent Contractor;

     

    (iii)  none
      of
      the provisions of this Section 3.21(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 Trust Fund and for the benefit 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 3.15 is sufficient to pay such fees. Any such
      agreement shall include a provision that such agreement may be immediately
      terminated by any successor servicer (including the Master Servicer) without
      fee, in the event the Servicer shall for any reason, no longer be the Servicer
      of the Mortgage Loans (including termination due to a Servicer Event of
      Default).

     

    (d)  In
      addition to the withdrawals permitted under Section 3.21(c), the Servicer may
      from time to time make withdrawals from the REO Account for any REO Property:
      (i) to pay itself 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 3.08(d)(ii), for distribution on the related
      Distribution Date in accordance with Section 5.01, the income from the related
      REO Property received during the prior calendar month, net of any withdrawals
      made pursuant to Section 3.21(c) or this Section 3.21(d).

     

    (e)  Subject
      to the time constraints set forth in Section 3.21(a), each REO Disposition
      shall
      be carried out by the Servicer at such price and upon such terms and conditions
      as the Servicer shall deem necessary or advisable, as shall be normal and usual
      in accordance with Accepted Servicing Practices.

     

    (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 as provided above, shall be deposited in the
      Distribution Account in accordance with Section 3.08(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 5.01. 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 (and shall provide a certification
      of a
      Servicing Officer to the Master Servicer that such filings have been made)
      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
      3.22.  Obligations
      of the Servicer in Respect of Prepayment Interest Shortfalls; Relief Act
      Interest Shortfalls.

     

    The
      Servicer shall deliver to the Securities Administrator for deposit into the
      Distribution Account on or before 12:00 noon New York time on the Servicer
      Remittance Date from its own funds an amount equal to the lesser of (i) the
      aggregate amount of the Prepayment Interest Shortfalls attributable to
      prepayments in full on the related Mortgage Loans for the related Distribution
      Date resulting solely from voluntary Principal Prepayments received by the
      Servicer during the related Prepayment Period and (ii) the aggregate amount
      of
      the related Servicing Fees payable to the Servicer on such Distribution Date
      with respect to the related Mortgage Loans. The Servicer shall not have the
      right to reimbursement for any amounts remitted to the Securities Administrator
      in respect of this Section 3.22. The Servicer shall not be obligated to pay
      the amounts set forth in this Section 3.22 with respect to shortfalls
      resulting from the application of the Relief Act.

     

    SECTION
      3.23.  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 any
      Mortgage Loan 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 deliver to the Securities Administrator for deposit in the
      Distribution Account from its own funds the amount of any such shortfall and
      shall indemnify and hold harmless the Trust Fund, the Trustee, the Securities
      Administrator, the Master Servicer, 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 3.23 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 and Mortgage, to the extent permitted by applicable
      law.

     

    SECTION
      3.24.  Reserve
      Fund.

     

    (a)  No
      later
      than the Closing Date, the Securities Administrator shall establish and maintain
      a separate, segregated trust account entitled, “Reserve Fund, Wells Fargo Bank,
      N.A., in trust for the registered holders of ACE Securities Corp. Home Equity
      Loan Trust, Series 2006-OP1, Asset Backed Pass-Through Certificates.” On the
      Closing Date, the Depositor will deposit, or cause to be deposited, into the
      Reserve Fund $1,000. 

     

    (b)  On
      each
      Distribution Date, the Securities Administrator shall deposit into the Reserve
      Fund the amounts described in Section 5.01(c)(8)(vi), rather than
      distributing such amounts to the Class CE Certificateholders, and pursuant
      to
      Section 5.01(c)(8)(viii). On each such Distribution Date, the Securities
      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 the Mezzanine
      Certificates, in the amounts and priorities set forth in Section 5.01(a).
      If no Net WAC Rate Carryover Amounts are payable on a Distribution Date, the
      Securities Administrator shall deposit, into the Reserve Fund on behalf of
      the
      Class CE Certificateholders, from amounts otherwise distributable to the Class
      CE Certificateholders, an amount such that when added to other amounts already
      on deposit in the Reserve Fund, the aggregate amount on deposit therein is
      equal
      to $1,000.

     

    (c)  The
      Reserve Fund constitutes an “outside reserve fund” within the meaning of
      Treasury Regulation § 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 Reserve Fund 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
      Reserve Fund 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 Reserve Fund be treated as a partnership. All
      amounts deposited into the Reserve Fund (other than the initial deposit therein
      of $1,000) shall be treated as amounts distributed by REMIC II to the Holders
      of
      the Class CE Certificates. 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 Reserve Fund will be released by the Trust
      Fund and distributed to the Class CE Certificateholders or their designees.
      The
      Reserve Fund will be part of the Trust Fund but not part of any REMIC and any
      payments to the Holders of the Class A Certificates or 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).

     

    (d)  By
      accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees
      that the Securities Administrator will deposit into the Reserve Fund the amounts
      described above on each Distribution Date rather than distributing such amounts
      to the Class CE Certificateholders. By accepting a Class CE Certificate, each
      Class CE Certificateholder further agrees that its agreement to such action by
      the Securities Administrator is given for good and valuable consideration,
      the
      receipt and sufficiency of which is acknowledged by such
      acceptance.

     

    (e)  At
      the
      direction of the Holders of a majority in Percentage Interest in the Class
      CE
      Certificates, the Securities Administrator shall direct any depository
      institution maintaining the Reserve Fund to invest the funds in such account
      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
      Securities Administrator or an Affiliate manages or advises such investment,
      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 Securities Administrator
      or
      an Affiliate manages or advises such investment. All income and gain earned
      upon
      such investment shall be deposited into the Reserve Fund. In no event shall
      the
      Securities Administrator be liable for any investments made pursuant to this
      clause (e). If the Holders of a majority in Percentage Interest in the Class
      CE
      Certificates fail to provide investment instructions, funds on deposit in the
      Reserve Fund shall be held uninvested by the Securities Administrator without
      liability for interest or compensation.

     

    (f)  For
      federal tax return and information reporting, the right of the Class A
      Certificateholders and the Mezzanine Certificateholders to receive payments
      from
      the Reserve Fund in respect of any Net WAC Rate Carryover Amount shall be
      assigned a value of $1,000 with respect to the Certificates covered by the
      Swap
      Agreement.

     

    SECTION
      3.25.  Advance
      Facility.

     

    (a)  Notwithstanding
      anything to the contrary contained herein, (i) the Servicer is hereby authorized
      to enter into an advance facility (“Advance Facility”) but no more than two
      Advance Facilities without the prior written consent of the Trustee, which
      consent shall not be unreasonably withheld, under which (A) the Servicer sells,
      assigns or pledges to an advancing person (an “Advance Financing Person”) its
      rights under this Agreement to be reimbursed for any P&I Advances or
      Servicing Advances and/or (B) an Advance Financing Person agrees to finance
      some
      or all P&I Advances or Servicing Advances required to be made by the
      Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized
      to assign its rights to the Servicing Fee (which rights shall terminate upon
      the
      resignation, termination or removal of the Servicer pursuant to the terms of
      this Agreement); it being understood that neither the Trust Fund nor any party
      hereto shall have a right or claim (including without limitation any right
      of
      offset) to any amounts for reimbursement of P&I Advances or Servicing
      Advances so assigned or to the portion of the Servicing Fee so assigned. Subject
      to the provisions of the first sentence of this Section 3.25(a), no consent
      of
      the Depositor, Trustee, Master Servicer, Certificateholders or any other party
      is required before the Servicer may enter into an Advance Facility, but the
      Servicer shall provide notice to the Depositor, Master Servicer and the Trustee
      of the existence of any such Advance Facility promptly upon the consummation
      thereof stating (a) the identity of the Advance Financing Person and (b) the
      identity of any Person (“Servicer’s Assignee”) who has the right to receive
      amounts in reimbursement of previously unreimbursed P&I Advances or
      Servicing Advances. Notwithstanding the existence of any Advance Facility under
      which an Advance Financing Person agrees to finance P&I Advances and/or
      Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated
      pursuant to this Agreement to make P&I Advances and Servicing Advances
      pursuant to and as required by this Agreement, and shall not be relieved of
      such
      obligations by virtue of such Advance Facility.

     

    (b)  Reimbursement
      amounts (“Advance Reimbursement Amounts”) shall consist solely of amounts in
      respect of P&I Advances and/or Servicing Advances made with respect to the
      related Mortgage Loans for which the Servicer would be permitted to reimburse
      itself in accordance with this Agreement, assuming the Servicer had made the
      related P&I Advance(s) and/or Servicing Advance(s).

     

    (c)  The
      Servicer shall maintain and provide to any successor servicer (with, upon
      request, a copy to the Trustee) a detailed accounting on a loan-by-loan basis
      as
      to amounts advanced by, pledged or assigned to, and reimbursed to any Advance
      Financing 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.

     

    (d)  Reimbursement
      amounts distributed with respect to each Mortgage Loan shall be allocated to
      outstanding unreimbursed P&I Advances or Servicing Advances (as the case may
      be) made with respect to that Mortgage Loan on a “first-in, first out” (FIFO)
      basis. The documentation establishing any Advance Facility shall require the
      Servicer to provide to the related Advance Financing Person or its designee
      loan-by-loan information with respect to each such reimbursement amount
      distributed to such Advance Financing Person or Advance Facility trustee on
      each
      Distribution Date, to enable the Advance Financing Person or Advance Facility
      trustee to make the FIFO allocation of each such reimbursement amount with
      respect to each Mortgage Loan. The Servicer shall remain entitled to be
      reimbursed by the Advance Financing Person or Advance Facility trustee for
      all
      P&I 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 Advance Financing Person.

     

    (e)  Any
      amendment to this Section 3.25 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 3.25, including amendments to add provisions
      relating to a successor servicer, may be entered into by the Trustee, the
      Depositor, and the Servicer without the consent of any Certificateholder,
      notwithstanding anything to the contrary in this Agreement, provided, that
      the
      Trustee has been provided an Opinion of Counsel that such amendment is
      authorized hereunder and has no material adverse effect on the
      Certificateholders, which opinion shall be an expense of the party requesting
      such opinion but in any case shall not be an expense of the Trustee or the
      Trust
      Fund; provided, further, that the amendment shall not be deemed to adversely
      affect in any material respect the interests of the Certificateholders if the
      Person requesting the amendment obtains a letter from each Rating Agency
      (instead of obtaining an Opinion of Counsel to such effect) stating that the
      amendment would not result in the downgrading or withdrawal of the respective
      ratings then assigned to the Certificates; it being understood and agreed that
      any such rating letter in and of itself will not represent a determination
      as to
      the materiality of any such amendment and will represent a determination only
      as
      to the credit issues affecting any such rating. Prior to entering into an
      Advance Facility, the Servicer shall notify the lender under such facility
      in
      writing that: (a) the P&I Advances and/or Servicing Advances financed by
      and/or pledged to the lender 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 P&I Advances and/or Servicing Advances
      only to the extent provided herein, and neither the Master Servicer, the
      Securities Administrator, the Trustee nor the Trust are otherwise obligated
      or
      liable to repay any P&I Advances and/or Servicing Advances financed by the
      lender; (b) the Servicer will be responsible for remitting to the lender the
      applicable amounts collected by it as Servicing Fees and as reimbursement for
      P&I Advances and/or Servicing Advances funded by the lender, as applicable,
      subject to the restrictions and priorities created in this Agreement; and (c)
      neither the Master Servicer, the Securities Administrator nor the Trustee shall
      have any responsibility to calculate any amount payable under an Advance
      Facility or to track or monitor the administration of the financing arrangement
      between the Servicer and the lender or the payment of any amount under an
      Advance Facility.

     

    (f)  The
      Servicer shall indemnify the Master Servicer, the Securities Administrator,
      the
      Trustee and the Trust Fund for any cost, liability or expense relating to the
      Advance Facility including, without limitation, a claim, pending or threatened,
      by an Advance Financing Person.

     

    SECTION
      3.26.  Indemnification.

     

    The
      Servicer agrees to indemnify the Trustee, Master Servicer and the Securities
      Administrator, from, and hold the Trustee, Master Servicer and the Securities
      Administrator harmless against, any loss, liability or expense (including
      reasonable attorney’s fees and expenses) incurred by any such Person by reason
      of the Servicer’s willful misfeasance, bad faith or gross negligence in the
      performance of its duties under this Agreement or by reason of the Servicer’s
      reckless disregard of its obligations and duties under this Agreement. Such
      indemnity shall survive the termination or discharge of this Agreement and
      the
      resignation or removal of the Servicer, the Trustee, the Master Servicer and
      the
      Securities Administrator. Any payment hereunder made by the Servicer to any
      such
      Person shall be from the Servicer’s own funds, without reimbursement from REMIC
      I therefor.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IV  

    ADMINISTRATION
      AND MASTER SERVICING

    OF
      THE
      MORTGAGE LOANS BY THE MASTER SERVICER

     

    SECTION
      4.01.  Master
      Servicer.

     

    The
      Master Servicer shall, from and after the Closing Date supervise, monitor and
      oversee the obligations of the Servicer under this Agreement 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
      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 and separately monitor the Servicer’s servicing activities
      with respect to each Mortgage Loan, reconcile the results of such monitoring
      with such information provided in the previous sentence on a monthly basis
      and
      coordinate corrective adjustments to the Servicer’s and Master Servicer’s
      records, and based on such reconciled and corrected information, prepare the
      statements specified in Section 5.03 and any other information and statements
      required to be provided 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 Distribution Account pursuant to the terms
      hereof based on information provided to the Master Servicer by the
      Servicer.

     

    The
      Trustee shall furnish the Servicer and the Master Servicer with any limited
      powers of attorney and other documents in form acceptable to it necessary or
      appropriate to enable the Servicer and the Master Servicer to service and
      administer the Mortgage Loans and REO Property. The Trustee shall have no
      responsibility for any action of the Master Servicer or the Servicer pursuant
      to
      any such limited power of attorney and shall be indemnified by the Master
      Servicer or the Servicer, as applicable, for any cost, liability or expense
      incurred by the Trustee in connection with such Person’s misuse of any such
      power of attorney.

     

    The
      Trustee, the Custodian and the Securities Administrator shall provide access
      to
      the records and documentation in possession of the Trustee, the Custodian or
      the
      Securities Administrator regarding the Mortgage Loans and REO Property and
      the
      servicing thereof to the Certificateholders, the FDIC, and the supervisory
      agents and examiners of the FDIC, such access being afforded only upon
      reasonable prior written request and during normal business hours at the office
      of the Trustee, the Custodian or the Securities Administrator; provided,
      however, that, unless otherwise required by law, none of the Trustee, the
      Custodian or the Securities Administrator shall be required to provide access
      to
      such records and documentation if the provision thereof would violate the legal
      right to privacy of any Mortgagor. The Trustee, the Custodian and the Securities
      Administrator shall allow representatives of the above entities to photocopy
      any
      of the records and documentation and shall provide equipment for that purpose
      at
      a charge that covers the Trustee’s, the Custodian’s or the Securities
      Administrator’s actual costs.

     

    The
      Trustee shall execute and deliver to the Servicer or the Master Servicer upon
      request 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 any other Mortgage Loan Document; (iii)
      obtain a deficiency judgment against the Mortgagor; or (iv) enforce any other
      rights or remedies provided by the Mortgage Note or any other Mortgage Loan
      Document or otherwise available at law or equity.

     

    SECTION
      4.02.  REMIC-Related
      Covenants.

     

    For
      as
      long as each REMIC shall exist, the Trustee and the Securities Administrator
      shall act in accordance herewith to treat such REMIC as a REMIC, and the Trustee
      and the Securities Administrator shall comply with any directions of the
      Sponsor, the Servicer or the Master Servicer to assure such continuing
      treatment. In particular, the Trustee shall not (a) sell or permit the sale
      of
      all or any portion of the Mortgage Loans or of any investment of deposits in
      an
      Account unless such sale is as a result of a repurchase of the Mortgage Loans
      pursuant to this Agreement or the Trustee has received a REMIC Opinion prepared
      at the expense of the Trust Fund; and (b) other than with respect to a
      substitution pursuant to the Mortgage Loan Purchase Agreement or
      Section 2.03 of this Agreement, as applicable, accept any contribution to
      any REMIC after the Startup Day without receipt of an Opinion of Counsel stating
      that such contribution will not result in an Adverse REMIC Event as defined
      in
      Section 11.01(f).

     

    SECTION
      4.03.  Monitoring
      of Servicer.

     

    (a)  The
      Master Servicer shall be responsible for monitoring the 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 Officer’s Certificate 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 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 a Servicer Event
      of
      Default, the Master Servicer shall notify the Servicer, the Sponsor and the
      Trustee thereof and the Master Servicer shall issue such notice or take such
      other action as it deems appropriate.

     

    (b)  The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of the Servicer under this Agreement and shall,
      in
      the event that the Servicer fails to perform its obligations in accordance
      with
      this Agreement, subject to this Section and Article VIII, notify the Trustee
      and
      the Trustee shall terminate the rights and obligations of the Servicer hereunder
      and the Master Servicer shall act as servicer of the Mortgage Loans or a
      successor servicer shall be appointed in accordance with the provisions of
      Article VIII. 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, in its good faith business judgment, would require were it the owner
      of the Mortgage Loans. The Master Servicer shall pay the costs of such
      enforcement at its own expense, provided that the Master Servicer shall not
      be
      required to prosecute or defend any legal action except to the extent that
      the
      Master Servicer shall have received reasonable indemnity for its costs and
      expenses in pursuing such action.

     

    (c)  The
      Master Servicer shall be entitled to be reimbursed by the Servicer (or from
      amounts on deposit in the Distribution Account if the Servicer is unable to
      fulfill its obligations hereunder) for all reasonable out-of-pocket or third
      party costs associated with the transfer of servicing from the predecessor
      Servicer (or if the predecessor Servicer is the Master Servicer, from the
      Servicer immediately preceding the Master Servicer), including without
      limitation, any reasonable out-of-pocket or third party 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
      successor servicer (including the Master Servicer) to correct any errors or
      insufficiencies in the servicing data or otherwise to enable the successor
      servicer (including the Master Servicer) to service the Mortgage Loans properly
      and effectively, upon presentation of reasonable documentation of such costs
      and
      expenses.

     

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

     

    (e)  If
      the
      Master Servicer acts as successor to the Servicer, it will not assume any
      liability for the representations and warranties of the terminated
      Servicer.

     

    SECTION
      4.04.  Fidelity
      Bond.

     

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

     

    SECTION
      4.05.  Power
      to Act; Procedures.

     

    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article XI, 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 Section 4.03, 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 REMIC I,
      REMIC II or REMIC III to fail to qualify as a REMIC or result in the imposition
      of a tax upon the Trust Fund (including but not limited to the tax on prohibited
      transactions as defined in Section 860F(a)(2) of the Code and the tax on
      contributions to a REMIC set forth in Section 860G(d) of the Code) unless the
      Master Servicer has received an Opinion of Counsel (but not at the expense
      of
      the Master Servicer) to the effect that the contemplated action will not cause
      REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC or result in the
      imposition of a tax upon REMIC I, REMIC II or REMIC III, as the case may be.
      The
      Trustee shall furnish the Master Servicer, upon written request from a Servicing
      Officer, with any powers of attorney prepared and delivered to it and reasonably
      acceptable to it 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 prepared and
      delivered to it and reasonably acceptable to it, as the Master Servicer or
      the
      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 and shall be indemnified by the Master Servicer or
      the
      Servicer, as applicable, for any cost, liability or expense incurred by the
      Trustee in connection with such Person’s use or misuse of any such power of
      attorney). If the Master Servicer or the Trustee has been advised that it is
      likely that the laws of the state in which action is to be taken prohibit such
      action if taken in the name of the Trustee or that the Trustee would be
      adversely affected under the “doing business” or tax laws of such state if such
      action is taken in its name, the Master Servicer shall join with the Trustee
      in
      the appointment of a co-trustee pursuant to Section 9.10. In the performance
      of
      its duties hereunder, the Master Servicer shall be an independent contractor
      and
      shall not, except in those instances where it is taking action in the name
      of
      the Trustee, be deemed to be the agent of the Trustee.

     

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

     

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

     

    (a)  The
      Master Servicer shall transmit to the Trustee or the Custodian such documents
      and instruments coming into the possession of the Master Servicer from time
      to
      time as are required by the terms hereof to be delivered to the Trustee or
      the
      Custodian. Any funds received by the Master Servicer in respect of any Mortgage
      Loan or which otherwise are collected by the Master Servicer as Liquidation
      Proceeds or Insurance Proceeds in respect of any Mortgage Loan shall be remitted
      to the Securities Administrator for deposit in the Distribution Account. The
      Master Servicer shall, subject to Section 3.20 of this Agreement, cause the
      Servicer to provide access to information and documentation regarding the
      Mortgage Loans to the Trustee, its agents and accountants at any time upon
      reasonable request and during normal business hours, and to Certificateholders
      that are savings and loan associations, banks or insurance companies, the Office
      of Thrift Supervision, the FDIC and the supervisory agents and examiners of
      such
      Office and Corporation or examiners of any other federal or state banking or
      insurance regulatory authority if so required by applicable regulations of
      the
      Office of Thrift Supervision or other regulatory authority, such access to
      be
      afforded without charge but only upon reasonable request in writing and during
      normal business hours at the offices of the Master Servicer designated by it.
      In
      fulfilling such a request the Master Servicer shall not be responsible for
      determining the sufficiency of such information.

     

    (b)  All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, in respect of any Mortgage Loans, whether from the collection
      of principal and interest payments or from Liquidation Proceeds or Insurance
      Proceeds, shall be remitted to the Securities Administrator for deposit in
      the
      Distribution Account.

     

    SECTION
      4.08.  Standard
      Hazard Insurance and Flood Insurance Policies.

     

    For
      each
      Mortgage Loan, the Master Servicer shall enforce the obligation of the Servicer
      under this Agreement to maintain or cause to be maintained standard fire and
      casualty insurance and, where applicable, flood insurance, all in accordance
      with the provisions of this Agreement. It is understood and agreed that such
      insurance shall be with insurers meeting the eligibility requirements set forth
      in Section 3.11 of this Agreement, and that no earthquake or other additional
      insurance is to be required of any Mortgagor or to be maintained on property
      acquired in respect of a defaulted loan, other than pursuant to such applicable
      laws and regulations as shall at any time be in force and as shall require
      such
      additional insurance.

     

    SECTION
      4.09.  Presentment
      of Claims and Collection of Proceeds.

     

    The
      Master Servicer shall enforce the Servicer’s obligations under this Agreement,
      to prepare and present on behalf of the Trustee and the Certificateholders
      all
      claims under any insurance policies and take such actions (including the
      negotiation, settlement, compromise or enforcement of the insured’s claim) as
      shall be necessary to realize recovery under such policies. Any proceeds
      disbursed to the Master Servicer (or disbursed to the Servicer and remitted
      to
      the Master Servicer) in respect of such policies, bonds or contracts shall
      be
      promptly deposited in the Distribution Account upon receipt, except that any
      amounts realized that are to be applied to the repair or restoration of the
      related Mortgaged Property as a condition precedent to the presentation of
      claims on the related Mortgage Loan to the insurer under any applicable
      insurance policy need not be so deposited or remitted.

     

    SECTION
      4.10.  Maintenance
      of Primary Mortgage Insurance Policies.

     

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

     

    (b)  The
      Master Servicer agrees to cause the Servicer to present, on behalf of the
      Trustee and the Certificateholders, claims to the insurer under any primary
      mortgage insurance policies and, in this regard, to take such reasonable action
      as shall be necessary to permit recovery under any primary mortgage insurance
      policies respecting defaulted Mortgage Loans.

     

    SECTION
      4.11.  Trustee
      to Retain Possession of Certain Insurance Policies and Documents.

     

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

     

    SECTION
      4.12.  Realization
      Upon Defaulted Mortgage Loans.

     

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

     

    SECTION
      4.13.  Compensation
      for the Master Servicer.

     

    As
      compensation for the activities of the Master Servicer hereunder, the Master
      Servicer shall be entitled to the Master Servicing Fee and the income from
      investment of or earnings on the funds from time to time in the Distribution
      Account, as provided in Section 3.10. The compensation payable to the
      Master Servicer in respect of any Distribution Date shall be reduced in
      accordance with Section 4.19. The Master Servicer shall be required to pay
      all expenses incurred by it in connection with its activities hereunder and
      shall not be entitled to reimbursement therefor except as provided in this
      Agreement.

     

    SECTION
      4.14.  REO
      Property.

     

    (a)  In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      related Mortgage Loan, the deed or certificate of sale shall be issued to the
      Trustee, or to its nominee, on behalf of the related Certificateholders. The
      Master Servicer shall cause the Servicer to sell, any REO Property as
      expeditiously as possible and in accordance with the provisions of this
      Agreement. Further, the Master Servicer shall cause the Servicer to sell any
      REO
      Property prior to three years after the end of the calendar year of its
      acquisition by REMIC I unless (i) the Trustee shall have been supplied by the
      Servicer with an Opinion of Counsel to the effect that the holding by the Trust
      Fund of such REO Property subsequent to such three-year period will not result
      in the imposition of taxes on “prohibited transactions” of any REMIC hereunder
      as defined in section 860F of the Code or cause any REMIC hereunder to fail
      to
      qualify as a REMIC at any time that any Certificates are outstanding, in which
      case the Trust Fund may continue to hold such Mortgaged Property (subject to
      any
      conditions contained in such Opinion of Counsel) or (ii) the Servicer shall
      have
      applied for, prior to the expiration of such three-year period, an extension
      of
      such three-year period in the manner contemplated by Section 856(e)(3) of the
      Code, in which case the three-year period shall be extended by the applicable
      extension period. The Master Servicer shall cause the Servicer to protect and
      conserve, such REO Property in the manner and to the extent required by this
      Agreement in accordance with the REMIC Provisions and in a manner that does
      not
      result in a tax on “net income from foreclosure property” or cause such REO
      Property to fail to qualify as “foreclosure property” within the meaning of
      Section 860G(a)(8) of the Code.

     

    (b)  The
      Master Servicer shall cause the Servicer to deposit all funds collected and
      received in connection with the operation of any REO Property in the REO
      Account.

     

    SECTION
      4.15.  Master
      Servicer Annual Statement of Compliance.

     

    (a)  The
      Master Servicer and the Securities Administrator shall deliver (or otherwise
      make available) (and the Master Servicer and Securities Administrator shall
      cause any Additional Servicer or Servicing Function Participant engaged by
      it to
      deliver) to the Depositor and the Securities Administrator, and in the case
      of
      the Master Servicer, to the Trustee, on or before March 15 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 an Additional
      Servicer or Servicing Function Participant, 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 an Additional Servicer or
      Servicing Function Participant, 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. 

     

    (b)  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 Securities Administrator pursuant to this Section.

     

    (c)  In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by such parties is terminated, assigns its rights
      and obligations under, or resigns pursuant to the terms of this Agreement,
      or
      any applicable agreement in the case of a Servicing Function Participant, as
      the
      case may be, such party shall provide an Officer’s Certificate pursuant to this
      Section 4.15(c) or to such other applicable agreement, as the case may be,
      notwithstanding any such termination, assignment or resignation.

     

    (d)  Failure
      of the Master Servicer to comply timely with this Section 4.15 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or in equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    (e)  Copies
      of
      such Master Servicer annual statements of compliance shall be provided to any
      Certificateholder upon request, by the Master Servicer or by the Trustee at
      the
      Master Servicer’s expense if the Master Servicer failed to provide such copies
      (unless (i) the Master Servicer shall have failed to provide the Trustee with
      such statement or (ii) the Trustee shall be unaware of the Master Servicer’s
      failure to provide such statement).

     

    SECTION
      4.16.  Master
      Servicer Assessments of Compliance.

     

    (a)  By
      March
      15 of each year, commencing in March 2007, the Master Servicer and the
      Securities Administrator, 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 Securities
      Administrator and 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
      5.06(d), 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.
      

     

    (b)  No
      later
      than the end of each fiscal year for the Trust for which a 10-K is required
      to
      be filed, the Master Servicer shall forward to the Securities Administrator
      and
      the Depositor the name of each Servicing Function Participant engaged by it
      and
      what Relevant Servicing Criteria will be addressed in the report on assessment
      of compliance prepared by such Servicing Function Participant (provided,
      however,
      that
      the Master Servicer need not provide such information to the Securities
      Administrator so long as the Master Servicer and the Securities Administer
      are
      the same Person). When the Master Servicer and the Securities Administrator
      (or
      any Servicing Function Participant engaged by them) submit their assessments
      to
      the Securities Administrator, such parties will also at such time include the
      assessment (and attestation pursuant to Section 4.17) of each Servicing Function
      Participant engaged by it. 

     

    (c)  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 Master
      Servicer, the Securities Administrator 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 Securities 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
      E
      and on
      any similar exhibit set forth in each servicing agreement in respect of the
      Servicer and notify the Depositor of any exceptions. 

     

    (d)  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 Securities Administrator pursuant to this Section.

     

    (e)  In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by such parties is terminated, assigns its rights
      and obligations under, or resigns pursuant to the terms of this Agreement,
      or
      any applicable agreement in the case of a Servicing Function Participant, as
      the
      case may be, such party shall provide a report on assessment of compliance
      pursuant to this Section 4.16(e) or to such other applicable agreement,
      notwithstanding any such termination, assignment or resignation.

     

    (f)  Failure
      of the Master Servicer to comply timely with this Section 4.16 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or in equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    (g)  Delivery
      under this Section 4.16 of such reports, information and documents to the
      Trustee is for informational purposes only, and the Trustee’s receipt of such
      shall not constitute constructive notice of any information contained therein
      or
      determinable from information contained therein, including the Master Servicer’s
      compliance with any of its covenants hereunder (as to which the Trustee is
      entitled to conclusively rely exclusively on an Officer’s
      Certificate).

     

    SECTION
      4.17.  Master
      Servicer Attestation Reports.

     

    (a)  By
      March
      15 of each year, commencing in March 2007, the Master Servicer and the
      Securities Administrator, 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 Master Servicer, the Securities Administrator,
      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 Securities 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 PCAOB, 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. 

     

    (b)  Promptly
      after receipt of such assessment of compliance and attestation report from
      the
      Master Servicer, the Securities Administrator or any Servicing Function
      Participant engaged by such parties, the Securities Administrator shall confirm
      that each assessment submitted pursuant to Section 4.16 is coupled with an
      attestation meeting the requirements of this Section and notify the Depositor
      of
      any exceptions. 

     

    (c)  The
      Master Servicer shall include each such attestation furnished to it from the
      Servicer with its own attestation to be submitted to the Securities
      Administrator pursuant to this Section.

     

    (d)  In
      the
      event the Master Servicer, the Securities Administrator or any Servicing
      Function Participant engaged by such parties is terminated, assigns its rights
      and duties under, or resigns pursuant to the terms of this Agreement, or any
      applicable custodial agreement, servicing agreement or sub-servicing agreement
      in the case of a Servicing Function Participant, as the case may be, such party
      shall cause a registered public accounting firm to provide an attestation
      pursuant to this Section 4.17 or such other applicable agreement notwithstanding
      any such termination, assignment or resignation.

     

    (e)  Failure
      of the Master Servicer to comply timely with this Section 4.17 shall be deemed
      a
      Master Servicer Event of Default, automatically, without notice and without
      any
      cure period, and the Trustee may, in addition to whatever rights the Trustee
      may
      have under this Agreement and at law or in equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Master Servicer
      for the same. This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    SECTION
      4.18.  Annual
      Certification.

     

    Each
      Form
      10-K required to be filed for the Trust pursuant to Section 5.06 shall include
      a
      certification (the “Sarbanes-Oxley
      Certification”)
      required to be included therewith pursuant to the Sarbanes-Oxley Act. Each
      of
      the Master Servicer and the Securities Administrator shall provide, and 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 15 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
      C,
      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 officer of the Master Servicer in charge of the master
      servicing function shall serve as the senior 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, assigns its rights or duties under, 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 4.18 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
      Securities 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.
      

     

    SECTION
      4.19.  Obligation
      of the Master Servicer in Respect of Prepayment Interest
      Shortfalls.

     

    In
      the
      event of any Prepayment Interest Shortfalls, the Master Servicer shall deposit
      into the Distribution Account not later than the related Distribution Date
      an
      amount equal to the lesser of (i) the aggregate amounts required to be paid
      by
      the Servicer 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 amount of the
      compensation payable to the Master Servicer for such Distribution Date in
      accordance with Section 4.13, without reimbursement therefor.

     

    SECTION
      4.20.  Prepayment
      Penalty Verification.

     

    On
      or
      prior to each Servicer Remittance Date, the Servicer shall provide in an
      electronic format acceptable to the Master Servicer the data necessary for
      the
      Master Servicer to perform its verification duties set forth in this Section
      4.20. The Master Servicer or a third party reasonably acceptable to the Master
      Servicer and the Depositor (the “Verification Agent”) will perform such
      verification duties and will use its best efforts to issue its findings in
      a
      report (the “Verification Report”) delivered to the Master Servicer and the
      Depositor within ten (10) Business Days following the related Distribution
      Date;
      provided, however, that if the Verification Agent is unable to issue the
      Verification Report within ten (10) Business Days following the Distribution
      Date, the Verification Agent may issue and deliver to the Master Servicer and
      the Depositor the Verification Report upon the completion of its verification
      duties. The Master Servicer shall forward the Verification Report to the
      Servicer and shall notify the Servicer if the Master Servicer has determined
      that the Servicer did not deliver the appropriate Prepayment Charge to the
      Securities Administrator in accordance with this Agreement. Such written
      notification from the Master Servicer shall include the loan number, prepayment
      penalty code and prepayment penalty amount as calculated by the Master Servicer
      or the Verification Agent, as applicable, of each Mortgage Loan for which there
      is a discrepancy. If the Servicer agrees with the verified amounts, the Servicer
      shall adjust the immediately succeeding Servicer Report and the amount remitted
      to the Securities Administrator with respect to prepayments accordingly. If
      the
      Servicer disagrees with the determination of the Master Servicer, the Servicer
      shall, within five (5) Business Days of its receipt of the Verification Report,
      notify the Master Servicer of such disagreement and provide the Master Servicer
      with detailed information to support its position. The Servicer and the Master
      Servicer shall cooperate to resolve any discrepancy on or prior to the
      immediately succeeding Servicer Remittance Date, and the Servicer will indicate
      the effect of such resolution on the Servicer Report and shall adjust the amount
      remitted with respect to prepayments on such Servicer Remittance Date
      accordingly.

     

    During
      such time as the Servicer and the Master Servicer are resolving discrepancies
      with respect to the Prepayment Charges, no payments in respect of any disputed
      Prepayment Charges will be remitted to the Securities Administrator for deposit
      in the Distribution Account and the Master Servicer shall not be obligated
      to
      deposit such payments, unless otherwise required pursuant to Section 8.01
      hereof. In connection with such duties, the Master Servicer shall be able to
      rely solely on the information provided to it by the Servicer in accordance
      with
      this Section. The Master Servicer shall not be responsible for verifying the
      accuracy of any of the information provided to it by the Servicer.

     

    ARTICLE
      V  

     

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    SECTION
      5.01.  Distributions.

     

    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:

     

    (a)  (1)With
      respect to the Group IA Mortgage Loans:

     

    (i) to
      Holders of REMIC I Regular Interest A-I, and each of REMIC I Regular Interest
      I-1-A through I-44-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
      (i)
      above, to the Holders of REMIC I Regular Interest A-I, an amount of principal
      shall be distributed to such Holders until the Uncertificated Balance of REMIC
      I
      Regular Interest A-I is reduced to zero; and

     

    (iii) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      and (ii) above, payments of principal shall be allocated to REMIC I Regular
      interests I-1-A through I-44-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.

     

    (2) With
      respect to the Group IB Mortgage Loans:

     

    (i) to
      Holders of REMIC I Regular Interest A-II, and each of REMIC I Regular Interest
      II-1-A through II-44-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
      (i)
      above, to the Holders of REMIC I Regular Interest A-II, an amount of principal
      shall be distributed to such Holders until the Uncertificated Balance of REMIC
      I
      Regular Interest A-II is reduced to zero; and

     

    (iii) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      and (ii) above, payments of principal shall be allocated to REMIC I Regular
      interests II-1-A through II-44-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.

     

    (3) With
      respect to the Group II Mortgage Loans:

     

    (i) to
      Holders of REMIC I Regular Interest A-III and each of REMIC I Regular Interest
      III-1-A through III-44-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
      (i)
      above, to the Holders of REMIC I Regular Interest A-III, an amount of principal
      shall be distributed to such Holders until the Uncertificated Balance of REMIC
      I
      Regular Interest A-III is reduced to zero; and

     

    (iii) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      and (ii) above, payments of principal shall be allocated to REMIC I Regular
      interests III-1-A through III-44-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.

     

    (b)  to
      the
      Holders of REMIC I Regular Interest P, (A) all amounts representing Prepayment
      Charges 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. 

     

    (c)  (1)
      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) first
      to
      the Holders of REMIC II Regular Interest IO, in an amount equal to (A)
      Uncertificated Interest for such REMIC II Regular Interest for such Distribution
      Date, plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates and second, to the Holders of REMIC II Regular Interest
      AA,
      REMIC II Regular Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular
      Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C,
      REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular
      Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4,
      REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular
      Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9,
      REMIC II Regular Interest M-10, REMIC II Regular Interest M-11 and REMIC II
      Regular Interest ZZ, 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 ZZ shall be reduced when the REMIC II Overcollateralization Amount
      is
      less than the REMIC II Required Overcollateralization Amount, by the lesser
      of
      (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Interest
      Deferral Amount and such amount will be payable to the Holders of REMIC II
      Regular Interest A-1A, REMIC II Regular Interest A-1B1, REMIC II Regular
      Interest A-1B2, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B,
      REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular
      Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3,
      REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular
      Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8,
      REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II
      Regular Interest M-11 in the same proportion as the Overcollateralization
      Increase Amount is allocated to the Corresponding Certificates and the
      Uncertificated Balance of REMIC II Regular Interest ZZ shall be increased by
      such amount;

     

    (ii) to
      Holders of REMIC II Regular Interest IA-SUB, REMIC II Regular Interest IA-GRP,
      REMIC II Regular Interest IB-SUB, REMIC II Regular Interest IB-GRP, REMIC II
      Regular Interest II-SUB, REMIC II Regular Interest II-GRP, and REMIC II Regular
      Interest XX, 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;

     

    (iii) to
      the
      Holders of REMIC II Regular Interests, in an amount equal to the remainder
      of
      the REMIC II Marker Allocation Percentage of the available funds for such
      Distribution Date after the distributions made pursuant to clause (i) above,
      allocated as follows:

     

    (A) 98.00%
      of
      such remainder to the Holders of REMIC II Regular Interest AA, 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 A-1A, REMIC
      II Regular Interest A-1B, REMIC II Regular Interest A-2A, REMIC II Regular
      Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D,
      REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular
      Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5,
      REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular
      Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10
      and
      REMIC II Regular Interest M-11, 1% 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 ZZ, until the
      Uncertificated Balance of such REMIC II Regular Interest is reduced to
      zero;

     

    (C) to
      the
      Holders of REMIC II Regular Interest P, 100% of the amounts deemed distributed
      on REMIC I Regular Interest P; then

     

    (D) any
      remaining amount to the Holders of the Class R Certificate, in respect of the
      Class R-II Interest;

     

    provided,
      however, that 98.00% and 2.00% of any principal payments that are attributable
      to an Overcollateralization Reduction Amount shall be allocated to Holders
      of
      REMIC II Regular Interest AA and REMIC II Regular Interest ZZ,
      respectively.

     

    (iv) to
      the
      Holders of REMIC II Regular Interests, in an amount equal to the remainder
      of
      the REMIC II Sub WAC Allocation Percentage of available funds for such
      Distribution Date after the distributions made pursuant to clause (ii) above,
      such that distributions of principal shall be deemed to be made to the REMIC
      II
      Regular Interests first, so as to keep the Uncertificated Balance of each REMIC
      II Regular Interest ending with the designation “GRP” equal to 0.01% of the
      aggregate Stated Principal Balance of the Mortgage Loans in the related loan
      group; second, to each REMIC II Regular Interest ending with the designation
      “SUB,” so that the Uncertificated Balance of each such REMIC II Regular Interest
      is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance
      of
      the Mortgage Loans in the related loan group over (y) the current Certificate
      Principal Balance of the Class A Certificate in the related loan group (except
      that if any such excess is a larger number than in the preceding distribution
      period, the least amount of principal shall be distributed to such REMIC II
      Regular Interests such that the REMIC II Subordinated Balance Ratio is
      maintained); and third, any remaining principal to REMIC II Regular Interest
      XX.

     

    (v) Notwithstanding
      the distributions described in Section 5.01(a)(1), distributions of funds shall
      be made to Certificateholders only in accordance with Section 5.01(a)(2) through
      (8).

     

    (2) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group IA Interest Remittance Amount and make the following disbursements and
      transfers in the order of priority described below, in each case to the extent
      of the Group IA Interest Remittance Amount remaining for such Distribution
      Date:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group IA Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event;

     

    second,
      to the
      Holders of the Class A-1A Certificates, the Senior Interest Distribution Amount
      allocable to the Class A-1A Certificates; and

     

    third,
      concurrently, to the Holders of the Class A-1B, Class A-2A, Class A-2B, Class
      A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount
      allocable to each such Class, to the extent remaining unpaid after the
      distribution of the Group IB Interest Remittance Amount as set forth in Section
      5.01(c)(3) below and the Group II Interest Remittance Amount as set forth in
      Section 5.01(c)(4) below, on a pro rata basis, based on the entitlement of
      each
      such Class.

     

    (3) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group IB Interest Remittance Amount and make the following disbursements and
      transfers in the order of priority described below, in each case to the extent
      of the Group IB Interest Remittance Amount remaining for such Distribution
      Date:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group IB Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event;

     

    second,
      to the
      Holders of the Class A-1B Certificates, the Senior Interest Distribution Amount
      allocable to the Class A-1B Certificates; and

     

    third,
      concurrently, to the Holders of the Class A-1A, Class A-2A, Class A-2B, Class
      A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount
      allocable to each such Class, to the extent remaining unpaid after the
      distribution of the Group IA Interest Remittance Amount as set forth in Section
      5.01(c)(2) above and the Group II Interest Remittance Amount as set forth in
      Section 5.01(c)(4) below, on a pro rata basis, based on the entitlement of
      each
      such Class.

     

    (4) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group II Interest Remittance Amount and make the following disbursements and
      transfers in the order of priority described below, in each case to the extent
      of the Group II Interest Remittance Amount remaining for such Distribution
      Date:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group II Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event;

     

    second, concurrently,
      to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D
      Certificates, the Senior Interest Distribution Amount allocable to each such
      Class, on a pro rata basis, based on the entitlement of each such Class;
      and

     

    third,
      concurrently, to the Holders of the Class A-1A Certificates and Class A-1B
      Certificates, the Senior Interest Distribution Amount allocable to each such
      Class, to the extent remaining unpaid after the distribution of the Group IA
      Interest Remittance Amount as set forth in Section 5.01(c)(2) above and the
      Group IB Interest Remittance Amount as set forth in Section 5.01(c)(3) above,
      on
      a pro rata basis, based on the entitlement of each such Class.

     

    (5) On
      each
      Distribution Date, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group IA Interest Remittance Amount, Group IB Interest Remittance Amount and
      Group II Interest Remittance Amount remaining after the distributions required
      by clauses (2), (3) and (4) above and make the following disbursements and
      transfers in the order of priority described below, in each case to the extent
      of the Group IA Interest Remittance Amount, Group IB Interest Remittance Amount
      and Group II Interest Remittance Amount remaining for such Distribution
      Date:

     

    sequentially,
      to the Holders of 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 Interest Distribution Amount allocable to
      each
      such Class.

     

    (6) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, the Securities Administrator shall withdraw from the Distribution
      Account to the extent on deposit therein an amount equal to the Group IA
      Principal Distribution Amount, Group IB Principal Distribution Amount and Group
      II Principal Distribution Amount and distribute to the Certificateholders the
      following amounts, in the following order of priority:

     

    (i)  The
      Group
      IA Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group IA Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event to the extent not paid from the Interest Remittance Amount on
      such
      Distribution Date;

     

    second,
      to the
      Holders of the Class A-1A Certificates, until the Certificate Principal Balance
      of the Class A-1A Certificates has been reduced to zero; and

     

    third,
      concurrently, (i) to the Holders of the Class A-1B Certificates and (ii) to
      the
      Holders of the Class A-2 Certificates, after taking into account the
      distribution of the Group IB Principal Distribution Amount as described in
      Section 5.01(c)(6)(ii) below and the Group II Principal Distribution Amount
      as
      described in Section 5.01(c)(6)(iii) below, on a pro rata basis, based on the
      Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero; provided, however
      that the pro rata allocation to the Class A-2 Certificates pursuant to this
      clause third shall be based on the total Certificate Principal Balance of the
      Class A-2 Certificates, but shall be distributed sequentially to the Class
      A-2A,
      Class A-2B, Class A-2C and Class A-2D Certificates, in that order, until the
      Certificate Principal Balance of each such Class has been reduced to
      zero.

     

    (ii)  The
      Group
      IB Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group IB Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event to the extent not paid from the Interest Remittance Amount on
      such
      Distribution Date;

     

    second,
      concurrently to the Holders of the Class A-1B Certificates until the Certificate
      Principal Balance of the Class A-1B Certificates has been reduced to zero;
      and

     

    third,
      concurrently, (i) to the Holders of the Class A-1A Certificates and (ii) to
      the
      Holders of the Class A-2 Certificates, after taking into account the
      distribution of the Group IA Principal Distribution Amount as described in
      Section 5.01(c)(6)(i) above and the Group II Principal Distribution Amount
      as
      described in Section 5.01(c)(6)(iii) below, on a pro rata basis, based on the
      Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero; provided, however
      that the pro rata allocation to the Class A-2 Certificates pursuant to this
      clause third shall be based on the total Certificate Principal Balance of the
      Class A-2 Certificates, but shall be distributed sequentially to the Class
      A-2A,
      Class A-2B, Class A-2C and Class A-2D Certificates, in that order, until the
      Certificate Principal Balance of each such Class has been reduced to
      zero.

     

    (iii)  The
      Group
      II Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group II Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event to the extent not paid from the Interest Remittance Amount on
      such
      Distribution Date;

     

    second,
      sequentially, to the Holders of the Class A-2A Class A-2B, Class A-2C and Class
      A-2D Certificates, in that order, until the Certificate Principal Balance of
      each such Class has been reduced to zero; and

     

    third,
      concurrently, (i) to the Holders of the Class A-1A Certificates and (ii) to
      the
      Holders of the Class A-1B Certificates after taking into account the
      distribution of the Group IA Principal Distribution Amount as described in
      Section 5.01(c)(6)(i) above and the Group IB Principal Distribution Amount
      as
      described in Section 5.01(c)(6)(ii) above, on a pro rata basis based on the
      Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero.

     

    (iv)  The
      Group
      IA Principal Distribution Amount, Group IB Principal Distribution Amount and
      Group II Principal Distribution Amount remaining after distributions pursuant
      to
      Sections 5.01(c)(6)(i), (ii) and (iii) above shall be distributed in the
      following order of priority:

     

    sequentially,
      to the Holders of 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, until the Certificate Principal Balance of each
      such Class has been reduced to zero.

     

    (7) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, the Securities Administrator shall withdraw from the
      Distribution Account to the extent on deposit therein an amount equal to the
      Group IA Principal Distribution Amount, Group IB Principal Distribution Amount
      and Group II Principal Distribution Amount and distribute to the
      Certificateholders the following amounts, in the following order of
      priority:

     

    (v)  The
      Group
      IA Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group IA Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event to the extent not paid from the Interest Remittance Amount on
      such
      Distribution Date;

     

    second,
      to the
      Holders of the Class A-1A Certificates, the Class A-1A Principal Distribution
      Amount, until the Certificate Principal Balance of such Class has been reduced
      to zero; and

     

    third,
      concurrently, (i) to the holders of the Class A-1B Certificates and (ii) to
      the
      holders of the Class A-2 Certificates, after taking into account the
      distribution of the Group IB Principal Distribution Amount on such Distribution
      Date pursuant to Section 5.01(c)(7)(ii) below and the Group II Principal
      Distribution Amount pursuant to Section 5.01(c)(7)(iii) below on such
      Distribution Date, on a pro rata basis based on the amount required to satisfy
      the Targeted Credit Enhancement Test with respect to Class A-1B Certificates
      on
      the one hand and the Class A-2 Certificates on the other; provided, however
      that
      the distribution to the Class A-2 Certificates pursuant to this clause third
      shall be made on a sequential basis to the Class A-2A, Class A-2B, Class A-2C
      and Class A-2D Certificates, in that order.

     

    (vi)  The
      Group
      IB Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group IB Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event to the extent not paid from the Interest Remittance Amount on
      such
      Distribution Date;

     

    second,
      to the
      Holders of the Class A-1B Certificates, the Class A-1B Principal Distribution
      Amount until the Certificate Principal Balance of the Class A-1B Certificates
      has been reduced to zero; and

     

    third,
      concurrently, (i) to the holders of the Class A-1A Certificates and (ii) to
      the
      holders of the Class A-2 Certificates, after taking into account the
      distribution of the Group IA Principal Distribution Amount on such Distribution
      Date pursuant to Section 5.01(c)(7)(i) above and the Group II Principal
      Distribution Amount on such Distribution Date pursuant to Section
      5.01(c)(7)(iii) below, on a pro rata basis based on the amount required to
      satisfy the Targeted Credit Enhancement Test with respect to Class A-1A
      Certificates on the one hand and the Class A-2 Certificates on the other;
      provided, however that the distribution to the Class A-2 Certificates pursuant
      to this clause third shall be made on a sequential basis to the Class A-2A,
      Class A-2B, Class A-2C and Class A-2D Certificates, in that order.

     

    (vii)  The
      Group
      II Principal Distribution Amount shall be distributed in the following order
      of
      priority:

     

    first,
      to the
      Supplemental Interest Trust, an amount equal to the Group II Allocation
      Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any
      Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
      Trigger Event to the extent not paid from the Interest Remittance Amount on
      such
      Distribution Date;

     

    second,
      sequentially, to the Holders of the Class A-2A, Class A-2B, Class A-2C and
      Class
      A-2D Certificates, in that order, the Class A-2 Principal Distribution Amount,
      until the Certificate Principal Balance of each such Class has been reduced
      to
      zero; and

     

    third,
      concurrently, (i) to the holders of the Class A-1A Certificates and (ii) to
      the
      holders of the Class A-1B Certificates, after taking into account the
      distribution of the Group IA Principal Distribution Amount on such Distribution
      Date pursuant to Section 5.01(c)(7)(i) above and the Group IB Principal
      Distribution Amount on such Distribution Date pursuant to Section 5.01(c)(7)(ii)
      above, on a pro rata basis based on the amount required to satisfy the Target
      Credit Enhancement Test with respect to the A-1A Certificates on the one hand
      and the Class A-1B Certificates on the other.

     

    (viii)  The
      Principal Distribution Amount remaining after distributions pursuant to Sections
      5.01(c)(7)(i), (ii) and (iii) above shall be distributed in the following order
      of priority:

     

    first,
      to the
      Holders of the Class M-1 Certificates, the lesser of (x) the remaining Principal
      Distribution Amount and (y) the Class M-1 Principal Distribution Amount, until
      the Certificate Principal Balance of the Class M-1 Certificates has been reduced
      to zero;

     

    second,
      to the
      Holders of the Class M-2 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the amounts distributed to
      the
      Holders of the Class M-1 Certificates under clause first above, and (y) the
      Class M-2 Principal Distribution Amount, until the Certificate Principal Balance
      of the Class M-2 Certificates has been reduced to zero;

     

    third,
      to the
      Holders of the Class M-3 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above and to the Holders of the Class M-2 Certificates under clause second
      above, and (y) the Class M-3 Principal Distribution Amount, until the
      Certificate Principal Balance of the Class M-3 Certificates has been reduced
      to
      zero;

     

    fourth,
      to the
      Holders of the Class M-4 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above
      and to the Holders of the Class M-3 Certificates under clause third above,
      and
      (y) the Class M-4 Principal Distribution Amount, until the Certificate Principal
      Balance of the Class M-4 Certificates has been reduced to zero;

     

    fifth,
      to the
      Holders of the Class M-5 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above,
      to the Holders of the Class M-3 Certificates under clause third above and to
      the
      Holders of the Class M-4 Certificates under clause fourth above, and (y) the
      Class M-5 Principal Distribution Amount, until the Certificate Principal Balance
      of the Class M-5 Certificates has been reduced to zero;

     

    sixth,
      to the
      Holders of the Class M-6 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above,
      to the Holders of the Class M-3 Certificates under clause third above, to the
      Holders of the Class M-4 Certificates under clause fourth above and to the
      Holders of the Class M-5 Certificates under clause fifth above, and (y) the
      Class M-6 Principal Distribution Amount, until the Certificate Principal Balance
      of the Class M-6 Certificates has been reduced to zero; 

     

    seventh,
      to the
      Holders of the Class M-7 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above,
      to the Holders of the Class M-3 Certificates under clause third above, to the
      Holders of the Class M-4 Certificates under clause fourth above, to the Holders
      of the Class M-5 Certificates under clause fifth above and to the Holders of
      the
      Class M-6 Certificates under clause sixth above, and (y) the Class M-7 Principal
      Distribution Amount, until the Certificate Principal Balance of the Class M-7
      Certificates has been reduced to zero;

     

    eighth,
      to the
      Holders of the Class M-8 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above,
      to the Holders of the Class M-3 Certificates under clause third above, to the
      Holders of the Class M-4 Certificates under clause fourth above, to the Holders
      of the Class M-5 Certificates under clause fifth above, to the Holders of the
      Class M-6 Certificates under clause sixth above and to the Holders of the Class
      M-7 Certificates under clause seventh above, and (y) the Class M-8 Principal
      Distribution Amount, until the Certificate Principal Balance of the Class M-8
      Certificates has been reduced to zero;

     

    ninth,
      to the
      Holders of the Class M-9 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above,
      to the Holders of the Class M-3 Certificates under clause third above, to the
      Holders of the Class M-4 Certificates under clause fourth above, to the Holders
      of the Class M-5 Certificates under clause fifth above, to the Holders of the
      Class M-6 Certificates under clause sixth above, to the Holders of the Class
      M-7
      Certificates under clause seventh above and to the Holders of the Class M-8
      Certificates under clause eighth above, and (y) the Class M-9 Principal
      Distribution Amount, until the Certificate Principal Balance of the Class M-9
      Certificates has been reduced to zero; 

     

    tenth,
      to the
      Holders of the Class M-10 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above,
      to the Holders of the Class M-3 Certificates under clause third above, to the
      Holders of the Class M-4 Certificates under clause fourth above, to the Holders
      of the Class M-5 Certificates under clause fifth above, to the Holders of the
      Class M-6 Certificates under clause sixth above, to the Holders of the Class
      M-7
      Certificates under clause seventh above, to the Holders of the Class M-8
      Certificates under clause eighth above and to the Holders of the Class M-9
      Certificates under clause ninth above, and (y) the Class M-10 Principal
      Distribution Amount, until the Certificate Principal Balance of the Class M-10
      Certificates has been reduced to zero; and

     

    eleventh,
      to the
      Holders of the Class M-11 Certificates, the lesser of (x) the excess of (i)
      the
      remaining Principal Distribution Amount over (ii) the sum of the amounts
      distributed to the Holders of the Class M-1 Certificates under clause first
      above, to the Holders of the Class M-2 Certificates under clause second above,
      to the Holders of the Class M-3 Certificates under clause third above, to the
      Holders of the Class M-4 Certificates under clause fourth above, to the Holders
      of the Class M-5 Certificates under clause fifth above, to the Holders of the
      Class M-6 Certificates under clause sixth above, to the Holders of the Class
      M-7
      Certificates under clause seventh above, to the Holders of the Class M-8
      Certificates under clause eighth above and to the Holders of the Class M-9
      Certificates under clause ninth above, to the Holders of the Class M-10
      Certificates under clause tenth above and (y) the Class M-11 Principal
      Distribution Amount, until the Certificate Principal Balance of the Class M-11
      Certificates has been reduced to zero. 

     

    (8) On
      each
      Distribution Date, the Net Monthly Excess Cashflow (or, in the case of clause
      (i) below, the Net Monthly Excess Cashflow exclusive of any
      Overcollateralization Reduction Amount) 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 the
      Overcollateralization Increase Amount, payable to such Holders in accordance
      with the priorities set forth in Section 5.01(d) below;

     

    (ii)  sequentially,
      to the Holders of 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 an amount equal to the Interest Carry Forward
      Amount allocable to each such Class;

     

    (iii)  sequentially,
      to the Holders of 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 an amount equal to the Allocated Realized Loss
      Amount allocable to each such Class;

     

    (iv)  concurrently,
      to the Holders of the Class A Certificates, in an amount equal to such
      Certificates’ allocated share of any Prepayment Interest Shortfalls on the
      Mortgage Loans to the extent not covered by payments pursuant to Section 3.22
      or
      4.19 of this Agreement and any shortfalls resulting from the application of
      the
      Relief Act or similar state or local law or the bankruptcy code with respect
      to
      the Mortgage Loans to the extent not previously reimbursed pursuant to Section
      1.02;

     

    (v)  sequentially,
      to the Holders of 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 an amount equal to such certificates’ share of
      any Prepayment Interest Shortfalls on the Mortgage Loans to the extent not
      covered by payments pursuant to Sections 3.22 or Section 4.19 of this Agreement
      and any Relief Act Interest Shortfall, in each case that were allocated to
      such
      Class for such Distribution Date and for any prior Distribution Date, to the
      extent not previously reimbursed pursuant to Section 1.02;

     

    (vi)  to
      the
      Reserve Fund, the amount by which the Net WAC Rate Carryover Amounts, if any,
      with respect to the Offered Certificates exceeds the amount in the Reserve
      Fund
      that was not distributed on prior Distribution Dates;

     

    (vii)  to
      the
      Supplemental Interest Trust, an amount equal to any Swap Termination Payment
      owed to the Swap Provider due to a Swap Provider Trigger Event pursuant to
      the
      Swap Agreement; 

     

    (viii)  
      to the
      Holders of the Class CE Certificates the Interest Distribution Amount and any
      Overcollateralization Reduction Amount for such Distribution Date;
      and

     

    (ix)  to
      the
      Holders of the Class R Certificates, in respect of the Class R-III Interest,
      any
      remaining amounts; provided that if such Distribution Date is the Distribution
      Date immediately following the expiration of the latest Prepayment Charge term
      as identified on the Mortgage Loan Schedule or any Distribution Date thereafter,
      then any such remaining amounts will be distributed first, to the Holders of
      the
      Class P Certificates, until the Certificate Principal Balance thereof has been
      reduced to zero and second, to the Holders of the Class R
      Certificates.

     

    The
      Class
      CE Certificates are intended to receive all principal and interest received
      by
      the Trust on the Mortgage Loans that is not otherwise distributable to any
      other
      Class of Regular Certificates or REMIC Regular Interests. If the Securities
      Administrator determines that the Residual Certificates are entitled to any
      distributions on any Distribution Date other than the final Distribution Date,
      the Securities Administrator, prior to any such distribution to any Residual
      Certificate, shall notify the Depositor of such impending distribution. Upon
      such notification, the Depositor will prepare and request that the other parties
      hereto enter into an amendment to the Pooling and Servicing Agreement pursuant
      to Section 12.01, to revise such mistake in the distribution
      provisions.

     

    On
      each
      Distribution Date, after making the distributions of the Available Distribution
      Amount as set forth above, the Securities Administrator will first, withdraw
      from the Reserve Fund all income from the investment of funds in the Reserve
      Fund and distribute such amount to the Holders of the Class CE Certificates,
      and
      second, withdraw from the Reserve Fund, 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 first, concurrently to the Class
      A
      Certificates, on a pro
      rata
      basis;
      second, to the Class M-1 Certificates, third, to the Class M-2 Certificates,
      fourth, to the Class M-3 Certificates, fifth, to the Class M-4 Certificates,
      sixth, to the Class M-5 Certificates, seventh, to the Class M-6 Certificates,
      eighth, to the Class M-7 Certificates, ninth, to the Class M-8 Certificates,
      tenth, to the Class M-9 Certificates, eleventh, to the Class M-10 Certificates
      and twelfth, to the Class M-11 Certificates, in each case to the extent to
      the
      extent any Net WAC Rate Carryover Amount is allocable to each such
      Class.

     

    (d)  On
      each
      Distribution Date, the Securities Administrator shall withdraw any amounts
      then
      on deposit in the Distribution Account that represent Prepayment Charges and
      shall distribute such amounts to the Class P Certificateholders.

     

    (e)  As
      described in Section 5.01(c)(2), (3), (5) and (6) above, Net Swap Payments
      and Swap Termination Payments (other than Swap Termination Payments resulting
      from a Swap Provider Trigger Event) payable by the Supplemental Interest Trust
      to the Swap Provider pursuant to the Swap Agreement shall be deducted from
      the
      Interest Remittance Amount, and to the extent of any such remaining amounts
      due,
      from the Principal Remittance Amount, prior to any distributions to the
      Certificateholders. On each Distribution Date, such amounts will be remitted
      to
      the Supplemental Interest Trust, first to make any Net Swap Payment owed to
      the
      Swap Provider pursuant to the Swap Agreement for such Distribution Date, and
      second to make any Swap Termination Payment (not due to a Swap Provider Trigger
      Event) owed to the Swap Provider pursuant to the Swap Agreement for such
      Distribution Date. Any Swap Termination Payment triggered by a Swap Provider
      Trigger Event owed to the Swap Provider pursuant to the Swap Agreement will
      be
      subordinated to distributions to the Holders of the Offered Certificates and
      shall be paid pursuant to Section 5.01(c)(7)(vii).

     

    (f)  On
      each
      Distribution Date, to the extent required, following the distribution of the
      Net
      Monthly Excess Cashflow and withdrawals from the Reserve Fund, the Securities
      Administrator will withdraw any amounts in the Supplemental Interest Trust
      and
      distribute such amounts in the following order of priority: 

     

    first,
      to the
      Swap Provider, any Net Swap Payment owed to the Swap Provider pursuant to the
      Swap Agreement for such Distribution Date;

     

    second,
      to the
      Swap Provider, any Swap Termination Payment owed to the Swap Provider not due
      to
      a Swap Provider Trigger Event pursuant to the Swap Agreement;

     

    third,
      concurrently, to each class of Class A Certificates, the related Senior Interest
      Distribution Amount remaining undistributed after the distributions of the
      Group
      IA Interest Remittance Amount, Group IB Interest Remittance Amount and Group
      II
      Interest Remittance Amount, on a pro
      rata
      basis
      based on such respective remaining Senior Interest Distribution
      Amounts;

     

    fourth,
      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 Interest Distribution Amount and
      Interest Carry Forward Amount, to the extent remaining undistributed after
      the
      distributions of the Group IA Interest Remittance Amount, Group IB Interest
      Remittance Amount and Group II Interest Remittance Amount and the Net Monthly
      Excess Cashflow;

     

    fifth,
      concurrently, to each class of Class A Certificates, the related Net WAC Rate
      Carryover Amount, to the extent remaining undistributed after distributions
      of
      Net Monthly Excess Cashflow on deposit in the Reserve Fund, on a pro
      rata
      basis
      based on such respective Net WAC Rate Carryover Amounts remaining;

     

    sixth,
      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 of Net Monthly Excess
      Cashflow on deposit in the Reserve Fund;

     

    seventh,
      to the
      holders of the class or classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount necessary to maintain the
      Required Overcollateralization Amount after taking into account distributions
      made pursuant to Section 5.01(c)(7)(i) above;

     

    eighth,
      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; 

     

    ninth,
      to the
      Swap Provider, an amount equal to any Swap Termination Payment owed to the
      Swap
      Provider due to a Swap Provider Trigger Event pursuant to the Swap Agreement;
      and

     

    tenth,
      to the
      Class CE Certificates, any remaining amounts.

     

    (g)  All
      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. Payments 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 5.01(k)
      or
      Section 10.01 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 Securities Administrator
      in
      writing at least five (5) 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 that is in excess
      of
      the lesser of (i) $5,000,000 or (ii) two-thirds of the initial Certificate
      Principal Balance 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 Securities 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
      Depositor, the Servicer, the Securities Administrator or the Master Servicer
      shall have any responsibility therefor except as otherwise provided by this
      Agreement or applicable law.

     

    (h)  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 Servicer, the Securities 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.

     

    (i)  Except
      as
      otherwise provided in Section 10.01, whenever the Securities Administrator
      expects that the final distribution with respect to any Class of Certificates
      will be made on the next Distribution Date, the Securities 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
      Securities 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 Securities
      Administrator therein specified, and

     

    (ii)  no
      interest shall accrue on such Certificates from and after the end of the related
      Interest 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
      Securities 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 5.01(i) shall not have been surrendered for
      cancellation within six months after the time specified in such notice, the
      Securities 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 Securities 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 such trust
      fund.
      If within one year after the final notice any such Certificates shall not have
      been surrendered for cancellation, the Securities Administrator shall pay to
      the
      Depositor 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 Securities
      Administrator as a result of such Certificateholder’s failure to surrender its
      Certificate(s) on the final Distribution Date for final payment thereof in
      accordance with this Section 5.01(i). Any such amounts held in trust by the
      Securities Administrator shall be held uninvested in an Eligible
      Account.

     

    (j)  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 5.04 and (b) distributed
      to
      the Holder of such Certificate in reduction of the Certificate Principal Balance
      thereof pursuant to this Section 5.01 from Net Monthly Excess Cashflow and
      (ii)
      in no event shall the Uncertificated Balance of a REMIC Regular Interest be
      reduced more than once in respect of any particular amount both (a) allocated
      to
      such REMIC Regular Interest in respect of Realized Losses pursuant to Section
      5.04 and (b) distributed on such REMIC Regular Interest in reduction of the
      Uncertificated Balance thereof pursuant to this Section 5.01.

     

    SECTION
      5.02.  Statements
      to Certificateholders.

     

    On
      each
      Distribution Date, the Securities Administrator (based on the information set
      forth in the Servicer Reports for such Distribution Date and information
      provided by the Swap Provider under the Swap Agreement with respect to payments
      made pursuant to the Swap Agreement) shall make available to each Holder of
      the
      Certificates and the Credit Risk Manager, a statement as to the distributions
      made on such Distribution Date setting forth:

     

    (i)  applicable
      Interest Accrual Periods and general Distribution Dates;

     

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

     

    (iii)  the
      aggregate Servicing Fee received by the Servicer and the Master Servicing Fee
      received by the Master Servicer during the related Due Period;

     

    (iv)  the
      amount, if any, of other fees or expenses accrued and paid, with an
      identification of the payee and the general purpose of such fees; 

     

    (v)  with
      respect to each loan group, the amount of the related distribution to Holders
      of
      the Certificates (by class) allocable to principal, separately identifying
      (A)
      the aggregate amount of any Principal Prepayments included therein, (B) the
      aggregate of all scheduled payments of principal included therein and (C) any
      Overcollateralization Increase Amount included therein;

     

    (vi)  with
      respect to each loan group, the amount of such distribution to Holders of the
      Certificates (by class) allocable to interest and the portion thereof, if any,
      provided by the Swap Agreement;

     

    (vii)  with
      respect to each loan group, the Interest Carry Forward Amounts and any Net
      WAC
      Rate Carryover Amounts for the related Certificates (if any);

     

    (viii)  the
      aggregate amount of Advances included in the distributions on the Distribution
      Date (including the general purpose of such Advances);

     

    (ix)  with
      respect to each loan group, the number and aggregate principal balance of any
      Mortgage Loans (not including a Liquidated Mortgage Loan as of the end of the
      Prepayment Period) that were (A) delinquent (exclusive of Mortgage Loans in
      foreclosure) using the “OTS” method (1) one scheduled payment is delinquent, (2)
      two scheduled payments are delinquent, (3) three scheduled payments are
      delinquent and (4) foreclosure proceedings have been commenced, and loss
      information for the period;

     

    (x)  the
      number, aggregate principal balance, weighted average remaining term to maturity
      and weighted average Mortgage Rate of the Mortgage Loans as of the related
      Due
      Date;

     

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

     

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

     

    (xiii)  with
      respect to each loan group, whether the Stepdown Date has occurred and whether
      Trigger Event is in effect;

     

    (xiv)  with
      respect to each loan group, the cumulative Realized Losses through the end
      of
      the preceding month;

     

    (xv)  the
      aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
      Distribution Account for such Distribution Date;

     

    (xvi)  with
      respect to each loan group, the Certificate Principal Balance of the related
      Certificates before and after giving effect to the distribution of principal
      and
      allocation of Allocated Realized Loss Amounts on such Distribution
      Date;

     

    (xvii)  with
      respect to each loan group, the number and Scheduled Principal Balance of all
      the Mortgage Loans for the following Distribution Date;

     

    (xviii)  with
      respect to each loan group, the three-month rolling average of the percent
      equivalent of a fraction, the numerator of which is the aggregate Scheduled
      Principal Balance of the Mortgage Loans in such loan group that are 60 days
      or
      more delinquent or are in bankruptcy or foreclosure or are REO Properties,
      and
      the denominator of which is the Scheduled Principal Balances of all of the
      Mortgage Loans in such loan group;

     

    (xix)  the
      Certificate Factor for each such Class of Certificates applicable to such
      Distribution Date;

     

    (xx)  the
      Interest Distribution Amount in respect of the Class A Certificates, the
      Mezzanine Certificates and the Class CE Certificates for such Distribution
      Date
      and the Interest Carry Forward Amount, if any, with respect to the Class A
      Certificates and the Mezzanine Certificates on such Distribution Date, and
      in
      the case of the Class A Certificates and the Mezzanine Certificates separately
      identifying any reduction thereof due to allocations of Prepayment Interest
      Shortfalls and interest shortfalls including the following Realized Losses:
      Relief Act Interest Shortfalls and Net WAC Rate Carryover Amounts;

     

    (xxi)  the
      aggregate amount of any Prepayment Interest Shortfall for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to
      Section 3.22 of this Agreement, the Master Servicer pursuant to
      Section 4.19 of this Agreement; 

     

    (xxii)  the
      aggregate amount of Relief Act Interest Shortfalls for such Distribution
      Date;

     

    (xxiii)  the
      amount of, if any, of Net Monthly Excess Cashflow or excess spread and the
      application of such Net Monthly Excess Cashflow;

     

    (xxiv)  the
      Required Overcollateralization Amount and the Credit Enhancement Percentage
      for
      such Distribution Date;

     

    (xxv)  the
      Overcollateralization Increase Amount, if any, for such Distribution
      Date;

     

    (xxvi)  the
      Overcollateralization Reduction Amount, if any, for such Distribution
      Date;

     

    (xxvii)  the
      Pass-Through Rate for each class of Certificates for such Distribution
      Date;

     

    (xxviii)  the
      amount of any deposit to the Reserve Fund contemplated by
      Section 3.24(b);

     

    (xxix)  the
      balance of the Reserve Fund prior to the deposit or withdrawal of any amounts
      on
      such Distribution Date;

     

    (xxx)  the
      amount of any deposit to the Reserve Fund pursuant to
      Section 5.01(c)(8)(vi);

     

    (xxxi)  the
      Loss
      Severity Percentage with respect to each Mortgage Loan;

     

    (xxxii)  the
      Aggregate Loss Severity Percentage;

     

    (xxxiii)  with
      respect to each loan group, the amount of the Prepayment Charges remitted by
      the
      Servicer; and

     

    (xxxiv)  the
      amount of any Net Swap Payment payable to the Trust, any related Net Swap
      Payment payable to the Swap Provider, any Swap Termination Payment payable
      to
      the Trust and any related Swap Termination Payment payable to the Swap
      Provider.

     

    The
      Securities Administrator will make such statement (and, at its option, any
      additional files containing the same information in an alternative format)
      available each month to the Certificateholders and the Rating Agencies via
      the
      Securities Administrator’s internet website. The Securities Administrator’s
      internet website shall initially be located at http:\\www.ctslink.com and
      assistance in using the website can be obtained by calling the Securities
      Administrator’s customer service desk at 1-301-815-6600. Parties that are unable
      to use the above distribution options are entitled to have a paper copy mailed
      to them via first class mail by calling the customer service desk and indicating
      such. The Securities Administrator 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 Securities Administrator
      shall provide timely and adequate notification to all above parties regarding
      any such changes.

     

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) 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 Securities
      Administrator shall furnish upon request to each Person who at any time during
      the calendar year was a Holder of a Regular Certificate 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 Securities Administrator shall be
      deemed to have been satisfied to the extent that substantially comparable
      information shall be provided by the Securities 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 Securities
      Administrator shall furnish upon request to each Person who at any time during
      the calendar year was a Holder of a Residual Certificate 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
      Securities Administrator shall, upon request, furnish to each Certificateholder
      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.

     

    On
      each
      Distribution Date the Securities Administrator shall provide 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 Securities Administrator and Bloomberg.

     

    SECTION
      5.03.  Servicer
      Reports; P&I Advances.

     

    (a)  No
      later
      than two (2) Business Day’s following the Determination Date, the Servicer shall
      deliver to the Master Servicer and the Securities Administrator by telecopy
      or
      electronic mail (or by such other means as the Servicer, the Master Servicer
      and
      the Securities Administrator may agree from time to time) a remittance report
      containing such information with respect to the related Mortgage Loans and
      the
      related Distribution Date as is reasonably available to the Servicer as the
      Master Servicer or the Securities Administrator may reasonably require so as
      to
      enable the Master Servicer to master service the Mortgage Loans and oversee
      the
      servicing by the Servicer and the Securities Administrator to fulfill its
      obligations hereunder with respect to securities and tax reporting.

     

    (b)  The
      amount of P&I Advances to be made by the Servicer on any Distribution Date
      shall equal, subject to Section 5.03(d), (i) the aggregate amount of Monthly
      Payments (net of the related Servicing Fees), due during the related Due Period
      in respect of the Mortgage Loans serviced by the Servicer, which Monthly
      Payments were delinquent as of the close of business on the related
      Determination Date and (ii) with respect to each REO Property, which was
      acquired during or prior to the related Prepayment Period and as to which an
      REO
      Disposition did not occur during the related Prepayment Period, an amount equal
      to the excess, if any, of the REO Imputed Interest on such REO Property for
      the
      most recently ended calendar month, over the net income from such REO Property
      deposited in the Collection Account pursuant to Section 3.21 of this Agreement
      for distribution on such Distribution Date; provided, however, the Servicer
      shall not be required to make P&I Advances with respect to Relief Act
      Interest Shortfalls, shortfalls due to bankruptcy proceedings, or with respect
      to Prepayment Interest Shortfalls in excess of its obligations under Section
      3.22. For purposes of the preceding sentence, the Monthly Payment on each
      Balloon Mortgage Loan with a delinquent Balloon Payment is equal to the assumed
      monthly payment that would have been due on the related Due Date based on the
      original principal amortization schedule for such Balloon Mortgage
      Loan.

     

    By
      12:00
      noon New York time, on the Servicer Remittance Date, the Servicer shall remit
      in
      immediately available funds to the Securities Administrator for deposit in
      the
      Distribution Account an amount equal to the aggregate amount of P&I
      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 any Amounts Held For Future Distribution on deposit
      therein (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 5.03, used by the Servicer in discharge
      of
      any such P&I Advance) or (iii) in the form of any combination of (i) and
      (ii) aggregating the total amount of P&I Advances to be made by the Servicer
      with respect to the Mortgage Loans. In addition, the Servicer shall have the
      right to reimburse itself for any outstanding P&I Advance made from its own
      funds from Amounts Held for Future Distribution. Any Amounts Held For Future
      Distribution used by the Servicer to make P&I Advances or to reimburse
      itself for outstanding P&I Advances shall be appropriately reflected in the
      Servicer’s records and replaced by the Servicer by deposit in the Collection
      Account no later than the close of business on the Servicer Remittance Date
      immediately following the Due Period or Prepayment Period for which such amounts
      relate. The Securities Administrator will notify the Servicer and the Master
      Servicer by the close of business on the Business Day prior to the Distribution
      Date in the event that the amount remitted by the Servicer to the Securities
      Administrator on such date is less than the P&I Advances required to be made
      by the Servicer for the related Distribution Date.

     

    (c)  The
      obligation of the Servicer to make such P&I Advances is mandatory,
      notwithstanding any other provision of this Agreement but subject to (d) below,
      and, with respect to any related 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. 

     

    (d)  Notwithstanding
      anything herein to the contrary, no P&I Advance or Servicing Advance shall
      be required to be made hereunder by the Servicer if such P&I Advance or
      Servicing Advance would, if made, constitute a Nonrecoverable P&I Advance or
      Nonrecoverable Servicing Advance, respectively. The determination by the
      Servicer that it has made a Nonrecoverable P&I Advance or a Nonrecoverable
      Servicing Advance or that any proposed P&I Advance or Servicing Advance, if
      made, would constitute a Nonrecoverable P&I Advance or Nonrecoverable
      Servicing Advance, respectively, shall be evidenced by a certification of a
      Servicing Officer delivered to the Master Servicer.

     

    (e)  Subject
      to and in accordance with the provisions of Article VIII of this Agreement,
      in
      the event the Servicer fails to make any required P&I Advance, then the
      Master Servicer (in its capacity as successor servicer) or any other successor
      servicer shall be required to make such P&I Advance on the Distribution Date
      on which the Servicer was required to make such Advance, subject to its
      determination of recoverability.

     

    SECTION
      5.04.  Allocation
      of Realized Losses.

     

    (a)  Prior
      to
      the Determination Date, the Servicer shall determine as to each Mortgage Loan
      serviced by the Servicer and any related REO Property and include in the monthly
      remittance report provided to the Master Servicer and the Securities
      Administrator (substantially in the form of Schedule 4 hereto) such information
      as is reasonably available to the Servicer as the Master Servicer or the
      Securities Administrator may reasonably require so as to enable the Master
      Servicer to master service the Mortgage Loans and oversee the servicing by
      the
      Servicer and the Securities Administrator to fulfill its obligations hereunder
      with respect to securities and tax reporting, which shall include, but not
      be
      limited to: (i) the total amount of Realized Losses, if any, incurred in
      connection with any Final Recovery Determinations made during the related
      Prepayment Period; and (ii) the respective portions of such Realized Losses
      allocable to interest and allocable to principal. Prior to each Determination
      Date, the Servicer shall also determine as to each Mortgage Loan: (i) the total
      amount of Realized Losses, if any, incurred in connection with any Deficient
      Valuations made during the related Prepayment Period; and (ii) 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.

     

    (b)  All
      Realized Losses on the Mortgage Loans allocated to any REMIC I Regular Interest
      pursuant to Section 5.04(c) on the Mortgage Loans shall be allocated by the
      Securities Administrator on each Distribution Date as follows: first,
      to Net
      Monthly Excess Cashflow and to Net Swap Payments received from the Swap Provider
      under the Swap Agreement for that purpose; second,
      to the
      Class CE Certificates; third,
      to the
      Class M-11 Certificates until the Certificate Principal Balance of the Class
      M-11 Certificates has been reduced to zero, fourth,
      to the
      Class M-10 Certificates, until the Certificate Principal Balance of the Class
      M-10 Certificates, has been reduced to zero, fifth,
      to the
      Class M-9 Certificates, until the Certificate Principal Balance of the Class
      M-9
      Certificates has been reduced to zero; sixth,
      to the
      Class M-8 Certificates, until the Certificate Principal Balance of the Class
      M-8
      Certificates has been reduced to zero; seventh,
      to the
      Class M-7 Certificates, until the Certificate Principal Balance of the Class
      M-7
      Certificates has been reduced to zero; eighth,
      to the
      Class M-6 Certificates, until the Certificate Principal Balance of the Class
      M-6
      Certificates has been reduced to zero; ninth,
      to the
      Class M-5 Certificates, until the Certificate Principal Balance of the Class
      M-5
      Certificates has been reduced to zero; tenth,
      to the
      Class M-4 Certificates, until the Certificate Principal Balance of the Class
      M-4
      Certificates has been reduced to zero; eleventh,
      to the
      Class M-3 Certificates, until the Certificate Principal Balance of the Class
      M-3
      Certificates has been reduced to zero; twelfth,
      to the
      Class M-2 Certificates, until the Certificate Principal Balance of the Class
      M-2
      Certificates has been reduced to zero; and thirteenth,
      to the
      Class M-1 Certificates until the Certificate Principal Balance of the Class
      M-1
      Certificates 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 5.01(c)(8)(viii). No allocations of any Realized Losses
      shall be made to the Certificate Principal Balances of the Class A Certificates
      or 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.

     

    In
      addition, in the event that the Servicer receives any Subsequent Recoveries
      with
      respect to a Mortgage Loan serviced by it, the Servicer shall deposit such
      funds
      into the related Collection Account pursuant to Section 3.08. If, after
      taking into account such Subsequent Recoveries, the amount of a Realized Loss
      is
      reduced, the amount of such Subsequent Recoveries will be applied to increase
      the Certificate Principal Balance of the Class of Subordinate Certificates
      with
      the highest payment priority to which Realized Losses have been allocated,
      but
      not by more than the amount of Realized Losses previously allocated to that
      Class of Subordinate Certificates pursuant to this Section 5.04 and not
      previously reimbursed to such Class of Subordinate Certificates with Net Monthly
      Excess Cashflow pursuant to Section 5.01(c)(8). The amount of any remaining
      Subsequent Recoveries will be applied to sequentially increase the Certificate
      Principal Balance of the Subordinate Certificates, beginning with the Class
      of
      Subordinate Certificates with the next highest payment priority, up to the
      amount of such Realized Losses previously allocated to such Class of Subordinate
      Certificates pursuant to this Section 5.04 and not previously reimbursed to
      such Class of Subordinate Certificates with Net Monthly Excess Cashflow pursuant
      to Section 5.01(c)(8)(iii). Holders of such Certificates will not be
      entitled to any payment in respect of current interest on the amount of such
      increases for any Interest Accrual Period preceding the Distribution Date on
      which such increase occurs. Any such increases shall be applied to the
      Certificate Principal Balance of each Subordinate Certificate of such Class
      in
      accordance with its respective Percentage Interest.

     

    (i) All
      Realized Losses on the Group IA Mortgage Loans shall be allocated on each
      Distribution Date first, to REMIC I Regular Interest A-I until the
      Uncertificated Balance of such REMIC I Regular Interest has been reduced to
      zero
      and second, to REMIC I Regular Interest I-1-A through REMIC I Regular Interest
      I-44-B, starting with the lowest numerical denomination until such REMIC I
      Regular Interest has been 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. All Realized Losses on the Group IB Mortgage
      Loans shall be allocated on each Distribution Date first, to REMIC I Regular
      Interest A-II until the Uncertificated Balance of such REMIC I Regular Interest
      has been reduced to zero and second, to REMIC I Regular Interest II-1-A through
      REMIC I Regular Interest II-44-B, starting with the lowest numerical
      denomination until such REMIC I Regular Interest has been 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. All Realized Losses on the Group II Mortgage
      Loans shall be allocated on each Distribution Date first, to REMIC I Regular
      Interest A-III until the Uncertificated Balance of such REMIC I Regular Interest
      has been reduced to zero and second, to REMIC I Regular Interest III-1-A through
      REMIC I Regular Interest III-44-B, starting with the lowest numerical
      denomination until such REMIC I Regular Interest has been 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. 

     

    (ii) The
      REMIC
      II Marker Allocation Percentage of all Realized Losses on the Mortgage Loans
      shall be allocated by the Securities 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 AA and REMIC II Regular Interest ZZ up to an aggregate amount equal
      to
      the REMIC II Interest Loss Allocation Amount, 98.00% and 2.00%, respectively;
      second, to the Uncertificated Balances of the REMIC II Regular Interest AA
      and
      REMIC II Regular Interest ZZ up to an aggregate amount equal to the REMIC II
      Principal Loss Allocation Amount, 98.00% and 2.00%, respectively; third, to
      the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-11 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-11
      has been reduced to zero; fourth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest M-10 and REMIC II Regular
      Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated
      Balance of REMIC II Regular Interest M-10 has been reduced to zero; fifth,
      to
      the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-9 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-9
      has been reduced to zero; sixth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest M-8 and REMIC II Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
      of
      REMIC II Regular Interest M-8 has been reduced to zero; seventh, to the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-7 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-7
      has been reduced to zero; eighth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest M-6 and REMIC II Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
      of
      REMIC II Regular Interest M-6 has been reduced to zero; ninth, to the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-5 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-5
      has been reduced to zero; tenth, to the Uncertificated Balances of REMIC II
      Regular Interest AA, REMIC II Regular Interest M-4 and REMIC II Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
      of
      REMIC II Regular Interest M-4 has been reduced to zero; eleventh, to the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-3 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-3
      has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC
      II
      Regular Interest AA, REMIC II Regular Interest M-2 and REMIC II Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
      of
      REMIC II Regular Interest M-2 has been reduced to zero; and thirteenth, to
      the
      Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
      Interest M-1 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      M-1
      has been reduced to zero.

     

    (iii) The
      REMIC
      II Sub WAC Allocation Percentage of all Realized Losses shall be applied after
      all distributions have been made on each Distribution Date first, so as to
      keep
      the Uncertificated Balance of each REMIC II Regular Interest ending with the
      designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of
      the Mortgage Loans in the related loan group; second, to each REMIC II Regular
      Interest ending with the designation “SUB,” so that the Uncertificated Balance
      of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x)
      the aggregate Stated Principal Balance of the Mortgage Loans in the related
      loan
      group over (y) the current Certificate Principal Balance of the Class A
      Certificate in the related loan group (except that if any such excess is a
      larger number than in the preceding distribution period, the least amount of
      Realized Losses shall be applied to such REMIC II Regular Interests such that
      the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining
      Realized Losses shall be allocated to REMIC II Regular Interest XX.

     

    SECTION
      5.05.  Compliance
      with Withholding Requirements.

     

    Notwithstanding
      any other provision of this Agreement, the Trustee and the Securities
      Administrator shall comply with all federal withholding requirements respecting
      payments to Certificateholders of interest or original issue discount that
      the
      Trustee reasonably believes are applicable under the Code. The consent of
      Certificateholders shall not be required for such withholding. In the event
      the
      Securities Administrator does withhold any amount from interest or original
      issue discount payments or advances thereof to any Certificateholder pursuant
      to
      federal withholding requirements, the Securities Administrator shall indicate
      the amount withheld to such Certificateholders.

     

    SECTION
      5.06.  Reports
      Filed with Securities and Exchange Commission.

     

    (a)  (i)Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Securities Administrator shall prepare and file on behalf
      of
      the Trust any Form 10-D required by the Exchange Act, in form and substance
      as
      required by the Exchange Act. The Securities Administrator shall file each
      Form
      10-D with a copy of the related Monthly Statement attached thereto. 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 G to the Depositor and the Securities Administrator
      and directed and approved by the Depositor pursuant to the following paragraph,
      and the Securities 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
      G
      hereto,
      within 5 calendar days after the related Distribution Date, (A) certain parties
      to the ACE Securities Corp., Home Equity Loan Trust, Series 2006-OP1 transaction
      shall be required to provide to the Securities Administrator and the Depositor,
      to the extent known by a responsible officer thereof, in EDGAR-compatible form,
      or in such other form as otherwise agreed upon by the Securities 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 H hereto (an “Additional Disclosure Notification”) and (B) the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D. The
      Depositor will be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Securities Administrator in connection with including any
      Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

     

    (iii)  After
      preparing the Form 10-D, the Securities 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 Securities Administrator
      in
      writing (which may be furnished electronically) of any changes to or approval
      of
      such Form 10-D. In the absence of receipt of any written changes or approval
      by
      the due date specified herein, or if the Depositor does not request a copy
      of a
      Form 10-D, the Securities Administrator shall be entitled to assume that such
      Form 10-D is in final form and the Securities Administrator may proceed with
      the
      execution and filing of the Form 10-D. 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 Securities
      Administrator will follow the procedures set forth in Section 5.06(c)(ii).
      Promptly (but no later than 1 Business Day) after filing with the Commission,
      the Securities Administrator will make available on its internet website a
      final
      executed copy of each Form 10-D filed by the Securities Administrator. Each
      party to this Agreement acknowledges that the performance by the Securities
      Administrator and the Master Servicer of their duties under this Section 5.06(a)
      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 as set forth in this Agreement. Neither the
      Securities Administrator nor the Master Servicer shall have any liability for
      any loss, expense, damage, claim arising out of or with respect to any failure
      to properly prepare, execute and/or timely file such Form 10-D, where such
      failure results from the Securities Administrator’s inability or failure to
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 10-D, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    (b)  (i)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 Securities 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 8K (“Form
      8-K Disclosure Information”)
      shall
      be reported by the parties set forth on Exhibit G to the Depositor and the
      Securities Administrator and directed and approved by the Depositor pursuant
      to
      the following paragraph, and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Form 8-K
      Disclosure Information or any Form 8-K, except as set forth in the next
      paragraph. 

     

    (ii)  As
      set
      forth on Exhibit
      G
      hereto,
      for so long as the Trust is subject to the Exchange Act reporting requirements,
      no later than the close of business New York City time on the 2nd Business
      Day
      after the occurrence of a Reportable Event (i) the parties to the ACE Securities
      Corp., Home Equity Loan Trust, Series 2006-OP1 transaction shall be required
      to
      provide to the Securities Administrator and the Depositor, to the extent known
      by a responsible officer thereof, in EDGAR-compatible form, or in such other
      form as otherwise agreed upon by the Securities Administrator 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. The Depositor will be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Securities Administrator in connection with including any Form 8-K Disclosure
      Information on Form 8-K pursuant to this paragraph. 

     

    (iii)  After
      preparing the Form 8-K, the Securities Administrator shall, upon request,
      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 Securities Administrator in writing (which
      may be furnished electronically) of any changes to or approval of such Form
      8-K.
      In the absence of receipt of any written changes or approval by the third
      Business Day, or if the Depositor does not request a copy of a Form 8-K, the
      Securities Administrator shall be entitled to assume that such Form 8-K is
      in
      final form and the Securities Administrator may proceed with the execution
      and
      filing of the Form 8-K. 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 Securities Administrator
      will
      follow the procedures set forth in Section 5.06(c)(ii). Promptly (but no later
      than 1 Business Day) after filing with the Commission, the Securities
      Administrator will, make available on its internet website a final executed
      copy
      of each Form 8-K that has been prepared and filed by the Securities
      Administrator. The parties to this Agreement acknowledge that the performance
      by
      the Master Servicer and the Securities Administrator of their duties under
      this
      Section 5.06(b) 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 Agreement. Neither the Master
      Servicer nor the Securities Administrator shall have any liability for any
      loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare, execute and/or timely file such Form 8-K, where such failure results
      from the Securities Administrator’s inability or failure to receive, on a timely
      basis, any information from any other party hereto needed to prepare, execute
      or
      arrange for execution or file such Form 8-K, not resulting from its own
      negligence, bad faith or willful misconduct.

     

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

     

    (ii)  In
      the
      event that the Securities Administrator is unable to timely file with the
      Commission all or any required portion of any Form 8-K, 10-D or 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or delivered to it after the delivery deadlines set forth
      in
      this Agreement or for any other reason, the Securities Administrator will
      promptly electronically notify the Depositor. In the case of Form 10-D and
      10-K,
      the parties to this Agreement will cooperate to prepare and file a Form 12b-25
      and a 10-DA and 10-KA, as applicable, pursuant to Rule 12b-25 of the Exchange
      Act. In the case of Form 8-K, the Securities Administrator will, upon receipt
      of
      all required Form 8-K Disclosure Information and upon the approval and direction
      of the Depositor, include such disclosure information on the next Form 10-D.
      In
      the event that any previously filed Form 8-K, 10-D or 10-K needs to be amended
      and such amendment includes any Additional Form 10-D Disclosure (other than
      for
      the purposes of restating any Monthly Report), any Additional Form 10-K
      Disclosure or any Form 8-K Disclosure Information or any amendment to such
      disclosure, the Securities Administrator will electronically notify the
      Depositor only if the amendment pertains to an additional reporting item being
      revised and/or amended on such form, but not if an amendment is being filed
      as a
      result of a Remittance Report revision, and the Depositor will cooperate with
      the Securities Administrator in preparing any necessary 8-KA, 10-DA or 10-KA.
      Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be
      signed by a duly authorized 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 the Securities Administrator and the Master
      Servicer of their duties under this Section 5.06(c) related to the timely
      preparation, execution and filing of Form 15, a Form 12b-25 or any amendment
      to
      Form 8-K, 10-D or 10-K is contingent upon each such party performing its duties
      under this Agreement. Neither the Master Servicer nor the Securities
      Administrator shall have any liability for any loss, expense, damage, claim
      arising out of or with respect to any failure to properly prepare, execute
      and/or timely file any such Form 15, Form 12b-25 or any amendments to Forms
      8-K,
      10-D or 10-K, where such failure results from the Securities Administrator’s
      inability or failure to receive, on a timely basis, any information from any
      other party hereto needed to prepare, execute or arrange for execution or file
      such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not
      resulting from its own negligence, bad faith or willful misconduct.

     

    (d)  (i)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 Securities Administrator shall prepare
      and
      file on behalf of the Trust a Form 10-K, in form and substance as required
      by
      the Exchange Act. Each such Form 10-K shall include the following items, in
      each
      case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement, the related
      servicing agreement and custodial agreements, (i) an annual compliance statement
      for the Servicer, each Additional Servicer, the Master Servicer, the Securities
      Administrator and any Servicing Function Participant engaged by such parties
      (each, a “Reporting
      Servicer”)
      as
      described under Section 3.17 and Section 4.15 and in such other agreements,
      (ii)(A) the annual reports on assessment of compliance with servicing criteria
      for each Reporting Servicer, as described under Section 3.18 and Section 4.16
      and in such other agreements, and (B) if each Reporting Servicer’s report on
      assessment of compliance with servicing criteria described under Section 3.18
      and Section 4.16 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 described under
      Section 3.18 and Section 4.16 is not included as an exhibit to such Form 10-K,
      disclosure that such report is not included and an explanation why such report
      is not included, (iii)(A) the registered public accounting firm attestation
      report for each Reporting Servicer, as described under Section 3.18 and Section
      4.17, and (B) if any registered public accounting firm attestation report
      described under Section 3.18 and Section 4.17 identifies any material instance
      of noncompliance, disclosure identifying such instance of noncompliance, or
      if
      any such registered public accounting firm attestation report is not included
      as
      an exhibit to such Form 10-K, disclosure that such report is not included and
      an
      explanation why such report is not included, and (iv) a Sarbanes-Oxley
      Certification (“Sarbanes-Oxley Certification”) as described in Section 3.19 and
      Section 4.18 (provided,
      however,
      that
      the Securities Administrator, at its discretion, may omit from the Form 10-K
      any
      annual compliance statement, assessment of compliance or attestation report
      that
      is not required to be filed with such Form 10-K pursuant to Regulation AB).
      Any
      disclosure or information in addition to (i) through (iv) above that is required
      to be included on Form 10-K (“Additional
      Form 10-K Disclosure”)
      reported by the parties set forth on Exhibit G to the Depositor and the
      Securities Administrator and directed and approved by the Depositor pursuant
      to
      the following paragraph, and the Securities 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. 

     

    (ii)  As
      set
      forth on Exhibit
      G
      hereto,
      no later than March 15 of each year that the Trust is subject to the Exchange
      Act reporting requirements, commencing in 2007, (i) the parties to the ACE
      Securities Corp., Home Equity Loan Trust, Series 2006-OP1 transaction shall
      be
      required to provide to the Securities Administrator and the Depositor, to the
      extent known by a responsible officer thereof, in EDGAR-compatible form, or
      in
      such other form as otherwise agreed upon by the Securities 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
      Depositor will be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Securities Administrator in connection with including any
      Additional Form 10-K Disclosure on Form 10-K pursuant to this
      paragraph.

     

    (iii)  After
      preparing the Form 10-K, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 10-K to the Depositor. Within three
      Business Days after receipt of such copy, but in no event later than March
      25th
      of each
      year that the Trust is subject to Exchange Act reporting requirements, the
      Depositor shall notify the Securities Administrator in writing (which may be
      furnished electronically) of any changes to or approval of such Form 10-K.
      In
      the absence of receipt of any written changes or approval by March 25th, or
      if
      the Depositor does not request a copy of a Form 10-K, the Securities
      Administrator shall be entitled to assume that such Form 10-K is in final form
      and the Securities Administrator may proceed with the execution and filing
      of
      the Form 10-K. 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 Securities
      Administrator will follow the procedures set forth in Section 5.06(c)(ii).
      Promptly (but no later than 1 Business Day) after filing with the Commission,
      the Securities Administrator will make available on its internet website a
      final
      executed copy of each Form 10-K filed by the Securities Administrator. The
      parties to this Agreement acknowledge that the performance by the Master
      Servicer and the Securities Administrator of their respective duties under
      this
      Section 5.06(d) related to the timely preparation, execution and filing of
      Form
      10-K is contingent upon such parties (and any Additional Servicer or Servicing
      Function Participant) strictly observing all applicable deadlines in the
      performance of their duties under this Section 5.06(d), Section 3.17, Section
      3.18, Section 3.19, Section 4.16, Section 4.17 and Section 4.18. Neither the
      Master Servicer nor the Securities Administrator shall have any liability for
      any loss, expense, damage or claim arising out of or with respect to any failure
      to properly prepare, execute and/or timely file such Form 10-K, where such
      failure results from the Securities Administrator’s inability or failure to
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 10-K, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    (e)  The
      Securities Administrator shall indemnify and hold harmless the Depositor, the
      Trustee 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 Master Servicer’s obligations under this
      Section 5.06 or the Master Servicer’s negligence, bad faith or willful
      misconduct in connection therewith. 

     

    (f)  Notwithstanding
      the provisions of Section 12.01, this Section 5.06 may be amended without the
      consent of the Certificateholders.

     

    SECTION
      5.07.  Supplemental
      Interest Trust.

     

    (a)  On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      the
      name of the Trustee a separate account for the benefit of the holders of the
      Offered Certificates (the “Supplemental Interest Trust”). The Supplemental
      Interest Trust 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 Trustee or of the
      Securities Administrator held pursuant to this Agreement. 

     

    (b)  On
      each
      Distribution Date, the Securities Administrator shall deposit into the
      Supplemental Interest Trust amounts distributable to the Swap Provider by the
      Supplemental Interest Trust pursuant to Section 5.01(c)(2), (3), (4), (6)
      and (7) and Section 5.01(c)(8)(vii)
      of this
      Agreement. On each Distribution Date, the Securities Administrator shall
      distribute any such amounts to the Swap Provider pursuant to the Swap Agreement,
      first to pay any Net Swap Payment owed to the Swap Provider for such
      Distribution Date, and second to pay any Swap Termination Payment owed to the
      Swap Provider not due to a Swap Provider Trigger Event.

     

    (c)  The
      Supplemental Interest Trust constitutes an “outside reserve fund” within the
      meaning of Treasury Regulation § 1.860G-2(h) and is not an asset of any REMIC.
      The Holders of the Class CE Certificates shall be the beneficial owner of the
      Supplemental Interest Trust, subject to the power of the Securities
      Administrator to transfer amounts under this Agreement. The Securities
      Administrator shall keep records that accurately reflect the funds on deposit
      in
      the Supplemental Interest Trust. The Securities Administrator shall, at the
      written direction of the majority of the Class CE Certificateholders, invest
      amounts on deposit in the Supplemental Interest Trust in Permitted Investments.
      In the absence of written direction to the Securities Administrator from the
      majority of the Class CE Certificateholders, all funds in the Supplemental
      Interest Trust shall remain uninvested. On each Distribution Date, the
      Securities Administrator shall distribute, not in respect of any REMIC, any
      interest earned on the Supplemental Interest Trust to the Holders of the Class
      CE Certificates.

     

    (d)  For
      federal income tax purposes, amounts paid to the Supplemental Interest Trust
      on
      each Distribution Date pursuant to Section 5.01(c)(2), (3), (4), (6) and
      (7) and Section 5.01(c)(8)(vii) shall first be deemed paid to the
      Supplemental Interest Trust in respect of the Class IO Interest to the extent
      of
      the amount distributable on such Class IO Interest on such Distribution Date,
      and any remaining amount shall be deemed paid to the Supplemental Interest
      Trust
      in respect of a Class IO Distribution Amount. 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 partnership.

     

    (e)  The
      Securities Administrator shall treat the Holders of Certificates (other than
      the
      Class P, Class CE and Residual 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 and Residual 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 Regular Interest ownership of which
      is
      represented by 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
      amount of interest otherwise payable to such Certificates, and a Class IO
      Distribution Amount payable from principal collections shall be allocated to
      the
      most subordinate Class of such 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 and Residual Certificates) in
      accordance with the terms of this Agreement. Any payments to such 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 and Residual 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 the Regular Interest ownership
      of
      which is represented by such Certificates, and as having been paid by such
      Holders to the Supplemental Interest Trust pursuant to the notional principal
      contract. Thus, each Certificate (other than the Class P Certificates and
      Residual Certificates) shall be treated as representing not only ownership
      of a
      Regular Interest in REMIC III, but also ownership of an interest in, and
      obligations with respect to, a notional principal contract.

     

    (f)  For
      federal tax return and information reporting, the right of the holders of the
      Offered Certificates to receive payments from the Supplemental Interest Trust
      shall be assigned a value of $1,000.

     

    (g)  In
      the
      event that the Swap Agreement is terminated prior to the Distribution Date
      in
      March 2010, the Sponsor shall use reasonable efforts to appoint a successor
      swap
      provider using any Swap Termination Payments paid by the Swap Provider. If
      the
      Sponsor is unable to locate a qualified successor swap provider, any such Swap
      Termination Payments will be remitted to the Securities Administrator for
      payment to the holders of the Offered Certificates in accordance with Section
      5.01(c).

     

    SECTION
      5.08.  Tax
      Treatment of Swap Payments and Swap Termination Payments.

     

    For
      federal income tax purposes, each holder of an Offered Certificate is deemed
      to
      own an undivided beneficial ownership interest in a REMIC regular interest
      and
      the right to receive payments from either the Reserve Fund or the Supplemental
      Interest Trust in respect of any Net WAC Rate Carryover Amounts or the
      obligation to make payments to the Supplemental Interest Trust. For federal
      income tax purposes, the Securities Administrator will account for payments
      to
      each Offered Certificate as follows: each Offered Certificate will be treated
      as
      receiving their entire payment from REMIC III (regardless of any Swap
      Termination Payment or obligation under the Swap Agreement) and subsequently
      paying their portion of any Swap Termination Payment in respect of each such
      Class’s obligation under the Swap Agreement. In the event that any such Class is
      resecuritized in a REMIC, the obligation under the Swap Agreement to pay any
      such Swap Termination Payment (or any shortfall in Net Swap Payment), 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 Offered Certificate. 

     

    The
      REMIC
      Regular Interest corresponding to an Offered 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 Swap Notional Amount
      of the 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 amounts otherwise payable to the Class CE Certificates. As a result
      of the foregoing, the amount of distributions and taxable income on the REMIC
      Regular Interest corresponding to an Offered Certificate may exceed the actual
      amount of distributions on the Offered Certificate.

     

    ARTICLE
      VI  

     

    THE
      CERTIFICATES

     

    SECTION
      6.01.  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, REMIC
      II and REMIC III.

     

    The
      Certificates will be substantially in the forms annexed hereto as Exhibits
      A-1
      through A-5. 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 and authenticated by the
      Securities Administrator and delivered by the Trustee to and upon the written
      order of the Depositor. The Certificates shall be executed by manual or
      facsimile signature on behalf of the Trust by the Securities Administrator
      by an
      authorized signatory. Certificates bearing the manual or facsimile signatures
      of
      individuals who were at any time the proper officers of the Securities
      Administrator shall bind the Trust, 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 Securities 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 Securities 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 Securities 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 Servicer and,
      if the Trustee is not the Book-Entry Custodian, the Trustee, 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 Securities Administrator resigns or is removed in accordance
      with the terms hereof, the successor Securities 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.

     

    (c)  The
      Class
      CE Certificate and Class P Certificates offered and sold to QIBs in reliance
      on
      Rule 144A under the Securities Act (“Rule 144A”) will be issued in the form of
      Definitive Certificates.

     

    (d)  The
      Trustee, the Servicer, the Securities 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 Securities 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 Securities 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, (ii) the Depositor at its option advises the Securities
      Administrator in writing that it elects to terminate the book-entry system
      through the Depository or (iii) after the occurrence of a 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 Securities
      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 Securities 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 Securities Administrator of the
      Book-Entry Certificates by the Book-Entry Custodian or the Depository, as
      applicable, the Securities Administrator shall cause the Definitive Certificates
      to be issued. Such Definitive Certificates will be issued in minimum
      denominations of $10,000 except that any beneficial ownership that was
      represented by a Book-Entry Certificate in an amount less than $10,000
      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 Servicer, the Master Servicer, the
      Securities Administrator or the Trustee 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 Securities Administrator, to the extent applicable with respect to such
      Definitive Certificates, and the Securities Administrator shall recognize the
      Holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    SECTION
      6.02.  Registration
      of Transfer and Exchange of Certificates.

     

    (a)  The
      Securities Administrator shall cause to be kept at one of the offices or
      agencies to be appointed by the Securities Administrator in accordance with
      the
      provisions of Section 9.11, a Certificate Register for the Certificates in
      which, subject to such reasonable regulations as it may prescribe, the
      Securities Administrator shall provide for the registration of Certificates
      and
      of transfers and exchanges of Certificates as herein provided.

     

    (b)  No
      transfer of any Class CE Certificate, Class P Certificate or Residual
      Certificate shall be made unless that transfer is made pursuant to an effective
      registration statement under the Securities Act, and effective registration
      or
      qualification under applicable state securities laws, or is made in a
      transaction that does not require such registration or qualification. In the
      event that such a transfer of a Class CE Certificate, Class P Certificate or
      Residual Certificate is to be made without registration or qualification (other
      than in connection with the initial transfer of any such Certificate by the
      Depositor), the Securities Administrator shall require receipt of: (i) if such
      transfer is purportedly being made in reliance upon Rule 144A under the
      Securities Act, written certifications from the Certificateholder desiring
      to
      effect the transfer and from such Certificateholder’s prospective transferee,
      substantially in the form attached hereto as Exhibit B-1; (ii) if such transfer
      is purportedly being made in reliance upon Rule 501(a) under the Securities
      Act,
      written certifications from the Certificateholder desiring to effect the
      transfer and from such Certificateholder’s prospective transferee, substantially
      in the form attached hereto as Exhibit B-2 and (iii) in all other cases, an
      Opinion of Counsel satisfactory to the Securities Administrator that such
      transfer may be made without such registration or qualification (which Opinion
      of Counsel shall not be an expense of the Trust Fund or of the Depositor, the
      Trustee, the Master Servicer, the Securities Administrator or the Servicer),
      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. Neither of
      the
      Depositor nor the Securities Administrator is obligated to register or qualify
      any such Certificates under the Securities 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 Depositor, the Master
      Servicer, the Securities Administrator and the 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.

     

    (c)  No
      transfer of a Class CE Certificate, Class P Certificate or a Residual
      Certificate or any interest therein shall be made to any 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 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”) unless the Securities
      Administrator is provided with an Opinion of Counsel on which the Depositor,
      the
      Master Servicer, the Securities Administrator, the Trustee and the Servicer
      may
      rely, which establishes to the satisfaction of the Securities Administrator
      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 Servicer,
      the Trustee, the Master Servicer, the Securities Administrator 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 Servicer, the Trustee, the Master Servicer, the Securities Administrator,
      the Trust Fund. An Opinion of Counsel will not be required in connection with
      the initial transfer of any such Certificate by the Depositor to an affiliate
      of
      the Depositor (in which case, the Depositor or any affiliate thereof shall
      have
      deemed to have represented that such affiliate is not a Plan or a Person
      investing Plan Assets) and the Securities Administrator shall be entitled to
      conclusively rely upon a representation (which, upon the request of the
      Securities Administrator, shall be a written representation) from the Depositor
      of the status of such transferee as an affiliate of the Depositor.

     

    For
      so
      long as the Supplemental Interest Trust is in existence, each beneficial owner
      of a Offered Certificate or any interest therein, shall be deemed to have
      represented, by virtue of its acquisition or holding of the Offered Certificate,
      or interest therein, that either (i) it is not a Plan or (ii)(A) it is an
      accredited investor within the meaning of Prohibited Transaction Exemption
      2002-41, as amended from time to time (the “Exemption”) and (B) the acquisition
      and holding of such Certificate and the separate right to receive payments
      from
      the Supplemental Interest Trust are eligible for the exemptive relief available
      under Prohibited Transaction Class Exemption (“PTCE”) 84-14 (for transactions by
      independent “qualified professional asset managers”), 91-38 (for transactions by
      bank collective investment funds), 90-1 (for transactions by insurance company
      pooled separate accounts), 95-60 (for transactions by insurance company general
      accounts) or 96-23 (for transactions effected by “in-house asset
      managers”).

     

    Each
      Transferee of a Mezzanine Certificate or any interest therein that is acquired
      after the termination of the Supplemental Interest Trust will be deemed to
      have
      represented by virtue of its purchase or holding of such Certificate (or
      interest therein) that either (a) such Transferee is not a Plan or purchasing
      such Certificate with Plan Assets, (b) it has acquired and is holding such
      Certificate in reliance on Prohibited Transaction Exemption (“PTE”) 94-84 or FAN
      97-03E, as amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE
      2000-58, 65 Fed. Reg. 67765 (November 13, 2000) and PTE 2002-41, 67 Fed. Reg.
      54487 (August 22, 2002) (the “Exemption”), and that it understands that there
      are certain conditions to the availability of the Exemption including that
      such
      Certificate must be rated, at the time of purchase, not lower than “BBB-” (or
      its equivalent) by a Rating Agency or (c) the following conditions are
      satisfied: (i) such Transferee is an insurance company, (ii) the source of
      funds
      used to purchase or hold such Certificate (or interest therein) is an “insurance
      company general account” (as defined in PTCE 95-60, and (iii) the conditions set
      forth in Sections I and III of PTCE 95-60 have been satisfied.

     

    If
      any
      Certificate or any interest therein is acquired or held in violation of the
      conditions described in this Section 6.02(c), 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 certificate
      or
      interest therein was effected in violation of the conditions described in this
      Section 6.02(c) shall indemnify and hold harmless the Depositor, the
      Trustee, the Servicer, the Master Servicer, the Securities Administrator 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 Securities 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 Securities
      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 Securities 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 B-3) from the proposed Transferee, in form
      and
      substance satisfactory to the Securities 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 6.02(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 an authorized officer of the Securities 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.

     

    (D) Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (x) to require a Transfer Affidavit and Agreement 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 B-2)
      to
      the Securities Administrator stating that, among other things, it has no actual
      knowledge that such other Person is not a Permitted Transferee.

     

    (E) Each
      Person holding or acquiring an Ownership Interest in a Residual Certificate,
      by
      purchasing an Ownership Interest in such Certificate, agrees to give the
      Securities 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.”

     

    (ii)  The
      Securities 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 Securities
      Administrator as a condition to such registration. In addition, no Transfer
      of a
      Residual Certificate shall be made unless the Securities Administrator shall
      have received a representation letter from the Transferee of such Certificate
      to
      the effect that such Transferee is a Permitted Transferee.

     

    (iii)  (A)
      If
      any purported Transferee shall become a Holder of a Residual Certificate in
      violation of the provisions of this Section 6.02(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 Securities Administrator shall
      be under no liability to any Person for any registration of Transfer of a
      Residual Certificate that is in fact not permitted by this Section 6.02(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 6.02(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 Securities 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 Securities
      Administrator on such terms as the Securities Administrator may choose. Such
      purported Transferee shall promptly endorse and deliver each Residual
      Certificate in accordance with the instructions of the Securities Administrator.
      Such purchaser may be the Securities Administrator itself or any Affiliate
      of
      the Securities Administrator. The proceeds of such sale, net of the commissions
      (which may include commissions payable to the Securities Administrator or its
      Affiliates), expenses and taxes due, if any, will be remitted by the Securities
      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
      Securities Administrator, and the Securities 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
      Securities 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 fund, 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 charged or collected by
      the
      Securities Administrator.

     

    (v)  The
      provisions of this Section 6.02(d) set forth prior to this subsection (v)
      may be modified, added to or eliminated, provided that there shall have been
      delivered to the Securities Administrator 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 Securities
      Administrator, 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, as the case may be,
      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.

     

    (e)  Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Securities Administrator maintained
      for such purpose pursuant to Section 9.11, the Securities 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 Securities Administrator maintained
      for
      such purpose pursuant to Section 9.11. Whenever any Certificates are so
      surrendered for exchange, the Securities 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 Securities Administrator)
      be duly endorsed by, or be accompanied by a written instrument of transfer
      in
      the form satisfactory to the Securities Administrator duly executed by, the
      Holder thereof or his attorney duly authorized in writing. In addition, 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.

     

    (g)  No
      service charge to the Certificateholders shall be made for any transfer or
      exchange of Certificates, but the Securities 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 Securities Administrator in accordance with its customary
      procedures.

     

    SECTION
      6.03.  Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (i)
      any mutilated Certificate is surrendered to the Securities Administrator, or
      the
      Securities Administrator receives evidence to its satisfaction of the
      destruction, loss or theft of any Certificate and of the ownership thereof,
      and
      (ii) there is delivered to the Securities Administrator such security or
      indemnity as may be required by it to save it harmless, then, in the absence
      of
      actual knowledge by the Securities Administrator that such Certificate has
      been
      acquired by a protected purchaser, the Securities Administrator, shall execute,
      authenticate and deliver, in exchange for or in lieu of any such mutilated,
      destroyed, lost or stolen Certificate, a new Certificate of the same Class
      and
      of like denomination and Percentage Interest. Upon the issuance of any new
      Certificate under this Section, the Securities Administrator may require the
      payment of a sum sufficient to cover any tax or other governmental charge that
      may be imposed in relation thereto and any other expenses (including the fees
      and expenses of the Securities Administrator) connected therewith. Any
      replacement Certificate issued pursuant to this Section 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
      6.04.  Persons
      Deemed Owners.

     

    The
      Depositor, the Servicer, the Trustee, the Master Servicer, the Securities
      Administrator 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 Servicer, the Trustee,
      the
      Master Servicer, the Securities Administrator or any agent of any of them shall
      be affected by notice to the contrary.

     

    SECTION
      6.05.  Certain
      Available Information.

     

    On
      or
      prior to the date of the first sale of any Class CE Certificate, Class P
      Certificate or Residual Certificate to an Independent third party, the Depositor
      shall provide to the Securities 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 Certificate. 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 Securities
      Administrator, the Depositor promptly shall inform the Securities Administrator
      of such event and shall deliver to the Securities Administrator ten copies
      of
      the private placement memorandum or disclosure document, as revised, amended
      or
      supplemented. The Securities Administrator shall maintain at its office as
      set
      forth in Section 12.05 hereof 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 Securities 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 Class CE Certificate, Class P Certificate
      or Residual Certificate, the related private placement memorandum or other
      disclosure document relating to such Class of Certificates, in the form most
      recently provided to the Securities 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 and (C) any copies of all
      Officers’ Certificates of the Servicer since the Closing Date delivered to the
      Master Servicer to evidence such Person’s determination that any P&I Advance
      or Servicing Advance was, or if made, would be a Nonrecoverable P&I Advance
      or Nonrecoverable Servicing Advance. Copies and mailing of any and all of the
      foregoing items will be available from the Securities Administrator upon request
      at the expense of the Person requesting the same.

     

    ARTICLE
      VII  

    THE
      DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

     

    SECTION
      7.01.  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, the
      Servicer and Master Servicer and undertaken hereunder by the Depositor, the
      Servicer and the Master Servicer herein.

     

    SECTION
      7.02.  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
      corporation under the laws of the jurisdiction of its incorporation. Subject
      to
      the following paragraph, the Master Servicer will keep in full effect its
      existence, rights and franchises as a national banking association. The
      Depositor, the Servicer and the Master Servicer each will obtain and preserve
      its qualification to do business as a foreign entity 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, the Servicer 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 any
      successor to the Servicer or the Master Servicer shall meet the eligibility
      requirements set forth in Section 8.02(a) or Section 7.06 of this
      Agreement.

     

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

     

    None
      of
      the Depositor, the Servicer, the Securities Administrator, the Master Servicer
      or any of the directors, officers, employees or agents of the Depositor, the
      Servicer or the Master 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 Servicer, the Securities Administrator, the Master Servicer
      or
      any such person against any breach of warranties, representations or covenants
      made herein or against any specific liability imposed on any such Person
      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. The Depositor, the Servicer, the Securities Administrator, the Master
      Servicer and any director, officer, employee or agent of the Depositor, the
      Servicer, the Securities Administrator and the Master Servicer may rely in
      good
      faith on any document of any kind which, prima facie, is properly executed
      and
      submitted by any Person respecting any matters arising hereunder. The Depositor,
      the Servicer, the Securities Administrator, the Master Servicer and any
      director, officer, employee or agent of the Depositor, the Servicer, the
      Securities Administrator or the Master Servicer shall be indemnified and held
      harmless by the Trust Fund against any loss, liability or expense incurred
      in
      connection with any legal action relating to this Agreement, the Certificates
      or
      any Credit Risk Management Agreement or any loss, liability or expense incurred
      other than 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. None of the Depositor, the Servicer, the
      Securities Administrator or the Master 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 Servicer, the Securities Administrator and the Master 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 Servicer, the
      Securities Administrator and the Master Servicer shall be entitled to be
      reimbursed therefor from the Collection Account or the Distribution Account
      as
      and to the extent provided in Article III and Article IV, any such right of
      reimbursement being prior to the rights of the Certificateholders to receive
      any
      amount in the Collection Account and the Distribution Account.

     

    Notwithstanding
      anything to the contrary contained herein, the Servicer shall not be liable
      for
      any actions or inactions prior to the Cut-off Date of any prior servicer of
      the
      related Mortgage Loans and the Master Servicer shall not be liable for any
      action or inaction of the Servicer, except to the extent expressly provided
      herein, or the Credit Risk Management Agreement.

     

    SECTION
      7.04.  Limitation
      on Resignation of the Servicer.

     

    (i)  Except
      as
      expressly provided herein, the Servicer shall neither assign all or
      substantially all of its rights under this Agreement or the servicing hereunder
      nor delegate all or substantially all of its duties hereunder nor sell or
      otherwise dispose of all or substantially all of its property or assets without,
      in each case, the prior written consent of the Master Servicer, which consent
      shall not be unreasonably withheld; provided, that in each case, there must
      be
      delivered to the Trustee and the Master Servicer a letter from each Rating
      Agency to the effect that such transfer of servicing or sale or disposition
      of
      assets will not result in a qualification, withdrawal or downgrade of the
      then-current rating of any of the Certificates. Notwithstanding the foregoing,
      the Servicer, without the consent of the Trustee or the Master Servicer, may
      retain third-party contractors to perform certain servicing and loan
      administration functions, including without limitation hazard insurance
      administration, tax payment and administration, flood certification and
      administration, collection services and similar functions, provided, however,
      that the retention of such contractors by the Servicer shall not limit the
      obligation of the Servicer to service the related Mortgage Loans pursuant to
      the
      terms and conditions of this Agreement. 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. No such
      resignation shall become effective unless evidenced by an Opinion of Counsel
      to
      such effect obtained at the expense of the Servicer and delivered to the Trustee
      and the Rating Agencies.

     

    Notwithstanding
      anything to the contrary, no resignation of the Servicer shall become effective
      until the Master Servicer or a successor servicer shall have assumed the
      Servicer’s responsibilities, duties, liabilities (other than those liabilities
      arising prior to the appointment of such successor) and obligations under this
      Agreement.

     

    (b)  Except
      as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits or privileges 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 3.02, 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.

     

    (c)  Notwithstanding
      anything to the contrary herein, the Servicer may pledge or assign as collateral
      all its rights, title and interest under this Agreement to a lender (the
“Servicing Rights Lender”), provided, that:

     

    

    (i)  the
      Servicing Rights Lender’s rights are subject to this Agreement; and

     

    (ii)  the
      Servicer shall remain subject to termination as servicer under this Agreement
      pursuant to the terms hereof.

     

    SECTION
      7.05.  Limitation
      on Resignation of the Master Servicer.

     

    The
      Master 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 Master Servicer shall
      be
      evidenced by an Opinion of Counsel to such effect obtained at the expense of
      the
      Master Servicer and delivered to the Trustee and the Rating Agencies. No
      resignation of the Master Servicer shall become effective until the Trustee
      or a
      successor Master Servicer meeting the criteria specified in Section 7.06
      shall have assumed the Master Servicer’s responsibilities, duties, liabilities
      (other than those liabilities arising prior to the appointment of such
      successor) and obligations under this Agreement.

     

    SECTION
      7.06.  Assignment
      of Master Servicing.

     

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in its entirety as Master Servicer under this Agreement; provided,
      however, that: (i) the purchaser or transferee accept in writing such assignment
      and delegation and assume the obligations of the Master Servicer hereunder
      (a)
      shall have a net worth of not less than $25,000,000 (unless otherwise approved
      by each Rating Agency pursuant to clause (ii) below); (b) shall be reasonably
      satisfactory to the Trustee (as evidenced in a writing signed by the Trustee);
      and (c) shall execute and deliver to the Trustee an agreement, in form and
      substance reasonably satisfactory to the Trustee, which contains an assumption
      by such Person of the due and punctual performance and observance of each
      covenant and condition to be performed or observed by it as master servicer
      under this Agreement, any custodial agreement from and after the effective
      date
      of such agreement; (ii) each Rating Agency shall be given prior written notice
      of the identity of the proposed successor to the Master Servicer and each Rating
      Agency’s rating of the Certificates in effect immediately prior to such
      assignment, sale and delegation will not be downgraded, qualified or withdrawn
      as a result of such assignment, sale and delegation, as evidenced by a letter
      to
      such effect delivered to the Master Servicer and the Trustee; and (iii) the
      Master Servicer assigning and selling the master servicing shall deliver to
      the
      Trustee an Officer’s Certificate and an Opinion of Independent counsel, each
      stating that all conditions precedent to such action under this Agreement have
      been completed and such action is permitted by and complies with the terms
      of
      this Agreement. No such assignment or delegation shall affect any liability
      of
      the Master Servicer arising out of acts or omissions prior to the effective
      date
      thereof.

     

    SECTION
      7.07.  Rights
      of the Depositor in Respect of the Servicer and the Master
      Servicer.

     

    Each
      of
      the Master Servicer and the Servicer shall afford (and any Sub-Servicing or
      Sub-Contracting Agreement shall provide that each Sub-Servicer or Subcontractor,
      as applicable, shall afford) the Depositor and the Trustee, upon reasonable
      notice, during normal business hours, access to all records maintained by the
      Master Servicer or the Servicer (and any such Sub-Servicer or Subcontractor,
      as
      applicable) in respect of the Servicer’s rights and obligations hereunder and
      access to officers of the Master Servicer or the Servicer (and those of any
      such
      Sub-Servicer or Subcontractor, as applicable) responsible for such obligations,
      and the Master Servicer shall have access to all such records maintained by
      the
      Servicer and any Sub-Servicer or Subcontractors. Upon request, each of the
      Master Servicer and the Servicer shall furnish to the Depositor and the Trustee
      its (and any such Sub-Servicer’s) most recent financial statements and such
      other information relating to the Master Servicer’s or the Servicer’s capacity
      to perform its obligations under this Agreement as it possesses (and that any
      such Sub-Servicer or Subcontractor possesses). To the extent such information
      is
      not otherwise available to the public, the Depositor and the Trustee shall
      not
      disseminate any information obtained pursuant to the preceding two sentences
      without the Master Servicer’s or the Servicer’s written consent, except as
      required pursuant to this Agreement or to the extent that it is appropriate
      to
      do so (i) to its legal counsel, auditors, taxing authorities or other
      governmental agencies and the Certificateholders, (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 or the Trustee, (iii) disclosure
      of any and all information that is or becomes publicly known, or information
      obtained by the Trustee from sources other than the Depositor, the Servicer
      or
      the Master Servicer, (iv) disclosure as required pursuant to this Agreement
      or
      (v) disclosure of any and all information (A) in any preliminary or final
      offering circular, registration statement or contract or other document
      pertaining to the transactions contemplated by the Agreement approved in advance
      by the Depositor, the Servicer or the Master Servicer or (B) to any affiliate,
      independent or internal auditor, agent, employee or attorney of the Trustee
      having a need to know the same, provided that the Trustee advises such recipient
      of the confidential nature of the information being disclosed, shall use its
      best efforts to assure the confidentiality of any such disseminated non-public
      information. Nothing in this Section 7.07 shall limit the obligation of the
      Servicer to comply with any applicable law prohibiting disclosure of information
      regarding the Mortgagors and the failure of the Servicer to provide access
      as
      provided in this Section 7.07 as a result of such obligation shall not
      constitute a breach of this Section. Nothing in this Section 7.07 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
      Depositor may, but is not obligated to, enforce the obligations of the Master
      Servicer or the Servicer under this Agreement, and may, but is not obligated
      to,
      perform, or cause a designee to perform, any defaulted obligation of the Master
      Servicer or the Servicer under this Agreement, or exercise the rights of the
      Master Servicer or the Servicer under this Agreement; provided that neither
      the
      Master Servicer nor the Servicer shall be relieved of any of its obligations
      under this Agreement, as applicable, 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 Master Servicer or the
      Servicer and is not obligated to supervise the performance of the Master
      Servicer or the Servicer under this Agreement or otherwise.

     

    SECTION
      7.08.  Duties
      of the 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
      to the Credit Risk Manager pursuant to the Credit Risk Management Agreements,
      and the Credit Risk Manager shall look solely to the Servicer and/or Master
      Servicer for all information and data (including loss and delinquency
      information and data) relating to the servicing of the related Mortgage Loans.
      Upon any termination of the Credit Risk Manager or the appointment of a
      successor Credit Risk Manager, the Depositor shall give written notice thereof
      to the Servicer, the Master Servicer, the Securities Administrator, the Trustee,
      and each Rating Agency. Notwithstanding the foregoing, the termination of the
      Credit Risk Manager pursuant to this Section shall not become effective
      until the appointment of a successor Credit Risk Manager. The Trustee is hereby
      authorized to enter into any Credit Risk Management Agreement necessary to
      effect the foregoing.

     

    SECTION
      7.09.  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,
      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 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 pursuant to the related
      Credit Risk Management Agreement in the performance of its duties thereunder
      and
      hereunder.

     

    SECTION
      7.10.  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 Trustee. Upon receipt
      of such notice, the Trustee 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, with a copy to the Securities Administrator and the
      Master Servicer.

     

    ARTICLE
      VIII  

    DEFAULT

     

    SECTION
      8.01.  Servicer
      Events of Default.

     

    (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 Securities Administrator for
      distribution to the Certificateholders any payment (other than a P&I Advance
      required to be made from its own funds on any Servicer Remittance Date pursuant
      to Section 5.03 of this Agreement) required to be made by the Servicer under
      the
      terms of the Certificates and this Agreement which continues unremedied for
      a
      period of one (1) Business Day after the date upon which written notice of
      such
      failure, requiring the same to be remedied, shall have been given to the
      Servicer by the Depositor or the Trustee (in which case notice shall be provided
      by telecopy), or to the Servicer, the Depositor and the Trustee by the Holders
      of Certificates entitled to at least 25% of the Voting Rights; or

     

    (ii)  any
      failure on the part of the Servicer duly to observe or perform in any material
      respect any other of the covenants or agreements on the part of the Servicer
      contained in this Agreement, or the material breach by the Servicer of any
      representation and warranty contained in Section 2.05 of this Agreement, which
      continues unremedied for a period of thirty (30) days after the date on which
      written notice of such failure, requiring the same to be remedied, shall have
      been given to the Servicer by the Depositor or the Trustee or to the Servicer,
      the Depositor and the Trustee by the Holders of Certificates entitled to at
      least 25% of the Voting Rights; provided, however, that in the case of a failure
      that cannot be cured within thirty (30) days, the cure period may be extended
      for an additional thirty (30) days if the Servicer can demonstrate to the
      reasonable satisfaction of the Trustee that the Servicer is diligently pursuing
      remedial action; 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 ninety (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;

     

    (vi)  failure
      by the Servicer to duly perform, within the required time period, its
      obligations under Sections 3.17, 3.18 or 3.19; or

     

    (vii)  any
      failure of the Servicer to make any P&I Advance on any Servicer Remittance
      Date required to be made from its own funds pursuant to Section 5.03 which
      continues unremedied until 3:00 p.m. New York time on the Business Day
      immediately following the Servicer Remittance Date; or

     

    (viii)  failure
      of the Servicer to maintain at least an “average” rating from the Rating
      Agencies.

     

    If
      the
      Servicer Event of Default described in clauses (i) through (vi) or (viii) of
      this Section  shall occur, then, and in each and every such case, so long
      as the Servicer Event of Default shall not have been remedied, the Depositor
      or
      the Trustee may, and at the written direction of the Holders of Certificates
      entitled to at least 51% of Voting Rights, the Trustee shall, by notice in
      writing to the defaulting Servicer (and to the Depositor if given by the Trustee
      or to the Trustee if given by the Depositor) with a copy to the Master Servicer
      and each Rating Agency, terminate all of the rights and obligations of the
      defaulting Servicer in its capacity as the Servicer under this Agreement, to
      the
      extent permitted by law, and in and to the related Mortgage Loans and the
      proceeds thereof. If the Servicer Event of Default described in clause (vii)
      hereof shall occur, the Trustee shall, by notice in writing to the defaulting
      Servicer, the Depositor and the Master Servicer, terminate all of the rights
      and
      obligations of the defaulting Servicer in its capacity as the Servicer under
      this Agreement and in and to the related Mortgage Loans and the proceeds
      thereof. Subject to Section 8.02 of this Agreement, on or after the receipt
      by the defaulting Servicer of such written notice, all authority and power
      of
      the defaulting Servicer under this Agreement whether with respect to the
      Certificates (other than as a Holder of any Certificate) or the related Mortgage
      Loans or otherwise, shall pass to and be vested in the Master Servicer, pursuant
      to and under this Section, and, without limitation, the Master Servicer is
      hereby authorized and empowered, as attorney-in-fact or otherwise, to execute
      and deliver, on behalf of and at the expense of the defaulting 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 related Mortgage Loans and related documents, or otherwise. The defaulting
      Servicer agrees promptly (and in any event no later than ten (10) Business
      Days
      subsequent to such notice) to provide the Master Servicer with all documents
      and
      records requested by it to enable it to assume the defaulting Servicer’s
      functions under this Agreement, and to cooperate with the Master Servicer in
      effecting the termination of the defaulting Servicer’s responsibilities and
      rights under this Agreement, including, without limitation, the transfer within
      one (1) Business Day to the Master Servicer for administration by it of all
      cash
      amounts which at the time shall be or should have been credited by the
      defaulting Servicer to the Collection Account held by or on behalf of the
      defaulting Servicer or thereafter be received with respect to the related
      Mortgage Loans or any related REO Property (provided, however, that the
      defaulting 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 P&I Advances, Servicing Advances, accrued and unpaid
      Servicing Fees or otherwise, and shall continue to be entitled to the benefits
      of Section 7.03 of this Agreement, notwithstanding any such termination,
      with respect to events occurring prior to such termination). Reimbursement
      of
      unreimbursed P&I Advances, Servicing Advances and accrued and unpaid
      Servicing Fees shall be made on a first in, first out (“FIFO”) basis no later
      than the Servicer Remittance Date. For purposes of this Section 8.01(a),
      the Trustee shall not be deemed to have knowledge of a Servicer Event of Default
      unless a Responsible Officer of the Trustee assigned to and working in the
      Trustee’s Corporate Trust Office has actual knowledge thereof or unless written
      notice of any event which is in fact such a Servicer Event of Default is
      received by the Trustee at its Corporate Trust Office and such notice references
      the Certificates, the Trust or this Agreement. The Trustee shall promptly notify
      the Master Servicer and the Rating Agencies of the occurrence of a Servicer
      Event of Default of which it has knowledge as provided above.

     

    The
      Master Servicer shall be entitled to be reimbursed by the defaulting Servicer
      (or from amounts on deposit in the Distribution Account if the defaulting
      Servicer is unable to fulfill its obligations hereunder) for all reasonable
      out-of-pocket or third party costs associated with the transfer of servicing
      from the defaulting Servicer, including without limitation, any reasonable
      out-of-pocket or third party 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 Master Servicer to correct any
      errors or insufficiencies in the servicing data or otherwise to enable the
      Master Servicer to service the related Mortgage Loans properly and effectively,
      upon presentation of reasonable documentation of such costs and
      expenses.

     

    (b)  “Master
      Servicer Event of Default,” wherever used herein, means any one of the following
      events:

     

    (i)  any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Master Servicer contained in this Agreement, or the breach by the Master
      Servicer of any representation and warranty contained in Section 2.04,
      which continues unremedied for a period of 30 days after the date on which
      written notice of such failure, or as otherwise set forth in this Agreement
      requiring the same to be remedied, shall have been given to the Master Servicer
      by the Depositor or the Trustee or to the Master Servicer, the Depositor and
      the
      Trustee by the Holders of Certificates entitled to at least 25% of the Voting
      Rights; or

     

    (ii)  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 Master Servicer
      and such decree or order shall have remained in force undischarged or unstayed
      for a period of ninety (90) days; or

     

    (iii)  the
      Master 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

     

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

     

    (v)  failure
      by the Master Servicer to duly perform, within the required time period, its
      obligations under Sections 4.15, 4.16, 4.17 or 4.18.

     

    If
      a
      Master Servicer Event of Default shall occur, then, and in each and every such
      case, so long as such Master Servicer Event of Default shall not have been
      remedied, the Depositor or the Trustee may, and at the written direction of
      the
      Holders of Certificates entitled to at least 51% of Voting Rights, the Trustee
      shall, by notice in writing to the Master Servicer (and to the Depositor if
      given by the Trustee or to the Trustee if given by the Depositor) with a copy
      to
      each Rating Agency, terminate all of the rights and obligations of the Master
      Servicer in its capacity as Master Servicer under this Agreement, to the extent
      permitted by law, and in and to the Mortgage Loans and the proceeds thereof.
      On
      or after the receipt by the Master Servicer of such written notice, all
      authority and power of the Master Servicer under this Agreement, whether with
      respect to the Certificates (other than as a Holder of any Certificate) or
      the
      Mortgage Loans or otherwise including, without limitation, the compensation
      payable to the Master Servicer under this Agreement, shall pass to and be vested
      in the Trustee pursuant to and under this Section, and, without limitation,
      the
      Trustee is hereby authorized and empowered, as attorney-in-fact or otherwise,
      to
      execute and deliver, on behalf of and at the expense of the Master 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 Master Servicer
      agrees promptly (and in any event no later than ten Business Days subsequent
      to
      such notice) to provide the Trustee with all documents and records requested
      by
      it to enable it to assume the Master Servicer’s functions under this Agreement,
      and to cooperate with the Trustee in effecting the termination of the Master
      Servicer’s responsibilities and rights under this Agreement (provided, however,
      that the Master 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 and shall continue to be entitled to the benefits of
      Section 7.03 of this Agreement, notwithstanding any such termination, with
      respect to events occurring prior to such termination). For purposes of this
      Section 8.01(b), the Trustee shall not be deemed to have knowledge of a
      Master Servicer Event of Default unless a Responsible Officer of the Trustee
      assigned to and working in the Trustee’s Corporate Trust Office has actual
      knowledge thereof or unless written notice of any event which is in fact such
      a
      Master Servicer Event of Default is received by the Trustee and such notice
      references the Certificates, the Trust or this Agreement. The Trustee shall
      promptly notify the Rating Agencies of the occurrence of a Master Servicer
      Event
      of Default of which it has knowledge as provided above.

     

    On
      and
      after the time the Master Servicer receives a notice of termination, the Trustee
      shall be the successor in all respects to the Master Servicer (and, if
      applicable, the Securities Administrator) in its capacity as Master Servicer
      (and, if applicable, the Securities Administrator) 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 Trustee (except for any representations or warranties of the Master
      Servicer under this Agreement, the responsibilities, duties and liabilities
      contained in Section 2.03 and the obligation to deposit amounts in respect
      of
      losses pursuant to Section 3.10) by the terms and provisions hereof including,
      without limitation, the Master Servicer’s obligations to make P&I Advances
      no later than each Distribution Date pursuant to Section 5.03; provided,
      however, that if the Trustee is prohibited by law or regulation from obligating
      itself to make advances regarding delinquent mortgage loans, then the Trustee
      shall not be obligated to make P&I Advances pursuant to Section 5.03; and
      provided further, that any failure to perform such duties or responsibilities
      caused by the Master Servicer’s failure to provide information required by
      Section 8.01 shall not be considered a default by the Trustee as successor
      to
      the Master Servicer hereunder and neither the Trustee nor any other successor
      master servicer shall be liable for any acts or omissions of the terminated
      servicer. As compensation therefor, the Trustee shall be entitled to the Master
      Servicing Fee and all funds relating to the Loans, investment earnings on the
      Distribution Account and all other remuneration to which the Master Servicer
      would have been entitled if it had continued to act hereunder.

     

    Notwithstanding
      the foregoing, the Trustee may, if it shall be unwilling to continue to act,
      or
      shall, if it is unable to so act, petition a court of competent jurisdiction
      to
      appoint, or appoint on its own behalf, any established housing and home finance
      institution servicer, master servicer, servicing or mortgage servicing
      institution having a net worth of not less than $25,000,000 and meeting such
      other standards for a successor master servicer as are set forth in this
      Agreement, as the successor to such Master Servicer in the assumption of all
      of
      the responsibilities, duties or liabilities of a master servicer.

     

    To
      the
      extent that the costs and expenses of the Trustee related to the termination
      of
      the Master Servicer, appointment of a successor Master Servicer or the transfer
      and assumption of the master servicing by the Trustee (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
      Master Servicer as a result of a Master Servicer Event of Default and (ii)
      all
      costs and expenses associated with the complete transfer of the master
      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 Master Servicer to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the successor Master Servicer to master
      service the Mortgage Loans in accordance with this Agreement) are not fully
      and
      timely reimbursed by the terminated Master Servicer, the Trustee shall be
      entitled to reimbursement of such costs and expenses from the Distribution
      Account.

     

    Neither
      the Trustee nor any other successor master servicer shall be deemed to be in
      default hereunder by reason of any failure to make, or any delay in making,
      any
      distribution hereunder or any portion thereof or any failure to perform, or
      any
      delay in performing, any duties or responsibilities hereunder, in either case
      caused by the failure of the Master Servicer to deliver or provide, or any
      delay
      in delivering or providing, any cash, information, documents or records to
      it.

     

    SECTION
      8.02.  Master
      Servicer to Act; Appointment of Successor.

     

    (a)  On
      and
      after the time the Servicer receives a notice of termination, the Master
      Servicer shall be the successor in all respects to the Servicer in its capacity
      as the Servicer under this Agreement and the transactions set forth or provided
      for herein or therein, and all the responsibilities, duties and liabilities
      relating thereto and arising thereafter shall be assumed by the Master Servicer
      (except for any representations or warranties of the Servicer under this
      Agreement the responsibilities, duties and liabilities contained in Section
      2.03
      of this Agreement and the obligation to deposit amounts in respect of losses
      pursuant to Section 3.10(b) of this Agreement) by the terms and provisions
      hereof including, without limitation, the Servicer’s obligations to make P&I
      Advances pursuant to Section 5.03 of this Agreement; provided, however, that
      if
      the Master Servicer is prohibited by law or regulation from obligating itself
      to
      make advances regarding delinquent mortgage loans, then the Master Servicer
      shall not be obligated to make P&I Advances pursuant to Section 5.03 of this
      Agreement; and provided further, that any failure to perform such duties or
      responsibilities caused by the Servicer’s failure to provide information
      required by Section 8.01 of this Agreement shall not be considered a default
      by
      the Master Servicer as successor to the Servicer hereunder; provided, however,
      that (1) it is understood and acknowledged by the parties hereto that there
      will
      be a period of transition (not to exceed ninety (90) days) before the actual
      servicing functions can be fully transferred to the Master Servicer or any
      successor Servicer appointed in accordance with the following provisions and
      (2)
      any failure to perform such duties or responsibilities caused by the Servicer’s
      failure to provide information required by Section 8.01 of this Agreement shall
      not be considered a default by the Master Servicer as successor to the Servicer.
      As compensation therefor, the Master Servicer shall be entitled to the Servicing
      Fee and all funds relating to the related Mortgage Loans to which the terminated
      Servicer would have been entitled if it had continued to act hereunder.
      Notwithstanding the above and subject to the immediately following paragraph,
      the Master Servicer may, if it shall be unwilling to so act, or shall, if it
      is
      unable to so act promptly appoint or petition a court of competent jurisdiction
      to appoint, a Person that satisfies the eligibility criteria set forth below
      as
      the successor to the terminated Servicer under this Agreement in the assumption
      of all or any part of the responsibilities, duties or liabilities of the
      terminated Servicer under this Agreement.

     

    Notwithstanding
      anything herein to the contrary, in no event shall the Trustee or the Master
      Servicer be liable for any Servicing Fee or for any differential in the amount
      of the Servicing Fee paid hereunder and the amount necessary to induce any
      successor servicer to act as successor Servicer under this Agreement and the
      transactions set forth or provided for herein.

     

    Any
      successor servicer appointed under this Agreement must (i) be an established
      mortgage loan servicing institution that is a Fannie Mae and Freddie Mac
      approved seller/servicer, (ii) be approved by each Rating Agency by a written
      confirmation from each Rating Agency that the appointment of such successor
      Servicer would not result in the reduction or withdrawal of the then current
      ratings of any outstanding Class of Certificates, (iii) have a net worth of
      not
      less than $25,000,000 and (iv) assume all the responsibilities, duties or
      liabilities of the Servicer (other than liabilities of the Servicer hereunder
      incurred prior to termination of the Servicer under Section 8.01 herein)
      under this Agreement as if originally named as a party to this
      Agreement.

     

    (b)  (1)
      All
      servicing transfer costs (including, without limitation, servicing transfer
      costs of the type described in Section 8.02(a) of this Agreement and
      incurred by the Trustee, the Master Servicer and any successor Servicer under
      paragraph (b)(2) below) in connection with the termination of the Servicer
      shall
      be paid by the terminated Servicer upon presentation of reasonable documentation
      of such costs, and if such predecessor or initial Servicer, as applicable,
      defaults in its obligation to pay such costs, the successor Servicer, the Master
      Servicer and the Trustee shall be entitled to reimbursement therefor from the
      assets of the Trust Fund.

     

    (2)
      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 Trustee may make such
      arrangements for the compensation of such successor out of payments on the
      related 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 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 shall act in such capacity as hereinabove
      provided.

     

    SECTION
      8.03.  Notification
      to Certificateholders.

     

    (a)  Upon
      any
      termination of the Master Servicer or the Servicer pursuant to
      Section 8.01(a) or (b) of this Agreement, or any appointment of a successor
      to the Master Servicer or the Servicer pursuant to Section 8.02 of this
      Agreement, the Trustee shall give prompt written notice thereof to the
      Certificateholders at their respective addresses appearing in the Certificate
      Register.

     

    (b)  Not
      later
      than the later of sixty (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 (5)
      days
      after a Responsible Officer of the Trustee becomes aware of the occurrence
      of
      such an event, the Trustee shall transmit by mail to all Holders of Certificates
      notice of each such occurrence, unless such default or Servicer Event of Default
      or Master Servicer Event of Default shall have been cured or
      waived.

     

    SECTION
      8.04.  Waiver
      of Servicer Events of Default.

     

    The
      Holders representing at least 66% of the Voting Rights 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 8.01(a) of this
      Agreement may be waived only by all of the Holders of the Regular Certificates.
      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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IX  

    CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

     

    SECTION
      9.01.  Duties
      of Trustee and Securities Administrator.

     

    The
      Trustee, prior to the occurrence of a Master Servicer Event of Default and
      after
      the curing or waiver of all Master Servicer Events of Default which may have
      occurred, and the Securities Administrator each undertake to perform such duties
      and only such duties as are specifically set forth in this Agreement as duties
      of the Trustee and the Securities Administrator, respectively. During the
      continuance of a Master Servicer Event of Default, 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 its exercise as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own affairs. Any
      permissive right of the Trustee enumerated in this Agreement shall not be
      construed as a duty.

     

    Each
      of
      the Trustee and the Securities 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. If any such
      instrument is found not to conform to the requirements of this Agreement in
      a
      material manner, the Trustee or the Securities Administrator, as the case may
      be, shall take such action as it deems appropriate to have the instrument
      corrected, and if the instrument is not corrected to its satisfaction, the
      Securities Administrator will provide notice to the Trustee thereof and the
      Trustee will provide notice to the Certificateholders.

     

    The
      Trustee shall promptly remit to the Servicer any complaint, claim, demand,
      notice or other document (collectively, the “Notices”) delivered to the Trustee
      as a consequence of the assignment of any Mortgage Loan hereunder and relating
      to the servicing of the Mortgage Loans; provided than any such notice (i) is
      delivered to the Trustee at its Corporate Trust Office, (ii) contains
      information sufficient to permit the Trustee to make a determination that the
      real property to which such document relates is a Mortgaged Property. The
      Trustee shall have no duty hereunder with respect to any Notice it may receive
      or which may be alleged to have been delivered to or served upon it unless
      such
      Notice is delivered to it or served upon it at its Corporate Trust Office and
      such Notice contains the information required pursuant to clause (ii) of the
      preceding sentence.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Securities Administrator from liability for its own negligent action, its own
      negligent failure to act or its own misconduct; provided, however,
      that:

     

    (i)  Prior
      to
      the occurrence of a Master Servicer Event of Default, and after the curing
      or
      waiver of all such Master Servicer Events of Default which may have occurred
      with respect to the Trustee and at all times with respect to the Securities
      Administrator, the duties and obligations of the Trustee shall be determined
      solely by the express provisions of this Agreement, neither the Trustee nor
      the
      Securities Administrator shall be liable except for the performance of 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 or the Securities Administrator and, in the absence of bad faith on
      the
      part of the Trustee or the Securities Administrator, respectively, the Trustee
      or the Securities Administrator, respectively, may conclusively rely, as to
      the
      truth of the statements and the correctness of the opinions expressed therein,
      upon any certificates or opinions furnished to the Trustee or the Securities
      Administrator, respectively, that conform to the requirements of this
      Agreement;

     

    (ii)  Neither
      the Trustee nor the Securities Administrator shall be liable for an error of
      judgment made in good faith by a Responsible Officer or Responsible Officers
      of
      the Trustee or an officer or officers of the Securities Administrator,
      respectively, unless it shall be proved that the Trustee or the Securities
      Administrator, respectively, was negligent in ascertaining the pertinent facts;
      and

     

    (iii)  Neither
      the Trustee nor the Securities Administrator shall be liable with respect to
      any
      action taken, suffered or omitted to be taken by it in good faith in accordance
      with the direction of the Holders of Certificates entitled to at least 25%
      of
      the Voting Rights relating to the time, method and place of conducting any
      proceeding for any remedy available to the Trustee or the Securities
      Administrator or exercising any trust or power conferred upon the Trustee or
      the
      Securities Administrator under this Agreement.

     

    SECTION
      9.02.  Certain
      Matters Affecting Trustee and Securities Administrator.

     

    (a)  Except
      as
      otherwise provided in Section 9.01 of this Agreement:

     

    (i)  Before
      taking any action hereunder, the Trustee and the Securities 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;

     

    (ii)  The
      Trustee and the Securities Administrator may consult with counsel of its
      selection and any advice of such counsel or 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
      advice or Opinion of Counsel;

     

    (iii)  Neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the trusts or powers vested in it by this Agreement or to
      institute, conduct or defend any litigation hereunder or in relation hereto
      at
      the request, order or direction of any of the Certificateholders, pursuant
      to
      the provisions of this Agreement, unless such Certificateholders shall have
      offered to the Trustee or the Securities Administrator, as the case may be,
      reasonable security or indemnity satisfactory to it against the costs, expenses
      and liabilities which may be incurred therein or thereby; nothing contained
      herein shall, however, relieve the Trustee of the obligation, upon the
      occurrence of a Master Servicer Event of Default (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 or use under the circumstances in the conduct
      of
      such person’s own affairs;

     

    (iv)  Neither
      the Trustee nor the Securities Administrator shall be liable for any action
      taken, suffered or omitted by it in good faith and believed by it to be
      authorized or within the discretion or rights or powers conferred upon it by
      this Agreement;

     

    (v)  Prior
      to
      the occurrence of a Master Servicer Event of Default hereunder and after the
      curing or waiver of all Master Servicer Events of Default which may have
      occurred with respect to the Trustee and at all times with respect to the
      Securities Administrator, neither the Trustee nor the Securities Administrator
      shall be bound to make any investigation into the facts or matters stated in
      any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document, unless
      requested in writing to do so by 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 Securities Administrator of the costs,
      expenses or liabilities likely to be incurred by it in the making of such
      investigation is, in the opinion of the Trustee or the Securities Administrator,
      as applicable, not reasonably assured to the Trustee or the Securities
      Administrator by such Certificateholders, the Trustee or the Securities
      Administrator, as applicable, may require reasonable indemnity satisfactory
      to
      it against such expense, or liability from such Certificateholders as a
      condition to taking any such action;

     

    (vi)  The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys and the Trustee
      shall not be responsible for any misconduct or negligence on the part of any
      agent or attorney appointed with due care by it hereunder;

     

    (vii)  The
      Trustee shall not be liable for any loss resulting from (a) the investment
      of
      funds held in the Collection Account, (b) the investment of funds held in the
      Distribution Account, (c) the investment of funds held in the Reserve Fund
      or
      (d) the redemption or sale of any such investment as therein
      authorized;

     

    (viii)  The
      Trustee shall not be deemed to have notice of any default, Master Servicer
      Event
      of Default or Servicer Event of Default unless a Responsible Officer of the
      Trustee has actual knowledge thereof or unless written notice of any event
      which
      is in fact such a default is received by a Responsible Officer of the Trustee
      at
      the Corporate Trust Office of the Trustee, and such notice references the
      Certificates and this Agreement; and

     

    (ix)  The
      rights, privileges, protections, immunities and benefits given to the Trustee,
      including, without limitation, its right to be indemnified, are extended to,
      and
      shall be enforceable by, each agent, custodian and other Person employed to
      act
      hereunder.

     

    (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.

     

    (c)  The
      Trustee is hereby directed by the Depositor to execute the Swap Agreement on
      behalf of the Supplemental Interest Trust in the form presented to it by the
      Depositor and shall have no responsibility for the contents of the Swap
      Agreement, including, without limitation, the representations and warranties
      contained therein. Any funds payable by the Trustee on behalf of the
      Supplemental Interest Trust under the Swap Agreement shall be paid from funds
      of
      the Supplemental Interest Trust in accordance with the terms and provisions
      of
      the Swap Agreement. Notwithstanding anything to the contrary contained herein
      or
      in the Swap Agreement, the Trustee shall not be required to make any payments
      to
      the counterparty under the Swap Agreement.

     

    (d)  None
      of
      the Securities Administrator, the Master Servicer, the Servicer, the Sponsor,
      the Depositor, the Custodian or the Trustee shall be responsible for the acts
      or
      omissions of the others or the Swap Provider, it being understood that this
      Agreement shall not be construed to render those partners joint venturers or
      agents of one another.

     

    SECTION
      9.03.  Trustee
      and Securities Administrator not Liable for Certificates or Mortgage
      Loans.

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Securities Administrator, the authentication of the Securities Administrator
      on the Certificates, the acknowledgments of the Trustee contained in Article
      II
      and the representations and warranties of the Trustee in Section 9.12 of
      this Agreement) shall be taken as the statements of the Depositor and neither
      the Trustee nor the Securities Administrator assumes any responsibility for
      their correctness. Neither the Trustee nor the Securities Administrator makes
      any representations or warranties as to the validity or sufficiency of this
      Agreement (other than as specifically set forth in Section 9.12 of this
      Agreement), the Swap Agreement or of the Certificates (other than the signature
      of the Securities Administrator and authentication of the Securities
      Administrator on the Certificates) or of any Mortgage Loan or related document.
      The Trustee and the Securities Administrator shall not be accountable for the
      use or application by the Depositor of any of the Certificates or of the
      proceeds of such Certificates, or for the use or application of any funds paid
      to the Depositor or the Master Servicer in respect of the Mortgage Loans or
      deposited in or withdrawn from the Collection Account by the Servicer, other
      than with respect to the Securities Administrator any funds held by it or on
      behalf of the Trustee in accordance with Sections 3.23 and 3.24 of this
      Agreement.

     

    SECTION
      9.04.  Trustee
      and Securities Administrator May Own Certificates.

     

    Each
      of
      the Trustee and the Securities Administrator in its individual capacity or
      any
      other capacity may become the owner or pledgee of Certificates and may transact
      business with other interested parties and their Affiliates with the same rights
      it would have if it were not Trustee or the Securities
      Administrator.

     

    SECTION
      9.05.  Fees
      and Expenses of Trustee, Custodian and Securities Administrator.

     

    The
      fees
      of the Trustee and the Securities Administrator hereunder and the Custodian
      under the Custodial Agreement shall be paid in accordance with a side letter
      agreement with the Master Servicer and at the sole expense of the Master
      Servicer. In addition, the Trustee, the Securities Administrator, the Custodian
      and any director, officer, employee or agent of the Trustee, the Securities
      Administrator and the Custodian shall be indemnified by the Trust and held
      harmless against any loss, liability or expense (including reasonable attorney’s
      fees and expenses) incurred by the Trustee, the Custodian or the Securities
      Administrator in connection with any claim or legal action or any pending or
      threatened claim or legal action arising out of or in connection with the
      acceptance or administration of its respective obligations and duties under
      this
      Agreement, including the Swap Agreement and any and all other agreements related
      hereto, other than any loss, liability or expense (i) for which the Trustee
      is
      indemnified by the Master Servicer or the Servicer, (ii) that constitutes a
      specific liability of the Trustee or the Securities Administrator pursuant
      to
      Section 11.01(g) of this Agreement or (iii) any loss, liability or expense
      incurred by reason of willful misfeasance, bad faith or negligence in the
      performance of duties hereunder by the Trustee or the Securities Administrator
      or by reason of reckless disregard of obligations and duties hereunder. In
      no
      event shall the Trustee, the Master Servicer, the Custodian or the Securities
      Administrator be liable for special, indirect or consequential loss or damage
      of
      any kind whatsoever (including but not limited to lost profits), even if it
      has
      been advised of the likelihood of such loss or damage and regardless of the
      form
      of action. The Master Servicer agrees to indemnify the Trustee, from, and hold
      the Trustee harmless against, any loss, liability or expense (including
      reasonable attorney’s fees and expenses) incurred by the Trustee by reason of
      the Master Servicer’s willful misfeasance, bad faith or gross negligence in the
      performance of its duties under this Agreement or by reason of the Master
      Servicer’s reckless disregard of its obligations and duties under this
      Agreement. In addition, the Sponsor agrees to indemnify the Trustee for, and
      to
      hold the Trustee harmless against, any loss, liability or expense arising out
      of, or in connection with, the provisions set forth in the last paragraph of
      Section 2.01 of this Agreement, including, without limitation, all costs,
      liabilities and expenses (including reasonable legal fees and expenses) of
      investigating and defending itself against any claim, action or proceeding,
      pending or threatened, relating to the provisions of such paragraph. The
      indemnities in this Section 9.05 shall survive the termination or discharge
      of this Agreement and the resignation or removal of the Master Servicer, the
      Trustee, the Securities Administrator or the Custodian. Any payment hereunder
      made by the Master Servicer to the Trustee shall be from the Master Servicer’s
      own funds, without reimbursement from REMIC I therefor.

     

    SECTION
      9.06.  Eligibility
      Requirements for Trustee and Securities Administrator.

     

    The
      Trustee and the Securities Administrator shall at all times be a corporation
      or
      an association (other than the Depositor, the Sponsor, the Master Servicer
      or
      any Affiliate of the foregoing) organized and doing business under the laws
      of
      any state or the United States of America, authorized under such laws to
      exercise corporate trust powers, having a combined capital and surplus of at
      least $50,000,000 (or a member of a bank holding company whose capital and
      surplus is at least $50,000,000) and subject to supervision or examination
      by
      federal or state authority. If such corporation or association publishes reports
      of conditions at least annually, pursuant to law or to the requirements of
      the
      aforesaid supervising or examining authority, then for the purposes of this
      Section the combined capital and surplus of such corporation or association
      shall be deemed to be its combined capital and surplus as set forth in its
      most
      recent report of conditions so published. In case at any time the Trustee or
      the
      Securities Administrator, as applicable, shall cease to be eligible in
      accordance with the provisions of this Section, the Trustee or the Securities
      Administrator, as applicable, shall resign immediately in the manner and with
      the effect specified in Section 9.07 of this Agreement.

     

    Additionally,
      the Securities Administrator (i) may not be an originator, Master Servicer,
      Servicer, the Depositor or an affiliate of the Depositor unless the Securities
      Administrator is in an institutional trust department and (ii) must be
      authorized to exercise corporate trust powers under the laws of its jurisdiction
      of organization. The Trustee shall notify the Rating Agencies of any change
      of
      Securities Administrator. 

     

    SECTION
      9.07.  Resignation
      and Removal of Trustee and Securities Administrator.

     

    The
      Trustee and the Securities Administrator may at any time resign and be
      discharged from the trust hereby created by giving written notice thereof to
      the
      Depositor, to the Master Servicer, to the Securities Administrator (or the
      Trustee, if the Securities Administrator resigns) and to the Certificateholders.
      Upon receiving such notice of resignation, the Depositor shall promptly appoint
      a successor trustee or successor securities administrator by written instrument,
      in duplicate, which instrument shall be delivered to the resigning Trustee
      or
      Securities Administrator, as applicable, and to the successor trustee or
      successor securities administrator, as applicable. A copy of such instrument
      shall be delivered to the Certificateholders, the Trustee, the Securities
      Administrator and the Master Servicer by the Depositor. If no successor trustee
      or successor securities administrator shall have been so appointed and have
      accepted appointment within thirty (30) days after the giving of such notice
      of
      resignation, the resigning Trustee or Securities Administrator, as the case
      may
      be, may, at the expense of the Trust Fund, petition any court of competent
      jurisdiction for the appointment of a successor trustee, successor securities
      administrator, Trustee or Securities Administrator, as applicable.

     

    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 9.06 of this Agreement and shall
      fail to resign after written request therefor by the Depositor, or if at any
      time the Trustee or the Securities Administrator shall become incapable of
      acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
      or the Securities Administrator or of its property shall be appointed, or any
      public officer shall take charge or control of the Trustee or the Securities
      Administrator or of its property or affairs for the purpose of rehabilitation,
      conservation or liquidation, then the Depositor may remove the Trustee or the
      Securities Administrator, as applicable and appoint a successor trustee or
      successor securities administrator, as applicable, by written instrument, in
      duplicate, which instrument shall be delivered to the Trustee or the Securities
      Administrator so removed and to the successor trustee or successor securities
      administrator. A copy of such instrument shall be delivered to the
      Certificateholders, the Trustee, the Securities Administrator and the Master
      Servicer by the Depositor.

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights may at
      any
      time remove the Trustee or the Securities Administrator and appoint a successor
      trustee or successor securities administrator 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 the Securities Administrator
      so
      removed and one complete set to the successor so appointed. A copy of such
      instrument shall be delivered to the Certificateholders, the Trustee (in the
      case of the removal of the Securities Administrator), the Securities
      Administrator (in the case of the removal of the Trustee) and the Master
      Servicer by the Depositor.

     

    Any
      resignation or removal of the Trustee or the Securities Administrator and
      appointment of a successor trustee or successor securities administrator
      pursuant to any of the provisions of this Section shall not become
      effective until acceptance of appointment by the successor trustee or successor
      securities administrator, as applicable, as provided in
      Section 9.08.

     

    Notwithstanding
      anything to the contrary contained herein, the Master Servicer and the
      Securities Administrator shall at all times be the same Person.

     

    SECTION
      9.08.  Successor
      Trustee or Securities Administrator.

     

    Any
      successor trustee or successor securities administrator appointed as provided
      in
      Section 9.07 of this Agreement shall execute, acknowledge and deliver to
      the Depositor and its predecessor trustee or predecessor securities
      administrator an instrument accepting such appointment hereunder, and thereupon
      the resignation or removal of the predecessor trustee or predecessor securities
      administrator shall become effective and such successor trustee or successor
      securities administrator without any further act, deed or conveyance, shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor hereunder, with the like effect as if originally named as trustee
      or
      securities administrator herein. The predecessor trustee or predecessor
      securities administrator shall deliver to the successor trustee or successor
      securities administrator all Mortgage Loan Documents and related documents
      and
      statements to the extent held by it hereunder, as well as all monies, held
      by it
      hereunder, and the Depositor and the predecessor trustee or predecessor
      securities administrator shall execute and deliver such instruments and do
      such
      other things as may reasonably be required for more fully and certainly vesting
      and confirming in the successor trustee or successor securities administrator
      all such rights, powers, duties and obligations.

     

    No
      successor trustee or successor securities administrator shall accept appointment
      as provided in this Section unless at the time of such acceptance such
      successor trustee or successor securities administrator shall be eligible under
      the provisions of Section 9.06 and the appointment of such successor
      trustee or successor securities administrator shall not result in a downgrading
      of any Class of Certificates by any Rating Agency, as evidenced by a letter
      from
      each Rating Agency.

     

    Upon
      acceptance of appointment by a successor trustee or successor securities
      administrator as provided in this Section, the Depositor shall mail notice
      of
      the succession of such trustee hereunder to all Holders of Certificates at
      their
      addresses as shown in the Certificate Register. If the Depositor fails to mail
      such notice within ten (10) days after acceptance of appointment by the
      successor trustee or successor securities administrator, the successor trustee
      or successor securities administrator shall cause such notice to be mailed
      at
      the expense of the Depositor.

     

    SECTION
      9.09.  Merger
      or Consolidation of Trustee or Securities Administrator.

     

    Any
      corporation or association into which the Trustee or the Securities
      Administrator may be merged or converted or with which it may be consolidated
      or
      any corporation or association resulting from any merger, conversion or
      consolidation to which the Trustee or the Securities Administrator shall be
      a
      party, or any corporation or association succeeding to the business of the
      Trustee or the Securities Administrator shall be the successor of the Trustee
      or
      the Securities Administrator hereunder, provided such corporation or association
      shall be eligible under the provisions of Section 9.06 of this Agreement,
      without the execution or filing of any paper or any further act on the part
      of
      any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    SECTION
      9.10.  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 the 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 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, and for the benefit
      of the Holders of the Certificates, such title to REMIC I, or any part thereof,
      and, subject to the other provisions of this Section 9.10, such powers,
      duties, obligations, rights and trusts as the Trustee may consider necessary
      or
      desirable. No co-trustee or separate trustee hereunder shall be required to
      meet
      the terms of eligibility as a successor trustee under Section 9.06
      hereunder and no notice to Holders of Certificates of the appointment of
      co-trustee(s) or separate trustee(s) shall be required under Section 9.08
      hereof.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 9.10 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
      IX.
      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.

     

    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
      9.11.  Appointment
      of Office or Agency.

     

    The
      Certificates may be surrendered for registration of transfer or exchange at
      the
      Securities Administrator’s office located at Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, and presented for final distribution at the
      Corporate Trust Office of the Securities Administrator where notices and demands
      to or upon the Securities Administrator in respect of the Certificates and
      this
      Agreement may be served.

     

    SECTION
      9.12.  Representations
      and Warranties.

     

    The
      Trustee hereby represents and warrants to the Master Servicer, the Securities
      Administrator, the Servicer and the Depositor as applicable, 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
      X

    TERMINATION

     

    SECTION
      10.01.  Termination
      Upon Repurchase or Liquidation of All Mortgage Loans.

     

    (a)  Subject
      to Section 10.02 of this Agreement, the respective obligations and
      responsibilities under this Agreement of the Depositor, the Master Servicer,
      the
      Securities Administrator, the Servicer and the Trustee (other than the
      obligations of the Master Servicer to the Trustee pursuant to Section 9.05
      of this Agreement and of the Servicer to make remittances to the Securities
      Administrator and the Securities Administrator to make payments in respect
      of
      the REMIC I Regular Interests, REMIC II Regular Interests or 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
      Trustee 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 Master Servicer 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
      Last Scheduled Distribution Date. The purchase by the Master Servicer of all
      Mortgage Loans and each REO Property remaining in REMIC I shall be at a price
      (the “Termination Price”) equal to the sum of (i) the greater of (A) the
      aggregate Purchase Price of all the Mortgage Loans included in REMIC I, plus
      the
      appraised value of each REO Property, if any, included in REMIC I, such
      appraisal to be conducted by an appraiser mutually agreed upon by the Master
      Servicer and the Trustee in their reasonable discretion and (B) the aggregate
      fair market value of all of the assets of REMIC I (as determined by the Master
      Servicer and the Trustee, 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 the third paragraph of this
      Section 10.01), (ii) any amounts due and owing to the Swap Provider under
      the Swap Agreement as of the termination date, plus (iii) amounts due the
      Servicer and the Master Servicer in respect of unpaid Servicing Fees and
      outstanding P&I Advances and Servicing Advances. 

     

    (b)  The
      Master Servicer shall have the right 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 Master Servicer 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 Scheduled Principal Balance of the Mortgage Loans
      and each REO Property remaining in the Trust Fund at the time of such election
      is reduced to less than or equal to 10% of the aggregate Scheduled 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, in
      connection with any termination hereunder, to assign and transfer any portion
      of
      the Termination Price 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. 

     

    (c)  Notice
      of
      the liquidation of the Certificates shall be given promptly by the Securities
      Administrator by letter to the Certificateholders mailed (a) in the event such
      notice is given in connection with the purchase of the Mortgage Loans and each
      REO Property by the Master Servicer, not earlier than the 15th day and not
      later
      than the 25th 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 or the
      Certificates will be made upon presentation and surrender of the related
      Certificates at the office of the Securities 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 Certificates from and after
      the
      Interest 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 Securities 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 Master Servicer, the Master
      Servicer shall deliver to the Securities Administrator for deposit in the
      Distribution Account not later than the Business Day prior to the Distribution
      Date on which the final distribution on the Certificates an amount in
      immediately available funds equal to the above-described Termination Price.
      The
      Securities Administrator shall remit to the Servicer, the Master Servicer,
      the
      Trustee and the Custodian 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 3.09 of this Agreement, as
      if
      such funds had been deposited therein (including all unpaid Servicing Fees,
      Master Servicing Fees and all outstanding P&I Advances and Servicing
      Advances) and (ii) any other amounts otherwise payable by the Securities
      Administrator to the Master Servicer, the Trustee, the Custodian and the
      Servicer from amounts on deposit in the Distribution Account pursuant to the
      terms of this Agreement prior to making any final distributions pursuant to
      Section 10.01(d) below. Upon certification to the Trustee by the Securities
      Administrator of the making of such final deposit, the Trustee shall promptly
      release or cause to be released to the Master Servicer the Mortgage Files for
      the remaining Mortgage Loans, and Trustee shall execute all assignments,
      endorsements and other instruments delivered to it and necessary to effectuate
      such transfer.

     

    (d)  Upon
      presentation of the Certificates by the Certificateholders on the final
      Distribution Date, the Securities Administrator shall distribute to each
      Certificateholder so presenting and surrendering its Certificates the amount
      otherwise distributable on such Distribution Date in accordance with
      Section 5.01 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 10.01 shall not have been surrendered for cancellation within six
      months after the time specified in such notice, the Securities 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
      Securities 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 funds. If within one (1) year after the final notice any such
      Certificates shall not have been surrendered for cancellation, the Securities
      Administrator shall pay to the Depositor 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 Securities Administrator as a result of such Certificateholder’s
      failure to surrender its Certificate(s) on the final Distribution Date for
      final
      payment thereof in accordance with this Section 10.01. Any such amounts
      held in trust by the Securities Administrator shall be held uninvested in an
      Eligible Account.

     

    SECTION
      10.02.  Additional
      Termination Requirements.

     

    (a)  In
      the
      event that the Master Servicer 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 10.01, the Trust
      Fund shall be terminated in accordance with the following additional
      requirements:

     

    (i)  The
      Securities 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 by and
      at
      the expense of the Master Servicer;

     

    (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 Master Servicer for cash; and

     

    (iii)  At
      the
      time of the making of the final payment on the Certificates, the Securities
      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 Master Servicer (or, if the Trust Fund is being terminated as
      a
      result of the occurrence of the event described in clause (ii) of the first
      paragraph of Section 10.01, at the expense of the Trust Fund), the Master
      Servicer 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 10.02.

     

    (c)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to authorize the
      Securities Administrator to specify the 90-day liquidation period for each
      Trust
      REMIC, which authorization shall be binding upon all successor
      Certificateholders.

     

    ARTICLE
      XI

    REMIC
      PROVISIONS

     

    SECTION
      11.01.  REMIC
      Administration.

     

    (a)  The
      Securities Administrator 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 Securities Administrator 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 interests” 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 interests” in REMIC II. The Class A Certificates, the Mezzanine
      Certificates, the Class P Certificates, the Class IO Interest and the Class
      CE
      Certificates (exclusive of any right to receive payments from or the obligation
      to make payments to the Reserve Fund or the Supplemental Interest Trust) shall
      be designated as the Regular Interests in REMIC III and the Class R-III Interest
      shall be designated as the Residual Interests in REMIC III. The Trustee shall
      not permit the creation of any “interests” in each Trust REMIC (within the
      meaning of Section 860G of the Code) other than the REMIC I Regular
      Interests, the REMIC II Regular Interests and the interests represented by
      the
      Certificates.

     

    (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
      Securities 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
      each 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 Securities 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 each Class of 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
      Securities Administrator or an Affiliate as its agent to perform all of the
      duties of the tax matters person for the Trust Fund.

     

    (d)  The
      Securities Administrator shall prepare and file and the Trustee shall sign
      all
      of the Tax Returns in respect of each REMIC created hereunder. The expenses
      of
      preparing and filing such returns shall be borne by the Securities Administrator
      without any right of reimbursement therefor.

     

    (e)  The
      Securities 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 Securities 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 upon receipt of additional reasonable
      compensation, (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 Securities Administrator, within ten (10) days after the Closing
      Date, all information or data that the Securities 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)  To
      the
      extent in the control of the Trustee or the Securities Administrator, each
      such
      Person (i) shall take such action and shall cause each REMIC created hereunder
      to take such action as shall be necessary to create or maintain the status
      thereof as a REMIC under the REMIC Provisions, (ii) shall not take any action,
      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 (A) endanger the status of each Trust REMIC as a REMIC
      or
      (B) 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 such action or inaction is permitted under this Agreement or the
      Trustee and the Securities Administrator have received an Opinion of Counsel,
      addressed to the them (at the expense of the party seeking to take such action
      but in no event at the expense of the Trustee or the Securities 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
      (iii)
      shall the Securities Administrator take or fail to take any action (whether
      or
      not authorized hereunder) as to which the Trustee 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 Securities
      Administrator 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 Securities
      Administrator will consult with the Trustee or its designee, in writing, with
      respect to whether such action could cause an Adverse REMIC Event to occur
      with
      respect to any Trust REMIC, and the Securities Administrator shall not take
      any
      such action or cause any Trust REMIC to take any such action as to which the
      Trustee has advised it in writing that an Adverse REMIC Event could occur.
      The
      Trustee may consult with counsel to make such written advice, and the cost
      of
      same shall be home 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.

     

    (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 Trustee pursuant to Section 11.03 of this Agreement, if
      such
      tax arises out of or results from a breach by the Trustee of any of its
      obligations under this Article XI, (ii) to the Securities Administrator pursuant
      to Section 11.03, if such tax arises out of or results from a breach by the
      Securities Administrator of any of its obligations under this Article XI, (iii)
      to the Master Servicer pursuant to Section 11.03 of this Agreement, if such
      tax
      arises out of or results from a breach by the Master Servicer of any of its
      obligations under Article IV or under this Article XI, (iv) to the Servicer
      pursuant to Section 11.03 of this Agreement, if such tax arises out of or
      results from a breach by the Servicer of any of its obligations under Article
      III or under this Article XI, or (v) in all other cases, against amounts on
      deposit in the Distribution Account and shall be paid by withdrawal
      therefrom.

     

    (h)  The
      Securities 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.

     

    (i)  Following
      the Startup Day, neither the Securities Administrator nor 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.

     

    (j)  Neither
      the Trustee nor the Securities Administrator shall knowingly 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.

     

    (k)  The
      Securities Administrator shall apply for an employer identification number
      with
      the Internal Revenue Service via a Form SS-4 or other comparable method for
      each
      REMIC. In connection with the foregoing, the Securities Administrator shall
      provide the name and address of the person who can be contacted to obtain
      information required to be reported to the holders of Regular Interests in
      each
      REMIC as required by IRS Form 8811.

     

    SECTION
      11.02.  Prohibited
      Transactions and Activities.

     

    None
      of
      the Depositor, the Servicer, the Securities Administrator, the Master Servicer
      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 X of this Agreement, (iv) a
      substitution pursuant to Article II of this Agreement or (v) a purchase of
      Mortgage Loans pursuant to Article II 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 and the Securities Administrator
      (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) 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
      11.03.  Indemnification.

     

    (a)  The
      Trustee agrees to be liable for any taxes and costs incurred by the Trust Fund,
      the Depositor, the Master Servicer, the Securities Administrator or the Servicer
      including, without limitation, any reasonable attorneys fees imposed on or
      incurred by the Trust Fund, the Depositor, the Master Servicer, the Securities
      Administrator or the Servicer as a result of the Trustee’s failure to perform
      its covenants set forth in this Article XI in accordance with the standard
      of
      care of the Trustee set forth in this Agreement.

     

    (b)  The
      Servicer agrees to indemnify the Trust Fund, the Depositor, the Master Servicer,
      the Securities Administrator and the Trustee for any taxes and costs including,
      without limitation, any reasonable attorneys’ fees imposed on or incurred by the
      Trust Fund, the Depositor, the Master Servicer, the Securities Administrator
      or
      the Trustee, as a result of the Servicer’s failure to perform its covenants set
      forth in Article III in accordance with the standard of care of the Servicer
      set
      forth in this Agreement.

     

    (c)  The
      Master Servicer agrees to indemnify the Trust Fund, the Depositor, the Servicer
      party hereto and the Trustee for any taxes and costs including, without
      limitation, any reasonable attorneys’ fees imposed on or incurred by the Trust
      Fund, the Depositor, the Servicer or the Trustee, as a result of the Master
      Servicer’s failure to perform its covenants set forth in Article IV in
      accordance with the standard of care of the Master Servicer set forth in this
      Agreement.

     

    (d)  The
      Securities Administrator agrees to be liable for any taxes and costs incurred
      by
      the Trust Fund, the Depositor, the Servicer party hereto or the Trustee
      including any reasonable attorneys’ fees imposed on or incurred by the Trust
      Fund, the Depositor, the Servicer or the Trustee as a result of the Securities
      Administrator’s failure to perform its covenants set forth in this Article XI in
      accordance with the standard of care of the Securities Administrator set forth
      in this Agreement.

     

    ARTICLE
      XII

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      12.01.  Amendment.

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer,
      the
      Master Servicer, the Securities Administrator and the Trustee, with the consent
      of the Swap Provider, but 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), (iii) to ensure compliance with Regulation AB, or (iv)
      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 and that such action shall not, as evidenced by an Opinion of Counsel
      delivered to the Trustee, adversely affect in any material respect the interests
      of any Certificateholder; provided that any such amendment shall be deemed
      not
      to adversely affect in any material respect the interests of the
      Certificateholders and no such Opinion of Counsel shall be required if the
      Person requesting such amendment obtains a letter from each Rating Agency
      stating that such amendment would not result in the downgrading or withdrawal
      of
      the respective ratings then assigned to the Certificates. 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 Securities Administrator and the Trustee with the
      consent of the Swap Provider 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 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
      Holders of any Class of Certificates in a manner, other than as described in
      (i), without the consent of the Holders of Certificates of such Class evidencing
      at least 66% of the Voting Rights allocated to such Class, 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 12.01, Certificates registered in the
      name of the Depositor or the Servicer or any Affiliate thereof shall be entitled
      to Voting Rights with respect to matters affecting such Certificates. Without
      limiting the generality of the foregoing, any amendment to this Agreement
      required in connection with the compliance with or the clarification of any
      reporting obligations described in Section 5.06 hereof shall not require
      the consent of any Certificateholder and without the need for any Opinion of
      Counsel or Rating Agency confirmation.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      any
      amendment to this Agreement unless it shall have first received an Opinion
      of
      Counsel to the effect that such amendment is permitted hereunder and 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 and that such amendment is authorized
      or
      permitted by this Agreement.

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish a copy
      of
      such amendment to each Certificateholder.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 12.01 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 Trustee may prescribe.

     

    The
      cost
      of any Opinion of Counsel to be delivered pursuant to this Section 12.01
      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.

     

    The
      Trustee may, but shall not be obligated to enter into any amendment pursuant
      to
      this Section that affects its rights, duties and immunities under this
      Agreement or otherwise.

     

    SECTION
      12.02.  Recordation
      of Agreement; Counterparts.

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Depositor at the expense
      of
      the Certificateholders, but only upon direction of the Trustee 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
      12.03.  Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the Trust Fund, nor entitle such Certificateholder’s legal
      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 Fund, 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
      12.04.  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 without regard to conflicts of laws
      principles thereof other than Section 5-1401 of the New York General Obligations
      Law which shall govern.

     

    SECTION
      12.05.  Notices.

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when received if sent by facsimile, receipt
      confirmed, 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, ACE Securities Corp.,
      AMACAR GROUP, 6525 Morrison Boulevard, Suite 318, Charlotte, North Carolina
      28211, Attention: Juliana Johnson (telecopy number: (704) 365-1362), with a
      copy
      to Deutsche Bank Securities, Inc., 60 Wall Street, New York, New York,
      Attention: Legal Department (telecopy: (732) 460-6809) or such other address
      or
      telecopy number as may hereafter be furnished to the Servicer, the Master
      Servicer, the Securities Administrator and the Trustee in writing by the
      Depositor, (b)
      in
      the case of the Servicer, 3 Ada, Irvine, CA, 92618, Attention: Debbie Lonergan
      (telecopy number: (949) 790-3600), or such other address or telecopy number
      as
      may hereafter be furnished to the Trustee, the Master Servicer, the Securities
      Administrator and the Depositor in writing by the Servicer,
      (c) in
      the case of the Master Servicer and the Securities Administrator, P.O. Box
      98,
      Columbia, Maryland 21046 and for overnight delivery to 9062 Old Annapolis Road,
      Columbia, Maryland 21045, Attention: Ace Securities Corp., 2006-OP1 (telecopy
      number: (410) 715-2380), or such other address or telecopy number as may
      hereafter be furnished to the Trustee, the Depositor and the Servicer in writing
      by the Master Servicer or the Securities Administrator and (d) in the case
      of
      the Trustee, at the Corporate Trust Office or such other address or telecopy
      number as the Trustee may hereafter be furnish to the Servicer, the Master
      Servicer, the Securities Administrator and the Depositor in writing by the
      Trustee. 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
      12.06.  Severability
      of Provisions.

     

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

     

    SECTION
      12.07.  Notice
      to Rating Agencies.

     

    The
      Trustee shall use its best efforts promptly to provide notice to the Rating
      Agencies with respect to each of the following of which a Responsible Officer
      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 Servicer, the Master Servicer or the
      Trustee;

     

    4.  The
      repurchase or substitution of Mortgage Loans pursuant to or as contemplated
      by
      Section 2.03 of this Agreement;

     

    5.  The
      final
      payment to the Holders of any Class of Certificates; and

     

    6.  Any
      change in the location of the Distribution Account.

     

    In
      addition, the Securities Administrator shall promptly make available to each
      Rating Agency copies of each report to Certificateholders described in
      Section 5.02 of this Agreement.

     

    The
      Servicer shall make available to each Rating Agency copies of the
      following:

     

    7.  Each
      Annual Statement of Compliance described in Section 3.17 of this Agreement;
      and

     

    8.  Each
      Assessment of Compliance and Attestation Report described in Section 3.18
      of this Agreement.

     

    Any
      such
      notice pursuant to this Section 12.07 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 Standard &
Poor’s, a division of the McGraw-Hill Companies, Inc., 55 Water Street, New
      York, New York 10041; and to Moody’s Investors Service, Inc., 99 Church Street,
      New York, New York 10007 or such other addresses as the Rating Agencies may
      designate in writing to the parties hereto.

     

    SECTION
      12.08.  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
      12.09.  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, on behalf of the Trust and for the benefit
      of
      the Certificateholders, 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, on behalf of the Trust and for the benefit of the Certificateholders,
      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 shall be
      deemed to be a grant by the Depositor to the Trustee, on behalf of the Trust
      and
      for the benefit of the Certificateholders, 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 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 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, on
      behalf of the Trust and for the benefit of the Certificateholders, 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, on behalf of the Trust and for the benefit
      of
      the Certificateholders.

     

    SECTION
      12.10.  Survival
      of Indemnification.

     

    Any
      and
      all indemnities to be provided by any party to this Agreement shall survive
      the
      termination and resignation of any party hereto and the termination of this
      Agreement.

     

    SECTION
      12.11.  Intention
      of the Parties and Interpretation.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.17, 3.18,
      3.19, 4.15, 4.16, 4.17, 4.18 and 5.06 of this Agreement is to facilitate
      compliance by the Sponsor, the Master Servicer, the Securities Administrator
      and
      the Depositor with the provisions of Regulation AB promulgated by the Commission
      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 agrees that (a) the obligations of the parties hereunder
      shall be interpreted in such a manner as to accomplish that purpose, (b) the
      parties’ obligations hereunder will be supplemented and modified as necessary to
      be consistent with any such amendments, interpretive advice or guidance,
      convention or consensus among active participants in the asset-backed securities
      markets, advice of counsel, or otherwise in respect of the requirements of
      Regulation AB and (c) the parties shall comply with requests made by the Master
      Servicer, Securities Administrator, Sponsor or the Depositor for delivery of
      additional or different information as the Master Servicer, Securities
      Administrator, Sponsor or the Depositor may determine in good faith is necessary
      to comply with the provisions of Regulation AB. 

     

    SECTION
      12.12.  Indemnification.

     

    Each
      of
      the Depositor, Master Servicer, Securities Administrator, Servicer and any
      Servicing Function Participant engaged by such party, respectively, shall
      indemnify and hold harmless the Master Servicer, the Securities Administrator
      and the Depositor, respectively, and each of its directors, officers, employees,
      agents, and affiliates from and against any and all claims, losses, damages,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments and other costs and expenses arising out of or based upon (a) any
      breach by such party of any if its obligations under hereunder, including
      particularly its obligations to provide any Assessment of Compliance,
      Attestation Report, Compliance Statement or any information, data or materials
      required to be included in any 1934 Act report, (b) any material misstatement
      or
      omission in any information, data or materials provided by such party (or,
      in
      the case of the Securities Administrator or Master Servicer, any material
      misstatement or material omission in (i) any Compliance Statement, Assessment
      of
      Compliance or Attestation Report delivered by it, or by any Servicing Function
      Participant engaged by it, pursuant to this Agreement, or (ii) any Additional
      Form 10-D Disclosure, Additional Form 10-K Disclosure or Form 8-K Disclosure
      concerning the Master Servicer or the Securities Administrator), or (c) the
      gross negligence, bad faith or willful misconduct of such indemnifying party
      in
      connection with its performance hereunder. If the indemnification provided
      for
      herein is unavailable or insufficient to hold harmless the Master Servicer,
      the
      Securities Administrator or the Depositor, as the case may be, then each such
      party agrees that it shall contribute to the amount paid or payable by the
      Master Servicer, the Securities Administrator or the Depositor, as applicable,
      as a result of any claims, losses, damages or liabilities incurred by such
      party
      in such proportion as is appropriate to reflect the relative fault of the
      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 any party to this Agreement.

     

    

     

    SECTION
      12.13.  Swap
      Provider as a Third Party Beneficiary.

     

    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.

     

    

     

    

     

    
      
        
          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

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

     

    

      
        	 	
                
                  ACE
                    SECURITIES CORP.,

                  as
                    Depositor

                

              
	 	 	 
	 	
                By:

              	
                /s/
                  Evelyn Echevarria

              
	 	
                Name:

              	Evelyn
                Echevarria
	 	
                Title:

              	
                Vice
                  President

              

      

    

    
      

        
          	 	
                  By:

                	/s/
Doris
                  J. Hearn
	 	
                  Name:

                	
                  Doris
                    J. Hearn

                
	 	
                  Title:

                	
                  Vice
                    President

                

        

      

      
        

          
            	 	
                    
                      
                        OPTION
                          ONE MORTGAGE CORPORATION

                        as
                          the Servicer

                      

                    

                  
	 	 	 
	 	
                    By:

                  	/s/
Philip
                    Laren
	 	
                    Name:

                  	
                    Philip
                      Laren

                  
	 	
                    Title:

                  	
                    Senior
                      Vice President

                  

          

        

        
          

            
              	 	
                      
                        
                          HSBC
                            BANK USA, NATIONAL ASSOCIATION

                          not
                            in its individual capacity but solely as
                            Trustee

                        

                      

                    
	 	 	 
	 	
                      By:

                    	/s/
Elena
                      Zheng 
	 	
                      Name:

                    	
                      Elena
                        Zheng

                    
	 	
                      Title:

                    	
                      Assistant
                        Vice President

                    

            

          

          
             

          

        

      

    

    
      
         

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      

        
          	 	
                  
                    
                      WELLS
                        FARGO BANK, N.A.

                      as
                        Master Servicer and Securities
                        Administrator

                    

                  

                
	 	 	 
	 	
                  By:

                	/s/
Jennifer
                  L. Richardson 
	 	
                  Name:

                	
                  Jennifer
                    L. Richardson

                
	 	
                  Title:

                	
                  Assistant
                    Vice President

                
	 	 	 
	 	
                  Acknowledged
                    and Agreed for purposes of
                    Section 9.05:

                

        

      

      
        

          
            	 	
                    DB
                      STRUCTURED PRODUCTS, INC

                  
	 	 	 
	 	
                    By:

                  	/s/
Susan
                    Valenti
	 	
                    Name:

                  	
                    Susan
                      Valenti

                  
	 	
                    Title:

                  	Director

          

        

        
          

            
              	 	
                      
                         

                      

                    
	 	 	 
	 	
                      By:

                    	/s/
                      Michael Commaroto 
	 	
                      Name:

                    	Michael
                      Commaroto
	 	
                      Title:

                    	Managing
                      Director 
	 	 	 
	 	
                      Acknowledged
                        and Agreed for purposes of Section 7.08 and
                        7.09:

                    

            

          

          
            

              
                	 	
                        
                          
                            
                              CLAYTON
                                FIXED INCOME SERVICES INC. 

                            

                          

                        

                      
	 	 	 
	 	
                        By:

                      	/s/
Kevin
                        J. Kanouff 
	 	
                        Name:

                      	
                        Kevin
                          J. Kanouff

                      
	 	
                        Title:

                      	
                        President
                          and General Counsel

                      

              

            

            
               

            

          

        

      

    

     

    
      
         

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            
	 	 

    

     

    On
      the
      ___ day of May 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of ACE Securities Corp., 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

              
	 	 
	 	
                 My
                  commission expires

              

      

    

     

     

    [Notarial
      Seal]    

     

     

    
      
         

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              
	 	 

      

       

    

    On
      the
      ___ day of May 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of ACE Securities Corp., 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

                
	 	 
	 	
                   My
                    commission expires

                

        

         

         

      

    

    [Notarial
      Seal]     

    

    
      
         

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      
         

        
          	
                  STATE
                    OF

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF

                	
                  )

                
	 	 

        

         

      

    

    On
      the
      ___ day of May 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of Wells Fargo Bank, National Association, one of the
      nationally banking associations that executed the within instrument, and also
      known to me to be the person who executed it on behalf of said federally
      chartered savings bank, and acknowledged to me that such federally chartered
      savings bank 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

              
	 	 
	 	
                 My
                  commission expires

              

      

       

    

     

     

    [Notarial
      Seal]    

     

    
      
         

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
         

        
          	
                  STATE
                    OF

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF

                	
                  )

                
	 	 

        

         

      

    

     

    On
      the
      ___ day of May 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ 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 national banking association, and
      acknowledged to me that such national banking association executed the within
      instrument.

     

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

     

    
      

        
          	 	 
	 	
                  Notary
                    Public

                
	 	 
	 	
                   My
                    commission expires

                

        

         

      

    

     

    [Notarial
      Seal]     

     

    
      
         

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
         

        
          	
                  STATE
                    OF

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF

                	
                  )

                
	 	 

        

         

        On
          the
          ___ day of May 2006, before me, a notary public in and for said State,
          personally appeared _____________________ known to me to be a
          _____________________ of Option One Mortgage Corporation, one of the entities
          that executed the within instrument, and also known to me to be the person
          who
          executed it on behalf of said entity, and acknowledged to me that such
          entity
          executed the within instrument.

      

    

     

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

     

    
      

        
          	 	 
	 	
                  Notary
                    Public

                
	 	 
	 	
                   My
                    commission expires

                

        

         

      

    

     

    [Notarial
      Seal]     

     

    

    
      
         

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              
	 	 

      

       

    On
      the
      ___ day of May 2006, before me, a notary public in and for said State,
      personally appeared _____________________ known to me to be a
      _____________________ of HSBC Bank USA, National Association, 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 national banking
      association, and acknowledged to me that such national banking association
      executed the within instrument.

     

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

     

    
      

        
          	 	 
	 	
                  Notary
                    Public

                
	 	 
	 	
                   My
                    commission expires

                

        

         

      

    

     

     

    [Notarial
      Seal]     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-1

     

    FORM
      OF
      CLASS A-[1A][1B][2A][2B][2C][2D] 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”).

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    PRIOR
      TO THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY PERSON ACQUIRING
      THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION 6.02(c)
      OF THE POOLING AND SERVICING AGREEMENT.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2006-OP1, Class A-[1A][1B] [2A][2B][2C][2D]

            	 	
              Aggregate
                Certificate Principal Balance of the Class A-[1A][1B] [2A][2B][2C][2D]
                Certificates as of the Issue Date: $_____________

            
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $____________

            
	
              Date
                of Pooling and Servicing Agreement and Cut-off Date: May 1,
                2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	
              First
                Distribution Date: June 26, 2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	
              No.
                __

            	 	
              Issue
                Date: May 25, 2006

            
	 	 	
              CUSIP:
                ________________

            

    

    

    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.

     

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-OP1

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, first and second lien,
      fixed and adjustable-rate mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, 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 ________________ 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-[1A][1B][2A][2B][2C][2D]
      Certificates as of the Issue Date) in that certain beneficial ownership interest
      evidenced by all of the Class A-[1A][1B][2A][2B][2C][2D] Certificates in REMIC
      III created pursuant to a Pooling and Servicing Agreement, dated as specified
      above (the “Agreement”), among ACE Securities Corp., as depositor (hereinafter
      called the “Depositor”, which term includes any successor entity under the
      Agreement), Wells Fargo Bank, N.A. as master servicer (the “Master Servicer”)
      and securities administrator (the “Securities Administrator”), Option One
      Mortgage Corporation as servicer (the “Servicer”) and HSBC Bank USA, National
      Association as trustee (the “Trustee”), a summary of certain of the pertinent
      provisions of which is set forth hereafter. To the extent not defined herein,
      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 such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the Business
      Day
      immediately preceding such Distribution Date (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-[1A][1B][2A][2B][2C][2D] 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 Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) Business Days prior to the Record Date immediately prior to
      such
      Distribution Date and is the registered owner of Class
      A-[1A][1B][2A][2B][2C][2D] 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-[1A][1B][2A][2B][2C][2D] 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
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose 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 be a rate per annum equal
      to
      the lesser of (i) One-Month LIBOR plus [_____]%, in the case of each
      Distribution Date through and including the Distribution Date on which the
      aggregate principal balance of the Mortgage Loans (and properties acquired
      in
      respect thereof) remaining in the Trust Fund is reduced to less than or equal
      to
      10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date, or One-Month LIBOR plus [_____]%, in the case of any Distribution Date
      thereafter and (ii) the applicable Net WAC Pass-Through Rate for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate 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 and payments received pursuant to
      the
      Swap Agreement, all as more specifically set forth herein and in the Agreement.
      As provided in the Agreement, withdrawals from the Collection Account and 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 Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider (with respect to matters
      affecting the Swap Agreement) and the Holders of Certificates entitled to at
      least 66% of the Voting Rights. 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 Securities 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 Securities
      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, any transferee of this
      Certificate shall be deemed to make the representations in Section 6.02(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.

     

    Any
      transferee of this Certificate shall be deemed to make the representations
      set
      forth in Section 6.02(c) of the Agreement.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities 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 Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer 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
      Securities 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 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 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 Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) 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
      neither the Trustee nor the Securities Administrator assumes any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

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

     

    Dated:

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class A-[1A][1B][2A][2B][2C][2D] Certificates referred to in the
      within-mentioned Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities 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

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
               

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	
              (State)

            
	 	 	 	 
	
              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.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    
 

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A-2

     

    FORM
      OF
      CLASS M-[1][2][3][4][5][6][7][8][9][10][11] 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”).

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES [[,/AND] CLASS M-1
      CERTIFICATES [,/AND] CLASS M-2 CERTIFICATES[,/AND] CLASS M-3 CERTIFICATES
      [,/AND] CLASS M-4 CERTIFICATES [,/AND] CLASS M-5 CERTIFICATES [,/AND] CLASS
      M-6
      CERTIFICATES [,/AND] CLASS M-7 CERTIFICATES [,/AND] CLASS M-8 CERTIFICATES
      [,/AND] CLASS M-9 CERTIFICATES [AND] CLASS M-10 CERTIFICATES TO THE EXTENT
      DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO MAKE THE REPRESENTATIONS
      SET
      FORTH IN SECTION 6.02(c) OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
      IN
      THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE
      OF
      THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
      BE
      DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
      MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
      ADMINISTRATOR NAMED HEREIN.

     

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2006-OP1, Class M-[1][2][3][4][5][6][7][8][9][10][11]

            	 	
              Aggregate
                Certificate Principal Balance of the Class
                M-[1][2][3][4][5][6][7][8][9][10][11] Certificates as of the Issue
                Date:
                $______________

            
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $______________

            
	
              Date
                of Pooling and Servicing Agreement 

              and
                Cut-off Date: May 1, 2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	
              First
                Distribution Date: June 26, 2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	
              No.___

            	 	
              Issue
                Date: May 25, 2006

            
	 	 	
              CUSIP:_________________

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-OP1

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, first and second lien,
      fixed and adjustable-rate mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, 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 _____________________ 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][2][3][4][5][6][7][8][9][10][11] Certificates as of the Issue Date) in
      that
      certain beneficial ownership interest evidenced by of all the Class
      M-[1][2][3][4][5][6][7][8][9][10][11] Certificates in REMIC III created pursuant
      to a Pooling and Servicing Agreement, dated as specified above (the
“Agreement”), among ACE Securities Corp., as depositor (hereinafter called the
“Depositor”, which term includes any successor entity under the Agreement),
      Wells Fargo Bank, N.A. as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), Option One Mortgage Corporation
      as servicer (the “Servicer”) and HSBC Bank USA, National Association as trustee
      (the “Trustee”), a summary of certain of the pertinent provisions of which is
      set forth hereafter. To the extent not defined herein, 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 such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the Business
      Day
      immediately preceding such Distribution Date (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][2][3][4][5][6][7][8][9][10][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 Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) Business Days prior to the Record Date immediately prior to
      such
      Distribution Date and is the registered owner of Class
      M-[1][2][3][4][5][6][7][8][9][10][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-[1][2][3][4][5][6][7][8][9][10][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 Securities Administrator of the pendency
      of
      such distribution and only upon presentation and surrender of this Certificate
      at the office or agency appointed by the Securities Administrator for that
      purpose 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) One-Month LIBOR plus [____]%, in the case of each
      Distribution Date through and including the Distribution Date on which the
      aggregate principal balance of the Mortgage Loans (and properties acquired
      in
      respect thereof) remaining in the Trust Fund is reduced to less than or equal
      to
      10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off
      Date, or One-Month LIBOR plus [____]%, in the case of any Distribution Date
      thereafter and (ii) the applicable Net WAC Pass-Through Rate for such
      Distribution Date.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate 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 and payments received pursuant to
      the
      Swap Agreement, all as more specifically set forth herein and in the Agreement.
      As provided in the Agreement, withdrawals from the Collection Account and 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 Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider (with respect to matters
      affecting the Swap Agreement) and the Holders of Certificates entitled to at
      least 66% of the Voting Rights. 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 Securities 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 Securities
      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
      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.

     

    Any
      transferee of this Certificate shall be deemed to make the representations
      set
      forth in Section 6.02(c) of the Agreement.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities 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 Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer 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
      Securities 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 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 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 Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) 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
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator by manual signature, this Certificate shall not be entitled to
      any
      benefit under the Agreement or be valid for any purpose.

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

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

     

    Dated:

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class M-[1][2][3][4][5][6][7][8][9][10][11] Certificates referred
      to
      in the within-mentioned Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities 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

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
               

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	
              (State)

            
	 	 	 	 
	
              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.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      A-3

     

    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 AGREEMENT REFERRED TO
      HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND (1) OUTSIDE OF THE UNITED STATES WITHIN THE
      MEANING OF AND IN COMPLIANCE WITH REGULATION S UNDER THE ACT (“REGULATION S”),
      OR (2) WITHIN THE UNITED STATES TO (A) “QUALIFIED INSTITUTIONAL BUYERS” WITHIN
      THE MEANING OF AND IN COMPLIANCE WITH RULE 144A UNDER THE ACT (“RULE 144A”) OR
      (B) TO INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
      MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF “REGULATION D” UNDER THE
      ACT.

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE
      AGREEMENT.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2006-OP1, Class CE

            	 	
              Aggregate
                Certificate Principal Balance of the Class CE Certificates as of
                the Issue
                Date: $_____________

            
	
              Pass-Through
                Rate: Variable

            	 	
              Denomination:
                $_________________

            
	
              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1,
                2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	
              First
                Distribution Date: June 26, 2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	
              No.
                __

            	 	
              Issue
                Date: May 25, 2006

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-OP1

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, first and second lien,
      fixed and adjustable-rate mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, 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 ________________ 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 of the Class
      CE
      Certificates in REMIC III created pursuant to a Pooling and Servicing Agreement,
      dated as specified above (the “Agreement”), among ACE Securities Corp., as
      depositor (hereinafter called the “Depositor,” which term includes any successor
      entity under the Agreement), Wells Fargo Bank, N.A. as master servicer (the
      “Master Servicer”) and securities administrator (the “Securities
      Administrator”), Option One Mortgage Corporation as servicer (the “Servicer”)
      and HSBC Bank USA, National Association as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, 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.

     

    Interest
      on this Certificate will accrue during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on the Notional Amount (as
      defined in the Agreement) hereof at a per annum rate equal to the applicable
      Pass-Through Rate as set forth in the Agreement. 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 such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the last Business
      Day of the calendar month immediately preceding the month in which the related
      Distribution Date occurs (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 Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) 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
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate 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
      Collection Account and 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 Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider (with respect to matters
      affecting the Swap Agreement) and the Holders of Certificates entitled to at
      least 66% of the Voting Rights. 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 Securities 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 Securities
      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
      Securities Administrator shall require receipt of (i) if such transfer is
      purportedly being made in reliance upon Rule 144A or Regulation S 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 B-1, (ii) if
      such transfer is purportedly being made in reliance upon Rule 501(a) 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 form attached to the Agreement as Exhibit B-2 and (iii) in all other
      cases, an Opinion of Counsel satisfactory to it that such transfer may be made
      without such registration or qualification (which Opinion of Counsel shall
      not
      be an expense of the Trust Fund or of the Depositor, the Trustee, the Master
      Servicer or the Securities Administrator 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,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate shall be made except in accordance with Section
      6.02(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 Securities 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 Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer 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
      Securities 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 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 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 Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) 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
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

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

     

    Dated:

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class CE Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    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

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
               

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	
              (State)

            
	 	 	 	 
	
              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.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-4

     

    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 MENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND (1) OUTSIDE OF THE UNITED STATES WITHIN THE
      MEANING OF AND IN COMPLIANCE WITH REGULATION S UNDER THE ACT (“REGULATION S”),
      OR (2) WITHIN THE UNITED STATES TO (A) “QUALIFIED INSTITUTIONAL BUYERS” WITHIN
      THE MEANING OF AND IN COMPLIANCE WITH RULE 144A UNDER THE ACT (“RULE 144A”) OR
      (B) TO INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
      MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF “REGULATION D” UNDER THE
      ACT.

     

    NO
      TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE
      AGREEMENT.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2006-OP1, Class P

            	 	
              Aggregate
                Certificate Principal Balance of the Class P Certificates as of the
                Issue
                Date: $100.00

            
	
              Cut-off
                Date and date of Pooling and Servicing Agreement: May 1,
                2006

            	 	
              Denomination:
                $100.00

            
	
              First
                Distribution Date: June 26, 2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	
              No.
                __

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	 	 	
              Issue
                Date: May 25, 2006

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-OP1

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, first and second lien,
      fixed and adjustable-rate mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, 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____________________ 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
      of
      the Class P Certificates in REMIC III created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among ACE
      Securities Corp., as depositor (hereinafter called the “Depositor”, which term
      includes any successor entity under the Agreement), Wells Fargo Bank, N.A.
      as
      master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”), Option One Mortgage Corporation as servicer (the
“Servicer”) and HSBC Bank USA, National Association as trustee (the “Trustee”),
      a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, 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 such 25th
      day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered on the last Business
      Day of the calendar month immediately preceding the month in which the related
      Distribution Date occurs (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 Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) 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
      Securities Administrator of the pendency of such distribution and only upon
      presentation and surrender of this Certificate at the office or agency appointed
      by the Securities Administrator for that purpose as provided in the
      Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate 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
      Collection Account and 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 Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider (with respect to matters
      affecting the Swap Agreement) and the Holders of Certificates entitled to at
      least 66% of the Voting Rights. 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 Securities 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 Securities
      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
      Securities Administrator shall require receipt of (i) if such transfer is
      purportedly being made in reliance upon Rule 144A or Regulation S 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 B-1, (ii) if
      such transfer is purportedly being made in reliance upon Rule 501(a) 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 form attached to the Agreement as Exhibit B-2 and (iii) in all other
      cases, an Opinion of Counsel satisfactory to it that such transfer may be made
      without such registration or qualification (which Opinion of Counsel shall
      not
      be an expense of the Trust Fund or of the Depositor, the Trustee, the Master
      Servicer or the Securities Administrator 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,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate shall be made except in accordance with Section
      6.02(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 Securities 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 Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicer 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
      Securities 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 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 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 Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) 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
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

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

     

    Dated:

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    
 

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class P Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

     

    

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    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

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
               

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	
              (State)

            
	 	 	 	 
	
              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.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A-5

     

    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 REPRESENTS THE SOLE “RESIDUAL INTEREST” IN EACH “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 6.02 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 6.02 OF THE AGREEMENT.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE SECURITIES
      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 OF SECTION 6.02(d) OF THE
      AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION
      IS
      PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS
      CERTIFICATE.

     

    ANY
      PERSON ACQUIRING A CERTIFICATE DIRECTLY OR INDIRECTLY BY, ON BEHALF OF, OR
      WITH
      PLAN ASSETS OF AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT THAT
      IS
      SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS
      AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, SHALL BE DEEMED
      TO HAVE MADE THE REPRESENTATIONS OR PROVIDED THE OPINION OF COUNSEL IN SECTION
      6.02(c) OF THE POOLING AND SERVICING AGREEMENT.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Series
                2006-OP1, Class R

            	 	
              Aggregate
                Percentage Interest of the Class R Certificates as of the Issue Date:
                100.00%

            
	
              Date
                of Pooling and Servicing Agreement

              and
                Cut-off Date: May 1, 2006

            	 	
              Master
                Servicer: Wells Fargo Bank, N.A.

            
	
              First
                Distribution Date: June 26, 2006

            	 	
              Trustee:
                HSBC Bank USA, National Association

            
	
              No
                __

            	 	
              Issue
                Date: May 25, 2006

            

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-OP1

    ASSET
      BACKED PASS-THROUGH CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
      primarily of a pool of conventional one- to four-family, first and second lien,
      fixed and adjustable-rate mortgage loans (the “Mortgage Loans”) formed and sold
      by

     

    ACE
      SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
      CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER, 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 _______________ is the registered owner of a Percentage Interest
      set forth above in that certain beneficial ownership interest evidenced by
      all
      of the Class R Certificates in REMIC III created pursuant to a Pooling and
      Servicing Agreement, dated as specified above (the “Agreement”), among ACE
      Securities Corp., as depositor (hereinafter called the “Depositor”, which term
      includes any successor entity under the Agreement), Wells Fargo Bank, N.A.
      as
      master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”), Option One Mortgage Corporation as servicer (the
“Servicer”) and HSBC Bank USA, National Association as trustee (the “Trustee”),
      a summary of certain of the pertinent provisions of which is set forth
      hereafter. To the extent not defined herein, 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 last Business Day of the calendar month immediately
      preceding the month in which the related Distribution Date occurs (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 Securities Administrator by wire transfer in
      immediately available funds to the account of the Person entitled thereto if
      such Person shall have so notified the Securities Administrator in writing
      at
      least five (5) Business Days prior to the Record Date immediately prior to
      such
      Distribution Date and is the registered owner of 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 Securities Administrator of the pendency
      of
      such distribution and only upon presentation and surrender of this Certificate
      at the office or agency appointed by the Securities Administrator for that
      purpose as provided in the Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Asset Backed Pass-Through Certificate of the Series specified on the face hereof
      (herein called the “Certificates”) and representing the 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
      Collection Account and 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 Trustee, the Securities Administrator, the Servicer and
      the
      rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator and
      the Servicer with the consent of the Swap Provider (with respect to matters
      affecting the Swap Agreement) and the Holders of Certificates entitled to at
      least 66% of the Voting Rights. 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 Securities 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 Securities
      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
      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, 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
      transfer of this Certificate shall be made unless the transfer is made pursuant
      to an effective registration statement under the Securities Act of 1933, as
      amended (the “1933 Act”), and an effective registration or qualification under
      applicable state securities laws, or is made in a transaction that does not
      require such registration or qualification. In the event that such a transfer
      of
      this Certificate is to be made without registration or qualification, the
      Securities Administrator shall require receipt of (i) if such transfer is
      purportedly being made in reliance upon Rule 144A under the 1933 Act, written
      certifications from the Holder of the Certificate desiring to effect the
      transfer, and from such Holder’s prospective transferee, substantially in the
      forms attached to the Agreement as Exhibit B-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, the Master Servicer
      or the Securities Administrator 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,
      the Trustee or the Securities Administrator is obligated to register or qualify
      the Class of Certificates specified on the face hereof under the 1933 Act or
      any
      other securities law or to take any action not otherwise required under the
      Agreement to permit the transfer of such Certificates without registration
      or
      qualification. Any Holder desiring to effect a transfer of this Certificate
      shall be required to indemnify the Trustee, the Depositor, the Master Servicer
      and the Securities Administrator against any liability that may result if the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    No
      transfer of this Certificate shall be made except in accordance with Section
      6.02 of the Agreement.

     

    Prior
      to
      registration of any transfer, sale or other disposition of this Certificate,
      the
      proposed transferee shall provide to the Securities 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
      representing the beneficial ownership of the residual interests in each of
      REMIC
      I, REMIC II and REMIC III, (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 6.02 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 any portion of the
      Trust
      Fund to cease to qualify as a REMIC or cause the imposition of a tax upon any
      REMIC.

     

    No
      service charge will be made for any such registration of transfer or exchange
      of
      Certificates, but the Securities 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 Trustee, the Securities Administrator,
      the
      Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
      the
      Securities Administrator or the Servicer may treat the Person in whose name
      this
      Certificate is registered as the owner hereof for all purposes, and none of
      the
      Depositor, the Master Servicer, the Trustee, the Securities Administrator,
      the
      Servicers 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
      Securities 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 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 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 Scheduled Principal Balance of
      the
      Mortgage Loans (and properties acquired in respect thereof) 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
      neither the Trustee nor the Securities Administrator assume any responsibility
      for their correctness.

     

    Unless
      the certificate of authentication hereon has been executed by the Securities
      Administrator, by manual signature, this Certificate shall not be entitled
      to
      any benefit under the Agreement or be valid for any purpose.

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

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

     

    Dated:

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Officer

            
	 	 	 	 	 	 	 	 	 

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class R Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities 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

            
	
              TEN
                ENT -

            	
              as
                tenants by the entireties

            	 	
               

            
	
              JT
                TEN -

            	
              as
                joint tenants with right 

              if
                survivorship and not as 

              tenants
                in common

            	 	
              (State)

            
	 	 	 	 
	
              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.

     

    I
      (we)
      further direct the Securities Administrator to issue a new Certificate of a
      like
      Percentage Interest and Class to the above named assignee and deliver such
      Certificate to the following address:
      ______________________________________________________________

    
      	 	 	
              .

            

    

    

     

    
      	
              Dated:

            	 
	 	
              Signature
                by or on behalf of assignor

            
	 	 
	 	 
	 	
              Signature
                Guaranteed

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-1

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    [Date]

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2006-OP1

     

    
      	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2006-OP1 Asset Backed
                Pass-Through Certificates

              Class
                CE, Class P and Class R
                Certificates

            

    

    

    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 May 1, 2006, among ACE
      Securities Corp. as Depositor, Wells Fargo Bank, N.A. as Master Servicer and
      Securities Administrator, Option One Mortgage Corporation as Servicer and HSBC
      Bank USA, 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

    Attention:
      Corporate Trust ACE 2006-OP1

     

    
      	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2006-OP1

              Asset
                Backed Pass-Through Certificates 

              Class
                CE, Class P and Class R
                Certificates

            

    

     

    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.

     

    3. The
      Transferee: (a) is not an employee benefit plan or other plan subject to the
      prohibited transaction provisions of the Employee Retirement Income Security
      Act
      of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of
      1986, as amended (the “Code”) (each, a “Plan”), or any other person (including
      an investment manager, a named fiduciary or a trustee of any Plan) acting,
      directly or indirectly, on behalf of or purchasing any Certificate with “plan
      assets” of any Plan within the meaning of the Department of Labor (“DOL”)
      regulation at 29 C.F.R. § 2510.3-101 or (b) has provided the Securities
      Administrator with an opinion of counsel on which the Trustee, the Depositor,
      the Master Servicer, the Securities Administrator and the Servicer may rely,
      acceptable to and in form and substance satisfactory to the Securities
      Administrator to the effect that the purchase of Certificates is permissible
      under applicable law, will not constitute or result in any non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Trust Fund, the Trustee, the Depositor, the Master Servicer, the Securities
      Administrator or the Servicer to any obligation or liability (including
      obligations or liabilities under ERISA or Section 4975 of the Code) in addition
      to those undertaken in the Pooling and Servicing Agreement.

     

    

    In
      addition, the Transferee hereby certifies, represents and warrants to, and
      covenants with, the Depositor, the Trustee, the Securities Administrator, the
      Master Servicer and the Servicer that the Transferee will not transfer such
      Certificates to any Plan or person unless such Plan or person meets the
      requirements set forth in paragraph 3 above.

     

    All
      capitalized terms used but not otherwise defined herein have the respective
      meanings assigned thereto in the Pooling and Servicing Agreement, dated as
      of
      May 1, 2006, among ACE Securities Corp. as Depositor, Wells Fargo Bank, N.A.
      as
      Master Servicer and Securities Administrator, Option One Mortgage Corporation
      as
      Servicer and HSBC Bank USA, National Association as Trustee, pursuant to which
      the Certificates were issued.

     

    
      	 	 	 	 	 	 	 	
              [TRANSFEREE]

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:

            

    

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      1 TO EXHIBIT B-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 Securities Administrator, with
      respect to the asset backed 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 $25,000,000 as demonstrated in its
                latest
                annual financial statements, a
                copy of which is attached hereto.

            
	
              ___

            	
              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.

            

    

    
      

        

        
          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.

           

        

      

    

    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:

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      2 TO EXHIBIT B-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 Securities Administrator, with
      respect to the asset backed 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 Transferee

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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:
                (Signature) 

            	 
	 	 
	
              Name
                of Signatory 

            	 
	 	 
	
              Title
                

            	 
	 	 
	
              Date
                of this certificate 

            	 
	 	 
	
              Date
                of information provided in paragraph 3 

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      A TO EXHIBIT B-1 

     

    FORM
      OF
      REGULATION S TRANSFER CERTIFICATE

     

    [Date]

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2006-OP1

     

    
      	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2006-OP1 Asset Backed
                Pass-Through Certificates, Class CE Certificates and/or Class P
                Certificates     

            

    

     

    Ladies
      and Gentlemen:

     

    Reference
      is hereby made to the Pooling and Servicing Agreement (the “Agreement”), dated
      as of May 1, 2006, among ACE Securities Corp. (the “Depositor”), Wells Fargo
      Bank, N.A., as master servicer and securities administrator (the “Master
      Servicer”), Option One Mortgage Corporation as servicer (the “Servicer”) and
      HSBC Bank USA, National Association, as trustee (the “Trustee”). Capitalized
      terms used herein but not defined herein shall have the meanings assigned
      thereto in the Agreement.

     

    This
      letter relates to U.S. $[__________] Certificate Principal Balance of Class
      [CE][P] Certificates (the “Certificates”) which are held in the name of [name of
      transferor] (the “Transferor”) to effect the transfer of the Certificates to a
      person who wishes to take delivery thereof in the form of an equivalent
      beneficial interest [name of transferee] (the “Transferee”).

     

    In
      connection with such request, the Transferor hereby certifies that such transfer
      has been effected in accordance with the transfer restrictions set forth in
      the
      Agreement relating to the Certificates and that the following additional
      requirements (if applicable) were satisfied:

     

    (a) the
      offer
      of the Certificates was not made to a person in the United States;

     

    (b) at
      the
      time the buy order was originated, the Transferee was outside the United States
      or the Transferor and any person acting on its behalf reasonably believed that
      the Transferee was outside the United States;

     

    (c) no
      directed selling efforts were made in contravention of the requirements of
      Rule
      903(b) or 904(b) of Regulation S, as applicable;

     

    (d) the
      transfer or exchange is not part of a plan or scheme to evade the registration
      requirements of the Securities Act;

     

    (e) the
      Transferee is not a U.S. Person, as defined in Regulation S under the Securities
      Act;

     

    (f) the
      transfer was made in accordance with the applicable provisions of Rule 903(b)(2)
      or (3) or Rule 904(b)(1), as the case may be; and

     

    (g) the
      Transferee understands that the Certificates have not been and will not be
      registered under the Securities Act, that any offers, sales or deliveries of
      the
      Certificates purchased by the Transferee in the United States or to U.S. persons
      prior to the date that is 40 days after the later of (i) the commencement of
      the
      offering of the Certificates and (ii) the Closing Date, may constitute a
      violation of United States law, and that (x) distributions of principal and
      interest and (y) the exchange of beneficial interests in a Temporary Regulation
      S Global Certificate for beneficial interests in the related Permanent
      Regulation S Global Certificate, in each case, will be made in respect of such
      Certificates only following the delivery by the Holder of a certification of
      non-U.S. beneficial ownership, at the times and in the manner set forth in
      the
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    You
      are
      entitled to rely upon this letter and are irrevocably authorized to produce
      this
      letter or a copy hereof to any interested party in any administrative or legal
      proceedings or official inquiry with respect to the matters covered
      hereby.

     

    
      	 	 	 	 	 	 	 	
              [Name
                of Transferor]

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:

            

    

    

    

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      B-2

     

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    ____________,
      20__

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2006-OP1

     

    
      	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2006-OP1 

              Asset
                Backed Pass-Through Certificates, 

              Class
                CE, Class P and Class R
                Certificates

            

    

     

    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 Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Certificate, any interest in any
      Certificate or any other similar security to any person in any manner, (b)
      has
      solicited any offer to buy or to accept a pledge, disposition or other transfer
      of any Certificate, any interest in any Certificate or any other similar
      security from any person in any manner, (c) has otherwise approached or
      negotiated with respect to any Certificate, any interest in any Certificate
      or
      any other similar security with any person in any manner, (d) has made any
      general solicitation by means of general advertising or in any other manner,
      or
      (e) has taken any other action, that (as to any of (a) through (e) above) would
      constitute a distribution of the Certificates under the Securities Act of 1933
      (the “Act’), that would render the disposition of any Certificate a violation of
      Section 5 of the Act or any state securities law, or that would require
      registration or qualification pursuant thereto. The Seller will not act, in
      any
      manner set forth in the foregoing sentence with respect to any Certificate.
      The
      Seller has not and will not sell or otherwise transfer any of the Certificates,
      except in compliance with the provisions of the Pooling and Servicing
      Agreement.

     

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              ___________________________________________

            
	 	 	 	 	 	 	 	
              (Transferor)

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Name:

            
	 	 	 	 	 	 	 	 	
              Title:

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM
      OF
      TRANSFEREE LETTER

     

    

    _______________,
      20__

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust ACE 2006-OP1

     

    
      	
              Re:

            	
              ACE
                Securities Corp. Home Equity Loan Trust, Series 2006-OP1 

              Asset
                Backed Pass-Through Certificates, 

              Class
                CE, Class P and Class R
                Certificates

            

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with the transfer by ______________________ (the “Transferor”) to
      __________________________ (the “Transferee”) of the captioned mortgage
      pass-through certificates (the “Certificates”), the Transferee hereby certifies
      as follows:

     

    1. The
      Transferee understands that (a) the Certificates have not been and will not
      be
      registered or qualified under the Securities Act of 1933, as amended (the “Act”)
      or any state securities law, (b) the Depositor is not required to so register
      or
      qualify the Certificates, (c) the Certificates may be resold only if registered
      and qualified pursuant to the provisions of the Act or any state securities
      law,
      or if an exemption from such registration and qualification is available, (d)
      the Pooling and Servicing Agreement contains restrictions regarding the transfer
      of the Certificates and (e) the Certificates will bear a legend to the foregoing
      effect.

     

    2. The
      Transferee is acquiring the Certificates for its own account for investment
      only
      and not with a view to or for sale in connection with any distribution thereof
      in any manner that would violate the Act or any applicable state securities
      laws.

     

    3. The
      Transferee is (a) a substantial, sophisticated institutional investor having
      such knowledge and experience in financial and business matters, and, in
      particular, in such matters related to securities similar to the Certificates,
      such that it is capable of evaluating the merits and risks of investment in
      the
      Certificates, (b) able to bear the economic risks of such an investment and
      (c)
      an “accredited investor” within the meaning of Rule 501(a) promulgated pursuant
      to the Act.

     

    4. The
      Transferee has been furnished with, and has had an opportunity to review (a)
      a
      copy of the Pooling and Servicing Agreement and (b) such other information
      concerning the Certificates, the Mortgage Loans and the Depositor as has been
      requested by the Transferee from the Depositor or the Transferor and is relevant
      to the Transferee’s decision to purchase the Certificates. The Transferee has
      had any questions arising from such review answered by the Depositor or the
      Transferor to the satisfaction of the Transferee.

     

    5. The
      Transferee has not and will not nor has it authorized or will it authorize
      any
      person to (a) offer, pledge, sell, dispose of or otherwise transfer any
      Certificate, any interest in any Certificate or any other similar security
      to
      any person in any manner, (b) solicit any offer to buy or to accept a pledge,
      disposition of other transfer of any Certificate, any interest in any
      Certificate or any other similar security from any person in any manner, (c)
      otherwise approach or negotiate with respect to any Certificate, any interest
      in
      any Certificate or any other similar security with any person in any manner,
      (d)
      make any general solicitation by means of general advertising or in any other
      manner or (e) take any other action, that (as to any of (a) through (e) above)
      would constitute a distribution of any Certificate under the Act, that would
      render the disposition of any Certificate a violation of Section 5 of the 1933
      Act or any state securities law, or that would require registration or
      qualification pursuant thereto. The Transferee will not sell or otherwise
      transfer any of the Certificates, except in compliance with the provisions
      of
      the Pooling and Servicing Agreement.

     

    6. The
      Transferee: (a) is not an employee benefit plan or other plan subject to the
      prohibited transaction provisions of the Employee Retirement Income Security
      Act
      of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of
      1986, as amended (the “Code”) (each, a “Plan”), or any other person (including
      an investment manager, a named fiduciary or a trustee of any Plan) acting,
      directly or indirectly, on behalf of or purchasing any Certificate with “plan
      assets” of any Plan within the meaning of the Department of Labor (“DOL”)
      regulation at 29 C.F.R. § 2510.3-101 or (b) has provided the Securities
      Administrator with an opinion of counsel on which the Depositor, the Master
      Servicer, the Securities Administrator, the Trustee and the Servicer may rely,
      acceptable to and in form and substance satisfactory to the Securities
      Administrator to the effect that the purchase of Certificates is permissible
      under applicable law, will not constitute or result in any non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Trust Fund, the Trustee, the Master Servicer, the Securities Administrator,
      the
      Depositor or the Servicer to any obligation or liability (including obligations
      or liabilities under ERISA or Section 4975 of the Code) in addition to those
      undertaken in the Pooling and Servicing Agreement.

     

    In
      addition, the Transferee hereby certifies, represents and warrants to, and
      covenants with, the Depositor, the Trustee, the Securities Administrator, the
      Master Servicer and the Servicer that the Transferee will not transfer such
      Certificates to any Plan or person unless such Plan or person meets the
      requirements set forth in paragraph 6 above.

     

    
      	 	 	 	 	 	 	 	
              Very
                truly yours,

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 

    

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      B-3

     

    TRANSFER
      AFFIDAVIT AND AGREEMENT

     

    
      	
              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
                _________________________, the record owner of ACE Securities Corp.
                Home
                Equity Loan Trust, Series 2006-OP1 Asset Backed Pass-Through Certificates,
                Class R Certificates (the “Class R Certificates”), on behalf of whom I
                make this affidavit and agreement. Capitalized terms used but not
                defined
                herein have the respective meanings assigned thereto in the Pooling
                and
                Servicing Agreement pursuant to which the Class R Certificates were
                issued.

            

    

     

    
      	 	
              2.

            	
              The
                Owner (i) is and will be a “Permitted Transferee” as of
                ____________________. ____ and (ii) is acquiring the Class R Certificates
                for its own account or for the account of another Owner from which
                it has
                received an affidavit in substantially the same form as this affidavit.
                A
                “Permitted Transferee” is any person other than a “disqualified
                organization” or a possession of the United States. For this purpose, a
                “disqualified organization” means the United States, any state or
                political subdivision thereof, any agency or instrumentality of any
                of the
                foregoing (other than an instrumentality all of the activities of
                which
                are subject to tax and, except for the Federal Home Loan Mortgage
                Corporation, a majority of whose board of directors is not selected
                by any
                such governmental entity) or any foreign government, international
                organization or any agency or instrumentality of such foreign government
                or organization, any real electric or telephone cooperative, or any
                organization (other than certain farmers’ cooperatives) that is generally
                exempt from federal income tax unless such organization is subject
                to the
                tax on unrelated business taxable
                income.

            

    

     

    
      	 	
              3.

            	
              The
                Owner is aware (i) of the tax that would be imposed on transfers
                of the
                Class R Certificates to disqualified organizations under the Internal
                Revenue Code of 1986 that applies to all transfers of the Class R
                Certificates after April 31, 1988; (ii) that such tax would be on
                the
                transferor or, if such transfer is through an agent (which person
                includes
                a broker, nominee or middleman) for a non-Permitted Transferee, on
                the
                agent; (iii) that the person otherwise liable for the tax shall be
                relieved of liability for the tax if the transferee furnishes to
                such
                person an affidavit that the transferee is a Permitted Transferee
                and, at
                the time of transfer, such person does not have actual knowledge
                that the
                affidavit is false; and (iv) that each of the Class R Certificates
                may be
                a “noneconomic residual interest” within the meaning of proposed Treasury
                regulations promulgated under 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 is to impede the assessment or collection
                of
                tax.

            

    

     

    
      	 	
              4.

            	
              The
                Owner is aware of the tax imposed on a “pass-through entity” holding the
                Class R Certificates if, at any time during the taxable year of the
                pass-through entity, a non-Permitted Transferee is the record holder
                of an
                interest in such entity. (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.)

            

    

     

    
      	 	
              5.

            	
              The
                Owner is aware that the Securities Administrator will not register
                the
                transfer of any Class R Certificate unless the transferee, or the
                transferee’s agent, delivers to the Securities Administrator, among other
                things, an affidavit in substantially the same form as this affidavit.
                The
                Owner expressly agrees that it will not consummate any such transfer
                if it
                knows or believes that any of the representations contained in such
                affidavit and agreement are false.

            

    

     

    
      	 	
              6.

            	
              The
                Owner consents to any additional restrictions or arrangements that
                shall
                be deemed necessary upon advice of counsel to constitute a reasonable
                arrangement to ensure that the Class R Certificates will only be
                owned,
                directly or indirectly, by an Owner that is a Permitted
                Transferee.

            

    

     

    
      	 	
              7.

            	
              The
                Owner’s taxpayer identification number is
                ________________.

            

    

     

    
      	 	
              8.

            	
              The
                Owner has reviewed the restrictions set forth on the face of the
                Class R
                Certificates and the provisions of Section 6.02(d) of the Pooling
                and
                Servicing Agreement under which the Class R Certificates were issued
                (in
                particular, clauses (iii)(A) and (iii)(B) of Section 6.02(d) which
                authorize the Securities Administrator to deliver payments to a person
                other than the Owner and negotiate a mandatory sale by the Securities
                Administrator in the event that the Owner holds such Certificate
                in
                violation of Section 6.02(d)); and that the Owner expressly agrees
                to be
                bound by and to comply with such restrictions and
                provisions.

            

    

     

    
      	 	
              9.

            	
              The
                Owner is not acquiring and will not transfer the Class R Certificates
                in
                order to impede the assessment or collection of any
                tax.

            

    

     

    
      	 	
              10.

            	
              The
                Owner anticipates that it will, so long as it holds the Class R
                Certificates, have sufficient assets to pay any taxes owed by the
                holder
                of such Class R Certificates, and hereby represents to and for the
                benefit
                of the person from whom it acquired the Class R Certificates that
                the
                Owner intends to pay taxes associated with holding such Class R
                Certificates as they become due, fully understanding that it may
                incur tax
                liabilities in excess of any cash flows generated by the Class R
                Certificates.

            

    

     

    
      	 	
              11.

            	
              The
                Owner has no present knowledge that it may become insolvent or subject
                to
                a bankruptcy proceeding for so long as it holds the Class R
                Certificates.

            

    

     

    
      	 	
              12.

            	
              The
                Owner has no present knowledge or expectation that it will be unable
                to
                pay any United States taxes owed by it so long as any of the Certificates
                remain outstanding.

            

    

     

    
      	 	
              13.

            	
              The
                Owner is not acquiring the Class R Certificates with the intent to
                transfer the Class R Certificates to any person or entity that will
                not
                have sufficient assets to pay any taxes owed by the holder of such
                Class R
                Certificates, or that may become insolvent or subject to a bankruptcy
                proceeding, for so long as the Class R Certificates remain
                outstanding.

            

    

     

    
      	 	
              14.

            	
              The
                Owner will, in connection with any transfer that it makes of the
                Class R
                Certificates, obtain from its transferee the representations required
                by
                Section 6.02(d) of the Pooling and Servicing Agreement under which
                the
                Class R Certificate were issued and will not consummate any such
                transfer
                if it knows, or knows facts that should lead it to believe, that
                any such
                representations are false.

            

    

     

    
      	 	
              15.

            	
              The
                Owner will, in connection with any transfer that it makes of the
                Class R
                Certificates, deliver to the Securities Administrator an affidavit,
                which
                represents and warrants that it is not transferring the Class R
                Certificates to impede the assessment or collection of any tax and
                that it
                has no actual knowledge that the proposed transferee: (i) has insufficient
                assets to pay any taxes owed by such transferee as holder of the
                Class R
                Certificates; (ii) may become insolvent or subject to a bankruptcy
                proceeding for so long as the Class R Certificates remains outstanding;
                and (iii) is not a “Permitted
                Transferee”.

            

    

     

    
      	 	
              16.

            	
              The
                Owner is 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 or any political subdivision thereof, or an estate
                or
                trust whose income from sources without the United States may be
                included
                in gross income for United States federal income tax purposes regardless
                of its connection with the conduct of a trade or business within
                the
                United States.

            

    

     

    
      	 	
              17.

            	
              The
                Owner of the Class R Certificate, hereby agrees that in the event
                that the
                Trust Fund created by the Pooling and Servicing Agreement is terminated
                pursuant to Section 10.01 thereof, the undersigned shall assign and
                transfer to the Holders of the Class CE and Class P Certificates
                any
                amounts in excess of par received in connection with such termination.
                Accordingly, in the event of such termination, the Securities
                Administrator is hereby authorized to withhold any such amounts in
                excess
                of par and to pay such amounts directly to the Holders of the Class
                CE and
                Class P Certificates. This agreement shall bind and be enforceable
                against
                any successor, transferee or assigned of the undersigned in the Class
                R
                Certificate. In connection with any transfer of the Class R Certificate,
                the Owner shall obtain an agreement substantially similar to this
                clause
                from any subsequent owner.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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
      _________________, ____.

     

    
      	 	 	 	 	 	 	 	
              [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 __________, ____.

     

    

    

    
      	 	 
	 	
              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 Class R 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 Securities Administrator
      or
      a transfer affidavit and agreement in the form attached to the Pooling and
      Servicing Agreement as Exhibit B-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
      ________________, ____.

     

    
      	 	 	 	 	 	 	 	
              [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 _____________, ____.

     

    

    
      	 	 
	 	
              Notary
                Public

            
	 	 
	 	
              County
                of _____________________________

            
	 	
              State
                of _______________________________

            
	 	 
	 	
              My
                Commission expires:

            

    

    

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      C

     

    BACK-UP
      CERTIFICATION

     

    Re: __________
      (the “Trust”)

     

    Mortgage
      Pass-Through Certificates, Series 2006-OP1

     

    I,
      [identify the certifying individual], certify to ACE Securities Corp. (the
      “Depositor”), HSBC Bank USA, National Association (the “Trustee”) and Wells
      Fargo Bank, National Association (the “Master Servicer”), and their respective
      officers, directors and affiliates, and with the knowledge and intent that
      they
      will rely upon this certification, that:

     

     

    (1) I
      have
      reviewed the servicer compliance statement of the Company provided in accordance
      with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
      assessment of the Company’s compliance with the servicing criteria set forth in
      Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
      with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
      (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
      Assessment”), the registered public accounting firm’s attestation report
      provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
      and
      Section 1122(b) of Regulation AB (the “Attestation
      Report”), and all servicing reports, officer’s certificates and other
      information relating to the servicing of the Mortgage Loans by the Company
      during 200[ ] that were delivered by the Company to the Master Servicer pursuant
      to the Agreement (collectively, the “Company Servicing
      Information”);

     

    (2) Based
      on
      my knowledge, the Company Servicing Information, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3) Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the Master
      Servicer;

     

    (4) I
      am
      responsible for reviewing the activities performed by the Company as servicer
      under the Agreement, and based on my knowledge and the compliance review
      conducted in preparing the Compliance Statement and except as disclosed in
      the
      Compliance Statement, the Servicing Assessment or the Attestation Report, the
      Company has fulfilled its obligations under the Agreement in all material
      respects; and

     

    (5) The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by the Company and by any Subservicer or Subcontractor pursuant to
      the
      Agreement, have been provided to the 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.

     

    

    Capitalized
      terms used and not otherwise defined herein have the meanings assigned thereto
      in the Pooling and Servicing Agreement (the “Agreement”), dated as of May 1,
      2006, among ACE Securities Corp. as Depositor, Wells Fargo Bank, N.A. as Master
      Servicer and Securities Administrator, Option One Mortgage Corporation as
      Servicer and HSBC Bank USA, National Association as Trustee.

     

     

    
      	
              Date:

            	 
	 
	 
	
              [Signature]

            
	 
	
              [Title]

            

    

     

    
      
        
        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      D

    

    FORM
      OF
      POWER OF ATTORNEY

    

    RECORDING
      REQUESTED BY

    AND
      WHEN
      RECORDED MAIL TO

    [Servicer]

    [Servicer’s
      Address]

    

    Attn:
      _________________________________

    

    LIMITED
      POWER OF ATTORNEY

    

    

    KNOW
      ALL
      MEN BY THESE PRESENTS, that ________________, having its principal place of
      business at ____________________, as Trustee (the “Trustee”) pursuant to that
      Pooling and Servicing Agreement among ___________________ (the “Depositor”),
      Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator, Option
      One Mortgage Corporation as servicer (“Option One”) and the Trustee, dated as of
      May 1, 2006 (the “Pooling and Servicing Agreement”), hereby constitutes and
      appoints Option One (the “Servicer”), by and through the Servicer’s officers,
      the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and
      stead and for the Trustee’s benefit, in connection with all mortgage loans
      serviced by the Servicer pursuant to the Pooling and Servicing Agreement for
      the
      purpose of performing all acts and executing all documents in the name of the
      Trustee as may be customarily and reasonably necessary and appropriate to
      effectuate the following enumerated transactions in respect of any of the
      mortgages or deeds of trust (the “Mortgages” and the “Deeds of Trust”,
      respectively) and promissory notes secured thereby (the “Mortgage Notes”) for
      which the undersigned is acting as Trustee for various certificateholders
      (whether the undersigned is named therein as mortgagee or beneficiary or has
      become mortgagee by virtue of endorsement of the Mortgage Note secured by any
      such Mortgage or Deed of Trust) and for which the Servicer is acting as
      servicer, all subject to the terms of the Pooling and Servicing
      Agreement.

    

    This
      appointment shall apply to the following enumerated transactions
      only:

    

    
      	1.  	
              The
                modification or re-recording of a Mortgage or Deed of Trust, where
                said
                modification or re-recordings is for the purpose of correcting the
                Mortgage or Deed of Trust to conform same to the original intent
                of the
                parties thereto or to correct title errors discovered after such
                title
                insurance was issued and said modification or re-recording, in either
                instance, does not adversely affect the lien of the Mortgage or Deed
                of
                Trust as insured.

            

    

    

    
      	2.  	
              The
                subordination of the lien of a Mortgage or Deed of Trust to an easement
                in
                favor of a public utility company of a government agency or unit
                with
                powers of eminent domain; this section shall include, without limitation,
                the execution of partial satisfactions/releases, partial reconveyances
                or
                the execution or requests to trustees to accomplish
                same.

            

    

    

    
      	3.  	
              The
                conveyance of the properties to the mortgage insurer, or the closing
                of
                the title to the property to be acquired as real estate owned, or
                conveyance of title to real estate
                owned.

            

    

    

    4.  The
      completion of loan assumption agreements.

    

    
      	5.  	
              The
                full satisfaction/release of a Mortgage or Deed of Trust or full
                conveyance upon payment and discharge of all sums secured thereby,
                including, without limitation, cancellation of the related Mortgage
                Note.

            

    

    

    
      	6.  	
              The
                assignment of any Mortgage or Deed of Trust and the related Mortgage
                Note,
                in connection with the repurchase of the mortgage loan secured and
                evidenced thereby.

            

    

    

    
      	7.  	
              The
                full assignment of a Mortgage or Deed of Trust upon payment and discharge
                of all sums secured thereby in conjunction with the refinancing thereof,
                including, without limitation, the assignment of the related Mortgage
                Note.

            

    

    

    
      	8.  	
              With
                respect to a Mortgage or Deed of Trust, the foreclosure, the taking
                of a
                deed in lieu of foreclosure, or the completion of judicial or non-judicial
                foreclosure or termination, cancellation or rescission of any such
                foreclosure, including, without limitation, any and all of the following
                acts:

            

    

    

    
      	a.  	
              the
                substitution of trustee(s) serving under a Deed of Trust, in accordance
                with state law and the Deed of
                Trust;

            

    

    

    
      	b.  	
              the
                preparation and issuance of statements of breach or
                non-performance;

            

    

    

    
      	c.  	
              the
                preparation and filing of notices of default and/or notices of
                sale;

            

    

    

    
      	d.  	
              the
                cancellation/rescission of notices of default and/or notices of
                sale;

            

    

    

    
      	e.  	
              the
                taking of a deed in lieu of foreclosure;
                and

            

    

    

    
      	f.  	
              the
                preparation and execution of such other documents and performance
                of such
                other actions as may be necessary under the terms of the Mortgage,
                Deed of
                Trust or state law to expeditiously complete said transactions in
                paragraphs 8.a. through 8.e.,
                above.

            

    

    

    The
      undersigned gives said Attorney-in-Fact full power and authority to execute
      such
      instruments and to do and perform all and every act and thing necessary and
      proper to carry into effect the power or powers granted by or under this Limited
      Power of Attorney as fully as the undersigned might or could do, and hereby
      does
      ratify and confirm to all that said Attorney-in-Fact shall lawfully do or cause
      to be done by authority hereof. 

    

    Third
      parties without actual notice may rely upon the exercise of the power granted
      under this Limited Power of Attorney; and may be satisfied that this Limited
      Power of Attorney shall continue in full force and effect and has not been
      revoked unless an instrument of revocation has been made in writing by the
      undersigned.

    

    IN
      WITNESS WHEREOF, ________________ as Trustee pursuant to that Pooling and
      Servicing Agreement among the Depositor, Wells Fargo Bank, National Association,
      Wells Fargo, Option One and the Trustee, dated as of ___________ 1, 200__
      (_____________ Asset Backed Certificates, Series 200__-___), has caused its
      corporate seal to be hereto affixed and these presents to be signed and
      acknowledged in its name and behalf by ____________ its duly elected and
      authorized Vice President this _________ day of _________, 200__.

    

    
      	 	 	 	 	 	 	 	 	
              as
                Trustee for _____ Asset 

              Backed
                Certificates, Series 200__-___

            
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	 

    

    

    

    

    
      	
              STATE
                OF _____________

            
	 
	
              COUNTY
                OF ___________

            

    

    

    

    

    On
      _______________, 200__, before me, the undersigned, a Notary Public in and
      for
      said state, personally appeared ____________, Vice President of
      ____________________ as Trustee for ___________ Asset Backed Certificates,
      Series 200__-___, personally known to me to be the person whose name is
      subscribed to the within instrument and acknowledged to me that he/she executed
      that same in his/her authorized capacity, and that by his/her signature on
      the
      instrument the entity upon behalf of which the person acted and executed the
      instrument.

    

    WITNESS
      my hand and official seal.

    (SEAL)

    
      	 	 
	 	
              Notary
                Public

            
	 	
              My
                Commission Expires
                _________________

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      E

    

    SERVICING
      CRITERIA

    

    

    SERVICING
      CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

    The
      assessment of compliance to be delivered by [the Servicer] [the Master Servicer]
      [Name of Subservicer] shall address, at a minimum, the criteria identified
      as
      below as “Relevant Servicing Criteria”:

    

    
      	
              SERVICING
                CRITERIA 

            	
              RELEVANT
                SERVICING CRITERIA

            
	
              Reference

            	
              Criteria

            	
               

            
	
               

            	
              General
                Servicing Considerations

            	
               

            
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	
              X

            
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              X

            
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	
              X

            
	
               

            	
              Cash
                Collection and Administration

            	
              X

            
	
              1122(d)(2)(i)

            	
              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	
              X

            
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	
              X

            
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	
              X

            
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	
              X

            
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	
              X

            
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	
              X

            
	
              1122(d)(2)(vii)

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	
              X

            
	
               

            	
              Investor
                Remittances and Reporting

            	
              X

            
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of mortgage loans serviced by the
                Servicer.

            	
              X

            
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	
              X

            
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements.

            	
              X

            
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank
                statements.

            	
              X

            
	
               

            	
              Pool
                Asset Administration

            	
              X

            
	
              1122(d)(4)(i)

            	
              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	
              X

            
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan and related documents are safeguarded as required by the transaction
                agreements

            	
              X

            
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	
              X

            
	
              1122(d)(4)(iv)

            	
              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan documents are posted to the Servicer’s obligor
                records maintained no more than two business days after receipt,
                or such
                other number of days specified in the transaction agreements, and
                allocated to principal, interest or other items (e.g., escrow) in
                accordance with the related mortgage loan documents.

            	
              X

            
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the mortgage loans agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	
              X

            
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's mortgage loans
                (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	
              X

            
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	
              X

            
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	
              X

            
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	
              X

            
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s mortgage loan
                documents, on at least an annual basis, or such other period specified
                in
                the transaction agreements; (B) interest on such funds is paid, or
                credited, to obligors in accordance with applicable mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                or such other number of days specified in the transaction
                agreements.

            	
              X

            
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	
              X

            
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission.

            	
              X

            
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements.

            	
              X

            
	
              1122(d)(4)(xiv)

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	
              X

            
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	 
	
               

            	
               

            	
               

            

    

    

     

    [NAME
      OF
      SERVICER] [MASTER SERVICER] [NAME OF SUBSERVICER]

     

    Date: _________________________

     

    

    By:

    Name:
       ________________________________
      

    Title:
       ________________________________

    

    

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    Schedule
      1122 (Pooling and Servicing Agreement)

     

    Assessments
      of Compliance and Attestation Reports Servicing Criteria2 

    

    
      	
              Reg.
                AB Item 1122(d) Servicing Criteria

            	
              Depositor

            	
              Seller

            	
              Servicer

            	
              Trustee

            	
              Custodian

            	
              Paying
                Agent

            	
              Master
                Servicer

            	
              Securities
                Administrator

            
	
              (1) General
                Servicing Considerations

            	 	 	 	 	 	 	 	 
	
              (i) monitoring
                performance or other triggers and events of default

            	 	 	
              X

            	 	 	 	
              X

            	
              X

            
	
              (ii) monitoring
                performance of vendors of activities outsourced

            	 	 	
              X

            	 	 	 	
              X

            	 
	
              (iii) maintenance
                of back-up servicer for pool assets

            	 	 	 	 	 	 	 	 
	
              (iv) fidelity
                bond and E&O policies in effect

            	 	 	
              X

            	 	 	 	
              X

            	 
	
              (2) Cash
                Collection and Administration

            	 	 	 	 	 	 	 	 
	
              (i) timing
                of deposits to custodial account

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            
	
              (ii) wire
                transfers to investors by authorized personnel

            	 	 	
              X

            	 	 	
              X

            	 	
              X

            
	
              (iii) advances
                or guarantees made, reviewed and approved as required

            	 	 	
              X

            	 	 	 	
              X

            	 
	
              (iv) accounts
                maintained as required

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            
	
              (v) accounts
                at federally insured depository institutions

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            
	
              (vi) unissued
                checks safeguarded

            	 	 	
              X

            	 	 	
              X

            	 	
              X

            
	
              (vii) monthly
                reconciliations of accounts

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            
	
              (3) Investor
                Remittances and Reporting

            	 	 	 	 	 	 	 	 
	
              (i) investor
                reports

            	 	 	
              X

            	 	 	 	
              X

            	
              X

            
	
              (ii) remittances

            	 	 	
              X

            	 	 	
              X

            	 	
              X

            
	
              (iii) proper
                posting of distributions

            	 	 	
              X

            	 	 	
              X

            	 	
              X

            
	
              (iv) reconciliation
                of remittances and payment statements

            	 	 	
              X

            	 	 	
              X

            	
              X

            	
              X

            
	
              (4) Pool
                Asset Administration

            	 	 	 	 	 	 	 	 
	
              (i) maintenance
                of pool collateral

            	 	 	
              X

            	 	
              X

            	 	 	 
	
              (ii) safeguarding
                of pool assets/documents

            	 	 	
              X

            	 	
              X

            	 	 	 
	
              (iii) additions,
                removals and substitutions of pool assets

            	 	 	
              X

            	 	 	 	 	 
	
              (iv) posting
                and allocation of pool asset payments to pool assets

            	 	 	
              X

            	 	 	 	 	 
	
              (v) reconciliation
                of servicer records

            	 	 	
              X

            	 	 	 	 	 
	
              (vi) modifications
                or other changes to terms of pool assets

            	 	 	
              X

            	 	 	 	 	 
	
              (vii) loss
                mitigation and recovery actions

            	 	 	
              X

            	 	 	 	 	 
	
              (viii)records
                regarding collection efforts

            	 	 	
              X

            	 	 	 	 	 
	
              (ix) adjustments
                to variable interest rates on pool assets

            	 	 	
              X

            	 	 	 	 	 
	
              (x) matters
                relating to funds held in trust for obligors

            	 	 	
              X

            	 	 	 	 	 
	
              (xi) payments
                made on behalf of obligors (such as for taxes or
                insurance)

            	 	 	
              X

            	 	 	 	 	 
	
              (xii) late
                payment penalties with respect to payments made on behalf of obligors
                

            	 	 	
              X

            	 	 	 	 	 
	
              (xiii)records
                with respect to payments made on behalf of obligors

            	 	 	
              X

            	 	 	 	 	 
	
              (xiv) recognition
                and recording of delinquencies, charge-offs and uncollectible
                accounts

            	 	 	
              X

            	 	 	 	
              X

            	 
	
              (xv) maintenance
                of external credit enhancement or other support

            	 	 	 	 	 	 	 	
              X

            

    

     

    

      

      
        *
          The
          descriptions of the Item 1122(d) servicing criteria use key words and phrases
          and are not verbatim recitations of the servicing criteria. Refer to Regulation
          AB, Item 1122 for a full description of servicing
          criteria.

      

    

    
      
        
        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      F

    

    MORTGAGE
      LOAN PURCHASE AGREEMENT

    
       

      This
        is a
        Mortgage Loan Purchase Agreement (this “Agreement”), dated May 25, 2006, between
        DB Structured Products, Inc., a Delaware corporation (the “Seller”) and ACE
        Securities Corp., a Delaware corporation (the “Purchaser”).

       

      Preliminary
        Statement

       

      The
        Seller intends to sell the Mortgage Loans (as hereinafter identified) to
        the
        Purchaser on the terms and subject to the conditions set forth in this
        Agreement. The Purchaser intends to deposit the Mortgage Loans into a mortgage
        pool comprising the Trust Fund. The Trust Fund will be evidenced by a single
        series of mortgage pass-through certificates designated as ACE Securities
        Corp.
        Home Equity Loan Trust, Series 2006-OP1, Asset Backed Pass-Through Certificates
        (the “Certificates”). The Certificates will consist of twenty classes of
        certificates. The Certificates will be issued pursuant to a Pooling and
        Servicing Agreement for ACE Securities Corp. Home Equity Loan Trust, Series
        2006-OP1, Asset Backed Pass-Through Certificates, dated as of May 1, 2006
        (the
“Pooling and Servicing Agreement”), among the Purchaser as depositor, Wells
        Fargo Bank, National Association as master servicer (the “Master Servicer”) and
        securities administrator (the “Securities Administrator”), Option One Mortgage
        Corporation as servicer (the “Servicer”) and HSBC Bank USA, National Association
        as trustee (the “Trustee”). The Purchaser will sell the Class A-1A Certificates,
        Class A-1B, Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates
        (collectively, the “Class A Certificates”), 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 (collectively, the “Mezzanine Certificates”) to Deutsche
        Bank Securities Inc. (“DBSI”), pursuant to the Second Amended and Restated
        Underwriting Agreement, dated as of June 24, 1999, as amended and restated
        to
        and including January 25, 2006, between the Purchaser and DBSI, and the Terms
        Agreement, dated May 17, 2006 (collectively, the “Underwriting Agreement”),
        between the Purchaser and DBSI. Capitalized terms used but not defined herein
        shall have the meanings set forth in the Pooling and Servicing
        Agreement.

       

      The
        parties hereto agree as follows:

       

      SECTION
        1.  Agreement
        to Purchase.
        The
        Seller hereby sells, and the Purchaser hereby purchases, on May 25, 2006
        (the
“Closing Date”), certain conventional, one- to four-family, fixed-rate and
        adjustable-rate, residential, first and second lien, residential mortgage
        loans
        (the “Mortgage Loans”), having an aggregate principal balance as of the close of
        business on May 1, 2006 (the “Cut-off Date”) of approximately $1,107,055,226
        (the “Closing Balance”), after giving effect to all payments due on the Mortgage
        Loans on or before the Cut-off Date, whether or not received, including the
        right to any Prepayment Charges payable by the related Mortgagors in connection
        with any Principal Prepayments on the Mortgage Loans.
        

       

      SECTION
        2.  Mortgage
        Loan Schedule.
        The
        Purchaser and the Seller have agreed upon which of the mortgage loans owned
        by
        the Seller are to be purchased by the Purchaser pursuant to this Agreement
        and
        the Seller will prepare or cause to be prepared on or prior to the Closing
        Date
        a final schedule (the “Closing Schedule”) that shall describe such Mortgage
        Loans and set forth all of the Mortgage Loans to be purchased under this
        Agreement, including the Prepayment Charges. The Closing Schedule will conform
        to the requirements set forth in this Agreement and to the definition of
        “Mortgage Loan Schedule” under the Pooling and Servicing Agreement.

       

      SECTION
        3.  Consideration.

       

      (a)  In
        consideration for the Mortgage Loans to be purchased hereunder, the Purchaser
        shall, as described in Section 8, (i) pay to or upon the order of the Seller
        in
        immediately available funds an amount (the “Purchase Price”) equal to (i)
        $________*1
        and (ii)
        a 100% interest in the Class CE, Class P and Class R Certificates (collectively
        the “DB Certificates”). The DB Certificates shall be in the name of “Deutsche
        Bank Securities Inc.”

       

      (b)  The
        Purchaser or any assignee, transferee or designee of the Purchaser shall
        be
        entitled to all scheduled payments of principal due after the Cut-off Date,
        all
        other payments of principal due and collected after the Cut-off Date, and
        all
        payments of interest on the Mortgage Loans allocable to the period after
        the
        Cut-off Date. All scheduled payments of principal and interest due on or
        before
        the Cut-off Date and collected after the Cut-off Date shall belong to the
        Seller.

       

      (c)  Pursuant
        to the Pooling and Servicing Agreement, the Purchaser will assign all of
        its
        right, title and interest in and to the Mortgage Loans, together with its
        rights
        under this Agreement, to the Trustee for the benefit of the
        Certificateholders.

       

      SECTION
        4.  Transfer
        of the Mortgage Loans.

       

      (a)  Possession
        of Mortgage Files.
        The
        Seller does hereby sell to the Purchaser, without recourse but subject to
        the
        terms of this Agreement, all of its right, title and interest in, to and
        under
        the Mortgage Loans, including the related Prepayment Charges. The contents
        of
        each Mortgage File not delivered to the Purchaser or to any assignee, transferee
        or designee of the Purchaser on or prior to the Closing Date are and shall
        be
        held in trust by the Seller for the benefit of the Purchaser or any assignee,
        transferee or designee of the Purchaser. Upon the sale of the Mortgage Loans,
        the ownership of each Mortgage Note, the related Mortgage and the other contents
        of the related Mortgage File is vested in the Purchaser and the ownership
        of all
        records and documents with respect to the related Mortgage Loan prepared
        by or
        that come into the possession of the Seller on or after the Closing Date
        shall
        immediately vest in the Purchaser and shall be delivered immediately to the
        Purchaser or as otherwise directed by the Purchaser.

      
        

        
          * Please
            contact the Mortgage Loan Seller for this information.

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

      

      (b)  Delivery
        of Mortgage Loan Documents.
        The
        Seller will, on or prior to the Closing Date, deliver or cause to be delivered
        to the Purchaser or any assignee, transferee or designee of the Purchaser
        each
        of the following documents for each Mortgage Loan:

       

      (i)  the
        original Mortgage Note, including any riders thereto, endorsed in blank,
        with
        all prior and intervening endorsements showing a complete chain of endorsement
        from the originator to the Person so endorsing to the Trustee;

       

      (ii)  the
        original Mortgage or a certified copy thereof, including any riders thereto,
        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, and in the case of each MOM Loan, the original Mortgage,
        noting the presence of the MIN of the Loan and either language indicating
        that
        the Mortgage Loan is a MOM Loan or if the Mortgage Loan was not a MOM Loan
        at
        origination, the original Mortgage and the assignment thereof to MERS®, with
        evidence of recording indicated thereon;

       

      (iii)  an
        original Assignment of Mortgage executed in blank;

       

      (iv)  the
        original recorded Assignment or Assignments of the Mortgage, or a certified
        copy
        or copies thereof, showing a complete chain of assignment from the originator
        to
        the last Person assigning the Mortgage;

       

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

       

      (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 lien or second lien on the
        Mortgaged Property represented therein as a fee interest vested in the
        Mortgagor;

       

      (vii)  the
        original of any guarantee executed in connection with the Mortgage Note,
        if any;
        and

       

      (viii)  the
        original of any security agreement, chattel mortgage or equivalent document
        executed in connection with the Mortgage, if any.

       

      Notwithstanding
        anything to the contrary contained in this Section 4, with respect to a maximum
        of approximately 1.00% of the Mortgage Loans, by aggregate principal balance
        of
        the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note
        referred to in Section 4(b)(i) above cannot be located, the obligations of
        the
        Seller to deliver such documents shall be deemed to be satisfied upon delivery
        to the Purchaser or any assignee, transferee or designee of the Purchaser
        of a
        photocopy of such Mortgage Note, if available, with a lost note affidavit
        substantially in the form of Exhibit 1 attached hereto. If any of the original
        Mortgage Notes for which a lost note affidavit was delivered to the Purchaser
        or
        any assignee, transferee or designee of the Purchaser is subsequently located,
        such original Mortgage Note shall be delivered to the Purchaser or any assignee,
        transferee or designee of the Purchaser within three (3) Business Days; and
        if
        any document referred to in Section 4(b)(ii) or 4(b)(iv) above has 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 Seller hereunder
        shall be deemed to have been satisfied upon delivery to the Purchaser or
        any
        assignee, transferee or designee of the Purchaser promptly upon receipt thereof
        by or on behalf of the Seller 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.

       

      In
        the
        event that the original lender’s title insurance policy has not yet been issued,
        the Seller shall deliver to the Purchaser or any assignee, transferee or
        designee of the Purchaser a written commitment or interim binder or preliminary
        report of title issued by the title insurance or escrow company. The Seller
        shall deliver such original title insurance policy to the Purchaser or any
        assignee, transferee or designee of the Purchaser promptly upon receipt by
        the
        Seller, if any.

       

      Each
        original document relating to a Mortgage Loan which is not delivered to the
        Purchaser or its assignee, transferee or designee, if held by the Seller,
        shall
        be so held for the benefit of the Purchaser, its assignee, transferee or
        designee.

       

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

       

      (c)  Acceptance
        of Mortgage Loans.
        The
        documents delivered pursuant to Section 4(b) hereof shall be reviewed by
        the
        Purchaser or any assignee, transferee or designee of the Purchaser at any
        time
        before or after the Closing Date (and with respect to each document permitted
        to
        be delivered after the Closing Date, within seven days of its delivery) to
        ascertain that all required documents have been executed and received and
        that
        such documents relate to the Mortgage Loans identified on the Closing
        Schedule.

       

      (d)  Transfer
        of Interest in Agreements.
        The
        Purchaser has the right to assign its interest under this Agreement, in whole
        or
        in part, to the Trustee, as may be required to effect the purposes of the
        Pooling and Servicing Agreement, without the consent of the Seller, and the
        assignee shall succeed to the rights and obligations hereunder of the Purchaser.
        Any expense reasonably incurred by or on behalf of the Purchaser or the Trustee
        in connection with enforcing any obligations of the Seller under this Agreement
        will be promptly reimbursed by the Seller.

       

      (e)  Examination
        of Mortgage Files.
        Prior
        to the Closing Date, the Seller shall either (i) deliver in escrow to the
        Purchaser or to any assignee, transferee or designee of the Purchaser for
        examination the Mortgage File pertaining to each Mortgage Loan, or (ii) make
        such Mortgage Files available to the Purchaser or to any assignee, transferee
        or
        designee of the Purchaser for examination. Such examination may be made by
        the
        Purchaser or the Trustee, and their respective designees, upon reasonable
        notice
        to the Seller during normal business hours before the Closing Date and within
        sixty (60) days after the Closing Date.  If any such person makes such
        examination prior to the Closing Date and identifies any Mortgage Loans that
        do
        not conform to the requirements of the Purchaser as described in this Agreement,
        such Mortgage Loans shall be deleted from the Closing Schedule.  The
        Purchaser may, at its option and without notice to the Seller, purchase all
        or
        part of the Mortgage Loans without conducting any partial or complete
        examination.  The fact that the Purchaser or any person has conducted
        or has failed to conduct any partial or complete examination of the Mortgage
        Files shall not affect the rights of the Purchaser or any assignee, transferee
        or designee of the Purchaser to demand repurchase or other relief as provided
        herein or under the Pooling and Servicing Agreement.

       

      SECTION
        5.  Representations,
        Warranties and Covenants of the Seller.

       

      The
        Seller hereby represents and warrants to the Purchaser, as of the date hereof
        and as of the Closing Date, and covenants, that:

       

      (i)  The
        Seller is a Delaware corporation with full corporate power and authority
        to
        conduct its business as presently conducted by it to the extent material
        to the
        consummation of the transactions contemplated herein. The Agreement has been
        duly authorized, executed and delivered by the Seller. The Seller had the
        full
        corporate power and authority to own the Mortgage Loans and to transfer and
        convey the Mortgage Loans to the Purchaser and has the full corporate power
        and
        authority to execute and deliver, engage in the transactions contemplated
        by,
        and perform and observe the terms and conditions of this Agreement;

       

      (ii)  The
        Seller 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 Purchaser, constitutes
        a legal, valid and binding obligation of the Seller, enforceable against
        it in
        accordance with its terms except as the enforceability thereof may be limited
        by
        bankruptcy, insolvency or reorganization or by general principles of
        equity;

       

      (iii)  The
        execution, delivery and performance of this Agreement by the Seller (x) does
        not
        conflict and will not conflict with, does not breach and will not result
        in a
        breach of and does not constitute and will not constitute a default (or an
        event, which with notice or lapse of time or both, would constitute a default)
        under (A) any terms or provisions of the organizational documents of the
        Seller,
        (B) any term or provision of any material agreement, contract, instrument
        or
        indenture, to which the Seller is a party or by which the Seller or any of
        its
        property is bound, or (C) any law, rule, regulation, order, judgment, writ,
        injunction or decree of any court or governmental authority having jurisdiction
        over the Seller or any of its property and (y) does not create or impose
        and
        will not result in the creation or imposition of any lien, charge or encumbrance
        (other than any created hereby in favor of the Purchaser and its assignees)
        which would have a material adverse effect upon the Mortgage Loans or any
        documents or instruments evidencing or securing the Mortgage Loans;

       

      (iv)  No
        consent, approval, authorization or order of, registration or filing with,
        or
        notice on behalf of the Seller to any governmental authority or court is
        required, under federal laws or the laws of the State of New York, for the
        execution, delivery and performance by the Seller of, or compliance by the
        Seller with, this Agreement or the consummation by the Seller of any other
        transaction contemplated hereby and by the Pooling and Servicing Agreement;
        provided, however, that the Seller makes no representation or warranty regarding
        federal or state securities laws in connection with the sale or distribution
        of
        the Certificates;

       

      (v)  The
        Seller is not in violation of, and the execution and delivery of this Agreement
        by the Seller and its performance and compliance with the terms of this
        Agreement will not constitute a violation with respect to, any order or decree
        of any court or any order or regulation of any federal, state, municipal
        or
        governmental agency having jurisdiction over the Seller or its assets, which
        violation might have consequences that would materially and adversely affect
        the
        condition (financial or otherwise) or the operation of the Seller or its
        assets
        or might have consequences that would materially and adversely affect the
        performance of its obligations and duties hereunder;

       

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

       

      (vii)  Immediately
        prior to the sale of the Mortgage Loans to the Purchaser as herein contemplated,
        the Seller was the owner of the related Mortgage and the indebtedness evidenced
        by the related Mortgage Note, and, upon the payment to the Seller of the
        Purchase Price, in the event that the Seller retains or has retained record
        title, the Seller shall retain such record title to each Mortgage, each related
        Mortgage Note and the related Mortgage Files with respect thereto in trust
        for
        the Purchaser as the owner thereof from and after the date hereof;

       

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

       

      (ix)  The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Seller, and the transfer, assignment and
        conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant
        to
        this Agreement are not subject to the bulk transfer or any similar statutory
        provisions in effect in any relevant jurisdiction, except any as may have
        been
        complied with;

       

      (x)  The
        Seller has not dealt with any broker, investment banker, agent or other person,
        except for the Purchaser or any of its affiliates, that may be entitled to
        any
        commission or compensation in connection with the sale of the Mortgage Loans
        (except that an entity that previously financed the Seller’s ownership of the
        Mortgage Loans may be entitled to a fee to release its security interest
        in the
        Mortgage Loans, which fee shall have been paid and which security interest
        shall
        have been released on or prior to the Closing Date);

       

      (xi)  There
        is
        no litigation currently pending or, to the best of the Seller’s knowledge
        without independent investigation, threatened against the Seller that would
        reasonably be expected to adversely affect the transfer of the Mortgage Loans,
        the issuance of the Certificates or the execution, delivery, performance
        or
        enforceability of this Agreement, or that would result in a material adverse
        change in the financial condition of the Seller; and

       

      (xii)  The
        information set forth in the applicable part of the Closing Schedule relating
        to
        the existence of a Prepayment Charge is complete, true and correct in all
        material respects at the date or dates respecting which such information
        is
        furnished and each Prepayment Charge 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.

       

      SECTION
        6.  Representations
        and Warranties of the Seller Relating to the Mortgage Loans.

       

      The
        Seller hereby represents and warrants to the Purchaser that as to each Mortgage
        Loan as of the Closing Date:

       

      (i)  Information
        provided to the Rating Agencies, including the loan level detail, is true
        and
        correct according to the Rating Agency requirements;

       

      (ii)  No
        error,
        omission, misrepresentation, negligence, fraud 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 of the Mortgage Loan or in the
        application of any insurance in relation to such Mortgage Loan;

       

      (iii)  Except
        as
        set forth on the Closing Schedule, all payments required to be made prior
        to the
        Cut-off Date with respect to each Mortgage Loan have been made;

       

      (iv)  [Reserved];

       

      (v)  There
        are
        no delinquent taxes, assessment liens or insurance premiums affecting the
        related Mortgaged Property;

       

      (vi)  The
        terms
        of the Mortgage Note and the Mortgage have not been materially impaired,
        waived,
        altered or modified in any respect, except by written instruments, recorded
        in
        the applicable public recording office if necessary to maintain the lien
        priority of the Mortgage. The substance of any such waiver, alteration or
        modification has been approved by the title insurer, to the extent required
        by
        the related policy. No Mortgagor has been released, in whole or in part,
        except
        in connection with an assumption agreement (approved by the title insurer
        to the
        extent required by the policy) and which assumption agreement has been delivered
        to the Trustee;

       

      (vii)  The
        Mortgaged Property is insured against loss by fire and hazards of extended
        coverage (excluding earthquake insurance) in an amount which is at least
        equal
        to the lesser of (i) the amount necessary to compensate for any damage or
        loss
        to the improvements which are a part of such property on a replacement cost
        basis or (ii) the outstanding principal balance of the Mortgage Loan. If
        the
        Mortgaged Property is in an area identified on a flood hazard map or flood
        insurance rate map issued by the Federal Emergency Management Agency as having
        special flood hazards (and such flood insurance has been made available),
        a
        flood insurance policy meeting the requirements of the current guidelines
        of the
        Federal Insurance Administration is in effect. All such insurance policies
        contain a standard mortgagee clause naming the originator of the Mortgage
        Loan,
        its successors and assigns as mortgagee and the Seller has not engaged in
        any
        act or omission which would impair the coverage of any such insurance policies.
        Except as may be limited by applicable law, the Mortgage obligates the Mortgagor
        thereunder to maintain all such insurance at the Mortgagor’s cost and expense,
        and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage
        to maintain such insurance at Mortgagor’s cost and expense and to seek
        reimbursement therefor from the Mortgagor;

       

      (viii)  Each
        Mortgage Loan and the related Prepayment Charge, if any, complied in all
        material respects with any and all requirements of any federal, state or
        local
        law including, without limitation, usury, truth in lending, anti-predatory
        lending, real estate settlement procedures, consumer credit protection, equal
        credit opportunity, fair housing or disclosure laws applicable to the
        origination and servicing of the Mortgage Loans and the consummation of the
        transactions contemplated hereby will not involve the violation of any such
        laws;

       

      (ix)  The
        Mortgage has not been satisfied, cancelled, subordinated (other than with
        respect to second lien Mortgage Loans, the subordination to the first lien)
        or
        rescinded, in whole or in part, and the Mortgaged Property has not been released
        from the lien of the Mortgage, in whole or in part, nor has any instrument
        been
        executed that would effect any such satisfaction, cancellation, subordination,
        rescission or release;

       

      (x)  The
        Mortgage was recorded or was submitted for recording in accordance with all
        applicable laws and is a valid, existing and enforceable first or second
        lien on
        the Mortgaged Property including all improvements on the Mortgaged
        Property;

       

      (xi)  The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, insured under the related title
        policy, and enforceable in accordance with its terms, except to the extent
        that
        the enforceability thereof may be limited by a bankruptcy, insolvency or
        reorganization;

       

      (xii)  The
        Seller is the sole legal, beneficial and equitable owner of the Mortgage
        Note
        and the Mortgage and has the full right to convey, transfer and sell the
        Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
        lien
        (other than with respect to second lien Mortgage Loans, the subordination
        to the
        related first lien), pledge, charge, claim or security interest and immediately
        upon the sale, assignment and endorsement of the Mortgage Loans from the
        Seller
        to the Purchaser, the Purchaser shall have good and indefeasible title to
        and be
        the sole legal owner of the Mortgage Loans subject only to any encumbrance,
        equity, lien, pledge, charge, claim or security interest arising out of the
        Purchaser’s actions;

       

      (xiii)  Each
        Mortgage Loan is covered by a valid and binding American Land Title Association
        lender’s title insurance policy issued by a title insurer qualified to do
        business in the jurisdiction where the Mortgaged Property is located. No
        claims
        have been filed under such lender’s title insurance policy, and the Seller has
        not done, by act or omission, anything that would impair the coverage of
        the
        lender’s title insurance policy;

       

      (xiv)  There
        is
        no material default, breach, violation event or event of acceleration existing
        under the Mortgage or the Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a material default, breach, violation or event of acceleration,
        and
        the Seller has not, nor has its predecessors, waived any material default,
        breach, violation or event of acceleration;

       

      (xv)  There
        are
        no mechanics’ or similar liens or claims which have been filed for work, labor
        or material provided to the related Mortgaged Property prior to the origination
        of the Mortgage Loan which are or may be liens prior to, or equal or coordinate
        with, the lien of the related Mortgage, except as may be disclosed in the
        related title policy;

       

      (xvi)  Except
        with respect to approximately 17.52% of the Group IA Mortgage Loans, 7.87%
        of
        the Group IB Mortgage Loans and 22.37% of the Group II Mortgage Loans by
        aggregate principal balance as of the Cut-off Date, which are interest-only
        loans, each Mortgage Note is payable on the first day of each month in equal
        monthly installments or principal and interest (subject to adjustment in
        the
        case of the adjustable rate Mortgage Loans), with interest calculated on
        a
        30/360 basis and payable in arrears, sufficient to amortize the Mortgage
        Loan
        fully by the stated maturity date over an original term from commencement
        of
        amortization to not more than 30 years and no Mortgage Loan permits negative
        amortization;

       

      (xvii)  The
        servicing practices used in connection with the servicing of the Mortgage
        Loans
        have been in all respects reasonable and customary in the mortgage servicing
        industry of like mortgage loan servicers, servicing similar subprime mortgage
        loans originated in the same jurisdiction as the Mortgaged
        Property;

       

      (xviii)  At
        the
        time of origination of the Mortgage Loan there was no proceeding pending
        for the
        total or partial condemnation of the Mortgaged Property and, as of the date
        such
        Mortgage Loan was purchased by the Purchaser, to the best of the Purchaser’s
        knowledge there is no proceeding pending for the total or partial condemnation
        of the Mortgaged Property;

       

      (xix)  The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (a) in the case of a Mortgage designated as
        a deed
        of trust, by trustee’s sale, and (b) otherwise by judicial
        foreclosure;

       

      (xx)  The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the related Mortgage referred to in subsection (x) above;

       

      (xxi)  In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Seller to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (xxii)  The
        Mortgage Loan is not subject to any valid 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 such 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;

       

      (xxiii)  The
        Mortgage Loans were underwritten in accordance with the originator’s
        underwriting guidelines in effect at the time the Mortgage Loans were originated
        (the “Applicable Underwriting Guidelines”), except with respect to certain of
        those Mortgage Loans which had compensating factors permitting a deviation
        from
        the Applicable Underwriting Guidelines;

       

      (xxiv)  The
        Mortgaged Property is free of material damage and waste, excepting therefrom
        any
        Mortgage Loan subject to an escrow withhold as shown on the Closing
        Schedule;

       

      (xxv)  All
        of
        the improvements which were included in determining the appraised value of
        the
        Mortgaged Property lie wholly within the Mortgaged Property’s boundary lines and
        no improvements on adjoining properties encroach upon the Mortgaged Property,
        excepting therefrom: (i) any encroachment insured against in the lender’s title
        insurance policy identified in subsection (xiii), (ii) any encroachment
        generally acceptable to subprime mortgage loan originators doing business
        in the
        same jurisdiction as the Mortgaged Property, and (iii) any encroachment which
        does not materially interfere with the benefits of the security intended
        to be
        provided by such Mortgage;

       

      (xxvi)  All
        parties to the Mortgage Note had the legal capacity to execute the Mortgage
        Note
        and the Mortgage, and the Mortgage Note and the Mortgage have been duly executed
        by such parties;

       

      (xxvii)  To
        the
        best of the Seller’s knowledge, at the time of origination of the Mortgage Loan,
        no appraised improvement located on or being part of the Mortgaged Property
        was
        in violation of any applicable zoning law or regulation and all inspections,
        licenses and certificates required in connection with the origination of
        any
        Mortgage Loan with respect to the occupancy of the Mortgaged Property, have been
        made or obtained from the appropriate authorities;

       

      (xxviii)  No
        Mortgagor has notified the Seller of any relief requested or allowed under
        the
        Servicemembers Civil Relief Act;

       

      (xxix)  All
        parties which have held an interest in the Mortgage Loan 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 state wherein the
        Mortgaged Property is located, (2) organized under the laws of such state,
        (3)
        qualified to do business in such state, (4) a federal savings and loan
        association or national bank, (5) not doing business in such state, or (6)
        exempt from the applicable licensing requirements of such state;

       

      (xxx)  The
        Mortgage File contains an appraisal of the related Mortgaged Property which
        was
        made prior to the approval of the Mortgage Loan by a qualified appraiser,
        duly
        appointed by the related originator and was made in accordance with the
        Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and
        the
        Uniform Standards of Professional Appraisal Practice;

       

      (xxxi)  Except
        as
        may otherwise be limited by applicable law, the Mortgage contains a 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;

       

      (xxxii)  The
        Mortgage Loan does not contain any provision which would constitute a “buydown”
provision and pursuant to which Monthly Payments are paid or partially paid
        with
        funds deposited in a separate account established by the related originator,
        the
        Mortgagor or anyone on behalf of the Mortgagor, or paid by any source other
        than
        the Mortgagor. 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;

       

      (xxxiii)  To
        the
        best of the Seller’s knowledge there is no action or proceeding directly
        involving the Mortgaged Property presently pending in which compliance with
        any
        environmental law, rule or regulation is at issue and the Seller has received
        no
        notice of any condition at the Mortgaged Property which is reasonably likely
        to
        give rise to an action or proceeding in which compliance with any environmental
        law, rule or regulation is at issue;

       

      (xxxiv)  Each
        Mortgage Loan is an obligation which is principally secured by an interest
        in
        real property within the meaning of Treasury Regulation section
        1.860G-2(a);

       

      (xxxv)  Each
        Mortgage Loan (a) is directly secured by a first or second lien on, and consists
        of a single parcel of, real property with a detached one-to-four family
        residence erected thereon, a townhouse or an individual condominium unit
        in a
        condominium project, or an individual unit in a planned unit development
        (“PUD”). Any unit in a PUD or condominium project conforms to the requirements
        of the Applicable Underwriting Guidelines regarding such dwellings. With
        respect
        to any Group IA Mortgage Loan that is on manufactured housing, upon origination
        of each such Group IA Mortgage Loan the manufactured housing unite either:
        (i)
        will be the principal residence of the borrower or (ii) will be classified
        as
        real property under applicable state law. No Mortgaged Property is used for
        commercial purposes. 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;

       

      (xxxvi)  The
        Mortgage Interest Rate with respect to the Adjustable Rate Mortgage Loans
        is
        subject to adjustment at the time and in the amounts as are set forth in
        the
        related Mortgage Note;

       

      (xxxvii)  No
        Mortgage Loan contains a provision whereby the Mortgagor can convert an
        Adjustable Rate Mortgage Loan into a Fixed Rate Mortgage Loan;

       

      (xxxviii)   With
        respect to each Group IA Mortgage Loan and each Group IB Mortgage Loan, no
        Mortgagor
        obtained a prepaid single premium credit insurance policy (e.g., life, mortgage,
        disability, accident, unemployment, property or health insurance product)
        or
        debt cancellation agreement in connection with the origination of such Group
        IA
        or Group IB Mortgage Loan. With
        respect to each Group IB Mortgage Loan, no
        Mortgagor was required to purchase any single premium credit insurance policy
        (e.g., life, mortgage, disability, accident, unemployment, or health insurance
        product) or debt cancellation agreement as a condition of obtaining the
        extension of credit. No proceeds from any Group IB Mortgage Loan were used
        to
        purchase single premium credit insurance policies (e.g., life, mortgage,
        disability, accident, unemployment, or health insurance product) or debt
        cancellation agreements as part of the origination of, or as a condition
        to
        closing, such Mortgage Loan;

       

      (xxxix)  With
        respect to any Group IA Mortgage Loan that contains a provision permitting
        imposition of a penalty upon a prepayment prior to maturity: (i) such Group
        IA
        Mortgage Loan provides some benefit to the Mortgagor
        (e.g. a rate or fee reduction) in exchange for accepting such prepayment
        penalty, (ii) such Group IA 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
        penalty, (iii) the prepayment penalty was adequately disclosed to the
Mortgagor
        pursuant to applicable state and federal law, (iv) no Group IA Mortgage Loan
        originated on or after October 1, 2002 will provide for Prepayment Charges
        for a
        term in excess of three years and any Group IA Mortgage Loan originated prior
        to
        such date, will not provide for Prepayment Charges in excess of five years;
        in
        each case unless such Group IA Mortgage Loan was modified to reduce the
        prepayment period to no more than three years from the date of the Mortgage
        Note
        and the Mortgagor
        was notified in writing of such reduction in prepayment period, and (v) such
        prepayment penalty shall not be imposed in any instance where such Group
        IA
        Mortgage Loan is accelerated or paid off in connection with the workout of
        a
        delinquent Mortgage or due to Mortgagor’s
        default, notwithstanding that the terms of such Group IA Mortgage Loan or
        state
        or federal law might permit the imposition of such penalty;

       

      (xl)  No
        Mortgage Loan is subject to the Home Ownership and Equity Protection Act
        of 1994
        (“HOEPA”) or any comparable law and no Mortgage Loan is classified and/or
        defined as “high cost”, “covered” (excluding home loans defined as “covered home
        loans” in the New Jersey Home Ownership Security Act of 2002 that were
        originated between November 26, 2003 and July 7, 2004) “high risk home” or
“predatory” loan under any other federal, state or local law (or a similarly
        classified loan using different terminology under a law imposing heightened
        regulatory scrutiny or additional legal liability for residential mortgage
        loans
        having high interest rates, points and/or fees). No Group IB Mortgage Loan
        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));

       

      (xli)  There
        is
        no Mortgage Loan that was originated or modified on or after October 1, 2002
        and
        before March 7, 2003, which is secured by property located in the State of
        Georgia or that is governed by the Georgia Fair Lending Act. There is no
        such
        Mortgage Loan underlying a Certificate that was originated on or after March
        7,
        2003, which is a “high cost home loan” as defined under the Georgia Fair Lending
        Act;

       

      (xlii)  Each
        Group IB Mortgage Loan is in compliance with the anti-predatory lending
        eligibility for purchase requirements of Fannie Mae’s Selling Guide;

       

      (xliii)  No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the Indiana Home Loan
        Practices Act, effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1
        through
        24-9-9);

       

      (xliv)  There
        is
        no Mortgage Loan that (a) is secured by property located in the State of
        Kentucky; (b) was originated on or after June 24, 2003, and (c) which is
        a “high
        cost home loan” as defined under Kentucky State Statute KRS 360.100, effective
        as of June 24, 2003;

       

      (xlv)  There
        is
        no Mortgage Loan that (a) is secured by property located in the State of
        Arkansas, (b) has a note date on or after July 16, 2003, and (c) which is
        a
“high cost home loan” as defined under the Arkansas Home Loan Protection Act,
        effective as of July 16, 2003;

       

      (xlvi)  The
        Servicer for each Group IA Mortgage Loan has fully furnished, and will fully
        furnish, in accordance with the Fair Credit Reporting Act and its implementing
        regulations, accurate and complete information (i.e., favorable and unfavorable)
        on its Mortgagor’s credit files to Equifax, Experian, and Trans Union Credit
        Information Company (three of the credit repositories), on a monthly
        basis;

       

      (xlvii)  The
        original principal balance of each Group IA Mortgage Loan which is secured
        by a
        first or second lien on the related Mortgaged Property is within Freddie
        Mac’s
        dollar amount limits for conforming one-to-four family mortgage loans. No
        Group
        IA Mortgage Loan which is secured by a first lien has an original principal
        balance that exceeds the applicable Freddie Mac loan limit; 

       

      (xlviii)  No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
        Ownership Act effective November 27, 2003 (N.J.S.A. 46:10B-22 et seq.);

       

      (xlix)  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.);

       

      (l)  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.);

       

      (li)  [Reserved];

       

      (lii)  [Reserved];

       

      (liii)  No
        Mortgage Loan is a “High Cost” loan as defined under the New York Banking Law
        Section 6L, effective as of April 1, 2003;

       

      (liv)  [Reserved];
        

       

      (lv)  [Reserved];

       

      (lvi)  With
        respect to any Group IA or Group IB Mortgage Loan originated on or after
        August
        1, 2004, neither the related Mortgage nor the related Mortgage Note requires
        the
        Mortgagor to submit to arbitration to resolve any dispute arising out of
        or
        relating in any way to the Mortgage Loan transaction;

       

      (lvii)  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 5.6(d) Revised, Appendix E (attached hereto as Exhibit
        2));

       

      (lviii)  No
        Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the
        Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004
        (Mass. Ann. Laws Ch. 183C);

       

      (lix)  No
        Group
        IB Mortgage Loan is a balloon mortgage loan that has an original stated maturity
        of less than seven (7) years;

       

      (lx)  With
        respect to each Group IA Mortgage Loan and each Group IB Mortgage Loan, no
        Mortgagor was encouraged or required to select a mortgage loan product offered
        by the originators which is a higher cost product designed for less creditworthy
        borrowers, unless at the time of such Group IA Mortgage Loan or such Group
        IB
        Mortgage Loan’s origination, such borrower did not qualify taking into account
        credit history and debt to income ratios for a lower cost credit product
        then
        offered by the originator or any affiliate of the originator. If, at the
        time of
        loan application, the Mortgagor may have qualified for a lower cost credit
        product then offered by any mortgage lending affiliate of the originator,
        the
        originator referred the Mortgagor’s application to such affiliate for
        underwriting consideration;

       

      (lxi)  With
        respect to each Group IA
        Mortgage Loan
        and each
        Group IB Mortgage Loan, the methodology used in underwriting the extension
        of
        credit 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, such Mortgage
        Loan’s originator made a reasonable determination that that at the time of
        origination the Mortgagor had the ability to make timely payments on such
        Mortgage Loan;

       

      (lxii)  With
        respect to each Group IB 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, (iv)
        the
        duration of the prepayment period shall not exceed three (3) years from the
        date
        of the note, and (v) notwithstanding any state or federal law to the contrary,
        the Servicer shall not impose such prepayment premium in any instance when
        the
        mortgage debt is accelerated as the result of the Mortgagor’s
        default in making the loan payments;

       

      (lxiii)  All
        points and fees related to each Group IB 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
        Group IB Mortgage Loan, such 5% limitation is calculated in accordance with
        Fannie Mae's anti-predatory lending requirements as set forth in the Fannie
        Mae
        Selling Guide or (2) $1,000;

       

      (lxiv)  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 Group IA Mortgage Loan and each Group IB
        Mortgage Loan has been disclosed in writing to the borrower in accordance
        with
        applicable state and federal law and regulation;

       

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

       

      (lxvi)  With
        respect to any Mortgage Loan that is secured by a second lien on the related
        Mortgaged Property, either (i) no consent for the Mortgage Loan is required
        by
        the holder of any related senior lien or (ii) such consent has been obtained
        and
        is contained in the Mortgage File;

       

      (lxvii)  [Reserved];

       

      (lxviii)  With
        respect to a Mortgage Loan which is a second lien, as of the date hereof,
        the
        Seller has not received a notice of default of a senior lien on the related
        Mortgaged Property which has not been cured;

       

      (lxix)  With
        respect to a Group IA Mortgage Loan which is a second lien, (a) such second
        lien
        Group IA Mortgage Loan is secured by a one- to four-family residence that
        was
        (or would be) the principal residence of the Mortgagor, (b) the origination
        amount for such second lien Group IA Mortgage Loan did not exceed one-half
        of
        the one-unit limitation set forth by Freddie Mac for first lien mortgage
        loans
        or $208,500 (in Alaska, Guam, Hawaii or Virgin Islands: $312,750), without
        regard to the number of units and (c) the aggregate original principal balance
        for the first lien and the second lien Mortgage Loan does not exceed Freddie
        Mac’s applicable loan limits for first lien mortgage loans for properties of
        the
        same type as the related Mortgaged Property;

       

      (lxx)  No
        Mortgagor
        under a Group IA Mortgage Loan was charged “points and fees” in an amount
        greater than (a) $1,000 or (b) 5% of the principal amount of such Group IA
        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 such Group
        IA
        Mortgage Loan, whether they were 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 attorney’s 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 that, in total,
        do
        not exceed 0.25 percent of the loan amount;

       

      (lxxi)  No
        selection procedures were used by the Seller that identified the Mortgage
        Loans
        as being less desirable or valuable than other comparable mortgage loans
        in the
        Seller’s portfolio;

       

      (lxxii)  The
        information set forth in the Closing Schedule is true and correct in all
        material respects as of the Cut-off Date; and

       

      (lxxiii)  No
        Mortgage Loan is secured in whole or in part by the interest of the Mortgagor
        as
        a lessee under a ground lease of the related Mortgaged Property.

       

      SECTION
        7.  Repurchase
        Obligation for Defective Documentation and for Breach of Representation and
        Warranty.

       

      (a)  The
        representations and warranties contained in Section 6 shall not be impaired
        by
        any review and examination of loan files or other documents evidencing or
        relating to the Mortgage Loans or any failure on the part of the Seller or
        the
        Purchaser to review or examine such documents and shall inure to the benefit
        of
        any assignee, transferee or designee of the Purchaser, including the Trustee
        for
        the benefit of the Certificateholders. With respect to the representations
        and
        warranties contained herein as to which the Seller has no knowledge, if it
        is
        discovered that the substance of any such representation and warranty was
        inaccurate as of the date such representation and warranty was made or deemed
        to
        be made, and such inaccuracy materially and adversely affects the value of
        the
        related Mortgage Loan or the interest therein of the Purchaser or the
        Purchaser’s assignee, transferee or designee, then notwithstanding the lack of
        knowledge by the Seller with respect to the substance of such representation
        and
        warranty being inaccurate at the time the representation and warranty was
        made,
        the Seller shall take such action described in the following paragraph in
        respect of such Mortgage Loan. Notwithstanding anything to the contrary
        contained herein, any breach of a representation or warranty contained in
        clauses (viii), (xxxv), (xxxviii), (xxxix), (xl), (xli), (xliii), (xlvi),
        (xlvii), (lvi), (lvii), (lxi), (lxiv), (lxix) and/or (lxx) of Section 6 above,
        shall be automatically deemed to affect materially and adversely the interests
        of the Purchaser or the Purchaser’s assignee, transferee or
        designee.

       

      Upon
        discovery by the Seller, the Purchaser or any assignee, transferee or designee
        of the Purchaser of any materially defective document in, or that any material
        document was not transferred by the Seller, as listed on a Custodian’s
        preliminary exception report, as described in the Custodial Agreement, as
        part
        of any Mortgage File, or of a breach of any of the representations and
        warranties contained in Section 6 that materially and adversely affects the
        value of any Mortgage Loan or the interest therein of the Purchaser or the
        Purchaser’s assignee, transferee or designee, the party discovering such breach
        shall give prompt written notice to the Seller. Within sixty (60) days of
        its
        discovery or its receipt of notice of any such missing documentation that
        was
        not transferred by the Seller as described above, or of materially defective
        documentation, or any such breach of a representation and warranty, the Seller
        promptly shall deliver such missing document or cure such defect or breach
        in
        all material respects or, in the event the Seller cannot deliver such missing
        document or cannot cure such defect or breach, the Seller shall, within ninety
        (90) days of its discovery or receipt of notice of any such missing or
        materially defective documentation or of any such breach of a representation
        and
        warranty, either (i) repurchase the affected Mortgage Loan at the Purchase
        Price
        (as such term is defined in the Pooling and Servicing Agreement) or (ii)
        pursuant to the provisions of the Pooling and Servicing Agreement, cause
        the
        removal of such Mortgage Loan from the Trust Fund and substitute one or more
        Qualified Substitute Mortgage Loans. The Seller shall amend the Closing Schedule
        to reflect the withdrawal of such Mortgage Loan from the terms of this Agreement
        and the Pooling and Servicing Agreement. The Seller shall deliver to the
        Purchaser such amended Closing Schedule and shall deliver such other documents
        as are required by this Agreement or the Pooling and Servicing Agreement
        within
        five (5) days of any such amendment. Any repurchase pursuant to this Section
        7(a) shall be accomplished by transfer to an account designated by the Purchaser
        of the amount of the Purchase Price in accordance with Section 2.03 of the
        Pooling and Servicing Agreement. Any repurchase required by this Section
        shall
        be made in a manner consistent with Section 2.03 of the Pooling and Servicing
        Agreement.

       

      (b)  If
        the
        representation made by the Seller in Section 5(xii) is breached, the Seller
        shall not have the right or obligation to cure, substitute or repurchase
        the
        affected Mortgage Loan but shall remit to the Servicer for deposit in the
        related Collection Account, prior to the next succeeding Servicer Remittance
        Date, the amount of the Prepayment Charge indicated on the applicable part
        of
        the Closing Schedule to be due from the Mortgagor in the circumstances less
        any
        amount collected and remitted to such Servicer for deposit into the Collection
        Account.

       

      (c)  It
        is
        understood and agreed that the obligations of the Seller set forth in this
        Section 7 to cure or repurchase a defective Mortgage Loan (and to make payments
        pursuant to Section 7(b)) constitute the sole remedies of the Purchaser against
        the Seller respecting a missing document or a breach of the representations
        and
        warranties contained in Section 5(xii) or Section 6.

       

      SECTION
        8.  Closing;
        Payment for the Mortgage Loans.The
        closing of the purchase and sale of the Mortgage Loans, shall be held at
        the New
        York City office of Thacher Proffitt & Wood llp
        at 10:00
        a.m. New York City time on the Closing Date.

       

      The
        closing shall be subject to each of the following conditions:

       

      (a)  All
        of
        the representations and warranties of the Seller under this Agreement shall
        be
        true and correct in all material respects as of the date as of which they
        are
        made and no event shall have occurred which, with notice or the passage of
        time,
        would constitute a default under this Agreement;

       

      (b)  The
        Purchaser shall have received, or the attorneys of the Purchaser shall have
        received in escrow (to be released from escrow at the time of closing), all
        closing documents as specified in Section 9 of this Agreement, in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the respective
        terms thereof;

       

      (c)  The
        Seller shall have delivered or caused to be delivered and released to the
        Purchaser or to its designee, all documents (including without limitation,
        the
        Mortgage Loans) required to be so delivered by the Purchaser pursuant to
        Section
        2.01 of the Pooling and Servicing Agreement; and

       

      (d)  All
        other
        terms and conditions of this Agreement and the Pooling and Servicing Agreement
        shall have been complied with.

       

      Subject
        to the foregoing conditions, the Purchaser shall deliver or cause to be
        delivered to the Seller on the Closing Date, against delivery and release
        by the
        Seller to the Trustee of all documents required pursuant to the Pooling and
        Servicing Agreement, the consideration for the Mortgage Loans as specified
        in
        Section 3 of this Agreement.

       

      SECTION
        9.  Closing
        Documents.
        Without
        limiting the generality of Section 8 hereof, the closing shall be subject
        to
        delivery of each of the following documents:

       

      (a)  An
        Officers’ Certificate of the Seller, dated the Closing Date, upon which the
        Purchaser and DBSI may rely with respect to certain facts regarding the sale
        of
        the Mortgage Loans by the Seller to the Purchaser;

       

      (b)  An
        Opinion of Counsel of the Seller, dated the Closing Date and addressed to
        the
        Purchaser and DBSI;

       

      (c)  Such
        opinions of counsel as the Rating Agencies or the Trustee may request in
        connection with the sale of the Mortgage Loans by the Seller to the Purchaser
        or
        the Seller’s execution and delivery of, or performance under, this Agreement;
        and

       

      (d)  Such
        further information, certificates, opinions and documents as the Purchaser
        or
        DBSI may reasonably request.

       

      SECTION
        10.  Costs.
        The
        Seller shall pay (or shall reimburse the Purchaser or any other Person to
        the
        extent that the Purchaser or such other Person shall pay) all costs and expenses
        incurred in connection with the transfer and delivery of the Mortgage Loans,
        including without limitation, fees for title policy endorsements and
        continuations, the fees and expenses of the Seller’s accountants and attorneys,
        the costs and expenses incurred in connection with producing the Servicer’s loan
        loss, foreclosure and delinquency experience, and the costs and expenses
        incurred in connection with obtaining the documents referred to in Sections
        9(a), 9(b) and 9(c), the costs and expenses of printing (or otherwise
        reproducing) and delivering this Agreement, the Pooling and Servicing Agreement,
        the Certificates, the prospectus and prospectus supplement, and any private
        placement memorandum relating to the Certificates and other related documents,
        the initial fees, costs and expenses of the Trustee, the fees and expenses
        of
        the Purchaser’s counsel in connection with the preparation of all documents
        relating to the securitization of the Mortgage Loans, the filing fee charged
        by
        the Securities and Exchange Commission for registration of the Certificates
        and
        the fees charged by any rating agency to rate the Certificates.  All
        other costs and expenses in connection with the transactions contemplated
        hereunder shall be borne by the party incurring such expense.

       

      SECTION
        11.  Servicing.
        The
        Mortgage Loans will be master serviced by the Master Servicer under the Pooling
        and Servicing Agreement and serviced by the Servicer, on behalf of the Trust,
        and the Seller has represented to the Purchaser that such Mortgage Loans
        are not
        subject to any other servicing agreements with third parties other than certain
        interim servicing agreements.  It is understood and agreed between the
        Seller and the Purchaser that the Mortgage Loans are to be delivered free
        and
        clear of any servicing agreements (other than certain interim servicing
        agreements).  Neither the Purchaser nor any affiliate of the Purchaser
        is servicing the Mortgage Loans under any such servicing agreement and,
        accordingly, neither the Purchaser nor any affiliate of the Purchaser is
        entitled to receive any fee for releasing the Mortgage Loans from any such
        servicing agreement.  The Seller shall arrange for the orderly
        transfer of such servicing to the Servicer.  For so long as the Master
        Servicer master services the Mortgage Loans and the Servicer services the
        Mortgage Loans, the Master Servicer shall be entitled to the Master Servicing
        Fee and the Servicer shall be entitled to its Servicing Fee and such other
        payments as provided for under the terms of the Pooling and Servicing Agreement,
        as applicable.

       

      SECTION
        12.  Mandatory
        Delivery; Grant of Security Interest.  The
        sale and delivery on the Closing Date of the Mortgage Loans described on
        the
        Closing Schedule in accordance with the terms and conditions of this Agreement
        is mandatory.  It is specifically understood and agreed that each
        Mortgage Loan is unique and identifiable on the date hereof and that an award
        of
        money damages would be insufficient to compensate the Purchaser for the losses
        and damages incurred by the Purchaser in the event of the Seller’s failure to
        deliver the Mortgage Loans on or before the Closing Date.  The Seller
        hereby grants to the Purchaser a lien on and a continuing security interest
        in
        the Seller’s interest in each Mortgage Loan and each document and instrument
        evidencing each such Mortgage Loan to secure the performance by the Seller
        of
        its obligation hereunder, and the Seller agrees that it holds such Mortgage
        Loans in custody for the Purchaser, subject to the Purchaser’s (i) right, prior
        to the Closing Date, to reject any Mortgage Loan to the extent permitted
        by this
        Agreement and (ii) obligation to deliver or cause to be delivered the
        consideration for the Mortgage Loans pursuant to Section 8
        hereof.  Any Mortgage Loans rejected by the Purchaser shall
        concurrently therewith be released from the security interest created
        hereby.  All rights and remedies of the Purchaser under this Agreement
        are distinct from, and cumulative with, any other rights or remedies under
        this
        Agreement or afforded by law or equity and all such rights and remedies may
        be
        exercised concurrently, independently or successively.

       

      Notwithstanding
        the foregoing, if on the Closing Date, each of the conditions set forth in
        Section 8 hereof shall have been satisfied and the Purchaser shall not have
        paid
        or caused to be paid the Purchase Price, or any such condition shall not
        have
        been waived or satisfied and the Purchaser determines not to pay or cause
        to be
        paid the Purchase Price, the Purchaser shall immediately effect the redelivery
        of the Mortgage Loans, if delivery to the Purchaser has occurred, and the
        security interest created by this Section 12 shall be deemed to have been
        released.

       

      SECTION
        13.  Notices.  All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if personally delivered to or mailed by
        registered mail, postage prepaid, or transmitted by fax and, receipt of which
        is
        confirmed by telephone, if to the Purchaser, addressed to the Purchaser at
        6525
        Morrison Boulevard, Suite 318, Charlotte, North Carolina 28211, fax: (704)
        365-1362, Attention: Doris Hearn, or such other address as may hereafter
        be
        furnished to the Seller in writing by the Purchaser; and if to the Seller,
        addressed to the Seller at 60 Wall Street, New York, New York 10005, fax:
        (212)
        250-2740, Attention:  Michael Commaroto, or to such other address as
        the Seller may designate in writing to the Purchaser.

       

      SECTION
        14.  Severability
        of Provisions.  Any
        part, provision, representation or warranty of this Agreement that is prohibited
        or that is held to be void or unenforceable shall be ineffective to the extent
        of such prohibition or unenforceability without invalidating the remaining
        provisions hereof.  Any part, provision, representation or warranty of
        this Agreement that is prohibited or unenforceable or is held to be void
        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 as to any Mortgage Loan shall not invalidate or render
        unenforceable such provision in any other jurisdiction.  To the extent
        permitted by applicable law, the parties hereto waive any provision of law
        which
        prohibits or renders void or unenforceable any provision hereof.

       

      SECTION
        15.  Agreement
        of Parties.  The
        Seller and the Purchaser each agree to execute and deliver such instruments
        and
        take such actions as either of the others may, from time to time, reasonably
        request in order to effectuate the purpose and to carry out the terms of
        this
        Agreement and the Pooling and Servicing Agreement.

       

      SECTION
        16.  Survival.  The
        Seller agrees that the representations, warranties and agreements made by
        it
        herein and in any certificate or other instrument delivered pursuant hereto
        shall be deemed to be relied upon by the Purchaser, notwithstanding any
        investigation heretofore or hereafter made by the Purchaser or on its behalf,
        and that the representations, warranties and agreements made by the Seller
        herein or in any such certificate or other instrument shall survive the delivery
        of and payment for the Mortgage Loans and shall continue in full force and
        effect, notwithstanding any restrictive or qualified endorsement on the Mortgage
        Notes and notwithstanding subsequent termination of this Agreement, the Pooling
        and Servicing Agreement or the Trust Fund.

       

      SECTION
        17.  GOVERNING
        LAW.  THIS
        AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF THE
        PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
        LAWS
        (EXCLUDING THE CHOICE OF LAW PROVISIONS) AND DECISIONS OF THE STATE OF NEW
        YORK.  THE
        PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK
        GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

       

      SECTION
        18.  Miscellaneous.
        This
        Agreement may be executed in two or more counterparts, each of which when
        so
        executed and delivered shall be an original, but all of which together shall
        constitute one and the same instrument.  This Agreement shall inure to
        the benefit of and be binding upon the parties hereto and their respective
        successors and assigns.  This Agreement supersedes all prior
        agreements and understandings relating to the subject matter
        hereof.  Neither this Agreement nor any term hereof may be changed,
        waived, discharged or terminated orally, but only by an instrument in writing
        signed by the party against whom enforcement of the change, waiver, discharge
        or
        termination is sought.  The headings in this Agreement are for
        purposes of reference only and shall not limit or otherwise affect the meaning
        hereof.

       

      It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        by the Seller to the Purchaser as provided in Section 4 hereof be, and be
        construed as, a sale of the Mortgage Loans by the Seller to the Purchaser
        and
        not as a pledge of the Mortgage Loans by the Seller to the Purchaser to secure
        a
        debt or other obligation of the Seller. However, in the event that,
        notwithstanding the aforementioned intent of the parties, the Mortgage Loans
        are
        held to be property of the Seller, then (a) it is the express intent of the
        parties that such conveyance be deemed a pledge of the Mortgage Loans by
        the
        Seller to the Purchaser to secure a debt or other obligation of the Seller
        and
        (b) (1) this Agreement shall also be deemed to be a security agreement within
        the meaning of Articles 8 and 9 of the New York Uniform Commercial Code;
        (2) the
        conveyance provided for in Section 4 hereof shall be deemed to be a grant
        by the
        Seller to the Purchaser of a security interest in all of the Seller’s right,
        title and interest in and to the Mortgage Loans and all amounts payable to
        the
        holders of the Mortgage Loans in accordance with the terms thereof and all
        proceeds of the conversion, voluntary or involuntary, of the foregoing into
        cash, instruments, securities or other property, including without limitation
        all amounts, other than investment earnings, from time to time held or invested
        in the Collection Account whether in the form of cash, instruments, securities
        or other property; (3) the possession by the Purchaser or its agent of Mortgage
        Notes, the related Mortgages and such other items of property that constitute
        instruments, money, negotiable documents or chattel paper shall be deemed
        to be
“possession by the secured party” for purposes of perfecting the security
        interest pursuant to Section 9-305 of the New York Uniform Commercial Code;
        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 Purchaser for the
        purpose of perfecting such security interest under applicable law. Any
        assignment of the interest of the Purchaser pursuant to Section 4(d) hereof
        shall also be deemed to be an assignment of any security interest created
        hereby. The Seller and the Purchaser shall, to the extent consistent with
        this
        Agreement, take such actions as may be necessary to ensure that, if this
        Agreement were deemed to create a security interest in the Mortgage Loans,
        such
        security interest would be deemed to be a perfected security interest of
        first
        priority under applicable law and will be maintained as such throughout the
        term
        of this Agreement and the Pooling and Servicing Agreement.

       

      SECTION
        19.  Third
        Party Beneficiary.  The
        parties hereto acknowledge and agree that DBSI and each of its respective
        successors and assigns shall have all the rights of a third-party beneficiary
        in
        respect of Section 12 of this Agreement and shall be entitled to rely upon
        and
        directly enforce the provisions of Section 12 of this Agreement.

       

      

      

        
           

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      IN
        WITNESS WHEREOF, the Purchaser and the Seller have caused their names to
        be
        signed by their respective officers thereunto duly authorized as of the date
        first above written.

       

      
        	
                DB
                  STRUCTURED PRODUCTS, INC.

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                ACE
                  SECURITIES CORP.

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      

      EXHIBIT
        1

       

      Loan
        #:
_________

      Borrower:
        _________

       

      LOST
        NOTE
        AFFIDAVIT

       

      I,
        as
        _____________________ of ____________________, a _______________ 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
        ____________________ (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 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 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. Seller represents and warrants that is has the authority to perform
        its
        obligations under this Affidavit of Lost Note.

       

      Executed
        this _ day of _______, 200_.

       

      

      
        	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      On
        this
        __ day of ______, 200_, before me appeared ______________________ to me
        personally known, who being duly sworn did say that he is the
        _______________________ of ____________________, a ______________________
        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 entity.

       

      Signature:

       

      [Seal]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        2

      APPENDIX
        E - Standard & Poor’s Predatory Lending Categories

       

      Standard
        & Poor’s has categorized loans governed by anti-predatory lending laws in
        the Jurisdictions listed below into three categories based upon a combination
        of
        factors that include (a) the risk exposure associated with the assignee
        liability and (b) the tests and thresholds set forth in those laws. Note
        that
        certain loans classified by the relevant statute as Covered are included
        in
        Standard & Poor’s High Cost Loan Category because they included thresholds
        and tests that are typical of what is generally considered High Cost by the
        industry. 

       

      Standard
        & Poor’s High Cost Loan Categorization

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Arkansas
                  

              	
                Arkansas
                  Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 et
                  seq.
                  

                Effective
                  July 16, 2003 

              	
                High
                  Cost Home Loan 

              
	
                Cleveland
                  Heights, OH 

              	
                Ordinance
                  No. 72-2003 (PSH), Mun. Code §§ 757.01 et
                  seq.
                  

                Effective
                  June 2, 2003 

              	
                Covered
                  Loan 

              
	
                Colorado
                  

              	
                Consumer
                  Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 et
                  seq.
                  

                Effective
                  for covered loans offered or entered into on or after January 1,
                  2003.
                  Other provisions of the Act took effect on June 7, 2002 

              	
                Covered
                  Loan 

              
	
                Connecticut
                  

              	
                Connecticut
                  Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746
                  et
                  seq.
                  

                Effective
                  October 1, 2001 

              	
                High
                  Cost Home Loan 

              
	
                District
                  of Columbia 

              	
                Home
                  Loan Protection Act, D.C. Code §§ 26-1151.01 et
                  seq.
                  

                Effective
                  for loans closed on or after January 28, 2003 

              	
                Covered
                  Loan 

              
	
                Florida
                  

              	
                Fair
                  Lending Act, Fla. Stat. Ann. §§ 494.0078 et
                  seq.
                  

                Effective
                  October 2, 2002 

              	
                High
                  Cost Home Loan 

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003) 

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.
                  

                Effective
                  October 1, 2002 - March 6, 2003

              	
                High
                  Cost Home Loan 

              

      

      

       

      Standard
        & Poor’s High Cost Loan Categorization

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  as amended (Mar. 7, 2003 - current) 

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.
                  

                Effective
                  for loans closed on or after March 7, 2003 

              	
                High
                  Cost Home Loan 

              
	
                HOEPA
                  Section 32 

              	
                Home
                  Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                  §§ 226.32 and 226.34 

                Effective
                  October 1, 1995, amendments October 1, 2002 

              	
                High
                  Cost Loan 

              
	
                Illinois
                  

              	
                High
                  Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et
                  seq.
                  

                Effective
                  January 1, 2004 (prior to this date, regulations under Residential
                  Mortgage License Act effective from May 14, 2001) 

              	
                High
                  Risk Home Loan 

              
	
                Kansas
                  

              	
                Consumer
                  Credit Code, Kan. Stat. Ann. §§ 16a-1-101 et
                  seq.
                  

                Sections
                  16a-1-301 and 16a-3-207 became effective April 14, 1999; Section
                  16a-3-308a became effective July 1, 1999 

              	
                High
                  Loan to Value Consumer Loan (id.
                  §
                  16a-3-207) and; 

              
	
                High
                  APR Consumer Loan (id.
                  §
                  16a-3-308a) 

              
	
                Kentucky
                  

              	
                2003
                  KY H.B. 287 - High Cost Home Loan Act, Ky. Rev. Stat. §§ 360.100
                  et
                  seq.

                Effective
                  June 24, 2003 

              	
                High
                  Cost Home Loan 

              
	
                Maine
                  

              	
                Truth
                  in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et
                  seq.
                  

                Effective
                  September 29, 1995 and as amended from time to time 

              	
                High
                  Rate High Fee Mortgage 

              
	
                Massachusetts
                  

              	
                Part
                  40 and Part 32, 209 C.M.R. §§ 32.00 et
                  seq.
                  and 209 C.M.R. §§ 40.01 et
                  seq.
                  

                Effective
                  March 22, 2001 and amended from time to time

              	
                High
                  Cost Home Loan 

              

      

      

      Standard
        & Poor’s High Cost Loan Categorization

       

      

        
          	
                  State/Jurisdiction

                	
                  Name
                    of Anti-Predatory Lending Law/Effective Date

                	
                  Category
                    under Applicable Anti-Predatory Lending Law

                
	
                  Nevada
                    

                	
                  Assembly
                    Bill No. 284, Nev. Rev. Stat. §§ 598D.010 et
                    seq.
                    

                  Effective
                    October 1, 2003 

                	
                  Home
                    Loan 

                
	
                  New
                    Jersey 

                	
                  New
                    Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                    et
                    seq.
                    

                  Effective
                    for loans closed on or after November 27, 2003 

                	
                  High
                    Cost Home Loan 

                
	
                  New
                    Mexico 

                	
                  Home
                    Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et
                    seq.
                    

                  Effective
                    as of January 1, 2004; Revised as of February 26, 2004 

                	
                  High
                    Cost Home Loan 

                
	
                  New
                    York 

                	
                  N.Y.
                    Banking Law Article 6-l 

                  Effective
                    for applications made on or after April 1, 2003 

                	
                  High
                    Cost Home Loan 

                
	
                  North
                    Carolina 

                	
                  Restrictions
                    and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                    et
                    seq.
                    

                  Effective
                    July 1, 2000; amended October 1, 2003 (adding open-end lines
                    of credit)
                    

                	
                  High
                    Cost Home Loan 

                
	
                  Ohio
                    

                	
                  H.B.
                    386 (codified in various sections of the Ohio Code), Ohio Rev.
                    Code Ann.
                    §§ 1349.25 et
                    seq.
                    

                  Effective
                    May 24, 2002 

                	
                  Covered
                    Loan 

                
	
                  Oklahoma
                    

                	
                  Consumer
                    Credit Code (codified in various sections of Title 14A) 

                  Effective
                    July 1, 2000; amended effective January 1, 2004 

                	
                  Subsection
                    10 Mortgage 

                
	
                  South
                    Carolina 

                	
                  South
                    Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                    et
                    seq.
                    

                  Effective
                    for loans taken on or after January 1, 2004

                	
                  High
                    Cost Home Loan 

                
	
                  West
                    Virginia 

                	
                  West
                    Virginia Residential Mortgage Lender, Broker and Servicer Act,
                    W. Va. Code
                    Ann. §§ 31-17-1 et
                    seq.
                    

                  Effective
                    June 5, 2002 

                	
                  West
                    Virginia Mortgage Loan Act Loan

                

        

      

      

       

      Standard
        & Poor’s Covered Loan Categorization 

       

      

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003) 

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.
                  

                Effective
                  October 1, 2002 - March 6, 2003 

              	
                Covered
                  Loan 

              
	
                New
                  Jersey 

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et
                  seq.
                  

                Effective
                  November 27, 2003 - July 5, 2004 

              	
                Covered
                  Home Loan 

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Standard
        & Poor’s Home Loan Categorization

      

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003) 

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.
                  

                Effective
                  October 1, 2002 - March 6, 2003 

              	
                Home
                  Loan 

              
	
                New
                  Jersey 

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et
                  seq.
                  

                Effective
                  for loans closed on or after November 27, 2003

              	
                Home
                  Loan 

              
	
                New
                  Mexico 

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et
                  seq.
                  

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004 

              	
                Home
                  Loan 

              
	
                North
                  Carolina 

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  et
                  seq.
                  

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)
                  

              	
                Consumer
                  Home Loan 

              
	
                South
                  Carolina 

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  et
                  seq.
                  

                Effective
                  for loans taken on or after January 1, 2004 

              	
                Consumer
                  Home Loan 

              

      

      

      Revised
        4/18/06 

      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      G

    

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 5.06(a)(ii). 

    

    Under
      Item 1 of Form 10-D: a) items marked “monthly statement” are required to be
      included in the periodic Distribution Date statement under Section 5.02,
      provided by the Securities 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 monthly 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

            	
              Servicers

            	
              Master
                Servicer

            	
              Securities
                Administrator

            	
              Custodian

            	
              Trustee

            	
              Depositor

            	
              Sponsor

            
	
              10-D

            	
              Must
                be filed within 15 days of the distribution date for the asset-backed
                securities.

            	 	 	 	 
	 	
              1

            	
              Distribution
                and Pool Performance Information

            	 	 	 	 	 	 	 
	
              Item
                1121(a) - Distribution and Pool Performance
                Information

            	 	 	 	 	 	 	 
	
              (1)
                Any applicable record dates, accrual dates, determination dates for
                calculating distributions and actual distribution dates for the
                distribution period.

            	 	 	
              X

               

              (monthly
                Statement)

            	 	 	 	 
	
              (2)
                Cash flows received and the sources thereof for distributions, fees
                and
                expenses.

            	 	 	
              X

               

              (monthly
                Statement)

            	 	 	 	 
	
              (3)
                Calculated amounts and distribution of the flow of funds for the
                period
                itemized by type and priority of payment, including:

            	 	 	
              X

               

              (monthly
                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.

            	 	 	
              X

               

              (monthly
                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.

            	 	 	
              X

               

              (monthly
                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.

            	 	 	
              X

               

              (monthly
                Statement)

            	 	 	 	 
	
              (iv)
                The amount of excess cash flow or excess spread and the disposition
                of
                excess cash flow.

            	 	 	
              X

               

              (monthly
                Statement)

            	 	 	 	 
	
              (4)
                Beginning and ending principal balances of the asset-backed
                securities.

            	 	 	
              X

               

              (monthly
                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.

            	 	 	
              X

               

              (monthly
                Statement)

            	 	 	 	 
	
              (6)
                Beginning and ending balances of transaction accounts, such as reserve
                accounts, and material account activity during the period.

            	 	 	
              X

               

              (monthly
                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.

            	 	 	
              X

               

              (monthly
                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.

            	 	 	
              X

               

              (monthly
                Statement)

            	 	 	
              Updated
                pool composition information fields to be as specified by Depositor
                from
                time to time

            	 
	
              (9)
                Delinquency and loss information for the period.

            	
              X

            	
              X

            	
              X

               

              (monthly
                Statement)

            	 	 	 	 
	
              In
                addition, describe any material changes to the information specified
                in
                Item 1100(b)(5) of Regulation AB regarding the pool assets.
                (methodology)

            	
              X

            	
              X

            	 	 	 	 	 
	
              (10)
                Information on the amount, terms and general purpose of any advances
                made
                or reimbursed during the period, including the general use of funds
                advanced and the general source of funds for
                reimbursements.

            	
              X

            	
              X

            	
              X

               

              (monthly
                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.

            	
              X

            	
              X

            	
              X

               

              (monthly
                Statement)

            	 	 	 	 
	
              (12)
                Material breaches of pool asset representations or warranties or
                transaction covenants.

            	
              X

            	
              X

            	 	 	 	
              X

            	 
	
              (13)
                Information on ratio, coverage or other tests used for determining
                any
                early amortization, liquidation or other performance trigger and
                whether
                the trigger was met.

            	 	 	
              X

               

              (monthly
                Statement)

            	 	 	 	 
	
              (14)
                Information regarding any new issuance of asset-backed securities
                backed
                by the same asset pool, 

            	 	 	 	 	 	
              X

            	 
	
              any
                pool asset changes (other than in connection with a pool asset converting
                into cash in accordance with its terms), such as additions or removals
                in
                connection with a prefunding or revolving period and pool asset
                substitutions and repurchases (and purchase rates, if applicable),
                and
                cash flows available for future purchases, such as the balances of
                any
                prefunding or revolving accounts, if applicable.

            	
              X

            	
              X

            	
              X

            	 	 	
              X

            	 
	
              Disclose
                any material changes in the solicitation, credit-granting, underwriting,
                origination, acquisition or pool selection criteria or procedures,
                as
                applicable, used to originate, acquire or select the new pool
                assets.

            	 	 	 	 	 	
              X

            	
              X

            
	
              Item
                1121(b) - Pre-Funding or Revolving Period Information

               

              Updated
                pool information as required under Item 1121(b).

            	 	 	 	 	 	
              X

            	 
	
              2

            	
              Legal
                Proceedings

            	 	 	 	 	 	 	 
	
              Item
                1117 - Legal proceedings pending against the following entities,
                or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	 	 	
              X

            	 	 
	
              Issuing
                entity

            	 	 	 	 	 	
              X

            	 
	
              Master
                Servicer, affiliated Servicer, other Servicer servicing 20% or more
                of
                pool assets at time of report, other material servicers

            	
              X

            	
              X

            	 	 	 	 	 
	
              Securities
                Administrator

            	 	 	
              X

            	 	 	 	 
	
              Originator
                of 20% or more of pool assets as of the Cut-off Date

            	 	 	 	 	 	
              X

            	 
	
              Custodian

            	 	 	 	
              X

            	 	 	 
	
              3

            	
              Sales
                of Securities and Use of Proceeds

            	 	 	 	 	 	 	 
	
              Information
                from Item 2(a) of Part II of Form 10-Q:

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	 	 	 	 	 	
              X

            	 
	
              4

            	
              Defaults
                Upon Senior Securities

            	 	 	 	 	 	 	 
	
              Information
                from Item 3 of Part II of Form 10-Q:

               

              Report
                the occurrence of any Event of Default (after expiration of any grace
                period and provision of any required notice)

            	 	 	
              X

            	 	
              X

            	 	 
	
              5

            	
              Submission
                of Matters to a Vote of Security Holders

            	 	 	 	 	 	 	 
	
              Information
                from Item 4 of Part II of Form 10-Q

            	 	 	
              X

            	 	
              X

            	 	 
	
              6

            	
              Significant
                Obligors of Pool Assets

            	 	 	 	 	 	 	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information*

            	 	 	 	 	 	
              X

            	
              X

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 	 	 	 	 	 	 
	
              7

            	
              Significant
                Enhancement Provider Information

            	 	 	 	 	 	 	 
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

            	 	 	 	 	 	 	 
	
              Determining
                applicable disclosure threshold

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

            	 	 	 	 
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information*

            	 	 	 	 	 	 	 
	
              Determining
                current maximum probable exposure

            	 	 	 	 	 	
              X

            	 
	
              Determining
                current significance percentage

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

            	 	 	 	 
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 	 	 	 	 	 	 
	
              8

            	
              Other
                Information

            	 	 	 	 	 	 	 
	
              Disclose
                any information required to be reported on Form 8-K during the period
                covered by the Form 10-D but not reported

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                below.

            
	
              9

            	
              Exhibits

            	 	 	 	 	 	 	 
	
              Distribution
                report

            	 	 	
              X

            	 	 	 	 
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	 	 	 	 	 	
              X

            	 
	
              8-K

            	
              Must
                be filed within four business days of an event reportable on Form
                8-K.

            	 	 	 	 
	
              1.01

            	
              Entry
                into a Material Definitive Agreement

            	 	 	 	 	 	 	 
	
              Disclosure
                is required regarding entry into or amendment of any definitive agreement
                that is material to the securitization, even if depositor is not
                a party.
                

               

              Examples:
                servicing agreement, custodial agreement.

               

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

            	
              X

            	
              X

            	
              X
                (if Master Servicer is not a party)

            	 	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            
	
              1.02

            	
              Termination
                of a Material Definitive Agreement

            	
              X

            	
              X

            	
              X
                (if Master Servicer is not a party)

            	 	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            	
              X
                (if Master Servicer is not a party)

            
	
              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

               

               

              Examples:
                servicing agreement, custodial agreement.

            	 	 	 	 	 	 	 
	
              1.03

            	
              Bankruptcy
                or Receivership

            	 	 	 	 	 	 	 
	
              Disclosure
                is required regarding the bankruptcy or receivership, if known to
                the
                Master Servicer, with respect to any of the following: 

               

              Sponsor
                (Seller), Depositor, Master Servicer, affiliated Servicer, other
                Servicer
                servicing 20% or more of pool assets at time of report, other material
                servicers, Certificate Administrator, Trustee, significant obligor,
                credit
                enhancer (10% or more), derivatives counterparty,
                Custodian

            	
              X

            	
              X

            	
              X

            	
              X

            	
              X 

            	
              X 

            	
              X

            
	
              2.04

            	
              Triggering
                Events that Accelerate or Increase a Direct Financial Obligation
                or an
                Obligation under an Off-Balance Sheet Arrangement

            	 	 	 	 	 	 	 
	
              Includes
                an early amortization, performance trigger or other event, including
                event
                of default, that would materially alter the payment priority/distribution
                of cash flows/amortization schedule.

               

              Disclosure
                will be made of events other than waterfall triggers which are disclosed
                in the 5.02 statement

            	 	
              X

            	
              X

            	 	 	 	 
	
              3.03

            	
              Material
                Modification to Rights of Security Holders

            	 	 	 	 	 	 	 
	
              Disclosure
                is required of any material modification to documents defining the
                rights
                of Certificateholders, including the Pooling and Servicing
                Agreement

            	 	
              X

            	
              X

            	 	
              X

            	
              X

            	 
	
              5.03

            	
              Amendments
                to Articles of Incorporation or Bylaws; Change in Fiscal
                Year

            	 	 	 	 	 	 	 
	
              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”

            	 	 	 	 	
              X

            	
              X

            	 
	
              5.06

            	
              Change
                in Shell Company Status

            	 	 	 	 	 	 	 
	
              [Not
                applicable to ABS issuers]

            	 	 	 	 	 	
              X

            	 
	
              6.01

            	
              ABS
                Informational and Computational Material

            	 	 	 	 	 	 	 
	
              [Not
                included in reports to be filed under Section 3.18]

            	 	 	 	 	 	
              X

            	 
	
              6.02

            	
              Change
                of Servicer or Trustee

            	 	 	 	 	 	 	 
	
              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                master servicer, affiliated servicer, other servicer servicing 10%
                or more
                of pool assets at time of report, other material servicers, certificate
                administrator or trustee. 

            	
              X

            	
              X

            	
              X

            	 	
              X

            	
              X

            	 
	 	
              Reg
                AB disclosure about any new servicer (from entity appointing new
                servicer)
                or trustee (from Depositor) is also required.

            	
              X

            	 	 	 	
              X

            	
              X

            	 
	
              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.
                

            	 	 	
              X

            	 	 	
              X

            	 
	 	
              Reg
                AB disclosure about any new enhancement provider is also
                required

            	 	 	 	 	 	
              X

            	 
	
              6.04

            	
              Failure
                to Make a Required Distribution

            	 	 	
              X

            	 	
              X

            	 	 
	
              6.05

            	
              Securities
                Act Updating Disclosure

            	 	 	 	 	 	 	 
	
              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Reg AB disclosure about the actual asset
                pool.

            	 	 	 	 	 	
              X

            	
               

            
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	 	 	 	 	 	
              X

            	 
	
              7.01

            	
              Regulation
                FD Disclosure

            	
              X

            	
              X

            	
              X

            	 	
              X

            	
              X

            	
              X

            
	
              8.01

            	
              Other
                Events

            	 	 	 	 	 	 	 
	
              Any
                event, with respect to which information is not otherwise called
                for in
                Form 8-K, that the registrant deems of importance to security
                holders.

            	 	 	 	 	 	
              X

            	 
	
              9.01

            	
              Financial
                Statements and Exhibits

            	
              The
                Responsible Party applicable to reportable event.

            
	
              10-K

            	
              Must
                be filed within 90 days of the fiscal year end for the
                registrant.

            	 	 	 	 
	
              9B

            	
              Other
                Information

            	 	 	 	 	 	 	 
	 	 	
              Disclose
                any information required to be reported on Form 8-K during the fourth
                quarter covered by the Form 10-K but not reported

            	
              The
                Responsible Party for the applicable Form 8-K as indicated
                above.

            
	 	
              15

            	
              Exhibits
                and Financial Statement Schedules

            	 	 	 	 	 	 	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information

            	 	 	 	 	 	
              X

            	
              X

            
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information

            	 	 	 	 	 	 	 
	
              Determining
                applicable disclosure threshold

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

            	 	 	 	 
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information

            	 	 	 	 	 	 	 
	
              Determining
                current maximum probable exposure

            	 	 	 	 	 	
              X

            	 
	 	 	
              Determining
                current significance percentage

            	 	 	
              X

            	 	 	 	 
	
              Requesting
                required financial information or effecting incorporation by
                reference

            	 	 	
              X

            	 	 	 	 
	
              Item
                1117 - Legal proceedings pending against the following entities,
                or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	 	 	
              X

            	 	 
	
              Issuing
                entity

            	 	 	 	 	 	
              X

            	 
	
              Master
                Servicer, affiliated Servicer, other Servicer servicing 20% or more
                of
                pool assets at time of report, other material servicers

            	
              X

            	
              X

            	 	 	 	 	 
	
              Securities
                Administrator

            	 	 	
              X

            	 	 	 	 
	
              Originator
                of 20% or more of pool assets as of the Cut-off Date

            	 	 	 	 	 	
              X

            	
              X

            
	
              Custodian

            	 	 	 	
              X

            	 	 	 
	
              Item
                1119 - Affiliations and relationships between the following entities,
                or
                their respective affiliates, that are material to
                Certificateholders:

            	 	 	 	 	 	 	 
	
              Sponsor
                (Seller)

            	 	 	 	 	 	 	
              X

            
	
              Depositor

            	 	 	 	 	 	
              X

            	 
	
              Trustee

            	 	 	 	 	
              X
                with respect to 1119(a) affiliations only

            	 	 
	
              Master
                Servicer, affiliated Servicer, other Servicer servicing 20% or more
                of
                pool assets at time of report, other material servicers

            	
              X

            	
              X

            	 	 	 	 	 
	
              Securities
                Administrator

            	 	 	
              X

            	 	 	 	 
	
              Originator

            	 	 	 	 	 	
              X

            	
              X

            
	
              Custodian

            	 	 	 	
              X
                (with respect to affiliations only)

            	 	 	 
	
              Credit
                Enhancer/Support Provider

            	 	 	 	 	 	
              X

            	
              X

            
	
              Significant
                Obligor

            	 	 	 	 	 	
              X

            	
              X

            
	
              Item
                1122 - Assessment of Compliance with Servicing
                Criteria

            	
              X

            	
              X

            	
              X

            	
              X

            	 	 	 
	
              Item
                1123 - Servicer Compliance Statement

            	
              X

            	
              X

            	 	 	 	 	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    EXHIBIT
      H

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    **SENT
      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 Securities Administrator

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Fax:
      (410) 715-2380

    E-mail:
      cts.sec.notifications@wellsfargo.com

     

    Attn:
      Corporate Trust Services - ACE 2006-OP1 - SEC REPORT PROCESSING

     

    ACE
      Securities Corp.

    6525
      Morrison Boulevard, Suite 318

    Charlotte,
      North Carolina 28211

    Fax:
      (704) 365-1362)

    Attn:
      Juliana Johnson

     

    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 [________] [__], 2006 among [_____________], as [______], [_____________],
      as [______], [_____________], as [______] and [_____________], as [______],
      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
      I

     

    SWAP
      AGREEMENT

     

    
       

      

        
          Financial
            Markets

          280
            Bishopsgate

          London
            EC2M 4RB

        

        
          	
                  Memorandum

                	
                  May
                    25, 2006

                

        

      

       

      
        	
                To:

              	
                HSBC
                  Bank USA, National Association, not in its individual capacity,
                  but

                solely
                  as Trustee for the Supplemental Interest Trust with respect to
                  Ace
                  Securities Corp. Home Equity Loan Trust, 

                Series
                  2006-OP1, Asset Backed Pass-Through Certificates (“Party
                  B”)

                452
                  Fifth Avenue

                New
                  York, New York 10018

                Attn:
                  Corporate Trust & Loan Agency

                Tel:
                  212-525-1367

                Fax:
                  212-525-1300

                E-Mail:
                  elena.zheng@us.hsbc.com

              
	 	 
	
                Copy
                  To:

              	
                Wells
                  Fargo Bank, National Association

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

                Tel:
                  410-884-2000

                Attn:
                  Client Manager, ACE 2006-OP1

                Fax:
                  410-715-2380

              
	 
	
                From:

                 

                 

                 

                 

              	
                The
                  Royal Bank of Scotland plc (“Party
                  A”)

                c/o
                  RBS Financial Markets

                Level
                  7, 135 Bishopsgate

                London
                  EC2M 3UR

                Attn:
                  Head of Legal, Financial Markets 

                Tel:
                  44 207 085 5000

                Fax:
                  44 207 085 8411

              
	 	 
	
                Copy
                  To:

              	
                Greenwich
                  Capital Markets, Inc.

                600
                  Steamboat Road

                Greenwich,
                  CT 06830

                Attn:
                  Legal Department - Derivatives Documentation

                Tel.:
                  203-618-2531/32

                Fax:
                  203-618-2533/34

              
	 	 
	
                Our
                  Reference Number:

              	
                D6989488

              

      

      

       

      Dear
        Sir
        or Madam:

       

      The
        purpose of this letter agreement is to confirm the terms and conditions of
        the
        Transaction entered into between Party A and HSBC Bank USA, National Association
        as trustee of the supplemental interest trust (the “Trustee”
and
        the
“Supplemental
        Interest Trust”,
        respectively) under the Pooling and Servicing Agreement (the “Pooling
        and Servicing Agreement”),
        dated
        and effective as of May 1, 2006, among Ace Securities Corp., as Depositor,
        Option One Mortgage Corporation, as Servicer, Wells Fargo Bank, N.A., as
        Master
        Servicer and Securities Administrator and the Trustee (each a “party”
and
        together “the
        parties”)
        on the
        Trade Date specified below (the “Transaction”).
        This
        letter agreement (“Agreement”)
        constitutes the sole and complete “Confirmation”,
        as
        referred to in the Master Agreement.

       

      The
        definitions and provisions contained in the 2000 ISDA Definitions (the
“Definitions”)
        as
        published by the International Swaps and Derivatives Association, Inc.,
        (“ISDA”)
        are
        incorporated into this Confirmation. This Confirmation will be governed by
        and
        subject to the terms and conditions which would be applicable if, prior to
        the
        Trade Date, the parties had executed and delivered an ISDA Master Agreement
        (Multicurrency-Cross Border), in the form published by ISDA in 1992 (the
        “Master
        Agreement”)
        (but
        without any Schedule except for the elections noted in Schedule B hereto).
        In
        the event of any inconsistency between the provisions of the Master Agreement
        and this Confirmation, this Confirmation will govern. Terms capitalized but
        not
        defined herein or in the Definitions incorporated herein shall have the
        respective meanings attributed to them in the Pooling and Servicing
        Agreement.

       

       

      
        	1  	
                This
                  Confirmation evidences a complete binding agreement between the
                  parties as
                  to the terms of the Transaction to which this Confirmation relates.
                  In
                  addition, each party represents to the other party and will be
                  deemed to
                  represent to the other party on the date on which it enters into
                  a
                  Transaction that (absent a written agreement between the parties
                  that
                  expressly imposes affirmative obligations to the contrary for that
                  Transaction):

              

      

       

      
        	(i)  	
                Principal
                  In
                  the case of Party A, it is acting as principal and not as agent
                  when
                  entering into the Transaction and in the case of Party B, it is
                  acting as
                  Trustee when entering into the
                  Transaction.

              

      

       

      
        	(ii)  	
                Non-Reliance
                  In
                  the case of Party A, it is acting for its own account and, in the
                  case of
                  Party B, it is acting as Trustee, and in the case of both parties,
                  it has
                  made its own independent decisions to enter into the Transaction
                  and as to
                  whether the Transaction is appropriate or proper for it based upon
                  its own
                  judgment and upon advice from such advisors as it has deemed necessary
                  and, with respect to Party B, as directed under the Pooling and
                  Servicing
                  Agreement. It is not relying on any communication (written or oral)
                  of the
                  other party as investment advice or as a recommendation to enter
                  into the
                  Transaction; it being understood that information and explanations
                  related
                  to the terms and conditions of the Transaction shall not be considered
                  investment advice or a recommendation to enter into the 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 the
                  Transaction.

              

      

       

      
        	(iii)  	
                Evaluation
                  and Understanding
                  It
                  is capable of evaluating and understanding (on its own behalf or
                  through
                  independent professional advice), and understands and accepts,
                  the terms,
                  conditions and risks of the Agreement and that Transaction. It
                  is also
                  capable of assuming, and assumes, the financial and other risks
                  of the
                  Agreement and that Transaction.

              

      

       

      
        	(iv)  	
                Status
                  of Parties
                  The other party is not acting as an agent, fiduciary or advisor
                  for it in
                  respect of that Transaction.

              

      

       

       

      
        	2  	
                The
                  terms of the particular Transaction to which this Confirmation
                  relates are
                  as follows:

              

      

       

      
        	
                Notional
                  Amount:

              	
                With
                  respect to any Calculation Period, the amount set forth on Schedule
                  A
                  attached hereto.

                 

              
	
                Trade
                  Date:

              	
                May
                  5, 2006

                 

              
	
                Effective
                  Date:

              	
                May
                  25, 2006

                 

              
	
                Termination
                  Date:

              	
                March 25,
                  2010, subject to adjustment in accordance with the Business Day
                  Convention
                  (provided, however, solely for the purpose of determining the Fixed
                  Rated
                  Payer Period End Date with respect to the final Calculation Period,
                  such
                  date shall be subject to No Adjustment).

              
	
                Fixed
                  Amounts:

              	 
	
                Fixed
                  Rate Payer:

              	
                Party
                  B

                 

              
	
                Fixed
                  Rate Payer Period 

                End
                  Dates:

              	
                The
                  25th
                  day of each month of each year commencing June 25, 2006, through and
                  including the Termination Date, subject to no adjustment.

                 

              
	
                Fixed
                  Rate Payer

                Payment
                  Dates:

              	
                Early
                  Payment shall be applicable. The Fixed Rate Payer Payment Dates
                  shall be
                  one (1) Business Day prior to each Fixed Rate Payer Period End
                  Date,
                  subject to adjustment in accordance with the Business Day
                  Convention.

                 

              
	
                Fixed
                  Rate:

              	
                5.280%

                 

              
	
                Fixed
                  Rate Day

                Count
                  Fraction:

              	
                30/360

              
	
                Upfront
                  Fee:

              	
                Party
                  B will pay USD 1,315,000 to Party A on the Effective Date (the
                  parties
                  hereto agree that such payment will be made on behalf of Party
                  B by
                  Deutsche Bank Securities Inc.) 

                 

              
	
                Floating
                  Amounts:

              	 
	
                Floating
                  Rate Payer:

              	
                Party
                  A

                 

              
	
                Floating
                  Rate Payer Period End Dates:

              	
                The
                  25th
                  day of each month of each year commencing June 25, 2006, through and
                  including the Termination Date, subject to adjustment in accordance
                  with
                  the Business Day Convention.

                 

              
	
                Floating
                  Rate Payer Payment Dates:

              	
                Early
                  Payment shall be applicable. The Floating Rate Payer Payment Dates
                  shall
                  be one (1) Business Day prior to each Floating Rate Payer Period
                  End Date,
                  subject to adjustment in accordance with the Business Day
                  Convention.

                 

              
	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

                 

              
	
                Designated
                  Maturity:

              	
                One
                  month

                 

              
	
                Spread:

              	
                None

                 

              
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360

                 

              
	
                Reset
                  Dates:

              	
                First
                  day of each Calculation Period

                 

              
	
                Business
                  Days for payment:

              	
                New
                  York

                 

              
	
                Business
                  Day Convention:

              	
                Modified
                  Following

                 

              
	
                Calculation
                  Agent:

              	
                Party
                  A

              

      

       

      
        	3  	
                Recording
                  of Conversations

              

      

       

      Each
        party (i) consents to the recording of the telephone conversations of trading
        and marketing personnel of the parties and (ii) agrees to obtain any necessary
        consent of, and give notice of such recording to, such personnel of
        it.

       

       

      
        	4  	
                Account
                  Details:

              

      

       

      
        	
                Account
                  for payments to Party A:

              	
                For
                  the account of The Royal Bank of Scotland Financial Markets Fixed
                  Income
                  and Interest Rate Derivative Operations, London SWIFT RBOSGB2RTCM
                  with
                  JPMorgan Chase Bank, New York CHASUS33, ABA # 021000021

                Account
                  Number 400930153

                 

              
	
                Account
                  for payments to Party B:

              	
                Wells
                  Fargo Bank, NA

                ABA
                  # 121000248

                Account
                  Name: SAS Clearing Account #3970771416

                FFC
                  to: 50918102, ACE 2006-OP1 Supplemental Interest Trust
                  Account

              

      

      

       

       

      
        	5  	
                Offices:

              

      

       

      
        	
                The
                  Office of Party A for this Transaction is:

              	
                London

                 

              
	
                The
                  Office of Party B for this Transaction is:

              	
                New
                  York

              

      

      

       

       

      
        	6  	
                Other
                  Provisions:

              

      

       

       

      
        	6.1  	
                Agency
                  Role of Greenwich Capital Markets, Inc. This Transaction has been
                  entered
                  into by Greenwich Capital Markets, Inc., as agent for The Royal
                  Bank of
                  Scotland plc. Greenwich Capital Markets, Inc. has not guaranteed
                  and is
                  not otherwise responsible for the obligations of Party A under this
                  Transaction.

              

      

       

       

      [REMAINDER
        OF THIS PAGE INTENTIONALLY LEFT BLANK]

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Please
        promptly confirm that the foregoing correctly sets forth the terms of the
        Transaction entered into between us by executing this Confirmation and returning
        it to us by facsimile to:

       

      

       

       

      The
        Royal Bank of Scotland plc

      Attention:
        Derivatives Documentation

      Fax:
        0207 375 6724 / 6486 Phone: 0207 375 4225

       

      

       

      THE
        ROYAL BANK OF SCOTLAND PLC

      By:
        Greenwich Capital Markets, Inc., its agent

       

      

       

      
        	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

       

      Accepted
        and confirmed as of the Trade Date written above:

       

      HSBC
        BANK USA, NATIONAL ASSOCIATION, NOT
        IN
        ITS INDIVIDUAL CAPACITY, BUT SOLELY AS

      TRUSTEE
        OF THE SUPPLEMENTAL INTEREST TRUST WITH RESPECT TO ACE SECURITIES CORP. HOME
        EQUITY LOAN TRUST, SERIES 2006-OP1, ASSET BACKED PASS-THROUGH
        CERTIFICATES

       

       

      
        	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Schedule
        A to the Confirmation dated as of May 25, 2006

       

       

      Re:
        Reference Number D6989488

       

      Amortization
        Schedule,
        all
        such
        dates subject to No Adjustment with respect to Fixed Rate Payer Period End
        Dates
        and subject to adjustment in accordance with the Business Day Convention
        with
        respect to Floating Rate Payer Period End Dates 

       

      
        	
                From
                  and Including

              	
                To
                  but Excluding

              	
                Notional
                  Amount (USD)

              
	
                5/25/2006

              	
                6/25/2006

              	
                1,107,045,226.00

              
	
                6/25/2006

              	
                7/25/2006

              	
                1,089,156,703.00

              
	
                7/25/2006

              	
                8/25/2006

              	
                1,068,321,926.00

              
	
                8/25/2006

              	
                9/25/2006

              	
                1,044,613,426.00

              
	
                9/25/2006

              	
                10/25/2006

              	
                1,018,117,642.00

              
	
                10/25/2006

              	
                11/25/2006

              	
                988,945,108.00

              
	
                11/25/2006

              	
                12/25/2006

              	
                957,230,351.00

              
	
                12/25/2006

              	
                1/25/2007

              	
                923,131,484.00

              
	
                1/25/2007

              	
                2/25/2007

              	
                886,844,088.00

              
	
                2/25/2007

              	
                3/25/2007

              	
                850,078,115.00

              
	
                3/25/2007

              	
                4/25/2007

              	
                814,797,208.00

              
	
                4/25/2007

              	
                5/25/2007

              	
                780,984,579.00

              
	
                5/25/2007

              	
                6/25/2007

              	
                748,578,966.00

              
	
                6/25/2007

              	
                7/25/2007

              	
                717,521,669.00

              
	
                7/25/2007

              	
                8/25/2007

              	
                687,756,444.00

              
	
                8/25/2007

              	
                9/25/2007

              	
                659,229,398.00

              
	
                9/25/2007

              	
                10/25/2007

              	
                631,888,890.00

              
	
                10/25/2007

              	
                11/25/2007

              	
                605,685,440.00

              
	
                11/25/2007

              	
                12/25/2007

              	
                580,571,633.00

              
	
                12/25/2007

              	
                1/25/2008

              	
                556,389,517.00

              
	
                1/25/2008

              	
                2/25/2008

              	
                508,638,203.00

              
	
                2/25/2008

              	
                3/25/2008

              	
                433,736,496.00

              
	
                3/25/2008

              	
                4/25/2008

              	
                370,706,343.00

              
	
                4/25/2008

              	
                5/25/2008

              	
                318,292,939.00

              
	
                5/25/2008

              	
                6/25/2008

              	
                285,469,621.00

              
	
                6/25/2008

              	
                7/25/2008

              	
                272,228,259.00

              
	
                7/25/2008

              	
                8/25/2008

              	
                260,003,917.00

              
	
                8/25/2008

              	
                9/25/2008

              	
                248,339,587.00

              
	
                9/25/2008

              	
                10/25/2008

              	
                237,209,772.00

              
	
                10/25/2008

              	
                11/25/2008

              	
                226,587,543.00

              
	
                11/25/2008

              	
                12/25/2008

              	
                216,449,399.00

              
	
                12/25/2008

              	
                1/25/2009

              	
                206,772,947.00

              
	
                1/25/2009

              	
                2/25/2009

              	
                197,536,841.00

              
	
                2/25/2009

              	
                3/25/2009

              	
                188,720,801.00

              
	
                3/25/2009

              	
                4/25/2009

              	
                180,306,379.00

              
	
                4/25/2009

              	
                5/25/2009

              	
                172,274,201.00

              
	
                5/25/2009

              	
                6/25/2009

              	
                164,606,401.00

              
	
                6/25/2009

              	
                7/25/2009

              	
                157,286,189.00

              
	
                7/25/2009

              	
                8/25/2009

              	
                150,297,556.00

              
	
                8/25/2009

              	
                9/25/2009

              	
                143,625,254.00

              
	
                9/25/2009

              	
                10/25/2009

              	
                137,254,785.00

              
	
                10/25/2009

              	
                11/25/2009

              	
                131,172,229.00

              
	
                11/25/2009

              	
                12/25/2009

              	
                125,364,337.00

              
	
                12/25/2009

              	
                1/25/2010

              	
                119,818,500.00

              
	
                1/25/2010

              	
                2/25/2010

              	
                114,522,696.00

              
	
                2/25/2010

              	
                3/25/2010

              	
                109,465,464.00

              

      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

       

      Schedule
        B to the Confirmation dated as of May 25, 2006

       

      Re:
        Reference Number D6989488

       

      Between
        The Royal Bank of Scotland plc (“Party
        A”)
        and
        HSBC Bank USA, National Association, not in its individual capacity, but
        so as
        Trustee for the Supplemental Interest Trust with respect to Ace Securities
        Corp.
        Home Equity Loan Trust, Series 2006-OP1, Asset Backed Pass-Through Certificates
        (“Party
        B”)
        

       

      
        	Part.
                1  	
                Termination
                  Provisions 

              

      

       

      
        	(a)  	
                “Specified
                  Entity”
                  means in relation to Party A for the purpose of the Master
                  Agreement:

              

      

       

      Section
        5(a)(v): none.

       

      Section
        5(a)(vi): none.

       

      Section
        5(a)(vii): none.

       

      Section
        5(b)(iv): none.

       

      and
        in
        relation to Party B for the purpose of the Master Agreement:

       

      Section
        5(a)(v): none.

       

      Section
        5(a)(vi): none.

       

      Section
        5(a)(vii): none.

       

      Section
        5(b)(iv): none.

       

      
        	(b)  	
                “Specified
                  Transaction”
                  is not applicable to Party A or Party B for any purpose, and accordingly,
                  Section 5(a)(v) of the Master Agreement shall not apply to Party
                  A or
                  Party B. 

              

      

       

      
        	(c)  	
                The
                  “Breach
                  of Agreement”
                  provisions of Section 5(a)(ii) of the Master Agreement will be
                  inapplicable to Party A and Party
                  B.

              

      

       

      
        	(d)  	
                The
                  “Credit
                  Support Default”
                  provisions of Section 5(a)(iii) of the Master Agreement will be
                  inapplicable to Party A and Party
                  B.

              

      

       

      
        	(e)  	
                The
                  “Misrepresentation”
                  provisions of Section 5(a)(iv) of the Master Agreement will be
                  inapplicable to Party A and Party
                  B.

              

      

       

      
        	(f)  	
                The
                  “Default
                  Under Specified Transaction”
                  provisions of Section 5(a)(v) of the Master Agreement will be inapplicable
                  to Party A and Party B.

              

      

       

      
        	(g)  	
                The
                  “Cross
                  Default”
                  provisions of Section 5(a)(vi) of the Master Agreement will be
                  inapplicable to Party A and Party
                  B.

              

      

       

      
        	(h)  	
                The
                  “Bankruptcy”
                  provision of Section 5(a)(vii)(2) of the Master Agreement will
                  be
                  inapplicable to Party B.

              

      

       

      
        	(i)  	
                The
                  “Credit
                  Event Upon Merger”
                  provisions of Section 5(b)(iv) of the Master Agreement will be
                  inapplicable to Party A and Party
                  B.

              

      

       

      
        	(j)  	
                The
                  “Automatic
                  Early Termination”
                  provision of Section 6(a) of the Master Agreement will be inapplicable
                  to
                  Party A and Party B; provided that where there is an Event of Default
                  under Section 5(a)(vii)(1), (3), (4), (5), (6) or, to the extent
                  analogous
                  thereto, (8), and the Defaulting Party is governed by a system
                  of law that
                  does not permit termination to take place after the occurrence
                  of such
                  Event of Default, then the Automatic Early Termination provisions
                  of
                  Section 6(a) will apply.

              

      

       

      If
        an
        Early Termination Date has occurred under Section 6(a) of the Master Agreement
        as a result of Automatic Early Termination, and if the Non-defaulting Party
        determines that it has either sustained or incurred a loss or damage or
        benefited from a gain in respect of any Transaction, as a result of movement
        in
        interest rates, currency exchange rates, other relevant rates or market
        quotations between the Early Termination Date and the date upon which the
        Non-defaulting Party first becomes aware that such Event of Default has occurred
        under Section 6(a) of the Agreement, then (i) the amount of such loss or
        damage
        shall be added to the amount due by the Defaulting Party or deducted from
        the
        amount due by the Non-defaulting Party, as the case may be (in both cases
        pursuant to Section 6(e)(i)(3) of the Master Agreement); or (ii) the amount
        of
        such gain shall be deducted from the amount due by the Defaulting Party or
        added
        to the amount due by the Non-defaulting Party, as the case may be (in both
        cases
        pursuant to Section 6(e)(i)(3) of the Master Agreement).

       

      
        	(k)  	
                Payments
                  on Early Termination For
                  the purpose of Section 6(e) of the Master
                  Agreement:

              

      

       

      
        	(i)  	
                Market
                  Quotation will apply; and

              

      

       

      
        	(ii)  	
                The
                  Second Method will apply.

              

      

       

      
        	(l)  	
                “Termination
                  Currency”
                  means United States Dollars.

              

      

       

      
        	Part.
                2  	
                Tax
                  Representations 

              

      

       

      Payer
        Representations For
        the
        purpose of Section 3(e) of the Master Agreement, each of Party A and Party
        B
        will make the following representation:

       

      It
        is not
        required by any applicable law, as modified by the practice of any relevant
        governmental revenue authority, of any Relevant Jurisdiction to make any
        deduction or withholding for or on account of any Tax from any payment (other
        than interest under Section 2(e), 6(d)(ii) or 6(e) of the Master Agreement)
        to
        be made by it to the other party under this Agreement. In making this
        representation, it may rely on (i) the accuracy of any representations made
        by
        the other party pursuant to Section 3(f) of the Master Agreement, (ii) the
        satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of
        the
        Master Agreement and the accuracy and effectiveness of any document provided
        by
        the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the Master Agreement
        and (iii) the satisfaction of the agreement of the other party contained
        in
        Section 4(d) of the Master Agreement, provided that it shall not be a breach
        of
        this representation where reliance is placed on clause (ii) and the other
        party
        does not deliver a form or document under Section 4(a)(iii) of the Master
        Agreement by reason of material prejudice to its legal or commercial position.
        

       

      Payee
        Representations For
        the
        purpose of Section 3(f) of the Master Agreement, Party A and Party B make
        the
        following representations:

       

      
        	(i)  	
                Party
                  A represents that 

              

      

       

      
        	(A)  	
                it
                  is a tax resident of the United
                  Kingdom;

              

      

       

      
        	(B)  	
                it
                  is a "foreign person" within the meaning of the applicable U.S.
                  Treasury
                  Regulations concerning information reporting and backup withholding
                  tax
                  (as in effect on January 1, 2001), unless Party A provides
                  written notice to Party B that it is no longer a foreign
                  person;

              

      

       

      
        	(C)  	
                in
                  respect of each Transaction it enters into through an office or
                  discretionary agent in the United States or which otherwise is
                  allocated
                  (in whole or part) for United States federal income tax purposes
                  to such
                  United States trade or business, each payment received or to be
                  received
                  by it under such Transaction (or portion thereof, if applicable)
                  will be
                  effectively connected with its conduct of a trade or business in
                  the
                  United States; and

              

      

       

      
        	(D)  	
                in
                  respect of all other Transactions or portions thereof, no such
                  payment
                  received or to be received by it in connection with this Agreement
                  is
                  attributable to a trade or business carried on by it through a
                  permanent
                  establishment in the United States.

              

      

       

      
        	(ii)  	
                Party
                  B represents that it is the Trustee of the Supplemental Interest
                  Trust
                  created under the Pooling
                  and Servicing Agreement.

              

      

       

      
        	Part.
                3  	
                Agreement
                  to Deliver Documents

              

      

       

      For
        the
        purpose of Sections 4(a)(i) and (ii) of the Master Agreement, Party A and
        Party
        B agree 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 and Party B

              	
                Any
                  form or document required or reasonably requested to allow the
                  other party
                  to make payments under the Agreement without any deduction or withholding
                  for or on account of any Tax, or with such deduction or withholding
                  at a
                  reduced rate.

              	
                Promptly
                  upon reasonable demand by the other
                  party.

              

      

      

       

      
        	(b)  	
                Other
                  documents to be delivered and covered by the Section 3(d) representation
                  are:--

              

      

       

      
        	
                Party
                  required to deliver

              	
                Form/Document/or
                  Certificate

              	
                Date
                  by which to be delivered

              	
                Covered
                  by Section 3(d) representation

              
	
                Party
                  A and Party B

              	
                Incumbency
                  Certificate (or, if available the current authorized signature
                  book or
                  equivalent authorizing documentation) specifying the names, titles,
                  authority and specimen signatures of the persons authorized to
                  execute the
                  Confirmation which sets forth the specimen signatures of each signatory
                  to
                  the Confirmation signing on its behalf. 

                 

              	
                Concurrently
                  with the execution and delivery of the Confirmation unless previously
                  delivered and still in full force and effect.

              	
                Yes

              
	
                Party
                  B 

              	
                The
                  Pooling
                  and Servicing Agreement

              	
                Concurrently
                  with the execution and delivery of the Confirmation.

                 

              	
                No

              
	
                Party
                  A and Party B

              	
                Legal
                  opinion[s] with respect to such party and its Credit Support Provider,
                  if
                  any, for it, reasonably satisfactory in form and substance to the
                  other
                  party relating to the enforceability of the party’s obligation under this
                  Agreement.

              	
                Upon
                  the execution and delivery of this Agreement and any
                  Confirmation

              	
                No

              

      

      

       

      
        	Part.
                4  	
                Miscellaneous

              

      

       

      
        	(a)  	
                Addresses
                  for Notices For
                  the purposes of Section 12(a) of the Master
                  Agreement:

              

      

       

      Addresses
        for notices or communications to Party A and to Party B shall be those set
        forth
        on the first page of the Confirmation.

       

      
        	(b)  	
                Process
                  Agent For
                  the purpose of Section 13(c) of the Master
                  Agreement:

              

      

       

      Party
        A
        appoints as its Process Agent: none.

       

      Party
        B
        appoints as its Process Agent: none.

       

      
        	(c)  	
                Offices
                  With
                  respect to Party A, the provisions of Section 10(a) of the Master
                  Agreement will apply.

              

      

       

      
        	(d)  	
                Multibranch
                  Party For
                  the purpose of Section 10(c) of the Master
                  Agreement:

              

      

       

      Party
        A
        is not a Multibranch Party.

       

      Party
        B
        is not a Multibranch Party.

       

      
        	(e)  	
                Calculation
                  Agent The
                  Calculation Agent is Party A.

              

      

       

      
        	(f)  	
                Credit
                  Support Document Details
                  of any Credit Support Document:
                  none

              

      

       

      
        	(g)  	
                Credit
                  Support Provider 

              

      

       

      Credit
        Support Provider means in relation to Party A: none.

       

      Credit
        Support Provider means in relation to Party B: none.

       

      
        	(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 conflicts of law doctrine
                  other than New York General Obligations Law Sections 5-1401 and
                  5-1402).

              

      

       

      
        	(i)  	
                Netting
                  of Payments Subparagraph
                  (ii) of Section 2(c) of the Agreement will apply to the Transaction
                  evidenced by the Confirmation.

              

      

       

      
        	(j)  	
                “Affiliate”
                  Party B shall be deemed to not have any Affiliates for purposes
                  of this
                  Transaction.

              

      

       

      
        	(k)  	
                Jurisdiction
                  Section
                  13(b) of the Master 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.

      
        	Part.
                5  	
                Other
                  Provisions 

              

      

       

      
        	(a)  	
                Modifications
                  to the Agreement Section
                  3(a) of the Master Agreement shall be amended to include the following
                  additional representations after paragraph
                  3(a)(v):

              

      

       

      (vi)
         Eligible
        Contract Participant etc.
        It is
        an “eligible contract participant” as defined in Section 1a(12) of the U.S.
        Commodity Exchange Act (7 U.S.C. 1a), as amended by the Commodity Futures
        Modernization Act of 2000 and the Transaction evidenced hereby has been the
        subject of individual negotiations and is intended to be exempt from, or
        otherwise not subject to regulation thereunder.

       

      
        	(b)  	
                Waiver
                  of Right to Trial by Jury Each
                  party hereby irrevocably waives any and all rights to trial by
                  jury in any
                  legal proceeding arising out of or relating to this Agreement or
                  any
                  Transaction hereunder.

              

      

       

      
        	(c)  	
                Absence
                  of Litigation In
                  Section 3(c) of the Master Agreement the words “or any of its Affiliates”
                  shall be deleted.

              

      

       

      
        	(d)  	
                Tax
                  Event In
                  Section 5(b)(ii)(y) of the Master Agreement the words “, or there is a
                  substantial likelihood that it will,” shall be
                  deleted.

              

      

       

      
        	(e)  	
                 Transfer
                  and Amendment

              

      

       

      Subject
        to Part 5(j) herein, no transfer, amendment, waiver, supplement, assignment
        or
        other modification of this Transaction shall be permitted by either party
        unless
        (i) each of Standard and Poor’s Ratings Services, a Division of The McGraw-Hill
        Companies, Inc. (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s) (each
        a “Rating Agency”) has been provided notice of the same and (ii) each of S&P
        and Moody’s confirm in writing (including by facsimile transmission) that they
        will not downgrade, qualify, withdraw or otherwise modify their then-current
        rating of the Certificates.

       

      
        	(f)  	
                Trustee
                  Capacity

              

      

       

      It
        is
        expressly understood and agreed by the parties hereto that insofar as this
        Confirmation is executed by the Trustee (i) this Confirmation is executed
        and
        delivered by HSBC Bank USA, National Association, not in its individual capacity
        but solely as Trustee of the Supplemental Interest Trust created under the
        Pooling and Servicing Agreement in the exercise of the powers and authority
        conferred and vested in it thereunder (ii) each of the representations,
        undertakings and agreements herein made on behalf of the Trust is made and
        intended not as personal representations of the Trustee but is made and intended
        for the purpose of binding only the Supplemental Trust created under the
        Pooling
        and Servicing Agreement, and (iii) under no circumstances will HSBC Bank
        USA,
        National Association in its individual capacity be personally liable for
        the
        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 Confirmation.

       

      
        	(g)  	
                Proceedings

              

      

       

      Party
        A
        shall not institute against or cause any other person to institute against,
        or
        join any other person in instituting against, Party B, any bankruptcy,
        reorganization, arrangement, insolvency or liquidation proceedings, or other
        proceedings under any federal or state bankruptcy, dissolution or similar
        law,
        for a period of one year and one day (or, if longer, the applicable preference
        period) following indefeasible payment in full of the Certificates, provided
        that nothing herein shall preclude, or be deemed to estop Party A from taking
        any action in any case or proceeding voluntarily filed or commenced by or
        on
        behalf of Party B or in any involuntary case or proceeding after it has been
        commenced.

       

      
        	(h)  	
                Set-off

              

      

       

      Notwithstanding
        any provision of this Agreement or any other existing or future agreement,
        each
        party irrevocably waives any and all rights it may have to set-off, net recoup
        or otherwise withhold or suspend or condition payment or performance of any
        obligation between it and the other party hereunder against any obligation
        between it and the other party under any other agreements. The provisions
        for
        Set-off set forth in Section 6(e) of the Master Agreement shall not apply
        for
        purposes of this Transaction.

       

      
        	(i)  	
                Section
                  1(c)

              

      

       

      For
        purposes of Section 1(c) of the Master Agreement, this Transaction shall
        be the
        sole Transaction under the Agreement.

       

      
        	(j)  	
                Rating
                  Agency Downgrade

              

      

       

      If
        a
        Ratings Event (as defined below) occurs with respect to Party A (or any
        applicable credit support provider), then Party A shall, within (30) days
        of
        such Ratings Event subject to the Rating Agency Condition (as hereinafter
        defined) and at its own expense (unless, within 30 days of such Ratings Event,
        each of S&P and Moody’s has reconfirmed the rating of the Certificates which
        was in effect immediately prior to such Ratings Event), (i) assign this
        Transaction hereunder to a third party that meets or exceeds, or as to which
        any
        applicable credit support provider of such third party meets or exceeds,
        the
        Approved Ratings Thresholds (as defined below) on terms substantially similar
        to
        this Confirmation, (ii) obtain a guaranty of Party A’s obligations under this
        Transaction from a third party that meets or exceeds the Approved Ratings
        Threshold, in form and substance, (iii) post collateral, or (iv) establish
        any
        other arrangement satisfactory to each Rating Agency, which will be sufficient
        to restore the immediately prior ratings of the Certificates. For purposes
        of
        this Transaction, a “Ratings Event” shall occur with respect to Party A (or any
        applicable credit support provider), if its short-term unsecured and
        unsubordinated debt ceases to be rated at least “A-1” by S&P or its
        short-term unsecured and unsubordinated debt ceases to be rated at least
“P-1”
by Moody’s or its long-term unsecured and unsubordinated debt ceases to be rated
        at least “A1” by Moody’s (including in connection with a merger, consolidation
        or other similar transaction by Party A or any applicable credit support
        provider) such ratings being referred to herein as the “Approved Ratings
        Thresholds.” If a Further Ratings Event (as defined below) occurs with respect
        to Party A (or any applicable credit support provider), then Party A shall,
        within (10) days of such Downgrade Event subject to the Rating Agency Condition
        (as hereinafter defined) and at its own expense (unless, within 10 days of
        such
        Ratings Event, S&P has reconfirmed the rating of the Certificates which was
        in effect immediately prior to such Further Ratings Event), (i) assign this
        Transaction hereunder to a third party that meets or exceeds, or as to which
        any
        applicable credit support provider of such third party meets or exceeds,
        the
        Approved Ratings Thresholds on terms substantially similar to this Confirmation
        or (ii) obtain a guaranty of Party A’s obligations under this Transaction from a
        third party that meets or exceeds the Approved Ratings Threshold. For purposes
        of this Transaction, a “Further Ratings Event” shall occur with respect to Party
        A (or any applicable credit support provider), if its long-term unsecured
        and
        unsubordinated debt ceases to be rated at least “BBB-” by S&P or its
        short-term unsecured and unsubordinated debt ceases to be rated at least
“P-1”
on watch for downgrade by Moody’s or its long-term unsecured and unsubordinated
        debt ceases to be rated at least “A2” on watch for downgrade by Moody’s
        (including in connection with a merger, consolidation or other similar
        transaction by Party A or any applicable credit support provider). "Rating
        Agency Condition" means, with respect to any particular proposed act or omission
        to act hereunder that the party acting or failing to act must consult with
        each
        Rating Agency then providing a rating of the Certificates and receive from
        each
        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 the
        Certificates.

       

      
        	(k)  	
                Additional
                  Termination Events

              

      

       

      Additional
        Termination Events will apply as specified below:

       

      The
        occurrence of the following shall constitute an Additional Termination
        Event:

       

      If
        a
        Rating Agency Downgrade has occurred and Party A has not complied with paragraph
        (j) above, then an Additional Termination Event shall have occurred with
        respect
        to Party A and Party A shall be the sole Affected Party with respect to such
        an
        Additional Termination Event.

       

      If,
        at
        any time, the Master Servicer purchases the Mortgage Loans pursuant to
        Section 10.01 of the Pooling
        and Servicing Agreement, then an Additional Termination Event shall have
        occurred and Party B shall be the sole Affected Party with respect thereto;
        provided, however, that notwithstanding Section 6(b)(iv) of the Master
        Agreement, both Party A and Party B shall have the right to designate an
        Early
        Termination Date in respect of this Additional Termination Event; provided,
        further, that the Early Termination Date shall not be prior to the Optional
        Termination Date.

       

      If,
        upon
        the occurrence of a Regulation AB Event (as defined in Part 5(o) below)
        Party A has not, within 30 days after such Regulation AB Event complied
        with any of the provisions set forth in Part 5(o)(iii) below (provided that
        if
        the significance percentage reaches 10% after a Regulation AB Event has
        occurred, Party A must comply with the provisions set forth in Part 5(o)(iii)
        below within 10 days of Party A being informed of the significance percentage
        reaching 10%), then an Additional Termination Event shall have occurred with
        respect to Party A and Party A shall be the sole Affected Party with respect
        to
        such Additional Termination Event.

       

      
        	(l)  	
                Amendment
                  to ISDA Form

              

      

       

      The
        “Failure to Pay or Deliver” provision in Section 5(a)(i) of the Master Agreement
        is hereby amended by deleting the word “third” in the third line thereof and
        inserting the word “first” in place thereof.

       

      
        	(m)  	
                Severability
                  

              

      

       

      If
        any
        term, provision, covenant, or condition of the Agreement, or the application
        thereof to any other party or circumstance, shall be held 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 the Agreement has been executed with the invalid or unenforceable
        provision portion eliminated, so long as the Agreement as so modified continues
        to express, without material change, the original intentions of the parties
        as
        to the subject matter of the Agreement and the deletion of such portion of
        the
        Agreement will not substantially impair the respective benefits or expectations
        of the parties. The parties shall endeavor to engage in good faith negotiations
        to replace any invalid or unenforceable term, provision, covenant or conditions
        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.

       

      
        	(n)  	
                Priority
                  of Payments

              

      

       

      Party
        A
        hereby agrees that, notwithstanding any provision of this agreement to the
        contrary, Party B’s obligations to pay any amounts owing under this Agreement
        shall be subject to Section 5.01 and Section 5.07 of the Pooling and Servicing
        Agreement and Party A’s right to receive payment of such amounts shall be
        subject to Section 5.01 and Section 5.07 of the Pooling and Servicing Agreement.
        This provision will survive the termination of this Agreement.

       

      
        	(o)  	
                Compliance
                  with Regulation AB

              

      

       

      
        	 	
                (i)

              	
                Party
                  A agrees and acknowledges that while reporting requirements with
                  respect
                  to this Transaction are operative by force of law, DB Structured
                  Products,
                  Inc. (“DBSP”) and ACE Securities Corp. (“ACE”) are required under
                  Regulation AB under the Securities Act of 1933, as amended, and
                  the
                  Securities Exchange Act of 1934, as amended (“Regulation AB”), to disclose
                  certain information set forth in Regulation AB regarding Party
                  A or its
                  group of affiliated entities, if applicable, depending on the aggregate
                  “significance percentage” of this Agreement and any other derivative
                  contracts between Party A or its group of affiliated entities,
                  if
                  applicable, and Party B, as calculated from time to time in accordance
                  with Item 1115 of Regulation AB. 

              

      

       

      
        	 	
                (ii)

              	
                If,
                  solely while the relevant reporting requirements apply by force
                  of law to
                  this Transaction, DBSP or ACE determines, reasonably and in good
                  faith,
                  that the significance percentage of this Agreement has increased
                  to nine
                  (9) percent, then DBSP or ACE, as the case may be, may notify Party
                  A on a
                  Business Day after the date hereof of such increase in the significance
                  percentage (such notification, a “Regulation AB Event”). DBSP and/or ACE,
                  as applicable hereby agree with Party A to provide Party A with
                  the
                  calculations and any other information reasonably requested by
                  Party A
                  with respect to the determination that led to a Regulation AB
                  Event.

              

      

       

      
        	 	
                (iii)

              	
                Upon
                  the occurrence of a Regulation AB Event, Party A, at its own expense,
                  shall 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 Rating Agencies, which entity (or a guarantor
                  therefor) and satisfies the Rating Agency Condition and which entity
                  is
                  able to provide the information set forth in Item 1115(b) of Regulation
                  AB
                  (the “Regulation AB Information”). If permitted by Regulation AB, any
                  required Regulation AB Information may be provided by incorporation
                  by
                  reference from reports filed pursuant to the Exchange
                  Act.

              

      

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      1

    

    MORTGAGE
      LOAN SCHEDULE

    

    [PROVIDED
      UPON REQUEST]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      2

    

    PREPAYMENT
      CHARGE SCHEDULE

    

    [PROVIDED
      UPON REQUEST]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      3

    

    [RESERVED]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      4

    

    STANDARD
      FILE LAYOUT- DELINQUENCY REPORTING

    

    

    Exhibit
      : Standard
      File Layout - Delinquency Reporting

    

    
      	
              Column/Header
                Name

            	
              Description

            	
              Decimal

            	
              Format
                Comment

            
	
              SERVICER_LOAN_NBR

            	
              A
                unique number assigned to a loan by the Servicer. This may be different
                than the LOAN_NBR

            	 	
               

            
	
              LOAN_NBR

            	
              A
                unique identifier assigned to each loan by the originator.

            	 	
               

            
	
              CLIENT_NBR

            	
              Servicer
                Client Number

            	 	 
	
              SERV_INVESTOR_NBR

            	
              Contains
                a unique number as assigned by an external servicer to identify a
                group of
                loans in their system.

            	 	
               

            
	
              BORROWER_FIRST_NAME

            	
              First
                Name of the Borrower.

            	 	 
	
              BORROWER_LAST_NAME

            	
              Last
                name of the borrower.

            	 	 
	
              PROP_ADDRESS

            	
              Street
                Name and Number of Property

            	 	
               

            
	
              PROP_STATE

            	
              The
                state where the property located.

            	 	
               

            
	
              PROP_ZIP

            	
              Zip
                code where the property is located.

            	 	
               

            
	
              BORR_NEXT_PAY_DUE_DATE

            	
              The
                date that the borrower's next payment is due to the servicer at the
                end of
                processing cycle, as reported by Servicer.

            	 	
              MM/DD/YYYY

            
	
              LOAN_TYPE

            	
              Loan
                Type (i.e. FHA, VA, Conv)

            	 	
               

            
	
              BANKRUPTCY_FILED_DATE

            	
              The
                date a particular bankruptcy claim was filed.

            	 	
              MM/DD/YYYY

            
	
              BANKRUPTCY_CHAPTER_CODE

            	
              The
                chapter under which the bankruptcy was filed.

            	 	
               

            
	
              BANKRUPTCY_CASE_NBR

            	
              The
                case number assigned by the court to the bankruptcy
                filing.

            	 	
               

            
	
              POST_PETITION_DUE_DATE

            	
              The
                payment due date once the bankruptcy has been approved by the
                courts

            	 	
              MM/DD/YYYY

            
	
              BANKRUPTCY_DCHRG_DISM_DATE

            	
              The
                Date The Loan Is Removed From Bankruptcy. Either by Dismissal, Discharged
                and/or a Motion For Relief Was Granted. 

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_APPR_DATE

            	
              The
                Date The Loss Mitigation Was Approved By The Servicer

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_TYPE

            	
              The
                Type Of Loss Mitigation Approved For A Loan Such As;

            	 	 
	
              LOSS_MIT_EST_COMP_DATE

            	
              The
                Date The Loss Mitigation /Plan Is Scheduled To End/Close

            	 	
              MM/DD/YYYY

            
	
              LOSS_MIT_ACT_COMP_DATE

            	
              The
                Date The Loss Mitigation Is Actually Completed

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_APPROVED_DATE

            	
              The
                date DA Admin sends a letter to the servicer with instructions to
                begin
                foreclosure proceedings.

            	 	
              MM/DD/YYYY

            
	
              ATTORNEY_REFERRAL_DATE

            	
              Date
                File Was Referred To Attorney to Pursue Foreclosure

            	 	
              MM/DD/YYYY

            
	
              FIRST_LEGAL_DATE

            	
              Notice
                of 1st legal filed by an Attorney in a Foreclosure Action

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_EXPECTED_DATE

            	
              The
                date by which a foreclosure sale is expected to occur.

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_DATE

            	
              The
                actual date of the foreclosure sale.

            	 	
              MM/DD/YYYY

            
	
              FRCLSR_SALE_AMT

            	
              The
                amount a property sold for at the foreclosure sale.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              EVICTION_START_DATE

            	
              The
                date the servicer initiates eviction of the borrower.

            	 	
              MM/DD/YYYY

            
	
              EVICTION_COMPLETED_DATE

            	
              The
                date the court revokes legal possession of the property from the
                borrower.

            	 	
              MM/DD/YYYY

            
	
              LIST_PRICE

            	
              The
                price at which an REO property is marketed.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              LIST_DATE

            	
              The
                date an REO property is listed at a particular price.

            	 	
              MM/DD/YYYY

            
	
              OFFER_AMT

            	
              The
                dollar value of an offer for an REO property.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              OFFER_DATE_TIME

            	
              The
                date an offer is received by DA Admin or by the Servicer.

            	 	
              MM/DD/YYYY

            
	
              REO_CLOSING_DATE

            	
              The
                date the REO sale of the property is scheduled to close.

            	 	
              MM/DD/YYYY

            
	
              REO_ACTUAL_CLOSING_DATE

            	
              Actual
                Date Of REO Sale

            	 	
              MM/DD/YYYY

            
	
              OCCUPANT_CODE

            	
              Classification
                of how the property is occupied.

            	 	
               

            
	
              PROP_CONDITION_CODE

            	
              A
                code that indicates the condition of the property.

            	 	
               

            
	
              PROP_INSPECTION_DATE

            	
              The
                date a property inspection is performed.

            	 	
              MM/DD/YYYY

            
	
              APPRAISAL_DATE

            	
              The
                date the appraisal was done.

            	 	
              MM/DD/YYYY

            
	
              CURR_PROP_VAL

            	
               The
                current "as is" value of the property based on brokers price opinion
                or
                appraisal.

            	
              2

            	
               

            
	
              REPAIRED_PROP_VAL

            	
              The
                amount the property would be worth if repairs are completed pursuant
                to a
                broker's price opinion or appraisal.

            	
              2

            	
               

            
	
              If
                applicable:

            	
               

            	 	
               

            
	
              DELINQ_STATUS_CODE

            	
              FNMA
                Code Describing Status of Loan

            	 	 
	
              DELINQ_REASON_CODE

            	
              The
                circumstances which caused a borrower to stop paying on a loan. Code
                indicates the reason why the loan is in default for this
                cycle.

            	 	 
	
              MI_CLAIM_FILED_DATE

            	
              Date
                Mortgage Insurance Claim Was Filed With Mortgage Insurance
                Company.

            	 	
              MM/DD/YYYY

            
	
              MI_CLAIM_AMT

            	
              Amount
                of Mortgage Insurance Claim Filed

            	 	
              No
                commas(,) or dollar signs ($)

            
	
              MI_CLAIM_PAID_DATE

            	
              Date
                Mortgage Insurance Company Disbursed Claim Payment

            	 	
              MM/DD/YYYY

            
	
              MI_CLAIM_AMT_PAID

            	
              Amount
                Mortgage Insurance Company Paid On Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              POOL_CLAIM_FILED_DATE

            	
              Date
                Claim Was Filed With Pool Insurance Company

            	 	
              MM/DD/YYYY

            
	
              POOL_CLAIM_AMT

            	
              Amount
                of Claim Filed With Pool Insurance Company

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              POOL_CLAIM_PAID_DATE

            	
              Date
                Claim Was Settled and The Check Was Issued By The Pool
                Insurer

            	 	
              MM/DD/YYYY

            
	
              POOL_CLAIM_AMT_PAID

            	
              Amount
                Paid On Claim By Pool Insurance Company

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_A_CLAIM_FILED_DATE

            	
               Date
                FHA Part A Claim Was Filed With HUD

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_A_CLAIM_AMT

            	
               Amount
                of FHA Part A Claim Filed

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_A_CLAIM_PAID_DATE

            	
               Date
                HUD Disbursed Part A Claim Payment

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_A_CLAIM_PAID_AMT

            	
               Amount
                HUD Paid on Part A Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_B_CLAIM_FILED_DATE

            	
                Date
                FHA Part B Claim Was Filed With HUD

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_B_CLAIM_AMT

            	
                Amount
                of FHA Part B Claim Filed

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              FHA_PART_B_CLAIM_PAID_DATE

            	
                 Date
                HUD Disbursed Part B Claim Payment

            	 	
              MM/DD/YYYY

            
	
              FHA_PART_B_CLAIM_PAID_AMT

            	
               Amount
                HUD Paid on Part B Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            
	
              VA_CLAIM_FILED_DATE

            	
               Date
                VA Claim Was Filed With the Veterans Admin

            	 	
              MM/DD/YYYY

            
	
              VA_CLAIM_PAID_DATE

            	
               Date
                Veterans Admin. Disbursed VA Claim Payment

            	 	
              MM/DD/YYYY

            
	
              VA_CLAIM_PAID_AMT

            	
               Amount
                Veterans Admin. Paid on VA Claim

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            

    

     

    

    
      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
 

    Exhibit
      2: Standard
      File Codes - Delinquency Reporting

     

    The
      Loss
      Mit Type
      field
      should show the approved Loss Mitigation Code as follows: 

     

    
      	·  	
              ASUM-Approved
                Assumption

            

    

     

    
      	·  	
              BAP-Borrower
                Assistance Program

            

    

     

    
      	·  	
              CO-
                Charge Off

            

    

     

    
      	·  	
              DIL-
                Deed-in-Lieu

            

    

     

    
      	·  	
              FFA-
                Formal Forbearance Agreement

            

    

     

    
      	·  	
              MOD-
                Loan Modification

            

    

     

    
      	·  	
              PRE-
                Pre-Sale

            

    

     

    
      	·  	
              SS-
                Short Sale

            

    

     

    
      	·  	
              MISC-Anything
                else approved by the PMI or Pool
                Insurer

            

    

     

    NOTE:
      Wells
      Fargo Bank will accept alternative Loss Mitigation Types to those above,
      provided that they are consistent with industry standards. If Loss Mitigation
      Types other than those above are used, the Servicer must supply Wells Fargo
      Bank
      with a description of each of the Loss Mitigation Types prior to sending the
      file.

     

    The
      Occupant
      Code
      field
      should show the current status of the property code as follows:

     

    
      	·  	
              Mortgagor

            

    

     

    
      	·  	
              Tenant

            

    

     

    
      	·  	
              Unknown
                

            

    

     

    
      	·  	
              Vacant

            

    

     

    The
      Property
      Condition
      field
      should show the last reported condition of the property as follows:

     

    
      	·  	
              Damaged

            

    

     

    
      	·  	
              Excellent

            

    

     

    
      	·  	
              Fair

            

    

     

    
      	·  	
              Gone

            

    

     

    
      	·  	
              Good

            

    

     

    
      	·  	
              Poor

            

    

     

    
      	·  	
              Special
                Hazard

            

    

     

    
      	·  	
              Unknown

            

    

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      2: Standard
      File Codes - Delinquency Reporting, Continued

     

    The
      FNMA
      Delinquent Reason Code
      field
      should show the Reason for Delinquency as follows: 

     

    

    
      	
              Delinquency
                Code

            	
              Delinquency
                Description

            
	
              001

            	
              FNMA-Death
                of principal mortgagor

            
	
              002

            	
              FNMA-Illness
                of principal mortgagor

            
	
              003

            	
              FNMA-Illness
                of mortgagor’s family member

            
	
              004

            	
              FNMA-Death
                of mortgagor’s family member

            
	
              005

            	
              FNMA-Marital
                difficulties

            
	
              006

            	
              FNMA-Curtailment
                of income

            
	
              007

            	
              FNMA-Excessive
                Obligation

            
	
              008

            	
              FNMA-Abandonment
                of property

            
	
              009

            	
              FNMA-Distant
                employee transfer

            
	
              011

            	
              FNMA-Property
                problem

            
	
              012

            	
              FNMA-Inability
                to sell property

            
	
              013

            	
              FNMA-Inability
                to rent property

            
	
              014

            	
              FNMA-Military
                Service

            
	
              015

            	
              FNMA-Other

            
	
              016

            	
              FNMA-Unemployment

            
	
              017

            	
              FNMA-Business
                failure

            
	
              019

            	
              FNMA-Casualty
                loss

            
	
              022

            	
              FNMA-Energy
                environment costs

            
	
              023

            	
              FNMA-Servicing
                problems

            
	
              026

            	
              FNMA-Payment
                adjustment

            
	
              027

            	
              FNMA-Payment
                dispute

            
	
              029

            	
              FNMA-Transfer
                of ownership pending

            
	
              030

            	
              FNMA-Fraud

            
	
              031

            	
              FNMA-Unable
                to contact borrower

            
	
              INC

            	
              FNMA-Incarceration

            

    

    

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Exhibit
      2: Standard
      File Codes - Delinquency Reporting, Continued

    

    The
      FNMA
      Delinquent Status Code
      field
      should show the Status of Default as follows: 

     

    

    
      	
              Status
                Code

            	
              Status
                Description

            
	
              09

            	
              Forbearance

            
	
              17

            	
              Pre-foreclosure
                Sale Closing Plan Accepted

            
	
              24

            	
              Government
                Seizure

            
	
              26

            	
              Refinance

            
	
              27

            	
              Assumption

            
	
              28

            	
              Modification

            
	
              29

            	
              Charge-Off

            
	
              30

            	
              Third
                Party Sale

            
	
              31

            	
              Probate

            
	
              32

            	
              Military
                Indulgence

            
	
              43

            	
              Foreclosure
                Started

            
	
              44

            	
              Deed-in-Lieu
                Started

            
	
              49

            	
              Assignment
                Completed

            
	
              61

            	
              Second
                Lien Considerations

            
	
              62

            	
              Veteran’s
                Affairs-No Bid

            
	
              63

            	
              Veteran’s
                Affairs-Refund

            
	
              64

            	
              Veteran’s
                Affairs-Buydown

            
	
              65

            	
              Chapter
                7 Bankruptcy

            
	
              66

            	
              Chapter
                11 Bankruptcy

            
	
              67

            	
              Chapter
                13 Bankruptcy

            

    

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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. 

    1.  

     

    2.  The
      numbers on the 332 form correspond with the numbers listed below.

     

    Liquidation
      and Acquisition Expenses:

     

    1.          
       The
      Actual Unpaid Principal Balance of the Mortgage Loan. For documentation, an
      Amortization Schedule from date of default through liquidation breaking out
      the
      net interest and servicing fees advanced is required.

     

    2.           
       The
      Total
      Interest Due less the aggregate amount of servicing fee that would have been
      earned if all delinquent payments had been made as agreed. For documentation,
      an
      Amortization Schedule from date of default through liquidation breaking out
      the
      net interest and servicing fees advanced is required.

     

    3.           
       Accrued
      Servicing Fees based upon the Scheduled Principal Balance of the Mortgage Loan
      as calculated on a monthly basis. For documentation, an Amortization Schedule
      from date of default through liquidation breaking out the net interest and
      servicing fees advanced is required.

     

    4-12.      
       Complete
      as applicable. Required documentation:

     

    *    
       For taxes and insurance advances - see page 2 of 332 form - breakdown
      required showing period

     

    of
      coverage, base tax, interest, penalty. Advances prior to default require
      evidence of servicer efforts to recover advances.

     

    *    
       For escrow advances - complete payment history 

     

           
      (to calculate advances from last positive escrow balance forward)

     

    *    
       Other expenses -  copies of corporate advance history showing all
      payments 

     

    *      REO
      repairs > $1500 require explanation

     

    *     
       REO repairs >$3000 require evidence of at least 2 bids.

     

    *     
       Short Sale or Charge Off require P&L supporting the decision and WFB’s
      approved Officer Certificate 

     

    *     
       Unusual or extraordinary items may require further documentation.

     

    13.        
       The
      total
      of lines 1 through 12.

     

    3.  Credits:
      

     

    14-21.  
       Complete
      as applicable. Required documentation:

     

    *    
       Copy of the HUD 1 from the REO sale. If a 3rd Party Sale, bid
      instructions and Escrow Agent / Attorney

     

            
      Letter of Proceeds Breakdown.

     

    *     
       Copy of EOB for any MI or gov't guarantee 

     

    *     
       All other credits need to be clearly defined on the 332
      form      
     

     

     

    
      	 	
              22.

            	
              The
                total of lines 14 through 21.

            

    

     

    Please
      Note: For
      HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
      Part
      B/Supplemental proceeds.

     

    Total
      Realized Loss (or Amount of Any Gain)

     

    23.        
       The
      total
      derived from subtracting line 22 from 13. If the amount represents a realized
      gain, show
      the
      amount in parenthesis ( ). 

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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

                	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                  HUD
                    Part B

                	 	 	 	 	 	(18b)
	
                  (19)

                	
                  Pool
                    Insurance Proceeds

                	 	 	 	
                   

                	 	
                  (19)

                
	
                  (20)

                	
                  Proceeds
                    from Sale of Acquired Property

                	
                   

                	 	 	
                  (20)

                
	
                  (21)

                	
                  Other
                    (itemize)

                	 	 	 	
                   

                	 	
                  (21)

                
	 	
                   

                	 	
                   

                	
                   

                	 	 	
                  (21)

                
	 	 	 	 	 	 	 	 
	 	
                  Total
                    Credits

                	 	 	 	
                  $

                	 	
                  (22)

                
	
                  Total
                    Realized Loss (or Amount of Gain)

                	
                   

                	
                   

                	
                  $

                	 	
                  (23)

                

        

      

    

     

     

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Escrow
      Disbursement Detail

    

    

    
      	
              Type

              (Tax
                /Ins.)

            	
              Date
                Paid

            	
              Period
                of Coverage

            	
              Total
                Paid

            	
              Base
                Amount

            	
              Penalties

            	
              Interest

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      5

    

    STANDARD
      FILE LAYOUT- MASTER SERVICING

    

    
      	
              Standard
                File Layout - Master Servicing 

            	 	 	 
	
              Column
                Name

            	
              Description

            	
              Decimal

            	
              Format
                Comment

            	
              Max
                Size

            
	
              SER_INVESTOR_NBR

            	
              A
                value assigned by the Servicer to define a group of loans.

            	
               

            	
              Text
                up to 10 digits

            	
              20

            
	
              LOAN_NBR

            	
              A
                unique identifier assigned to each loan by the investor.

            	
               

            	
              Text
                up to 10 digits

            	
              10

            
	
              SERVICER_LOAN_NBR

            	
              A
                unique number assigned to a loan by the Servicer. This may be different
                than the LOAN_NBR.

            	
               

            	
              Text
                up to 10 digits

            	
              10

            
	
              BORROWER_NAME

            	
              The
                borrower name as received in the file. It is not separated by first
                and
                last name.

            	
               

            	
              Maximum
                length of 30 (Last, First)

            	
              30

            
	
              SCHED_PAY_AMT

            	
              Scheduled
                monthly principal and scheduled interest payment that a borrower
                is
                expected to pay, P&I constant.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NOTE_INT_RATE

            	
              The
                loan interest rate as reported by the Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              NET_INT_RATE

            	
              The
                loan gross interest rate less the service fee rate as reported by
                the
                Servicer.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              SERV_FEE_RATE

            	
              The
                servicer's fee rate for a loan as reported by the Servicer.
                

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              SERV_FEE_AMT

            	
              The
                servicer's fee amount for a loan as reported by the Servicer.
                

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NEW_PAY_AMT

            	
              The
                new loan payment amount as reported by the Servicer. 

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NEW_LOAN_RATE

            	
              The
                new loan rate as reported by the Servicer. 

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              ARM_INDEX_RATE

            	
              The
                index the Servicer is using to calculate a forecasted
                rate.

            	
              4

            	
              Max
                length of 6

            	
              6

            
	
              ACTL_BEG_PRIN_BAL

            	
              The
                borrower's actual principal balance at the beginning of the processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_END_PRIN_BAL

            	
              The
                borrower's actual principal balance at the end of the processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              BORR_NEXT_PAY_DUE_DATE

            	
              The
                date at the end of processing cycle that the borrower's next payment
                is
                due to the Servicer, as reported by Servicer.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              SERV_CURT_AMT_1

            	
              The
                first curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_1

            	
              The
                curtailment date associated with the first curtailment amount.
                

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_
                AMT_1

            	
              The
                curtailment interest on the first curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_AMT_2

            	
              The
                second curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_2

            	
              The
                curtailment date associated with the second curtailment
                amount.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_
                AMT_2

            	
              The
                curtailment interest on the second curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_AMT_3

            	
              The
                third curtailment amount to be applied.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SERV_CURT_DATE_3

            	
              The
                curtailment date associated with the third curtailment
                amount.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              CURT_ADJ_AMT_3

            	
              The
                curtailment interest on the third curtailment amount, if
                applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PIF_AMT

            	
              The
                loan "paid in full" amount as reported by the Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PIF_DATE

            	
              The
                paid in full date as reported by the Servicer.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
               

            	
               

            	
               

            	
              Action
                Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                65=Repurchase,70=REO 

            	
              2

            
	
              ACTION_CODE

            	
              The
                standard FNMA numeric code used to indicate the default/delinquent
                status
                of a particular loan.

            
	
              INT_ADJ_AMT

            	
              The
                amount of the interest adjustment as reported by the
                Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SOLDIER_SAILOR_ADJ_AMT

            	
              The
                Soldier and Sailor Adjustment amount, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              NON_ADV_LOAN_AMT

            	
              The
                Non Recoverable Loan Amount, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              LOAN_LOSS_AMT

            	
              The
                amount the Servicer is passing as a loss, if applicable.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_BEG_PRIN_BAL

            	
              The
                scheduled outstanding principal amount due at the beginning of the
                cycle
                date to be passed through to investors.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_END_PRIN_BAL

            	
              The
                scheduled principal balance due to investors at the end of a processing
                cycle.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_PRIN_AMT

            	
              The
                scheduled principal amount as reported by the Servicer for the current
                cycle -- only applicable for Scheduled/Scheduled Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              SCHED_NET_INT

            	
              The
                scheduled gross interest amount less the service fee amount for the
                current cycle as reported by the Servicer -- only applicable for
                Scheduled/Scheduled Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_PRIN_AMT

            	
              The
                actual principal amount collected by the Servicer for the current
                reporting cycle -- only applicable for Actual/Actual
                Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              ACTL_NET_INT

            	
              The
                actual gross interest amount less the service fee amount for the
                current
                reporting cycle as reported by the Servicer -- only applicable for
                Actual/Actual Loans.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PREPAY_PENALTY_
                AMT

            	
              The
                penalty amount received when a borrower prepays on his loan as reported
                by
                the Servicer. 

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
              PREPAY_PENALTY_
                WAIVED

            	
              The
                prepayment penalty amount for the loan waived by the
                servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
              MOD_DATE

            	
              The
                Effective Payment Date of the Modification for the loan.

            	
               

            	
              MM/DD/YYYY

            	
              10

            
	
              MOD_TYPE

            	
              The
                Modification Type.

            	
               

            	
              Varchar
                - value can be alpha or numeric

            	
              30

            
	
              DELINQ_P&I_ADVANCE_AMT

            	
              The
                current outstanding principal and interest advances made by
                Servicer.

            	
              2

            	
              No
                commas(,) or dollar signs ($)

            	
              11

            
	 	 	 	 	 

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    SCHEDULE
      6

    DATA
      REQUIREMENTS OF SERVICING ADVANCES INCURRED PRIOR TO CUT-OFF DATE

    

    

    
      	
              [LOAN
                NUMBER]

            	
              [PRE-CUT-OFF
                DATE ADVANCE AMOUNT]

            

    

    

    

    [PROVIDED
      UPON REQUEST]Unassociated Document

    

      ACE
        SECURITIES CORP.

      Depositor

       

      OCWEN
        LOAN SERVICING, LLC

      Servicer

       

      WELLS
        FARGO BANK, NATIONAL ASSOCIATION

      Master
        Servicer and Securities Administrator

       

      

      HSBC
        BANK
        USA, NATIONAL ASSOCIATION

      Trustee

       

      

      POOLING
        AND SERVICING AGREEMENT

      Dated
        as
        of May 1, 2006

      

       

      

       

      ACE
        Securities Corp. Home Equity Loan Trust, Series 2006-ASAP3

      Asset
        Backed Pass-Through Certificates

       

      

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      TABLE
        OF
        CONTENTS

       

       

      ARTICLE
        I
        DEFINITIONS

       

      
        	
                SECTION
                  1.01.

              	
                Defined
                  Terms.

              	 

      

      
        	
                SECTION
                  1.02.

              	
                Allocation
                  of Certain Interest Shortfalls.

              	 

      

       

      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.

              	 

      

      
        	
                SECTION
                  2.04.

              	
                Representations
                  and Warranties of the Master Servicer.

              	 

      

      
        	
                SECTION
                  2.05.

              	
                Representations,
                  Warranties and Covenants of the Servicer.

              	 

      

      
        	
                SECTION
                  2.06.

              	
                Issuance
                  of the REMIC I Regular Interests and the Class R-I
                  Interest.

              	 

      

      
        	
                SECTION
                  2.07.

              	
                Conveyance
                  of the REMIC I Regular Interests; Acceptance of REMIC II and REMIC
                  III by
                  the Trustee.

              	 

      

      
        	
                SECTION
                  2.08.

              	
                Issuance
                  of the Residual Certificates.

              	 

      

      
        	
                SECTION
                  2.09.

              	
                Establishment
                  of the Trust.

              	 

      

      
        	
                SECTION
                  2.10.

              	
                Purpose
                  and Powers of the Trust.

              	 

      

       

      ARTICLE
        III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS

       

      
        	
                SECTION
                  3.01.

              	
                The
                  Servicer to Act as Servicer.

              	 

      

      
        	
                SECTION
                  3.02.

              	
                Sub-Servicing
                  Agreements Between the Servicer and Sub-Servicers.

              	 

      

      
        	
                SECTION
                  3.03.

              	
                Successor
                  Sub-Servicers.

              	 

      

      
        	
                SECTION
                  3.04.

              	
                No
                  Contractual Relationship Between Sub-Servicer, Subcontractor, Trustee
                  or
                  the Certificateholders.

              	 

      

      
        	
                SECTION
                  3.05.

              	
                Assumption
                  or Termination of Sub-Servicing Agreement by Successor
                  Servicer.

              	 

      

      
        	
                SECTION
                  3.06.

              	
                Collection
                  of Certain Mortgage Loan Payments.

              	 

      

      
        	
                SECTION
                  3.07.

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

              	 

      

      
        	
                SECTION
                  3.08.

              	
                Collection
                  Account and Distribution Account.

              	 

      

      
        	
                SECTION
                  3.09.

              	
                Withdrawals
                  from the Collection Account and Distribution Account.

              	 

      

      
        	
                SECTION
                  3.10.

              	
                Investment
                  of Funds in the Investment Accounts.

              	 

      

      
        	
                SECTION
                  3.11.

              	
                Maintenance
                  of Hazard Insurance, Errors and Omissions and Fidelity Coverage
                  and
                  Primary Mortgage Insurance.

              	 

      

      
        	
                SECTION
                  3.12.

              	
                Enforcement
                  of Due-on-Sale Clauses; Assumption Agreements

              	 

      

      
        	
                SECTION
                  3.13.

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              	 

      

      
        	
                SECTION
                  3.14.

              	
                Trustee
                  to Cooperate; Release of Mortgage Files.

              	 

      

      
        	
                SECTION
                  3.15.

              	
                Servicing
                  Compensation.

              	 

      

      
        	
                SECTION
                  3.16.

              	
                Collection
                  Account Statements.

              	 

      

      
        
           

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                SECTION
                  3.17.

              	
                Annual
                  Statement as to Compliance.

              	 

      

      
        	
                SECTION
                  3.18.

              	
                Assessments
                  of Compliance and Attestation Reports.

              	 

      

      
        	
                SECTION
                  3.19.

              	
                [Reserved].

              	 

      

      
        	
                SECTION
                  3.20.

              	
                Annual
                  Certification; Additional Information.

              	 

      

      
        	
                SECTION
                  3.21.

              	
                Access
                  to Certain Documentation.

              	 

      

      
        	
                SECTION
                  3.22.

              	
                Title,
                  Management and Disposition of REO Property.

              	 

      

      
        	
                SECTION
                  3.23.

              	
                Obligations
                  of the Servicer in Respect of Prepayment Interest Shortfalls; Relief
                  Act
                  Interest Shortfalls.

              	 

      

      
        	
                SECTION
                  3.24.

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

              	 

      

      
        	
                SECTION
                  3.25.

              	
                Reserve
                  Fund.

              	 

      

      
        	
                SECTION
                  3.26.

              	
                Advance
                  Facility.

              	 

      

      
        	
                SECTION
                  3.27.

              	
                Indemnification.

              	 

      

       

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

       

      
        	
                SECTION
                  4.01.

              	
                Master
                  Servicer.

              	 

      

      
        	
                SECTION
                  4.02.

              	
                REMIC-Related
                  Covenants.

              	 

      

      
        	
                SECTION
                  4.03.

              	
                Monitoring
                  of Servicer.

              	 

      

      
        	
                SECTION
                  4.04.

              	
                Fidelity
                  Bond.

              	 

      

      
        	
                SECTION
                  4.05.

              	
                Power
                  to Act; Procedures.

              	 

      

      
        	
                SECTION
                  4.06.

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              	 

      

      
        	
                SECTION
                  4.07.

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

              	 

      

      
        	
                SECTION
                  4.08.

              	
                Standard
                  Hazard Insurance and Flood Insurance Policies.

              	 

      

      
        	
                SECTION
                  4.09.

              	
                Presentment
                  of Claims and Collection of Proceeds.

              	 

      

      
        	
                SECTION
                  4.10.

              	
                Maintenance
                  of Primary Mortgage Insurance Policies.

              	 

      

      
        	
                SECTION
                  4.11.

              	
                Trustee
                  to Retain Possession of Certain Insurance Policies and
                  Documents.

              	 

      

      
        	
                SECTION
                  4.12.

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              	 

      

      
        	
                SECTION
                  4.13.

              	
                Compensation
                  for the Master Servicer.

              	 

      

      
        	
                SECTION
                  4.14.

              	
                REO
                  Property.

              	 

      

      
        	
                SECTION
                  4.15.

              	
                Master
                  Servicer Annual Statement of Compliance.

              	 

      

      
        	
                SECTION
                  4.16.

              	
                Master
                  Servicer Assessments of Compliance.

              	 

      

      
        	
                SECTION
                  4.17.

              	
                Master
                  Servicer Attestation Reports.

              	 

      

      
        	
                SECTION
                  4.18.

              	
                Annual
                  Certification.

              	 

      

      
        	
                SECTION
                  4.19.

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

              	 

      

      
        	
                SECTION
                  4.20.

              	
                Prepayment
                  Penalty Verification.

              	 

      

       

      ARTICLE
        V
        PAYMENTS TO CERTIFICATEHOLDERS

       

      
        	
                SECTION
                  5.01.

              	
                Distributions.

              	 

      

      
        	
                SECTION
                  5.02.

              	
                Statements
                  to Certificateholders.

              	 

      

      
        	
                SECTION
                  5.03.

              	
                Servicer
                  Reports; P&I Advances.

              	 

      

      
        	
                SECTION
                  5.04.

              	
                Allocation
                  of Realized Losses.

              	 

      

      
        
           

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                SECTION
                  5.05.

              	
                Compliance
                  with Withholding Requirements.

              	 

      

      
        	
                SECTION
                  5.06.

              	
                Reports
                  Filed with Securities and Exchange Commission.

              	 

      

      
        	
                SECTION
                  5.07.

              	
                Supplemental
                  Interest Trust.

              	 

      

      
        	
                SECTION
                  5.08.

              	
                Tax
                  Treatment of Swap Payments and Swap Termination Payments.

              	 

      

       

      ARTICLE
        VI THE CERTIFICATES

       

      
        	
                SECTION
                  6.01.

              	
                The
                  Certificates.

              	 

      

      
        	
                SECTION
                  6.02.

              	
                Registration
                  of Transfer and Exchange of Certificates.

              	 

      

      
        	
                SECTION
                  6.03.

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              	 

      

      
        	
                SECTION
                  6.04.

              	
                Persons
                  Deemed Owners.

              	 

      

      
        	
                SECTION
                  6.05.

              	
                Certain
                  Available Information.

              	 

      

       

      ARTICLE
        VII THE DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

       

      
        	
                SECTION
                  7.01.

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

              	 

      

      
        	
                SECTION
                  7.02.

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

              	 

      

      
        	
                SECTION
                  7.03.

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

              	 

      

      
        	
                SECTION
                  7.04.

              	
                Limitation
                  on Resignation of the Servicer.

              	 

      

      
        	
                SECTION
                  7.05.

              	
                Limitation
                  on Resignation of the Master Servicer.

              	 

      

      
        	
                SECTION
                  7.06.

              	
                Assignment
                  of Master Servicing.

              	 

      

      
        	
                SECTION
                  7.07.

              	
                Rights
                  of the Depositor in Respect of the Servicer and the Master
                  Servicer.

              	 

      

      
        	
                SECTION
                  7.08.

              	
                Duties
                  of the Credit Risk Manager.

              	 

      

      
        	
                SECTION
                  7.09.

              	
                Limitation
                  Upon Liability of the Credit Risk Manager.

              	 

      

      
        	
                SECTION
                  7.10.

              	
                Removal
                  of the Credit Risk Manager.

              	 

      

      
        	
                SECTION
                  7.11.

              	
                Transfer
                  of Servicing by Sponsor.

              	 

      

       

      ARTICLE
        VIII DEFAULT

       

      
        	
                SECTION
                  8.01.

              	
                Servicer
                  Events of Default.

              	 

      

      
        	
                SECTION
                  8.02.

              	
                Master
                  Servicer to Act; Appointment of Successor.

              	 

      

      
        	
                SECTION
                  8.03.

              	
                Notification
                  to Certificateholders.

              	 

      

      
        	
                SECTION
                  8.04.

              	
                Waiver
                  of Events of Default.

              	 

      

       

      ARTICLE
        IX CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

       

      
        	
                SECTION
                  9.01.

              	
                Duties
                  of Trustee and Securities Administrator.

              	 

      

      
        	
                SECTION
                  9.02.

              	
                Certain
                  Matters Affecting Trustee and Securities Administrator.

              	 

      

      
        	
                SECTION
                  9.03.

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

              	 

      

      
        	
                SECTION
                  9.04.

              	
                Trustee
                  and Securities Administrator May Own Certificates.

              	 

      

      
        	
                SECTION
                  9.05.

              	
                Fees
                  and Expenses of Trustee, Custodians and Securities
                  Administrator.

              	 

      

      
        	
                SECTION
                  9.06.

              	
                Eligibility
                  Requirements for Trustee and Securities Administrator.

              	 

      

      
        	
                SECTION
                  9.07.

              	
                Resignation
                  and Removal of Trustee and Securities Administrator.

              	 

      

      
        
           

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                SECTION
                  9.08.

              	
                Successor
                  Trustee or Securities Administrator.

              	 

      

      
        	
                SECTION
                  9.09.

              	
                Merger
                  or Consolidation of Trustee or Securities Administrator.

              	 

      

      
        	
                SECTION
                  9.10.

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              	 

      

      
        	
                SECTION
                  9.11.

              	
                Appointment
                  of Office or Agency.

              	 

      

      
        	
                SECTION
                  9.12.

              	
                Representations
                  and Warranties.

              	 

      

       

      ARTICLE
        X
        TERMINATION

       

      
        	
                SECTION
                  10.01.

              	
                Termination
                  Upon Repurchase or Liquidation of All Mortgage Loans.

              	 

      

      
        	
                SECTION
                  10.02.

              	
                Additional
                  Termination Requirements.

              	 

      

       

      ARTICLE
        XI REMIC PROVISIONS

       

      
        	
                SECTION
                  11.01.

              	
                REMIC
                  Administration.

              	 

      

      
        	
                SECTION
                  11.02.

              	
                Prohibited
                  Transactions and Activities.

              	 

      

      
        	
                SECTION
                  11.03.

              	
                Indemnification.

              	 

      

       

      ARTICLE
        XII MISCELLANEOUS PROVISIONS

       

      
        	
                SECTION
                  12.01.

              	
                Amendment.

              	 

      

      
        	
                SECTION
                  12.02.

              	
                Recordation
                  of Agreement; Counterparts.

              	 

      

      
        	
                SECTION
                  12.03.

              	
                Limitation
                  on Rights of Certificateholders.

              	 

      

      
        	
                SECTION
                  12.04.

              	
                Governing
                  Law.

              	 

      

      
        	
                SECTION
                  12.05.

              	
                Notices.

              	 

      

      
        	
                SECTION
                  12.06.

              	
                Severability
                  of Provisions.

              	 

      

      
        	
                SECTION
                  12.07.

              	
                Notice
                  to Rating Agencies.

              	 

      

      
        	
                SECTION
                  12.08.

              	
                Article
                  and Section References.

              	 

      

      
        	
                SECTION
                  12.09.

              	
                Grant
                  of Security Interest.

              	 

      

      
        	
                SECTION
                  12.10.

              	
                Survival
                  of Indemnification.

              	 

      

      
        	
                SECTION
                  12.11.

              	
                Intention
                  of the Parties and Interpretation.

              	 

      

      
        	
                SECTION
                  12.12.

              	
                Indemnification.

              	 

      

      

      
        
           

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibits

      

        
          	
                  Exhibit
                    A-1

                	
                  Form
                    of Class A Certificate

                
	
                  Exhibit
                    A-2

                	
                  Form
                    of Class M Certificate

                
	
                  Exhibit
                    A-3

                	
                  Form
                    of Class CE-1 Certificate and Class CE-2 Certificate

                
	
                  Exhibit
                    A-4

                	
                  Form
                    of Class P Certificate

                
	
                  Exhibit
                    A-5

                	
                  Form
                    of Class R Certificate

                
	
                  Exhibit
                    B-1

                	
                  Form
                    of Transferor Representation Letter and Form of Transferee Representation
                    Letter in Connection with Transfer of the Class P Certificates,
                    Class CE-1
                    Certificates, Class CE-2 Certificates and Residual Certificates
                    Pursuant
                    to Rule 144A Under the Securities Act

                
	
                  Exhibit
                    B-2

                	
                  Form
                    of Transferor Representation Letter and Form of Transferee Representation
                    Letter in Connection with Transfer of the Class P Certificates,
                    Class CE-1
                    Certificates, Class CE-2 Certificates and Residual Certificates
                    Pursuant
                    to Rule 501(a) Under the Securities Act

                
	
                  Exhibit
                    B-3

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

                
	
                  Exhibit
                    C

                	
                  Form
                    of Back-Up Certification

                
	
                  Exhibit
                    D

                	
                  Form
                    of Power of Attorney

                
	
                  Exhibit
                    E

                	
                  Servicing
                    Criteria

                
	
                  Exhibit
                    F

                	
                  Mortgage
                    Loan Purchase Agreement between the Sponsor and the
                    Depositor

                
	
                  Exhibit
                    G

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

                
	
                  Exhibit
                    H

                	
                  Additional
                    Disclosure Notification

                
	
                  Exhibit
                    I

                	
                  Swap
                    Agreement

                
	 	 
	
                  Schedule
                    1

                	
                  Mortgage
                    Loan Schedule

                
	
                  Schedule
                    2

                	
                  Prepayment
                    Charge Schedule

                
	
                  Schedule
                    3

                	
                  Reserved

                
	
                  Schedule
                    4

                	
                  Standard
                    File Layout - Delinquency Reporting

                
	
                  Schedule
                    5

                	
                  Standard
                    File Layout - Master Servicing

                
	
                  Schedule
                    6

                	
                  Data
                    Requirements of Servicing Advances Incurred Prior to Cut-off
                    Date

                

        

      

      

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      This
        Pooling and Servicing Agreement, is dated and effective as of May 1, 2006,
        among
        ACE SECURITIES CORP., as Depositor, OCWEN LOAN SERVICING, LLC, as Servicer,
        WELLS FARGO BANK, NATIONAL ASSOCIATION, as Master Servicer and Securities
        Administrator and HSBC BANK USA, 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 of the Trust Fund 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 Securities Administrator will elect to treat the segregated
        pool of assets consisting of the Mortgage Loans and certain other related
        assets
        subject to this Agreement (other than the Reserve Fund and, for the avoidance
        of
        doubt, the Supplemental Interest Trust and the Swap 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
                      I

                    Remittance
                      Rate 

                  	 	
                    Initial

                    Uncertificated
                      Balance

                  	 	
                    Latest
                      Possible

                    Maturity
                      Date(1) 

                  	 
	
                    I

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    6,177.58

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-1-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,237,219.83

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-1-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,237,219.83

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-2-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,846,737.81

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-2-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,846,737.81

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-3-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,443,615.60

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-3-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,443,615.60

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-4-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,026,046.71

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-4-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,026,046.71

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-5-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,589,057.61

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-5-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,589,057.61

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-6-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    6,127,618.07

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-6-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    6,127,618.07

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-7-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    6,635,438.76

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-7-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    6,635,438.76

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-8-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    7,106,391.30

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-8-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    7,106,391.30

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-9-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    7,522,766.62

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-9-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    7,522,766.62

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-10-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    7,368,661.88

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-10-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    7,368,661.88

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-11-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    7,067,268.73

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-11-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    7,067,268.73

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-12-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    6,770,121.86

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-12-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    6,770,121.86

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-13-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    6,485,228.97

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-13-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    6,485,228.97

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-14-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    6,212,336.85

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-14-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    6,212,336.85

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-15-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,950,939.54

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-15-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,950,939.54

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-16-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,700,552.40

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-16-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,700,552.40

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-17-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,460,711.26

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-17-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,460,711.26

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-18-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,258,256.85

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-18-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,258,256.85

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-19-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,084,661.18

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-19-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,084,661.18

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-20-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,096,159.97

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-20-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    5,096,159.97

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-21-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    14,824,435.98

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-21-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    14,824,435.98

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-22-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    15,149,709.05

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-22-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    15,149,709.05

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-23-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    12,674,531.19

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-23-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    12,674,531.19

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-24-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    10,400,197.55

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-24-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    10,400,197.55

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-25-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,210,354.29

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-25-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,210,354.29

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-26-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,512,546.02

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-26-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,512,546.02

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-27-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,313,633.60

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-27-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,313,633.60

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-28-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,201,428.91

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-28-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,201,428.91

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-29-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,097,276.87

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-29-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,097,276.87

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-30-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,998,088.04

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-30-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,998,088.04

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-31-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,903,620.72

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-31-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,903,620.72

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-32-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,813,657.25

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-32-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,813,657.25

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-33-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,727,939.64

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-33-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,727,939.64

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-34-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,646,209.05

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-34-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,646,209.05

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-35-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,568,294.04

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-35-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,568,294.04

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-36-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,494,297.71

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-36-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,494,297.71

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-37-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,423,826.88

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-37-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,423,826.88

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-38-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,356,707.73

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-38-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,356,707.73

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-39-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,292,774.55

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-39-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,292,774.55

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-40-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,231,881.57

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-40-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,231,881.57

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-41-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,173,877.70

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-41-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,173,877.70

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-42-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,118,630.07

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-42-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,118,630.07

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-43-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    22,908,939.53

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    I-43-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    22,908,939.53

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,822.42

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-1-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,003,052.19

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-1-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,003,052.19

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-2-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,380,195.66

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-2-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,380,195.66

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-3-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,749,517.92

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-3-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,749,517.92

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-4-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,109,901.21

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-4-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,109,901.21

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-5-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,458,268.11

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-5-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,458,268.11

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-6-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,791,506.11

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-6-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,791,506.11

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-7-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,105,723.69

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-7-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,105,723.69

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-8-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,397,128.83

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-8-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,397,128.83

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-9-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,654,763.95

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-9-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,654,763.95

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-10-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,559,410.57

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-10-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,559,410.57

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-11-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,372,921.47

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-11-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,372,921.47

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-12-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,189,059.79

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-12-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,189,059.79

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-13-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,012,780.33

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-13-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,012,780.33

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-14-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,843,926.45

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-14-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,843,926.45

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-15-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,682,185.05

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-15-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,682,185.05

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-16-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,527,256.28

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-16-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,527,256.28

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-17-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,378,852.91

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-17-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,378,852.91

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-18-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,253,582.84

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-18-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,253,582.84

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-19-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,146,169.32

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-19-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,146,169.32

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-20-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,153,284.27

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-20-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,153,284.27

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-21-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    9,172,722.43

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-21-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    9,172,722.43

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-22-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    9,373,987.39

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-22-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    9,373,987.39

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-23-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    7,842,453.95

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-23-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    7,842,453.95

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-24-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    6,435,194.26

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-24-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    6,435,194.26

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-25-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,605,185.87

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-25-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    2,605,185.87

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-26-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,554,655.25

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-26-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,554,655.25

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-27-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,431,576.81

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-27-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,431,576.81

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-28-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,362,149.38

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-28-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,362,149.38

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-29-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,297,704.58

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-29-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,297,704.58

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-30-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,236,330.81

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-30-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,236,330.81

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-31-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,177,878.51

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-31-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,177,878.51

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-32-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,122,212.99

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-32-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,122,212.99

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-33-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,069,174.62

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-33-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,069,174.62

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-34-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,018,603.25

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-34-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,018,603.25

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-35-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    970,392.80

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-35-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    970,392.80

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-36-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    924,607.05

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-36-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    924,607.05

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-37-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    881,002.74

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-37-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    881,002.74

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-38-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    839,472.30

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-38-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    839,472.30

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-39-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    799,913.21

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-39-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    799,913.21

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-40-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    762,235.26

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-40-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    762,235.26

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-41-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    726,344.95

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-41-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    726,344.95

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-42-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    692,160.11

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-42-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    692,160.11

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-43-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    14,175,064.98

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    II-43-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    14,175,064.98

                  	 	 	
                    June
                      25, 2036

                  	 
	
                    CE-2

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    N/A(3)

                  	
                     

                  	 	
                    June
                      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)

                (3)

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

                REMIC
                  I Regular Interest CE-2 will not have an Uncertificated Balance,
                  but will
                  accrue interest on their Notional Amount described in accordance
                  with the
                  definition of “Notional Amount” herein.

                 

                 

              

      

      

      
        
           

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      REMIC
        II

       

      As
        provided herein, the Securities Administrator 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. The
        following table irrevocably sets forth the designation, the REMIC II Remittance
        Rate, the initial aggregate 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. None of the REMIC II
        Regular Interests will be certificated.

       

      
        	
                Designation

              	 	
                REMIC
                  II

                Remittance

                Rate

              	 	
                Initial

                Uncertificated
                  Balance

              	 	
                Latest
                  Possible

                Maturity
                  Date (1)

              	 
	
                AA

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                356,992,548.01

              	 	 	
                June
                  25, 2036

              	 
	
                A-1

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                1,755,280.00

              	 	 	
                June
                  25, 2036

              	 
	
                A-2A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                558,610.00

              	 	 	
                June
                  25, 2036

              	 
	
                A-2B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                239,275.00

              	 	 	
                June
                  25, 2036

              	 
	
                A-2C

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                167,730.00

              	 	 	
                June
                  25, 2036

              	 
	
                A-2D

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                120,475.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-1

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                136,605.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-2

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                127,495.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-3

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                78,320.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-4

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                67,390.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-5

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                63,750.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-6

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                54,640.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-7

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                54,640.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-8

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                47,355.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-9

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                34,605.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-10

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                27,320.00

              	 	 	
                June
                  25, 2036

              	 
	
                M-11

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                36,430.00

              	 	 	
                June
                  25, 2036

              	 
	
                ZZ

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                3,715,642.20

              	 	 	
                June
                  25, 2036

              	 
	
                IO

              	 	 	
                Variable(2)

              	
                 

              	 	
                N/A(3)

              	
                 

              	 	
                June
                  25, 2036

              	 
	
                P

              	 	 	
                N/A(4)

              	
                 

              	
                $

              	
                100.00

              	 	 	
                June
                  25, 2036

              	 
	
                I-SUB

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                9,901.54

              	 	 	
                June
                  25, 2036

              	 
	
                I-GRP

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                45,007.15

              	 	 	
                June
                  25, 2036

              	 
	
                II-SUB

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                6,126.68

              	 	 	
                June
                  25, 2036

              	 
	
                II-GRP

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                27,848.48

              	 	 	
                June
                  25, 2036

              	 
	
                XX

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                364,189,226.36

              	 	 	
                June
                  25, 2036

              	 
	
                CE-2

              	 	 	
                (5)

              	
                 

              	 	
                N/A(6)

              	
                 

              	 	
                June
                  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 IO will not have an Uncertificated Balance,
                  but will
                  accrue interest on its Notional
                  Amount.

              

      

       

      
        	
                (4)

              	
                REMIC
                  II Regular Interest P will not accrue interest but will be entitled
                  to
                  100% of the Prepayment Charges.

              

      

       

      
        	
                (5)

              	
                REMIC
                  II Regular Interest CE-2 will not have a REMIC II Remittance Rate,
                  but
                  will be entitled to 100% of the amounts distributed on REMIC I
                  Regular
                  Interest CE-2.

              

      

       

      
        	
                (6)

              	
                For
                  federal income tax purposes, the REMIC II Regular Interest CE-2
                  will not
                  have an Uncertificated Balance, but will have an Notional Amount
                  equal to
                  the Notional Amount of REMIC I Regular Interest
                  CE-2.

              

      

       

      
        
           

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      REMIC
        III

       

      As
        provided herein, the Securities Administrator 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. 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.

       

      

      
        	
                Designation

              	 	
                Pass-Through
                  Rate

              	 	
                Initial
                  Aggregate Certificate Principal Balance

              	 	
                Latest
                  Possible

                Maturity
                  Date (1)

              	 
	
                Class
                  A-1

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                351,056,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  A-2A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                111,722,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  A-2B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                47,855,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  A-2C

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                33,546,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  A-2D

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                24,095,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  M-1

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                27,321,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  M-2

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                25,499,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  M-3

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                15,644,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  M-4

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                13,478,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  M-5

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                12,750,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  M-6

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                10,928,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  M-7

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                10,928,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  M-8

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                9,471,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  M-9

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                6,921,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  M-10

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                5,464,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  M-11

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                7,286,000.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  P

              	 	 	
                N/A(3)

              	
                 

              	
                $

              	
                100.00

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  CE-1

              	 	 	
                N/A(4)

              	
                 

              	
                $

              	
                14,572,220.43

              	 	 	
                June
                  25, 2036

              	 
	
                Class
                  CE-2

              	 	 	
                N/A(5)

              	
                 

              	 	
                N/A(6)

              	
                 

              	 	
                June
                  25, 2036

              	 
	
                Class
                  IO Interest

              	 	 	
                N/A(7)

              	
                 

              	 	
                N/A(7)

              	
                 

              	 	
                June
                  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 Class of Certificates.

       

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

       

      (3)       
         The
        Class
        P Certificates will not accrue interest.

       

      (4)     
         The
        Class
        CE-1 Certificates will accrue interest at their variable Pass-Through Rate
        on
        the Notional Amount of the Class CE-1 Certificates outstanding from time
        to time
        which shall equal the Uncertificated Balance of the REMIC II Regular Interests
        (other than REMIC II Regular Interest P). The Class CE-1 Certificates will
        not
        accrue interest on their Certificate Principal Balance.

      (5)      
         The
        Class
        CE-2 Certificates are an interest only class and for each Distribution Date
        the
        Class CE-2 Certificates will be entitled to receive 100% of the amounts
        distributed on REMIC II Regular Interest CE-2.

       

      (6)      
         For
        federal income tax purposes, the Class CE-2 Certificates will not have a
        Certificate Principal Balance, but will have a Notional Amount equal to the
        Notional Amount of REMIC II Regular Interest CE-2.

       

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

      
 

                
        The Mortgage Loans had an aggregate Scheduled Principal Balance as of the
        Cut-off Date, after deducting all Monthly Payments due on or before the Cut-off
        Date, of $728,556,320.43. As of the Cut-off Date, the Group I Mortgage Loans
        had
        an aggregate Scheduled Principal Balance equal to $450,071,477.10 and the
        Group
        II Mortgage Loans had an aggregate Scheduled Principal Balance equal to
        $278,484,843.33.

       

      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      In
        consideration of the mutual agreements herein contained, the Depositor, the
        Servicer, the Master Servicer, the Securities 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.

       

      “Accepted
        Master Servicing Practices”:
        With
        respect to any Mortgage Loan, as applicable, either (x) those customary mortgage
        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 3.01 hereof, but in no event
        below
        the standard set forth in clause (x).

       

      “Accepted
        Servicing Practices”:
        As
        defined in Section 3.01.

       

      “Account”:
        The
        Collection Account and the Distribution Account as the context may
        require.

       

      “Accrued
        Certificate Interest”:
        With
        respect to any Class A Certificate, Mezzanine Certificate, Class CE-1
        Certificate or Class CE-2 Certificate and each Distribution Date, interest
        accrued during the related Interest Accrual Period at the Pass-Through Rate
        for
        such Certificate for such Distribution Date on the Certificate Principal
        Balance, in the case of the Class A Certificates and the Mezzanine Certificates,
        or on the Notional Amount in the case of the Class CE-1 Certificates and
        Class
        CE-2 Certificates, of such Certificate immediately prior to such Distribution
        Date. The Class P Certificates are not entitled to distributions in respect
        of
        interest and, accordingly, will not accrue interest. All distributions of
        interest on the Class A Certificates and the Mezzanine Certificates will
        be
        calculated on the basis of a 360-day year and the actual number of days in
        the
        applicable Interest Accrual Period. All distributions of interest on the
        Class
        CE-1 Certificates and Class CE-2 Certificates will be based on a 360-day
        year
        consisting of twelve 30-day months. Accrued Certificate Interest with respect
        to
        each Distribution Date, as to any Class A Certificate, Mezzanine Certificate
        or
        Class CE-1 Certificate shall be reduced by an amount equal to the portion
        allocable to such Certificate pursuant to Section 1.02 hereof, if any, of
        the
        sum of (a) the aggregate Prepayment Interest Shortfall, if any, for such
        Distribution Date to the extent not covered by payments pursuant to Section
        3.23
        or Section 4.18 of this Agreement and (b) the aggregate amount of any Relief
        Act
        Interest Shortfall, if any, for such Distribution Date. In addition, Accrued
        Certificate Interest with respect to each Distribution Date, as to any Class
        CE-1 Certificate, shall be reduced by an amount equal to the portion allocable
        to such Class CE-1 Certificate of Realized Losses, if any, pursuant to Section
        1.02 and Section 5.04 hereof.

       

      “Additional
        Disclosure Notification”:
        Has
        the meaning set forth in Section 5.06(a). 

       

      “Additional
        Form 10-D Disclosure”:
        Has
        the meaning set forth in Section 5.06(a) of this Agreement.

       

      “Additional
        Form 10-K Disclosure”:
        Has
        the meaning set forth in Section 5.06(d) of this Agreement. 

       

      “Additional
        Servicer”:
        Means
        each affiliate of the Servicer that Services any of the Mortgage Loans and
        each
        Person who is not an affiliate of the Servicer. For clarification purposes,
        the
        Master Servicer and the Securities Administrator are Additional
        Servicers.

       

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

       

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

       

      “Administration
        Fees”:
        The
        sum of (i) the Servicing Fee, (ii) the Master Servicing Fee and (iii) the
        Credit
        Risk Management Fee.

       

      “Administration
        Fee Rate”:
        The
        sum of (i) the Servicing Fee Rate, (ii) the Master Servicing Fee Rate and
        (iii)
        the Credit Risk Management Fee Rate. 

       

      “Advance
        Facility”:
        As
        defined in Section 3.26(a).

       

      “Advance
        Financing Person”:
        As
        defined in Section 3.26(a).

       

      “Advance
        Reimbursement Amounts”:
        As
        defined in Section 3.26(b).

       

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

       

      “Agreement”:
        This
        Pooling and Servicing Agreement, including all exhibits and schedules hereto
        and
        all amendments hereof and supplements hereto.

       

      “Allocated
        Realized Loss Amount”:
        With
        respect to any Class of Mezzanine Certificates and any Distribution Date,
        an
        amount equal to the sum of any Realized Loss allocated to that Class of
        Certificates on the Distribution Date and any Allocated Realized Loss Amount
        for
        that Class remaining unpaid from the previous Distribution Date.

       

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

       

      “Ancillary
        Income”:
        All
        income derived from the Mortgage Loans, other than Servicing Fees and Prepayment
        Charges, including but not limited to, late charges, fees received with respect
        to checks or bank drafts returned by the related bank for non sufficient
        funds,
        assumption fees, optional insurance administrative fees and all other incidental
        fees and charges.

       

      “Annual
        Statement of Compliance”:
        As
        defined in Section 3.17.

       

      “Assignment”:
        An
        assignment of Mortgage, notice of transfer or equivalent instrument, in
        recordable form, which is sufficient under the laws of the jurisdiction where
        the related Mortgaged Property is located to reflect of record the sale and
        assignment 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.

       

      “Authorized
        Officers”:
        A
        managing director of the whole loan trading desk and a managing director
        in
        global markets.

       

      “Available
        Distribution Amount”:
        With
        respect to any Distribution Date, an amount equal to (1) the sum of (a) the
        aggregate of the amounts on deposit in the Collection Account and the
        Distribution Account as of the close of business on the Servicer Remittance
        Date, (b) the aggregate of any amounts deposited in the Distribution Account
        by
        the Servicer or the Master Servicer in respect of Prepayment Interest Shortfalls
        for such Distribution Date pursuant to Section 3.23 or Section 4.18 of this
        Agreement, (c) the aggregate of any P&I Advances for such Distribution Date
        made by the Servicer pursuant to Section 5.03 of this Agreement and (d) the
        aggregate of any P&I Advances made by a successor Servicer (including the
        Master Servicer) for such Distribution Date pursuant to Section 8.02 of this
        Agreement, reduced (to not less than zero) by (2) the portion of the amount
        described in clause (1)(a) above that represents (i) Amounts Held for Future
        Distribution, (ii) Principal Prepayments on the Mortgage Loans received after
        the related Prepayment Period (together with any interest payments received
        with
        such Principal Prepayments to the extent they represent the payment of interest
        accrued on the Mortgage Loans during a period subsequent to the related
        Prepayment Period), (iii) Liquidation Proceeds, Insurance Proceeds and
        Subsequent Recoveries received in respect of the Mortgage Loans after the
        related Prepayment Period, (iv) amounts reimbursable or payable to the
        Depositor, the Servicer, the Trustee, the Master Servicer, the Securities
        Administrator, the Credit Risk Manager or the Custodians pursuant to Section
        3.09 or 9.05 of this Agreement or otherwise payable in respect of Extraordinary
        Trust Fund Expenses, (v) the Credit Risk Management Fee, (vi) amounts deposited
        in the Collection Account or the Distribution Account in error, (vii) the
        amount
        of any Prepayment Charges collected by the Servicer in connection with the
        Principal Prepayment of any of the Mortgage Loans and (viii) amounts
        reimbursable to a successor Servicer (including the Master Servicer) pursuant
        to
        Section 8.02 of this Agreement. 

       

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

       

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

       

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

       

      “Book-Entry
        Certificates”:
        The
        Offered 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 6.01.

       

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

       

      “Cash-Out
        Refinancing”:
        A
        Refinanced Mortgage Loan the proceeds of which are more than a nominal amount
        in
        excess of the principal balance of any existing first mortgage plus any
        subordinate mortgage on the related Mortgaged Property and related closing
        costs.

       

      “Certificate”:
        Any
        one of ACE Securities Corp., Asset Backed Pass-Through Certificates, Series
        2006-ASAP3, Class A-1, Class A-2A, Class A-2B, Class A-2C, Class A-2D, 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 P, Class CE-1, Class CE-2 and
        Class R Certificates issued under this Agreement. 

       

      “Certificate
        Factor”:
        With
        respect to any Class of Certificates (other than the Residual Certificates)
        as
        of any Distribution Date, a fraction, expressed as a decimal carried to six
        places, the numerator of which is the aggregate Certificate Principal Balance
        (or Notional Amount, in the case of the Class CE-1 Certificates and Class
        CE-2
        Certificates) of such Class of Certificates on such Distribution Date (after
        giving effect to any distributions of principal and allocations of Realized
        Losses resulting in reduction of the Certificate Principal Balance (or Notional
        Amount, in the case of the Class CE-1 Certificates and Class CE-2 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
        Notional Amount, in the case of the Class CE-1 Certificates and Class CE-2
        Certificates) of such Class of Certificates as of the Closing Date.

       

      “Certificate
        Margin”:
        With
        respect to the Class A-1 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-1, 0.140% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.280%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class A-2A Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-2A, 0.030% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.060%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class A-2B Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-2B, 0.090% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.180%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class A-2C Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-2C, 0.150% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.300%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class A-2D Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-2D, 0.240% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.480%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-1 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-1, 0.280% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.420%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-2 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-2, 0.300% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.450%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-3 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-3, 0.310% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.465%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-4 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-4, 0.350% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.525%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-5 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-5, 0.370% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.555%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-6 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-6, 0.440% in the case of each
        Distribution Date through and including the Optional Termination Date and
        0.660%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-7 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-7, 0.860% in the case of each
        Distribution Date through and including the Optional Termination Date and
        1.290%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-8 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest 1.050% in the case of each Distribution
        Date through and including the Optional Termination Date and 1.550% in the
        case
        of each Distribution Date thereafter.

       

      With
        respect to the Class M-9 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-9, 1.850% in the case of each
        Distribution Date through and including the Optional Termination Date and
        2.350%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-10 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-10, 2.500% in the case of each
        Distribution Date through and including the Optional Termination Date and
        3.000%
        in the case of each Distribution Date thereafter.

       

      With
        respect to the Class M-11 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-11, 2.500% in the case of each
        Distribution Date through and including the Optional Termination Date and
        3.000%
        in the case of each Distribution Date thereafter.

       

      “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 or beneficially owned by the Depositor, the Sponsor,
        the Servicer, the Master Servicer, the Securities Administrator, the Trustee
        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 12.01.
        The
        Trustee and the Securities Administrator may conclusively rely upon a
        certificate of the Depositor, the Sponsor, the Master Servicer, the Securities
        Administrator or the 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 Trustee and the
        Securities Administrator 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 5.04, minus (i) all
        distributions allocable to principal made thereon and (ii) Realized Losses
        allocated thereto, if any, 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-1 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
        Balances of the REMIC II Regular Interests over (B) the then aggregate
        Certificate Principal Balances of the Class A Certificates, the Mezzanine
        Certificates and the Class P Certificates then outstanding. The aggregate
        initial Certificate Principal Balance of each Class of Regular Certificates
        is
        set forth in the Preliminary Statement hereto.

       

      “Certificate
        Register”:
        The
        register maintained pursuant to Section 6.02.

       

      “Certification
        Parties”:
        Has
        the meaning set forth in Section 3.20 of this Agreement.

       

      “Certifying
        Person”:
        Has
        the meaning set forth in Section 3.20 of this Agreement.

       

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

       

      “Class
        A Certificate”:
        Any
        Class A-1, Class A-2A, Class A-2B, Class A-2C or Class A-2D
        Certificate.

       

      “Class
        A Principal Distribution Amount”:
        The
        Class A Principal Distribution Amount is an amount equal to the sum of: (i)
        the
        Class A-1 Principal Distribution Amount and (ii) the Class A-2 Principal
        Distribution Amount.

       

      “Class
        A-1 Allocation Percentage”:
        With
        respect to any Distribution Date is the percentage equivalent of a fraction,
        the
        numerator of which is (x) the Group I Principal Remittance Amount for such
        Distribution Date and the denominator of which is (y) the Principal Remittance
        Amount for such Distribution Date.

       

      “Class
        A-1 Certificate”:
        Any
        one of the Class A-1 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-1 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        A-1 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the Certificate Principal
        Balance of the Class A-1 Certificates immediately prior to such Distribution
        Date over (y) the lesser of (A) the product of (i) 56.00% and (ii) the aggregate
        Stated Principal Balance of the Group I 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 aggregate Stated Principal Balance of the Group I 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) minus the product of (i) 0.50% and (ii) the
        aggregate principal balance of the Group I Mortgage Loans as of the Cut-off
        Date.

       

      “Class
        A-2 Allocation Percentage”:
        With
        respect to any Distribution Date is the percentage equivalent of a fraction,
        the
        numerator of which is (x) the Group II Principal Remittance Amount for such
        Distribution Date and the denominator of which is (y) the Principal Remittance
        Amount for such Distribution Date.

       

      “Class
        A-2 Certificate”:
        Any
        Class A-2A, Class A-2B, Class A-2C or Class A-2D Certificate.

       

      “Class
        A-2A Certificate”:
        Any
        one of the Class A-2A Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-1 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        A-2B Certificate”:
        Any
        one of the Class A-2B Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-1 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        A-2C Certificate”:
        Any
        one of the Class A-2C Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-1 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        A-2D Certificate”:
        Any
        one of the Class A-2D Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-1 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        A-2 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of the Certificate
        Principal Balances of the Class A-2A, Class A-2B, Class A-2C and Class A-2D
        Certificates immediately prior to such Distribution Date over (y) the lesser
        of
        (A) the product of (i) 56.00% and (ii) the aggregate Stated Principal Balance
        of
        the Group II 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 aggregate
        Stated Principal Balance of the Group II 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) minus the product of (i) 0.50% and (ii) the aggregate principal balance
        of the Group II Mortgage Loans as of the Cut-off Date.

       

      “Class
        CE-1 Certificate”:
        Any
        one of the Class CE-1 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-3 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        CE-2 Certificate”:
        Any
        one of the Class CE-2 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-3 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        IO Distribution Amount”:
        As
        defined in Section 5.07(f) hereof. For
        purposes of clarity, the Class IO Distribution Amount for any Distribution
        Date
        shall equal the amount payable to the Supplemental Interest Trust on such
        Distribution Date in excess of the amount payable on the Class IO Interest
        on
        such Distribution Date, all as further provided in Section 5.07(f)
        hereof.

       

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

       

      “Class
        M Certificates”:
        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.

       

      “Class
        M-1 Certificate”:
        Any
        one of the Class M-1 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-2 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        M-1 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date) and (ii) the Certificate Principal Balance of the Class
        M-1
        Certificates immediately prior to such Distribution Date over (y) the lesser
        of
        (A) the product of (i) 63.50% 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 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) minus
        the product of (i) 0.50% and (ii) the aggregate principal balance of the
        Mortgage Loans as of the Cut-off Date.

       

      “Class
        M-2 Certificate”:
        Any
        one of the Class M-2 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-2 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        M-2 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the payment of the Class M-1 Principal
        Distribution Amount on such Distribution Date) and (iii) the Certificate
        Principal Balance of the Class M-2 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 70.50% 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 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) minus the product of (i) 0.50% and (ii) the aggregate
        principal balance of the Mortgage Loans as of the Cut-off Date.

       

      “Class
        M-3 Certificate”:
        Any
        one of the Class M-3 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-2 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        M-3 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the payment of the Class M-1 Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-2 Certificates (after taking into account the payment
        of
        the Class M-2 Principal Distribution Amount on such Distribution Date) and
        (iv)
        the Certificate Principal Balance of the Class M-3 Certificates immediately
        prior to such Distribution Date over (y) the lesser of (A) the product of
        (i)
        74.80% 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 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) minus the product of (i) 0.50% and
        (ii)
        the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      “Class
        M-4 Certificate”:
        Any
        one of the Class M-4 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-2 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        M-4 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the payment of the Class M-1 Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-2 Certificates (after taking into account the payment
        of
        the Class M-2 Principal Distribution Amount on such Distribution Date), (iv)
        the
        Certificate Principal Balance of the Class M-3 Certificates (after taking
        into
        account the payment of the Class M-3 Principal Distribution Amount on such
        Distribution Date) and (v) 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) 78.50% 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 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) minus
        the product of (i) 0.50% and (ii) the aggregate principal balance of the
        Mortgage Loans as of the Cut-off Date.

       

      “Class
        M-5 Certificate”:
        Any
        one of the Class M-5 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-2 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        M-5 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the payment of the Class M-1 Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-2 Certificates (after taking into account the payment
        of
        the Class M-2 Principal Distribution Amount on such Distribution Date), (iv)
        the
        Certificate Principal Balance of the Class M-3 Certificates (after taking
        into
        account the payment of the Class M-3 Principal Distribution Amount on such
        Distribution Date), (v) the Certificate Principal Balance of the Class M-4
        Certificates (after taking into account the payment of the Class M-4 Principal
        Distribution Amount on such Distribution Date) and (vi) 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) 82.00% 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 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) minus the product of (i) 0.50% and (ii) the aggregate
        principal balance of the Mortgage Loans as of the Cut-off Date.

       

      “Class
        M-6 Certificate”:
        Any
        one of the Class M-6 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-2 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        M-6 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the payment of the Class M-1 Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-2 Certificates (after taking into account the payment
        of
        the Class M-2 Principal Distribution Amount on such Distribution Date), (iv)
        the
        Certificate Principal Balance of the Class M-3 Certificates (after taking
        into
        account the payment of the Class M-3 Principal Distribution Amount on such
        Distribution Date), (v) the Certificate Principal Balance of the Class M-4
        Certificates (after taking into account the payment of the Class M-4 Principal
        Distribution Amount on such Distribution Date), (vi) the Certificate Principal
        Balance of the Class M-5 Certificates (after taking into account the payment
        of
        the Class M-5 Principal Distribution Amount on such Distribution Date) and
        (vii)
        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)
        85.00% 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 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) minus the product of (i) 0.50% and
        (ii)
        the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      “Class
        M-7 Certificate”:
        Any
        one of the Class M-7 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-2 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        M-7 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the payment of the Class M-1 Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-2 Certificates (after taking into account the payment
        of
        the Class M-2 Principal Distribution Amount on such Distribution Date), (iv)
        the
        Certificate Principal Balance of the Class M-3 Certificates (after taking
        into
        account the payment of the Class M-3 Principal Distribution Amount on such
        Distribution Date), (v) the Certificate Principal Balance of the Class M-4
        Certificates (after taking into account the payment of the Class M-4 Principal
        Distribution Amount on such Distribution Date), (vi) the Certificate Principal
        Balance of the Class M-5 Certificates (after taking into account the payment
        of
        the Class M-5 Principal Distribution Amount on such Distribution Date), (vii)
        the Certificate Principal Balance of the Class M-6 Certificates (after taking
        into account the payment of the Class M-6 Principal Distribution Amount on
        such
        Distribution Date) and (viii) 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) 88.00% 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 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) minus
        the product of (i) 0.50% and (ii) the aggregate principal balance of the
        Mortgage Loans as of the Cut-off Date.

       

      “Class
        M-8 Certificate”:
        Any
        one of the Class M-8 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-2 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        M-8 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the payment of the Class M-1 Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-2 Certificates (after taking into account the payment
        of
        the Class M-2 Principal Distribution Amount on such Distribution Date), (iv)
        the
        Certificate Principal Balance of the Class M-3 Certificates (after taking
        into
        account the payment of the Class M-3 Principal Distribution Amount on such
        Distribution Date), (v) the Certificate Principal Balance of the Class M-4
        Certificates (after taking into account the payment of the Class M-4 Principal
        Distribution Amount on such Distribution Date), (vi) the Certificate Principal
        Balance of the Class M-5 Certificates (after taking into account the payment
        of
        the Class M-5 Principal Distribution Amount on such Distribution Date), (vii)
        the Certificate Principal Balance of the Class M-6 Certificates (after taking
        into account the payment of the Class M-6 Principal Distribution Amount on
        such
        Distribution Date), (viii) the Certificate Principal Balance of the Class
        M-7
        Certificates (after taking into account the payment of the Class M-7 Principal
        Distribution Amount on such Distribution Date) and (ix) 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) 90.60% 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 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) minus the product of (i) 0.50% and (ii) the aggregate
        principal balance of the Mortgage Loans as of the Cut-off Date.

       

      “Class
        M-9 Certificate”:
        Any
        one of the Class M-9 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-2 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        M-9 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the payment of the Class M-1 Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-2 Certificates (after taking into account the payment
        of
        the Class M-2 Principal Distribution Amount on such Distribution Date), (iv)
        the
        Certificate Principal Balance of the Class M-3 Certificates (after taking
        into
        account the payment of the Class M-3 Principal Distribution Amount on such
        Distribution Date), (v) the Certificate Principal Balance of the Class M-4
        Certificates (after taking into account the payment of the Class M-4 Principal
        Distribution Amount on such Distribution Date), (vi) the Certificate Principal
        Balance of the Class M-5 Certificates (after taking into account the payment
        of
        the Class M-5 Principal Distribution Amount on such Distribution Date), (vii)
        the Certificate Principal Balance of the Class M-6 Certificates (after taking
        into account the payment of the Class M-6 Principal Distribution Amount on
        such
        Distribution Date), (viii) the Certificate Principal Balance of the Class
        M-7
        Certificates (after taking into account the payment of the Class M-7 Principal
        Distribution Amount on such Distribution Date), (ix) the Certificate Principal
        Balance of the Class M-8 Certificates (after taking into account the payment
        of
        the Class M-8 Principal Distribution Amount on such Distribution Date) and
        (x)
        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)
        92.50% 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 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) minus the product of (i) 0.50% and
        (ii)
        the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      “Class
        M-10 Certificate”:
        Any
        one of the Class M-10 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-2 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        M-10 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the payment of the Class M-1 Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-2 Certificates (after taking into account the payment
        of
        the Class M-2 Principal Distribution Amount on such Distribution Date), (iv)
        the
        Certificate Principal Balance of the Class M-3 Certificates (after taking
        into
        account the payment of the Class M-3 Principal Distribution Amount on such
        Distribution Date), (v) the Certificate Principal Balance of the Class M-4
        Certificates (after taking into account the payment of the Class M-4 Principal
        Distribution Amount on such Distribution Date), (vi) the Certificate Principal
        Balance of the Class M-5 Certificates (after taking into account the payment
        of
        the Class M-5 Principal Distribution Amount on such Distribution Date), (vii)
        the Certificate Principal Balance of the Class M-6 Certificates (after taking
        into account the payment of the Class M-6 Principal Distribution Amount on
        such
        Distribution Date), (viii) the Certificate Principal Balance of the Class
        M-7
        Certificates (after taking into account the payment of the Class M-7 Principal
        Distribution Amount on such Distribution Date), (ix) the Certificate Principal
        Balance of the Class M-8 Certificates (after taking into account the payment
        of
        the Class M-8 Principal Distribution Amount on such Distribution Date), (x)
        the
        Certificate Principal Balance of the Class M-9 Certificates (after taking
        into
        account the payment of the Class M-9 Principal Distribution Amount on such
        Distribution Date), and (xi) 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) 94.00% 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 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) minus
        the product of (i) 0.50% and (ii) the aggregate principal balance of the
        Mortgage Loans as of the Cut-off Date.

       

      “Class
        M-11 Certificate”:
        Any
        one of the Class M-11 Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-2 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        M-11 Principal Distribution Amount”:
        With
        respect to any Distribution Date on or after the Stepdown Date and on which
        a
        Trigger Event is not in effect, the excess of (x) the sum of (i) the aggregate
        Certificate Principal Balance of the Class A Certificates (after taking into
        account the payment of the Class A Principal Distribution Amount on such
        Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
        Certificates (after taking into account the payment of the Class M-1 Principal
        Distribution Amount on such Distribution Date), (iii) the Certificate Principal
        Balance of the Class M-2 Certificates (after taking into account the payment
        of
        the Class M-2 Principal Distribution Amount on such Distribution Date), (iv)
        the
        Certificate Principal Balance of the Class M-3 Certificates (after taking
        into
        account the payment of the Class M-3 Principal Distribution Amount on such
        Distribution Date), (v) the Certificate Principal Balance of the Class M-4
        Certificates (after taking into account the payment of the Class M-4 Principal
        Distribution Amount on such Distribution Date), (vi) the Certificate Principal
        Balance of the Class M-5 Certificates (after taking into account the payment
        of
        the Class M-5 Principal Distribution Amount on such Distribution Date), (vii)
        the Certificate Principal Balance of the Class M-6 Certificates (after taking
        into account the payment of the Class M-6 Principal Distribution Amount on
        such
        Distribution Date), (viii) the Certificate Principal Balance of the Class
        M-7
        Certificates (after taking into account the payment of the Class M-7 Principal
        Distribution Amount on such Distribution Date), (ix) the Certificate Principal
        Balance of the Class M-8 Certificates (after taking into account the payment
        of
        the Class M-8 Principal Distribution Amount on such Distribution Date), (x)
        the
        Certificate Principal Balance of the Class M-9 Certificates (after taking
        into
        account the payment of the Class M-9 Principal Distribution Amount on such
        Distribution Date), (xi) the Certificate Principal Balance of the Class M-10
        Certificates (after taking into account the payment of the Class M-10 Principal
        Distribution Amount on such Distribution Date), and (xii) 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) 96.00% 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 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) minus the product of (i) 0.50% and (ii) the aggregate
        principal balance of the Mortgage Loans as of the Cut-off Date.

       

      “Class
        P Certificate”:
        Any
        one of the Class P Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-4 and evidencing a Regular Interest in REMIC III for
        purposes of the REMIC Provisions.

       

      “Class
        R Certificates”:
        Any
        one of the Class R Certificates executed and authenticated by the Securities
        Administrator and delivered by the Trustee, substantially in the form annexed
        hereto as Exhibit A-5, and evidencing the Class R-I Interest, the Class R-II
        Interest and the Class R-III 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.

       

      “Closing
        Date”:
        May
        30, 2006.

       

      “Code”:
        The
        Internal Revenue Code of 1986 as amended from time to time.

       

      “Collection
        Account”:
        The
        separate account or accounts created and maintained, or caused to be created
        and
        maintained, by the Servicer pursuant to Section 3.08(a) of this Agreement
        for
        the benefit of the Certificateholders, which shall be entitled “Ocwen Loan
        Servicing, LLC, as Servicer for HSBC Bank USA, National Association as Trustee,
        in trust for the registered holders of ACE Securities Corp., Home Equity
        Loan
        Trust, Series 2006-ASAP3, Asset Backed Pass-Through Certificates”. The
        Collection Account must be an Eligible Account.

       

      “Commission”:
        The
        Securities and Exchange Commission.

       

      “Controlling
        Person”:
        Means,
        with respect to any Person, any other Person who “controls” such Person within
        the meaning of the Securities Act.

       

      “Corporate
        Trust Office”:
        The
        principal corporate trust office of the Trustee or the Securities 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, HSBC Bank USA, National Association, 452 Fifth Avenue, New
        York,
        New York 10018, Attention: ACE Securities Corp., 2006-ASAP3, or at such other
        address as the Trustee may designate from time to time by notice to the
        Certificateholders, the Depositor, the Master Servicer, the Securities
        Administrator and the Servicer, or (ii) with respect to the Securities
        Administrator, (A) for purposes of Certificate transfers and surrender, Wells
        Fargo Bank, National Association, Sixth Street and Marquette Avenue,
        Minneapolis, Minnesota 55479, Attention: Corporate Trust (ACE 2006-ASAP3),
        and
        (B) for all other purposes, Wells Fargo Bank, National Association, P.O.
        Box 98,
        Columbia, Maryland 21046, Attention: Corporate Trust (ACE 2006-ASAP3) (or
        for
        overnight deliveries, at 9062 Old Annapolis Road, Columbia, Maryland 21045,
        Attention: Corporate Trust (ACE 2006-ASAP3)), or at such other address as
        the
        Securities Administrator may designate from time to time by notice to the
        Certificateholders, the Depositor, the Master Servicer, the Servicer and
        the
        Trustee.

       

      “Corresponding
        Certificate”:
        With
        respect to each REMIC II Regular Interest, as follows:

       

      
        	
                REMIC
                  II REGULAR INTEREST

              	 	
                CLASS

              
	
                REMIC
                  II REGULAR INTEREST A-1

              	 	
                A-1

              
	
                REMIC
                  II REGULAR INTEREST A-2A

              	 	
                A-2A

              
	
                REMIC
                  II REGULAR INTEREST A-2B

              	 	
                A-2B

              
	
                REMIC
                  II REGULAR INTEREST A-2C

              	 	
                A-2C

              
	
                REMIC
                  II REGULAR INTEREST A-2D

              	 	
                A-2D

              
	
                REMIC
                  II REGULAR INTEREST M-1

              	 	
                M-1

              
	
                REMIC
                  II REGULAR INTEREST M-2

              	 	
                M-2

              
	
                REMIC
                  II REGULAR INTEREST M-3

              	 	
                M-3

              
	
                REMIC
                  II REGULAR INTEREST M-4

              	 	
                M-4

              
	
                REMIC
                  II REGULAR INTEREST M-5

              	 	
                M-5

              
	
                REMIC
                  II REGULAR INTEREST M-6

              	 	
                M-6

              
	
                REMIC
                  II REGULAR INTEREST M-7

              	 	
                M-7

              
	
                REMIC
                  II REGULAR INTEREST M-8

              	 	
                M-8

              
	
                REMIC
                  II REGULAR INTEREST M-9

              	 	
                M-9

              
	
                REMIC
                  II REGULAR INTEREST M-10

              	 	
                M-10

              
	
                REMIC
                  II REGULAR INTEREST M-11

              	 	
                M-11

              
	
                REMIC
                  II REGULAR INTEREST P

              	 	
                P

              
	
                REMIC
                  II REGULAR INTEREST CE-2

              	 	
                CE-2

              

      

      

      “Credit
        Enhancement Percentage”:
        For
        any Distribution Date, the percentage equivalent of a fraction, the numerator
        of
        which is the sum of the aggregate Certificate Principal Balances of the
        Mezzanine Certificates and the Class CE-1 Certificates (which includes the
        Overcollateralization Amount calculated for this purpose only after taking
        into
        account the principal payment to the Certificates from the Principal Remittance
        Amount but before taking into account any Overcollateralization Increase
        Amount), and the denominator of which is the aggregate Stated Principal Balance
        of the Mortgage Loans, calculated after 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 Agreements”:
        The
        agreements between the Credit Risk Manager and the Servicer and Master Servicer,
        each regarding the loss mitigation and advisory services to be provided by
        the
        Credit Risk Manager.

       

      “Credit
        Risk Management 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 and all powers and duties of the Credit Risk Manager under the Credit
        Risk
        Management Agreements, which amount shall equal one twelfth of the product
        of
        (i) the Credit Risk Management Fee Rate multiplied by (ii) the Stated Principal
        Balance of the Mortgage Loans and any related REO Properties as of the first
        day
        of the related Due Period.

       

      “Credit
        Risk Management Fee Rate”:
        0.013%
        per annum.

       

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

       

      “Custodial
        Agreement”:.Either
        of (i) the DBNTC Custodial Agreement or (ii) the Wells Fargo Custodial
        Agreement, or any other custodial agreement entered into after the date hereof
        with respect to any Mortgage Loan subject to this Agreement.

       

      “Custodian”:
        Either
        Wells Fargo or DBNTC or any other custodian appointed under any custodial
        agreement entered into after the date of this Agreement.

       

      “Cut-off
        Date”:
        With
        respect to each Mortgage Loan, May 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.

       

      “DBNTC”:
        Deutsche Bank National Trust Company, a national banking association, or
        its
        successor in interest.

       

      “DBNTC
        Custodial Agreement”:
        The
        Custodial Agreement, dated as of May 1, 2006, among the Trustee, DBNTC and
        the
        Servicer, as may be amended or supplemented from time to time.

       

      “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 6.01(b).

       

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

       

      “Delinquency
        Percentage”:
        As of
        the last day of the related Due Period, the percentage equivalent of a fraction,
        the numerator of which is the aggregate Stated Principal Balance of all Mortgage
        Loans that, as of the last day of the previous calendar month, are sixty
        (60) or
        more days delinquent, are in foreclosure, have been converted to REO Properties
        or have been discharged by reason of bankruptcy, and the denominator of which
        is
        the aggregate Stated Principal Balance of the Mortgage Loans and REO Properties
        as of the last day of the previous calendar month.

       

      “Depositor”:
        ACE
        Securities Corp., 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 Exchange
        Act.

       

      “Depository
        Institution”:
        Any
        depository institution or trust company, including the Trustee, that (a)
        is
        incorporated under the laws of the United States of America or any State
        thereof, (b) is subject to supervision and examination by federal or state
        banking authorities and (c) has outstanding unsecured commercial paper or
        other
        short-term unsecured debt obligations (or, in the case of a depository
        institution that is the principal subsidiary of a holding company, such holding
        company has unsecured commercial paper or other short-term unsecured debt
        obligations) that are rated at least A-1+ by S&P, F-1+ by Fitch and P-1 by
        Moody’s (or, if such Rating Agencies are no longer rating the Offered
        Certificates, comparable ratings by any other nationally recognized statistical
        rating agency then rating the Offered Certificates).

       

      “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 each 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. The
        Determination Date for purposes of Article X hereof shall mean the
        15th
        day of
        the month, or if such 15th
        day is
        not a Business Day, the first Business Day following 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 Servicer, on behalf of the Trustee, shall not be considered
        to
        Directly Operate an REO Property solely because the Servicer 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.

       

      “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 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
        separate trust account or accounts created and maintained by the Securities
        Administrator pursuant to Section 3.08(b) in the name of the Securities
        Administrator for the benefit of the Certificateholders and designated “Wells
        Fargo Bank, National Association, in trust for registered holders of ACE
        Securities Corp. Home Equity Loan Trust, Series 2006-ASAP3”. Funds in the
        Distribution Account shall be held in trust for the Certificateholders for
        the
        uses and purposes set forth in this Agreement. 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 June 2006.

       

      “Due
        Date”:
        With
        respect to each Distribution Date, the day of the month on which the Monthly
        Payment is due on a Mortgage Loan during the related Due Period, 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 first day of the month in which such Distribution Date
        occurs.

       

      “Eligible
        Account”:
        Any of
        (i) an account or accounts maintained with a Depository Institution, (ii)
        an
        account or accounts the deposits in which are fully insured by the FDIC,
        (iii) a
        trust account or accounts maintained with a federal depository institution
        or
        state chartered depository institution acting in its fiduciary capacity or
        (iv)
        an account of accounts acceptable to each Rating Agency as confirmed and
        approved in writing by each Rating Agency. Eligible Accounts may bear
        interest.

       

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

       

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

       

      “Excess
        Liquidation Proceeds”:
        To the
        extent that such amount is not required by law to be paid to the related
        Mortgagor, the amount, if any, by which Liquidation Proceeds with respect
        to a
        liquidated Mortgage Loan exceed the sum of (i) the outstanding principal
        balance
        of such Mortgage Loan and accrued but unpaid interest at the related Net
        Mortgage Rate through the last day of the month in which the related Liquidation
        Event occurs, plus (ii) related liquidation expenses or other amounts to
        which
        the Servicer is entitled to be reimbursed from Liquidation Proceeds with
        respect
        to such liquidated Mortgage Loan pursuant to Section 3.09 of this
        Agreement.

       

      “Excess
        Servicing Fee”:
        Shall
        have the meaning set forth in Section 5.01(f).

       

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

       

      “Extraordinary
        Trust Fund Expense”:
        Any
        amounts payable or reimbursable to the Trustee, the Master Servicer, the
        Securities Administrator, the Custodians or any director, officer, employee
        or
        agent of any such Person from the Trust Fund pursuant to the terms of this
        Agreement and any amounts payable from the Distribution Account in respect
        of
        taxes pursuant to Section 11.01(g)(v).

       

      “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
        Maturity Date”:
        The
        Distribution Date occurring in June 2036.

       

      “Final
        Recovery Determination”:
        With
        respect to any defaulted Mortgage Loan or any REO Property (other than a
        Mortgage Loan or REO Property purchased by an originator, the Sponsor or
        the
        Terminator pursuant to or as contemplated by Section 2.03, 3.13(c) or Section
        10.01), 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, which determination shall be evidenced by
        a
        certificate of a Servicing Officer of the Servicer delivered to the Master
        Servicer and maintained in its records.

       

      “Fitch”:
        Fitch
        Ratings or any successor in interest. 

       

      “Form
        8-K Disclosure Information”:
        Has
        the meaning set forth in Section 5.06(b) of this Agreement.

       

      “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.

       

      “Group
        I Allocation Percentage”:
        The
        aggregate principal balance of the Group I Mortgage Loans divided by the
        sum of
        the aggregate principal balance of the Group I Mortgage Loans and the Group
        II
        Mortgage Loans.

       

      “Group
        I Interest Remittance Amount”:
        With
        respect to any Distribution Date is that portion of the Available Distribution
        Amount for such Distribution Date that represents interest received or advanced
        on the Group I Mortgage Loans (net of the Administration Fees and any Prepayment
        Charges and after taking into account amounts payable or reimbursable to
        the
        Trustee, the Custodians, the Securities Administrator, the Master Servicer,
        the
        Servicer or the Credit Risk Manager pursuant to this Agreement or the Custodial
        Agreements with respect to the Group I Mortgage Loans).

       

      “Group
        I Mortgage Loans”:
        Those
        Mortgage Loans identified on the Mortgage Loan Schedule as Group I Mortgage
        Loans.

       

      “Group
        I Principal Distribution Amount”:
        With
        respect to any Distribution Date will be the sum of (i) the principal portion
        of
        all Monthly Payments on the Group I 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 Group I Mortgage Loan or, in the case of a substitution, certain amounts
        representing a principal adjustment, during the related Prepayment Period
        pursuant to or as contemplated by Section 2.03, Section 3.13(c) and Section
        10.01 of this Agreement; (iii) the principal portion of all other unscheduled
        collections, including Insurance Proceeds, Liquidation Proceeds and all
        Principal Prepayments in full and in part, received during the related
        Prepayment Period, to the extent applied as recoveries of principal on the
        Group
        I Mortgage Loans, net in each case of payments or reimbursements to the Trustee,
        the Custodians, the Master Servicer, the Securities Administrator, the Servicer
        or the Credit Risk Manager and (iv) the Class A-1 Allocation Percentage of
        the
        amount of any Overcollateralization Increase Amount for such Distribution
        Date
minus
        (v) the
        Class A-1 Allocation Percentage of the amount of any Overcollateralization
        Reduction Amount for such Distribution Date.

       

      “Group
        I Principal Remittance Amount”:
        With
        respect to any Distribution Date will be the sum of the amounts described
        in
        clauses (i) through (iii) of the definition of Group I Principal
        Distribution Amount.

       

      “Group
        II Allocation Percentage”:
        The
        aggregate principal balance of the Group II Mortgage Loans divided by the
        sum of
        the aggregate principal balance of the Group I Mortgage Loans and the Group
        II
        Mortgage Loans.

       

      “Group
        II Interest Remittance Amount”:
        With
        respect to any Distribution Date is that portion of the Available Distribution
        Amount for such Distribution Date that represents interest received or advanced
        on the Group II Mortgage Loans (net of the Administration Fees and any
        Prepayment Charges and after taking into account amounts payable or reimbursable
        to the Trustee, the Custodians, the Securities Administrator, the Master
        Servicer, the Servicer or the Credit Risk Manager pursuant to this Agreement
        or
        the Custodial Agreements with respect to the Group II Mortgage
        Loans).

       

      “Group
        II Mortgage Loans”:
        Those
        Mortgage Loans identified on the Mortgage Loan Schedule as Group II Mortgage
        Loans.

       

      “Group
        II Principal Distribution Amount”:
        With
        respect to any Distribution Date will be the sum of (i) the principal portion
        of
        all Monthly Payments on the Group II 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 Group II Mortgage Loan or, in the case of a substitution, certain amounts
        representing a principal adjustment, during the related Prepayment Period
        pursuant to or as contemplated by Section 2.03, Section 3.13(c) and Section
        10.01 of this Agreement; (iii) the principal portion of all other unscheduled
        collections, including Insurance Proceeds, Liquidation Proceeds and all
        Principal Prepayments in full and in part, received during the related
        Prepayment Period, to the extent applied as recoveries of principal on the
        Group
        II Mortgage Loans, net in each case of payments or reimbursements to the
        Trustee, the Custodians, the Master Servicer, the Securities Administrator,
        the
        Servicer or the Credit Risk Manager and (iv) the Class A-2 Allocation Percentage
        of the amount of any Overcollateralization Increase Amount for such Distribution
        Date minus
        (v) the
        Class A-2 Allocation Percentage of the amount of any Overcollateralization
        Reduction Amount for such Distribution Date.

       

      “Group
        II Principal Remittance Amount”:
        With
        respect to any Distribution Date will be the sum of the amounts described
        in
        clauses (i) through (iii) of the definition of Group II Principal Distribution
        Amount.

       

      “Independent”:
        When
        used with respect to any accountants, a Person who is “independent” within the
        meaning of Rule 2-01(B) of the Commission’s Regulation S-X. When used with
        respect to any specified Person, any such Person who (a) is in fact independent
        of the Depositor, the Master Servicer, the Securities Administrator, the
        Servicer, the Sponsor, any originator and their respective Affiliates, (b)
        does
        not have any direct financial interest in or any material indirect financial
        interest in the Depositor, the Master Servicer, the Securities Administrator,
        the Servicer, the Sponsor, any originator or any Affiliate thereof, (c) is
        not
        connected with the Depositor, the Master Servicer, the Securities Administrator,
        the Servicer, the Sponsor, any originator or any Affiliate thereof 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 on clause (b) or (c) above.

       

      “Independent
        Contractor”:
        Either
        (i) any Person (other than the 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) if the Trustee
        has received an Opinion of Counsel 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”:
        As of
        any Adjustment Date, the index applicable to the determination of the Mortgage
        Rate on each Adjustable Rate Mortgage Loan will generally be either (i) the
        average of the interbank offered rates for six-month United States dollar
        deposits in the London market as published in The
        Wall Street Journal and
        as
        most recently available either (a) as of the first Business Day 45 days prior
        to
        such Adjustment Date or (b) as of the first Business Day of the month preceding
        the month of such Adjustment Date, as specified in the related Mortgage Note
        or
        (ii) the average of interbank offered rates for one-year U.S. dollar-denominated
        deposits in the London market based on quotations of major banks as published
        in
The
        Wall Street Journal
        and are
        most recently available as of the time specified in the related Mortgage
        Note.

       

      “Insurance
        Proceeds”:
        Proceeds of any title policy, hazard policy or other insurance policy, covering
        a Mortgage Loan or the related Mortgaged Property, to the extent such proceeds
        are not to be applied to the restoration of the related Mortgaged Property
        or
        released to the Mortgagor or a senior lienholder in accordance with Accepted
        Servicing Practices, subject to the terms and conditions of the related Mortgage
        Note and Mortgage.

       

      “Interest
        Accrual Period”:
        With
        respect to any Distribution Date and the Class A Certificates and the Mezzanine
        Certificates, the period commencing on the Distribution Date of the month
        immediately preceding the month in which such Distribution Date occurs (or,
        in
        the case of the first Distribution Date, commencing on the Closing Date)
        and
        ending on the day preceding such Distribution Date. With respect to any
        Distribution Date and the Class CE-1 Certificates, Class CE-2 Certificates
        and
        the REMIC I Regular Interests, the one-month period ending on the last day
        of
        the calendar month immediately preceding the month in which such Distribution
        Date occurs.

       

      “Interest
        Carry Forward Amount”:
        With
        respect to any Distribution Date and any Class A Certificate or Mezzanine
        Certificate, the sum of (i) the amount, if any, by which (a) the Interest
        Distribution Amount for such Class as of the immediately preceding Distribution
        Date exceeded (b) the actual amount distributed on such Class in respect
        of
        interest on such immediately preceding Distribution Date and (ii) the amount
        of
        any Interest Carry Forward Amount for such Class remaining unpaid from the
        previous Distribution Date, plus accrued interest on such sum calculated
        at the
        related Pass-Through Rate for the most recently ended Interest Accrual
        Period.

       

      “Interest
        Determination Date”:
        With
        respect to the Class A Certificates, the Mezzanine Certificates, REMIC I
        Regular
        Interests and REMIC II Regular Interests (other than REMIC II Regular Interest
        P) and any Interest Accrual Period therefor, the second London Business Day
        preceding the commencement of such Interest Accrual Period.

       

      “Interest
        Distribution Amount”:
        With
        respect to any Distribution Date and any Class A Certificates, any Mezzanine
        Certificates and any Class CE-1 Certificates, the aggregate Accrued Certificate
        Interest on the Certificates of such Class for such Distribution
        Date.

       

      “Interest
        Remittance Amount”:
        With
        respect to any Distribution Date, the sum of (i) the Group I Interest Remittance
        Amount and (ii) the Group II Interest Remittance Amount.

       

      “ISDA
        Master Agreement”:
        The
        ISDA Master Agreement dated as of May 30, 2006, as amended and supplemented
        from
        time to time, between the Swap Provider and the Trustee.

       

      “Last
        Scheduled Distribution Date”:
        The
        Distribution Date occurring in June 2036, which is the Distribution Date
        immediately following the maturity date for the Mortgage Loan with the latest
        maturity date.

       

      “Late
        Collections”:
        With
        respect to any Mortgage Loan and any Due Period, all amounts received subsequent
        to the Determination Date immediately following such Due Period with respect
        to
        such Mortgage Loan, 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.

       

      “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, sold or replaced pursuant to or as contemplated by Section
        2.03, Section 3.13(c) or Section 10.01 of this Agreement. 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 10.01.

       

      “Liquidation
        Proceeds”:
        The
        amount (other than Insurance Proceeds, amounts received in respect of the
        rental
        of any REO Property prior to REO Disposition, or required to be released
        to a
        Mortgagor or a senior lienholder in accordance with applicable law or the
        terms
        of the related Mortgage Loan Documents) 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 (other than amounts required to be
        released to the Mortgagor or a senior lienholder), (ii) the liquidation of
        a
        defaulted Mortgage Loan through a trustee’s sale, foreclosure sale or otherwise,
        (iii) the repurchase, substitution or sale of a Mortgage Loan or an REO Property
        pursuant to or as contemplated by Section 2.03, Section 3.13(c), Section
        3.22 or
        Section 10.01 of this Agreement or (iv) any Subsequent Recoveries. 

       

      “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 Cities of London and 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-1 Certificates 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 Interest A-1, REMIC II Regular Interest A-2A,
        REMIC
        II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular
        Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2,
        REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular
        Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7,
        REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular
        Interest M-10, REMIC II Regular Interest M-11 and REMIC II Regular Interest
        ZZ,
        with the rate on each such REMIC II Regular Interest (other than REMIC II
        Regular Interest ZZ) subject to a cap equal to the lesser of (i) the related
        One-Month LIBOR Pass-Through Rate and (ii) the related Net WAC Pass-Through
        Rate
        for the Corresponding Certificate for the purpose of this calculation for
        such
        Distribution Date and with the rate on REMIC II Regular Interest ZZ subject
        to a
        cap of zero for the purpose of this calculation; provided however, each such
        cap
        for each REMIC II Regular Interest (other than REMIC II Regular Interest
        ZZ)
        shall be multiplied by a fraction the numerator of which is the actual number
        of
        days in the related Interest Accrual Period and the denominator of which
        is
        30.

       

      “Master
        Servicer”:
        As of
        the Closing Date, Wells Fargo Bank, National Association and thereafter,
        its
        respective successors in interest who meet the qualifications of this Agreement.
        The Master Servicer and the Securities Administrator shall at all times be
        the
        same Person or an Affiliate.

       

      “Master
        Servicer Event of Default”:
        One or
        more of the events described in Section 8.01(b).

       

      “Master
        Servicing Fee”:
        With
        respect to each Mortgage Loan and for any calendar month, an amount equal
        to
        one-twelfth of the product of the Master Servicing Fee Rate multiplied by
        the
        Scheduled Principal Balance of the Mortgage Loans as of the Due Date in the
        preceding calendar month.

       

      “Master
        Servicing Fee Rate”:
        0.0095% per annum.

       

      “Maximum
        ZZ 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 ZZ for such
        Distribution Date on a balance equal to the Uncertificated Balance of REMIC
        II
        Regular Interest ZZ minus the REMIC II Overcollateralization Amount, in each
        case for such Distribution Date, over (ii) Uncertificated Interest on REMIC
        II
        Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest
        A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC
        II
        Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest
        M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC
        II
        Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest
        M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC
        II
        Regular Interest M-11 for such Distribution Date, with the rate on each such
        REMIC II Regular Interest subject to a cap equal to the lesser of (i) the
        related One-Month LIBOR Pass-Through Rate and (ii) the related Net WAC
        Pass-Through Rate for the Corresponding Certificate for the purpose of this
        calculation for such Distribution Date; provided however, each such cap for
        each
        REMIC II Regular Interest shall be multiplied by a fraction the numerator
        of
        which is the actual number of days in the related Interest 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, 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 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
        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 or similar
        state laws; (b) without giving effect to any extension granted or agreed
        to by
        the Servicer pursuant to Section 3.01 of this Agreement; and (c) on the
        assumption that all other amounts, if any, due under such Mortgage Loan are
        paid
        when due.

       

      “Moody’s”:
        Moody’s Investors Service, Inc. or any 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 Loan Documents pertaining to a particular Mortgage Loan.

       

      “Mortgage
        Loan”:
        Each
        mortgage loan transferred and assigned to the Trustee and the Mortgage Loan
        Documents for which have been delivered to the related Custodian pursuant
        to
        Section 2.01 of this Agreement and pursuant to the related Custodial Agreement,
        as held from time to time as a part of the Trust Fund, the Mortgage Loans
        so
        held being identified in the Mortgage Loan Schedule.

       

      “Mortgage
        Loan Documents”:
        The
        documents evidencing or relating to each Mortgage Loan delivered to the
        applicable Custodian under the related Custodial Agreement on behalf of the
        Trustee.

       

      “Mortgage
        Loan Purchase Agreement”:
        Shall
        mean the Mortgage Loan Purchase Agreement dated as of May 30, 2006, between
        the
        Depositor and the Sponsor, a copy of which is attached hereto as
        Exhibit F.

       

      “Mortgage
        Loan Schedule”:
        As of
        any date, the list of Mortgage Loans included in REMIC I on such date,
        separately identifying the Group I Mortgage Loans and the Group II Mortgage
        Loans, attached hereto as Schedule
        1.
        The
        Depositor shall deliver or cause the delivery of the initial Mortgage Loan
        Schedule to the Servicer, the Master Servicer, the Custodians and the Trustee
        on
        the Closing Date. The Mortgage Loan Schedule shall set forth the following
        information with respect to each Mortgage Loan:

       

      (i)  the
        Mortgage Loan identifying number;

       

      (ii)  the
        Mortgagor’s first and last name;

       

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

       

      (iv)  a
        code
        indicating whether the Mortgaged Property is owner-occupied;

       

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

       

      (vi)  the
        original months to maturity;

       

      (vii)  the
        original date of the Mortgage Loan and the 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 as of 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)  with
        respect to each Adjustable Rate Mortgage Loan, the first Adjustment
        Date;

       

      (xviii)  with
        respect to each Adjustable Rate Mortgage Loan, the Gross Margin;

       

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

       

      (xx)  with
        respect to each Adjustable Rate Mortgage Loan, the Maximum Mortgage Rate
        under
        the terms of the Mortgage Note;

       

      (xxi)  with
        respect to each Adjustable Rate Mortgage Loan, the Minimum Mortgage Rate
        under
        the terms of the Mortgage Note;

       

      (xxii)  the
        Mortgage Rate at origination;

       

      (xxiii)  with
        respect to each Adjustable Rate Mortgage Loan, the Periodic Rate
        Cap;

       

      (xxiv)  with
        respect to each Adjustable Rate Mortgage Loan, the first Adjustment Date
        immediately following the Cut-off Date;

       

      (xxv)  with
        respect to each Adjustable Rate Mortgage Loan, the related Index;

       

      (xxvi)  the
        date
        on which the first Monthly Payment was due on the Mortgage Loan and, if such
        date is not consistent with the Due Date currently in effect, such Due
        Date;

       

      (xxvii)  a
        code
        indicating whether the Mortgage Loan is an Adjustable Rate Mortgage Loan
        or a
        fixed rate Mortgage Loan;

       

      (xxviii)  a
        code
        indicating the documentation style (i.e., full, stated or limited);

       

      (xxix)  a
        code
        indicating if the Mortgage Loan is subject to a primary insurance policy
        or
        lender paid mortgage insurance policy and the name of the insurer, and if
        applicable, the rate payable in connection therewith;

       

      (xxx)  the
        Appraised Value of the Mortgaged Property;

       

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

       

      (xxxii)  a
        code
        indicating whether the Mortgage Loan is subject to a Prepayment Charge, the
        term
        of such Prepayment Charge and the amount of such Prepayment Charge;

       

      (xxxiii)  the
        product type (e.g., 2/28, 15 year fixed, 30 year fixed, 15/30 balloon,
        etc.);

       

      (xxxiv)  the
        Mortgagor’s debt to income ratio; 

       

      (xxxv)  the
        FICO
        score at origination;

       

      (xxxvi)  with
        respect to each Mortgage Loan registered on MERS, the MIN; 

       

      (xxxvii)  the
        applicable Custodian; 

       

      (xxxviii)  a
        code
        indicating whether the Mortgage Loan is secured by a first or second lien;
        and

       

      (xxxix)  the
        Servicer.

       

      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; (2) the current 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
        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 each Adjustable Rate Mortgage Loan
        (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 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
        Monthly Excess Cashflow”:
        With
        respect to any Distribution Date, the sum of (i) any Overcollateralization
        Reduction Amount for such Distribution Date and (ii) the excess of (x) the
        Available Distribution Amount for such Distribution Date over (y) the sum
        for
        such Distribution Date of (A) the aggregate Senior Interest Distribution
        Amounts
        payable to the Holders of the Class A Certificates, (B) the aggregate Interest
        Distribution Amounts payable to the holders of the Mezzanine Certificates,
        (C)
        the Principal Remittance Amount and (D) any Net Swap Payment or Swap Termination
        Payment (not caused by the occurrence of a Swap Provider Trigger Event) owed
        to
        the Swap Provider (to the extent such amount has not been paid by the Securities
        Administrator from any upfront payment received pursuant to any related
        replacement interest rate swap agreement that may be entered into by the
        Trustee
        on behalf of the Supplemental Interest Trust).

       

      “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 Administration Fee
        Rate.

       

      “Net
        Swap Payment”:
        With
        respect to each Distribution Date, the net payment required to be made pursuant
        to the terms of the Swap Agreement by either the Swap Provider or the
        Supplemental Interest Trust, which net payment shall not take into account
        any
        Swap Termination Payment.

       

      “Net
        WAC Pass-Through Rate”:
        With
        respect to the Class A-1 Certificates and any Distribution Date, a rate per
        annum (adjusted for the actual number of days elapsed in the related Interest
        Accrual Period) equal to the product of (i) twelve and (ii) a fraction,
        expressed as a percentage, the numerator of which is the amount of interest
        which accrued on the Group I Mortgage Loans in the prior calendar month minus
        the fees payable to the Servicer, the Master Servicer and the Credit Risk
        Manager with respect to the Group I Mortgage Loans for such Distribution
        Date
        and the Group I Allocation Percentage of any Net Swap Payment payable to
        the
        Swap Provider or Swap Termination Payment payable to the Swap Provider which
        was
        not caused by the occurrence of a Swap Provider Trigger Event (to the extent
        such amount has not been paid by the Securities Administrator from any upfront
        payment received pursuant to any related replacement interest rate swap
        agreement that may be entered into by the Trustee on behalf of the Supplemental
        Interest Trust), in each case for such Distribution Date and the denominator
        of
        which is the aggregate principal balance of the Group I Mortgage Loans as
        of the
        last day of the immediately preceding Due Period (or as of the Cut-off Date
        with
        respect to the first Distribution Date). For federal income tax purposes,
        the
        economic equivalent of such rate shall be expressed as the weighted average
        of
        (adjusted for the actual number of days elapsed in the related Interest Accrual
        Period) the REMIC II Remittance Rate on REMIC II Regular Interest I-GRP,
        weighted on the basis of the Uncertificated Balance of such REMIC II Regular
        Interest. 

       

      With
        respect to the Class A-2 Certificates and any Distribution Date, a rate per
        annum (adjusted for the actual number of days elapsed in the related Interest
        Accrual Period) equal to the product of (i) twelve and (ii) a fraction,
        expressed as a percentage, the numerator of which is the amount of interest
        which accrued on the Group II Mortgage Loans in the prior calendar month
        minus
        the fees payable to the Servicer, the Master Servicer and the Credit Risk
        Manager with respect to the Group II Mortgage Loans for such Distribution
        Date
        and the Group II Allocation Percentage of any Net Swap Payment payable to
        the
        Swap Provider or Swap Termination Payment payable to the Swap Provider which
        was
        not caused by the occurrence of a Swap Provider Trigger Event (to the extent
        such amount has not been paid by the Securities Administrator from any upfront
        payment received pursuant to any related replacement interest rate swap
        agreement that may be entered into by the Trustee on behalf of the Supplemental
        Interest Trust), in each case for such Distribution Date and the denominator
        of
        which is the aggregate principal balance of the Group II Mortgage Loans as
        of
        the last day of the immediately preceding Due Period (or as of the Cut-off
        Date
        with respect to the first Distribution Date). For federal income tax purposes,
        the economic equivalent of such rate shall be expressed as the weighted average
        of (adjusted for the actual number of days elapsed in the related Interest
        Accrual Period) the REMIC II Remittance Rate on REMIC II Regular Interest
        II-GRP, weighted on the basis of the Uncertificated Balance of such REMIC
        II
        Regular Interest.

       

      With
        respect to the Mezzanine Certificates and any Distribution Date a rate per
        annum
        equal to the weighted average (weighted in proportion to the results of
        subtracting from the Scheduled Principal Balance of each loan group, the
        Certificate Principal Balance of the related Class A Certificates), of (i)
        the
        Net WAC Pass-Through Rate for the Class A-1 Certificates and (ii) the Net
        WAC
        Pass-Through Rate for the Class A-2 Certificates. For federal income tax
        purposes, the economic equivalent of such rate shall be expressed as the
        weighted average of (adjusted for the actual number of days elapsed in the
        related Interest Accrual Period) the REMIC II Remittance Rates on (a) REMIC
        II
        Regular Interest I-SUB, subject to a cap and a floor equal to the REMIC II
        Remittance Rate on REMIC II Regular Interest I-GRP, and (b) REMIC II Regular
        Interest II-SUB, subject to a cap and a floor equal to the REMIC II Remittance
        Rate on REMIC II Regular Interest II-GRP, weighted on the basis of the
        Uncertificated Balance of each such REMIC II Regular Interest.

       

      “Net
        WAC Rate Carryover Amount”:
        With
        respect to any Class A Certificate or Mezzanine Certificate and any Distribution
        Date on which the Pass-Through Rate is limited to the applicable Net WAC
        Pass-Through Rate, an amount equal to the sum of (i) the excess of (x) the
        amount of interest such Class would have been entitled to receive on such
        Distribution Date if the applicable Net WAC Pass-Through Rate would not have
        been applicable to such Class on such Distribution Date over (y) the amount
        of
        interest paid to such Class on such Distribution Date at the applicable Net
        WAC
        Pass-Through Rate plus (ii) the related Net WAC Rate Carryover Amount for
        the
        previous Distribution Date not previously distributed to such Class together
        with interest thereon at a rate equal to the Pass-Through Rate for such Class
        for the most recently ended Interest Accrual Period without taking into account
        the applicable Net WAC Pass-Through Rate.

       

      “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.

       

      “Nonrecoverable
        P&I Advance”:
        Any
        P&I 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 a successor to the Servicer (including the Master Servicer) will not or,
        in
        the case of a proposed P&I 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 or a successor to the Servicer (including the Master 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-1 Certificates and any Distribution Date, the
        Uncertificated Balance of the REMIC II Regular Interests (other than REMIC
        II
        Regular Interest P) for such Distribution Date. As of the Closing Date, the
        Notional Amount of the Class CE-1 Certificates is equal to $728,556,220.43.
        With
        respect to the Class CE-2 Certificates and any Distribution Date, the Notional
        Amount of the REMIC II Regular Interest CE-2 for such Distribution Date.
        With
        respect to the REMIC II Regular Interest CE-2 and any Distribution Date,
        the
        Notional Amount of the REMIC I Regular Interest I-CE-2. With respect to REMIC
        I
        Regular Interest CE-2 and any Distribution Date, the sum of the aggregate
        principal balances of the Ocwen Mortgage Loans for such Distribution
        Date.

       

      With
        respect to REMIC II Regular Interest IO and each Distribution Date listed
        below,
        the aggregate Uncertificated 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-43-A and II-1-A through II-43-A 

              
	
                2

              	 	
                I-2-A
                  through I-43-A and II-2-A through II-43-A 

              
	
                3

              	 	
                I-3-A
                  through I-43-A and II-3-A through II-43-A 

              
	
                4

              	 	
                I-4-A
                  through I-43-A and II-4-A through II-43-A 

              
	
                5

              	 	
                I-5-A
                  through I-43-A and II-5-A through II-43-A 

              
	
                6

              	 	
                I-6-A
                  through I-43-A and II-6-A through II-43-A 

              
	
                7

              	 	
                I-7-A
                  through I-43-A and II-7-A through II-43-A 

              
	
                8

              	 	
                I-8-A
                  through I-43-A and II-8-A through II-43-A

              
	
                9

              	 	
                I-9-A
                  through I-43-A and II-9-A through II-43-A 

              
	
                10

              	 	
                I-10-A
                  through I-43-A and II-10-A through II-43-A 

              
	
                11

              	 	
                I-11-A
                  through I-43-A and II-11-A through II-43-A 

              
	
                12

              	 	
                I-12-A
                  through I-43-A and II-12-A through II-43-A 

              
	
                13

              	 	
                I-13-A
                  through I-43-A and II-13-A through II-43-A 

              
	
                14

              	 	
                I-14-A
                  through I-43-A and II-14-A through II-43-A 

              
	
                15

              	 	
                I-15-A
                  through I-43-A and II-15-A through II-43-A 

              
	
                16

              	 	
                I-16-A
                  through I-43-A and II-16-A through II-43-A 

              
	
                17

              	 	
                I-17-A
                  through I-43-A and II-17-A through II-43-A 

              
	
                18

              	 	
                I-18-A
                  through I-43-A and II-18-A through II-43-A 

              
	
                19

              	 	
                I-19-A
                  through I-43-A and II-19-A through II-43-A 

              
	
                20

              	 	
                I-20-A
                  through I-43-A and II-20-A through II-43-A 

              
	
                21

              	 	
                I-21-A
                  through I-43-A and II-21-A through II-43-A 

              
	
                22

              	 	
                I-22-A
                  through I-43-A and II-22-A through II-43-A 

              
	
                23

              	 	
                I-23-A
                  through I-43-A and II-23-A through II-43-A 

              
	
                24

              	 	
                I-24-A
                  through I-43-A and II-24-A through II-43-A 

              
	
                25

              	 	
                I-25-A
                  through I-43-A and II-25-A through II-43-A 

              
	
                26

              	 	
                I-26-A
                  through I-43-A and II-26-A through II-43-A 

              
	
                27

              	 	
                I-27-A
                  through I-43-A and II-27-A through II-43-A 

              
	
                28

              	 	
                I-28-A
                  through I-43-A and II-28-A through II-43-A 

              
	
                29

              	 	
                I-29-A
                  through I-43-A and II-29-A through II-43-A

              
	
                30

              	 	
                I-30-A
                  through I-43-A and II-30-A through II-43-A 

              
	
                31

              	 	
                I-31-A
                  through I-43-A and II-31-A through II-43-A 

              
	
                32

              	 	
                I-32-A
                  through I-43-A and II-32-A through II-43-A 

              
	
                33

              	 	
                I-33-A
                  through I-43-A and II-33-A through II-43-A 

              
	
                34

              	 	
                I-34-A
                  through I-43-A and II-34-A through II-43-A 

              
	
                35

              	 	
                I-35-A
                  through I-43-A and II-35-A through II-43-A 

              
	
                36

              	 	
                I-36-A
                  through I-43-A and II-36-A through II-43-A 

              
	
                37

              	 	
                I-37-A
                  through I-43-A and II-37-A through II-43-A 

              
	
                38

              	 	
                I-38-A
                  through I-43-A and II-38-A through II-43-A 

              
	
                39

              	 	
                I-39-A
                  through I-43-A and II-39-A through II-43-A 

              
	
                40

              	 	
                I-40-A
                  through I-43-A and II-40-A through II-43-A 

              
	
                41

              	 	
                I-41-A
                  through I-43-A and II-41-A through II-43-A 

              
	
                42

              	 	
                I-42-A
                  through I-43-A and II-42-A through II-43-A 

              
	
                43

              	 	
                I-43-A
                  and II-43-A 

              
	
                thereafter

              	 	
                $0.00

              

      

      

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

       

      “Ocwen”:
        Ocwen
        Loan Servicing, LLC or any successor thereto appointed hereunder in connection
        with the servicing and administration of the Mortgage Loans.

       

      “Ocwen
        Mortgage Loans”:
        The
        Mortgage Loans serviced by Ocwen pursuant to the terms of this Agreement
        as
        specified on the Mortgage Loan Schedule.

       

      “Ocwen
        Servicing Fee Rate”:
        With
        respect to each Mortgage Loan, 0.05% per annum. 

       

      “Offered
        Certificates”:
        The
        Class A Certificates and the Mezzanine Certificates, collectively.

       

      “Officer’s
        Certificate”:
        With
        respect to any Person, a certificate signed by the Chairman of the Board,
        the
        Vice Chairman of the Board, the President or a vice president (however
        denominated), or by the Treasurer, the Secretary, or one of the assistant
        treasurers or assistant secretaries of such Person (or, in the case of a
        Person
        that is not a corporation, signed by the person or persons having like
        responsibilities).

       

      “One-Month
        LIBOR”:
        With
        respect to the Class A Certificates, the Mezzanine Certificates, REMIC II
        Regular Interests (other than REMIC II Regular Interest P) and any Interest
        Accrual Period therefor, the rate determined by the Securities 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 Securities 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 Interest
        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 Interest Accrual Period shall
        be the
        higher of (i) LIBOR as determined on the previous Interest Determination
        Date
        and (ii) the Reserve Interest Rate. Notwithstanding the foregoing, if, under
        the
        priorities described above, LIBOR for an Interest Determination Date would
        be
        based on LIBOR for the previous Interest Determination Date for the third
        consecutive Interest Determination Date, the Securities Administrator shall
        select an alternative comparable index (over which the Securities 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.
        The establishment of One-Month LIBOR by the Securities Administrator and
        the
        Securities Administrator’s subsequent calculation of the One-Month LIBOR
        Pass-Through Rates for the relevant Interest Accrual Period, shall, in the
        absence of manifest error, be final and binding.

       

      “One-Month
        LIBOR Pass-Through Rate”:
        With
        respect to the Class A-1 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-1, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class A-2A Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-2A, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class A-2B Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-2B, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class A-2C Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-2C, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class A-2D Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest A-2D, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-1 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-1, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-2 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-2, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-3 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-3, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-4 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-4, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-5 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-5, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-6 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-6, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-7 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-7, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-8 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-8, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-9 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-9, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-10 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-10, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

      With
        respect to the Class M-11 Certificates and, for purposes of the definition
        of
“Marker Rate”, REMIC II Regular Interest M-11, a per annum rate equal to
        One-Month LIBOR plus the related Certificate Margin.

       

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

       

      “Optional
        Termination Date”:
        The
        Distribution Date on which the aggregate principal balance of the Mortgage
        Loans
        (and properties acquired in respect thereof) remaining in the Trust Fund
        as of
        the last day of the related Due Period is reduced to less than or equal to
        10%
        of the aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      “Overcollateralization
        Amount”:
        With
        respect to any Distribution Date, the excess, if any, of (a) the aggregate
        Stated Principal Balances of the Mortgage Loans and REO Properties immediately
        following such Distribution Date over (b) the sum of the aggregate Certificate
        Principal Balances of the Class A Certificates, the Mezzanine Certificates
        and
        the Class P Certificates as of such Distribution Date (after taking into
        account
        the payment of the Principal Remittance Amount on such Distribution
        Date).

       

      “Overcollateralization
        Increase Amount”:
        With
        respect to any Distribution Date, the amount of Net Monthly Excess Cashflow
        actually applied as an accelerated payment of principal to the Class A
        Certificates and the Mezzanine Certificates then entitled to distributions
        of
        principal to the extent the Required Overcollateralization Amount exceeds
        the
        Overcollateralization Amount.

       

      “Overcollateralization
        Reduction Amount”:
        With
        respect to any Distribution Date, the lesser of (i) the amount by which the
        Overcollateralization Amount exceeds the Required Overcollateralization Amount
        and (ii) the Principal Remittance Amount; provided however that on any
        Distribution Date on which a Trigger Event is in effect, the
        Overcollateralization Reduction Amount shall equal zero.

       

      “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.

       

      “P&I
        Advance”:
        As to
        any Mortgage Loan or REO Property, any advance made by the Servicer in respect
        of any Determination Date pursuant to Section 5.03 of this Agreement, an
        Advance
        Financing Person pursuant to Section 3.26 of this Agreement or in respect
        of any
        Distribution Date by a successor Servicer pursuant to Section 8.02 of this
        Agreement (which advances shall not include principal or interest shortfalls
        due
        to bankruptcy proceedings or application of the Relief Act or similar state
        or
        local laws.)

       

      “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
        One-Month LIBOR Pass-Through Rate for such Distribution Date and (ii) the
        related Net WAC Pass-Through Rate for such Distribution Date.

       

      With
        respect to the Class CE-1 Certificates and any Distribution Date, a rate
        per
        annum equal to the percentage equivalent of a fraction, the numerator of
        which
        is the sum of the amounts calculated pursuant to clauses (i) through (xix)
        below, and the denominator of which is the aggregate Uncertificated Balances
        of
        REMIC II Regular Interest AA, REMIC II Regular Interest A-1, REMIC II Regular
        Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest
        A-2C,
        REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular
        Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4,
        REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular
        Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9,
        REMIC II Regular Interest M-10, REMIC II Regular Interest M-11 and REMIC
        II
        Regular Interest ZZ. For purposes of calculating the Pass-Through Rate for
        the
        Class CE-1 Certificates, the numerator is equal to the sum of the following
        components:

       

      (i)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest AA minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest AA;

       

      (ii)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest A-1 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest A-1;

       

      (iii)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest A-2A minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest A-2A;

       

      (iv)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest A-2B minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest A-2B;

       

      (v)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest A-2C minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest A-2C;

       

      (vi)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest A-2D minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest A-2D;

       

      (vii)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-1 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-1;

       

      (viii)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-2 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-2;

       

      (ix)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-3 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-3;

       

      (x)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-4 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-4;

       

      (xi)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-5 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-5;

       

      (xii)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-6 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-6;

       

      (xiii)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-7 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-7;

       

      (xiv)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-8 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-8;

       

      (xv)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-9 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-9;

       

      (xvi)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-10 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-10;

       

      (xvii)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest M-11 minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest M-11;

       

      (xviii)  the
        REMIC
        II Remittance Rate for REMIC II Regular Interest ZZ minus the Marker Rate,
        applied to an amount equal to the Uncertificated Balance of REMIC II Regular
        Interest ZZ; and

       

      (xix)  100%
        of
        the interest on REMIC II Regular Interest P.

       

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

       

      With
        respect to the Class CE-2 Certificates and any Distribution Date, an amount
        equal to 100% of the amounts distributed on REMIC II Regular Interest
        CE-2.

       

      “PCAOB”:
         Means
        the
        Public Company Accounting Oversight Board.

       

      “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 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-1 Certificates and Class
        CE-2
        Certificates are issuable only in minimum Percentage Interests corresponding
        to
        minimum initial Notional 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 Notional Balance 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 integral multiples of 5% in excess 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 Adjustable Rate Mortgage
        Loan
        may increase or decrease (without regard to the Maximum Mortgage Rate or
        the
        Minimum Mortgage Rate) on such Adjustment Date from the Mortgage Rate in
        effect
        immediately prior to such Adjustment Date.

       

      “Permitted
        Investments”:
        Any
        one or more of the following obligations or securities acquired at a purchase
        price of not greater than par, regardless of whether issued by the Depositor,
        the Servicer, the Master Servicer, the Trustee or any of their respective
        Affiliates:

       

      (xx)  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;

       

      (xxi)  (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;

       

      (xxii)  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 a party in exchange for such collateral and (C) be delivered
        to
        such party or, if such party is supplying the collateral, an agent for such
        party, in such a manner as to accomplish perfection of a security interest
        in
        the collateral by possession of certificated securities;

       

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

       

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

       

      (xxv)  units
        of
        money market funds that have been rated “AAAm” or “AAAm-G” by S&P or “Aaa”
by Moody’s including any such money market fund managed or advised by the Master
        Servicer, the Trustee or any of their Affiliates; and

       

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

       

      provided,
        however, 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, limited liability company, corporation, partnership, 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.

       

      “Prepayment
        Assumption”:
        A
        prepayment rate for (a) the Adjustable Rate Mortgage Loans of 100% PPC, which
        represents (i) a per annum prepayment rate of 5% of the then outstanding
        principal balance of the Adjustable Rate Mortgage Loans in the first month
        of
        the life of the Adjustable Rate Mortgage Loans, (ii) an additional 2% per
        annum
        in each month thereafter through the eleventh month, (iii) building to a
        constant prepayment rate of 27% per annum beginning in the twelfth month
        and
        remaining constant until the twenty-third month, (iv) increasing to and
        remaining constant at a prepayment rate of 60% per annum beginning in the
        twenty-fourth month until the twenty-seventh month and (v) decreasing and
        remaining constant at a prepayment rate of 30% per annum from the twenty-eighth
        month and thereafter; provided, however, the prepayment rate will not exceed
        85%
        per annum in any period for any percentage of PPC; and (b) the fixed-rate
        Mortgage Loans of 100% PPC, which represents (i) a per annum prepayment rate
        of
        4% of the then outstanding principal balance of the fixed rate Mortgage Loans
        in
        the first month of the life of such Mortgage Loans, (ii) an additional 1.72727%
        per annum in each month thereafter through the eleventh month and (iii) a
        constant prepayment rate of 23% per annum beginning in the twelfth month
        and in
        each month thereafter during the life of the fixed rate Mortgage Loans;
        provided, however, the prepayment rate will not exceed 85% per annum in any
        period for any percentage of PPC. The Prepayment Assumption is used solely
        for
        determining the accrual of original issue discount on the Certificates for
        federal income tax purposes. 

       

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

       

      “Prepayment
        Charge Schedule”:
        As of
        any date, the list of Mortgage Loans providing for a Prepayment Charge included
        in the Trust Fund on such date, attached hereto as Schedule 2 (including
        the
        prepayment charge summary attached thereto). The Depositor shall deliver
        or
        cause the delivery of the Prepayment Charge Schedule to the Servicer, the
        Master
        Servicer and the Trustee on the Closing Date. The Prepayment Charge Schedule
        shall set forth the following information with respect to each Prepayment
        Charge:

       

      (xxvii)  the
        Mortgage Loan identifying number;

       

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

       

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

       

      (xxx)  the
        term
        of the related Prepayment Charge;

       

      (xxxi)  the
        original Stated Principal Balance of the related Mortgage Loan; and

       

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

       

      “Prepayment
        Interest Excess”:
        With
        respect to each Mortgage Loan that was the subject of a Principal Prepayment
        in
        full during the portion of the related Prepayment Period occurring between
        the
        first day of the calendar month in which such Distribution Date occurs and
        the
        fifteenth (15th)
        day of
        the calendar month in which such Distribution Date occurs, an amount equal
        to
        interest (to the extent received) at the applicable Net Mortgage Rate on
        the
        amount of such Principal Prepayment for the number of days commencing on
        the
        first day of the calendar month in which such Distribution Date occurs and
        ending on the last date through which interest is collected from the related
        Mortgagor. The Servicer may withdraw such Prepayment Interest Excess from
        the
        Collection Account in accordance with Section 3.09(a)(x).

       

      “Prepayment
        Interest Shortfall”:
        With
        respect to any Distribution Date, for each such Mortgage Loan that was the
        subject of a Principal Prepayment in full or in part during the portion of
        the
        related Prepayment Period occurring between the first day of the related
        Prepayment Period and the last day of the calendar month preceding the month
        in
        which such Distribution Date occurs that was applied by the Servicer to reduce
        the outstanding principal balance of such Mortgage Loan on a date preceding
        the
        Due Date in the succeeding Prepayment Period, an amount equal to interest
        at the
        applicable Net Mortgage Rate on the amount of such Principal Prepayment for
        the
        number of days commencing on the date on which the prepayment is applied
        and
        ending on the last day of the calendar month preceeding such Distribution
        Date.
        The obligations of the Servicer and the Master Servicer in respect of any
        Prepayment Interest Shortfall are set forth in Section 3.23 and Section 4.19,
        respectively of this Agreement. 

       

      “Prepayment
        Period”:
        With
        respect to the first Distribution Date and prepayments in full, the period
        beginning on the Cut-off Date and ending on the fifteenth (15th)
        day of
        the month of such Distribution Date, and with respect to any Distribution
        Date
        thereafter, the calendar month preceding the month in which the related
        Distribution Date occurs with respect to prepayments in part and with respect
        to
        prepayments in full the period beginning on the sixteenth (16th) day of the
        month preceding the related Distribution Date and ending on the fifteenth
        (15th)
        day of
        the month in which such Distribution Date occurs.

       

      “Principal
        Prepayment”:
        Any
        voluntary 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
        Distribution Amount”:
        With
        respect to any Distribution Date is the sum of the Group I Principal
        Distribution Amount and the Group II Principal Distribution Amount.

       

      “Principal
        Remittance Amount”:
        With
        respect to any Distribution Date is the sum of the Group I Principal Remittance
        Amount and the Group II Principal Remittance Amount.

       

      “Purchase
        Price”:
        With
        respect to any Mortgage Loan or REO Property to be purchased pursuant to
        or as
        contemplated by Section 2.03, Section 3.13(c) or Section 10.01 of this
        Agreement, and as confirmed by a certification of a Servicing Officer 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
        10.01), (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 a P&I Advance by the Servicer, which payment or P&I Advance
        had as of the date of purchase been distributed pursuant to Section 5.01,
        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 a P&I 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 P&I Advances that as of the date of purchase had been distributed as or
        to cover REO Imputed Interest pursuant to Section 5.01, (iii) any unreimbursed
        Servicing Advances and P&I Advances (including Nonrecoverable P&I
        Advances and Nonrecoverable Servicing Advances) and any unpaid Servicing
        Fees
        allocable to such Mortgage Loan or REO Property and (iv) 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 or the Trustee in respect
        of the breach or defect giving rise to the purchase obligation and any costs
        and
        damages incurred by the Trust Fund and the Trustee in connection with any
        violation by any such Mortgage Loan of any predatory or abusive lending
        law.

       

      “Qualified
        Substitute Mortgage Loan”:
        A
        mortgage loan substituted for a Deleted Mortgage Loan pursuant to the terms
        of
        this Agreement which must, on the date of such substitution, (i) have an
        outstanding 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 the Scheduled 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) if the mortgage
        loan
        is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less
        than
        the Maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if the mortgage
        loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not
        less
        than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if the mortgage
        loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to the
        Gross
        Margin of the Deleted Mortgage Loan, (vi) if the mortgage loan is an 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) be secured by the same lien priority
        on the related Mortgaged Property as the Deleted Mortgage Loan, (xi) have
        a
        credit grade at least equal to the credit grading assigned on the Deleted
        Mortgage Loan, (xii) be a “qualified mortgage” as defined in the REMIC
        Provisions and (xiii) conform to each representation and warranty set forth
        in
        Section 6 of the Mortgage Loan Purchase 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 credit grades 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 (xii) hereof must be satisfied as to each Qualified
        Substitute Mortgage Loan or in the aggregate, as the case may be.

       

      “Rate/Term
        Refinancing”:
        A
        Refinanced Mortgage Loan, the proceeds of which are not more than a nominal
        amount in excess of the existing first mortgage loan and any subordinate
        mortgage loan on the related Mortgaged Property and related closing costs,
        and
        were used exclusively (except for such nominal amount) to satisfy the then
        existing first mortgage loan and any subordinate mortgage loan of the Mortgagor
        on the related Mortgaged Property and to pay related closing costs.

       

      “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 Servicer.

       

      “Realized
        Loss”:
        With
        respect to each Mortgage Loan as to which a Final Recovery Determination
        has
        been made, an amount (not less than zero), as reported by the Servicer to
        the
        Master Servicer (in substantially the form of Schedule 4 hereto) equal to
        (i)
        the unpaid principal balance of such Mortgage Loan as of the commencement
        of the
        calendar month in which the Final Recovery Determination was made, plus (ii)
        accrued interest from the Due Date as to which interest was last paid by
        the
        Mortgagor through the end of the calendar month in which such Final Recovery
        Determination was made, calculated in the case of each calendar month during
        such period (A) at an annual rate equal to the annual rate at which interest
        was
        then accruing on such Mortgage Loan and (B) on a principal amount equal to
        the
        Stated Principal Balance of such Mortgage Loan as of the close of business
        on
        the Distribution Date during such calendar month, plus (iii) any amounts
        previously withdrawn from the Collection Account in respect of such Mortgage
        Loan pursuant to Section 3.09(a)(ix) and Section 3.13(b) of this Agreement,
        minus (iv) the proceeds, if any, received in respect of such Mortgage Loan
        during the calendar month in which such Final Recovery Determination was
        made,
        net of amounts that are payable therefrom to the Servicer with respect to
        such
        Mortgage Loan pursuant to Section 3.09(a)(iii) of this Agreement.

       

      With
        respect to any REO Property as to which a Final Recovery Determination has
        been
        made, an amount (not less than zero) equal to (i) the unpaid principal balance
        of the related Mortgage Loan as of the date of acquisition of such REO Property
        on behalf of REMIC I, plus (ii) accrued interest from the Due Date as to
        which
        interest was last paid by the Mortgagor in respect of the related Mortgage
        Loan
        through the end of the calendar month immediately preceding the calendar
        month
        in which such REO Property was acquired, calculated in the case of each calendar
        month during such period (A) at an annual rate equal to the annual rate at
        which
        interest was then accruing on the related Mortgage Loan and (B) on a principal
        amount equal to the Stated Principal Balance of the related Mortgage Loan
        as of
        the close of business on the Distribution Date during such calendar month,
        plus
        (iii) REO Imputed Interest for such REO Property for each calendar month
        commencing with the calendar month in which such REO Property was acquired
        and
        ending with the calendar month in which such Final Recovery Determination
        was
        made, plus (iv) any amounts previously withdrawn from the Collection Account
        in
        respect of the related Mortgage Loan pursuant to Section 3.09(a)(ix) and
        Section
        3.13(b) of this Agreement, minus (v) the aggregate of all P&I Advances and
        Servicing Advances (in the case of Servicing Advances, without duplication
        of
        amounts netted out of the rental income, Insurance Proceeds and Liquidation
        Proceeds described in clause (vi) below) made by the Servicer in respect
        of such
        REO Property or the related Mortgage Loan for which the Servicer has been
        or, in
        connection with such Final Recovery Determination, will be reimbursed pursuant
        to Section 3.22 of this Agreement out of rental income, Insurance Proceeds
        and
        Liquidation Proceeds received in respect of such REO Property, minus (vi)
        the
        total of all net rental income, Insurance Proceeds and Liquidation Proceeds
        received in respect of such REO Property that has been, or in connection
        with
        such Final Recovery Determination, will be transferred to the Distribution
        Account pursuant to Section 3.22 of this Agreement.

       

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

       

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

       

      To
        the
        extent the Servicer receives Subsequent Recoveries with respect to any Mortgage
        Loan, the amount of Realized Loss with respect to that Mortgage Loan will
        be
        reduced to the extent such recoveries are applied to reduce the Certificate
        Principal Balance of any Class of Certificates on any Distribution
        Date.

       

      “Record
        Date”:
        With
        respect to each Distribution Date and the Class A Certificates and the Mezzanine
        Certificates, the Business Day immediately preceding such Distribution Date
        for
        so long as such Certificates are Book-Entry Certificates. With respect to
        each
        Distribution Date and any other Class of Certificates, including any Definitive
        Certificates, the last day of the calendar month immediately preceding the
        month
        in which such Distribution Date occurs.

       

      “Reference
        Banks”:
        Barclays 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 Securities Administrator 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 Securities 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-1 Certificate, Class
        CE-2
        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”:
        Means
        Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject
        to
        such clarification and interpretation as have been provided by the Commission
        in
        the adopting release (Asset-Backed Securities, Securities Act Release No.
        33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
        Commission, or as may be provided by the Commission or its staff from time
        to
        time.

       

      “Relevant
        Servicing Criteria”:
        Means
        the Servicing Criteria applicable to the various parties, as set forth on
        Exhibit E attached hereto. For clarification purposes, multiple parties can
        have
        responsibility for the same Relevant Servicing Criteria. With respect to
        a
        Servicing Function Participant engaged by the Master Servicer, the Securities
        Administrator, the Trustee or the Servicer, the term “Relevant Servicing
        Criteria” may refer to a portion of the Relevant Servicing Criteria applicable
        to such parties.

       

      “Relief
        Act”:
        The
        Servicemembers Civil Relief Act, as amended, or similar state or local
        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
        Due Period as a result of the application of the Relief Act. 

       

      “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
        Mortgage Loan Purchase Agreement (including any security interest created
        thereby); and (v) the Collection Account, the Distribution Account 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 (i) 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; (ii) the Reserve Fund and any amounts on deposit therein
        from
        time to time and any proceeds thereof; (iii) the Swap Agreement; and (iv)
        the
        Supplemental Interest Trust.

       

      “REMIC
        I Group I Regular Interests”:
        REMIC
        I Regular Interest I and REMIC I Regular Interest I-1-A through REMIC I Regular
        Interest I-43-B as designated in the Preliminary Statement hereto.

       

      “REMIC
        I Group II Regular Interests”:
        REMIC
        I Regular Interest II and REMIC I Regular Interest II-1-A through REMIC II
        Regular Interest II-43-B as designated in the Preliminary Statement
        hereto.

       

      “REMIC
        I Regular Interest”:
        Any of
        the 175 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        I Remittance Rate”:
        With
        respect to REMIC I Regular Interest I, a per annum rate equal to the weighted
        average of the Net Mortgage Rates of the Group I Mortgage Loans. With respect
        to
        each REMIC I Group I Regular Interest ending with the designation “A”, a per
        annum rate equal to the weighted average of the Net Mortgage Rates of the
        Group
        I Mortgage Loans multiplied by 2, subject to a maximum rate of 10.6920%.
        With
        respect to each REMIC I Group 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 of the Net Mortgage Rates of the Group
        I
        Mortgage Loans over (ii) 10.6920% and (y) 0.00%. With respect to REMIC I
        Regular
        Interest II, a per annum rate equal to the weighted average of the Net Mortgage
        Rates of the Group II Mortgage Loans. With respect to each REMIC I Group
        II
        Regular Interest ending with the designation “A”, a per annum rate equal to the
        weighted average of the Net Mortgage Rates of the Group II Mortgage Loans
        multiplied by 2, subject to a maximum rate of 10.6920%. With respect to each
        REMIC I Group II 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 of the Net Mortgage Rates of the Group II Mortgage Loans
        over
        (ii) 10.6920% and (y) 0.00%. With respect to REMIC I Regular Interest CE-2,
        a
        weighted average per annum rate, determined on a Mortgage Loan by Mortgage
        Loan
        basis (and solely with respect to the Ocwen Mortgage Loans), equal to the
        excess, if any, of (i) the excess of (a) the Mortgage Rate for each such
        Mortgage Loan over (b) the sum of the (x) Ocwen Servicing Fee Rate, provided,
        however, that the Ocwen Servicing Fee Rate shall be subject to a cap equal
        to
        the Servicing Fee Rate, (y) Master Servicing Fee Rate and (z) Credit Risk
        Manager Fee Rate, over (ii) the Net Mortgage Rate of each such Mortgage
        Loan.

       

      “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 Regular
        Interests 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 equal to (a) the product of (i)
        50%
        of the aggregate Stated Principal Balance of the Mortgage Loans and REO
        Properties then outstanding and (ii) the REMIC II Remittance Rate for REMIC
        II
        Regular Interest AA minus the Marker Rate, divided by (b) 12.

       

      “REMIC
        II Marker Allocation Percentage”:
        50% of
        any amount payable or loss attributable from the Mortgage Loans, which shall
        be
        allocated to REMIC II Regular Interest AA, REMIC II Regular Interest A-1,
        REMIC
        II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular
        Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest
        M-1,
        REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular
        Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6,
        REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular
        Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest M-11,
        REMIC II Regular Interest ZZ and REMIC II Regular Interest P.

       

      “REMIC
        II Overcollateralization Amount”:
        With
        respect to any date of determination, (i) 0.50% of the aggregate Uncertificated
        Balances of the REMIC II Regular Interests (other than REMIC II Regular Interest
        P) minus (ii) the aggregate of the Uncertificated Balances of REMIC II Regular
        Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B,
        REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II
        Regular
        Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3,
        REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular
        Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8,
        REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II
        Regular Interest M-11, 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 (a) the product of (i)
        50%
        of the aggregate Stated Principal Balance of the Mortgage Loans and REO
        Properties then outstanding and (ii) 1 minus a fraction, the numerator of
        which
        is two times the aggregate of the Uncertificated Balances of REMIC II Regular
        Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B,
        REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II
        Regular
        Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3,
        REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular
        Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8,
        REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II
        Regular Interest M-11 and the denominator of which is the aggregate of the
        Uncertificated Balances of REMIC II Regular Interest A-1, REMIC II Regular
        Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest
        A-2C,
        REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular
        Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4,
        REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular
        Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9,
        REMIC II Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular
        Interest M-11 and REMIC II Regular Interest ZZ.

       

      “REMIC
        II Regular Interest”:
        Any of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a “regular interest” in REMIC II. Each REMIC II
        Regular Interest shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary
        Statement hereto. The designations for the respective REMIC II Regular Interests
        are set forth in the Preliminary Statement hereto.

       

      “REMIC
        II Regular Interest AA”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest AA shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest A-1”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest A-1 shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest A-2A”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest A-2A shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest A-2B”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest A-2B shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest A-2C”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest A-2C shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest A-2D”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest A-2D shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest CE-2”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest CE-2 will be entitled to 100% of the amounts distributed on REMIC
        I
        Regular Interest CE-2.

       

      “REMIC
        II Regular Interest IO”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest IO shall accrue interest at the related REMIC II Remittance Rate
        in
        effect from time to time and shall not be entitled to distributions of
        principal. 

       

      “REMIC
        II Regular Interest M-1”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-1 shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest M-2”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-2 shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest M-3”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-3 shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest M-4”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-4 shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest M-5”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-5 shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest M-6”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-6 shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest M-7”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-7 shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest M-8”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-8 shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest M-9”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-9 shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest M-10”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-10 shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest M-11”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest M-11 shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest P”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest P shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest XX”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest XX shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest ZZ”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest ZZ shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest I-SUB”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest I-SUB shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest I-GRP”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest I-GRP shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest II-SUB”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest II-SUB shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Regular Interest II-GRP”:
        One of
        the separate non-certificated beneficial ownership interests in REMIC II
        issued
        hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
        Interest II-GRP shall accrue interest at the related REMIC II 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 Balance as set forth in the Preliminary Statement
        hereto.

       

      “REMIC
        II Remittance Rate”:
        With
        respect to REMIC II Regular Interest AA, REMIC II Regular Interest A-1, REMIC
        II
        Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest
        A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC
        II
        Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest
        M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC
        II
        Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest
        M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest M-11, REMIC
        II
        Regular Interest ZZ, REMIC II Regular Interest I-SUB, REMIC II Regular Interest
        II-SUB and REMIC II Regular Interest XX, a per annum rate (but not less than
        zero) equal to the weighted average of: (w) with respect to REMIC I Regular
        Interest I and REMIC I Regular Interest II, the REMIC I Remittance Rate for
        each
        such REMIC I Regular Interest for each such Distribution Date, (x) with respect
        to each REMIC I Regular Interest 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 Balances of such REMIC I Regular
        Interests for each such Distribution Date and (y) 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
        Balances of each such REMIC I Regular Interest for each such Distribution
        Date:

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              
	
                1

              	 	
                I-1-A
                  through I-43-A

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

              
	 	 	
                II-1-A
                  through II-43-A

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

              
	
                2

              	 	
                I-2-A
                  through I-43-A

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

              
	 	 	
                II-2-A
                  through II-43-A

              	 	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate REMIC I Remittance
                  Rate

              
	 	 	
                I-1-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                3

              	 	
                I-3-A
                  through I-43-A

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

              
	 	 	
                II-3-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  and I-2-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  and II-2-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                4

              	 	
                I-4-A
                  through I-43-A

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

              
	 	 	
                II-4-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-3-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-3-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                5

              	 	
                I-5-A
                  through I-43-A

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

              
	 	 	
                II-5-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-4-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-4-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                6

              	 	
                I-6-A
                  through I-43-A

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

              
	 	 	
                II-6-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-5-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-5-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                7

              	 	
                I-7-A
                  through I-43-A

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

              
	 	 	
                II-7-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-6-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-6-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                8

              	 	
                I-8-A
                  through I-43-A

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

              
	 	 	
                II-8-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-7-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-7-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                9

              	 	
                I-9-A
                  through I-43-A

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

              
	 	 	
                II-9-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-8-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-8-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                10

              	 	
                I-10-A
                  through I-43-A

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

              
	 	 	
                II-10-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-9-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-9-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                11

              	 	
                I-11-A
                  through I-43-A

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

              
	 	 	
                II-11-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-10-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-10-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                12

              	 	
                I-12-A
                  through I-43-A

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

              
	 	 	
                II-12-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-11-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-11-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                13

              	 	
                I-13-A
                  through I-43-A

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

              
	 	 	
                II-13-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-12-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-12-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                14

              	 	
                I-14-A
                  through I-43-A

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

              
	 	 	
                II-14-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-13-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-13-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                15

              	 	
                I-15-A
                  through I-43-A

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

              
	 	 	
                II-15-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-14-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-14-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                16

              	 	
                I-16-A
                  through I-43-A

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

              
	 	 	
                II-16-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-15-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-15-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                17

              	 	
                I-17-A
                  through I-43-A

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

              
	 	 	
                II-17-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-16-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-16-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                18

              	 	
                I-18-A
                  through I-43-A

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

              
	 	 	
                II-18-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-17-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-17-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                19

              	 	
                I-19-A
                  through I-43-A

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

              
	 	 	
                II-19-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-18-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-18-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                20

              	 	
                I-20-A
                  through I-43-A

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

              
	 	 	
                II-20-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-19-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-19-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                21

              	 	
                I-21-A
                  through I-43-A

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

              
	 	 	
                II-21-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-20-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-20-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                22

              	 	
                I-22-A
                  through I-43-A

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

              
	 	 	
                II-22-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-21-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-21-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                23

              	 	
                I-23-A
                  through I-43-A

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

              
	 	 	
                II-23-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-22-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-22-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                24

              	 	
                I-24-A
                  through I-43-A

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

              
	 	 	
                II-24-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-23-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-23-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                25

              	 	
                I-25-A
                  through I-43-A

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

              
	 	 	
                II-25-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-24-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-24-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                26

              	 	
                I-26-A
                  through I-43-A

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

              
	 	 	
                II-26-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-25-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-25-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                27

              	 	
                I-27-A
                  through I-43-A

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

              
	 	 	
                II-27-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-26-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-26-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                28

              	 	
                I-28-A
                  through I-43-A

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

              
	 	 	
                II-28-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-27-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-27-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                29

              	 	
                I-29-A
                  through I-43-A

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

              
	 	 	
                II-29-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-28-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-28-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                30

              	 	
                I-30-A
                  through I-43-A

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

              
	 	 	
                II-30-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-29-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-29-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                31

              	 	
                I-31-A
                  through I-43-A

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

              
	 	 	
                II-31-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-30-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-30-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                32

              	 	
                I-32-A
                  through I-43-A

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

              
	 	 	
                II-32-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-31-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-31-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                33

              	 	
                I-33-A
                  through I-43-A

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

              
	 	 	
                II-33-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-32-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-32-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                34

              	 	
                I-34-A
                  through I-43-A

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

              
	 	 	
                II-34-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-33-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-33-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                35

              	 	
                I-35-A
                  through I-43-A

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

              
	 	 	
                II-35-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-34-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-34-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                36

              	 	
                I-36-A
                  through I-43-A

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

              
	 	 	
                II-36-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-35-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-35-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                37

              	 	
                I-37-A
                  through I-43-A

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

              
	 	 	
                II-37-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-36-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-36-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                38

              	 	
                I-38-A
                  through I-43-A

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

              
	 	 	
                II-38-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-37-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-37-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                39

              	 	
                I-39-A
                  through I-43-A

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

              
	 	 	
                II-39-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-38-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-38-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                40

              	 	
                I-40-A
                  through I-43-A

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

              
	 	 	
                II-40-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-39-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-39-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                41

              	 	
                I-41-A
                  through I-43-A

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

              
	 	 	
                II-41-A
                  through II-43-A

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

              
	 	 	
                I-1-A
                  through I-40-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-40-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                42

              	 	
                I-42-A
                  and I-43-A

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

              
	 	 	
                II-42-A
                  and II-43-A

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

              
	 	 	
                I-1-A
                  through I-41-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-41-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                43

              	 	
                I-43-A
                  

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

              
	 	 	
                II-43-A
                  

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

              
	 	 	
                I-1-A
                  through I-42-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-42-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                thereafter

              	 	
                I-1-A
                  through I-43-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	
                II-1-A
                  through II-43-A

              	 	
                REMIC
                  I Remittance Rate

              

      

      

      With
        respect to REMIC II Regular Interest I-GRP, a per annum rate (but not less
        than
        zero) equal to the weighted average of: (w) with respect to REMIC I Regular
        Interest I, the REMIC I Remittance Rate for such REMIC I Regular Interest
        for
        each such Distribution Date, (x) with respect to REMIC I Group 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 Balances of each such REMIC I Regular Interest for each
        such
        Distribution Date and (y) with respect to REMIC I Group I Regular Interests
        ending with the designation “A”, for each Distribution Date listed below, the
        weighted average of the rates listed below for such REMIC I Regular Interests
        listed below, weighted on the basis of the Uncertificated Balances of each
        such
        REMIC I Regular Interest for each such Distribution Date:

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              
	
                1

              	 	
                I-1-A
                  through I-43-A

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

              
	 	 	 	 	 
	
                2

              	 	
                I-2-A
                  through I-43-A

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

              
	 	 	
                I-1-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                3

              	 	
                I-3-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  and I-2-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                4

              	 	
                I-4-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-3-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                5

              	 	
                I-5-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-4-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                6

              	 	
                I-6-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-5-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                7

              	 	
                I-7-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-6-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                8

              	 	
                I-8-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-7-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                9

              	 	
                I-9-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-8-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                10

              	 	
                I-10-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-9-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                11

              	 	
                I-11-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-10-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                12

              	 	
                I-12-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-11-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                13

              	 	
                I-13-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-12-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                14

              	 	
                I-14-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-13-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                15

              	 	
                I-15-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-14-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                16

              	 	
                I-16-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-15-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                17

              	 	
                I-17-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-16-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                18

              	 	
                I-18-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-17-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                19

              	 	
                I-19-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-18-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                20

              	 	
                I-20-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-19-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                21

              	 	
                I-21-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-20-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                22

              	 	
                I-22-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-21-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                23

              	 	
                I-23-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-22-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                24

              	 	
                I-24-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-23-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                25

              	 	
                I-25-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-24-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                26

              	 	
                I-26-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-25-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                27

              	 	
                I-27-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-26-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                28

              	 	
                I-28-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-27-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                29

              	 	
                I-29-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-28-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                30

              	 	
                I-30-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-29-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                31

              	 	
                I-31-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-30-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                32

              	 	
                I-32-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-31-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                33

              	 	
                I-33-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-32-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                34

              	 	
                I-34-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-33-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                35

              	 	
                I-35-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-34-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                36

              	 	
                I-36-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-35-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                37

              	 	
                I-37-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-36-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                38

              	 	
                I-38-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-37-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                39

              	 	
                I-39-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-38-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                40

              	 	
                I-40-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-39-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                41

              	 	
                I-41-A
                  through I-43-A

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

              
	 	 	
                I-1-A
                  through I-40-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                42

              	 	
                I-42-A
                  and I-43-A

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

              
	 	 	
                I-1-A
                  through I-41-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                43

              	 	
                I-43-A
                  

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

              
	 	 	
                I-1-A
                  through I-42-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                thereafter

              	 	
                I-1-A
                  through I-43-A

              	 	
                REMIC
                  I Remittance Rate

              

      

      

      With
        respect to REMIC II Regular Interest II-GRP, a per annum rate (but not less
        than
        zero) equal to the weighted average of: (w) with respect to REMIC I Regular
        Interest II, the REMIC I Remittance Rate for such REMIC I Regular Interest
        for
        each such Distribution Date, (x) with respect to REMIC I Group II 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 Balances of each such REMIC I Regular Interest for each
        such
        Distribution Date and (y) with respect to REMIC I Group II Regular Interests
        ending with the designation “A”, for each Distribution Date listed below, the
        weighted average of the rates listed below for such REMIC I Regular Interests
        listed below, weighted on the basis of the Uncertificated Balances of each
        such
        REMIC I Regular Interest for each such Distribution Date:

       

      
        	
                Distribution
                  Date

              	 	
                REMIC
                  I Regular Interest

              	 	
                Rate

              
	
                1

              	 	
                II-1-A
                  through II-43-A

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

              
	 	 	 	 	 
	
                2

              	 	
                II-2-A
                  through II-43-A

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

              
	 	 	
                II-1-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                3

              	 	
                II-3-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  and II-2-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                4

              	 	
                II-4-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-3-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                5

              	 	
                II-5-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-4-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                6

              	 	
                II-6-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-5-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                7

              	 	
                II-7-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-6-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                8

              	 	
                II-8-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-7-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                9

              	 	
                II-9-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-8-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                10

              	 	
                II-10-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-9-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                11

              	 	
                II-11-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-10-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                12

              	 	
                II-12-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-11-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                13

              	 	
                II-13-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-12-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                14

              	 	
                II-14-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-13-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                15

              	 	
                II-15-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-14-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                16

              	 	
                II-16-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-15-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                17

              	 	
                II-17-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-16-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                18

              	 	
                II-18-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-17-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                19

              	 	
                II-19-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-18-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                20

              	 	
                II-20-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-19-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                21

              	 	
                II-21-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-20-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                22

              	 	
                II-22-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-21-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                23

              	 	
                II-23-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-22-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                24

              	 	
                II-24-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-23-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                25

              	 	
                II-25-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-24-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                26

              	 	
                II-26-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-25-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                27

              	 	
                II-27-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-26-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                28

              	 	
                II-28-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-27-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                29

              	 	
                II-29-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-28-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                30

              	 	
                II-30-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-29-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                31

              	 	
                II-31-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-30-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                32

              	 	
                II-32-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-31-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                33

              	 	
                II-33-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-32-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                34

              	 	
                II-34-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-33-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                35

              	 	
                II-35-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-34-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                36

              	 	
                II-36-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-35-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                37

              	 	
                II-37-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-36-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                38

              	 	
                II-38-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-37-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                39

              	 	
                II-39-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-38-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                40

              	 	
                II-40-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-39-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                41

              	 	
                II-41-A
                  through II-43-A

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

              
	 	 	
                II-1-A
                  through II-40-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                42

              	 	
                II-42-A
                  and II-43-A

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

              
	 	 	
                II-1-A
                  through II-41-A

              	 	
                REMIC
                  I Remittance Rate

              
	
                43

              	 	
                II-43-A
                  

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

              
	 	 	
                II-1-A
                  through II-42-A

              	 	
                REMIC
                  I Remittance Rate

              
	 	 	 	 	 
	
                thereafter

              	 	
                II-1-A
                  through II-43-A

              	 	
                REMIC
                  I Remittance Rate

              

      

      

      With
        respect to REMIC II Regular Interest IO, and (i) the first Distribution Date
        through the 43rd
        Distribution Date, the excess of (x) the weighted average of the REMIC I
        Remittance Rates for REMIC I Regular Interests including the designation
“A”,
        over (y) 2 multiplied by Swap LIBOR and (ii) thereafter, 0.00%. With respect
        to
        REMIC II Regular Interest P, 0.00%.

       

      “REMIC
        II Sub WAC Allocation Percentage”:
        50% of
        any amount payable or loss attributable from the Mortgage Loans, which shall
        be
        allocated to REMIC II Regular Interest I-SUB, REMIC II Regular Interest I-GRP,
        REMIC II Regular Interest II-SUB, REMIC II Regular Interest II-GRP and REMIC
        II
        Regular Interest XX.

       

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

       

      “REMIC
        II Required Overcollateralization Amount”:
        0.50%
        of the Required Overcollateralization 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 or Class R Certificate.

       

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

       

      “REMIC
        Provisions”:
        Provisions of the federal income tax law relating to real estate mortgage
        investment conduits, 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 or REMIC II Regular Interest.

       

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

       

      “Remittance
        Report”:
        A
        report by the Servicer pursuant to Section 5.03(a) of this
        Agreement.

       

      “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 3.22 of this
        Agreement.

       

      “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 10.01 of this Agreement that is allocable to such REO
        Property) or otherwise, net of any portion of such amounts (i) payable in
        respect of the proper operation, management and maintenance of such REO Property
        or (ii) payable or reimbursable to the Servicer pursuant to Section 3.22(d)
        of
        this Agreement for unpaid Servicing Fees in respect of the related Mortgage
        Loan
        and unreimbursed Servicing Advances and P&I 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 or its nominee on behalf of REMIC
        I
        through foreclosure or deed-in-lieu of foreclosure, as described in Section
        3.22
        of this Agreement.

       

      “Reportable
        Event”:
        Has
        the meaning set forth in Section 5.06(b) of this Agreement.

       

      “Required
        Overcollateralization Amount”:
        With
        respect to any Distribution Date (i) prior to the Stepdown Date, the product
        of
        (A) 2.00% and (B) the aggregate principal balance of the Mortgage Loans as
        of
        the Cut-off Date, (ii) on or after the Stepdown Date provided a Trigger Event
        is
        not in effect, the greater of (x) 4.00% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        and
        (y) an amount equal to the product of (A) 0.50% and (B) the aggregate principal
        balance of the Mortgage Loans as of the Cut-off Date, and (iii) on or after
        the
        Stepdown Date and a Trigger Event is in effect, the Required
        Overcollateralization Amount for the immediately preceding Distribution Date.
        Notwithstanding the foregoing, on and after any Distribution Date following
        the
        reduction of the aggregate Certificate Principal Balance of the Class A
        Certificates and Mezzanine Certificates to zero, the Required
        Overcollateralization Amount shall be zero.

       

      “Reserve
        Fund”:
        A fund
        created pursuant to Section 3.25 which shall be an asset of the Trust Fund
        but
        which shall not be an asset of any Trust REMIC.

       

      “Reserve
        Interest Rate”:
        With
        respect to any Interest Determination Date, the rate per annum that the
        Securities 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
        Securities Administrator, after consultation with the Depositor, 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
        Securities Administrator can determine no such arithmetic mean, the lowest
        one-month U.S. dollar lending rate which New York City banks selected by
        the
        Securities Administrator are quoting on such Interest Determination Date
        to
        leading European banks.

       

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

       

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

       

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

       

      “Responsible
        Officer”:
        When
        used with respect to the Trustee, any officer of the Trustee having direct
        responsibility for the administration of this Agreement and, with respect
        to a
        particular matter, to whom such matter is referred because of such officer’s
        knowledge of and familiarity with the particular subject.

       

      “Rule
        144A”:
        Rule
        144A under the Securities Act.

       

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

       

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

       

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

       

      “Scheduled
        Principal Balance”:
        With
        respect to any Mortgage Loan: (a) as of the Cut-off Date, the outstanding
        principal balance of such Mortgage Loan as of such date, net of the principal
        portion of all unpaid Monthly Payments, if any, due on or before such date;
        (b)
        as of any Due Date subsequent to the Cut-off Date up to and including the
        Due
        Date in the calendar month in which a Liquidation Event occurs with respect
        to
        such Mortgage Loan, the Scheduled Principal Balance of such Mortgage Loan
        as of
        the Cut-off Date, minus the sum of (i) the principal portion of each Monthly
        Payment due on or before such Due Date but subsequent to the Cut-off Date,
        whether or not received, (ii) all Principal Prepayments received before such
        Due
        Date but after the Cut-off Date, (iii) the principal portion of all Liquidation
        Proceeds and Insurance Proceeds received before such Due Date but after the
        Cut-off Date, net of any portion thereof that represents principal due (without
        regard to any acceleration of payments under the related Mortgage and Mortgage
        Note) on a Due Date occurring on or before the date on which such proceeds
        were
        received and (iv) any Realized Loss incurred with respect thereto as a result
        of
        a Deficient Valuation occurring before such Due Date, but only to the extent
        such Realized Loss represents a reduction in the portion of principal of
        such
        Mortgage Loan not yet due (without regard to any acceleration of payments
        under
        the related Mortgage and Mortgage Note) as of the date of such Deficient
        Valuation; and (c) as of any Due Date subsequent to the occurrence of a
        Liquidation Event with respect to such Mortgage Loan, zero. With respect
        to any
        REO Property: (a) as of any Due Date subsequent to the date of its acquisition
        on behalf of the Trust Fund up to and including the Due Date in the calendar
        month in which a Liquidation Event occurs with respect to such REO Property,
        an
        amount (not less than zero) equal to the Scheduled Principal Balance of the
        related Mortgage Loan as of the Due Date in the calendar month in which such
        REO
        Property was acquired, minus the aggregate amount of REO Principal Amortization,
        if any, in respect of REO Property for all previously ended calendar months;
        and
        (b) as of any Due Date subsequent to the occurrence of a Liquidation Event
        with
        respect to such REO Property, zero.

       

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

       

      “Securities
        Administrator”:
        As of
        the Closing Date, Wells Fargo Bank, National Association and thereafter,
        its
        respective successors in interest that meet the qualifications of this
        Agreement. The Securities Administrator and the Master Servicer shall at
        all
        times be the same Person or Affiliates.

       

      “Senior
        Interest Distribution Amount”:
        With
        respect to any Distribution Date, an amount equal to the sum of (i) the Interest
        Distribution Amount for such Distribution Date for the Class A Certificates
        and
        (ii) the Interest Carry Forward Amount, if any, for such Distribution Date
        for
        the Class A Certificates.

       

      “Servicer”:
        Ocwen
        Loan Servicing, LLC, or any successor thereto appointed hereunder in connection
        with the servicing and administration of the Mortgage Loans.

       

      “Servicer
        Event of Default”:
        One or
        more of the events described in Section 8.01(a).

       

      “Servicer
        Remittance Date”:
        With
        respect to any Distribution Date, by 12:00 p.m. New York time on the 22nd
        day of
        each month in which such Distribution Date occurs; provided that if such
        22nd
        day of a given month is not a Business Day, the Servicer Remittance Date
        for
        such month shall be the Business Day immediately preceding such 22nd
        day.

       

      “Servicer
        Report”:
        A
        report (substantially in the form of Schedule 5 hereto) or otherwise in form
        and
        substance acceptable to the Master Servicer and Securities Administrator
        on an
        electronic data file or tape prepared by the Servicer pursuant to Section
        5.03(a) of this Agreement, with such additions, deletions and modifications
        as
        agreed to by the Master Servicer, the Securities Administrator and the
        Servicer.

       

      “Service(s)(ing)”:
        Means,
        in accordance with Regulation AB, the act of servicing and administering
        the
        Mortgage Loans or any other assets of the Trust by an entity that meets the
        definition of “servicer’ set forth in Item 1101 of Regulation AB and is subject
        to the disclosure requirements set forth in Item 1108 of Regulation AB. For
        clarification purposes, any uncapitalized occurrence of this term shall have
        the
        meaning commonly understood by participants in the residential mortgage-backed
        securitization market.

       

      “Servicing
        Advances”:
        The
        customary and reasonable “out-of-pocket” costs and expenses incurred prior to or
        on or after the Cut-off Date (the amounts incurred prior to the Cut-off Date
        shall be identified on the Servicing Advance Schedule by (a) the Servicer
        with
        respect to any Mortgage Loans that were transferred to the Servicer prior
        to the
        Cut-off Date and/or (b) the Depositor with respect to any Mortgage Loans
        that
        were transferred to the Servicer after the Cut-off Date, as applicable) 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 and protection
        of
        a Mortgaged Property, (ii) any enforcement or judicial proceedings, including
        but not limited to 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) the performance of its obligations under
        Section 3.01, Section 3.07, Section 3.11, Section 3.13 and
        Section 3.22 of this Agreement and (v) obtaining any legal documentation
        required to be included in the Mortgage File and/or correcting any outstanding
        title issues (i.e., any lien or encumbrance on the Mortgaged Property that
        prevents the effective enforcement of the intended lien position) reasonably
        necessary for the Servicer to perform its obligations under this Agreement.
        Servicing Advances also include any reasonable “out-of-pocket” cost and expenses
        (including legal fees) incurred by the Servicer in connection with executing
        and
        recording instruments of satisfaction, deeds of reconveyance or Assignments
        to
        the extent not recovered from the Mortgagor or otherwise payable under this
        Agreement. The Servicer shall not be required to make any Nonrecoverable
        Servicing Advances.

       

      “Servicing
        Advance Schedule”:
        With
        respect to any Servicing Advances incurred prior to the Cut-off Date, the
        schedule or schedules provided by (a) the Servicer with respect to any Mortgage
        Loans that were transferred to the Servicer prior to the Cut-off Date and/or
        (b)
        the Depositor with respect to any Mortgage Loans that were transferred to
        the
        Servicer after the Cut-off Date, as applicable, to the Master Servicer and,
        if
        such schedule is provided by the Depositor, to the Servicer, on the date
        on
        which the Servicer seeks reimbursement for a Servicing Advance made by the
        Servicer, which schedule or schedules shall contain the information set forth
        on
        Schedule 6.

       

      “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 and for any calendar month, an amount equal
        to
        one-twelfth of the product of the Servicing Fee Rate multiplied by the Scheduled
        Principal Balance of the Mortgage Loans as of the Due Date in the preceding
        calendar month provided, however, that Ocwen shall only be entitled to a
        portion
        of the Servicing Fee calculated on the Mortgage Loans at the Ocwen Servicing
        Fee
        Rate.

       

      “Servicing
        Fee Rate”:
        0.50%
        per annum.

       

      “Servicing
        Function Participant”:
        Means
        any Sub-Servicer, Subcontractor or any other Person, other than the Servicer,
        the Master Servicer, each Custodian, the Trustee and the Securities
        Administrator, that is determined to be “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB, without regard to
        any threshold referenced therein.

       

      “Servicing
        Officer”:
        Any
        officer of the Servicer or the Master Servicer involved in, or responsible
        for,
        the administration and servicing of Mortgage Loans, whose name and specimen
        signature appear on a list of Servicing Officers furnished by the Servicer
        or
        the Master Servicer, to the Trustee, the Master Servicer (in the case of
        the
        Servicer), the Securities Administrator and the Depositor on the Closing
        Date,
        as such list may from time to time be amended.

       

      “Single
        Certificate”:
        With
        respect to any Class of Certificates (other than 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 Residual Certificates, a hypothetical Certificate of such
        Class
        evidencing a 100% Percentage Interest in such Class.

       

      “Sponsor”:
        DB
        Structured Products, Inc. or its successor in interest, in its capacity as
        seller under the Mortgage Loan Purchase Agreement.

       

      “Startup
        Day”:
        With
        respect to each Trust REMIC, the day designated as such pursuant to Section
        11.01(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 Scheduled
        Principal Balance of such Mortgage Loan as of the Cut-off Date, 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 or a successor to
        the
        Servicer and distributed pursuant to Section 5.01 of this Agreement on or
        before
        such date of determination, (ii) all Principal Prepayments received after
        the
        Cut-off Date, to the extent distributed pursuant to Section 5.01 of this
        Agreement 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 3.13 of this Agreement,
        to the extent distributed pursuant to Section 5.01 of this Agreement 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 or a successor to the
        Servicer and distributed pursuant to Section 5.01 of this Agreement, 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 of this Agreement
        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 later to occur of (a) the Distribution Date
        occurring in June 2009 and (b) the first Distribution Date on which the Credit
        Enhancement Percentage (calculated for this purpose only after taking into
        account distributions of principal on the Mortgage Loans, but prior to any
        distribution of the Principal Distribution Amount to the holders of the
        Certificates then entitled to distributions of principal on such Distribution
        Date), is greater than or equal to approximately 44.00% and (ii) the first
        Distribution Date on which the aggregate Certificate Principal Balance of
        the
        Class A Certificates has been reduced to zero.

       

      “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 (without regard to any threshold
        percentage specified therein) with respect to Mortgage Loans under the direction
        or authority of any Servicer (or a Sub-Servicer of any Servicer), the Master
        Servicer, the Trustee, a Custodian or the Securities Administrator.

       

      “Subordinate
        Certificates”:
        Collectively, the Mezzanine Certificates and the Class CE-1
        Certificates.

       

      “Subsequent
        Recoveries”:
        As of
        any Distribution Date, amounts received during the related Prepayment Period
        by
        the Servicer specifically related to a defaulted Mortgage Loan or disposition
        of
        an REO Property prior to the related Prepayment Period that resulted in a
        Realized Loss, after the liquidation or disposition of such defaulted Mortgage
        Loan, net of any amounts reimbursable to the Servicer related to such Mortgage
        Loan or REO Property.

       

      “Sub-Servicer”:
        Means
        any Person that (i) is considered to be a Servicing Function Participant,
        (ii)
        services Mortgage Loans on behalf of the Servicer, the Master Servicer, the
        Securities Administrator or the Trustee and (iii) is responsible for the
        performance (whether directly or through sub-servicers or Subcontractors)
        of
        Servicing functions required to be performed under this Agreement or any
        related
        Sub-Servicing Agreement that is identified in Item 1122(d) of Regulation
        AB.

       

      “Sub-Servicing
        Agreement”:
        The
        written contract between the Servicer and a Sub-Servicer relating to servicing
        and administration of certain Mortgage Loans as provided in Section 3.02
        of this
        Agreement.

       

      “Substitution
        Shortfall Amount”:
        As
        defined in Section 2.03.

       

      “Supplemental
        Interest Trust”:
        The
        corpus of a trust created pursuant to Section 5.07 of this Agreement and
        designated as the “Supplemental Interest Trust,” consisting of the Swap
        Agreement, the Class IO Interest and the right to receive payments in respect
        of
        the Class IO Distribution Amount. For the avoidance of doubt, the Supplemental
        Interest Trust does not constitute a part of the Trust Fund.

       

      “Swap
        Agreement”:
        The
        Interest Rate Swap Agreement, dated as of May 30, 2006, between HSBC Bank
        USA,
        National Association, as trustee on behalf of the Supplemental Interest Trust,
        and the Swap Provider, which agreement provides for Net Swap Payments and
        Swap
        Termination Payments to be paid, as provided therein, together with any
        schedules, confirmations or other agreements relating thereto. A copy of
        the
        Swap Agreement is attached hereto as Exhibit I. 

       

      “Swap
        LIBOR”:
        LIBOR
        as determined pursuant to the Swap Agreement.

       

      “Swap
        Notional Amount”:
        For
        each calculation period as defined in the Swap Agreement, the amount set
        forth
        below:

       

      
        	
                Distribution
                  Date

              	 	
                Swap
                  Notional Amount

                ($)

              
	
                6/25/2006

              	 	
                728,546,320

              
	
                7/25/2006

              	 	
                718,065,776

              
	
                8/25/2006

              	 	
                705,611,909

              
	
                9/25/2006

              	 	
                691,225,642

              
	
                10/25/2006

              	 	
                674,953,747

              
	
                11/25/2006

              	 	
                656,859,095

              
	
                12/25/2006

              	 	
                637,020,847

              
	
                1/25/2007

              	 	
                615,538,522

              
	
                2/25/2007

              	 	
                592,531,482

              
	
                3/25/2007

              	 	
                568,176,420

              
	
                4/25/2007

              	 	
                544,320,276

              
	
                5/25/2007

              	 	
                521,439,895

              
	
                6/25/2007

              	 	
                499,521,532

              
	
                7/25/2007

              	 	
                478,525,513

              
	
                8/25/2007

              	 	
                458,412,987

              
	
                9/25/2007

              	 	
                439,146,737

              
	
                10/25/2007

              	 	
                420,691,120

              
	
                11/25/2007

              	 	
                403,011,992

              
	
                12/25/2007

              	 	
                385,988,312

              
	
                1/25/2008

              	 	
                369,526,651

              
	
                2/25/2008

              	 	
                353,027,763

              
	
                3/25/2008

              	 	
                305,033,446

              
	
                4/25/2008

              	 	
                255,986,053

              
	
                5/25/2008

              	 	
                214,952,083

              
	
                6/25/2008

              	 	
                181,281,299

              
	
                7/25/2008

              	 	
                167,650,219

              
	
                8/25/2008

              	 	
                159,515,816

              
	
                9/25/2008

              	 	
                152,025,396

              
	
                10/25/2008

              	 	
                144,898,239

              
	
                11/25/2008

              	 	
                138,108,276

              
	
                12/25/2008

              	 	
                131,639,438

              
	
                1/25/2009

              	 	
                125,476,440

              
	
                2/25/2009

              	 	
                119,604,699

              
	
                3/25/2009

              	 	
                114,010,471

              
	
                4/25/2009

              	 	
                108,680,846

              
	
                5/25/2009

              	 	
                103,603,473

              
	
                6/25/2009

              	 	
                98,765,663

              
	
                7/25/2009

              	 	
                94,156,004

              
	
                8/25/2009

              	 	
                89,763,644

              
	
                9/25/2009

              	 	
                85,578,268

              
	
                10/25/2009

              	 	
                81,590,035

              
	
                11/25/2009

              	 	
                77,789,589

              
	
                12/25/2009

              	 	
                74,168,009

              
	 	 	 

      

      “Swap
        Provider”:
        The
        swap provider under the Swap Agreement either (a) entitled to receive payments
        from the Supplemental Interest Trust or (b) required to make payments to
        the
        Supplemental Interest Trust, in either case pursuant to the terms of the
        Swap
        Agreement, and any successor in interest or assign. Initially, the Swap Provider
        shall be Deutsche Bank AG New York Branch.

       

      “Swap
        Provider Trigger Event”:
        A Swap
        Provider Trigger Event shall have occurred if any of the following has occurred:
        (i) an Event of Default under the Swap Agreement with respect to which the
        Swap
        Provider is a Defaulting Party (as defined in the Swap Agreement), (ii) a
        Termination Event under the Swap Agreement with respect to which the Swap
        Provider is the sole Affected Party (as defined in the Swap Agreement) or
        (iii)
        an Additional Termination Event under the Swap Agreement with respect to
        which
        the Swap Provider is the sole Affected Party.

       

      “Swap
        Termination Payment”:
        Upon
        the designation of an “Early Termination Date” as defined in the Swap Agreement,
        the payment to be made by the Supplemental Interest Trust to the Swap Provider,
        or by the Swap Provider to the Supplemental Interest Trust, as applicable,
        pursuant to the terms of the 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 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 10.01.

       

      “Terminator”:
        As
        defined in Section 10.01.

       

      “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 has occurred with respect to a Distribution Date if either
        (x) the
        Delinquency Percentage exceeds 36.36% of the Credit Enhancement Percentage
        with
        respect to such Distribution Date or (y) the aggregate amount of Realized
        Losses
        incurred since the Cut-off Date through the last day of the related Due Period
        divided by the aggregate 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 

              	 	
                Percentage

              
	
                June
                  2008 to May 2009

              	 	
                1.35%
                  plus 1/12 of 1.65% for each month thereafter

              
	
                June
                  2009 to May 2010

              	 	
                3.00%
                  plus 1/12 of 1.65% for each month thereafter

              
	
                June
                  2010 to May 2011

              	 	
                4.65%
                  plus 1/12 of 1.10% for each month thereafter

              
	
                June
                  2011 to May 2012

              	 	
                5.75%
                  plus 1/12 of 0.25% for each month thereafter

              
	
                June
                  2012 and thereafter

              	 	
                6.00%

              

      

      

      “Trust”:
        ACE
        Securities Corp., Home Equity Loan Trust, Series 2006-ASAP3, the trust created
        hereunder.

       

      “Trust
        Fund”:
        Collectively, all of the assets of REMIC I, REMIC II, REMIC III and the Reserve
        Fund and any amounts on deposit therein and any proceeds thereof. For avoidance
        of doubt, the Trust Fund does not include the Supplemental Interest
        Trust.

       

      “Trust
        REMIC”:
        REMIC
        I, REMIC II or REMIC III.

       

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

       

      “Uncertificated
        Balance”:
        The
        amount of the REMIC Regular Interests outstanding as of any date of
        determination. As of the Closing Date, the Uncertificated Balance of each
        REMIC
        Regular Interest shall equal the amount set forth in the Preliminary Statement
        hereto as its initial uncertificated balance. On each Distribution Date,
        the
        Uncertificated Balance of the REMIC Regular Interest shall be reduced by
        all
        distributions of principal made on such REMIC Regular Interest on such
        Distribution Date pursuant to Section 5.01 and, if and to the extent necessary
        and appropriate, shall be further reduced on such Distribution Date by Realized
        Losses as provided in Section 5.04 and the Uncertificated Balance of REMIC
        II
        Regular Interest ZZ shall be increased by interest deferrals as provided
        in
        Section 5.01. The Uncertificated Balance of each REMIC Regular Interest shall
        never be less than zero.

       

      “Uncertificated
        Interest”:
        With
        respect to any REMIC Regular Interest for any Distribution Date, one month’s
        interest at the related REMIC Remittance Rate applicable to such REMIC Regular
        Interest for such Distribution Date, accrued on the Uncertificated Balance
        thereof immediately prior to such Distribution Date. Uncertificated Interest
        in
        respect of the REMIC Regular Interests 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 payments pursuant
        to Section 3.23 or Section 4.18 of this Agreement and (b) the aggregate amount
        of any Relief Act Interest Shortfall, if any allocated, in each case, to
        such
        REMIC Regular Interest or 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
        5.04.

       

      “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 3.11.

       

      “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 or
        any
        political subdivision thereof (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 any Class R Certificate, 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 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 I 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.

       

      “Value”:
        With
        respect to any Mortgaged Property, the lesser of (i) the lesser of (a) the
        value
        thereof as determined by an appraisal made for the related originator of
        the
        Mortgage Loan at the time of origination of the Mortgage Loan by an appraiser
        who met the minimum requirements of Fannie Mae and Freddie Mac and (b) the
        value
        thereof as determined by a review appraisal conducted by the related originator
        of the Mortgage Loan in accordance with the related originator’s underwriting
        guidelines, and (ii) the purchase price paid for the related Mortgaged Property
        by the Mortgagor with the proceeds of the Mortgage Loan; provided, however,
        (A)
        in the case of a Refinanced Mortgage Loan, such value of the Mortgaged Property
        is based solely upon the lesser of (1) the value determined by an appraisal
        made
        for the related originator of the Mortgage Loan of such Refinanced Mortgage
        Loan
        at the time of origination of such Refinanced Mortgage Loan by an appraiser
        who
        met the minimum requirements of Fannie Mae and Freddie Mac and (2) the value
        thereof as determined by a review appraisal conducted by the related originator
        of the Mortgage Loan in accordance with the related originator’s underwriting
        guidelines, and (B) in the case of a Mortgage Loan originated in connection
        with
        a “lease-option purchase,” such value of the Mortgaged Property is based on the
        lower of the value determined by an appraisal made for the originator of
        such
        Mortgage Loan at the time of origination or the sale price of such Mortgaged
        Property if the “lease option purchase price” was set less than 12 months prior
        to origination, and is based on the value determined by an appraisal made
        for
        the related originator of such Mortgage Loan at the time of origination if
        the
“lease option purchase price” was set 12 months or more prior to
        origination.

       

      “Verification
        Report”:
        As
        defined in Section 4.19. 

       

      “Voting
        Rights”:
        The
        portion of the voting rights of all of the Certificates which is allocated
        to
        any such 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-1 Certificates in proportion
        to the
        then outstanding Certificate Principal Balances of their respective
        Certificates, 1% of all Voting Rights will be allocated among the holders
        of the
        Class P Certificates and 1% of all Voting Rights will be allocated among
        the
        holders of the Class R 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, National Association in its capacity as a Custodian under the
        Wells
        Fargo Custodial Agreement, or any successor thereto.

       

      “Wells
        Fargo Custodial Agreement”:
        The
        Custodial Agreement dated as of May 1, 2006, among the Trustee, Wells Fargo
        and
        the Servicer, as may be amended or supplemented from time to time.

       

      SECTION
        1.02.  Allocation
        of Certain Interest Shortfalls.

       

      For
        purposes of calculating the amount of Accrued Certificate Interest and the
        amount of the Interest Distribution Amount for the Class A Certificates,
        the
        Mezzanine Certificates and the Class CE-1 Certificates for any Distribution
        Date, (1) the aggregate amount of any Prepayment Interest Shortfalls (to
        the
        extent not covered by payments by the Servicer pursuant to Section 3.23 of
        this
        Agreement or by the Master Servicer pursuant to Section 4.18 of this Agreement)
        and any Relief Act Interest Shortfalls incurred in respect of the Mortgage
        Loans
        for any Distribution Date shall be allocated first, to the Class CE-1
        Certificates, second, to the Class M-11 Certificates, third, to the Class
        M-10
        Certificates, fourth, to the Class M-9 Certificates, fifth, to the Class
        M-8
        Certificates, sixth, to the Class M-7 Certificates, seventh, to the Class
        M-6
        Certificates, eighth, to the Class M-5 Certificates, ninth, to the Class
        M-4
        Certificates, tenth, to the Class M-3 Certificates, eleventh, to the Class
        M-2
        Certificates, twelfth, to the Class M-1 Certificates and thirteenth, to the
        Class A Certificates, on a pro
        rata
        basis,
        in each case 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 or Notional Amount, as applicable, of each such Certificate and (2)
        the
        aggregate amount of any Realized Losses allocated to the Mezzanine Certificates
        and Net WAC Rate Carryover Amounts paid to the Class A Certificates and the
        Mezzanine Certificates incurred for any Distribution Date shall be allocated
        to
        the Class CE-1 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
        or
        Notional Amount thereof, as applicable.

       

      For
        purposes of calculating the amount of Uncertificated Interest for the REMIC
        I
        Group 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 3.23 of this Agreement or the Master Servicer
        pursuant to Section 4.18) and any Relief Act Interest Shortfalls incurred
        in
        respect of Group I Mortgage Loans shall be allocated first, to REMIC I Regular
        Interest I and to the REMIC I Group 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 Principal Balances
        of
        each such REMIC I Regular Interest, and then, to REMIC I Group 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
        I
        Group II 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 3.23 of this Agreement or the Master Servicer
        pursuant to Section 4.18) and any Relief Act Interest Shortfalls incurred
        in
        respect of Group II Mortgage Loans shall be allocated first, to REMIC I Regular
        Interest II and to the REMIC I Group II 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 Principal Balances
        of
        each such REMIC I Regular Interest , and then, to REMIC I Group II 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:

       

      (A) The
        REMIC
        II Marker Allocation Percentage of the aggregate amount of any Prepayment
        Interest Shortfalls (to the extent not covered by payments by the Servicer
        pursuant to Section 3.23 of this Agreement or the Master Servicer pursuant
        to
        Section 4.18 or) and the REMIC II Marker Allocation Percentage of any Relief
        Act
        Interest Shortfalls incurred in respect of the Mortgage Loans for any
        Distribution Date shall be allocated among REMIC II Regular Interest AA,
        REMIC
        II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular
        Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest
        A-2D,
        REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular
        Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5,
        REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular
        Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10
        and
        REMIC II Regular Interest M-11 and REMIC II Regular Interest ZZ pro
        rata
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        REMIC II Remittance Rate on the respective Uncertificated Balance of each
        such
        REMIC II Regular Interest; and

       

      (B) The
        REMIC
        II Sub WAC Allocation Percentage of the aggregate amount of any Prepayment
        Interest Shortfalls (to the extent not covered by payments by the Servicer
        pursuant to Section 3.23 of this Agreement or by the Master Servicer pursuant
        to
        Section 4.18 of this Agreement) and the REMIC II Sub WAC Allocation Percentage
        of any Relief Act Interest Shortfalls incurred in respect of the Mortgage
        Loans
        for any Distribution Date shall be allocated first, to Uncertificated Interest
        payable to REMIC II Regular Interest I-SUB, REMIC II Regular Interest I-GRP,
        REMIC II Regular Interest II-SUB, REMIC II Regular Interest II-GRP and REMIC
        II
        Regular Interest XX, pro
        rata
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        REMIC II Remittance Rate on the respective Uncertificated Balance of each
        such
        REMIC II Regular Interest.

       

      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, on behalf
        of the
        Trust, 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
        Mortgage Loan Purchase Agreement (including, without limitation the right
        to
        enforce the obligations of the other parties thereto thereunder), the right
        to
        any Net Swap Payment and any Swap Termination Payment made by the Swap Provider,
        and all other assets included or to be included in REMIC I. Such assignment
        includes all interest and principal received by the Depositor and 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). A copy
        of
        the Mortgage Loan Purchase Agreement is attached hereto.

       

      In
        connection with such transfer and assignment, the Depositor does hereby deliver
        to, and deposit with the related Custodian pursuant to the related Custodial
        Agreement the documents with respect to each Mortgage Loan as described under
        Section 2 of the Custodial Agreements (the “Mortgage Loan Documents”). In
        connection with such delivery and as further described in the Custodial
        Agreements, the Custodians will be required to review such Mortgage Loan
        Documents and deliver to the Trustee certifications (in the forms attached
        to
        the Custodial Agreements) with respect to such review with exceptions noted
        thereon. In addition, under the Custodial Agreements the Depositor will be
        required to cure certain defects with respect to the Mortgage Loan Documents
        for
        the related Mortgage Loans after the delivery thereof by the Depositor to
        the
        Custodians as more particularly set forth therein.

       

      Notwithstanding
        anything to the contrary contained herein, the parties hereto acknowledge
        that
        the functions of the Trustee with respect to the custody, acceptance, inspection
        and release of the Mortgage Files, including, but not limited to certain
        insurance policies and documents contemplated by Section 4.11, and preparation
        and delivery of the certifications shall be performed by the Custodians pursuant
        to the terms and conditions of the Custodial Agreements.

       

      The
        Depositor shall deliver or cause the related originator to deliver to the
        Servicer copies of all trailing documents required to be included in the
        Mortgage File at the same time the originals or certified copies thereof
        are
        delivered to the Trustee or Custodians, such documents including 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 incurred in obtaining such documents and the Depositor shall
        cause the Servicer to be reimbursed for any such costs the Servicer may incur
        in
        connection with performing its obligations under this Agreement.

       

      The
        Mortgage Loans permitted by the terms of this Agreement to be included in
        the
        Trust are limited to (i) Mortgage Loans (which the Depositor acquired pursuant
        to the Mortgage Loan Purchase Agreement, which contains, among other
        representations and warranties, a representation and warranty of the Sponsor
        that no Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey
        Home Ownership Act effective November 27, 2003 or as defined in the New Mexico
        Home Loan Protection Act effective January 1, 2004, as defined in the
        Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004
        (Mass. Ann. Laws Ch. 183C) or as defined in the Indiana Home Loan Practices
        Act,
        effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9))
        or a
“high risk home loan” under the Illinois High Risk Home Loan Act, effective as
        of January 1, 2004 and (ii) Qualified Substitute Mortgage Loans (which, by
        definition as set forth herein and referred to in the Mortgage Loan Purchase
        Agreement, are required to conform to, among other representations and
        warranties, the representation and warranty of the Sponsor that no Qualified
        Substitute Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey
        Home Ownership Act effective November 27, 2003 or as defined in the New Mexico
        Home Loan Protection Act effective January 1, 2004, as defined in the
        Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004
        (Mass. Ann. Laws Ch. 183C) or as defined in the Indiana Home Loan Practices
        Act,
        effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9).
        The
        Depositor and the Trustee on behalf of the Trust 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 in the New Jersey Home Ownership Act effective
        November 27, 2003, as defined in the New Mexico Home Loan Protection Act
        effective January 1, 2004, as defined in the Massachusetts Predatory Home
        Loan
        Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C) or as
        defined in the Indiana Home Loan Practices Act, effective January 1, 2005
        (Ind.
        Code Ann. Sections 24-9-1 through 24-9-9) or a “high risk home loan” under the
        Illinois High Risk Home Loan Act, effective as of January 1, 2004.

       

      SECTION
        2.02.  Acceptance
        of REMIC I by Trustee.

       

      The
        Trustee acknowledges receipt, subject to the provisions of Section 2.01 hereof
        and Section 2 of the related Custodial Agreement, of the Mortgage Loan Documents
        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 (or the applicable Custodian on its behalf
        holds) and will hold such documents and the other documents delivered to
        it
        constituting a Mortgage Loan Document, and that it holds (or the applicable
        Custodian on its behalf 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.

       

      SECTION
        2.03.  Repurchase
        or Substitution of Mortgage Loans.

       

      (a)  Upon
        discovery or receipt of notice of any materially defective document in, or
        that
        a document is missing from, a Mortgage File or of a breach by the Sponsor
        of any
        representation, warranty or covenant under the Mortgage Loan Purchase Agreement
        in respect of any Mortgage Loan that materially and adversely affects the
        value
        of such Mortgage Loan or the interest therein of the Certificateholders,
        the
        Trustee shall promptly notify the Sponsor and the Servicer of such defect,
        missing document or breach and request that the Sponsor deliver such missing
        document, cure such defect or breach within sixty (60) days from the date
        the
        Sponsor was notified of such missing document, defect or breach, and if the
        Sponsor does not deliver such missing document or cure such defect or breach
        in
        all material respects during such period, the Trustee shall enforce the
        obligations of the Sponsor under the Mortgage Loan Purchase Agreement to
        repurchase such Mortgage Loan from REMIC I at the Purchase Price within ninety
        (90) days after the date on which the Sponsor was notified of such missing
        document, defect or breach, if and to the extent that the Sponsor is obligated
        to do so under the Mortgage Loan Purchase Agreement. The Purchase Price for
        the
        repurchased Mortgage Loan shall be remitted to the Servicer for deposit in
        the
        Collection Account and the Trustee, upon receipt of written certification
        from
        the Servicer of such deposit, shall release or cause the applicable Custodian
        (upon receipt of a request for release in the form attached to the related
        Custodial Agreement) to release to the Sponsor the related Mortgage File
        and the
        Trustee shall execute and deliver such instruments of transfer or assignment,
        in
        each case without recourse, representation or warranty, as the Sponsor shall
        furnish to it and as shall be necessary to vest in the Sponsor any Mortgage
        Loan
        released pursuant hereto, and the Trustee shall not 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 Mortgage Loan
        Purchase Agreement, the Sponsor 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). It is understood and agreed that
        the
        obligation of the Sponsor 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. Notwithstanding
        anything to the contrary contained herein, any breach of a representation
        or
        warranty contained in clauses (xxxiv), (xxxviii), (xxxix), (xl), (xli), (xlvi),
        (xlvii), (lvi), (lviii) and/or (lix) of Section 6 of the Mortgage Loan Purchase
        Agreement shall be automatically deemed to affect materially and adversely
        the
        interests of the Certificateholders.

       

      In
        addition, promptly upon the earlier of discovery by the Servicer or receipt
        of
        notice by the Servicer of the breach of the representation or covenant of
        the
        Sponsor set forth in Section 5(xii) of the Mortgage Loan Purchase Agreement
        which materially and adversely affects the interests of the Holders of the
        Class
        P Certificates in any Prepayment Charge, the Servicer shall promptly notify
        the
        Sponsor and the Trustee of such breach. The Trustee shall enforce the
        obligations of the Sponsor under the Mortgage Loan Purchase Agreement to
        remedy
        such breach to the extent and in the manner set forth in the Mortgage Loan
        Purchase Agreement.

       

      (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 the Sponsor substitutes a Qualified Substitute
        Mortgage Loan or Loans, such substitution shall be effected by the Sponsor
        delivering to the Trustee or the applicable Custodian on behalf of the Trustee,
        for such Qualified Substitute Mortgage Loan or Loans, the Mortgage Note,
        the
        Mortgage, the Assignment to the Trustee, and such other documents and
        agreements, with all necessary endorsements thereon, as are required by Section
        2 of the related Custodial Agreement, as applicable, together with an Officers’
Certificate providing that each such Qualified Substitute Mortgage Loan
        satisfies the definition thereof and specifying the Substitution Shortfall
        Amount (as described below), if any, in connection with such substitution.
        The
        applicable Custodian on behalf of the Trustee shall acknowledge receipt of
        such
        Qualified Substitute Mortgage Loan or Loans and, within ten (10) Business
        Days
        thereafter, review such documents and deliver to the Depositor, the Trustee
        and
        the Servicer, with respect to such Qualified Substitute Mortgage Loan or
        Loans,
        an initial certification pursuant to the related Custodial Agreement, with
        any
        applicable exceptions noted thereon. Within one year of the date of
        substitution, the applicable Custodian on behalf of the Trustee shall deliver
        to
        the Depositor, the Trustee and the Servicer a final certification pursuant
        to
        the related Custodial Agreement 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 Sponsor.
        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 Sponsor 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 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 Trustee and the Servicer. Upon such substitution, such Qualified
        Substitute Mortgage Loan or Loans shall constitute part of the Trust Fund
        and
        shall be subject in all respects to the terms of this Agreement and the Mortgage
        Loan Purchase Agreement, including all applicable representations and warranties
        thereof included herein or in the Mortgage Loan Purchase Agreement.

       

      For
        any
        month in which the Sponsor substitutes one or more Qualified Substitute Mortgage
        Loans for one or more Deleted Mortgage Loans, the Servicer will determine
        the
        amount (the “Substitution Shortfall 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 Scheduled Principal
        Balance
        thereof as of the date of substitution, together with one month’s interest on
        such Scheduled Principal Balance at the applicable Net Mortgage Rate, plus
        all
        outstanding P&I Advances and Servicing Advances (including Nonrecoverable
        P&I Advances and Nonrecoverable Servicing Advances) related thereto. On the
        date of such substitution, the Sponsor will deliver or cause to be delivered
        to
        the Servicer for deposit in the Collection Account an amount equal to the
        Substitution Shortfall Amount, if any, and the Trustee or the applicable
        Custodian on behalf of the Trustee, upon receipt of the related Qualified
        Substitute Mortgage Loan or Loans, upon receipt of a request for release
        in the
        form attached to the related Custodial Agreement and certification by the
        Servicer of such deposit, shall release to the Sponsor the related Mortgage
        File
        or Files and the Trustee shall execute and deliver such instruments of transfer
        or assignment, in each case without recourse, representation or warranty,
        as the
        Sponsor shall deliver to it and as shall be necessary to vest therein any
        Deleted Mortgage Loan released pursuant hereto.

       

      In
        addition, the Sponsor shall obtain at its own expense and deliver to the
        Trustee
        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 Sponsor, the Servicer or the Trustee 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
        (2) Business Days give written notice thereof to the other parties. In
        connection therewith, the Sponsor shall repurchase or substitute one or more
        Qualified Substitute Mortgage Loans for the affected Mortgage Loan within
        ninety
        (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 Sponsor 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 the Sponsor under the Mortgage Loan Purchase Agreement or (ii) the
        Depositor, if the affected Mortgage Loan’s status as a non-qualified mortgage
        does not result from a breach of a 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 Sponsor 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.

       

      (d)  With
        respect to a breach of the representations made pursuant to Section 5(xii)
        of
        the Mortgage Loan Purchase Agreement that materially and adversely affects
        the
        value of such Mortgage Loan or the interest therein of the Certificateholders,
        the Sponsor shall be required to take the actions set forth in this Section
        2.03.

       

      (e)  Within
        ninety (90) days of the earlier of discovery by the Servicer or receipt of
        notice by the Servicer of the breach of any representation, warranty or covenant
        of the Servicer set forth in Section 2.05 which materially and adversely
        affects
        the interests of the Certificateholders in any Mortgage Loan or Prepayment
        Charge, the Servicer shall cure such breach in all material
        respects.

       

      SECTION
        2.04.  Representations
        and Warranties of the Master Servicer.

       

      The
        Master Servicer hereby represents, warrants and covenants to the Servicer,
        the
        Depositor and the Trustee, for the benefit of each of the Trustee and the
        Certificateholders, 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 other parties hereto,
        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 the 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, (x)
        the ability of the Master Servicer to perform its obligations under this
        Agreement or (y) the business, operations, financial condition, properties
        or
        assets of the Master Servicer taken as a whole;

       

      (iv)  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;

       

      (v)  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;

       

      (vi)  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

       

      (vii)  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 by it 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 2.04 shall survive the resignation or termination of
        the
        parties hereto and the termination of this Agreement and shall inure to the
        benefit of the Trustee, the Depositor and the Certificateholders.

       

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

       

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

       

      (i)  The
        Servicer is a limited liability company duly organized and validly existing
        under the laws of the jurisdiction of its formation, and is duly authorized
        and
        qualified to transact any and all business contemplated by this Agreement
        to be
        conducted by the Servicer in any state in which a Mortgaged Property is located
        or is otherwise not required under applicable law to effect such qualification
        and, in any event, is in compliance with the doing business laws of any such
        State, to the extent necessary to ensure its ability to enforce each Mortgage
        Loan and to service the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (ii)  The
        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 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 other parties hereto, constitutes
        a
        legal, valid and binding obligation of the 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 Servicer, the servicing of
        the
        Mortgage Loans by the Servicer hereunder, the consummation by the 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
        Servicer and will not (A) result in a breach of any term or provision of
        the
        charter or by-laws of the 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 Servicer is a party or
        by
        which it may be bound, or any statute, order or regulation applicable to
        the
        Servicer of any court, regulatory body, administrative agency or governmental
        body having jurisdiction over the Servicer; and the 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
        Servicer's knowledge, would in the future materially and adversely affect,
        (x)
        the ability of the Servicer to perform its obligations under this Agreement,
        (y)
        the business, operations, financial condition, properties or assets of the
        Servicer taken as a whole or (z) the legality, validity or enforceability
        of
        this Agreement;

       

      (iv)  The
        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;

       

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

       

      (vi)  There
        are
        no actions or proceedings against, or investigations known to it of, the
        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
        Servicer of its obligations under, or the validity or enforceability of,
        this
        Agreement;

       

      (vii)  No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Servicer
        of,
        or compliance by the Servicer with, this Agreement or the consummation by
        it 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;

       

      (viii)  The
        Servicer has fully furnished and will continue 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 on a monthly basis; 

       

      (ix)  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 

       

      (x)  The
        Servicer will not waive any Prepayment Charge other than in accordance with
        the
        standard set forth in Section 3.01.

       

      (b)  Notwithstanding
        anything to the contrary contained in this Agreement, if the covenant of
        the
        Servicer set forth in Section 2.05(a)(x) above is breached, the Servicer
        will
        pay the amount of such waived Prepayment Charge, from its own funds without
        any
        right of reimbursement, for the benefit of the Holders of the Class P
        Certificates, by depositing such amount into the Collection Account within
        90
        days of the earlier of discovery by the Servicer or receipt of notice by
        the
        Servicer of such breach; provided, however, the Servicer shall not have any
        obligation to pay the amount of any uncollected Prepayment Charge under this
        Section 2.05 if the Servicer did not have a copy of the related Mortgage
        Note,
        the Servicer requested a copy of the same from the related Custodian in
        accordance with the terms of the related Custodial Agreement and such Custodian
        failed to provide such copy within the time frame set forth in the related
        Custodial Agreement. Furthermore, notwithstanding any other provisions of
        this
        Agreement, any payments made by the Servicer in respect of any waived Prepayment
        Charges pursuant to this paragraph shall be deemed to be paid outside of
        the
        Trust Fund. 

       

      (c)  It
        is
        understood and agreed that the representations, warranties and covenants
        set
        forth in this Section 2.05 shall survive the resignation or termination of
        the
        parties hereto, the termination of this Agreement and the delivery of the
        Mortgage Files to the related Custodian and shall inure to the benefit of
        the
        Trustee, the Master Servicer, the Securities Administrator, the Depositor,
        the
        Certificateholders. Upon discovery by any such Person or the Servicer of
        a
        breach of any of the foregoing representations, warranties and covenants
        which
        materially and adversely affects the value of any Mortgage Loan, Prepayment
        Charge or the interests therein of the Certificateholders, the party discovering
        such breach shall give prompt written notice (but in no event later than
        two (2)
        Business Days following such discovery) to the Trustee. Subject to Section
        8.01,
        unless such breach shall not be susceptible of cure within ninety (90) days,
        the
        obligation of the Servicer set forth in Section 2.03(e) to cure breaches
        shall
        constitute the sole remedy against the Servicer available to the
        Certificateholders, the Depositor or the Trustee on behalf of the
        Certificateholders respecting a breach of the representations, warranties
        and
        covenants contained in this Section 2.05.

       

      SECTION
        2.06.  Issuance
        of the REMIC I Regular Interests and the Class R-I Interest.

       

      The
        Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
        to the applicable Custodian on its behalf of the Mortgage Loan Documents,
        subject to the provisions of Section 2.01 and Section 2.02 hereof and Section
        2
        of the related Custodial Agreement, together with the assignment to it of
        all
        other assets included in REMIC I, the receipt of which is hereby acknowledged.
        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. The rights of the Holders of the Class R-I Interest and REMIC I (as holder
        of
        the REMIC I Regular Interests) to receive distributions from the proceeds
        of
        REMIC I in respect of the Class R-I Interest and the REMIC I Regular Interests,
        respectively, and all ownership interests evidenced or constituted by the
        Class
        R-I Interest and the REMIC I Regular Interests, shall be as set forth in
        this
        Agreement.

       

      SECTION
        2.07.  Conveyance
        of the REMIC I Regular Interests; Acceptance of REMIC II and REMIC III by
        the
        Trustee.

       

      The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey to the Trustee, without recourse
        all the right, title and interest of the Depositor in and to the REMIC I
        Regular
        Interests for the benefit of the Class R-II Interest and REMIC II (as holder
        of
        the REMIC I Regular Interests). 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 all present and future Holders of the Class
        R-II Interest and REMIC II (as holder of the REMIC I Regular Interests).
        The
        rights of the Holder of the Class R-II Interest and REMIC II (as holder of
        the
        REMIC I Regular Interests) to receive distributions from the proceeds of
        REMIC
        II in respect of the Class R-II Interest and the REMIC II Regular Interests,
        respectively, and all ownership interests evidenced or constituted by the
        Class
        R-II Interest and the REMIC II Regular Interests, shall be as set forth in
        this
        Agreement. The Class R-II Interest and the REMIC II Regular Interests shall
        constitute the entire beneficial ownership interest in REMIC II. 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
        all
        present and future Holders of the Class R-III Interest and REMIC III (as
        holder
        of the REMIC II Regular Interests). The rights of the Holder of the Class
        R-III
        Interest and REMIC III (as holder of the REMIC II Regular Interests) to receive
        distributions from the proceeds of REMIC III in respect of the Class R-III
        Interest and the Regular Certificates, respectively, and all ownership interests
        evidenced or constituted by the Class R-III Interest and the Regular
        Certificates, shall be as set forth in this Agreement. The Class R-III Interest
        and the Regular Certificates shall constitute the entire beneficial ownership
        interest in REMIC III.

       

      SECTION
        2.08.  Issuance
        of the Residual Certificates.

       

      The
        Trustee acknowledges the assignment to it of the REMIC I 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 Securities
        Administrator has executed and authenticated and the Trustee has delivered
        to or
        upon the order of the Depositor, the Class R Certificates in authorized
        denominations. The Class R Certificates evidence ownership in the Class R-I
        Interest, the Class R-II Interest and the Class R-III Interest.

       

      SECTION
        2.09.  Establishment
        of the Trust.

       

      The
        Depositor does hereby establish, pursuant to the further provisions of this
        Agreement and the laws of the State of New York, an express trust to be known,
        for convenience, as “ACE Securities Corp., Home Equity Loan Trust, Series
        2006-ASAP3” and does hereby appoint HSBC Bank USA, National Association as
        Trustee in accordance with the provisions of this Agreement.

       

      SECTION
        2.10.  Purpose
        and Powers of the Trust.

       

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

       

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

       

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

       

      (c)  to
        make
        payments on the Certificates;

       

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

       

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

       

      The
        trust
        is hereby authorized to engage in the foregoing activities. The Trustee shall
        not cause the trust to engage in any activity other than in connection with
        the
        foregoing or other than as required or authorized by the terms of this Agreement
        (or those ancillary thereto) while any Certificate is outstanding, and this
        Section 2.10 may not be amended, without the consent of the Certificateholders
        evidencing 51% or more of the aggregate voting rights of the
        Certificates.

       

      ARTICLE
        III

      

      ADMINISTRATION
        AND SERVICING

      OF
        THE
        MORTGAGE LOANS; ACCOUNTS

       

      SECTION
        3.01.  The
        Servicer to Act as Servicer.

       

      On
        and
        after the Closing Date, 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
        respective Mortgage Loans and all applicable laws and regulations 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 prudent mortgage
        lenders and loan servicers administering similar mortgage loans but without
        regard to:

       

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

       

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

       

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

       

      (iv)  the
        Servicer’s right to receive compensation for its services
        hereunder.

       

      To
        the
        extent consistent with the foregoing, the Servicer shall also seek to maximize
        the timely and complete recovery of principal and interest on the Mortgage
        Notes
        and shall 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 is related to a default
        or
        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 and, if such waiver
        is made
        in connection with a refinancing of the related Mortgage Loan, such refinancing
        is related to a default or a reasonably foreseeable default, (ii) such
        Prepayment Charge is unenforceable in accordance with applicable law or the
        collection of such related Prepayment Charge would otherwise violate applicable
        law or (iii) 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. In addition, the Servicer shall not
        impose a Prepayment Charge in any instance when the Mortgage Loan is accelerated
        or where the Mortgagor has made a Principal Prepayment in full in connection
        with the workout of a delinquent Mortgage Loan or due to a default by the
        Mortgagor. Notwithstanding any provision in this Agreement to the contrary,
        in
        the event the Prepayment Charge payable under the terms of the Mortgage Note
        is
        less than the amount of the Prepayment Charge set forth in the Prepayment
        Charge
        Schedule or other information provided to the Servicer, neither the Servicer
        nor
        the Master Servicer shall have any liability or obligation with respect to
        such
        difference (including any obligation to recalculate any Prepayment Charges),
        and
        in addition shall not have any liability or obligation to pay the amount
        of any
        uncollected Prepayment Charge if the failure to collect such amount is the
        direct result of inaccurate or incomplete information on the Prepayment Charge
        Schedule.

       

      In
        the
        event the Servicer waives a Prepayment Charge in connection with clauses
        (ii) or
        (iii) of the preceding paragraph, the Servicer shall provide a written
        explanation of the Servicer’s determination to the Master Servicer, and the
        Master Servicer shall provide a copy of such writing to the Sponsor and the
        Depositor. 

       

      Subject
        only to the above-described servicing standards (the “Accepted Servicing
        Practices”) and the terms of this Agreement and of the related Mortgage Loans,
        the Servicer shall have full power and authority, 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 with the goal of maximizing proceeds of the Mortgage
        Loan. Without limiting the generality of the foregoing, the Servicer in its
        own
        name is hereby authorized and empowered by the Trustee when the Servicer
        believes it appropriate in its best judgment, to execute and deliver, on
        behalf
        of the Trust Fund, the Certificateholders and the Trustee or any of them,
        and
        upon written notice to the Trustee, any and all instruments of satisfaction
        or
        cancellation, or of partial or full release or discharge or subordination,
        and
        all other comparable instruments, with respect to the related Mortgage Loans
        and
        the related 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, for the benefit of the Trust Fund and the Certificateholders.
        The Servicer shall service and administer the related 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 3.14, the Trustee shall execute, at the written request
        of
        the Servicer, and furnish to the Servicer a power of attorney in the form
        of
        Exhibit D hereto and other documents necessary or appropriate to enable the
        Servicer to carry out its servicing and administrative duties hereunder and
        furnished to the Trustee by the Servicer, and the Trustee shall not be liable
        for the actions of the Servicer under such powers of attorney and shall be
        indemnified by the Servicer for any cost, liability or expense incurred by
        the
        Trustee in connection with the Servicer’s use or misuse of any such power of
        attorney.

       

      The
        Servicer is hereby authorized and empowered 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 by the Trust Fund to the Servicer.

       

      In
        accordance with Accepted Servicing Practices, the Servicer shall make or
        cause
        to be made Servicing Advances as necessary for the purpose of effecting the
        payment of taxes and assessments on the Mortgaged Properties, which Servicing
        Advances shall be reimbursable in the first instance from related collections
        from the related Mortgagors pursuant to Section 3.07, and further as
        provided in Section 3.09; provided, however, the Servicer shall only make
        such Servicing Advance if the related Mortgagor has not made such payment
        and if
        the failure to make such Servicing Advance would result in the loss of the
        related Mortgaged Property due to a tax sale or foreclosure as result of
        a tax
        lien; provided, however, that the Servicer shall be required to make such
        Servicing Advances only to the extent that such Servicing Advances, in the
        good
        faith judgment of the Servicer, will be recoverable by the Servicer out of
        Insurance Proceeds, Liquidation Proceeds, or otherwise out of the proceeds
        of
        the related Mortgage Loan. Any cost incurred by the Servicer in effecting
        the
        payment of taxes and assessments on a Mortgaged Property shall not, for the
        purpose of calculating the Stated Principal Balance of such Mortgage Loan
        or
        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. The parties to this Agreement acknowledge that Servicing Advances
        shall be reimbursable pursuant to Section 3.09 of this Agreement, and agree
        that no Servicing Advance shall be rejected or disallowed by any party unless
        it
        has been shown that such Servicing Advance was not made in accordance with
        the
        terms of this Agreement.
        Notwithstanding the foregoing, the parties understand and agree that, with
        respect to any Mortgage Loan (1) the Master Servicer shall not approve the
        reimbursement of any Servicing Advance made with respect to such Mortgage
        Loan
        prior to the Cut-off Date (each, a “Pre-Cut-off Date Advance”) unless and until
        it has received a Servicing Advance Schedule listing the amount of Pre-Cut-off
        Date Advances made in respect of such Mortgage Loan from (a) the Servicer
        with
        respect to any Mortgage Loans that were transferred to the Servicer prior
        to the
        Cut-off Date and/or (b) the Depositor with respect to any Mortgage Loans
        that
        were transferred to the Servicer after the Cut-off Date, as applicable, (2)
        the
        aggregate Pre-Cut-off Date Advances reimbursable hereunder with respect to
        such
        Mortgage Loan shall not exceed the amount of Pre-Cut-off Date Advances for
        such
        Mortgage Loan shown on the Servicing Advance Schedule delivered to the Master
        Servicer, (3) the Depositor shall be deemed to have agreed with and approved
        the
        Pre-Cut-off Date Advances shown on any Servicing Advance Schedule furnished
        to
        the Master Servicer, and (4) the Master Servicer will have no liability to
        the
        Depositor, the Servicer or any other Person, including any Certificateholder,
        for approving reimbursement of related Pre-Cut-off Date Advances so long
        as the
        aggregate amount of such advances reimbursed hereunder does not exceed of
        the
        amount of Pre-Cut-off Date Advances for such Mortgage Loan shown on the
        Servicing Advance Schedule.

       

      Notwithstanding
        anything in this Agreement to the contrary, the Servicer may not make any
        future
        advances with respect to a Mortgage Loan and the Servicer shall not permit
        any
        modification with respect to any related Mortgage Loan that would change
        the
        Mortgage Rate, reduce or increase the principal balance (except for reductions
        resulting from actual payments of principal) or change the final maturity
        date
        on such related Mortgage Loan (unless, as provided in Section 3.06, the related
        Mortgagor is in default with respect to the related Mortgage Loan or such
        default is, in the judgment of the Servicer, reasonably foreseeable) or any
        modification, waiver or amendment of any term of any related Mortgage Loan
        that
        would both (A) effect an exchange or reissuance of such Mortgage Loan under
        Section 1001 of the Code (or final, temporary or proposed Treasury regulations
        promulgated thereunder) and (B) cause any Trust 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.

       

      In
        the
        event that the Mortgage Loan Documents relating to a Mortgage Loan contain
        provisions requiring the related Mortgagor to arbitrate disputes (at the
        option
        of the Trustee, on behalf of the Trust), the Trustee hereby authorizes the
        Servicer to waive the Trustee’s right or option to arbitrate disputes and to
        send written notice of such waiver to the Mortgagor, although the Mortgagor
        may
        still require arbitration at its option.

       

      From
        and
        after the Closing Date, the Servicer 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 or
        their
        successors on a monthly basis.

       

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

       

      (a)  The
        Servicer may arrange for the subservicing of any Mortgage Loan by a Sub-
        Servicer pursuant to a Sub-Servicing Agreement; provided that such sub-servicing
        arrangement and the terms of the related Sub-Servicing Agreement must provide
        for the servicing of such Mortgage Loans in a manner consistent with the
        servicing arrangements contemplated hereunder and the related Servicer shall
        cause any Sub-Servicer to comply with the provisions of this Agreement
        (including, without limitation, to provide the information required to be
        delivered under Sections 3.17, 3.18 and 3.20 hereof), to the same extent
        as if
        such Sub-Servicer were the related Servicer. The Servicer shall be responsible
        for obtaining from each Sub-Servicer and delivering to the Master Servicer
        any
        annual statement of compliance, assessment of compliance, attestation report
        and
        Sarbanes Oxley related certification as and when required to be delivered.
        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. Notwithstanding the provisions
        of
        any Sub-Servicing Agreement, any of the provisions of this Agreement relating
        to
        agreements or arrangements between the Servicer or a Sub-Servicer or reference
        to actions taken through the Servicer or otherwise, the Servicer shall remain
        obligated and liable to the Depositor, the Trustee and the Certificateholders
        for the servicing and administration of the Mortgage Loans in accordance
        with
        the provisions of this Agreement 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. Every Sub-Servicing Agreement entered into
        by
        the Servicer shall contain a provision giving the successor servicer the
        option
        to terminate such agreement in the event a successor servicer is appointed.
        All
        actions of each Sub-Servicer performed pursuant to the related Sub-Servicing
        Agreement shall be performed as an agent of the Servicer with the same force
        and
        effect as if performed directly by the Servicer.

       

      (b)  Notwithstanding
        the foregoing, the Servicer shall be entitled to outsource one or more separate
        servicing functions to a Subcontractor that does not meet the eligibility
        requirements for a Sub-Servicer, so long as such outsourcing does not constitute
        the delegation of the Servicer’s obligation to perform all or substantially all
        of the servicing of the related Mortgage Loans to such Subcontractor. The
        Servicer shall promptly, upon request, provide to the Master Servicer, the
        Trustee and the Depositor a written description (in form and substance
        satisfactory to the Master Servicer, the Trustee and the Depositor) of the
        role
        and function of each Subcontractor utilized by the Servicer, specifying (i)
        the
        identity of each such Subcontractor “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, and (ii) which elements
        of the
        Servicing Criteria will be addressed in assessments of compliance provided
        by
        each Subcontractor identified pursuant to clause (i) of this subsection;
        provided, however, that the Servicer shall not be required to provide the
        information in clauses (i) or (ii) of this subsection until such time that
        the
        applicable assessment of compliance is due pursuant to Section 3.18 of this
        Agreement. The use by the Servicer of any such Subcontractor shall not release
        the Servicer from any of its obligations hereunder and the Servicer shall
        remain
        responsible hereunder for all acts and omissions of such Subcontractor as
        fully
        as if such acts and omissions were those of the Servicer, and the Servicer
        shall
        pay all fees and expenses of the Subcontractor from the Servicer’s own
        funds.

       

      (c)  As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Servicer shall cause any such Subcontractor used by the
        Servicer for the benefit of the Master Servicer, the Trustee and the Depositor
        to comply with the provisions of Sections 3.18 and 3.20 of this Agreement
        to the
        same extent as if such Subcontractor were the Servicer. The Servicer shall
        be
        responsible for obtaining from each such Subcontractor and delivering to
        the
        Master Servicer, the Trustee and any Depositor any assessment of compliance,
        attestation report and Sarbanes-Oxley related certification required to be
        delivered by such Subcontractor under Sections 3.18 and 3.20, in each case
        as
        and when required to be delivered.

       

      (d)  For
        purposes of this Agreement, the Servicer shall be deemed to have received
        any
        collections, recoveries or payments with respect to the Mortgage Loans that
        are
        received by a Sub-Servicer regardless of whether such payments are remitted
        by
        the Sub-Servicer to the Servicer.

       

      SECTION
        3.03.  Successor
        Sub-Servicers.

       

      Any
        Sub-Servicing Agreement shall provide that the Servicer shall be entitled
        to
        terminate any Sub-Servicing Agreement and to either itself directly service
        the
        related Mortgage Loans or 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
        as
        soon as is reasonably possible by any successor to the Servicer without fee
        or,
        in the event a termination fee exists, such fee shall be payable by the Servicer
        from its own funds without reimbursement therefor, in accordance with the
        terms
        of this Agreement, in the event that the Servicer (or any successor to the
        Servicer) shall, for any reason, no longer be the Servicer of the related
        Mortgage Loans (including termination due to a Servicer Event of Default).
        The
        Servicer shall be entitled to enter into an agreement with its Sub-Servicer
        and
        Subcontractor for indemnification of the Servicer or Subcontractor, as
        applicable, by such Sub-Servicer and nothing contained in this Agreement
        shall
        be deemed to limit or modify such indemnification.

       

      SECTION
        3.04.  No
        Contractual Relationship Between Sub-Servicer, Subcontractor, Trustee or
        the
        Certificateholders.

       

      Any
        Sub-Servicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving a Sub-Servicer or the Subcontractor, as applicable,
        shall be deemed to be between the Sub-Servicer and the Servicer or
        Subcontractor, as applicable, alone and the Master Servicer, Trustee and
        the
        Certificateholders shall not be deemed parties thereto and shall have no
        claims,
        rights, obligations, duties or liabilities with respect to any Sub-Servicer
        or
        the Subcontractor except as set forth in Section 3.05.

       

      SECTION
        3.05.  Assumption
        or Termination of Sub-Servicing Agreement by Successor Servicer.

       

      In
        connection with the assumption of the responsibilities, duties and liabilities
        and of the authority, power and rights of the Servicer hereunder by a successor
        servicer pursuant to Section 8.02, it is understood and agreed that the
        Servicer’s rights and obligations under any Sub-Servicing Agreement then in
        force between the Servicer and a Sub-Servicer shall be assumed simultaneously
        by
        such successor servicer without act or deed on the part of such successor
        servicer; provided, however, that any successor servicer may terminate the
        Sub-Servicer.

       

      The
        Servicer shall, upon the reasonable request of the Master Servicer, but at
        its
        own expense, deliver to the assuming party documents and records relating
        to
        each Sub-Servicing Agreement and an accounting of amounts collected and held
        by
        it and otherwise use its best efforts to effect the orderly and efficient
        transfer of the Sub-Servicing Agreements to the assuming party.

       

      The
        Servicing Fee payable to any such successor servicer shall be payable from
        payments received on the Mortgage Loans in the amount and in the manner set
        forth in this Agreement.

       

      SECTION
        3.06.  Collection
        of Certain Mortgage Loan Payments.

       

      The
        Servicer shall make reasonable efforts to collect all payments called for
        under
        the terms and provisions of the related Mortgage Loans, and shall, to the
        extent
        such procedures shall be consistent with this Agreement and Accepted Servicing
        Practices, follow such collection procedures as it would follow with respect
        to
        mortgage loans comparable to the Mortgage Loans and held for its own account.
        Consistent with the foregoing, the Servicer may in its discretion (i) waive
        any
        late payment charge or, if applicable, penalty interest or (ii) extend the
        due
        dates for the Monthly Payments due on a Mortgage Note related to a Mortgage
        Loan
        for a period of not greater than 180 days; provided that any extension pursuant
        to this clause shall not affect the amortization schedule of any Mortgage
        Loan
        for purposes of any computation hereunder. 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 Accepted
        Servicing Practices may waive, modify or vary any term of such Mortgage Loan
        (including, but not limited to, modifications that 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 if in the Servicer’s determination
        such waiver, modification, postponement or indulgence is not materially adverse
        to the interests of the Certificateholders (taking into account any estimated
        Realized Loss that might result absent such action). The Servicer shall not
        be
        required to institute or join in litigation with respect to collection of
        any
        payment (whether under a Mortgage, Mortgage Note or otherwise or against
        any
        public or governmental authority with respect to a taking or condemnation)
        if it
        reasonably believes that enforcing the provision of the Mortgage or other
        instrument pursuant to which such payment is required is prohibited by
        applicable law.

       

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

       

      To
        the
        extent the terms of a Mortgage provide for Escrow Payments, the Servicer
        shall
        establish and maintain 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, 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 later than the
        second Business Day after the deposit of good funds into the clearing account,
        and retain therein, all Escrow Payments collected on account of the Mortgage
        Loans, for the purpose of effecting the timely payment of any such items
        as
        required under the terms of this Agreement. Withdrawals of amounts from a
        Servicing Account may be made by the Servicer only to (i) effect timely payment
        of taxes, assessments, fire, flood, and hazard insurance premiums, and
        comparable items; (ii) reimburse itself out of related collections for any
        Servicing Advances made pursuant to Section 3.01 (with respect to taxes and
        assessments) and Section 3.11 (with respect to fire, flood and hazard
        insurance); (iii) refund to Mortgagors any sums as may be determined to be
        overages; (iv) for application to restore or repair the related Mortgaged
        Property in accordance with Section 3.11; (v) pay interest, if required and
        as
        described below, to Mortgagors on balances in the Servicing Account; or,
        only to
        the extent not required to be paid to the related Mortgagors, to pay itself
        interest on balances in the Servicing Account; or (vi) 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 X. As part of its servicing duties, the Servicer
        shall
        pay to the Mortgagors interest on funds in 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 own funds,
        without any reimbursement therefor. Notwithstanding the foregoing, the Servicer
        shall not be obligated to collect Escrow Payments if the related Mortgage
        Loan
        does not require such payments but the Servicer shall nevertheless be obligated
        to make Servicing Advances as provided in Section 3.01 and Section 3.11.
        In the
        event the Servicer shall deposit in the Servicing Accounts any amount not
        required to be deposited therein, it may at any time withdraw such amount
        from
        the Servicing Accounts, any provision to the contrary
        notwithstanding.

       

      To
        the
        extent that a Mortgage does not provide for Escrow Payments, the Servicer
        (i)
        shall determine whether any such payments are made by the Mortgagor in a
        manner
        and at a time that 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 and (ii) shall
        ensure
        that all insurance required to be maintained on the Mortgaged Property pursuant
        to this Agreement is maintained. If any such payment has not been made and
        the
        Servicer receives notice of a tax lien with respect to the Mortgage Loan
        being
        imposed, the Servicer shall, promptly and to the extent required to avoid
        loss
        of the Mortgaged Property, advance or cause to be advanced funds necessary
        to
        discharge such lien on the Mortgaged Property unless the Servicer determines
        the
        advance to be nonrecoverable. The Servicer assumes full responsibility for
        the
        payment of all such bills and shall effect payments of all such bills
        irrespective of the Mortgagor’s faithful performance in the payment of same or
        the making of the Escrow Payments and shall make Servicing Advances to effect
        such payments subject to its determination of recoverability.

       

      SECTION
        3.08.  Collection
        Account and Distribution Account.

       

      (a)  On
        behalf
        of the Trust Fund, the Servicer shall establish and maintain one or more
        “Collection Accounts”, held in trust for the benefit of 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 later than two Business Days after the deposit
        of good funds into the clearing account, as and when received or as otherwise
        required hereunder, the following payments and collections received or made
        by
        it on or subsequent to the Cut-off Date other than amounts attributable to
        a Due
        Date on or prior to the Cut-off Date:

       

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

       

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

       

      (iii)  all
        Insurance Proceeds and Liquidation Proceeds (other than proceeds collected
        in
        respect of any particular REO Property) and all Subsequent Recoveries with
        respect to the Mortgage Loans;

       

      (iv)  any
        amounts required to be deposited by the Servicer pursuant to Section 3.10
        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 3.11(a) in respect of any blanket policy
        deductibles;

       

      (vi)  any
        Purchase Price or Substitution Shortfall Amount delivered to the Servicer
        and
        all proceeds (net of amounts payable or reimbursable to the Servicer, the
        Master
        Servicer, the Trustee, the Custodians or the Securities Administrator) of
        Mortgage Loans purchased in accordance with Section 2.03, Section 3.13 or
        Section 10.01; and

       

      (vii)  any
        Prepayment Charges collected by the Servicer in connection with the Principal
        Prepayment of any of the Mortgage Loans or amounts required to be deposited
        by
        the Servicer in connection with a breach of its obligations under Section
        2.05.

       

      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, Ancillary Income, Prepayment Interest Excess and payments in the
        nature of late payment charges, assumption fees or other similar fees need
        not
        be deposited by the Servicer in the Collection Account and may be retained
        by
        the Servicer as additional servicing 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 Securities 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, the Trust Fund and the Certificateholders.
        On behalf of the Trust Fund, the Servicer shall deliver to the Securities
        Administrator in immediately available funds for deposit in the Distribution
        Account on or before 12:00 noon New York time on the Servicer Remittance
        Date,
        that portion of the Available Distribution Amount (calculated without regard
        to
        the references in clause (2) of 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 and the amount of all Prepayment Charges
        collected by the Servicer in connection with the Principal Prepayment of
        any of
        the Mortgage Loans then on deposit in the Collection Account and the amount
        of
        any funds reimbursable to an Advance Financing Person pursuant to Section
        3.26.
        If the balance on deposit in a Collection Account exceeds $100,000 as of
        the
        commencement of business on any Business Day and the Collection Account
        constitutes an Eligible Account solely pursuant to clause (ii) of the definition
        of “Eligible Account,” the Servicer shall, on or before 5:00 p.m. New York time
        on such Business Day, withdraw from the Collection Account any and all amounts
        payable or reimbursable to the Depositor, the Servicer, the Trustee, the
        Master
        Servicer, the Securities Administrator or the Sponsor pursuant to Section
        3.09
        and shall pay such amounts to the Persons entitled thereto or shall establish
        a
        separate Collection Account (which shall also be an Eligible Account) and
        withdraw from the existing Collection Account the amount on deposit therein
        in
        excess of $100,000 and deposit such excess in the newly created Collection
        Account.

       

      With
        respect to any remittance received by the Securities Administrator after
        the
        Servicer Remittance Date on which such payment was due, the Securities
        Administrator shall send written notice thereof to the Servicer. The Servicer
        shall pay to the Securities Administrator interest on any such late payment
        by
        the Servicer at an annual rate equal to Prime Rate (as defined in The
        Wall Street Journal)
        plus
        one percentage point, but in no event greater than the maximum amount permitted
        by applicable law. Such interest shall be paid by the Servicer to the Securities
        Administrator on the date such late payment is made and shall cover the period
        commencing with the day following such Servicer Remittance Date and ending
        with
        the Business Day on which such payment is made, both inclusive. The payment
        by
        the Servicer of any such interest, or the failure of the Securities
        Administrator to notify the Servicer of such interest, shall not be deemed
        an
        extension of time for payment or a waiver of any Event of Default by the
        Servicer.

       

      (c)  Funds
        in
        the Collection Account and funds in the Distribution Account may be invested
        in
        Permitted Investments in accordance with the provisions set forth in Section
        3.10. The Servicer shall give notice to the Trustee, the Securities
        Administrator and the Master Servicer of the location of the Collection Account
        when established and prior to any change thereof. The Securities Administrator
        shall give notice to 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
        in
        immediately available funds to the Securities Administrator for deposit in
        the
        Distribution Account. In the event the Servicer shall deliver to the Securities
        Administrator for deposit in the Distribution Account any amount not required
        to
        be deposited therein, it may at any time request that the Securities
        Administrator withdraw such amount from the Distribution Account and remit
        to it
        any such amount, any provision herein to the contrary notwithstanding. In
        no
        event shall the Securities Administrator incur liability as a result of
        withdrawals from the Distribution Account at the direction of the Servicer
        in
        accordance with the immediately preceding sentence. In addition, the Servicer
        shall deliver to the Securities Administrator no later than the Servicer
        Remittance Date the amounts set forth in clauses (i) through (iv)
        below:

       

      (i)  any
        P&I Advances, as required pursuant to Section 5.03;

       

      (ii)  any
        amounts required to be deposited pursuant to Section 3.22(d) or 3.21(f) in
        connection with any related REO Property;

       

      (iii)  any
        amounts to be paid in connection with a purchase of Mortgage Loans and REO
        Properties pursuant to Section 10.01; and

       

      (iv)  any
        amounts required to be deposited pursuant to Section 3.23 in connection with
        any
        Prepayment Interest Shortfalls.

       

      SECTION
        3.09.  Withdrawals
        from the Collection Account and Distribution Account.

       

      (a)  The
        Servicer shall, from time to time, make withdrawals from the Collection Account
        for any of the following purposes or as described in Section 5.03:

       

      (i)  to
        remit
        to the Securities Administrator for deposit in the Distribution Account the
        amounts required to be so remitted pursuant to Section 3.08(b) or permitted
        to
        be so remitted pursuant to the first sentence of Section 3.08(d);

       

      (ii)  subject
        to Section 3.13(d), to reimburse itself (including any successor Servicer)
        for
        P&I Advances made by it, but only to the extent of amounts received which
        represent Late Collections (net of the related Servicing Fees) of Monthly
        Payments on related Mortgage Loans with respect to which such P&I Advances
        were made in accordance with the provisions of Section 5.03;

       

      (iii)  subject
        to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse
        itself
        any unreimbursed Servicing Advances with respect to each related Mortgage
        Loan,
        but only to the extent of any Liquidation Proceeds and Insurance Proceeds
        received with respect to such related Mortgage Loan or rental or other income
        from the related REO Property;

       

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

       

      (v)  to
        pay to
        itself or the Sponsor, as the case may be, with respect to each Mortgage
        Loan
        that has previously been purchased or replaced pursuant to Section 2.03 or
        Section 3.13(c) all amounts received thereon not included in the Purchase
        Price
        or the Substitution Shortfall Amount;

       

      (vi)  to
        reimburse itself (including any successor to the Servicer) for

       

      (A) any
        P&I Advance or Servicing Advance previously made by it which the Servicer
        has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable
        Servicing Advance in accordance with the provisions of Section 5.03; provided
        however, that the Servicer shall not be entitled to reimbursement for any
        Servicing Advance made prior to the Cut-off Date if the Servicer determines
        that
        such Servicing Advance constitutes a Nonrecoverable Servicing
        Advance;

       

      (B) any
        unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds,
        Insurance Proceeds or other amounts received with respect to the related
        Mortgage Loan under Section 3.08(a)(iii); or

       

      (C) any
        P&I Advance or Servicing Advance made with respect to a delinquent Mortgage
        Loan which Mortgage Loan has been modified by the Servicer in accordance
        with
        the terms of this Agreement; provided that the Servicer shall only reimburse
        itself for such P&I Advances and Servicing Advances at the time of such
        modification, or as otherwise provided in this Section 3.09;

       

      (vii)  to
        reimburse itself or the Depositor for expenses incurred by or reimbursable
        to
        itself or the Depositor, as the case may be, pursuant to Section 3.01 or
        Section
        7.03;

       

      (viii)  to
        reimburse itself 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 related Mortgage Loan, including any expenses arising
        out
        of the enforcement of the purchase obligation;

       

      (ix)  to
        pay,
        or to reimburse itself for advances in respect of, expenses incurred in
        connection with any related Mortgage Loan pursuant to Section 3.13(b);

       

      (x)  to
        pay to
        itself any Prepayment Interest Excess on the related Mortgage Loans to the
        extent not retained pursuant to Section 3.08(a)(ii); and

       

      (xi)  to
        clear
        and terminate the Collection Account pursuant to
        Section 10.01.

       

      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), (v), (vi), (vii), (viii), (ix) and (x)
        above.

       

      (b)  The
        Securities Administrator shall, from time to time, make withdrawals from
        the
        Distribution Account, for any of the following purposes, without
        priority:

       

      (i)  to
        make
        distributions to Certificateholders in accordance with Section
        5.01;

       

      (ii)  to
        pay to
        itself, the Custodians and the Master Servicer amounts to which it is entitled
        pursuant to Section 9.05 or any other provision of this Agreement and any
        Extraordinary Trust Fund Expenses;

       

      (iii)  to
        reimburse itself or the Master Servicer pursuant to Section 8.02;

       

      (iv)  to
        pay
        any Net Swap Payment or Swap Termination Payment payable to the Supplemental
        Interest Trust (unless the Swap Provider is the sole Defaulting Party or
        the
        sole Affected Party (as defined in the Swap Agreement)) owed to the Swap
        Provider;

       

      (v)  to
        pay
        any amounts in respect of taxes pursuant to Section 11.01(g)(v);

       

      (vi)  to
        pay
        the Master Servicing Fee to the Master Servicer;

       

      (vii)  to
        pay
        the Credit Risk Management Fee to the Credit Risk Manager; 

       

      (viii)  to
        pay
        the Excess Servicing Fee, if any, to the Class CE-2 Certificateholder pursuant
        to Section 5.01(f); and

       

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

       

      SECTION
        3.10.  Investment
        of Funds in the Investment Accounts.

       

      (a)  The
        Servicer may direct, by means of written directions (which may be standing
        directions), any depository institution maintaining the Collection Account
        to
        invest the funds in the Collection Account (for purposes of this Section
        3.10,
        an “Investment Account”) 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 Securities Administrator is the obligor thereon, 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 Securities Administrator is the obligor
        on
        such Permitted Investment. Amounts in the Distribution Account may be invested
        in Permitted Investments as directed in writing by the Master Servicer 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
        Securities Administrator is the obligor thereon, 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 Securities Administrator is the obligor thereon. All
        such
        Permitted Investments shall be held to maturity, unless payable on demand.
        Any
        investment of funds shall be made in the name of the Trustee (in its capacity
        as
        such) or in the name of a nominee of the Trustee. The Securities Administrator
        shall be entitled to sole possession over each such investment in the
        Distribution Account and, subject to subsection (b) below, the income thereon,
        and any certificate or other instrument evidencing any such investment shall
        be
        delivered directly to the Securities Administrator or its agent, together
        with
        any document of transfer necessary to transfer title to such investment to
        the
        Trustee or its nominee. In the event amounts on deposit in the Collection
        Account are at any time invested in a Permitted Investment payable on demand,
        the party with investment discretion over such Investment Account
        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 receipt by such party
        of
        written notice from the Servicer 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 shall be for the benefit of the Servicer and shall be
        subject
        to its withdrawal in accordance with Section 3.09. The Servicer shall deposit
        in
        the Collection Account the amount of any loss incurred in respect of any
        such
        Permitted Investment made with funds in such account immediately upon
        realization of such loss. All earnings and gain realized from the investment
        of
        funds deposited in the Distribution Account shall be for the benefit of the
        Master Servicer. The Master Servicer shall remit from its own funds for deposit
        into the Distribution Account the amount of any loss incurred on Permitted
        Investments in the Distribution Account.

       

      (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 Trustee
        may and, subject to Section 9.01 and Section 9.02(a)(v), shall, at the written
        direction of the Servicer, take such action as may be appropriate to enforce
        such payment or performance, including the institution and prosecution of
        appropriate proceedings.

       

      (d)  The
        Trustee, the Master Servicer or their respective Affiliates are permitted
        to
        receive additional compensation that could be deemed to be in the Trustee’s or
        the Master Servicer’s economic self-interest for (i) serving as investment
        adviser, administrator, shareholder servicing agent, custodian or sub-custodian
        with respect to certain of the Permitted Investments, (ii) using Affiliates
        to
        effect transactions in certain Permitted Investments and (iii) effecting
        transactions in certain Permitted Investments. Such compensation shall not
        be
        considered an amount that is reimbursable or payable to the Trustee or the
        Master Servicer pursuant to Section 3.09 or 3.10 or otherwise payable in
        respect
        of Extraordinary Trust Fund Expenses. Such additional compensation shall
        not be
        an expense of the Trust Fund.

       

      SECTION
        3.11.  Maintenance
        of Hazard Insurance, Errors and Omissions and Fidelity Coverage and Primary
        Mortgage Insurance.

       

      (a)  The
        terms
        of each Mortgage Note require the related Mortgagor to maintain fire, flood
        and
        hazard insurance policies. To the extent such policies are not maintained,
        the
        Servicer shall cause to be maintained for each Mortgaged Property fire and
        hazard insurance with extended coverage as is customary in the area where
        the
        Mortgaged Property is located in an amount which is at least equal to the
        lesser
        of the current principal balance of the related Mortgage Loan and the amount
        necessary to compensate fully for any damage or loss to the improvements
        which
        are a part of such property on a replacement cost basis, 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 fire and hazard insurance on each
        REO
        Property with extended coverage as is customary in the area where the Mortgaged
        Property is located in an amount which is at least equal to the lesser of
        (i)
        the maximum insurable value of the improvements which are a part of such
        property and (ii) the outstanding principal balance of the related Mortgage
        Loan
        (including, with respect to each second lien Mortgage Loan, the outstanding
        principal balance of the related first lien) at the time it became an REO
        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 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 Accepted Servicing Practices, 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 3.09, if received
        in respect of a Mortgage Loan, or in the REO Account, subject to withdrawal
        pursuant to Section 3.22, 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. 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 the Mortgaged
        Property or REO Property is at any time in an area identified in the Federal
        Register by the Federal Emergency Management Agency as having special flood
        hazards, the Servicer will cause to be maintained a flood insurance policy
        in
        respect thereof. Such flood insurance shall be in an amount equal to the
        lesser
        of (i) the unpaid principal balance of the related Mortgage Loan and (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), 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.

       

      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 or otherwise acceptable to Fannie Mae or Freddie Mac insuring against
        hazard losses on all of the related Mortgage Loans, it shall conclusively
        be
        deemed to have satisfied its obligations to cause fire and hazard insurance
        to
        be maintained on the Mortgaged Properties, it being understood and agreed
        that
        such policy may contain a deductible clause, in which case the Servicer shall,
        in the event that there shall not have been maintained on the related Mortgaged
        Property or REO Property a policy complying with this Section 3.11, 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 administrator and servicer of the related
        Mortgage Loans, the Servicer agrees to prepare and present, on behalf of
        itself,
        the Trustee, the Trust Fund, the 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 its respective 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 related 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 (30) days’ prior written notice to the Trustee.

       

      (c)  The
        Servicer shall take no action that would result in noncoverage under any
        applicable primary mortgage insurance policy of any loss which, but for the
        actions of the Servicer would have been covered thereunder. The Servicer
        shall
        use its best efforts to keep in force and effect any applicable primary mortgage
        insurance policy and, to the extent that the related Mortgage Loan requires
        the
        Mortgagor to maintain such insurance, any other primary mortgage insurance
        applicable to any Mortgage Loan. Except as required by applicable law or
        the
        related Mortgage Loan Documents, the Servicer shall not cancel or refuse
        to
        renew any such primary mortgage insurance policy that is in effect at the
        date
        of the initial issuance of the related Mortgage Note and is required to be
        kept
        in force hereunder.

       

      The
        Servicer agrees to present on behalf of the Trustee and the Certificateholders
        claims to the applicable insurer under any primary mortgage insurance policies
        and, in this regard, to take such reasonable action as shall be necessary
        to
        permit recovery under any primary mortgage insurance policies respecting
        defaulted Mortgage Loans. Pursuant to Section 3.08, any amounts collected
        by the
        Servicer under any primary mortgage insurance policies shall be deposited
        in the
        Collection Account, subject to withdrawal pursuant to Section 3.09.
        Notwithstanding any provision to the contrary, the Servicer shall have no
        responsibility with respect to a primary mortgage insurance policy unless
        the
        Servicer has been made aware of such policy, as reflected on the Mortgage
        Loan
        Schedule or otherwise and have been provided with adequate information to
        administer such policy.

       

      (d)  The
        Servicer need not obtain the approval of the Master Servicer prior to releasing
        any Insurance Proceeds to the Mortgagor to be applied to the restoration
        or
        repair of the Mortgaged Property if such release is in accordance with Accepted
        Servicing Practices. At a minimum, the Servicer shall comply with the following
        conditions in connection with any such release of Insurance Proceeds in excess
        of $10,000:

       

      (i)  the
        Servicer shall receive satisfactory independent verification of completion
        of
        repairs and issuance of any required approvals with respect
        thereto;

       

      (ii)  the
        Servicer shall take all steps necessary to preserve the priority of the lien
        of
        the Mortgage, including, but not limited to requiring waivers with respect
        to
        mechanics’ and materialmen’s liens; and

       

      (iii)  pending
        repairs or restoration, the Servicer shall place the Insurance Proceeds in
        the
        related Escrow Account, if any.

       

      SECTION
        3.12.  Enforcement
        of Due-on-Sale Clauses; Assumption Agreements

       

      The
        Servicer shall, to the extent it has knowledge of any conveyance of any related
        Mortgaged Property by any related 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 exercise
        any such rights if prohibited by law from doing so. If the Servicer reasonably
        believes that 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 shall 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
        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 then current underwriting criteria of the Servicer for mortgage
        loans similar to the related Mortgage Loans. In connection with any assumption
        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 or substitution of liability agreement
        will 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 Trustee (or
        the
        applicable Custodian) that any such substitution or assumption agreement
        has
        been completed by forwarding to the Trustee (or the applicable Custodian)
        the
        executed original of such substitution 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 whatever.
        For purposes of this Section 3.12, 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
        3.13.  Realization
        Upon Defaulted Mortgage Loans.

       

      (a)  The
        Servicer shall use its commercially reasonable efforts, consistent with Accepted
        Servicing Practices, 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 3.06. 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 Sections 3.09 and
        3.22.
        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. 

       

      (b)  Notwithstanding
        the foregoing provisions of this Section 3.13 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 Trust Fund, 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 Trust Fund, the
        Trustee 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 prudent report prepared by an Independent
        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
        cost
        of the environmental audit report contemplated by this Section 3.13 shall
        be
        advanced by the Servicer, subject to the Servicer’s right to be reimbursed
        therefor from the Collection Account as provided in Section 3.09(a)(ix),
        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.
        The cost of any such compliance, containment, cleanup or remediation shall
        be
        advanced by the Servicer, subject to its right to be reimbursed therefor
        from
        the Collection Account as provided in Sections 3.09(a)(iii) or 3.09(a)(ix),
        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 shall have the right to purchase from REMIC I any defaulted Mortgage
        Loan serviced by it that is ninety (90) days or more delinquent, which the
        Servicer determines in good faith will otherwise become subject to foreclosure
        proceedings (evidence of such determination to be delivered in writing to
        the
        Trustee, in form and substance satisfactory to the Servicer and the Trustee
        prior to purchase), at a price equal to the Purchase Price. The Purchase
        Price
        for any Mortgage Loan purchased hereunder shall be deposited in the Collection
        Account, and the Trustee, upon receipt of written certification from the
        Servicer of such deposit, shall release or cause to be released to the Servicer
        the related Mortgage File and the Trustee shall execute and deliver such
        instruments of transfer or assignment, in each case without recourse,
        representation or warranty, as the Servicer shall furnish and as shall be
        necessary to vest in the Servicer title to any Mortgage Loan released pursuant
        hereto.

       

      (d)  Proceeds
        received in connection with any Final Recovery Determination, as well as
        any
        recovery resulting from a partial collection of Insurance Proceeds or
        Liquidation Proceeds, in respect of any Mortgage Loan, will be applied in
        the
        following order of priority: first, to reimburse the Servicer for any related
        unreimbursed Servicing Advances and P&I Advances, pursuant to Section
        3.09(a)(ii) or (a)(iii); second, 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 third, as a recovery
        of
        principal of the Mortgage Loan. If the amount of the recovery so allocated
        to
        interest is less than the full amount of accrued and unpaid interest due
        on such
        Mortgage Loan, the amount of such recovery will be allocated by the Servicer
        as
        follows: first, to unpaid Servicing Fees; and second, to the balance of the
        interest then due and owing. The portion of the recovery so allocated to
        unpaid
        Servicing Fees shall be reimbursed to the Servicer pursuant to Section
        3.09(a)(iii). The portion of the recovery allocated to interest (net of unpaid
        Servicing Fees) and the portion of the recovery allocated to principal of
        the
        Mortgage Loan shall be applied as follows: first, to reimburse the Servicer
        for
        any related unreimbursed Servicing Advances or P&I Advances in accordance
        with Section 3.09(a)(ii) and any other amounts reimbursable to the Servicer
        pursuant to Section 3.09, and second, as part of the amounts to be transferred
        to the Distribution Account in accordance with Section 3.08(b). Excess proceeds,
        if any, from the liquidation of a Liquidated Mortgage Loan will be retained
        by
        the Servicer as additional servicing compensation pursuant to Section
        3.15.

       

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

       

      (a)  Upon
        becoming aware of the payment in full of any Mortgage Loan, or the receipt
        by
        the Servicer of a notification that payment in full has been escrowed in
        a
        manner customary for such purposes for payment to Certificateholders on the
        next
        Distribution Date, the Servicer will promptly furnish to the applicable
        Custodian, on behalf of the Trustee, two copies of a request for release
        substantially in the form attached to the related Custodial Agreement signed
        by
        a Servicing Officer or in a mutually agreeable electronic format which will,
        in
        lieu of a signature on its face, originate from a Servicing Officer (which
        certification shall include a statement to the effect that all amounts received
        in connection with such payment that are required to be deposited in the
        Collection Account have been or will be so deposited) and shall request that
        the
        applicable Custodian, on behalf of the Trustee, deliver to the Servicer the
        related Mortgage File. Upon receipt of such certification and request, the
        related Custodian, on behalf of the Trustee, shall within five (5) Business
        Days
        release the related Mortgage File to the Servicer and the Trustee and the
        related Custodian shall have no further responsibility with regard to such
        Mortgage File. Upon any such payment in full, the Servicer is authorized,
        to
        give, as agent for the Trustee, as the mortgagee under the Mortgage that
        secured
        the Mortgage Loan, an instrument of satisfaction (or assignment of mortgage
        without recourse) regarding the Mortgaged Property subject to the Mortgage,
        which instrument of satisfaction or assignment, as the case may be, shall
        be
        delivered to the Person or Persons entitled thereto against receipt therefor
        of
        such payment, it being understood and agreed that no expenses incurred in
        connection with such instrument of satisfaction or assignment, as the case
        may
        be, shall be chargeable to the Collection Account, unless it shall represent
        a
        Servicing Advance.

       

      (b)  From
        time
        to time and as appropriate for the servicing or foreclosure of any Mortgage
        Loan, the Trustee shall execute such documents as shall be prepared and
        furnished to the Trustee by the Servicer (in form reasonably acceptable to
        the
        Trustee) and as are necessary to the prosecution of any such proceedings.
        The
        applicable Custodian, on behalf of the Trustee, shall, upon the request of
        the
        Servicer, and delivery to the applicable Custodian, on behalf of the Trustee,
        of
        two copies of a request for release signed by a Servicing Officer substantially
        in the form attached to the related Custodial Agreement (or in a mutually
        agreeable electronic format which will, in lieu of a signature on its face,
        originate from a Servicing Officer), release within five (5) Business Days
        the
        related Mortgage File held in its possession or control to the Servicer.
        Such
        trust receipt shall obligate the Servicer to return the Mortgage File to
        the
        applicable Custodian on behalf of the Trustee, when the need therefor by
        the
        Servicer no longer exists unless the Mortgage Loan shall be liquidated, in
        which
        case, upon receipt of a certificate of a Servicing Officer similar to that
        hereinabove specified, the Mortgage File shall be released by the applicable
        Custodian, on behalf of the Trustee, to the Servicer.

       

      Notwithstanding
        the foregoing, in connection with a Principal Prepayment in full of any Mortgage
        Loan, the Master Servicer may request release of the related Mortgage File
        from
        the applicable Custodian, in accordance with the provisions of the related
        Custodial Agreement, in the event the Servicer fails to do so.

       

      Upon
        written certification of a Servicing Officer, the Trustee shall execute and
        deliver to the Servicer, any court pleadings, requests for trustee’s sale or
        other documents prepared and delivered to the Trustee and reasonably acceptable
        to it and 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.
        So long as no Servicer Event of Default shall have occurred and be continuing,
        the Servicer shall have the right to execute any and all such court pleadings,
        requests and other documents as attorney-in-fact for, and on behalf of the
        Trustee. Notwithstanding the preceding sentence, the Trustee shall in no
        way be
        liable or responsible for the willful malfeasance of the Servicer, or for
        any
        wrongful or negligent actions taken by the Servicer, while the Servicer is
        acting in its capacity as attorney-in-fact for and on behalf of the
        Trustee.

       

      SECTION
        3.15.  Servicing
        Compensation.

       

      As
        compensation for its activities hereunder, the Servicer shall be entitled
        to the
        Servicing Fee (or, for as long as Ocwen is the Servicer, the Servicing Fee
        calculated using the Ocwen Servicing Fee Rate) with respect to each Mortgage
        Loan serviced by it payable solely from payments of interest in respect of
        such
        Mortgage Loan, subject to Section 3.23. In addition, the Servicer shall be
        entitled to recover unpaid Servicing Fees out of Insurance Proceeds or
        Liquidation Proceeds to the extent permitted by Section 3.09(a)(iii) and
        out of
        amounts derived from the operation and sale of an REO Property to the extent
        permitted by Section 3.22. The right to receive the Servicing Fee (or, with
        respect to Ocwen, the Servicing Fee calculated using the Ocwen Servicing
        Fee
        Rate) 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 to the extent permitted herein.

       

      Additional
        servicing compensation in the form of Ancillary Income (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 3.09(a)(iv) to withdraw from the Collection Account and
        pursuant to Section 3.22(b) to withdraw from any REO Account, as additional
        servicing compensation, interest or other income earned on deposits therein,
        subject to Section 3.10. In addition, the Servicer shall be entitled to retain
        or withdraw from the Collection Account, pursuant to Section 3.09(a)(x),
        any
        Prepayment Interest Excess with respect to the Mortgage Loans serviced by
        it as
        additional servicing compensation. The Servicer shall be required to pay
        all
        expenses incurred by it in connection with its servicing activities hereunder
        and shall not be entitled to reimbursement therefor except as specifically
        provided herein.

       

      SECTION
        3.16.  Collection
        Account Statements.

       

      Upon
        request, not later than fifteen (15) days after each Distribution Date, the
        Servicer shall forward to the Master Servicer and the Securities Administrator,
        the Trustee and the Depositor, a statement prepared by the institution at
        which
        the Collection Account is maintained setting forth the status of the Collection
        Account as of the close of business on such Distribution Date and showing,
        for
        the period covered by such statement, the aggregate amount of deposits into
        and
        withdrawals from the Collection Account. Copies of such statement and any
        similar statements provided by the Servicer shall be provided by the Securities
        Administrator to any Certificateholder and to any Person identified to the
        Securities 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 Securities Administrator.

       

      SECTION
        3.17.  Annual
        Statement as to Compliance. 

       

      (a)  The
        Servicer shall deliver (and shall cause any Additional Servicer engaged by
        it to
        deliver) to the Master Servicer and to the Depositor on or before March 15
        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 the Servicer’s performance
        under this Agreement, or such other applicable agreement in the case of an
        Additional Servicer, 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 an Additional Servicer, 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. Promptly
        after
        receipt of each such Officer’s Certificate from the Servicer or any Additional
        Servicer engaged by the Servicer, the Depositor shall review such Officer’s
        Certificate and, if applicable, consult with each such party, as applicable,
        as
        to the nature of any failures by such party, in the fulfillment of any of
        the
        Servicer’s obligations hereunder or, in the case of an Additional Servicer,
        under such other applicable agreement.

       

      (b)  Failure
        of the Servicer to comply timely with this Section 3.17 shall be deemed a
        Servicer Event of Default as to the Servicer, automatically, without notice
        and
        without any cure period, and the Master Servicer may, in addition to whatever
        rights the Master Servicer may have under this Agreement and at law or in
        equity
        or to damages, including injunctive relief and specific performance, terminate
        all the rights and obligations of the Servicer under this Agreement and in
        and
        to the Mortgage Loans and the proceeds thereof without compensating the Servicer
        for the same (other than the Servicer’s right to reimbursement of unreimbursed
        P&I 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.

       

      SECTION
        3.18.  Assessments
        of Compliance and Attestation Reports.

       

      (a)  By
        March
        15 of each year, commencing in March 2007, the Servicer, at its own expense,
        shall furnish, and shall cause any Servicing Function Participant engaged
        by it
        to furnish, each at its own expense, to the Master Servicer, 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 5.06(d), 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. Notwithstanding the foregoing, neither the Servicer nor
        any
        Servicing Function Participant engaged by the Servicer shall be required
        to
        deliver any assessments until March 31st in any given year so long as it
        has not
        received written confirmation from the Depositor that a Form 10-K is required
        to
        be filed in respect of the Trust for the preceding calendar year; provided
        however that, notwithstanding the foregoing, no Subcontractor will be required
        to deliver any assessments in any given year in which the Form 10-K is not
        required to be filed.

       

      (b)  By
        March
        15 of each year, commencing in March 2007, the Servicer, at its own expense,
        shall cause, and the Servicer 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 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 a report to
        the
        Master Servicer, 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 PCAOB, 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. Notwithstanding the
        foregoing, neither the Servicer nor any Servicing Function Participant engaged
        by the Servicer shall be required to deliver or cause the delivery of such
        reports until March 31st in any given year so long as the Servicer has not
        received written confirmation from the Depositor that a Form 10-K is required
        to
        be filed in respect of the Trust for the preceding fiscal year; provided
        however
        that, notwithstanding the foregoing, no Subcontractor will be required to
        deliver any reports in any given year in which the Form 10-K is not required
        to
        be filed.

       

      (c)  Failure
        of the Servicer to comply timely with this Section 3.18 shall be deemed a
        Servicer Event of Default as to the Servicer, automatically, without notice
        and
        without any cure period, and the Master Servicer may, in addition to whatever
        rights the Master Servicer may have under this Agreement and at law or in
        equity
        or to damages, including injunctive relief and specific performance, terminate
        all the rights and obligations of the Servicer under this Agreement and in
        and
        to the Mortgage Loans and the proceeds thereof without compensating the Servicer
        for the same (other than the Servicer’s right to reimbursement of unreimbursed
        P&I Advances and Servicing Advances and accrued and unpaid Servicing Fees in
        the manner provided for in this Agreement). This paragraph shall supersede
        any
        other provision in this Agreement or any other agreement to the
        contrary.

       

      SECTION
        3.19.  [Reserved].

       

      SECTION
        3.20.  Annual
        Certification; Additional Information.

       

      (a)  The
        Servicer shall and 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 15 of each year in which the Trust is subject to
        the reporting requirements of the Exchange Act, a certification (each, a
        “Back-Up Certification”), in the form attached hereto as Exhibit C, 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 officer
        of the Master Servicer in charge of the master servicing function shall serve
        as
        the Certifying Person on behalf of the Trust. In the event the Servicer or
        any
        Servicing Function Participant engaged by it 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 3.20 with respect to the period
        of
        time it was subject to this Agreement or any applicable Sub-Servicing Agreement,
        as the case may be.

       

      (b)  The
        Servicer shall indemnify and hold harmless the Master Servicer, the Securities
        Administrator, the Trustee, the Depositor and their respective officers,
        directors, agents and affiliates from and against any losses, damages,
        penalties, fines, forfeitures, reasonable legal fees and related costs,
        judgments and other costs and expenses arising out of or based upon a breach
        by
        the Servicer or any of its officers, directors, agents or affiliates of its
        obligations under this Section 3.20 or the Servicer’s negligence, bad faith or
        willful misconduct in connection therewith. Such indemnity shall survive
        the
        termination or resignation of the parties hereto or the termination of this
        Agreement. If the indemnification provided for herein is unavailable or
        insufficient to hold harmless the Master Servicer, the Securities Administrator,
        the Trustee and the Depositor, then the Servicer agrees that it shall contribute
        to the amount paid or payable by the Master Servicer, the Securities
        Administrator, the Trustee and the Depositor as a result of the losses, claims,
        damages or liabilities of the Master Servicer, the Securities Administrator,
        the
        Trustee and the Depositor in such proportion as is appropriate to reflect
        the
        relative fault of the Master Servicer, the Securities Administrator, the
        Trustee
        and the Depositor on the one hand and the Servicer on the other in connection
        with a breach of the Servicer’s obligations under this Section
        3.20.

       

      (c)  The
        Servicer shall provide to the Master Servicer prompt notice of the occurrence
        of
        any of the following: 

       

      (i)  any
        Servicer Event of Default under the terms of this Agreement, any merger,
        consolidation or sale of substantially all of the assets of Servicer, Servicer’s
        engagement of any Sub-Servicer to perform or assist in the performance of
        any of
        such Servicer’s obligations under this Agreement, any material litigation
        involving Servicer that is material to the Certificateholders, and to the
        extent
        disclosure is required under Regulation AB, any affiliation or other significant
        relationship between Servicer and the Sponsor, the Depositor, the Master
        Servicer, the Securities Administrator, the Trustee, the Custodians and the
        Swap
        Provider.

       

      (ii)  If
        the
        Servicer has knowledge of the occurrence of any of the events described in
        this
        clause (ii), then no later than ten days prior to the deadline for the filing
        of
        any Distribution Report on Form 10-D in respect of the Trust, the Servicer
        shall
        provide to the Master Servicer notice of the occurrence of any of the following
        events along with all information, data, and materials related thereto as
        may be
        required to be included in the related Distribution Report on Form 10-D (as
        specified in the provisions of Regulation AB referenced below):

       

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

       

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

       

      (C) any
        material pool asset changes (such as, additions, substitutions or repurchases)
        relating to the Mortgage Loans serviced by the Servicer (Item 1121(a)(14)
        of
        Regulation AB).

       

      (d)  The
        Servicer shall provide to the Securities Administrator and Master Servicer
        such
        additional information as the Securities Administrator and the Master Servicer
        may reasonably request, including evidence of the authorization of the person
        signing any certification or statement, financial information and reports
        and of
        the fidelity bond and errors and omissions insurance policy required to be
        maintained by the Servicer pursuant to this Agreement, and such other
        information related to the Servicer or its performance hereunder. 

       

      SECTION
        3.21.  Access
        to
        Certain Documentation.

       

      The
        Servicer shall provide to the Office of Thrift Supervision, the FDIC, and
        any
        other federal or state banking or insurance regulatory authority that may
        exercise authority over any Certificate Owner, access to the documentation
        regarding the related 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 3.21 shall limit the
        obligation of the Servicer to comply with any applicable law prohibiting
        disclosure of information regarding the Mortgagors 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. Nothing in this
        Section 3.21 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 Person unless provisions have been made for the reimbursement of the
        costs thereof. 

       

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

       

      (a)  The
        deed
        or certificate of sale of any REO Property related to a Mortgage Loan shall
        be
        taken in the name of the Trustee, or its nominee, on behalf of the Trust
        Fund
        and for the benefit of the Certificateholders. The Servicer, on behalf of
        REMIC
        I, shall either sell any REO Property by the close of the third calendar
        year
        following the calendar year in which REMIC I acquires ownership of such REO
        Property for purposes of Section 860(a)(8) of the Code or request from the
        Internal Revenue Service, no later than sixty (60) days before the day on
        which
        the three-year grace period would otherwise expire, an extension of the
        three-year grace period, unless the Servicer had delivered to the Trustee
        an
        Opinion of Counsel, addressed to the Trustee and the Depositor, to the effect
        that the holding by REMIC I of such REO Property subsequent to three (3)
        years
        after its acquisition will not result in the imposition on any Trust REMIC
        created hereunder of taxes on “prohibited transactions” thereof, as defined in
        Section 860F of the Code, or cause any Trust REMIC 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 Trust REMIC 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 segregate and hold all funds collected and received in connection
        with the operation of any REO Property separate and apart from its own funds
        and
        general assets and shall establish and maintain with respect to REO Properties
        an account held in trust for the Trustee, on behalf of the Trust Fund and
        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 the maintenance of separate
        ledgers for each REO Property. The Servicer shall be entitled to retain or
        withdraw any interest income paid on funds deposited in the related 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 related to a Mortgage Loan serviced by it
        as
        are consistent with the manner in which the Servicer manages and operates
        similar property owned by it or any of its Affiliates, all on such terms
        and for
        such period 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 (1)
        Business Day after the Servicer’s receipt thereof, and shall thereafter deposit
        in the REO Account, in no event more than two (2) Business Days after the
        deposit of good funds into the clearing account, all revenues received by
        it
        with respect to an REO Property related to a Mortgage Loan serviced by it
        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 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.

       

      Subject
        to compliance with applicable laws and regulations as shall at any time be
        in
        force, and notwithstanding the foregoing, the Servicer, on behalf of the
        Trust
        Fund, shall not:

       

      (iv)  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;

       

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

       

      (vi)  authorize
        or permit 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

       

      (vii)  allow
        any
        Person to Directly Operate any REO Property on any date more than ninety
        (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 Servicer and the Trustee, 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 REMIC I, 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:

       

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

       

      (ix)  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 (30) days following
        the receipt thereof by such Independent Contractor;

       

      (x)  none
        of
        the provisions of this Section 3.22(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 Trust Fund and for the benefit of the Certificateholders with respect
        to the
        operation and management of any such REO Property; and

       

      (xi)  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 3.15 is sufficient to pay such fees. Any
        such
        agreement shall include a provision that such agreement may be immediately
        terminated by any successor Servicer without fee, in the event the Servicer
        shall for any reason, no longer be the Servicer of the Mortgage Loans (including
        termination due to a Servicer Event of Default).

       

      (d)  In
        addition to the withdrawals permitted under Section 3.22(c), the Servicer
        may
        from time to time make withdrawals from the REO Account for any REO Property:
        (i) to pay itself 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 and deposit into the Distribution Account in accordance
        with
        Section 3.08(d)(ii), for distribution on the related Distribution Date in
        accordance with Section 5.01, the income from the related REO Property received
        during the prior calendar month, net of any withdrawals made pursuant to
        Section
        3.22(c) or this Section 3.22(d).

       

      (e)  Subject
        to the time constraints set forth in Section 3.22(a), each REO Disposition
        shall
        be carried out by the Servicer at such price and upon such terms and conditions
        as the Servicer shall deem necessary or advisable, as shall be normal and
        usual
        in accordance with Accepted Servicing Practices.

       

      (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 as provided above, shall be deposited in
        the
        Distribution Account in accordance with Section 3.08(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 5.01. 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 (and shall provide a certification
        of a
        Servicing Officer to the Master Servicer that such filings have been made)
        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
        3.23.  Obligations
        of the Servicer in Respect of Prepayment Interest Shortfalls; Relief Act
        Interest Shortfalls.

       

      The
        Servicer shall deliver to the Securities Administrator for deposit into the
        Distribution Account on or before 12:00 noon New York time on the Servicer
        Remittance Date from its own funds an amount equal to the lesser of (i) the
        aggregate amount of the Prepayment Interest Shortfalls attributable to
        prepayments in full on the related Mortgage Loans for the related Distribution
        Date resulting solely from voluntary Principal Prepayments received by the
        Servicer during the portion of the related Prepayment Period occurring between
        the sixteenth (16th)
        day of
        the month preceeding the month in which the related Distribution Date occurs
        and
        ending on the last day of such month and (ii) the aggregate amount of the
        related Servicing Fees payable to the Servicer on such Distribution Date
        with
        respect to the related Mortgage Loans. The Servicer shall not have the right
        to
        reimbursement for any amounts remitted to the Securities Administrator in
        respect of this Section 3.23. The Servicer shall not be obligated to pay
        the
        amounts set forth in this Section 3.23 with respect to shortfalls resulting
        from
        the application of the Relief Act.

       

      SECTION
        3.24.  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
        any
        Mortgage Loan 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 deliver to the Securities Administrator for deposit in
        the
        Distribution Account from its own funds the amount of any such shortfall
        and
        shall indemnify and hold harmless the Trust Fund, the Trustee, the Securities
        Administrator, the Master Servicer, 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
        3.24
        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 and
        Mortgage, to the extent permitted by applicable law.

       

      SECTION
        3.25.  Reserve
        Fund.

       

      (a)  No
        later
        than the Closing Date, the Securities Administrator shall establish and maintain
        a separate, segregated trust account entitled, “Reserve Fund, Wells Fargo Bank,
        National Association, in trust for the registered holders of ACE Securities
        Corp. Home Equity Loan Trust, Series 2006-ASAP3, Asset Backed Pass-Through
        Certificates.” On the Closing Date, the Depositor will deposit, or cause to be
        deposited, into the Reserve Fund $1,000. 

       

      (b)  On
        each
        Distribution Date, the Securities Administrator shall deposit into the Reserve
        Fund the amounts described in Section 5.01(c)(7)(vi), rather than distributing
        such amounts to the Class CE-1 Certificateholders pursuant to Section
        5.01(c)(7)(viii). On each such Distribution Date, the Securities 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 the Mezzanine Certificates, in
        the
        amounts and priorities set forth in Section 5.01(c). If no Net WAC Rate
        Carryover Amounts are payable on a Distribution Date, the Securities
        Administrator shall deposit, into the Reserve Fund on behalf of the Class
        CE-1
        Certificateholders, from amounts otherwise distributable to the Class CE-1
        Certificateholders, an amount such that when added to other amounts already
        on
        deposit in the Reserve Fund, the aggregate amount on deposit therein is equal
        to
        $1,000.

       

      (c)  The
        Reserve Fund constitutes an “outside reserve fund” within the meaning of
        Treasury Regulation § 1.860G-2(h) and is not an asset of any REMIC. It is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Reserve Fund be disregarded as an entity
        separate from the Holder of the Class CE-1 Certificates unless and until
        the
        date when either (a) there is more than one Class CE-1 Certificateholder
        or (b)
        any Class of Certificates in addition to the Class CE-1 Certificates is
        recharacterized as an equity interest in the Reserve Fund 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
        Reserve
        Fund be treated as a partnership. All amounts deposited into the Reserve
        Fund
        (other than the initial deposit therein of $1,000) shall be treated as amounts
        distributed by REMIC III to the Holders of the Class CE-1 Certificates. 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 Reserve Fund will be released by the Trust Fund and distributed to the
        Class
        CE-1 Certificateholders or their designees. The Reserve Fund will be part
        of the
        Trust Fund but not part of any REMIC and any payments to the Holders of the
        Class A Certificates or 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).

       

      (d)  By
        accepting a Class CE-1 Certificate, each Class CE-1 Certificateholder hereby
        agrees that the Securities Administrator will deposit into the Reserve Fund
        the
        amounts described above on each Distribution Date rather than distributing
        such
        amounts to the Class CE-1 Certificateholders. By accepting a Class CE-1
        Certificate, each Class CE-1 Certificateholder further agrees that its agreement
        to such action by the Securities Administrator is given for good and valuable
        consideration, the receipt and sufficiency of which is acknowledged by such
        acceptance.

       

      (e)  At
        the
        direction of the Holders of a majority in Percentage Interest in the Class
        CE-1
        Certificates, the Securities Administrator shall direct any depository
        institution maintaining the Reserve Fund to invest the funds in such account
        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
        Securities Administrator or an Affiliate manages or advises such investment,
        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 Securities Administrator
        or
        an Affiliate manages or advises such investment. All income and gain earned
        upon
        such investment shall be deposited into the Reserve Fund. In no event shall
        the
        Securities Administrator be liable for any investments made pursuant to this
        clause (e). If the Holders of a majority in Percentage Interest in the Class
        CE-1 Certificates fail to provide investment instructions, funds on deposit
        in
        the Reserve Fund shall be held uninvested by the Securities Administrator
        without liability for interest or compensation.

       

      (f)  For
        federal tax return and information reporting, the right of the Class A
        Certificateholders and the Mezzanine Certificateholders to receive payments
        from
        the Reserve Fund in respect of any Net WAC Rate Carryover Amount shall be
        assigned a value of $0 with respect to the Certificates covered by the Swap
        Agreement.

       

      SECTION
        3.26.  Advance
        Facility.

       

      (a)  Notwithstanding
        anything to the contrary contained herein, (i) the Servicer is hereby authorized
        to enter into an advance facility (“Advance Facility”) but no more than two
        Advance Facilities without the prior written consent of the Trustee, which
        consent shall not be unreasonably withheld, under which (A) the Servicer
        sells,
        assigns or pledges to an advancing person (an “Advance Financing Person”) its
        rights under this Agreement to be reimbursed for any P&I Advances or
        Servicing Advances and/or (B) an Advance Financing Person agrees to finance
        some
        or all P&I Advances or Servicing Advances required to be made by the
        Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized
        to assign its rights to the Servicing Fee (which rights shall terminate upon
        the
        resignation, termination or removal of the Servicer pursuant to the terms
        of
        this Agreement); it being understood that neither the Trust Fund nor any
        party
        hereto shall have a right or claim (including without limitation any right
        of
        offset) to any amounts for reimbursement of P&I Advances or Servicing
        Advances so assigned or to the portion of the Servicing Fee so assigned.
        Subject
        to the provisions of the first sentence of this Section 3.26(a), no consent
        of
        the Depositor, Trustee, Master Servicer, Certificateholders or any other
        party
        is required before the Servicer may enter into an Advance Facility, but the
        Servicer shall provide notice to the Depositor, Master Servicer and the Trustee
        of the existence of any such Advance Facility promptly upon the consummation
        thereof stating (a) the identity of the Advance Financing Person and (b)
        the
        identity of any Person (“Servicer’s Assignee”) who has the right to receive
        amounts in reimbursement of previously unreimbursed P&I Advances or
        Servicing Advances. Notwithstanding the existence of any Advance Facility
        under
        which an advancing person agrees to finance P&I Advances and/or Servicing
        Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant
        to this Agreement to make P&I Advances and Servicing Advances pursuant to
        and as required by this Agreement, and shall not be relieved of such obligations
        by virtue of such Advance Facility.

       

      (b)  Reimbursement
        amounts (“Advance Reimbursement Amounts”) shall consist solely of amounts in
        respect of P&I Advances and/or Servicing Advances made with respect to the
        related Mortgage Loans for which the Servicer would be permitted to reimburse
        itself in accordance with this Agreement, assuming the Servicer had made
        the
        related P&I Advance(s) and/or Servicing Advance(s).

       

      (c)  The
        Servicer shall maintain and provide to any successor Servicer (with, upon
        request, a copy to the Trustee) a detailed accounting on a loan-by-loan basis
        as
        to amounts advanced by, pledged or assigned to, and reimbursed to any Advance
        Financing 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.

       

      (d)  Reimbursement
        amounts distributed with respect to each Mortgage Loan shall be allocated
        to
        outstanding unreimbursed P&I Advances or Servicing Advances (as the case may
        be) made with respect to that Mortgage Loan on a “first-in, first out” (FIFO)
        basis. The documentation establishing any Advance Facility shall require
        the
        Servicer to provide to the related Advance Financing Person or its designee
        loan-by-loan information with respect to each such reimbursement amount
        distributed to such Advance Financing Person or Advance Facility trustee
        on each
        Distribution Date, to enable the Advance Financing Person or Advance Facility
        trustee to make the FIFO allocation of each such reimbursement amount with
        respect to each Mortgage Loan. The Servicer shall remain entitled to be
        reimbursed by the Advance Financing Person or Advance Facility trustee for
        all
        P&I 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 Advance Financing Person.

       

      (e)  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
        Depositor, and the Servicer without the consent of any Certificateholder,
        notwithstanding anything to the contrary in this Agreement, provided, that
        the
        Trustee has been provided an Opinion of Counsel that such amendment is
        authorized hereunder and has no material adverse effect on the
        Certificateholders, which opinion shall be an expense of the party requesting
        such opinion but in any case shall not be an expense of the Trustee or the
        Trust
        Fund; provided, further, that the amendment shall not be deemed to adversely
        affect in any material respect the interests of the Certificateholders if
        the
        Person requesting the amendment obtains a letter from each Rating Agency
        (instead of obtaining an Opinion of Counsel to such effect) stating that
        the
        amendment would not result in the downgrading or withdrawal of the respective
        ratings then assigned to the Certificates; it being understood and agreed
        that
        any such rating letter in and of itself will not represent a determination
        as to
        the materiality of any such amendment and will represent a determination
        only as
        to the credit issues affecting any such rating. Prior to entering into an
        Advance Facility, the Servicer shall notify the lender under such facility
        in
        writing that: (a) the P&I Advances and/or Servicing Advances financed by
        and/or pledged to the lender 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 P&I Advances and/or Servicing Advances
        only to the extent provided herein, and neither the Master Servicer, the
        Securities Administrator, the Trustee nor the Trust are otherwise obligated
        or
        liable to repay any P&I Advances and/or Servicing Advances financed by the
        lender; (b) the Servicer will be responsible for remitting to the lender
        the
        applicable amounts collected by it as Servicing Fees and as reimbursement
        for
        P&I Advances and/or Servicing Advances funded by the lender, as applicable,
        subject to the restrictions and priorities created in this Agreement; and
        (c)
        neither the Master Servicer, the Securities Administrator nor the Trustee
        shall
        have any responsibility to calculate any amount payable under an Advance
        Facility or to track or monitor the administration of the financing arrangement
        between the Servicer and the lender or the payment of any amount under an
        Advance Facility.

       

      (f)  The
        Servicer shall indemnify the Master Servicer, the Securities Administrator,
        the
        Trustee and the Trust Fund for any cost, liability or expense relating to
        the
        Advance Facility including, without limitation, a claim, pending or threatened,
        by an Advance Financing Person.

       

      SECTION
        3.27.  Indemnification.

       

      The
        Servicer agrees to indemnify the Trustee, Master Servicer and the Securities
        Administrator, from, and hold the Trustee, Master Servicer and the Securities
        Administrator harmless against, any loss, liability or expense (including
        reasonable attorney’s fees and expenses) incurred by any such Person by reason
        of the Servicer’s willful misfeasance, bad faith or gross negligence in the
        performance of its duties under this Agreement or by reason of the Servicer’s
        reckless disregard of its obligations and duties under this Agreement. Such
        indemnity shall survive the termination or discharge of this Agreement and
        the
        resignation or removal of the Servicer, the Trustee, the Master Servicer
        and the
        Securities Administrator. Any payment hereunder made by the Servicer to any
        such
        Person shall be from the Servicer’s own funds, without reimbursement from REMIC
        I therefor.

       

      ARTICLE
        IV

      

      ADMINISTRATION
        AND MASTER SERVICING

      OF
        THE
        MORTGAGE LOANS BY THE MASTER SERVICER

       

      SECTION
        4.01.  Master
        Servicer.

       

      The
        Master Servicer shall, from and after the Closing Date supervise, monitor
        and
        oversee the obligations of the Servicer under this Agreement 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
        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 and separately monitor the Servicer’s servicing activities
        with respect to each Mortgage Loan, reconcile the results of such monitoring
        with such information provided in the previous sentence on a monthly basis
        and
        coordinate corrective adjustments to the Servicer’s and Master Servicer’s
        records, and based on such reconciled and corrected information, prepare
        the
        statements specified in Section 5.03 and any other information and statements
        required to be provided 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 Distribution Account pursuant to the terms
        hereof based on information provided to the Master Servicer by the
        Servicer.

       

      The
        Trustee shall furnish the Servicer and the Master Servicer with any limited
        powers of attorney and other documents in form acceptable 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 shall have
        no
        responsibility for any action of the Master Servicer or the Servicer pursuant
        to
        any such limited power of attorney and shall be indemnified by the Master
        Servicer or the Servicer, as applicable, for any cost, liability or expense
        incurred by the Trustee in connection with such Person’s misuse of any such
        power of attorney.

       

      The
        Trustee, the Custodians and the Securities Administrator shall provide access
        to
        the records and documentation in possession of the Trustee, the Custodians
        or
        the Securities Administrator regarding the Mortgage Loans and REO Property
        and
        the servicing thereof to the Certificateholders, the FDIC, and the supervisory
        agents and examiners of the FDIC, such access being afforded only upon
        reasonable prior written request and during normal business hours at the
        office
        of the Trustee, the Custodians or the Securities Administrator; provided,
        however, that, unless otherwise required by law, none of the Trustee, the
        Custodians or the Securities Administrator shall be required to provide access
        to such records and documentation if the provision thereof would violate
        the
        legal right to privacy of any Mortgagor. The Trustee, the Custodians and
        the
        Securities Administrator shall allow representatives of the above entities
        to
        photocopy any of the records and documentation and shall provide equipment
        for
        that purpose at a charge that covers the Trustee’s, the Custodians’ or the
        Securities Administrator’s actual costs.

       

      The
        Trustee shall execute and deliver to the Servicer or the Master Servicer
        upon
        request 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 any other Mortgage Loan Document; (iii)
        obtain a deficiency judgment against the Mortgagor; or (iv) enforce any other
        rights or remedies provided by the Mortgage Note or any other Mortgage Loan
        Document or otherwise available at law or equity.

       

      SECTION
        4.02.  REMIC-Related
        Covenants.

       

      For
        as
        long as each REMIC shall exist, the Trustee and the Securities Administrator
        shall act in accordance herewith to treat such REMIC as a REMIC, and the
        Trustee
        and the Securities Administrator shall comply with any directions of the
        Sponsor, the Servicer or the Master Servicer to assure such continuing
        treatment. In particular, the Trustee shall not (a) sell or permit the sale
        of
        all or any portion of the Mortgage Loans or of any investment of deposits
        in an
        Account unless such sale is as a result of a repurchase of the Mortgage Loans
        pursuant to this Agreement or the Trustee has received a REMIC Opinion prepared
        at the expense of the Trust Fund; and (b) other than with respect to a
        substitution pursuant to the Mortgage Loan Purchase Agreement or Section
        2.03 of
        this Agreement, as applicable, accept any contribution to any REMIC after
        the
        Startup Day without receipt of an Opinion of Counsel stating that such
        contribution will not result in an Adverse REMIC Event as defined in Section
        11.01(f).

       

      SECTION
        4.03.  Monitoring
        of Servicer.

       

      (a)  The
        Master Servicer shall be responsible for monitoring the 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 Officer’s Certificate 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 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 a Servicer Event
        of
        Default, the Master Servicer shall notify the Servicer, the Sponsor and the
        Trustee thereof and the Master Servicer shall issue such notice or take such
        other action as it deems appropriate.

       

      (b)  The
        Master Servicer, for the benefit of the Trustee and the Certificateholders,
        shall enforce the obligations of the Servicer under this Agreement and shall,
        in
        the event that the Servicer fails to perform its obligations in accordance
        with
        this Agreement, subject to this Section and Article VIII, notify the Trustee
        and
        the Trustee shall terminate the rights and obligations of the Servicer hereunder
        in accordance with the provisions of Article VIII. In the event the rights
        and
        obligations of the Servicer (or any successor thereto) are terminated, the
        Master Servicer shall act as servicer of the Mortgage Loans or a successor
        servicer shall be appointed in accordance with the provisions of Article
        VIII.
        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, in its good
        faith
        business judgment, would require were it the owner of the Mortgage Loans.
        The
        Master Servicer shall pay the costs of such enforcement at its own expense,
        provided that the Master Servicer shall not be required to prosecute or defend
        any legal action except to the extent that the Master Servicer shall have
        received reasonable indemnity for its costs and expenses in pursuing such
        action.

       

      (c)  The
        Master Servicer shall be entitled to be reimbursed by the Servicer (or from
        amounts on deposit in the Distribution Account if the Servicer is unable
        to
        fulfill its obligations hereunder) for all reasonable out-of-pocket or third
        party costs associated with the transfer of servicing from the predecessor
        Servicer (or if the predecessor Servicer is the Master Servicer, from the
        Servicer immediately preceding the Master Servicer), including without
        limitation, any reasonable out-of-pocket or third party 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
        successor servicer to correct any errors or insufficiencies in the servicing
        data or otherwise to enable the successor servicer to service the Mortgage
        Loans
        properly and effectively, upon presentation of reasonable documentation of
        such
        costs and expenses.

       

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

       

      (e)  If
        the
        Master Servicer acts as a successor to the Servicer, it will not assume any
        liability for the representations and warranties of the terminated
        Servicer.

       

      SECTION
        4.04.  Fidelity
        Bond.

       

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

       

      SECTION
        4.05.  Power
        to
        Act; Procedures.

       

      The
        Master Servicer shall master service the Mortgage Loans and shall have full
        power and authority, subject to the REMIC Provisions and the provisions of
        Article XI, 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 Section 4.03, 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 REMIC
        I,
        REMIC II or REMIC III to fail to qualify as a REMIC or result in the imposition
        of a tax upon the Trust Fund (including but not limited to the tax on prohibited
        transactions as defined in Section 860F(a)(2) of the Code and the tax on
        contributions to a REMIC set forth in Section 860G(d) of the Code) unless
        the
        Master Servicer has received an Opinion of Counsel (but not at the expense
        of
        the Master Servicer) to the effect that the contemplated action will not
        cause
        REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC or result in
        the
        imposition of a tax upon REMIC I, REMIC II or REMIC III, as the case may
        be. The
        Trustee shall furnish the Master Servicer, upon written request from a Servicing
        Officer, with any powers of attorney prepared and delivered to it and reasonably
        acceptable to it by 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 prepared and
        delivered to it and reasonably acceptable to it, as the Master Servicer or
        the
        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 and shall be indemnified by the Master Servicer
        or the
        Servicer, as applicable, for any cost, liability or expense incurred by the
        Trustee in connection with such Person’s use or misuse of any such power of
        attorney). If the Master Servicer or the Trustee has been advised that it
        is
        likely that the laws of the state in which action is to be taken prohibit
        such
        action if taken in the name of the Trustee or that the Trustee would be
        adversely affected under the “doing business” or tax laws of such state if such
        action is taken in its name, the Master Servicer shall join with the Trustee
        in
        the appointment of a co-trustee pursuant to Section 9.10. In the performance
        of
        its duties hereunder, the Master Servicer shall be an independent contractor
        and
        shall not, except in those instances where it is taking action in the name
        of
        the Trustee, be deemed to be the agent of the Trustee.

       

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

       

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

       

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

       

      (b)  All
        Mortgage Files and funds collected or held by, or under the control of, the
        Master Servicer, in respect of any Mortgage Loans, whether from the collection
        of principal and interest payments or from Liquidation Proceeds or Insurance
        Proceeds, shall be remitted to the Securities Administrator for deposit in
        the
        Distribution Account.

       

      SECTION
        4.08.  Standard
        Hazard Insurance and Flood Insurance Policies.

       

      For
        each
        Mortgage Loan, the Master Servicer shall enforce the obligation of the Servicer
        under this Agreement to maintain or cause to be maintained standard fire
        and
        casualty insurance and, where applicable, flood insurance, all in accordance
        with the provisions of this Agreement. It is understood and agreed that such
        insurance shall be with insurers meeting the eligibility requirements set
        forth
        in Section 3.11 of this Agreement and that no earthquake or other additional
        insurance is to be required of any Mortgagor or to be maintained on property
        acquired in respect of a defaulted loan, other than pursuant to such applicable
        laws and regulations as shall at any time be in force and as shall require
        such
        additional insurance.

       

      SECTION
        4.09.  Presentment
        of Claims and Collection of Proceeds.

       

      The
        Master Servicer shall enforce the Servicer’s obligations under this Agreement to
        prepare and present on behalf of the Trustee and the Certificateholders all
        claims under any insurance policies and take such actions (including the
        negotiation, settlement, compromise or enforcement of the insured’s claim) as
        shall be necessary to realize recovery under such policies. Any proceeds
        disbursed to the Master Servicer (or disbursed to the Servicer and remitted
        to
        the Master Servicer) in respect of such policies, bonds or contracts shall
        be
        promptly deposited in the Distribution Account upon receipt, except that
        any
        amounts realized that are to be applied to the repair or restoration of the
        related Mortgaged Property as a condition precedent to the presentation of
        claims on the related Mortgage Loan to the insurer under any applicable
        insurance policy need not be so deposited or remitted.

       

      SECTION
        4.10.  Maintenance
        of Primary Mortgage Insurance Policies.

       

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

       

      (b)  The
        Master Servicer agrees to cause the Servicer to present, on behalf of the
        Trustee and the Certificateholders, claims to the insurer under any primary
        mortgage insurance policies and, in this regard, to take such reasonable
        action
        as shall be necessary to permit recovery under any primary mortgage insurance
        policies respecting defaulted Mortgage Loans.

       

      SECTION
        4.11.  Trustee
        to Retain Possession of Certain Insurance Policies and Documents.

       

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

       

      SECTION
        4.12.  Realization
        Upon Defaulted Mortgage Loans.

       

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

       

      SECTION
        4.13.  Compensation
        for the Master Servicer.

       

      As
        compensation for the activities of the Master Servicer hereunder, the Master
        Servicer shall be entitled to the Master Servicing Fee and the income from
        investment of or earnings on the funds from time to time in the Distribution
        Account, as provided in Section 3.10. The compensation payable to the Master
        Servicer in respect of any Distribution Date shall be reduced in accordance
        with
        Section 4.18. The Master Servicer shall be required to pay all expenses incurred
        by it in connection with its activities hereunder and shall not be entitled
        to
        reimbursement therefor except as provided in this Agreement.

       

      SECTION
        4.14.  REO
        Property.

       

      (a)  In
        the
        event the Trust Fund acquires ownership of any REO Property in respect of
        any
        Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
        or to its nominee, on behalf of the related Certificateholders. The Master
        Servicer shall cause the Servicer to sell, any REO Property as expeditiously
        as
        possible and in accordance with the provisions of this Agreement. Further,
        the
        Master Servicer shall cause the Servicer to sell any REO Property prior to
        three
        years after the end of the calendar year of its acquisition by REMIC I unless
        (i) the Trustee shall have been supplied by the Servicer with an Opinion
        of
        Counsel to the effect that the holding by the Trust Fund of such REO Property
        subsequent to such three-year period will not result in the imposition of
        taxes
        on “prohibited transactions” of any REMIC hereunder as defined in section 860F
        of the Code or cause any REMIC hereunder to fail to qualify as a REMIC at
        any
        time that any Certificates are outstanding, in which case the Trust Fund
        may
        continue to hold such Mortgaged Property (subject to any conditions contained
        in
        such Opinion of Counsel) or (ii) the Servicer shall have applied for, prior
        to
        the expiration of such three-year period, an extension of such three-year
        period
        in the manner contemplated by Section 856(e)(3) of the Code, in which case
        the
        three-year period shall be extended by the applicable extension period. The
        Master Servicer shall cause the Servicer to protect and conserve, such REO
        Property in the manner and to the extent required by this Agreement in
        accordance with the REMIC Provisions and in a manner that does not result
        in a
        tax on “net income from foreclosure property” or cause such REO Property to fail
        to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
        the Code.

       

      (b)  The
        Master Servicer shall cause the Servicer to deposit all funds collected and
        received in connection with the operation of any REO Property in the REO
        Account.

       

      SECTION
        4.15.  Master
        Servicer Annual Statement of Compliance.

       

      (a)  The
        Master Servicer and the Securities Administrator shall deliver (or otherwise
        make available) (and the Master Servicer and Securities Administrator shall
        cause any Additional Servicer or Servicing Function Participant engaged by
        it to
        deliver) to the Depositor and the Securities Administrator and in the case
        of
        the Master Servicer, to the Trustee, on or before March 15 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 an Additional
        Servicer or Servicing Function Participant, 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 an Additional Servicer or
        Servicing Function Participant, 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. 

       

      (b)  The
        Master Servicer shall include all annual statements of compliance received
        by it
        with its own annual statement of compliance to be submitted to the Securities
        Administrator pursuant to this Section 4.15. 

       

      (c)  In
        the
        event the Master Servicer, the Securities Administrator or any Servicing
        Function Participant engaged by the parties is terminated, assigns its rights
        and obligations under, or resigns pursuant to the terms of this Agreement,
        or
        any applicable agreement in the case of a Servicing Function Participant,
        as the
        case may be, such party shall provide an Officer’s Certificate pursuant to this
        Section 4.15 or to such applicable agreement, as the case may be,
        notwithstanding any such termination, assignment or resignation.

       

      (d)  Failure
        of the Master Servicer to comply timely with this Section 4.15 shall be deemed
        a
        Master Servicer Event of Default, automatically, without notice and without
        any
        cure period, and the Trustee may, in addition to whatever rights the Trustee
        may
        have under this Agreement and at law or in equity or to damages, including
        injunctive relief and specific performance, terminate all the rights and
        obligations of the Master Servicer under this Agreement and in and to the
        Mortgage Loans and the proceeds thereof without compensating the Master Servicer
        for the same. This paragraph shall supersede any other provision in this
        Agreement or any other agreement to the contrary.

       

      (e)  Copies
        of
        such Master Servicer annual statements of compliance shall be provided to
        any
        Certificateholder upon request, by the Master Servicer or by the Trustee
        at the
        Master Servicer’s expense if the Master Servicer failed to provide such copies
        (unless (i) the Master Servicer shall have failed to provide the Trustee
        with
        such statement or (ii) the Trustee shall be unaware of the Master Servicer’s
        failure to provide such statement).

       

      SECTION
        4.16.  Master
        Servicer Assessments of Compliance. 

       

      (a)  By
        March
        15 of each year, commencing in March 2007, the Master Servicer and the
        Securities Administrator, 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 Securities
        Administrator and 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
        5.06(d), 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.
        

       

      (b)  No
        later
        than the end of each fiscal year for the Trust for which a 10-K is required
        to
        be filed, the Master Servicer shall forward to the Securities Administrator
        and
        to the Depositor the name of each Servicing Function Participant engaged
        by it
        and what Relevant Servicing Criteria will be addressed in the report on
        assessment of compliance prepared by such Servicing Function Participant
        (provided,
        however,
        that
        the Master Servicer need not provide such information to the Securities
        Administrator so long as the Master Servicer and the Securities Administer
        are
        the same Person). When the Master Servicer and the Securities Administrator
        (or
        any Servicing Function Participant engaged by them) submit their assessments
        to
        the Securities Administrator, such parties will also at such time include
        the
        assessment (and attestation pursuant to Section 4.17) of each Servicing Function
        Participant engaged by it. 

       

      (c)  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 Master
        Servicer, the Securities Administrator 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 Securities 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 E and
        notify
        the Depositor of any exceptions.

       

      (d)  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 Securities Administrator pursuant to this Section 4.16.
        

       

      (e)  In
        the
        event the Master Servicer, the Securities Administrator or any Servicing
        Function Participant engaged by the parties is terminated, assigns its rights
        and obligations under, or resigns pursuant to the terms of this Agreement,
        or
        any other applicable agreement in the case of a Servicing Function Participant,
        as the case may be, such party shall provide a report on assessment of
        compliance pursuant to this Section 4.16 or to such other applicable agreement,
        notwithstanding any such termination, assignment or resignation.

       

      (f)  Failure
        of the Master Servicer to comply timely with this Section 4.16 shall be deemed
        a
        Master Servicer Event of Default, automatically, without notice and without
        any
        cure period, and the Trustee may, in addition to whatever rights the Trustee
        may
        have under this Agreement and at law or in equity or to damages, including
        injunctive relief and specific performance, terminate all the rights and
        obligations of the Master Servicer under this Agreement and in and to the
        Mortgage Loans and the proceeds thereof without compensating the Master Servicer
        for the same. This paragraph shall supersede any other provision in this
        Agreement or any other agreement to the contrary.

       

      (g)  Delivery
        under this Section 4.16 of such reports, information and documents to the
        Trustee is for informational purposes only, and the Trustee’s receipt of such
        shall not constitute constructive notice of any information contained therein
        or
        determinable from information contained therein, including the Master Servicer’s
        compliance with any of its covenants hereunder (as to which the Trustee is
        entitled to conclusively rely exclusively on an Officer’s
        Certificate).

       

      SECTION
        4.17.  Master
        Servicer Attestation Reports.

       

      (a)  By
        March
        15 of each year, commencing in March 2007, the Master Servicer and the
        Securities Administrator, 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 Master Servicer, the Securities Administrator,
        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 Securities 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 PCAOB, 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. 

       

      (b)  Promptly
        after receipt of such assessment of compliance and attestation report from
        the
        Master Servicer, the Securities Administrator or any Servicing Function
        Participant engaged by such parties, the Securities Administrator shall confirm
        that each assessment submitted pursuant to Section 4.16 is coupled with an
        attestation meeting the requirements of this Section and notify the Depositor
        of
        any exceptions.

       

      (c)  The
        Master Servicer shall include each such attestation furnished to it from
        the
        Servicer with its own attestation to be submitted to the Securities
        Administrator pursuant to this Section 4.17. 

       

      (d)  In
        the
        event the Master Servicer, the Securities Administrator or any Servicing
        Function Participant engaged by the parties is terminated assigns its rights
        and
        duties under, or resigns pursuant to the terms of this Agreement, or any
        applicable custodial agreement or servicing or sub-servicing agreement in
        the
        case of a Servicing Function Participant, as the case may be, such party
        shall
        cause a registered public accounting firm to provide an attestation pursuant
        to
        this Section 4.17, or such other applicable agreement, notwithstanding any
        such
        termination, assignment or resignation.

       

      (e)  Failure
        of the Master Servicer to comply timely with this Section 4.17 shall be deemed
        a
        Master Servicer Event of Default, automatically, without notice and without
        any
        cure period, and the Trustee may, in addition to whatever rights the Trustee
        may
        have under this Agreement and at law or in equity or to damages, including
        injunctive relief and specific performance, terminate all the rights and
        obligations of the Master Servicer under this Agreement and in and to the
        Mortgage Loans and the proceeds thereof without compensating the Master Servicer
        for the same. This paragraph shall supersede any other provision in this
        Agreement or any other agreement to the contrary.

       

      SECTION
        4.18.  Annual
        Certification.

       

      (a)  Each
        Form
        10-K required to be filed for the Trust pursuant to Section 5.06 shall include
        a
        certification (the “Sarbanes-Oxley Certification”) required to be included
        therewith pursuant to the Sarbanes-Oxley Act. Each of the Master Servicer
        and
        the Securities Administrator shall provide, and 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 15 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 C,
        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 any
        such
        party is terminated, assigns its rights or duties under, 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 4.18 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
        Securities 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.

       

      SECTION
        4.19.  Obligation
        of the Master Servicer in Respect of Prepayment Interest
        Shortfalls.

       

      In
        the
        event of any Prepayment Interest Shortfalls, the Master Servicer shall deposit
        into the Distribution Account not later than the related Distribution Date
        an
        amount equal to the lesser of (i) the aggregate amounts required to be paid
        by
        the Servicer 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 amount of the
        compensation payable to the Master Servicer for such Distribution Date in
        accordance with Section 4.13, without reimbursement therefor.

       

      SECTION
        4.20.  Prepayment
        Penalty Verification.

       

      On
        or
        prior to each Servicer Remittance Date, the Servicer shall provide in an
        electronic format acceptable to the Master Servicer the data necessary for
        the
        Master Servicer to perform its verification duties set forth in this Section
        4.19. The Master Servicer or a third party reasonably acceptable to the Master
        Servicer and the Depositor (the “Verification Agent”) will perform such
        verification duties and will use its best efforts to issue its findings in
        a
        report (the “Verification Report”) delivered to the Master Servicer and the
        Depositor within ten (10) Business Days following the related Distribution
        Date;
        provided, however, that if the Verification Agent is unable to issue the
        Verification Report within ten (10) Business Days following the Distribution
        Date, the Verification Agent may issue and deliver to the Master Servicer
        and
        the Depositor the Verification Report upon the completion of its verification
        duties. The Master Servicer shall forward the Verification Report to the
        Servicer and shall notify the Servicer if the Master Servicer has determined
        that the Servicer did not deliver the appropriate Prepayment Charge to the
        Securities Administrator in accordance with this Agreement. Such written
        notification from the Master Servicer shall include the loan number, prepayment
        penalty code and prepayment penalty amount as calculated by the Master Servicer
        or the Verification Agent, as applicable, of each Mortgage Loan for which
        there
        is a discrepancy. If the Servicer agrees with the verified amounts, the Servicer
        shall adjust the immediately succeeding Servicer Report and the amount remitted
        to the Securities Administrator with respect to prepayments accordingly.
        If the
        Servicer disagrees with the determination of the Master Servicer, the Servicer
        shall, within five (5) Business Days of its receipt of the Verification Report,
        notify the Master Servicer of such disagreement and provide the Master Servicer
        with detailed information to support its position. The Servicer and the Master
        Servicer shall cooperate to resolve any discrepancy on or prior to the
        immediately succeeding Servicer Remittance Date, and the Servicer will indicate
        the effect of such resolution on the Servicer Report and shall adjust the
        amount
        remitted with respect to prepayments on such Servicer Remittance Date
        accordingly.

       

      During
        such time as the Servicer and the Master Servicer are resolving discrepancies
        with respect to the Prepayment Charges, no payments in respect of any disputed
        Prepayment Charges will be remitted to the Securities Administrator for deposit
        in the Distribution Account and the Master Servicer shall not be obligated
        to
        deposit such payments, unless otherwise required pursuant to Section 8.01
        hereof. In connection with such duties, the Master Servicer shall be able
        to
        rely solely on the information provided to it by the Servicer in accordance
        with
        this Section. The Master Servicer shall not be responsible for verifying
        the
        accuracy of any of the information provided to it by the Servicer.

       

      ARTICLE
        V

       

      PAYMENTS
        TO CERTIFICATEHOLDERS

       

      SECTION
        5.01.  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: 

       

      (1) With
        respect to the Group I Mortgage Loans:

       

      (i) to
        Holders of REMIC I Regular Interest I, REMIC I Regular Interest CE-2 and
        REMIC I
        Regular Interest I-1-A through I-43-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; and

       

      (ii) to
        the
        extent of amounts remaining after the distributions made pursuant to clause
        (i)
        above, to the Holders of REMIC I Regular Interest I, an amount of principal
        shall be distributed to such Holders until the Uncertificated Balance of
        REMIC I
        Regular Interest I is reduced to zero; and

       

      (iii) to
        the
        extent of amounts remaining after distributions made pursuant to clauses
        (i) and
        (ii) above, payments of principal shall be allocated to REMIC I Regular
        Interests I-1-A through I-43-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.

       

      (2) With
        respect to the Group II Mortgage Loans:

       

      (i) to
        Holders of REMIC I Regular Interest II, REMIC I Regular Interest CE-2 and
        each
        of REMIC I Regular Interest II-1-A through II-43-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
        (i)
        above, to the Holders of REMIC I Regular Interest II, an amount of principal
        shall be distributed to such Holders until the Uncertificated Balance of
        REMIC I
        Regular Interest II is reduced to zero; and 

       

      (iii) to
        the
        extent of amounts remaining after distributions made pursuant to clauses
        (i) and
        (ii) above, payments of principal shall be allocated to REMIC I Regular
        Interests II-1-A through II-43-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.

       

      (b)  to
        the
        Holders of REMIC I Regular Interest I-43-B, all amounts representing Prepayment
        Charges in respect of the Group I Mortgage Loans received during the related
        Prepayment Period and to the Holders of REMIC I Regular Interest II-43-B,
        all
        amounts representing Prepayment Charges in respect of the Group II Mortgage
        Loans received during the related Prepayment Period.

       

      (c)  (1)
        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)  first
        to
        the Holders of REMIC II Regular Interest IO and REMIC II Regular Interest
        CE-2,
        in an amount equal to (A) Uncertificated Interest for such REMIC II Regular
        Interest for such Distribution Date, plus (B) any amounts in respect thereof
        remaining unpaid from previous Distribution Dates and second, to the Holders
        of
        REMIC II Regular Interest AA, REMIC II Regular Interest A-1, REMIC II Regular
        Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest
        A-2C,
        REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular
        Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4,
        REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular
        Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9,
        REMIC II Regular Interest M-10, REMIC II Regular Interest M-11 and REMIC
        II
        Regular Interest ZZ, 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 ZZ shall be reduced when the REMIC II Overcollateralization Amount
        is
        less than the REMIC II Required Overcollateralization Amount, by the lesser
        of
        (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Interest
        Deferral Amount and such amount will be payable to the Holders of REMIC II
        Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest
        A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC
        II
        Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest
        M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC
        II
        Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest
        M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC
        II
        Regular Interest M-11 in the same proportion as the Overcollateralization
        Increase Amount is allocated to the Corresponding Certificates and the
        Uncertificated Balance of REMIC II Regular Interest ZZ shall be increased
        by
        such amount;

       

      (ii)  to
        Holders of REMIC II Regular Interest I-SUB, REMIC II Regular Interest I-GRP,
        REMIC II Regular Interest II-SUB, REMIC II Regular Interest II-GRP, and REMIC
        II
        Regular Interest XX, 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;

       

      (iii)  to
        the
        Holders of REMIC II Regular Interests, in an amount equal to the remainder
        of
        the REMIC II Marker Allocation Percentage of the available funds for such
        Distribution Date after the distributions made pursuant to clause (i) above,
        allocated as follows:

       

      (A) 98.00%
        of
        such remainder to the Holders of REMIC II Regular Interest AA, 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 A-1, REMIC
        II
        Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest
        A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC
        II
        Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest
        M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC
        II
        Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest
        M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11, 1%
        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 ZZ, until the Uncertificated Balance of such REMIC II Regular
        Interest is reduced to zero;

       

      (C) to
        the
        Holders of REMIC II Regular Interest P, (1) 100% of the Prepayment Charges
        deemed distributed on REMIC I Regular Interest P and (2) 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; then

       

      (D) any
        remaining amount to the Holders of the Class R Certificate, in respect of
        the
        Class R-II Interest;

       

      provided,
        however, that 98.00% and 2.00% of any principal payments that are attributable
        to an Overcollateralization Reduction Amount shall be allocated to Holders
        of
        REMIC II Regular Interest AA and REMIC II Regular Interest ZZ,
        respectively.

       

      (iv)  to
        the
        Holders of REMIC II Regular Interests, in an amount equal to the remainder
        of
        the REMIC II Sub WAC Allocation Percentage of available funds for such
        Distribution Date after the distributions made pursuant to clause (c)(ii)
        above,
        such that distributions of principal shall be deemed to be made to the REMIC
        II
        Regular Interests first, so as to keep the Uncertificated Balance of each
        REMIC
        II Regular Interest ending with the designation “GRP” equal to 0.01% of the
        aggregate Stated Principal Balance of the Mortgage Loans in the related loan
        group; second, to each REMIC II Regular Interest ending with the designation
        “SUB,” so that the Uncertificated Balance of each such REMIC II Regular Interest
        is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance
        of
        the Mortgage Loans in the related loan group over (y) the current Certificate
        Principal Balance of the Class A Certificate in the related loan group (except
        that if any such excess is a larger number than in the preceding distribution
        period, the least amount of principal shall be distributed to such REMIC
        II
        Regular Interests such that the REMIC II Subordinated Balance Ratio is
        maintained); and third, any remaining principal to REMIC II Regular Interest
        XX.

       

      (v)  Notwithstanding
        the distributions described in Section 5.01(c)(1), distributions of funds
        shall
        be made to Certificateholders only in accordance with Section 5.01(c)(2)
        through
        (7) and Section 5.01(d).

       

      (2) On
        each
        Distribution Date, the Securities Administrator shall withdraw from the
        Distribution Account to the extent on deposit therein an amount equal to
        the
        Group I Interest Remittance Amount and make the following disbursements and
        transfers in the order of priority described below, in each case to the extent
        of the Group I Interest Remittance Amount remaining for such Distribution
        Date:

       

      first,
        to the
        Supplemental Interest Trust, an amount equal to the Group I Allocation
        Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii)
        any
        Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
        Trigger Event (to the extent such amount has not been paid by the Securities
        Administrator from any upfront payment received pursuant to any related
        replacement interest rate swap agreement that may be entered into by the
        Trustee
        on behalf of the Supplemental Interest Trust);

       

      second,
        to the
        Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount
        allocable to the Class A-1 Certificates; and

       

      third,
        concurrently, to the Holders of the Class A-2A, Class A-2B, Class A-2C and
        Class
        A-2D Certificates, the Senior Interest Distribution Amount allocable to each
        such Class, to the extent remaining unpaid after the distribution of the
        Group
        II Interest Remittance Amount as set forth in Section 5.01(c)(3) below on
        a pro
        rata basis, based on the entitlement of each such Class.

       

      (3) On
        each
        Distribution Date, the Securities Administrator shall withdraw from the
        Distribution Account to the extent on deposit therein an amount equal to
        the
        Group II Interest Remittance Amount and make the following disbursements
        and
        transfers in the order of priority described below, in each case to the extent
        of the Group II Interest Remittance Amount remaining for such Distribution
        Date:

       

      first,
        to the
        Supplemental Interest Trust, an amount equal to the Group II Allocation
        Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii)
        any
        Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
        Trigger Event (to the extent such amount has not been paid by the Securities
        Administrator from any upfront payment received pursuant to any related
        replacement interest rate swap agreement that may be entered into by the
        Trustee
        on behalf of the Supplemental Interest Trust);

       

      second, concurrently,
        to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D
        Certificates, the Senior Interest Distribution Amount allocable to each such
        Class, on a pro rata basis, based on the entitlement of each such Class;
        and

       

      third,
        to the
        Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount
        allocable to the Class A-1 Certificates, to the extent remaining unpaid after
        the distribution of the Group I Interest Remittance Amount as set forth in
        Section 5.01(c)(2) above.

       

      (4) On
        each
        Distribution Date, the Securities Administrator shall withdraw from the
        Distribution Account to the extent on deposit therein an amount equal to
        the
        Group I Interest Remittance Amount and the Group II Interest Remittance Amount
        remaining after the distributions required by clauses (2) and (3) above and
        make
        the following disbursements and transfers in the order of priority described
        below, in each case to the extent of the Group I Interest Remittance Amount
        and
        Group II Interest Remittance Amount remaining for such Distribution
        Date:

       

      sequentially,
        to the Holders of 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, to the extent of the Interest Distribution Amount
        allocable to each such Class.

       

      (5) On
        each
        Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
        Event
        is in effect, the Securities Administrator shall withdraw from the Distribution
        Account to the extent on deposit therein an amount equal to the Group I
        Principal Distribution Amount and the Group II Principal Distribution Amount
        and
        distribute to the Certificateholders the following amounts, in the following
        order of priority:

       

      (vi)  The
        Group
        I Principal Distribution Amount shall be distributed in the following order
        of
        priority:

       

      first,
        to the
        Supplemental Interest Trust, an amount equal to the Group I Allocation
        Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii)
        any
        Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
        Trigger Event (to the extent such amount has not been paid by the Securities
        Administrator from any upfront payment received pursuant to any related
        replacement interest rate swap agreement that may be entered into by the
        Trustee
        on behalf of the Supplemental Interest Trust) to the extent not paid from
        the
        Interest Remittance Amount on such Distribution Date;

       

      second,
        to the
        Holders of the Class A-1 Certificates until the Certificate Principal Balance
        of
        the Class A-1 Certificates has been reduced to zero; and

       

      third,
        sequentially, to the Holders of the Class A-2A, Class A-2B, Class A-2C and
        Class
        A-2D Certificates, in that order, after taking into account the distribution
        of
        the Group II Principal Distribution Amount as described in Section
        5.01(c)(5)(ii) below, until the Certificate Principal Balance of each such
        Class
        has been reduced to zero. 

       

      (vii)  The
        Group
        II Principal Distribution Amount shall be distributed in the following order
        of
        priority:

       

      first,
        to the
        Supplemental Interest Trust, an amount equal to the Group II Allocation
        Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii)
        any
        Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
        Trigger Event (to the extent such amount has not been paid by the Securities
        Administrator from any upfront payment received pursuant to any related
        replacement interest rate swap agreement that may be entered into by the
        Trustee
        on behalf of the Supplemental Interest Trust) to the extent not paid from
        the
        Interest Remittance Amount on such Distribution Date;

       

      second,
        sequentially, to the Holders of the Class A-2A Class A-2B, Class A-2C and
        Class
        A-2D Certificates, in that order, until the Certificate Principal Balance
        of
        each such Class has been reduced to zero; and

       

      third,
        to the
        Holders of the Class A-1 Certificates after taking into account the distribution
        of the Group I Principal Distribution Amount as described in Section
        5.01(c)(5)(i) above, until the Certificate Principal Balance of such Class
        has
        been reduced to zero.

       

      (viii)  The
        Group
        I Principal Distribution Amount and Group II Principal Distribution Amount
        remaining after distributions pursuant to Sections 5.01(c)(5)(i) and (ii)
        above
        shall be distributed in the following order of priority:

       

      sequentially,
        to the Holders of 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, until the Certificate Principal Balance of each
        such Class has been reduced to zero.

       

      (6) On
        each
        Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
        Event is not in effect, the Securities Administrator shall withdraw from
        the
        Distribution Account to the extent on deposit therein an amount equal to
        the
        Group I Principal Distribution Amount and the Group II Principal Distribution
        Amount and distribute to the Certificateholders the following amounts, in
        the
        following order of priority:

       

      (ix)  The
        Group
        I Principal Distribution Amount shall be distributed in the following order
        of
        priority:

       

      first,
        to the
        Supplemental Interest Trust, an amount equal to the Group I Allocation
        Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii)
        any
        Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
        Trigger Event (to the extent such amount has not been paid by the Securities
        Administrator from any upfront payment received pursuant to any related
        replacement interest rate swap agreement that may be entered into by the
        Trustee
        on behalf of the Supplemental Interest Trust) to the extent not paid from
        the
        Interest Remittance Amount on such Distribution Date;

       

      second,
        to the
        Holders of the Class A-1 Certificates, the Class A-1 Principal Distribution
        Amount, until the Certificate Principal Balance of such Class has been reduced
        to zero; and 

       

      third,
        sequentially, to the Holders of the Class A-2A, Class A-2B, Class A-2C and
        Class
        A-2D Certificates, in that order, after taking into account the distribution
        of
        the Group II Principal Distribution Amount pursuant to Section 5.01(c)(6)(ii)
        below, up to an amount equal to the amount, if any, of the Class A-2 Principal
        Distribution Amount remaining unpaid on such Distribution Date, until the
        Certificate Principal Balance of each such Class has been reduced to
        zero.

       

      (x)  The
        Group
        II Principal Distribution Amount shall be distributed in the following order
        of
        priority:

       

      first,
        to the
        Supplemental Interest Trust, an amount equal to the Group II Allocation
        Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii)
        any
        Swap Termination Payment owed to the Swap Provider not due to a Swap Provider
        Trigger Event (to the extent such amount has not been paid by the Securities
        Administrator from any upfront payment received pursuant to any related
        replacement interest rate swap agreement that may be entered into by the
        Trustee
        on behalf of the Supplemental Interest Trust) to the extent not paid from
        the
        Interest Remittance Amount on such Distribution Date;

       

      second,
        sequentially, to the Holders of the Class A-2A, Class A-2B, Class A-2C and
        Class
        A-2D Certificates, in that order, the Class A-2 Principal Distribution Amount,
        until the Certificate Principal Balance of each such Class has been reduced
        to
        zero; and

       

      third,
        to the
        Holders of the Class A-1 Certificates, after taking into account the
        distribution of the Group I Principal Distribution Amount pursuant to Section
        5.01(c)(6)(i) above, up to an amount equal to the amount, if any, of the
        Class
        A-1 Principal Distribution Amount remaining unpaid on such Distribution Date,
        until the Certificate Principal Balance of the Class A-1 Certificates has
        been
        reduced to zero.

       

      (xi)  The
        Principal Distribution Amount remaining after distributions pursuant to Sections
        5.01(c)(6)(i) and (ii) above shall be distributed in the following order
        of
        priority:

       

      first,
        to the
        Holders of the Class M-1 Certificates, the lesser of (x) the remaining Principal
        Distribution Amount and (y) the Class M-1 Principal Distribution Amount,
        until
        the Certificate Principal Balance of the Class M-1 Certificates has been
        reduced
        to zero;

       

      second,
        to the
        Holders of the Class M-2 Certificates, the lesser of (x) the excess of (i)
        the
        remaining Principal Distribution Amount over (ii) the amounts distributed
        to the
        Holders of the Class M-1 Certificates under clause first
        above,
        and (y) the Class M-2 Principal Distribution Amount, until the Certificate
        Principal Balance of the Class M-2 Certificates has been reduced to
        zero;

       

      third,
        to the
        Holders of the Class M-3 Certificates, the lesser of (x) the excess of (i)
        the
        remaining Principal Distribution Amount over (ii) the sum of the amounts
        distributed to the Holders of the Class M-1 Certificates under clause
first
        above
        and to the Holders of the Class M-2 Certificates under clause second
        above,
        and (y) the Class M-3 Principal Distribution Amount, until the Certificate
        Principal Balance of the Class M-3 Certificates has been reduced to
        zero;

       

      fourth,
        to the
        Holders of the Class M-4 Certificates, the lesser of (x) the excess of (i)
        the
        remaining Principal Distribution Amount over (ii) the sum of the amounts
        distributed to the Holders of the Class M-1 Certificates under clause
first
        above,
        to the Holders of the Class M-2 Certificates under clause second
        above
        and to the Holders of the Class M-3 Certificates under clause third
        above,
        and (y) the Class M-4 Principal Distribution Amount, until the Certificate
        Principal Balance of the Class M-4 Certificates has been reduced to
        zero;

       

      fifth,
        to the
        Holders of the Class M-5 Certificates, the lesser of (x) the excess of (i)
        the
        remaining Principal Distribution Amount over (ii) the sum of the amounts
        distributed to the Holders of the Class M-1 Certificates under clause
first
        above,
        to the Holders of the Class M-2 Certificates under clause second
        above,
        to the Holders of the Class M-3 Certificates under clause third
        above
        and to the Holders of the Class M-4 Certificates under clause fourth
        above,
        and (y) the Class M-5 Principal Distribution Amount, until the Certificate
        Principal Balance of the Class M-5 Certificates has been reduced to
        zero;

       

      sixth,
        to the
        Holders of the Class M-6 Certificates, the lesser of (x) the excess of (i)
        the
        remaining Principal Distribution Amount over (ii) the sum of the amounts
        distributed to the Holders of the Class M-1 Certificates under clause
first
        above,
        to the Holders of the Class M-2 Certificates under clause second
        above,
        to the Holders of the Class M-3 Certificates under clause third
        above,
        to the Holders of the Class M-4 Certificates under clause fourth
        above
        and to the Holders of the Class M-5 Certificates under clause fifth
        above,
        and (y) the Class M-6 Principal Distribution Amount, until the Certificate
        Principal Balance of the Class M-6 Certificates has been reduced to zero;
        

       

      seventh,
        to the
        Holders of the Class M-7 Certificates, the lesser of (x) the excess of (i)
        the
        remaining Principal Distribution Amount over (ii) the sum of the amounts
        distributed to the Holders of the Class M-1 Certificates under clause
first
        above,
        to the Holders of the Class M-2 Certificates under clause second
        above,
        to the Holders of the Class M-3 Certificates under clause third
        above,
        to the Holders of the Class M-4 Certificates under clause fourth
        above,
        to the Holders of the Class M-5 Certificates under clause fifth
        above
        and to the Holders of the Class M-6 Certificates under clause sixth
        above,
        and (y) the Class M-7 Principal Distribution Amount, until the Certificate
        Principal Balance of the Class M-7 Certificates has been reduced to
        zero;

       

      eighth,
        to the
        Holders of the Class M-8 Certificates, the lesser of (x) the excess of (i)
        the
        remaining Principal Distribution Amount over (ii) the sum of the amounts
        distributed to the Holders of the Class M-1 Certificates under clause
first
        above,
        to the Holders of the Class M-2 Certificates under clause second
        above,
        to the Holders of the Class M-3 Certificates under clause third
        above,
        to the Holders of the Class M-4 Certificates under clause fourth
        above,
        to the Holders of the Class M-5 Certificates under clause fifth
        above,
        to the Holders of the Class M-6 Certificates under clause sixth
        above
        and to the Holders of the Class M-7 Certificates under clause seventh
        above,
        and (y) the Class M-8 Principal Distribution Amount, until the Certificate
        Principal Balance of the Class M-8 Certificates has been reduced to zero;
        

       

      ninth,
        to the
        Holders of the Class M-9 Certificates, the lesser of (x) the excess of (i)
        the
        remaining Principal Distribution Amount over (ii) the sum of the amounts
        distributed to the Holders of the Class M-1 Certificates under clause
first
        above,
        to the Holders of the Class M-2 Certificates under clause second
        above,
        to the Holders of the Class M-3 Certificates under clause third
        above,
        to the Holders of the Class M-4 Certificates under clause fourth
        above,
        to the Holders of the Class M-5 Certificates under clause fifth
        above,
        to the Holders of the Class M-6 Certificates under clause sixth
        above,
        to the Holders of the Class M-7 Certificates under clause seventh
        above
        and to the Holders of the Class M-8 Certificates under clause eighth
        above,
        and (y) the Class M-9 Principal Distribution Amount, until the Certificate
        Principal Balance of the Class M-9 Certificates has been reduced to
        zero;

       

      tenth,
        to the
        Holders of the Class M-10 Certificates, the lesser of (x) the excess of (i)
        the
        remaining Principal Distribution Amount over (ii) the sum of the amounts
        distributed to the Holders of the Class M-1 Certificates under clause
first
        above,
        to the Holders of the Class M-2 Certificates under clause second
        above,
        to the Holders of the Class M-3 Certificates under clause third
        above,
        to the Holders of the Class M-4 Certificates under clause fourth
        above,
        to the Holders of the Class M-5 Certificates under clause fifth
        above,
        to the Holders of the Class M-6 Certificates under clause sixth
        above,
        to the Holders of the Class M-7 Certificates under clause seventh
        above,
        to the Holders of the Class M-8 Certificates under clause eighth
        above
        and to the Holders of the Class M-9 Certificate under clause ninth
        above,
        and (y) the Class M-10 Principal Distribution Amount, until the Certificate
        Principal Balance of the Class M-10 Certificates has been reduced to
        zero;
        and

       

      eleventh,
        to the
        Holders of the Class M-11 Certificates, the lesser of (x) the excess of (i)
        the
        remaining Principal Distribution Amount over (ii) the sum of the amounts
        distributed to the Holders of the Class M-1 Certificates under clause
first
        above,
        to the Holders of the Class M-2 Certificates under clause second
        above,
        to the Holders of the Class M-3 Certificates under clause third
        above,
        to the Holders of the Class M-4 Certificates under clause fourth
        above,
        to the Holders of the Class M-5 Certificates under clause fifth
        above,
        to the Holders of the Class M-6 Certificates under clause sixth
        above,
        to the Holders of the Class M-7 Certificates under clause seventh
        above,
        to the Holders of the Class M-8 Certificates under clause eighth
        above,
        to the Holders of the Class M-9 Certificate under clause ninth
        above
        and to the Holders of the Class M-10 Certificates under clause tenth
        above,
        and (y) the Class M-11 Principal Distribution Amount, until the Certificate
        Principal Balance of the Class M-11 Certificates has been reduced to zero.
        

       

      Notwithstanding
        the priority of distributions described in this Section 5.01(c) with respect
        to
        the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, on any
        Distribution Date which occurs after the Certificate Principal Balances of
        the
        Mezzanine Certificates have been reduced to zero, distributions in respect
        of
        principal to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates
        will be made on a pro rata basis, based on the Certificate Principal Balance
        of
        each such Class, until the Certificate Principal Balance of each such Class
        has
        been reduced to zero.

       

      (7) On
        each
        Distribution Date, the Net Monthly Excess Cashflow (or, in the case of clause
        (i) below, the Net Monthly Excess Cashflow exclusive of any
        Overcollateralization Reduction Amount) shall be distributed as
        follows:

       

      (xii)  to
        the
        Holders of the Class or Classes of Certificates then entitled to receive
        distributions in respect of principal, in an amount equal to the
        Overcollateralization Increase Amount, payable to such Holders in accordance
        with the priorities set forth in Section 5.01(c)(5) and (6) above;

       

      (xiii)  sequentially,
        to the Holders of 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 an amount equal to the Interest Carry Forward
        Amount allocable to each such Class;

       

      (xiv)  sequentially,
        to the Holders of 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 an amount equal to the Allocated Realized
        Loss
        Amount allocable to each such Class;

       

      (xv)  concurrently,
        to the Holders of the Class A Certificates, in an amount equal to such
        Certificates’ allocated share of any Prepayment Interest Shortfalls on the
        Mortgage Loans to the extent not covered by payments pursuant to Section
        3.23 or
        4.18 of this Agreement and any shortfalls resulting from the application
        of the
        Relief Act or similar state or local law or the bankruptcy code with respect
        to
        the Mortgage Loans to the extent not previously reimbursed pursuant to Section
        1.02;

       

      (xvi)  sequentially,
        to the Holders of 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 an amount equal to such certificates’ share of
        any Prepayment Interest Shortfalls on the Mortgage Loans to the extent not
        covered by payments pursuant to Sections 3.22 or Section 4.19 of this Agreement
        and any Relief Act Interest Shortfall, in each case that were allocated to
        such
        Class for such Distribution Date and for any prior Distribution Date, to
        the
        extent not previously reimbursed pursuant to Section 1.02;

       

      (xvii)  to
        the
        Reserve Fund, the amount by which the Net WAC Rate Carryover Amounts, if
        any,
        with respect to the Offered Certificates exceeds the amount in the Reserve
        Fund
        that was not distributed on prior Distribution Dates;

       

      (xviii)  to
        the
        Supplemental Interest Trust, an amount equal to any Swap Termination Payment
        owed to the Swap Provider due to a Swap Provider Trigger Event pursuant to
        the
        Swap Agreement (to the extent such amount has not been paid by the Securities
        Administrator from any upfront payment received pursuant to any related
        replacement interest rate swap agreement that may be entered into by the
        Trustee
        on behalf of the Supplemental Interest Trust); 

       

      (xix)  
        to the
        Holders of the Class CE-1 Certificates the Interest Distribution Amount and
        any
        Overcollateralization Reduction Amount for such Distribution Date;
        and

       

      (xx)  to
        the
        Holders of the Class R Certificates, in respect of the Class R-III Interest,
        any
        remaining amounts; provided that if such Distribution Date is the Distribution
        Date immediately following the expiration of the latest Prepayment Charge
        term
        as identified on the Mortgage Loan Schedule or any Distribution Date thereafter,
        then any such remaining amounts will be distributed first, to the Holders
        of the
        Class P Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero and second, to the Holders of the Class R
        Certificates.

       

      The
        Class
        CE-1 Certificates are intended to receive all principal and interest received
        by
        the Trust on the Mortgage Loans that is not otherwise distributable to any
        other
        Class of Regular Certificates or REMIC Regular Interests. If the Securities
        Administrator determines that the Residual Certificates are entitled to any
        distributions on any Distribution Date other than the final Distribution
        Date,
        the Securities Administrator, prior to any such distribution to any Residual
        Certificate, shall notify the Depositor of such impending distribution. Upon
        such notification, the Depositor will prepare and request that the other
        parties
        hereto enter into an amendment to the Pooling and Servicing Agreement pursuant
        to Section 12.01, to revise such mistake in the distribution
        provisions.

       

      On
        each
        Distribution Date, after making the distributions of the Available Distribution
        Amount as set forth above, the Securities Administrator will first, withdraw
        from the Reserve Fund all income from the investment of funds in the Reserve
        Fund and distribute such amount to the Holders of the Class CE-1 Certificates,
        and second, withdraw from the Reserve Fund, 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 first, concurrently to the Class
        A
        Certificates, on a pro
        rata
        basis
        based on the entitlement of each such Class; second, to the Class M-1
        Certificates, third, to the Class M-2 Certificates, fourth, to the Class
        M-3
        Certificates, fifth, to the Class M-4 Certificates, sixth, to the Class M-5
        Certificates, seventh, to the Class M-6 Certificates, eighth, to the Class
        M-7
        Certificates, ninth, to the Class M-8 Certificates, tenth, to the Class M-9
        Certificates, eleventh, to the Class M-10 Certificates and twelfth, to the
        Class
        M-11 Certificates, in each case to the extent to the extent any Net WAC Rate
        Carryover Amount is allocable to each such Class.

       

      (d)  As
        described in Section 5.01(c)(2), (3), (5) and (6) above, Net Swap Payments
        and Swap Termination Payments (other than Swap Termination Payments resulting
        from a Swap Provider Trigger Event) payable by the Supplemental Interest
        Trust
        to the Swap Provider pursuant to the Swap Agreement shall be deducted from
        the
        Interest Remittance Amount, and to the extent of any such remaining amounts
        due,
        from the Principal Remittance Amount, prior to any distributions to the
        Certificateholders. On each Distribution Date, such amounts will be remitted
        to
        the Supplemental Interest Trust, first to make any Net Swap Payment owed
        to the
        Swap Provider pursuant to the Swap Agreement for such Distribution Date,
        and
        second to make any Swap Termination Payment (not due to a Swap Provider Trigger
        Event) owed to the Swap Provider pursuant to the Swap Agreement for such
        Distribution Date. Any Swap Termination Payment triggered by a Swap Provider
        Trigger Event owed to the Swap Provider pursuant to the Swap Agreement will
        be
        subordinated to distributions to the Holders of the Offered Certificates
        and
        shall be paid pursuant to Section 5.01(c)(7)(vii).

       

      (e)  On
        each
        Distribution Date, to the extent required, following the distribution of
        the Net
        Monthly Excess Cashflow and withdrawals from the Reserve Fund, the Securities
        Administrator will withdraw any amounts in the Supplemental Interest Trust
        and
        distribute such amounts in the following order of priority: 

       

      first,
        to the
        Swap Provider, any Net Swap Payment owed to the Swap Provider pursuant to
        the
        Swap Agreement for such Distribution Date;

       

      second,
        to the
        Swap Provider, any Swap Termination Payment owed to the Swap Provider not
        due to
        a Swap Provider Trigger Event pursuant to the Swap Agreement (to the extent
        such
        amount has not been paid by the Securities Administrator from any upfront
        payment received pursuant to any related replacement interest rate swap
        agreement that may be entered into by the Trustee on behalf of the Supplemental
        Interest Trust);

       

      third,
        concurrently, to each Class of Class A Certificates, the related Senior Interest
        Distribution Amount remaining undistributed after the distributions of the
        Group
        I Interest Remittance Amount and the Group II Interest Remittance Amount,
        on a
pro
        rata
        basis
        based on such respective remaining Senior Interest Distribution
        Amounts;

       

      fourth,
        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 Interest Distribution Amount and
        Interest Carry Forward Amount, to the extent remaining undistributed after
        the
        distributions of the Group I Interest Remittance Amount, the Group II Interest
        Remittance Amount and the Net Monthly Excess Cashflow;

       

      fifth,
        concurrently, to each class of Class A Certificates, the related Net WAC
        Rate
        Carryover Amount, to the extent remaining undistributed after distributions
        of
        Net Monthly Excess Cashflow on deposit in the Reserve Fund, on a pro
        rata
        basis
        based on such respective Net WAC Rate Carryover Amounts remaining;

       

      sixth,
        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 Reserve
        Fund;

       

      seventh,
        to the
        holders of the Class or Classes of Certificates then entitled to receive
        distributions in respect of principal, in an amount necessary to maintain
        the
        Required Overcollateralization Amount after taking into account distributions
        made pursuant to Section 5.01(c)(7)(i) above;

       

      eighth,
        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; 

       

      ninth,
        to the
        Swap Provider, an amount equal to any Swap Termination Payment owed to the
        Swap
        Provider due to a Swap Provider Trigger Event pursuant to the Swap Agreement
        (to
        the extent such amount has not been paid by the Securities Administrator
        from
        any upfront payment received pursuant to any related replacement interest
        rate
        swap agreement that may be entered into by the Trustee on behalf of the
        Supplemental Interest Trust); and

       

      tenth,
        to the
        Class CE-1 Certificates, any remaining amounts.

       

      (f)  On
        each
        Distribution Date, for so long as Ocwen is the Servicer of the Mortgage Loans,
        the Securities Administrator shall distribute to the Holders of the Class
        CE-2
        Certificates, with respect to each such Mortgage Loan, one-twelfth of the
        product of (i) the excess of the Servicing Fee Rate over the Ocwen Servicing
        Fee
        Rate, if any, multiplied by (ii) the Scheduled Principal Balance of the related
        Mortgage Loan as of the Due Date in the preceding calendar month (the “Excess
        Servicing Fee”).

       

      (g)  On
        each
        Distribution Date, the Securities Administrator shall withdraw any amounts
        then
        on deposit in the Distribution Account that represent Prepayment Charges
        and
        shall distribute such amounts to the Class P Certificateholders as described
        above.

       

      (h)  All
        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. Payments 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 5.01(i)
        or
        Section 10.01 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 Securities Administrator
        in
        writing at least five (5) 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 that is in excess
        of
        the lesser of (i) $5,000,000 or (ii) two-thirds of the initial Certificate
        Principal Balance 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 Securities 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
        Depositor, the Servicer, the Securities Administrator or the Master Servicer
        shall have any responsibility therefor except as otherwise provided by this
        Agreement or applicable law.

       

      (i)  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 Servicer, the Securities 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.

       

      (j)  Except
        as
        otherwise provided in Section 10.01, whenever the Securities Administrator
        expects that the final distribution with respect to any Class of Certificates
        will be made on the next Distribution Date, the Securities 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
        Securities 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 Securities
        Administrator therein specified, and

       

      (ii)  no
        interest shall accrue on such Certificates from and after the end of the
        related
        Interest 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
        Securities 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 5.01(i) shall not have been surrendered for
        cancellation within six months after the time specified in such notice, the
        Securities 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 Securities 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 such trust
        fund.
        If within one year after the final notice any such Certificates shall not
        have
        been surrendered for cancellation, the Securities Administrator shall pay
        to the
        Depositor 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 Securities
        Administrator as a result of such Certificateholder’s failure to surrender its
        Certificate(s) on the final Distribution Date for final payment thereof in
        accordance with this Section 5.01(i). Any such amounts held in trust by the
        Securities Administrator shall be held uninvested in an Eligible
        Account.

       

      (k)  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 5.04 and (b) distributed
        to
        the Holder of such Certificate in reduction of the Certificate Principal
        Balance
        thereof pursuant to this Section 5.01 from Net Monthly Excess Cashflow and
        (ii)
        in no event shall the Uncertificated Balance of a REMIC Regular Interest
        be
        reduced more than once in respect of any particular amount both (a) allocated
        to
        such REMIC Regular Interest in respect of Realized Losses pursuant to Section
        5.04 and (b) distributed on such REMIC Regular Interest in reduction of the
        Uncertificated Balance thereof pursuant to this Section 5.01.

       

      SECTION
        5.02.  Statements
        to Certificateholders.

       

      On
        each
        Distribution Date, the Securities Administrator (based on the information
        set
        forth in the Servicer Reports for such Distribution Date and information
        provided by the Trustee or the Swap Provider under the Swap Agreement with
        respect to payments made pursuant to the Swap Agreement) shall make available
        to
        each Holder of the Certificates, a statement as to the distributions made
        on
        such Distribution Date setting forth:

       

      (i)  the
        applicable Interest Accrual Periods and general Distribution Dates;

       

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

       

      (iii)  the
        aggregate Servicing Fee received by the Servicer during the related Due
        Period;

       

      (iv)  the
        amount, if any, of other fees or expenses accrued and paid, with an
        identification of the payee and the general purpose of such fees;

       

      (v)  with
        respect to each loan group, the amount of the related distribution to Holders
        of
        the Certificates (by class) allocable to principal, separately identifying
        (A)
        the aggregate amount of any Principal Prepayments included therein, (B) the
        aggregate of all scheduled payments of principal included therein and (C)
        any
        Overcollateralization Increase Amount included therein;

       

      (vi)  with
        respect to each loan group, the amount of such distribution to Holders of
        the
        Certificates (by class) allocable to interest and the portion thereof, if
        any,
        provided by the Swap Agreement;

       

      (vii)  with
        respect to each loan group, the Interest Carry Forward Amounts and any Net
        WAC
        Rate Carryover Amounts for the related Certificates (if any);

       

      (viii)  the
        aggregate amount of Advances included in the distributions on the Distribution
        Date (including the general purpose of such Advances);

       

      (ix)  with
        respect to each loan group, the number and aggregate principal balance of
        any
        Mortgage Loans (not including a Liquidated Mortgage Loan as of the end of
        the
        Prepayment Period) that were (A) delinquent (exclusive of Mortgage Loans
        in
        foreclosure) using the “OTS” method (1) one scheduled payment is delinquent, (2)
        two scheduled payments are delinquent, (3) three scheduled payments are
        delinquent and (4) foreclosure proceedings have been commenced, and loss
        information for the period;

       

      (x)  the
        number, aggregate principal balance, weighted average remaining term to maturity
        and weighted average Mortgage Rate of the Mortgage Loans as of the related
        Due
        Date;

       

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

       

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

       

      (xiii)  with
        respect to each loan group, whether the Stepdown Date has occurred and whether
        Trigger Event is in effect;

       

      (xiv)  with
        respect to each loan group, the cumulative Realized Losses through the end
        of
        the preceding month;

       

      (xv)  the
        aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
        Distribution Account for such Distribution Date;

       

      (xvi)  with
        respect to each loan group, the Certificate Principal Balance of the related
        Certificates before and after giving effect to the distribution of principal
        and
        allocation of Allocated Realized Loss Amounts on such Distribution
        Date;

       

      (xvii)  with
        respect to each loan group, the number and Scheduled Principal Balance of
        all
        the Mortgage Loans for the following Distribution Date;

       

      (xviii)  with
        respect to each loan group, the three-month rolling average of the percent
        equivalent of a fraction, the numerator of which is the aggregate Scheduled
        Principal Balance of the Mortgage Loans in such loan group that are 60 days
        or
        more delinquent or are in bankruptcy or foreclosure or are REO Properties,
        and
        the denominator of which is the Scheduled Principal Balances of all of the
        Mortgage Loans in such loan group;

       

      (xix)  the
        Certificate Factor for each such Class of Certificates applicable to such
        Distribution Date;

       

      (xx)  the
        Interest Distribution Amount in respect of the Class A Certificates, the
        Mezzanine Certificates and the Class CE-1 Certificates for such Distribution
        Date and the Interest Carry Forward Amount, if any, with respect to the Class
        A
        Certificates and the Mezzanine Certificates on such Distribution Date, and
        in
        the case of the Class A Certificates and the Mezzanine Certificates separately
        identifying any reduction thereof due to allocations of Prepayment Interest
        Shortfalls and interest shortfalls including the following Realized Losses:
        Relief Act Interest Shortfalls and Net WAC Rate Carryover Amounts;

       

      (xxi)  the
        aggregate amount of any Prepayment Interest Shortfall for such Distribution
        Date, to the extent not covered by payments by the Servicer pursuant to
        Section 3.22 of this Agreement, the Master Servicer pursuant to
        Section 4.19 of this Agreement; 

       

      (xxii)  the
        aggregate amount of Relief Act Interest Shortfalls for such Distribution
        Date;

       

      (xxiii)  the
        amount of, if any, of Net Monthly Excess Cashflow or excess spread and the
        application of such Net Monthly Excess Cashflow;

       

      (xxiv)  the
        Required Overcollateralization Amount and the Credit Enhancement Percentage
        for
        such Distribution Date;

       

      (xxv)  the
        Overcollateralization Increase Amount, if any, for such Distribution
        Date;

       

      (xxvi)  the
        Overcollateralization Reduction Amount, if any, for such Distribution
        Date;

       

      (xxvii)  the
        Pass-Through Rate for each class of Certificates for such Distribution
        Date;

       

      (xxviii)  
        the
        amount of any deposit to the Reserve Fund contemplated by
        Section 3.24(b);

       

      (xxix)  the
        balance of the Reserve Fund prior to the deposit or withdrawal of any amounts
        on
        such Distribution Date;

       

      (xxx)  the
        amount of any deposit to the Reserve Fund pursuant to
        Section 5.01(c)(7)(vi);

       

      (xxxi)  the
        Loss
        Severity Percentage with respect to each Mortgage Loan;

       

      (xxxii)  the
        Aggregate Loss Severity Percentage;

       

      (xxxiii)  with
        respect to each loan group, the amount of the Prepayment Charges remitted
        by the
        Servicer; 

       

      (xxxiv)  the
        amount of any Net Swap Payment payable to the Trust, any related Net Swap
        Payment payable to the Swap Provider, any Swap Termination Payment payable
        to
        the Trust and any related Swap Termination Payment payable to the Swap Provider;
        and 

       

      (xxxv)  the
        amount of the distribution made on such Distribution Date to the Holders
        of the
        Class CE-2 Certificates.

       

      The
        Securities Administrator will make such statement (and, at its option, any
        additional files containing the same information in an alternative format)
        available each month to the Certificateholders and the Rating Agencies via
        the
        Securities Administrator’s internet website. The Securities Administrator’s
        internet website shall initially be located at http:\\www.ctslink.com and
        assistance in using the website can be obtained by calling the Securities
        Administrator’s customer service desk at 1-301-815-6600. Parties that are unable
        to use the above distribution options are entitled to have a paper copy mailed
        to them via first class mail by calling the customer service desk and indicating
        such. The Securities Administrator 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 Securities Administrator
        shall provide timely and adequate notification to all above parties regarding
        any such changes.

       

      In
        the
        case of information furnished pursuant to subclauses (i) and (ii) 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 Securities
        Administrator shall furnish upon request to each Person who at any time during
        the calendar year was a Holder of a Regular Certificate 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 Securities Administrator shall
        be
        deemed to have been satisfied to the extent that substantially comparable
        information shall be provided by the Securities 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 Securities
        Administrator shall furnish upon request to each Person who at any time during
        the calendar year was a Holder of a Residual Certificate 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
        Securities Administrator shall, upon request, furnish to each Certificateholder
        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, as applicable, 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.

       

      On
        each
        Distribution Date the Securities Administrator shall provide 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 Securities Administrator and Bloomberg.

       

      SECTION
        5.03.  Servicer
        Reports; P&I Advances.

       

      (a)  On
        or
        before 12:00 noon New York time on the 18th calendar day of the month, and
        if
        the 18th calendar day is not a Business Day, the immediately following Business
        Day, the Servicer shall deliver to the Master Servicer and the Securities
        Administrator by telecopy or electronic mail (or by such other means as the
        Servicer, the Master Servicer and the Securities Administrator may agree
        from
        time to time) a remittance report containing such information with respect
        to
        the related Mortgage Loans and the related Distribution Date as is reasonably
        available to the Servicer as the Master Servicer or the Securities Administrator
        may reasonably require so as to enable the Master Servicer to master service
        the
        Mortgage Loans and oversee the servicing by the Servicer and the Securities
        Administrator to fulfill its obligations hereunder with respect to securities
        and tax reporting.

       

      (b)  The
        amount of P&I Advances to be made by the Servicer on any Distribution Date
        shall equal, subject to Section 5.03(d), (i) the aggregate amount of Monthly
        Payments (net of the related Servicing Fees), due during the related Due
        Period
        in respect of the Mortgage Loans serviced by the Servicer, which Monthly
        Payments were delinquent as of the close of business on the related
        Determination Date and (ii) with respect to each REO Property, which was
        acquired during or prior to the related Prepayment Period and as to which
        an REO
        Disposition did not occur during the related Prepayment Period, an amount
        equal
        to the excess, if any, of the REO Imputed Interest on such REO Property for
        the
        most recently ended calendar month, over the net income from such REO Property
        deposited in the Collection Account pursuant to Section 3.22 of this Agreement
        for distribution on such Distribution Date; provided, however, the Servicer
        shall not be required to make P&I Advances with respect to Relief Act
        Interest Shortfalls, shortfalls due to bankruptcy proceedings or with respect
        to
        Prepayment Interest Shortfalls in excess of its obligations under Section
        3.23.
        For purposes of the preceding sentence, the Monthly Payment on each Balloon
        Mortgage Loan with a delinquent Balloon Payment is equal to the assumed monthly
        payment that would have been due on the related Due Date based on the original
        principal amortization schedule for such Balloon Mortgage Loan.

       

      By
        12:00
        noon New York time on the Servicer Remittance Date, the Servicer shall remit
        in
        immediately available funds to the Securities Administrator for deposit in
        the
        Distribution Account an amount equal to the aggregate amount of P&I
        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 any Amounts Held For Future Distribution on deposit
        therein (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 5.03, used by the Servicer in discharge
        of
        any such P&I Advance) or (iii) in the form of any combination of (i) and
        (ii) aggregating the total amount of P&I Advances to be made by the Servicer
        with respect to the Mortgage Loans. In addition, the Servicer shall have
        the
        right to reimburse itself for any outstanding P&I Advance made from its own
        funds from Amounts Held for Future Distribution. Any Amounts Held For Future
        Distribution used by the Servicer to make P&I Advances or to reimburse
        itself for outstanding P&I Advances shall be appropriately reflected in the
        Servicer’s records and replaced by the Servicer by deposit in the Collection
        Account no later than the close of business on the Servicer Remittance Date
        immediately following the Due Period or Prepayment Period for which such
        amounts
        relate. The Securities Administrator will notify the Servicer and the Master
        Servicer by the close of business on the Business Day prior to the Distribution
        Date in the event that the amount remitted by the Servicer to the Securities
        Administrator on such date is less than the P&I Advances required to be made
        by the Servicer for the related Distribution Date.

       

      (c)  The
        obligation of the Servicer to make such P&I Advances is mandatory,
        notwithstanding any other provision of this Agreement but subject to (d)
        below,
        and, with respect to any related 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.

       

      (d)  Notwithstanding
        anything herein to the contrary, no P&I Advance or Servicing Advance shall
        be required to be made hereunder by the Servicer if such P&I Advance or
        Servicing Advance would, if made, constitute a Nonrecoverable P&I Advance or
        Nonrecoverable Servicing Advance, respectively. The determination by the
        Servicer that it has made a Nonrecoverable P&I Advance or a Nonrecoverable
        Servicing Advance or that any proposed P&I Advance or Servicing Advance, if
        made, would constitute a Nonrecoverable P&I Advance or Nonrecoverable
        Servicing Advance, respectively, shall be evidenced by a certification of
        a
        Servicing Officer delivered to the Master Servicer.

       

      (e)  In
        the
        event that the Servicer (or any successor thereto) fails to make a required
        P&I Advance, the Master Servicer (in its capacity as successor to the
        Servicer) will be required to make such P&I Advance on the Distribution Date
        on which the Servicer was required to make such P&I Advance, subject to its
        determination of recoverability.

       

      SECTION
        5.04.  Allocation
        of Realized Losses.

       

      (a)  Prior
        to
        the Determination Date, the Servicer shall determine as to each Mortgage
        Loan
        serviced by the Servicer and any related REO Property and include in the
        monthly
        remittance report provided to the Master Servicer and the Securities
        Administrator (substantially in the form of Schedule 4 hereto) such information
        as is reasonably available to the Servicer as the Master Servicer or the
        Securities Administrator may reasonably require so as to enable the Master
        Servicer to master service the Mortgage Loans and oversee the servicing by
        the
        Servicer and the Securities Administrator to fulfill its obligations hereunder
        with respect to securities and tax reporting, which shall include, but not
        be
        limited to: (i) the total amount of Realized Losses, if any, incurred in
        connection with any Final Recovery Determinations made during the related
        Prepayment Period; and (ii) the respective portions of such Realized Losses
        allocable to interest and allocable to principal. Prior to each Determination
        Date, the Servicer shall also determine as to each Mortgage Loan: (i) the
        total
        amount of Realized Losses, if any, incurred in connection with any Deficient
        Valuations made during the related Prepayment Period; and (ii) 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.

       

      (b)  All
        Realized Losses on the Mortgage Loans allocated to any REMIC I Regular Interest
        pursuant to Section 5.04(c) on the Mortgage Loans shall be allocated by the
        Securities Administrator on each Distribution Date as follows: first,
        to Net
        Monthly Excess Cashflow and to Net Swap Payments received from the Swap Provider
        under the Swap Agreement for that purpose; second,
        to the
        Class CE-1 Certificates; third,
        to the
        Class M-11 Certificates, until the Certificate Principal Balance of the Class
        M-11 Certificates has been reduced to zero; fourth,
        to the
        Class M-10 Certificates, until the Certificate Principal Balance of the Class
        M-10 Certificates has been reduced to zero; fifth,
        to the
        Class M-9 Certificates, until the Certificate Principal Balance of the Class
        M-9
        Certificates has been reduced to zero; sixth,
        to the
        Class M-8 Certificates, until the Certificate Principal Balance of the Class
        M-8
        Certificates has been reduced to zero; seventh,
        to the
        Class M-7 Certificates, until the Certificate Principal Balance of the Class
        M-7
        Certificates has been reduced to zero; eighth,
        to the
        Class M-6 Certificates, until the Certificate Principal Balance of the Class
        M-6
        Certificates has been reduced to zero; ninth,
        to the
        Class M-5 Certificates, until the Certificate Principal Balance of the Class
        M-5
        Certificates has been reduced to zero; tenth,
        to the
        Class M-4 Certificates, until the Certificate Principal Balance of the Class
        M-4
        Certificates has been reduced to zero; eleventh,
        to the
        Class M-3 Certificates, until the Certificate Principal Balance of the Class
        M-3
        Certificates has been reduced to zero, twelfth,
        to the
        Class M-2 Certificates, until the Certificate Principal Balance of the Class
        M-2
        Certificates has been reduced to zero; and thirteenth,
        to the
        Class M-1 Certificates, until the Certificate Principal Balance of the Class
        M-1
        Certificates 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-1
        Certificate shall be made by reducing the amount otherwise payable in respect
        thereof pursuant to Section 5.01(c)(7)(viii). No allocations of any Realized
        Losses shall be made to the Certificate Principal Balances of the Class A
        Certificates or 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.

       

      In
        addition, in the event that the Servicer receives any Subsequent Recoveries
        with
        respect to a Mortgage Loan serviced by it, the Servicer shall deposit such
        funds
        into the Collection Account pursuant to Section 3.08. If, after taking into
        account such Subsequent Recoveries, the amount of a Realized Loss is reduced,
        the amount of such Subsequent Recoveries will be applied to increase the
        Certificate Principal Balance of the Class of Subordinate Certificates with
        the
        highest payment priority to which Realized Losses have been allocated, but
        not
        by more than the amount of Realized Losses previously allocated to that Class
        of
        Subordinate Certificates pursuant to this Section 5.04 and not previously
        reimbursed to such Class of Subordinate Certificates with Net Monthly Excess
        Cashflow pursuant to Section 5.01(c)(7). The amount of any remaining Subsequent
        Recoveries will be applied to sequentially increase the Certificate Principal
        Balance of the Subordinate Certificates, beginning with the Class of Subordinate
        Certificates with the next highest payment priority, up to the amount of
        such
        Realized Losses previously allocated to such Class of Subordinate Certificates
        pursuant to this Section 5.04 and not previously reimbursed to such Class
        of
        Subordinate Certificates with Net Monthly Excess Cashflow pursuant to Section
        5.01(c)(7)(iii). Holders of such Certificates will not be entitled to any
        payment in respect of current interest on the amount of such increases for
        any
        Interest Accrual Period preceding the Distribution Date on which such increase
        occurs. Any such increases shall be applied to the Certificate Principal
        Balance
        of each Subordinate Certificate of such Class in accordance with its respective
        Percentage Interest.

       

      (c)  (i)  All
        Realized Losses on the Group I Mortgage Loans shall be allocated on each
        Distribution Date first to REMIC I Regular Interest I until the Uncertificated
        Balance of such REMIC I Regular Interest has been reduced to zero and second,
        to
        REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-43-B, starting
        with the lowest numerical denomination until such REMIC I Regular Interest
        has
        been 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. All Realized Losses on the Group II Mortgage
        Loans shall be allocated on each Distribution Date first, to REMIC I Regular
        Interest II until the Uncertificated Balance of such REMIC I Regular Interest
        has been reduced to zero and second, to REMIC I Regular Interest II-1-A through
        REMIC I Regular Interest II-43-B, starting with the lowest numerical
        denomination until such REMIC I Regular Interest has been 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. 

       

      (ii)  The
        REMIC
        II Marker Allocation Percentage of all Realized Losses on the Mortgage Loans
        shall be allocated by the Securities 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 AA and REMIC II Regular Interest ZZ up to an aggregate amount equal
        to
        the REMIC II Interest Loss Allocation Amount, 98.00% and 2.00%, respectively;
        second, to the Uncertificated Balances of the REMIC II Regular Interest AA
        and
        REMIC II Regular Interest ZZ up to an aggregate amount equal to the REMIC
        II
        Principal Loss Allocation Amount, 98.00% and 2.00%, respectively; third,
        to the
        Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
        Interest M-11 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        M-11
        has been reduced to zero; fourth, to the Uncertificated Balances of REMIC
        II
        Regular Interest AA, REMIC II Regular Interest M-10 and REMIC II Regular
        Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated
        Balance of REMIC II Regular Interest M-10 has been reduced to zero; fifth,
        to
        the Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
        Interest M-9 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        M-9
        has been reduced to zero; sixth, to the Uncertificated Balances of REMIC
        II
        Regular Interest AA, REMIC II Regular Interest M-8 and REMIC II Regular Interest
        ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
        of
        REMIC II Regular Interest M-8 has been reduced to zero; seventh, to the
        Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
        Interest M-7 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        M-7
        has been reduced to zero; eighth, to the Uncertificated Balances of REMIC
        II
        Regular Interest AA, REMIC II Regular Interest M-6 and REMIC II Regular Interest
        ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
        of
        REMIC II Regular Interest M-6 has been reduced to zero; ninth, to the
        Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
        Interest M-5 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        M-5
        has been reduced to zero; tenth, to the Uncertificated Balances of REMIC
        II
        Regular Interest AA, REMIC II Regular Interest M-4 and REMIC II Regular Interest
        ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
        of
        REMIC II Regular Interest M-4 has been reduced to zero; eleventh, to the
        Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
        Interest M-3 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        M-3
        has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC
        II
        Regular Interest AA, REMIC II Regular Interest M-2 and REMIC II Regular Interest
        ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Balance
        of
        REMIC II Regular Interest M-2 has been reduced to zero; and thirteenth, to
        the
        Uncertificated Balances of REMIC II Regular Interest AA, REMIC II Regular
        Interest M-1 and REMIC II Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
        respectively, until the Uncertificated Balance of REMIC II Regular Interest
        M-1
        has been reduced to zero.

       

      (iii)  The
        REMIC
        II Sub WAC Allocation Percentage of all Realized Losses shall be applied
        after
        all distributions have been made on each Distribution Date first, so as to
        keep
        the Uncertificated Balance of each REMIC II Regular Interest ending with
        the
        designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of
        the Mortgage Loans in the related loan group; second, to each REMIC II Regular
        Interest ending with the designation “SUB,” so that the Uncertificated Balance
        of each such REMIC II Regular Interest is equal to 0.01% of the excess of
        (x)
        the aggregate Stated Principal Balance of the Mortgage Loans in the related
        loan
        group over (y) the current Certificate Principal Balance of the Class A
        Certificate in the related loan group (except that if any such excess is
        a
        larger number than in the preceding distribution period, the least amount
        of
        Realized Losses shall be applied to such REMIC II Regular Interests such
        that
        the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining
        Realized Losses shall be allocated to REMIC II Regular Interest XX.

       

      SECTION
        5.05.  Compliance
        with Withholding Requirements.

       

      Notwithstanding
        any other provision of this Agreement, the Trustee and the Securities
        Administrator shall comply with all federal withholding requirements respecting
        payments to Certificateholders of interest or original issue discount that
        the
        Trustee reasonably believes are applicable under the Code. The consent of
        Certificateholders shall not be required for such withholding. In the event
        the
        Securities Administrator does withhold any amount from interest or original
        issue discount payments or advances thereof to any Certificateholder pursuant
        to
        federal withholding requirements, the Securities Administrator shall indicate
        the amount withheld to such Certificateholders.

       

      SECTION
        5.06.  Reports
        Filed with Securities and Exchange Commission.

       

      (a)  (i)Within
        15
        days after each Distribution Date (subject to permitted extensions under
        the
        Exchange Act), the Securities Administrator shall prepare and file on behalf
        of
        the Trust any Form 10-D required by the Exchange Act, in form and substance
        as
        required by the Exchange Act. The Securities Administrator shall file each
        Form
        10-D with a copy of the related Monthly Statement attached thereto. 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 G to the Depositor and the Securities Administrator
        and directed and approved by the Depositor pursuant to the following paragraph,
        and the Securities 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 G hereto, within 5 calendar days after the related Distribution
        Date, (A) certain parties to the ACE Securities Corp., Home Equity Loan Trust,
        Series 2006-ASAP3 transaction shall be required to provide to the Securities
        Administrator and the Depositor, to the extent known by a responsible officer
        thereof, in EDGAR-compatible form, or in such other form as otherwise agreed
        upon by the Securities 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  H hereto (an “Additional
        Disclosure Notification”) and (B) the Depositor will approve, as to form and
        substance, or disapprove, as the case may be, the inclusion of the Additional
        Form 10-D Disclosure on Form 10-D. The Depositor will be responsible for
        any
        reasonable fees and expenses assessed or incurred by the Securities
        Administrator in connection with including any Additional Form 10-D Disclosure
        on Form 10-D pursuant to this paragraph. 

       

      (iii) After
        preparing the Form 10-D, the Securities Administrator shall upon request,
        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
        (2)
        Business Days after receipt of such copy but no later than the 12th
        calendar
        day after the Distribution Date, the Depositor shall notify the Securities
        Administrator in writing (which may be furnished electronically) of any changes
        to or approval of such Form 10-D. In the absence of receipt of any written
        changes or approval by the due date specified herein, or if the Depositor
        does
        not request a copy of a Form 10-D, the Securities Administrator shall be
        entitled to assume that such Form 10-D is in final form and the Securities
        Administrator may proceed with the execution and filing of the Form 10-D.
        A duly
        authorized representative of the Master Servicer shall sign the 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 Securities Administrator will follow the procedures set forth
        in
        Section 5.06(c)(ii). Promptly (but no later than 1 Business Day) after filing
        with the Commission, the Securities Administrator will make available on
        its
        internet website a final executed copy of each Form 10-D prepared and filed
        by
        the Securities Administrator. Each party to this Agreement acknowledges that
        the
        performance by the Securities Administrator and the Master Servicer of their
        duties under this Section 5.06(a) 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 as set forth in this
        Agreement. Neither the Master Servicer nor the Securities Administrator shall
        have any liability for any loss, expense, damage, claim arising out of or
        with
        respect to any failure to properly prepare, execute and/or timely file such
        Form
        10-D, where such failure results from the Securities Administrator’s inability
        or failure to receive, on a timely basis, any information from any other
        party
        hereto needed to prepare, arrange for execution or file such Form 10-D, not
        resulting from its own negligence, bad faith or willful misconduct.

       

      (b)  (i)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 Securities 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 G to the Depositor and the Securities Administrator
        and
        directed and approved by the Depositor pursuant to the following paragraph,
        and
        the Securities Administrator will have no duty or liability for any failure
        hereunder to determine or prepare any Form 8-K Disclosure Information or
        any
        Form 8-K, except as set forth in the next paragraph. 

       

      (ii) As
        set
        forth on Exhibit G hereto, for so long as the Trust is subject to the Exchange
        Act reporting requirements, no later than the close of business New York
        City
        time on the 2nd Business Day after the occurrence of a Reportable Event (i)
        the
        parties to the ACE Securities Corp., Home Equity Loan Trust, Series 2006-ASAP3
        transaction shall be required to provide to the Securities Administrator
        and
        Depositor, to the extent known by a responsible officer thereof, in
        EDGAR-compatible form, or in such other form as otherwise agreed upon by
        the
        Securities Administrator 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. The Depositor will be responsible for any reasonable fees and
        expenses assessed or incurred by the Securities Administrator in connection
        with
        including any Form 8-K Disclosure Information on Form 8-K pursuant to this
        paragraph. 

       

      (iii) After
        preparing the Form 8-K, the Securities Administrator shall upon request,
        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 Securities Administrator in writing (which
        may be
        furnished electronically) of any changes to or approval of such Form 8-K.
        In the
        absence of receipt of any written changes or approval by the third Business
        Day,
        or if the Depositor does not request a copy of a Form 8-K, the Securities
        Administrator shall be entitled to assume that such Form 8-K is in final
        form
        and the Securities Administrator may proceed with the execution and filing
        of
        the Form 8-K. 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 Securities Administrator will follow the
        procedures set forth in Section 5.06(c)(ii). Promptly (but no later than
        1
        Business Day) after filing with the Commission, the Securities Administrator
        will, make available on its internet website a final executed copy of each
        Form
        8-K that has been prepared and filed by the Securities Administrator. The
        parties to this Agreement acknowledge that the performance by the Master
        Servicer and the Securities Administrator of their duties under this Section
        5.06(b) 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 Agreement. Neither the Master Servicer
        nor the Securities Administrator shall have any liability for any loss, expense,
        damage, claim arising out of or with respect to any failure to properly prepare,
        execute and/or timely file such Form 8-K, where such failure results from
        the
        Securities Administrator’s inability or failure to receive, on a timely basis,
        any information from any other party hereto needed to prepare, execute or
        arrange for execution or file such Form 8-K, not resulting from its own
        negligence, bad faith or willful misconduct.

       

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

       

      (ii) In
        the
        event that the Securities Administrator is unable to timely file with the
        Commission all or any required portion of any Form 8-K, 10-D or 10-K required
        to
        be filed by this Agreement because required disclosure information was either
        not delivered to it or delivered to it after the delivery deadlines set forth
        in
        this Agreement or for any other reason, the Securities Administrator will
        promptly electronically notify the Depositor. In the case of Form 10-D and
        10-K,
        the parties to this Agreement will cooperate to prepare and file a Form 12b-25
        and a 10-DA and 10-KA as applicable, pursuant to Rule 12b-25 of the Exchange
        Act. In the case of Form 8-K, the Securities Administrator will, upon receipt
        of
        all required Form 8-K Disclosure Information and upon the approval and direction
        of the Depositor, include such disclosure information on the next Form 10-D.
        In
        the event that any previously filed Form 8-K, 10-D or 10-K needs to be amended
        and such amendment includes any Additional Form 10-D Disclosure (other than
        for
        the purposes of restating any Monthly Report), any Additional Form 10-K
        Disclosure or any Form 8-K Disclosure Information or any amendment to such
        disclosure, the Securities Administrator will electronically notify the
        Depositor only if the amendment pertains to an additional reporting item
        being
        revised and/or amended on such form, but not if an amendment is being filed
        as a
        result of a Remittance Report revision, and the Depositor will cooperate
        with
        the Securities Administrator in preparing any necessary 8-KA, 10-DA or 10-KA.
        Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall
        be
        signed by a duly authorized 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 the Securities Administrator
        and
        the Master Servicer of their duties under this Section 5.06(c) related to
        the
        timely preparation, execution and filing of Form 15, a Form 12b-25 or any
        amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
        performing its duties under this Agreement. Neither the Master Servicer nor
        the
        Securities Administrator shall have any liability for any loss, expense,
        damage,
        claim arising out of or with respect to any failure to properly prepare,
        execute
        and/or timely file any such Form 15, Form 12b-25 or any amendments to Forms
        8-K,
        10-D or 10-K, where such failure results from the Securities Administrator’s
        inability or failure to receive, on a timely basis, any information from
        any
        other party hereto needed to prepare, execute or arrange for execution or
        file
        such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not
        resulting from its own negligence, bad faith or willful misconduct.

       

      (d)  (i)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 Securities Administrator shall prepare and
        file on
        behalf of the Trust a Form 10-K, in form and substance as required by the
        Exchange Act. Each such Form 10-K shall include the following items, in each
        case to the extent they have been delivered to the Securities Administrator
        within the applicable time frames set forth in this Agreement, the related
        servicing agreement and custodial agreements, (i) an annual compliance statement
        for the Servicer, each Additional Servicer, the Master Servicer and the
        Securities Administrator and any Servicing Function Participant engaged by
        such
        parties (each, a “Reporting Servicer”) as described under Section 3.17 and
        Section 4.15 and in such other agreements, (ii)(A) the annual reports on
        assessment of compliance with servicing criteria for each Reporting Servicer,
        as
        described under Section 3.18 and Section 4.16 and in such other agreements,
        and
        (B) if each Reporting Servicer’s report on assessment of compliance with
        servicing criteria described under Section 3.18 and Section 4.16 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 described under Section 3.18 and Section
        4.16
        is not included as an exhibit to such Form 10-K, disclosure that such report
        is
        not included and an explanation why such report is not included, (iii)(A)
        the
        registered public accounting firm attestation report for each Reporting
        Servicer, as described under Section 3.18 and Section 4.17, or in such other
        agreement and (B) if any registered public accounting firm attestation report
        described under Section 3.18 and Section 4.17 identifies any material instance
        of noncompliance, disclosure identifying such instance of noncompliance,
        or if
        any such registered public accounting firm attestation report is not included
        as
        an exhibit to such Form 10-K, disclosure that such report is not included
        and an
        explanation why such report is not included, and (iv) a Sarbanes-Oxley
        Certification as described in Section 3.20 and Section 4.18 (provided, however,
        that the Securities Administrator, at its discretion, may omit from the Form
        10-K any annual compliance statement, assessment of compliance or attestation
        report that is not required to be filed with such Form 10-K pursuant to
        Regulation AB). Any disclosure or information in addition to (i) through
        (iv)
        above that is required to be included on Form 10-K (“Additional Form 10-K
        Disclosure”) shall be reported by the parties set forth on Exhibit G to the
        Depositor and the Securities Administrator and directed and approved by the
        Depositor pursuant to the following paragraph, and the Securities 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.

       

      (ii) As
        set
        forth on Exhibit G hereto, no later than March 15 of each year that the Trust
        is
        subject to the Exchange Act reporting requirements, commencing in 2007, (i)
        parties to the ACE Securities Corp., Home Equity Loan Trust, Series 2006-ASAP3
        transaction shall be required to provide to the Securities Administrator
        and
        Depositor, to the extent known, by a responsible officer thereof, in
        EDGAR-compatible form, or in such other form as otherwise agreed upon by
        the
        Securities 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 Depositor will be responsible for
        any
        reasonable fees and expenses assessed or incurred by the Securities
        Administrator in connection with including any Additional Form 10-K Disclosure
        on Form 10-K pursuant to this paragraph.

       

      (iii) After
        preparing the Form 10-K, the Securities Administrator shall upon request,
        forward electronically a copy of the Form 10-K to the Depositor. Within three
        (3) Business Days after receipt of such copy, but in no event later than
        March
        25th
        of each
        year that the Trust is subject to Exchange Act reporting requirements, the
        Depositor shall notify the Securities Administrator in writing (which may
        be
        furnished electronically) of any changes to or approval of such Form 10-K.
        In
        the absence of receipt of any written changes or approval by March 25th,
        or if
        the Depositor does not request a copy of a Form 10-K, the Securities
        Administrator shall be entitled to assume that such Form 10-K is in final
        form
        and the Securities Administrator may proceed with the execution and filing
        of
        the Form 10-K. 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 Securities
        Administrator will follow the procedures set forth in Section 5.06(c)(ii).
        Promptly (but no later than 1 Business Day) after filing with the Commission,
        the Securities Administrator will make available on its internet website
        a final
        executed copy of each Form 10-K prepared and filed by the Securities
        Administrator. The parties to this Agreement acknowledge that the performance
        by
        the Master Servicer and the Securities Administrator of their respective
        duties
        under this Section 5.06(d) related to the timely preparation, execution and
        filing of Form 10-K is contingent upon such parties (and any Additional Servicer
        or Servicing Function Participant) strictly observing all applicable deadlines
        in the performance of their duties under this Section 5.06(d), Section 3.17,
        Section 3.18, Section 3.20, Section 4.16, Section 4.17 and Section 4.18.
        Neither
        the Master Servicer nor the Securities Administrator shall have any liability
        for any loss, expense, damage or claim arising out of or with respect to
        any
        failure to properly prepare, execute and/or timely file such Form 10-K, where
        such failure results from the Securities Administrator’s inability or failure to
        receive, on a timely basis, any information from any other party hereto needed
        to prepare, arrange for execution or file such Form 10-K, not resulting from
        its
        own negligence, bad faith or willful misconduct.

       

      (e)  The
        Securities Administrator shall indemnify and hold harmless the Depositor,
        the
        Trustee 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 Master Servicer’s obligations under this
        Section 5.06 or the Master Servicer’s negligence, bad faith or willful
        misconduct in connection therewith. 

       

      (f)  Notwithstanding
        the provisions of Section 12.01, this Section 5.06 may be amended without
        the
        consent of the Certificateholders.

       

      SECTION
        5.07.  Supplemental
        Interest Trust.

       

      (a)  On
        the
        Closing Date, the Securities Administrator shall establish and maintain in
        the
        name of the Trustee a separate account for the benefit of the holders of
        the
        Offered Certificates (the “Supplemental Interest Trust”). The Supplemental
        Interest Trust 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 Trustee or of
        the
        Securities Administrator held pursuant to this Agreement. 

       

      (b)  On
        each
        Distribution Date, the Securities Administrator shall deposit into the
        Supplemental Interest Trust amounts distributable to the Swap Provider by
        the
        Supplemental Interest Trust pursuant to Section 5.01(c)(2), (3), (5) and
        (6) and Section 5.01(c)(7)(vii)
        of this
        Agreement. On each Distribution Date, the Securities Administrator shall
        distribute any such amounts to the Swap Provider pursuant to the Swap Agreement,
        first to pay any Net Swap Payment owed to the Swap Provider for such
        Distribution Date, and second to pay any Swap Termination Payment owed to
        the
        Swap Provider not due to a Swap Provider Trigger Event.

       

      (c)  On
        each
        Distribution Date, the Securities Administrator shall deposit into the
        Supplemental Interest Trust amounts received by it from the Swap Provider
        and
        shall distribute from the Supplemental Interest Trust an amount equal to
        the
        amount of any Net Swap Payment received from the Swap Provider under the
        Swap
        Agreement in the order of priority set forth in Section 5.01(d).

       

      (d)  The
        Supplemental Interest Trust constitutes an “outside reserve fund” within the
        meaning of Treasury Regulation § 1.860G-2(h) and is not an asset of any REMIC.
        The Holders of the Class CE-1 Certificates shall be the beneficial owner
        of the
        Supplemental Interest Trust, subject to the power of the Securities
        Administrator to transfer amounts under this Agreement. The Securities
        Administrator shall keep records that accurately reflect the funds on deposit
        in
        the Supplemental Interest Trust. The Securities Administrator shall, at the
        written direction of the majority of the Class CE-1 Certificateholders, invest
        amounts on deposit in the Supplemental Interest Trust in Permitted Investments.
        In the absence of written direction to the Securities Administrator from
        the
        majority of the Class CE-1 Certificateholders, all funds in the Supplemental
        Interest Trust shall remain uninvested. On each Distribution Date, the
        Securities Administrator shall distribute, not in respect of any REMIC, any
        interest earned on the Supplemental Interest Trust to the Holders of the
        Class
        CE-1 Certificates.

       

      (e)  For
        federal income tax purposes, amounts paid to the Supplemental Interest Trust
        on
        each Distribution Date pursuant to Section 5.01(c)(2), (3), (5) and (6) and
        Section 5.01(c)(7)(vii) shall first be deemed paid to the Supplemental
        Interest Trust in respect of the Class IO Interest to the extent of the amount
        distributable on such Class IO Interest on such Distribution Date, and any
        remaining amount shall be deemed paid to the Supplemental Interest Trust
        in
        respect of a Class IO Distribution Amount. 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-1 Certificates unless and until the date
        when
        either (a) there is more than one Class CE-1 Certificateholder or (b) any
        Class
        of Certificates in addition to the Class CE-1 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 partnership.

       

      (f)  The
        Securities Administrator shall treat the Holders of Certificates (other than
        the
        Class P, Class CE-1 and Class R Certificates) as having entered into a notional
        principal contract with respect to the Holders of the Class CE-1 Certificates.
        Pursuant to each such notional principal contract, all Holders of Certificates
        (other than the Class P, Class CE-1, Class CE-2 and Class R Certificates)
        shall
        be treated as having agreed to pay, on each Distribution Date, to the Holder
        of
        the Class CE-1 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 ownership of which is represented by 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 amount of interest otherwise payable to such
        Certificates, and a Class IO Distribution Amount payable from principal
        collections shall be allocated to the most subordinate Class of such
        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-1 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-1, Class CE-2, Class P and Class R Certificates) in accordance with the
        terms
        of this Agreement. Any payments to such 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-1, Class CE-2, Class P and Class R 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 the REMIC III Regular Interest ownership
        of
        which is represented by such Certificates, and as having been paid by such
        Holders to the Supplemental Interest Trust pursuant to the notional principal
        contract. Thus, each Certificate (other than the Class CE-2, Class P and
        Class R
        Certificates) shall be treated as representing not only ownership of a Regular
        Interest in REMIC III, but also ownership of an interest in, and obligations
        with respect to, a notional principal contract.

       

      (g)  For
        federal tax return and information reporting, the right of the holders of
        the
        Offered Certificates to receive payments from the Supplemental Interest Trust
        shall be assigned a value of $0.

       

      (h)  In
        the
        event that the Swap Agreement is terminated prior to the Distribution Date
        in
        December 2009, the Trustee on behalf of the Supplemental Interest Trust,
        at the
        direction of the Depositor, shall use reasonable efforts to appoint a successor
        swap provider using any Swap Termination Payments paid by the Swap Provider.
        To
        the extent the Supplemental Interest Trust is required to pay a Swap Termination
        Payment to the Swap Provider, all or a portion of such amount received from
        a
        replacement swap provider upon entering into a replacement interest rate
        swap
        agreement or similar agreement will be applied to the Swap Termination Payment
        owing to the Swap Provider. If the Trustee on behalf of the Supplemental
        Interest Trust is unable to locate a qualified successor swap provider, any
        such
        Swap Termination Payments will be deposited in the Supplemental Interest
        Trust
        and the Securities Administrator, on each subsequent Distribution Date (until
        the termination date of the Swap Agreement or the appointment of a successor
        swap provider), will withdraw the amount of any Net Swap Payment due to the
        Supplemental Interest Trust (calculated in accordance with the terms of the
        Swap
        Agreement) and distribute such Net Swap Payment to the holders of the
        Certificates in accordance with Section 5.01.

       

      SECTION
        5.08.  Tax
        Treatment of Swap Payments and Swap Termination Payments.

       

      For
        federal income tax purposes, each holder of an Offered Certificate is deemed
        to
        own an undivided beneficial ownership interest in a REMIC regular interest
        and
        the right to receive payments from either the Reserve Fund or the Supplemental
        Interest Trust in respect of any Net WAC Rate Carryover Amounts or the
        obligation to make payments to the Supplemental Interest Trust. For federal
        income tax purposes, the Securities Administrator will account for payments
        to
        each Offered Certificate as follows: each Offered Certificate will be treated
        as
        receiving their entire payment from REMIC III (regardless of any Swap
        Termination Payment or obligation under the Swap Agreement) and subsequently
        paying their portion of any Swap Termination Payment in respect of each such
        Class’s obligation under the Swap Agreement. In the event that any such Class is
        resecuritized in a REMIC, the obligation under the Swap Agreement to pay
        any
        such Swap Termination Payment (or any shortfall in Net Swap Payment), 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 Offered Certificate.

       

      The
        REMIC
        Regular Interest corresponding to an Offered 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 Swap Notional
        Amount
        of the 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 amounts otherwise payable to the Class CE-1 Certificates. As
        a
        result of the foregoing, the amount of distributions and taxable income on
        the
        REMIC Regular Interest corresponding to an Offered Certificate may exceed
        the
        actual amount of distributions on the Offered Certificate.

       

      ARTICLE
        VI

      

      THE
        CERTIFICATES

       

      SECTION
        6.01.  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,
        REMIC
        II and REMIC III.

       

      The
        Certificates will be substantially in the forms annexed hereto as Exhibits
        A-1
        through A-5. 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 and authenticated by the
        Securities Administrator and delivered by the Trustee to and upon the written
        order of the Depositor. The Certificates shall be executed by manual or
        facsimile signature on behalf of the Trust by the Securities Administrator
        by an
        authorized signatory. Certificates bearing the manual or facsimile signatures
        of
        individuals who were at any time the proper officers of the Securities
        Administrator shall bind the Trust, 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 Securities 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 Securities 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 Securities 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 Servicer
        and,
        if the Trustee is not the Book-Entry Custodian, the Trustee, 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 Securities Administrator resigns or is removed in accordance
        with the terms hereof, the successor Securities 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.

       

      (c)  The
        Class
        CE-1, Class CE-2 and Class P Certificates will be issued as Definitive
        Certificates.

       

      (d)  The
        Trustee, the Servicer, the Securities 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 Securities 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 Securities 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, (ii) the Depositor at its option advises the Securities
        Administrator in writing that it elects to terminate the book-entry system
        through the Depository or (iii) after the occurrence of a 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 Securities
        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 Securities 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 Securities Administrator of the
        Book-Entry Certificates by the Book-Entry Custodian or the Depository, as
        applicable, the Securities Administrator shall cause the Definitive Certificates
        to be issued. Such Definitive Certificates will be issued in minimum
        denominations of $10,000 except that any beneficial ownership that was
        represented by a Book-Entry Certificate in an amount less than $10,000
        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 Servicer, the Master Servicer, the
        Securities Administrator or the Trustee 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 Securities Administrator, to the extent applicable with respect to such
        Definitive Certificates, and the Securities Administrator shall recognize
        the
        Holders of the Definitive Certificates as Certificateholders
        hereunder.

       

      SECTION
        6.02.  Registration
        of Transfer and Exchange of Certificates.

       

      (a)  The
        Securities Administrator shall cause to be kept at one of the offices or
        agencies to be appointed by the Securities Administrator in accordance with
        the
        provisions of Section 9.11, a Certificate Register for the Certificates in
        which, subject to such reasonable regulations as it may prescribe, the
        Securities Administrator shall provide for the registration of Certificates
        and
        of transfers and exchanges of Certificates as herein provided.

       

      (b)  No
        transfer of any Class CE-1 Certificate, Class CE-2 Certificate, Class P
        Certificate or Residual Certificate shall be made unless that transfer is
        made
        pursuant to an effective registration statement under the Securities Act,
        and
        effective registration or qualification under applicable state securities
        laws,
        or is made in a transaction that does not require such registration or
        qualification. In the event that such a transfer of a Class CE-1 Certificate,
        Class CE-2 Certificate, Class P Certificate or Residual Certificate is to
        be
        made without registration or qualification (other than in connection with
        the
        initial transfer of any such Certificate by the Depositor), the Securities
        Administrator shall require receipt of: (i) if such transfer is purportedly
        being made in reliance upon Rule 144A under the Securities Act, written
        certifications from the Certificateholder desiring to effect the transfer
        and
        from such Certificateholder’s prospective transferee, substantially in the form
        attached hereto as Exhibit B-1; (ii) if such transfer is purportedly being
        made
        in reliance upon Rule 501(a) under the Securities Act, written certifications
        from the Certificateholder desiring to effect the transfer and from such
        Certificateholder’s prospective transferee, substantially in the form attached
        hereto as Exhibit B-2; and (iii) in all other cases, an Opinion of Counsel
        satisfactory to the Securities Administrator that such transfer may be made
        without such registration or qualification (which Opinion of Counsel shall
        not
        be an expense of the Trust Fund or of the Depositor, the Trustee, the Master
        Servicer, the Securities Administrator or the Servicer), 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. Neither of the Depositor nor the Securities
        Administrator is obligated to register or qualify any such Certificates under
        the Securities 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 Depositor, the Master Servicer, the
        Securities Administrator and the 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.

       

      (c)  No
        transfer of a Class CE-1 Certificate, Class CE-2 Certificate, Class P
        Certificate or a Residual Certificate or any interest therein shall be made
        to
        any Plan, any Person acting, directly or indirectly, on behalf of any 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”) unless the Securities Administrator is provided with
        an Opinion of Counsel on which the Depositor, the Master Servicer, the
        Securities Administrator, the Trustee and the Servicer may rely, which
        establishes to the satisfaction of the Securities Administrator 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 Servicer, the Trustee,
        the
        Master Servicer, the Securities Administrator 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 Servicer,
        the Trustee, the Master Servicer, the Securities Administrator, the Trust
        Fund.
        An Opinion of Counsel will not be required in connection with the initial
        transfer of any such Certificate by the Depositor to an affiliate of the
        Depositor (in which case, the Depositor or any affiliate thereof shall have
        deemed to have represented that such affiliate is not a Plan or a Person
        investing Plan Assets) and the Securities Administrator shall be entitled
        to
        conclusively rely upon a representation (which, upon the request of the
        Securities Administrator, shall be a written representation) from the Depositor
        of the status of such transferee as an affiliate of the Depositor.

       

      For
        so
        long as the Supplemental Interest Trust is in existence, each beneficial
        owner
        of a Offered Certificate or any interest therein, shall be deemed to have
        represented, by virtue of its acquisition or holding of the Offered Certificate,
        or interest therein, that either (i) it is not a Plan or (ii)(A) it is an
        accredited investor within the meaning of Prohibited Transaction Exemption
        2002-41, as amended from time to time (the “Exemption”) and (B) the acquisition
        and holding of such Certificate and the separate right to receive payments
        from
        the Supplemental Interest Trust are eligible for the exemptive relief available
        under Prohibited Transaction Class Exemption (“PTCE”) 84-14 (for transactions by
        independent “qualified professional asset managers”), 91-38 (for transactions by
        bank collective investment funds), 90-1 (for transactions by insurance company
        pooled separate accounts), 95-60 (for transactions by insurance company general
        accounts) or 96-23 (for transactions effected by “in-house asset
        managers”).

       

      Each
        Transferee of a Mezzanine Certificate or any interest therein that is acquired
        after the termination of the Supplemental Interest Trust shall certify or
        will
        be deemed to have represented by virtue of its purchase or holding of such
        Certificate (or interest therein) that either (a) such Transferee is not
        a Plan
        or purchasing such Certificate with Plan Assets, (b) it has acquired and
        is
        holding such Certificate in reliance on Prohibited Transaction Exemption
        (“PTE”)
        94-84 59 Fed. Reg. 65400 (December 19, 1994) or Final Authorization Number
        (FAN)
        97-03E (December 9, 1996), as amended by PTE 97-34, 62 Fed. Reg. 39021 (July
        21,
        1997), PTE 2000-58, 65 Fed. Reg. 67765 (November 13, 2000) and PTE 2002-41,
        67
        Fed. Reg. 54487 (August 22, 2002), and that it understands that there are
        certain conditions to the availability of the such exemption including that
        such
        Certificate must be rated, at the time of purchase, not lower than “BBB-” (or
        its equivalent) by a Rating Agency or (c) the following conditions are
        satisfied: (i) such Transferee is an insurance company, (ii) the source of
        funds
        used to purchase or hold such Certificate (or interest therein) is an “insurance
        company general account” (as defined in PTCE 95-60), and (iii) the conditions
        set forth in Sections I and III of PTCE 95-60 have been satisfied.

       

      If
        any
        Certificate or any interest therein is acquired or held in violation of the
        conditions described in this Section 6.02(c), 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 certificate
        or
        interest therein was effected in violation of the conditions described in
        this
        Section 6.02(c) shall indemnify and hold harmless the Depositor, the Trustee,
        the Servicer, the Master Servicer, the Securities Administrator 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 Securities 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 Securities
        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 Securities 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 B-3) from the proposed Transferee, in form
        and
        substance satisfactory to the Securities 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
        6.02(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 an authorized officer of the Securities 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.

       

      (D) Each
        Person holding or acquiring any Ownership Interest in a Residual Certificate
        shall agree (x) to require a Transfer Affidavit and Agreement 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 B-2)
        to
        the Securities Administrator stating that, among other things, it has no
        actual
        knowledge that such other Person is not a Permitted Transferee.

       

      (E) Each
        Person holding or acquiring an Ownership Interest in a Residual Certificate,
        by
        purchasing an Ownership Interest in such Certificate, agrees to give the
        Securities 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.”

       

      (ii)  The
        Securities 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 Securities
        Administrator as a condition to such registration. In addition, no Transfer
        of a
        Residual Certificate shall be made unless the Securities Administrator shall
        have received a representation letter from the Transferee of such Certificate
        to
        the effect that such Transferee is a Permitted Transferee.

       

      (iii)  (A)
        If
        any purported Transferee shall become a Holder of a Residual Certificate
        in
        violation of the provisions of this Section 6.02(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 Securities Administrator shall
        be
        under no liability to any Person for any registration of Transfer of a Residual
        Certificate that is in fact not permitted by this Section 6.02(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 6.02(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 Securities 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 Securities
        Administrator on such terms as the Securities Administrator may choose. Such
        purported Transferee shall promptly endorse and deliver each Residual
        Certificate in accordance with the instructions of the Securities Administrator.
        Such purchaser may be the Securities Administrator itself or any Affiliate
        of
        the Securities Administrator. The proceeds of such sale, net of the commissions
        (which may include commissions payable to the Securities Administrator or
        its
        Affiliates), expenses and taxes due, if any, will be remitted by the Securities
        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
        Securities Administrator, and the Securities 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
        Securities 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 fund, 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 charged or collected by
        the
        Securities Administrator.

       

      (v)  The
        provisions of this Section 6.02(d) set forth prior to this subsection (v)
        may be
        modified, added to or eliminated, provided that there shall have been delivered
        to the Securities Administrator 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 Securities
        Administrator, 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, as the case may be,
        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.

       

      (e)  Subject
        to the preceding subsections, upon surrender for registration of transfer
        of any
        Certificate at any office or agency of the Securities Administrator maintained
        for such purpose pursuant to Section 9.11, the Securities 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 Securities Administrator maintained
        for
        such purpose pursuant to Section 9.11. Whenever any Certificates are so
        surrendered for exchange, the Securities 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 Securities Administrator)
        be duly endorsed by, or be accompanied by a written instrument of transfer
        in
        the form satisfactory to the Securities Administrator duly executed by, the
        Holder thereof or his attorney duly authorized in writing. In addition, 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.

       

      (g)  No
        service charge to the Certificateholders shall be made for any transfer or
        exchange of Certificates, but the Securities 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 Securities Administrator in accordance with its customary
        procedures.

       

      SECTION
        6.03.  Mutilated,
        Destroyed, Lost or Stolen Certificates.

       

      If
        (i)
        any mutilated Certificate is surrendered to the Securities Administrator,
        or the
        Securities Administrator receives evidence to its satisfaction of the
        destruction, loss or theft of any Certificate and of the ownership thereof,
        and
        (ii) there is delivered to the Securities Administrator such security or
        indemnity as may be required by it to save it harmless, then, in the absence
        of
        actual knowledge by the Securities Administrator that such Certificate has
        been
        acquired by a protected purchaser, the Securities Administrator, shall execute,
        authenticate and deliver, in exchange for or in lieu of any such mutilated,
        destroyed, lost or stolen Certificate, a new Certificate of the same Class
        and
        of like denomination and Percentage Interest. Upon the issuance of any new
        Certificate under this Section, the Securities Administrator may require
        the
        payment of a sum sufficient to cover any tax or other governmental charge
        that
        may be imposed in relation thereto and any other expenses (including the
        fees
        and expenses of the Securities Administrator) connected therewith. Any
        replacement Certificate issued pursuant to this Section 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
        6.04.  Persons
        Deemed Owners.

       

      The
        Depositor, the Servicer, the Trustee, the Master Servicer, the Securities
        Administrator 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 Servicer, the Trustee, the Master
        Servicer, the Securities Administrator or any agent of any of them shall
        be
        affected by notice to the contrary.

       

      SECTION
        6.05.  Certain
        Available Information.

       

      On
        or
        prior to the date of the first sale of any Class CE-1 Certificate, Class
        CE-2
        Certificate, Class P Certificate or Residual Certificate to an Independent
        third
        party, the Depositor shall provide to the Securities 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 Certificate. 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 Securities Administrator, the Depositor promptly shall inform the Securities
        Administrator of such event and shall deliver to the Securities Administrator
        ten copies of the private placement memorandum or disclosure document, as
        revised, amended or supplemented. The Securities Administrator shall maintain
        at
        its office as set forth in Section 12.05 hereof 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 Securities 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 Class CE-1 Certificate,
        Class CE-2 Certificate, Class P Certificate or Residual Certificate, the
        related
        private placement memorandum or other disclosure document relating to such
        Class
        of Certificates, in the form most recently provided to the Securities
        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 and (C) any copies
        of
        all Officers’ Certificates of the Servicer since the Closing Date delivered to
        the Master Servicer to evidence such Person’s determination that any P&I
        Advance or Servicing Advance was, or if made, would be a Nonrecoverable P&I
        Advance or Nonrecoverable Servicing Advance. Copies and mailing of any and
        all
        of the foregoing items will be available from the Securities Administrator
        upon
        request at the expense of the Person requesting the same.

       

      ARTICLE
        VII

      

      THE
        DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

       

      SECTION
        7.01.  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
        7.02.  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
        limited liability company under the laws of the jurisdiction of its formation.
        Subject to the following paragraph, the Master Servicer will keep in full
        effect
        its existence, rights and franchises as a national banking association. The
        Depositor, the Servicer and the Master Servicer each will obtain and preserve
        its qualification to do business as a foreign entity 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, the Servicer 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
        any
        successor to the Servicer or the Master Servicer shall meet the eligibility
        requirements set forth in clauses (i) and (iii) of the last paragraph of
        Section
        8.02(a) or Section 7.06, as applicable.

       

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

       

      None
        of
        the Depositor, the Servicer, the Securities Administrator, the Master Servicer
        or any of the directors, officers, employees or agents of the Depositor,
        the
        Servicer or the Master 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 Servicer, the Securities Administrator, the Master Servicer
        or
        any such person against any breach of warranties, representations or covenants
        made herein or against any specific liability imposed on any such Person
        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. The Depositor, the Servicer, the Securities Administrator, the
        Master
        Servicer and any director, officer, employee or agent of the Depositor, the
        Servicer, the Securities Administrator and the Master Servicer may rely in
        good
        faith on any document of any kind which, prima facie, is properly executed
        and
        submitted by any Person respecting any matters arising hereunder. The Depositor,
        the Servicer, the Securities Administrator, the Master Servicer and any
        director, officer, employee or agent of the Depositor, the Servicer, the
        Securities Administrator or the Master Servicer shall be indemnified and
        held
        harmless by the Trust Fund against any loss, liability or expense incurred
        in
        connection with any legal action relating to this Agreement, the Certificates
        or
        any Credit Risk Management Agreement or any loss, liability or expense incurred
        other than 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. None of the Depositor, the Servicer, the
        Securities Administrator or the Master 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 Servicer, the Securities Administrator and the Master 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 Servicer, the
        Securities Administrator and the Master Servicer shall be entitled to be
        reimbursed therefor from the Collection Account or the Distribution Account
        as
        and to the extent provided in Article III and Article IV, any such right
        of
        reimbursement being prior to the rights of the Certificateholders to receive
        any
        amount in the Collection Account and the Distribution Account.

       

      Notwithstanding
        anything to the contrary contained herein, the Servicer shall not be liable
        for
        any actions or inactions prior to the Cut-off Date of any prior servicer
        of the
        related Mortgage Loans and the Master Servicer shall not be liable for any
        action or inaction of the Servicer, except to the extent expressly provided
        herein, or the Credit Risk Management Agreement.

       

      SECTION
        7.04.  Limitation
        on Resignation of the Servicer.

       

      (a)  Except
        as
        expressly provided herein, the Servicer shall neither assign all or
        substantially all of its rights under this Agreement or the servicing hereunder
        nor delegate all or substantially all of its duties hereunder nor sell or
        otherwise dispose of all or substantially all of its property or assets without,
        in each case, the prior written consent of the Master Servicer, which consent
        shall not be unreasonably withheld; provided, that in each case, there must
        be
        delivered to the Trustee and the Master Servicer a letter from each Rating
        Agency to the effect that such transfer of servicing or sale or disposition
        of
        assets will not result in a qualification, withdrawal or downgrade of the
        then-current rating of any of the Certificates (the “Rating Condition”).
        Notwithstanding the foregoing, the Servicer, without the consent of the Trustee
        or the Master Servicer, may retain third-party contractors to perform certain
        servicing and loan administration functions, including without limitation
        hazard
        insurance administration, tax payment and administration, flood certification
        and administration, collection services and similar functions, provided,
        however, that the retention of such contractors by the Servicer shall not
        limit
        the obligation of the Servicer to service the related Mortgage Loans pursuant
        to
        the terms and conditions of this Agreement. The Servicer shall not resign
        from
        the obligations and duties hereby imposed on it except (i) upon determination
        that its duties hereunder are no longer permissible under applicable law
        or (ii)
        upon the Servicer’s written proposal of a successor servicer reasonably
        acceptable to each of the Sponsor, the Depositor and the Master Servicer.
        No
        such resignation under clause (i) above shall become effective unless evidenced
        by an Opinion of Counsel to such effect obtained at the expense of the Servicer
        and delivered to the Trustee and the Rating Agencies. No such resignation
        of the
        Servicer under clause (ii) shall be effective unless:

       

      (i)  the
        proposed successor Servicer is (1) an affiliate of the Master Servicer that
        services mortgage loans similar to the Mortgage Loans in the jurisdictions
        in
        which the related Mortgaged Properties are located or (2) the proposed successor
        Servicer has a rating of at least “Above Average” by S&P and either a rating
        of at least “RPS2” by Fitch or a rating of at least “SQ2” by
        Moody’s;

       

      (ii)  the
        Rating Agencies have confirmed to the Trustee that the appointment of the
        proposed successor servicer as the servicer under this Agreement will not
        result
        in the reduction or withdrawal of the then current ratings of any of the
        Certificates; and

       

      (iii)  the
        proposed successor servicer has a net worth of at least
        $25,000,000.

       

      Notwithstanding
        anything to the contrary, no resignation of the Servicer shall become effective
        until the Master Servicer or a successor servicer shall have assumed the
        Servicer’s responsibilities, duties, liabilities (other than those liabilities
        arising prior to the appointment of such successor) and obligations under
        this
        Agreement.

       

      (b)  Except
        as
        expressly provided herein, the Servicer shall not assign or transfer any
        of its
        rights, benefits or privileges 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 3.02,
        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.

       

      SECTION
        7.05.  Limitation
        on Resignation of the Master Servicer.

       

      The
        Master 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 Master Servicer shall
        be
        evidenced by an Opinion of Counsel to such effect obtained at the expense
        of the
        Master Servicer and delivered to the Trustee and the Rating Agencies. No
        resignation of the Master Servicer shall become effective until the Trustee
        or a
        successor Master Servicer meeting the criteria specified in Section 7.06
        shall
        have assumed the Master Servicer’s responsibilities, duties, liabilities (other
        than those liabilities arising prior to the appointment of such successor)
        and
        obligations under this Agreement.

       

      SECTION
        7.06.  Assignment
        of Master Servicing.

       

      The
        Master Servicer may sell and assign its rights and delegate its duties and
        obligations in its entirety as Master Servicer under this Agreement; provided,
        however, that: (i) the purchaser or transferee accept in writing such assignment
        and delegation and assume the obligations of the Master Servicer hereunder
        (a)
        shall have a net worth of not less than $25,000,000 (unless otherwise approved
        by each Rating Agency pursuant to clause (ii) below); (b) shall be reasonably
        satisfactory to the Trustee (as evidenced in a writing signed by the Trustee);
        and (c) shall execute and deliver to the Trustee an agreement, in form and
        substance reasonably satisfactory to the Trustee, which contains an assumption
        by such Person of the due and punctual performance and observance of each
        covenant and condition to be performed or observed by it as master servicer
        under this Agreement, any custodial agreement from and after the effective
        date
        of such agreement; (ii) each Rating Agency shall be given prior written notice
        of the identity of the proposed successor to the Master Servicer and each
        Rating
        Agency’s rating of the Certificates in effect immediately prior to such
        assignment, sale and delegation will not be downgraded, qualified or withdrawn
        as a result of such assignment, sale and delegation, as evidenced by a letter
        to
        such effect delivered to the Master Servicer and the Trustee; and (iii) the
        Master Servicer assigning and selling the master servicing shall deliver
        to the
        Trustee an Officer’s Certificate and an Opinion of Independent counsel, each
        stating that all conditions precedent to such action under this Agreement
        have
        been completed and such action is permitted by and complies with the terms
        of
        this Agreement. No such assignment or delegation shall affect any liability
        of
        the Master Servicer arising out of acts or omissions prior to the effective
        date
        thereof.

       

      SECTION
        7.07.  Rights
        of
        the Depositor in Respect of the Servicer and the Master Servicer.

       

      Each
        of
        the Master Servicer and the Servicer shall afford (and any Sub-Servicing
        or
        Sub-Contracting Agreement shall provide that each Sub-Servicer or Subcontractor,
        as applicable shall afford) the Depositor and the Trustee, upon reasonable
        notice, during normal business hours, access to all records maintained by
        the
        Master Servicer or the Servicer (and any such Sub-Servicer or Subcontractor,
        as
        applicable) in respect of the Servicer’s rights and obligations hereunder and
        access to officers of the Master Servicer or the Servicer (and those of any
        such
        Sub-Servicer or Subcontractor, as applicable) responsible for such obligations,
        and the Master Servicer shall have access to all such records maintained
        by the
        Servicer and any Sub-Servicers or Subcontractors. Upon request, each of the
        Master Servicer and the Servicer shall furnish to the Depositor and the Trustee
        its (and any such Sub-Servicer’s or Subcontractor’s) most recent financial
        statements and such other information relating to the Master Servicer’s or the
        Servicer’s capacity to perform its obligations under this Agreement as it
        possesses (and that any such Sub-Servicer or Subcontractor possesses). To
        the
        extent that the Master Servicer or the Servicer informs the Depositor and
        the
        Trustee that such information is not otherwise available to the public, the
        Depositor and the Trustee shall not disseminate any information obtained
        pursuant to the preceding two sentences without the Master Servicer’s or the
        Servicer’s written consent, except as required pursuant to this Agreement or to
        the extent that it is appropriate to do so (i) to its legal counsel, auditors,
        taxing authorities or other governmental agencies and the Certificateholders,
        (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
        or
        the Trustee, (iii) disclosure of any and all information that is or becomes
        publicly known, or information obtained by the Trustee from sources other
        than
        the Depositor, the Servicer or the Master Servicer, (iv) disclosure as required
        pursuant to this Agreement or (v) disclosure of any and all information (A)
        in
        any preliminary or final offering circular, registration statement or contract
        or other document pertaining to the transactions contemplated by the Agreement
        approved in advance by the Depositor, the Servicer or the Master Servicer
        or (B)
        to any affiliate, independent or internal auditor, agent, employee or attorney
        of the Trustee having a need to know the same, provided that the Trustee
        advises
        such recipient of the confidential nature of the information being disclosed,
        shall use its best efforts to assure the confidentiality of any such
        disseminated non-public information. Nothing in this Section 7.07 shall limit
        the obligation of the Servicer to comply with any applicable law prohibiting
        disclosure of information regarding the Mortgagors and the failure of the
        Servicer to provide access as provided in this Section 7.07 as a result of
        such
        obligation shall not constitute a breach of this Section. Nothing in this
        Section 7.07 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 Depositor may, but is not obligated to, enforce the obligations
        of
        the Master Servicer and the Servicer under this Agreement and may, but is
        not
        obligated to, perform, or cause a designee to perform, any defaulted obligation
        of the Master Servicer or the Servicer under this Agreement or exercise the
        rights of the Master Servicer or the Servicer under this Agreement; provided
        that neither the Master Servicer nor the Servicer shall 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 Master Servicer or the
        Servicer and is not obligated to supervise the performance of the Master
        Servicer or the Servicer under this Agreement or otherwise.

       

      SECTION
        7.08.  Duties
        of
        the 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
        to the Credit Risk Manager pursuant to the Credit Risk Management Agreements,
        and the Credit Risk Manager shall look solely to the Servicer and/or Master
        Servicer for all information and data (including loss and delinquency
        information and data) relating to the servicing of the related Mortgage Loans.
        Upon any termination of the Credit Risk Manager or the appointment of a
        successor Credit Risk Manager, the Depositor shall give written notice thereof
        to the Servicer, the Master Servicer, the Securities Administrator, the Trustee,
        and each Rating Agency. Notwithstanding the foregoing, the termination of
        the
        Credit Risk Manager pursuant to this Section shall not become effective until
        the appointment of a successor Credit Risk Manager. 

       

      SECTION
        7.09.  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,
        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
        7.10.  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 Trustee. Upon receipt
        of such notice, the Trustee 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, with a copy to the Securities Administrator and
        the
        Master Servicer.

       

      SECTION
        7.11.  Transfer
        of Servicing by Sponsor.

       

      The
        Sponsor may, at its option, transfer the servicing responsibilities of Ocwen
        as
        the Servicer with respect to the Mortgage Loans at any time without cause.
        No
        such transfer shall become effective unless and until a successor to Ocwen
        shall
        have been appointed to service and administer the related Mortgage Loans
        pursuant to the terms and conditions of this Agreement. No appointment shall
        be
        effective unless (i) such successor meets the eligibility criteria set forth
        in
        Section 7.04 and (ii) all amounts reimbursable to Ocwen under this Agreement
        shall have been paid by the successor appointed pursuant to the terms of
        this
        Section 7.11 or by the Sponsor including without limitation, all unreimbursed
        P&I Advances and Servicing Advances made by Ocwen, accrued and unpaid
        Servicing Fees and all out-of-pocket expenses of Ocwen incurred in connection
        with the transfer of servicing to such successor. The Sponsor shall provide
        a
        copy of the written confirmation of the Rating Agencies to the Trustee, the
        Securities Administrator and the Master Servicer that the appointment of
        such
        successor will not result in a downgrade or withdrawal of the then current
        ratings assigned to the Certificates. In connection with such appointment
        and
        assumption described herein, the Sponsor 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 to be collected by Ocwen hereunder. The Sponsor
        shall
        take such action, consistent with this Agreement, as shall be necessary to
        effectuate any such succession.

       

      ARTICLE
        VIII

      

      DEFAULT

       

      SECTION
        8.01.  Servicer
        Events of Default.

       

      (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 Securities Administrator for
        distribution to the Certificateholders any payment (other than a P&I Advance
        required to be made from its own funds on any Servicer Remittance Date pursuant
        to Section 5.03) required to be made by the Servicer 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 Trustee (in which case notice shall be provided by telecopy), or to
        the
        Servicer, the Depositor and the Trustee by the Holders of Certificates entitled
        to at least 25% of the Voting Rights; or

       

      (ii)  any
        failure on the part of the Servicer duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Servicer
        contained in this Agreement, or the material breach by the Servicer of any
        representation and warranty contained in Section 2.05, which continues
        unremedied for a period of thirty (30) days after the date on which written
        notice of such failure, requiring the same to be remedied, shall have been
        given
        to the Servicer by the Depositor or the Trustee or to the Servicer, the
        Depositor and the Trustee by the Holders of Certificates entitled to at least
        25% of the Voting Rights; provided, however, that in the case of a failure
        that
        cannot be cured within thirty (30) days, the cure period may be extended
        for an
        additional thirty (30) days if the Servicer can demonstrate to the reasonable
        satisfaction of the Trustee that the Servicer is diligently pursuing remedial
        action; 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 ninety (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;

       

      (vi)  failure
        by the Servicer to duly perform, within the required time period, its
        obligations under Sections 3.17, 3.18 or 3.20; or 

       

      (vii)  any
        failure of the Servicer to make any P&I Advance on any Servicer Remittance
        Date required to be made from its own funds pursuant to Section 5.03 which
        continues unremedied until 3:00 p.m. New York time on the Business Day
        immediately following the Servicer Remittance Date; or

       

      (viii)  failure
        of the Servicer to maintain at least an “average” rating from the Rating
        Agencies.

       

      If
        a
        Servicer Event of Default described in clauses (i) through (vi) or (viii)
        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 or
        the
        Trustee may, and at the written direction of the Holders of Certificates
        entitled to at least 51% of Voting Rights, the Trustee shall, by notice in
        writing to the defaulting Servicer (and to the Depositor if given by the
        Trustee
        or to the Trustee if given by the Depositor) with a copy to the Master Servicer
        and each Rating Agency, terminate all of the rights and obligations of the
        defaulting 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 defaulting Servicer,
        the
        Depositor and the Master Servicer, terminate all of the rights and obligations
        of the defaulting Servicer in its capacity as Servicer under this Agreement
        and
        in and to the Mortgage Loans and the proceeds thereof. Subject to Section
        8.02,
        on or after the receipt by the defaulting Servicer of such written notice,
        all
        authority and power of the defaulting 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 pursuant to and under this Section, and, without limitation, the
        Master
        Servicer is hereby authorized and empowered, as attorney-in-fact or otherwise,
        to execute and deliver, on behalf of and at the expense of the defaulting
        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
        defaulting Servicer agrees promptly (and in any event no later than ten (10)
        Business Days subsequent to such notice) to provide the Master Servicer with
        all
        documents and records requested by it to enable it to assume the defaulting
        Servicer’s functions under this Agreement, and to cooperate with the Master
        Servicer in effecting the termination of the defaulting Servicer’s
        responsibilities and rights under this Agreement, including, without limitation,
        the transfer within one (1) Business Day to the Master Servicer for
        administration by it of all cash amounts which at the time shall be or should
        have been credited by the defaulting Servicer to the Collection Account held
        by
        or on behalf of the defaulting Servicer or thereafter be received with respect
        to the related Mortgage Loans or any related REO Property (provided, however,
        that the defaulting 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 P&I Advances, Servicing Advances,
        accrued and unpaid Servicing Fees or otherwise, and shall continue to be
        entitled to the benefits of Section 7.03, notwithstanding any such termination,
        with respect to events occurring prior to such termination). Reimbursement
        of
        unreimbursed P&I Advances, Servicing Advances and accrued and unpaid
        Servicing Fees shall be made on a first in, first out (“FIFO”) basis no later
        than the Servicer Remittance Date. For purposes of this Section 8.01(a),
        the
        Trustee shall not be deemed to have knowledge of a Servicer Event of Default
        unless a Responsible Officer of the Trustee assigned to and working in the
        Trustee’s Corporate Trust Office has actual knowledge thereof or unless written
        notice of any event which is in fact such a Servicer Event of Default is
        received by the Trustee at its Corporate Trust Office and such notice references
        the Certificates, the Trust or this Agreement. The Trustee shall promptly
        notify
        the Master Servicer and the Rating Agencies of the occurrence of a Servicer
        Event of Default of which it has knowledge as provided above.

       

      The
        Master Servicer shall be entitled to be reimbursed by the defaulting Servicer
        (or from amounts on deposit in the Distribution Account if the defaulting
        Servicer is unable to fulfill its obligations hereunder) for all reasonable
        out-of-pocket or third party costs associated with the transfer of servicing
        from the defaulting Servicer, including without limitation, any reasonable
        out-of-pocket or third party 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 Master Servicer to correct
        any
        errors or insufficiencies in the servicing data or otherwise to enable the
        Master Servicer to service the Mortgage Loans properly and effectively, upon
        presentation of reasonable documentation of such costs and
        expenses.

       

      (b)  “Master
        Servicer Event of Default,” wherever used herein, means any one of the following
        events:

       

      (i)  any
        failure on the part of the Master Servicer duly to observe or perform in
        any
        material respect any other of the covenants or agreements on the part of
        the
        Master Servicer contained in this Agreement, or the breach by the Master
        Servicer of any representation and warranty contained in Section 2.04, which
        continues unremedied for a period of 30 days after the date on which written
        notice of such failure, or after such other period as set forth in this
        Agreement, requiring the same to be remedied, shall have been given to the
        Master Servicer by the Depositor or the Trustee or to the Master Servicer,
        the
        Depositor and the Trustee by the Holders of Certificates entitled to at least
        25% of the Voting Rights; or

       

      (ii)  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 Master Servicer
        and such decree or order shall have remained in force undischarged or unstayed
        for a period of 90 days; or

       

      (iii)  the
        Master 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

       

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

       

      (v)  failure
        by the Master Servicer to duly perform, within the required time period,
        its
        obligations under Sections 4.15, 4.16, 4.17 or 4.18.

       

      If
        a
        Master Servicer Event of Default shall occur, then, and in each and every
        such
        case, so long as such Master Servicer Event of Default shall not have been
        remedied, the Depositor or the Trustee may, and at the written direction
        of the
        Holders of Certificates entitled to at least 51% of Voting Rights, the Trustee
        shall, by notice in writing to the Master Servicer (and to the Depositor
        if
        given by the Trustee or to the Trustee if given by the Depositor) with a
        copy to
        each Rating Agency, terminate all of the rights and obligations of the Master
        Servicer in its capacity as Master Servicer under this Agreement, to the
        extent
        permitted by law, and in and to the Mortgage Loans and the proceeds thereof.
        On
        or after the receipt by the Master Servicer of such written notice, all
        authority and power of the Master Servicer under this Agreement, whether
        with
        respect to the Certificates (other than as a Holder of any Certificate) or
        the
        Mortgage Loans or otherwise including, without limitation, the compensation
        payable to the Master Servicer under this Agreement, shall pass to and be
        vested
        in the Trustee pursuant to and under this Section, and, without limitation,
        the
        Trustee is hereby authorized and empowered, as attorney-in-fact or otherwise,
        to
        execute and deliver, on behalf of and at the expense of the Master 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 Master Servicer
        agrees promptly (and in any event no later than ten Business Days subsequent
        to
        such notice) to provide the Trustee with all documents and records requested
        by
        it to enable it to assume the Master Servicer’s functions under this Agreement,
        and to cooperate with the Trustee in effecting the termination of the Master
        Servicer’s responsibilities and rights under this Agreement (provided, however,
        that the Master 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 and shall continue to be entitled to the benefits of Section
        7.03,
        notwithstanding any such termination, with respect to events occurring prior
        to
        such termination). For purposes of this Section 8.01(b), the Trustee shall
        not
        be deemed to have knowledge of a Master Servicer Event of Default unless
        a
        Responsible Officer of the Trustee assigned to and working in the Trustee’s
        Corporate Trust Office has actual knowledge thereof or unless written notice
        of
        any event which is in fact such a Master Servicer Event of Default is received
        by the Trustee and such notice references the Certificates, the Trust or
        this
        Agreement. The Trustee shall promptly notify the Rating Agencies of the
        occurrence of a Master Servicer Event of Default of which it has knowledge
        as
        provided above.

       

      On
        and
        after the time the Master Servicer receives a notice of termination, the
        Trustee
        shall be the successor in all respects to the Master Servicer (and, if
        applicable, the Securities Administrator) in its capacity as Master Servicer
        (and, if applicable, the Securities Administrator) 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 Trustee (except for any representations or warranties of the Master
        Servicer under this Agreement, the responsibilities, duties and liabilities
        contained in Section 2.03 and the obligation to deposit amounts in respect
        of
        losses pursuant to Section 3.10) by the terms and provisions hereof including,
        without limitation, but subject to the Master Servicer’s and Trustee’s
        determination of recoverability, the Master Servicer’s obligations to make
        P&I Advances no later than each Distribution Date pursuant to Section 5.03;
        provided, however, that if the Trustee is prohibited by law or regulation
        from
        obligating itself to make advances regarding delinquent mortgage loans, then
        the
        Trustee shall not be obligated to make P&I Advances pursuant to Section
        5.03; and provided further, that any failure to perform such duties or
        responsibilities caused by the Master Servicer’s failure to provide information
        required by Section 8.01 shall not be considered a default by the Trustee
        as
        successor to the Master Servicer hereunder and neither the Trustee nor any
        other
        successor master servicer shall be liable for any acts or omissions of the
        terminated servicer. As compensation therefor, the Trustee shall be entitled
        to
        the Master Servicing Fee and all funds relating to the Loans, investment
        earnings on the Distribution Account and all other remuneration to which
        the
        Master Servicer would have been entitled if it had continued to act
        hereunder.

       

      To
        the
        extent that the costs and expenses of the Trustee related to the termination
        of
        the Master Servicer, appointment of a successor Master Servicer or the transfer
        and assumption of the master servicing by the Trustee (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
        Master Servicer as a result of a Master Servicer Event of Default and (ii)
        all
        costs and expenses associated with the complete transfer of the master
        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 Master Servicer to correct any errors or insufficiencies
        in the
        servicing data or otherwise to enable the successor Master Servicer to master
        service the Mortgage Loans in accordance with this Agreement) are not fully
        and
        timely reimbursed by the terminated Master Servicer, the Trustee shall be
        entitled to reimbursement of such costs and expenses from the Distribution
        Account. 

       

      Notwithstanding
        the foregoing, the Trustee may, if it shall be unwilling to continue to act,
        or
        shall, if it is unable to so act, petition a court of competent jurisdiction
        to
        appoint, or appoint on its own behalf, any established housing and home finance
        institution servicer, master servicer, servicing or mortgage servicing
        institution having a net worth of not less than $25,000,000 and meeting such
        other standards for a successor master servicer as are set forth in this
        Agreement, as the successor to such Master Servicer in the assumption of
        all of
        the responsibilities, duties or liabilities of a master servicer.

       

      Neither
        the Trustee nor any other successor master servicer shall be deemed to be
        in
        default hereunder by reason of any failure to make, or any delay in making,
        any
        distribution hereunder or any portion thereof or any failure to perform,
        or any
        delay in performing, any duties or responsibilities hereunder, in either
        case
        caused by the failure of the Master Servicer to deliver or provide, or any
        delay
        in delivering or providing, any cash, information, documents or records to
        it.

       

      SECTION
        8.02.  Master
        Servicer to Act; Appointment of Successor.

       

      (a)  On
        and
        after the time the Servicer receives a notice of termination, the Master
        Servicer shall be the successor in all respects to the Servicer in its capacity
        as the 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 (except
        for any representations or warranties of the Servicer under this Agreement,
        the
        responsibilities, duties and liabilities contained in Section 2.03 and the
        obligation to deposit amounts in respect of losses pursuant to Section 3.10(b))
        by the terms and provisions hereof including, without limitation, the Servicer’s
        obligations to make P&I Advances pursuant to Section 5.03 of this Agreement;
        provided, however, that if the Master Servicer is prohibited by law or
        regulation from obligating itself to make advances regarding delinquent mortgage
        loans, then the Master Servicer shall not be obligated to make P&I Advances
        pursuant to Section 5.03 of this Agreement; and provided further, that any
        failure to perform such duties or responsibilities caused by the Servicer’s
        failure to provide information required by Section 8.01 shall not be considered
        a default by the Master Servicer as successor to the Servicer hereunder;
        provided, however, that (1) 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 the Master Servicer
        or any successor servicer appointed in accordance with the following provisions
        and (2) any failure to perform such duties or responsibilities caused by
        the
        Servicer’s failure to provide information required by Section 8.01 of this
        Agreement shall not be considered a default by the Master Servicer as successor
        to the Servicer. As compensation therefor, the Master Servicer shall be entitled
        to the Servicing Fee and all funds relating to the Mortgage Loans to which
        the
        terminated Servicer would have been entitled if it had continued to act
        hereunder. Notwithstanding the above and subject to the immediately following
        paragraph, the Master Servicer may, if it shall be unwilling to so act, or
        shall, if it is unable to so act promptly appoint or petition a court of
        competent jurisdiction to appoint, a Person that satisfies the eligibility
        criteria set forth below as the successor to the terminated Servicer under
        this
        Agreement in the assumption of all or any part of the responsibilities, duties
        or liabilities of the terminated Servicer under this Agreement.

       

      Notwithstanding
        anything herein to the contrary, in no event shall the Trustee or the Master
        Servicer be liable for any Servicing Fee or for any differential in the amount
        of the Servicing Fee paid hereunder and the amount necessary to induce any
        successor servicer to act as successor servicer under this Agreement and
        the
        transactions set forth or provided for herein.

       

      Any
        successor servicer appointed under this Agreement must (i) be an established
        mortgage loan servicing institution that is a Fannie Mae and Freddie Mac
        approved seller/servicer, (ii) be approved by each Rating Agency by a written
        confirmation from each Rating Agency that the appointment of such successor
        servicer would not result in the reduction or withdrawal of the then current
        ratings of any outstanding Class of Certificates, (iii) have a net worth
        of not
        less than $25,000,000 and (iv) assume all the responsibilities, duties or
        liabilities of the Servicer (other than liabilities of the Servicer hereunder
        incurred prior to termination of the Servicer under Section 8.01 herein)
        under
        this Agreement as if originally named as a party to this Agreement.

       

      (b)  (1)
        All
        servicing transfer costs (including, without limitation, servicing transfer
        costs of the type described in Section 8.02(a) and incurred by the Trustee,
        the
        Master Servicer and any successor servicer under paragraph (b)(2) below)
        in
        connection with the termination of the Servicer shall be paid by the terminated
        Servicer upon presentation of reasonable documentation of such costs, and
        if
        such predecessor or initial Servicer, as applicable, defaults in its obligation
        to pay such costs, the successor servicer, the Master Servicer and the Trustee
        shall be entitled to reimbursement therefor from the assets of the Trust
        Fund.

       

      (2)
        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 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
        no
        such compensation shall be in excess of that permitted the Servicer as such
        hereunder. The Depositor, the Trustee 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 shall act in such capacity as hereinabove
        provided.

       

      SECTION
        8.03.  Notification
        to Certificateholders.

       

      (a)  Upon
        any
        termination of the Servicer or the Master Servicer pursuant to Section 8.01(a)
        or (b) or any appointment of a successor to the Servicer or the Master Servicer
        pursuant to Section 8.02, the Trustee shall give prompt written notice thereof
        to the Certificateholders at their respective addresses appearing in the
        Certificate Register.

       

      (b)  Not
        later
        than the later of sixty (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 (5)
        days
        after a Responsible Officer of the Trustee becomes aware of the occurrence
        of
        such an event, the Trustee shall transmit by mail to all Holders of Certificates
        notice of each such occurrence, unless such default or Servicer Event of
        Default
        or Master Servicer Event of Default shall have been cured or
        waived.

       

      SECTION
        8.04.  Waiver
        of
        Events of Default.

       

      The
        Holders representing at least 66% of the Voting Rights 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 8.01(a) may be waived
        only
        by all of the Holders of the Regular Certificates. 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.

       

      ARTICLE
        IX

      

      CONCERNING
        THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

       

      SECTION
        9.01.  Duties
        of
        Trustee and Securities Administrator.

       

      The
        Trustee, prior to the occurrence of a Master Servicer Event of Default and
        after
        the curing or waiver of all Master Servicer Events of Default which may have
        occurred, and the Securities Administrator each undertake to perform such
        duties
        and only such duties as are specifically set forth in this Agreement as duties
        of the Trustee and the Securities Administrator, respectively. During the
        continuance of a Master Servicer Event of Default, 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 its exercise as a prudent person would exercise
        or
        use under the circumstances in the conduct of such person’s own affairs. Any
        permissive right of the Trustee enumerated in this Agreement shall not be
        construed as a duty.

       

      Each
        of
        the Trustee and the Securities 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. If any such
        instrument is found not to conform to the requirements of this Agreement
        in a
        material manner, the Trustee or the Securities Administrator, as the case
        may
        be, shall take such action as it deems appropriate to have the instrument
        corrected, and if the instrument is not corrected to its satisfaction, the
        Securities Administrator will provide notice to the Trustee thereof and the
        Trustee will provide notice to the Certificateholders.

       

      The
        Trustee shall promptly remit to the Servicer any complaint, claim, demand,
        notice or other document (collectively, the “Notices”) delivered to the Trustee
        as a consequence of the assignment of any Mortgage Loan hereunder and relating
        to the servicing of the Mortgage Loans; provided than any such notice (i)
        is
        delivered to the Trustee at its Corporate Trust Office, (ii) contains
        information sufficient to permit the Trustee to make a determination that
        the
        real property to which such document relates is a Mortgaged Property. The
        Trustee shall have no duty hereunder with respect to any Notice it may receive
        or which may be alleged to have been delivered to or served upon it unless
        such
        Notice is delivered to it or served upon it at its Corporate Trust Office
        and
        such Notice contains the information required pursuant to clause (ii) of
        the
        preceding sentence.

       

      No
        provision of this Agreement shall be construed to relieve the Trustee or
        the
        Securities Administrator from liability for its own negligent action, its
        own
        negligent failure to act or its own misconduct; provided, however,
        that:

       

      (i)  Prior
        to
        the occurrence of a Master Servicer Event of Default and after the curing
        or
        waiver of all such Master Servicer Events of Default which may have occurred
        with respect to the Trustee and at all times with respect to the Securities
        Administrator, the duties and obligations of the Trustee shall be determined
        solely by the express provisions of this Agreement, neither the Trustee nor
        the
        Securities Administrator shall be liable except for the performance of 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 or the Securities Administrator and, in the absence of bad faith
        on the
        part of the Trustee or the Securities Administrator, respectively, the Trustee
        or the Securities Administrator, respectively, may conclusively rely, as
        to the
        truth of the statements and the correctness of the opinions expressed therein,
        upon any certificates or opinions furnished to the Trustee or the Securities
        Administrator, respectively, that conform to the requirements of this
        Agreement;

       

      (ii)  Neither
        the Trustee nor the Securities Administrator shall be liable for an error
        of
        judgment made in good faith by a Responsible Officer or Responsible Officers
        of
        the Trustee or an officer or officers of the Securities Administrator,
        respectively, unless it shall be proved that the Trustee or the Securities
        Administrator, respectively, was negligent in ascertaining the pertinent
        facts;
        and

       

      (iii)  Neither
        the Trustee nor the Securities Administrator shall be liable with respect
        to any
        action taken, suffered or omitted to be taken by it in good faith in accordance
        with the direction of the Holders of Certificates entitled to at least 25%
        of
        the Voting Rights relating to the time, method and place of conducting any
        proceeding for any remedy available to the Trustee or the Securities
        Administrator or exercising any trust or power conferred upon the Trustee
        or the
        Securities Administrator under this Agreement.

       

      SECTION
        9.02.  Certain
        Matters Affecting Trustee and Securities Administrator.

       

      (a)  Except
        as
        otherwise provided in Section 9.01:

       

      (i)  Before
        taking any action hereunder, the Trustee and the Securities 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;

       

      (ii)  The
        Trustee and the Securities Administrator may consult with counsel of its
        selection and any advice of such counsel or 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
        advice or Opinion of Counsel;

       

      (iii)  Neither
        the Trustee nor the Securities Administrator shall be under any obligation
        to
        exercise any of the trusts or powers vested in it by this Agreement or to
        institute, conduct or defend any litigation hereunder or in relation hereto
        at
        the request, order or direction of any of the Certificateholders, pursuant
        to
        the provisions of this Agreement, unless such Certificateholders shall have
        offered to the Trustee or the Securities Administrator, as the case may be,
        reasonable security or indemnity satisfactory to it against the costs, expenses
        and liabilities which may be incurred therein or thereby; nothing contained
        herein shall, however, relieve the Trustee of the obligation, upon the
        occurrence of a Master Servicer Event of Default (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 or use under the circumstances in the conduct
        of
        such person’s own affairs;

       

      (iv)  Neither
        the Trustee nor the Securities Administrator shall be liable for any action
        taken, suffered or omitted by it in good faith and believed by it to be
        authorized or within the discretion or rights or powers conferred upon it
        by
        this Agreement;

       

      (v)  Prior
        to
        the occurrence of a Master Servicer Event of Default hereunder and after
        the
        curing or waiver of all Master Servicer Events of Default which may have
        occurred with respect to the Trustee and at all times with respect to the
        Securities Administrator, neither the Trustee nor the Securities Administrator
        shall be bound to make any investigation into the facts or matters stated
        in any
        resolution, certificate, statement, instrument, opinion, report, notice,
        request, consent, order, approval, bond or other paper or document, unless
        requested in writing to do so by 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 Securities Administrator of the costs,
        expenses or liabilities likely to be incurred by it in the making of such
        investigation is, in the opinion of the Trustee or the Securities Administrator,
        as applicable, not reasonably assured to the Trustee or the Securities
        Administrator by such Certificateholders, the Trustee or the Securities
        Administrator, as applicable, may require reasonable indemnity satisfactory
        to
        it against such expense, or liability from such Certificateholders as a
        condition to taking any such action;

       

      (vi)  The
        Trustee may execute any of the trusts or powers hereunder or perform any
        duties
        hereunder either directly or by or through agents or attorneys and the Trustee
        shall not be responsible for any misconduct or negligence on the part of
        any
        agent or attorney appointed with due care by it hereunder;

       

      (vii)  The
        Trustee shall not be liable for any loss resulting from (a) the investment
        of
        funds held in the Collection Account, (b) the investment of funds held in
        the
        Distribution Account, (c) the investment of funds held in the Reserve Fund
        or
        (d) the redemption or sale of any such investment as therein
        authorized;

       

      (viii)  The
        Trustee shall not be deemed to have notice of any default, Master Servicer
        Event
        of Default or Servicer Event of Default unless a Responsible Officer of the
        Trustee has actual knowledge thereof or unless written notice of any event
        which
        is in fact such a default is received by a Responsible Officer of the Trustee
        at
        the Corporate Trust Office of the Trustee, and such notice references the
        Certificates and this Agreement; and

       

      (ix)  The
        rights, privileges, protections, immunities and benefits given to the Trustee,
        including, without limitation, its right to be indemnified, are extended
        to, and
        shall be enforceable by, each agent, custodian and other Person employed
        to act
        hereunder.

       

      (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.

       

      (c)  The
        Trustee is hereby directed by the Depositor to execute the Swap Agreement
        on
        behalf of the Supplemental Interest Trust in the form presented to it by
        the
        Depositor and shall have no responsibility for the contents of the Swap
        Agreement, including, without limitation, the representations and warranties
        contained therein. Any funds payable by the Trustee on behalf of the
        Supplemental Interest Trust under the Swap Agreement shall be paid from funds
        of
        the Supplemental Interest Trust in accordance with the terms and provisions
        of
        the Swap Agreement. Notwithstanding anything to the contrary contained herein
        or
        in the Swap Agreement, the Trustee shall not be required to make any payments
        from its own funds to the counterparty under the Swap Agreement.

       

      (d)  None
        of
        the Securities Administrator, the Master Servicer, the Servicer, the Sponsor,
        the Depositor, the Custodians or the Trustee shall be responsible for the
        acts
        or omissions of the others or the Swap Provider, it being understood that
        this
        Agreement shall not be construed to render those partners joint venturers
        or
        agents of one another.

       

      SECTION
        9.03.  Trustee
        and Securities Administrator not Liable for Certificates or Mortgage
        Loans.

       

      The
        recitals contained herein and in the Certificates (other than the signature
        of
        the Securities Administrator, the authentication of the Securities Administrator
        on the Certificates, the acknowledgments of the Trustee contained in Article
        II
        and the representations and warranties of the Trustee in Section 9.12) shall
        be
        taken as the statements of the Depositor and neither the Trustee nor the
        Securities Administrator assumes any responsibility for their correctness.
        Neither the Trustee nor the Securities Administrator makes any representations
        or warranties as to the validity or sufficiency of this Agreement (other
        than as
        specifically set forth in Section 9.12), the Swap Agreement or of the
        Certificates (other than the signature of the Securities Administrator and
        authentication of the Securities Administrator on the Certificates) or of
        any
        Mortgage Loan or related document. The Trustee and the Securities Administrator
        shall not be accountable for the use or application by the Depositor of any
        of
        the Certificates or of the proceeds of such Certificates, or for the use
        or
        application of any funds paid to the Depositor or the Master Servicer in
        respect
        of the Mortgage Loans or deposited in or withdrawn from the Collection Account
        by the Servicer, other than with respect to the Securities Administrator
        any
        funds held by it or on behalf of the Trustee in accordance with Section 3.24
        and
        3.25.

       

      SECTION
        9.04.  Trustee
        and Securities Administrator May Own Certificates.

       

      Each
        of
        the Trustee and the Securities Administrator in its individual capacity or
        any
        other capacity may become the owner or pledgee of Certificates and may transact
        business with other interested parties and their Affiliates with the same
        rights
        it would have if it were not Trustee or the Securities
        Administrator.

       

      SECTION
        9.05.  Fees
        and
        Expenses of Trustee, Custodians and Securities Administrator.

       

      The
        fees
        of the Trustee and the Securities Administrator hereunder, of Wells Fargo
        as the
        Custodian under the Wells Fargo Custodial Agreement and of DBNTC as the
        Custodian under the DBNTC Custodial Agreement shall be paid in accordance
        with a
        side letter agreement with the Master Servicer and at the sole expense of
        the
        Master Servicer. In addition, the Trustee, the Securities Administrator,
        the
        Custodians and any director, officer, employee or agent of the Trustee, the
        Securities Administrator and the Custodians shall be indemnified by the Trust
        and held harmless against any loss, liability or expense (including reasonable
        attorney’s fees and expenses) incurred by the Trustee, the Custodians or the
        Securities Administrator in connection with any claim or legal action or
        any
        pending or threatened claim or legal action arising out of or in connection
        with
        the acceptance or administration of its respective obligations and duties
        under
        this Agreement, including the Swap Agreement and any and all other agreements
        related hereto, other than any loss, liability or expense (i) for which the
        Trustee is indemnified by the Master Servicer or the Servicer, (ii) that
        constitutes a specific liability of the Trustee or the Securities Administrator
        pursuant to Section 11.01(g) or (iii) any loss, liability or expense incurred
        by
        reason of willful misfeasance, bad faith or negligence in the performance
        of
        duties hereunder by the Trustee or the Securities Administrator or by reason
        of
        reckless disregard of obligations and duties hereunder. In no event shall
        the
        Trustee, the Custodians, the Master Servicer or the Securities Administrator
        be
        liable for special, indirect or consequential loss or damage of any kind
        whatsoever (including but not limited to lost profits), even if it has been
        advised of the likelihood of such loss or damage and regardless of the form
        of
        action. The Master Servicer agrees to indemnify the Trustee, from, and hold
        the
        Trustee harmless against, any loss, liability or expense (including reasonable
        attorney’s fees and expenses) incurred by the Trustee by reason of the Master
        Servicer’s willful misfeasance, bad faith or gross negligence in the performance
        of its duties under this Agreement or by reason of the Master Servicer’s
        reckless disregard of its obligations and duties under this Agreement. In
        addition, the Sponsor agrees to indemnify the Trustee for, and to hold the
        Trustee harmless against, any loss, liability or expense arising out of,
        or in
        connection with, the provisions set forth in the last paragraph of Section
        2.01,
        including, without limitation, all costs, liabilities and expenses (including
        reasonable legal fees and expenses) of investigating and defending itself
        against any claim, action or proceeding, pending or threatened, relating
        to the
        provisions of such paragraph. The indemnities in this Section 9.05 shall
        survive
        the termination or discharge of this Agreement and the resignation or removal
        of
        the Master Servicer, the Trustee, the Securities Administrator or the
        Custodians. Any payment under this Section 9.05 made by the Master Servicer
        to
        the Trustee in respect of the Trustee’s fees or the Master Servicer’s
        indemnification obligation to the Trustee shall be from the Master Servicer’s
        own funds, without reimbursement from REMIC I therefor.

       

      SECTION
        9.06.  Eligibility
        Requirements for Trustee and Securities Administrator.

       

      The
        Trustee and the Securities Administrator shall at all times be a corporation
        or
        an association (other than the Depositor, the Sponsor, the Master Servicer
        or
        any Affiliate of the foregoing) organized and doing business under the laws
        of
        any state or the United States of America, authorized under such laws to
        exercise corporate trust powers, having a combined capital and surplus of
        at
        least $50,000,000 (or a member of a bank holding company whose capital and
        surplus is at least $50,000,000) and subject to supervision or examination
        by
        federal or state authority. If such corporation or association publishes
        reports
        of conditions at least annually, pursuant to law or to the requirements of
        the
        aforesaid supervising or examining authority, then for the purposes of this
        Section the combined capital and surplus of such corporation or association
        shall be deemed to be its combined capital and surplus as set forth in its
        most
        recent report of conditions so published. In case at any time the Trustee
        or the
        Securities Administrator, as applicable, shall cease to be eligible in
        accordance with the provisions of this Section, the Trustee or the Securities
        Administrator, as applicable, shall resign immediately in the manner and
        with
        the effect specified in Section 9.07.

       

      SECTION
        9.07.  Resignation
        and Removal of Trustee and Securities Administrator.

       

      The
        Trustee and the Securities Administrator may at any time resign and be
        discharged from the trust hereby created by giving written notice thereof
        to the
        Depositor, to the Master Servicer, to the Securities Administrator (or the
        Trustee, if the Securities Administrator resigns) and to the Certificateholders.
        Upon receiving such notice of resignation, the Depositor shall promptly appoint
        a successor trustee or successor securities administrator by written instrument,
        in duplicate, which instrument shall be delivered to the resigning Trustee
        or
        Securities Administrator, as applicable, and to the successor trustee or
        successor securities administrator, as applicable. A copy of such instrument
        shall be delivered to the Certificateholders, the Trustee, the Securities
        Administrator and the Master Servicer by the Depositor. If no successor trustee
        or successor securities administrator shall have been so appointed and have
        accepted appointment within thirty (30) days after the giving of such notice
        of
        resignation, the resigning Trustee or Securities Administrator, as the case
        may
        be, may, at the expense of the Trust Fund, petition any court of competent
        jurisdiction for the appointment of a successor trustee, successor securities
        administrator, Trustee or Securities Administrator, as applicable.

       

      If
        at any
        time the Trustee or the Securities Administrator shall cease to be eligible
        in
        accordance with the provisions of Section 9.06 and shall fail to resign after
        written request therefor by the Depositor, or if at any time the Trustee
        or the
        Securities Administrator shall become incapable of acting, or shall be adjudged
        bankrupt or insolvent, or a receiver of the Trustee or the Securities
        Administrator or of its property shall be appointed, or any public officer
        shall
        take charge or control of the Trustee or the Securities Administrator or
        of its
        property or affairs for the purpose of rehabilitation, conservation or
        liquidation, then the Depositor may remove the Trustee or the Securities
        Administrator, as applicable and appoint a successor trustee or successor
        securities administrator, as applicable, by written instrument, in duplicate,
        which instrument shall be delivered to the Trustee or the Securities
        Administrator so removed and to the successor trustee or successor securities
        administrator. A copy of such instrument shall be delivered to the
        Certificateholders, the Trustee, the Securities Administrator and the Master
        Servicer by the Depositor.

       

      The
        Holders of Certificates entitled to at least 51% of the Voting Rights may
        at any
        time remove the Trustee or the Securities Administrator and appoint a successor
        trustee or successor securities administrator 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 the Securities Administrator
        so
        removed and one complete set to the successor so appointed. A copy of such
        instrument shall be delivered to the Certificateholders, the Trustee (in
        the
        case of the removal of the Securities Administrator), the Securities
        Administrator (in the case of the removal of the Trustee) and the Master
        Servicer by the Depositor.

       

      Any
        resignation or removal of the Trustee or the Securities Administrator and
        appointment of a successor trustee or successor securities administrator
        pursuant to any of the provisions of this Section shall not become effective
        until acceptance of appointment by the successor trustee or successor securities
        administrator, as applicable, as provided in Section 9.08.

       

      Notwithstanding
        anything to the contrary contained herein, the Master Servicer and the
        Securities Administrator shall at all times be the same Person.

       

      SECTION
        9.08.  Successor
        Trustee or Securities Administrator.

       

      Any
        successor trustee or successor securities administrator appointed as provided
        in
        Section 9.07 shall execute, acknowledge and deliver to the Depositor and
        its
        predecessor trustee or predecessor securities administrator an instrument
        accepting such appointment hereunder, and thereupon the resignation or removal
        of the predecessor trustee or predecessor securities administrator shall
        become
        effective and such successor trustee or successor securities administrator
        without any further act, deed or conveyance, shall become fully vested with
        all
        the rights, powers, duties and obligations of its predecessor hereunder,
        with
        the like effect as if originally named as trustee or securities administrator
        herein. The predecessor trustee or predecessor securities administrator shall
        deliver to the successor trustee or successor securities administrator all
        Mortgage Loan Documents and related documents and statements to the extent
        held
        by it hereunder, as well as all monies, held by it hereunder, and the Depositor
        and the predecessor trustee or predecessor securities administrator shall
        execute and deliver such instruments and do such other things as may reasonably
        be required for more fully and certainly vesting and confirming in the successor
        trustee or successor securities administrator all such rights, powers, duties
        and obligations.

       

      No
        successor trustee or successor securities administrator shall accept appointment
        as provided in this Section unless at the time of such acceptance such successor
        trustee or successor securities administrator shall be eligible under the
        provisions of Section 9.06 and the appointment of such successor trustee
        or
        successor securities administrator shall not result in a downgrading of any
        Class of Certificates by any Rating Agency, as evidenced by a letter from
        each
        Rating Agency.

       

      Upon
        acceptance of appointment by a successor trustee or successor securities
        administrator as provided in this Section, the Depositor shall mail notice
        of
        the succession of such trustee hereunder to all Holders of Certificates at
        their
        addresses as shown in the Certificate Register. If the Depositor fails to
        mail
        such notice within ten (10) days after acceptance of appointment by the
        successor trustee or successor securities administrator, the successor trustee
        or successor securities administrator shall cause such notice to be mailed
        at
        the expense of the Depositor.

       

      SECTION
        9.09.  Merger
        or
        Consolidation of Trustee or Securities Administrator.

       

      Any
        corporation or association into which the Trustee or the Securities
        Administrator may be merged or converted or with which it may be consolidated
        or
        any corporation or association resulting from any merger, conversion or
        consolidation to which the Trustee or the Securities Administrator shall
        be a
        party, or any corporation or association succeeding to the business of the
        Trustee or the Securities Administrator shall be the successor of the Trustee
        or
        the Securities Administrator hereunder, provided such corporation or association
        shall be eligible under the provisions of Section 9.06, without the execution
        or
        filing of any paper or any further act on the part of any of the parties
        hereto,
        anything herein to the contrary notwithstanding.

       

      SECTION
        9.10.  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 the 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 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, and for the benefit
        of the Holders of the Certificates, such title to REMIC I, or any part thereof,
        and, subject to the other provisions of this Section 9.10, such powers, duties,
        obligations, rights and trusts as the Trustee may consider necessary or
        desirable. No co-trustee or separate trustee hereunder shall be required
        to meet
        the terms of eligibility as a successor trustee under Section 9.06 hereunder
        and
        no notice to Holders of Certificates of the appointment of co-trustee(s)
        or
        separate trustee(s) shall be required under Section 9.08 hereof.

       

      In
        the
        case of any appointment of a co-trustee or separate trustee pursuant to this
        Section 9.10 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
        IX.
        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.

       

      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
        9.11.  Appointment
        of Office or Agency.

       

      The
        Certificates may be surrendered for registration of transfer or exchange
        at the
        Securities Administrator’s office located at Sixth Street and Marquette Avenue,
        Minneapolis, Minnesota 55479, and presented for final distribution at the
        Corporate Trust Office of the Securities Administrator where notices and
        demands
        to or upon the Securities Administrator in respect of the Certificates and
        this
        Agreement may be served.

       

      SECTION
        9.12.  Representations
        and Warranties.

       

      The
        Trustee hereby represents and warrants to the Master Servicer, the Securities
        Administrator, the Servicer and the Depositor as applicable, 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
        X

      

      TERMINATION

       

      SECTION
        10.01.  Termination
        Upon Repurchase or Liquidation of All Mortgage Loans.

       

      (a)  Subject
        to Section 10.02, the respective obligations and responsibilities under this
        Agreement of the Depositor, the Master Servicer, the Securities Administrator,
        the Servicer and the Trustee (other than the obligations of the Master Servicer
        to the Trustee pursuant to Section 9.05 and of the Servicer to make remittances
        to the Securities Administrator and the Securities Administrator to make
        payments in respect of the REMIC I Regular Interests, REMIC I Regular Interests
        or 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 Trustee 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) 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 Last Scheduled Distribution Date. 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 sum of (i) the
        greater of (A) the aggregate Purchase Price of all the Mortgage Loans included
        in REMIC I, plus the appraised value of each REO Property, if any, included
        in
        REMIC I, such appraisal to be conducted by an appraiser mutually agreed upon
        by
        the Terminator and the Trustee in their reasonable discretion and (B) the
        aggregate fair market value of all of the assets of REMIC I (as determined
        by
        the Terminator (defined below) and the Trustee, 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 the third paragraph
        of this Section 10.01), (ii) amounts due and owing to the Swap Provider under
        the Swap Agreement as of the termination date plus (ii) any amounts due the
        Servicer and the Master Servicer in respect of unpaid Servicing Fees, Master
        Servicing Fees and outstanding P&I Advances and Servicing Advances.

       

      (b)  The
        Master Servicer or, if the Master Servicer fails to exercise such optional
        termination right, the Servicer (either the Master Servicer or the Servicer,
        the
“Terminator”) shall have the right 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 Scheduled Principal Balance of the Mortgage Loans and
        each
        REO Property remaining in the Trust Fund at the time of such election is
        reduced
        to less than or equal to 10% of the aggregate Scheduled 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, in connection
        with
        any termination hereunder, to assign and transfer any portion of the Termination
        Price 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-1
        Certificates. Notwithstanding the foregoing, the optional termination right
        may
        only be exercised by the Servicer if (1) the Servicer receives written
        notification from the Master Servicer that the Master Servicer will not exercise
        such optional termination right or (2) the Servicer does not receive such
        written notification from the Master Servicer, and the Master Servicer fails
        to
        exercise its optional termination right by the third Distribution Date following
        the date such right became exercisable; provided however, in no event shall
        the
        Servicer exercise its optional termination right under (1) or (2) above unless
        it first provides written notice to the Authorized Officers of the Sponsor
        that
        it intends to exercise such optional termination right. In the event the
        optional termination right is exercised by the Master Servicer, the Servicer
        shall remain the servicer of record of the Mortgage Loans unless the Servicer
        was terminated as Servicer prior to the exercise of such optional termination
        right. 

       

      (c)  Notice
        of
        the liquidation of the Certificates shall be given promptly by the Securities
        Administrator by letter to the Certificateholders mailed (a) in the event
        such
        notice is given in connection with the purchase of the Mortgage Loans and
        each
        REO Property by the Master Servicer, not earlier than the 15th day and not
        later
        than the 25th 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 or the
        Certificates will be made upon presentation and surrender of the related
        Certificates at the office of the Securities 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 Interest 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 Securities 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 Securities Administrator for deposit in the Distribution Account
        not later than the Business Day prior to the Distribution Date on which the
        final distribution on the Certificates an amount in immediately available
        funds
        equal to the above-described Termination Price. The Securities Administrator
        shall remit to the Servicer, the Master Servicer, the Trustee and the applicable
        Custodian 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 3.09 as if such funds had been deposited therein
        (including all unpaid Servicing Fees, Master Servicing Fees and all outstanding
        P&I Advances and Servicing Advances) and (ii) any other amounts otherwise
        payable by the Securities Administrator to the Master Servicer, the Trustee,
        the
        applicable Custodian, the Swap Provider and the Servicer from amounts on
        deposit
        in the Distribution Account pursuant to the terms of this Agreement prior
        to
        making any final distributions pursuant to Section 10.01(d) below. Upon
        certification to the Trustee by the Securities Administrator of the making
        of
        such final deposit, the Trustee shall promptly release or cause to be released
        to the Terminator the Mortgage Files for the remaining Mortgage Loans, and
        Trustee shall execute all assignments, endorsements and other instruments
        delivered to it and necessary to effectuate such transfer.

       

      (d)  Upon
        presentation of the Certificates by the Certificateholders on the final
        Distribution Date, the Securities Administrator shall distribute to each
        Certificateholder so presenting and surrendering its Certificates the amount
        otherwise distributable on such Distribution Date in accordance with Section
        5.01 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
        10.01 shall not have been surrendered for cancellation within six months
        after
        the time specified in such notice, the Securities 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 Securities
        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 funds. If within one (1) year after the final notice any such
        Certificates shall not have been surrendered for cancellation, the Securities
        Administrator shall pay to the Depositor 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 Securities Administrator as a result of such Certificateholder’s
        failure to surrender its Certificate(s) on the final Distribution Date for
        final
        payment thereof in accordance with this Section 10.01. Any such amounts held
        in
        trust by the Securities Administrator shall be held uninvested in an Eligible
        Account.

       

      SECTION
        10.02.  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 10.01, the Trust Fund shall
        be
        terminated in accordance with the following additional
        requirements:

       

      (i)  The
        Securities 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 by and 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 Securities
        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 (or, if the Trust Fund is being terminated as a
        result
        of the occurrence of the event described in clause (ii) of the first paragraph
        of Section 10.01, at the expense of the Trust Fund), the Terminator 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 10.02.

       

      (c)  By
        their
        acceptance of Certificates, the Holders thereof hereby agree to authorize
        the
        Securities Administrator to specify the 90-day liquidation period for each
        Trust
        REMIC, which authorization shall be binding upon all successor
        Certificateholders.

       

      ARTICLE
        XI

      

      REMIC
        PROVISIONS

       

      SECTION
        11.01.  REMIC
        Administration.

       

      (a)  The
        Securities Administrator 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 Securities Administrator 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 P Certificates, Class IO Interest, the Class CE-2
        Certificates and the Class CE-1 Certificates (exclusive of any right to receive
        payments from or obligation to make payments to the Reserve Fund or the
        Supplement Interest Trust) 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 Trustee shall not permit the creation of any
“interests” in each Trust REMIC (within the meaning of Section 860G of the Code)
        other than the REMIC I Regular Interests, REMIC II Regular Interests, Class
        IO
        Interest and the interests represented by the Certificates.

       

      (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
        Securities 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
        each 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 Securities 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 each Class of 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
        Securities Administrator or an Affiliate as its agent to perform all of the
        duties of the tax matters person for the Trust Fund.

       

      (d)  The
        Securities Administrator shall prepare and file and the Trustee shall sign
        all
        of the Tax Returns in respect of each REMIC created hereunder. The expenses
        of
        preparing and filing such returns shall be borne by the Securities Administrator
        without any right of reimbursement therefor.

       

      (e)  The
        Securities 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 Securities 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 upon receipt of additional reasonable
        compensation, (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 Securities Administrator, within ten (10) days after the
        Closing
        Date, all information or data that the Securities 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)  To
        the
        extent in the control of the Trustee or the Securities Administrator, each
        such
        Person (i) shall take such action and shall cause each REMIC created hereunder
        to take such action as shall be necessary to create or maintain the status
        thereof as a REMIC under the REMIC Provisions, (ii) shall not take any action,
        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 (A) endanger the status of each Trust REMIC as a REMIC
        or
        (B) 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 such action or
        inaction is permitted under this Agreement or the Trustee and the Securities
        Administrator have received an Opinion of Counsel, addressed to the them
        (at the
        expense of the party seeking to take such action but in no event at the expense
        of the Trustee or the Securities 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 (iii) shall the Securities
        Administrator take or fail to take any action (whether or not authorized
        hereunder) as to which the Trustee 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 Securities Administrator
        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 Securities
        Administrator will consult with the Trustee or its designee, in writing,
        with
        respect to whether such action could cause an Adverse REMIC Event to occur
        with
        respect to any Trust REMIC, and the Securities Administrator shall not take
        any
        such action or cause any Trust REMIC to take any such action as to which
        the
        Trustee has advised it in writing that an Adverse REMIC Event could occur.
        The
        Trustee may consult with counsel to make such written advice, and the cost
        of
        same shall be home 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.

       

      (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 Trustee pursuant to Section 11.03, if such tax arises out of or results
        from a breach by the Trustee of any of its obligations under this Article
        XI,
        (ii) to the Securities Administrator pursuant to Section 11.03, if such tax
        arises out of or results from a breach by the Securities Administrator of
        any of
        its obligations under this Article XI, (iii) to the Master Servicer pursuant
        to
        Section 11.03, if such tax arises out of or results from a breach by the
        Master
        Servicer of any of its obligations under Article IV or under this Article
        XI,
        (iv) to the Servicer pursuant to Section 11.03, if such tax arises out of
        or
        results from a breach by the Servicer of any of its obligations under Article
        III or under this Article XI, or (v) in all other cases, against amounts
        on
        deposit in the Distribution Account and shall be paid by withdrawal
        therefrom.

       

      (h)  The
        Securities 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.

       

      (i)  Following
        the Startup Day, neither the Securities Administrator nor 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.

       

      (j)  Neither
        the Trustee nor the Securities Administrator shall knowingly 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.

       

      (k)  The
        Securities Administrator shall apply for an employer identification number
        with
        the Internal Revenue Service via a Form SS-4 or other comparable method for
        each
        REMIC. In connection with the foregoing, the Securities Administrator shall
        provide the name and address of the person who can be contacted to obtain
        information required to be reported to the holders of Regular Interests in
        each
        REMIC as required by IRS Form 8811.

       

      SECTION
        11.02.  Prohibited
        Transactions and Activities.

       

      None
        of
        the Depositor, the Servicer, the Securities Administrator, the Master Servicer
        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 X of this Agreement, (iv)
        a
        substitution pursuant to Article II of this Agreement or (v) a purchase of
        Mortgage Loans pursuant to Article II 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 and the Securities Administrator (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)
        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
        11.03.  Indemnification.

       

      (a)  The
        Trustee agrees to be liable for any taxes and costs incurred by the Trust
        Fund,
        the Depositor, the Master Servicer, the Securities Administrator or the Servicer
        including, without limitation, any reasonable attorneys fees imposed on or
        incurred by the Trust Fund, the Depositor, the Master Servicer, the Securities
        Administrator or the Servicer as a result of the Trustee’s failure to perform
        its covenants set forth in this Article XI in accordance with the standard
        of
        care of the Trustee set forth in this Agreement.

       

      (b)  The
        Servicer agrees to indemnify the Trust Fund, the Depositor, the Master Servicer,
        the Securities Administrator and the Trustee for any taxes and costs including,
        without limitation, any reasonable attorneys’ fees imposed on or incurred by the
        Trust Fund, the Depositor, the Master Servicer, the Securities Administrator
        or
        the Trustee, as a result of the Servicer’s failure to perform its covenants set
        forth in Article III in accordance with the standard of care of the Servicer
        set
        forth in this Agreement.

       

      (c)  The
        Master Servicer agrees to indemnify the Trust Fund, the Depositor, the Servicer
        and the Trustee for any taxes and costs including, without limitation, any
        reasonable attorneys’ fees imposed on or incurred by the Trust Fund, the
        Depositor, the Servicer or the Trustee, as a result of the Master Servicer’s
        failure to perform its covenants set forth in Article IV in accordance with
        the
        standard of care of the Master Servicer set forth in this
        Agreement.

       

      (d)  The
        Securities Administrator agrees to be liable for any taxes and costs incurred
        by
        the Trust Fund, the Depositor, the Servicer or the Trustee including, without
        limitation, any reasonable attorneys’ fees imposed on or incurred by the Trust
        Fund, the Depositor, the Servicer or the Trustee as a result of the Securities
        Administrator’s failure to perform its covenants set forth in this Article XI in
        accordance with the standard of care of the Securities Administrator set
        forth
        in this Agreement.

       

      ARTICLE
        XII

      

      MISCELLANEOUS
        PROVISIONS

       

      SECTION
        12.01.  Amendment.

       

      This
        Agreement may be amended from time to time by the Depositor, the Servicer,
        the
        Master Servicer, the Securities Administrator and the Trustee, with the consent
        of the Swap Provider but 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), (iii) to ensure compliance with Regulation AB or (iv)
        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 and that such action shall not, as evidenced by an Opinion of Counsel
        delivered to the Trustee, adversely affect in any material respect the interests
        of any Certificateholder; provided that any such amendment shall be deemed
        not
        to adversely affect in any material respect the interests of the
        Certificateholders and no such Opinion of Counsel shall be required if the
        Person requesting such amendment obtains a letter from each Rating Agency
        stating that such amendment would not result in the downgrading or withdrawal
        of
        the respective ratings then assigned to the Certificates. 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 Securities Administrator and the Trustee with the
        consent of the Swap Provider 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 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
        Holders of any Class of Certificates in a manner, other than as described
        in
        (i), without the consent of the Holders of Certificates of such Class evidencing
        at least 66% of the Voting Rights allocated to such Class, 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 12.01, Certificates registered in the name
        of
        the Depositor or the Servicer or any Affiliate thereof shall be entitled
        to
        Voting Rights with respect to matters affecting such Certificates. Without
        limiting the generality of the foregoing, any amendment to this Agreement
        required in connection with the compliance with or the clarification of any
        reporting obligations described in Section 5.06 hereof shall not require
        the
        consent of any Certificateholder and without the need for any Opinion of
        Counsel
        or Rating Agency confirmation.

       

      Notwithstanding
        any contrary provision of this Agreement, the Trustee shall not consent to
        any
        amendment to this Agreement unless it shall have first received an Opinion
        of
        Counsel to the effect that such amendment is permitted hereunder and 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 and that such amendment is authorized
        or
        permitted by this Agreement. 

       

      Promptly
        after the execution of any such amendment the Trustee shall furnish a copy
        of
        such amendment to each Certificateholder.

       

      It
        shall
        not be necessary for the consent of Certificateholders under this Section
        12.01
        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 Trustee may prescribe.

       

      The
        cost
        of any Opinion of Counsel to be delivered pursuant to this Section 12.01
        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.

       

      The
        Trustee may, but shall not be obligated to enter into any amendment pursuant
        to
        this Section that affects its rights, duties and immunities under this Agreement
        or otherwise.

       

      SECTION
        12.02.  Recordation
        of Agreement; Counterparts.

       

      To
        the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any or all of the properties subject
        to
        the Mortgages are situated, and in any other appropriate public recording
        office
        or elsewhere, such recordation to be effected by the Depositor at the expense
        of
        the Certificateholders, but only upon direction of the Trustee 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
        12.03.  Limitation
        on Rights of Certificateholders.

       

      The
        death
        or incapacity of any Certificateholder shall not operate to terminate this
        Agreement or the Trust Fund, nor entitle such Certificateholder’s legal
        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 Fund, 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
        12.04.  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 without regard to conflicts of laws
        principles thereof other than Section 5-1401 of the New York General Obligations
        Law which shall govern.

       

      SECTION
        12.05.  Notices.

       

      All
        directions, demands and notices hereunder shall be in writing and shall be
        deemed to have been duly given when received if sent by facsimile, receipt
        confirmed, 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, ACE Securities Corp.,
        AMACAR GROUP, 6525 Morrison Boulevard, Suite 318, Charlotte, North Carolina
        28211, Attention: Juliana Johnson (telecopy number: (704) 365-1362) with
        a copy
        to Deutsche Bank Securities, Inc. 60 Wall Street, New York, New York, Attention:
        Legal Department (telecopy number: (212) 797-4561), or such other address
        or
        telecopy number as may hereafter be furnished to the Servicer, the Master
        Servicer, the Securities Administrator and the Trustee in writing by the
        Depositor, (b) in the case of the Servicer, Ocwen Loan Servicing, LLC, 1661
        Worthington Road, Centrepark West, Suite 100, West Palm Beach, Florida 33409,
        Attention: Secretary (telecopy number: (561) 682-8177, or such other address
        or
        telecopy number as may hereafter be furnished to the Trustee, the Master
        Servicer, the Securities Administrator and the Depositor in writing by the
        Servicer, (c) in the case of the Master Servicer and the Securities
        Administrator, P.O. Box 98, Columbia, Maryland 21046 and for overnight delivery
        to 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Ace Securities
        Corp., 2006-ASAP3 (telecopy number: (410) 715-2380), or such other address
        or
        telecopy number as may hereafter be furnished to the Trustee, the Depositor
        and
        the Servicer in writing by the Master Servicer or the Securities Administrator
        and (d) in the case of the Trustee, at the Corporate Trust Office or such
        other
        address or telecopy number as the Trustee may hereafter be furnish to the
        Servicer, the Master Servicer, the Securities Administrator and the Depositor
        in
        writing by the Trustee. 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
        12.06.  Severability
        of Provisions.

       

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

       

      SECTION
        12.07.  Notice
        to
        Rating Agencies.

       

      The
        Trustee shall use its best efforts promptly to provide notice to the Rating
        Agencies with respect to each of the following of which a Responsible Officer
        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 Servicer, the Master Servicer 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; and

       

      6.  Any
        change in the location of the Distribution Account.

       

      In
        addition, the Securities Administrator shall promptly make available to each
        Rating Agency copies of each report to Certificateholders described in Section
        5.02.

       

      The
        Servicer shall make available to each Rating Agency copies of the
        following:

       

      7.  Each
        Annual Statement of Compliance described in Section 3.17 of this Agreement;
        and

       

      8.  Each
        Assessment of Compliance and Attestation Report described in
        Section 3.18.

       

      Any
        such
        notice pursuant to this Section 12.07 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 Standard & Poor’s, a
        division of the McGraw-Hill Companies, Inc., 55 Water Street, New York, New
        York
        10041; to Moody’s Investors Service, Inc., 99 Church Street, New York, New York
        10007 or such other addresses as the Rating Agencies may designate in writing
        to
        the parties hereto.

       

      SECTION
        12.08.  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
        12.09.  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, on behalf of the Trust and for the benefit
        of
        the Certificateholders, 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, on behalf of the Trust and for the benefit of the Certificateholders,
        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 shall be deemed
        to
        be a grant by the Depositor to the Trustee, on behalf of the Trust and for
        the
        benefit of the Certificateholders, 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 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 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,
        on
        behalf of the Trust and for the benefit of the Certificateholders, 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, on behalf of the Trust and for the benefit of the
        Certificateholders.

       

      SECTION
        12.10.  Survival
        of Indemnification.

       

      Any
        and
        all indemnities to be provided by any party to this Agreement shall survive
        the
        termination and resignation of any party hereto and the termination of this
        Agreement.

       

      SECTION
        12.11.  Intention
        of the Parties and Interpretation.

       

      Each
        of
        the parties acknowledges and agrees that the purpose of Sections 3.17, 3.18,
        3.20, 4.15, 4.16, 4.17, 4.18 and 5.06 of this Agreement is to facilitate
        compliance by the Sponsor, the Master Servicer, the Securities Administrator
        and
        the Depositor with the provisions of Regulation AB promulgated by the Commission
        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 agrees that (a) the obligations of the parties hereunder
        shall be interpreted in such a manner as to accomplish that purpose, (b)
        the
        parties’ obligations hereunder will be supplemented and modified as necessary to
        be consistent with any such amendments, interpretive advice or guidance,
        convention or consensus among active participants in the asset-backed securities
        markets, advice of counsel, or otherwise in respect of the requirements of
        Regulation AB and (c) the parties shall comply with requests made by the
        Master
        Servicer, Securities Administrator, Sponsor or the Depositor for delivery
        of
        additional or different information as the Master Servicer, Securities
        Administrator, Sponsor or the Depositor may determine in good faith is necessary
        to comply with the provisions of Regulation AB.

       

      SECTION
        12.12.  Indemnification.

       

      Each
        of
        the Depositor, Master Servicer, Securities Administrator, Servicer and any
        Servicing Function Participant engaged by such party, respectively, shall
        indemnify and hold harmless the Master Servicer, the Securities Administrator
        and the Depositor, respectively, and each of its directors, officers, employees,
        agents, and affiliates from and against any and all claims, losses, damages,
        penalties, fines, forfeitures, reasonable legal fees and related costs,
        judgments and other costs and expenses arising out of or based upon (a) any
        breach by such party of any if its obligations under hereunder, including
        particularly its obligations to provide any Assessment of Compliance,
        Attestation Report, Compliance Statement or any information, data or materials
        required to be included in any 1934 Act report, (b) any material misstatement
        or
        omission in any information, data or materials provided by such party (or,
        in
        the case of the Securities Administrator or Master Servicer, any material
        misstatement or material omission in (i) any Compliance Statement, Assessment
        of
        Compliance or Attestation Report delivered by it, or by any Servicing Function
        Participant engaged by it, pursuant to this Agreement, or (ii) any Additional
        Form 10-D Disclosure, Additional Form 10-K Disclosure or Form 8-K Disclosure
        concerning the Master Servicer or the Securities Administrator), or (c) the
        negligence, bad faith or willful misconduct of such indemnifying party in
        connection with its performance hereunder. If the indemnification provided
        for
        herein is unavailable or insufficient to hold harmless the Master Servicer,
        the
        Securities Administrator or the Depositor, as the case may be, then each
        such
        party agrees that it shall contribute to the amount paid or payable by the
        Master Servicer, the Securities Administrator or the Depositor, as applicable,
        as a result of any claims, losses, damages or liabilities incurred by such
        party
        in such proportion as is appropriate to reflect the relative fault of the
        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 any party to this Agreement.

       

      

      
        
          
            
              

              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      

      

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

       

       

      
        	 	 	 
	 	
                ACE
                  SECURITIES CORP.,

                as
                  Depositor

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:	
                

              
	 	Title:	 

      

       

      
        
          	 	 	 
	 	
                  
                     

                  

                
	 
 	 
 	 
 
	 	By:  	 
	 	Name:	
                  

                
	 	Title:	 

        

      

       

      
        
          	 	 	 
	 	
                  
                    
                      OCWEN
                        LOAN SERVICING, LLC

                      as
                        Servicer

                    

                  

                
	 
 	 
 	 
 
	 	By:  	 
	 	Name:	
                  

                
	 	Title:	 

        

      

       

      
        
          
            	 	 	 
	 	
                    
                      
                        
                          HSBC
                            BANK USA, NATIONAL ASSOCIATION

                          not
                            in its individual capacity but solely as
                            Trustee

                        

                      

                    

                  
	 
 	 
 	 
 
	 	By:  	 
	 	Name:	
                    

                  
	 	Title:	 

          

        

      

       

      
        
          
            
              	 	 	
                       

                    
	 	
                      
                        
                          
                            
                              WELLS
                                FARGO BANK, NATIONAL ASSOCIATION

                              as
                                Master Servicer and Securities
                                Administrator

                            

                          

                        

                      

                    
	 
 	 
 	 
 
	 	By:  	 
	 	Name:	
                      

                    
	 	Title:	 

            

          

        

         

        
          
            
              
                
                  	 	Acknowledged
                          and Agreed for
                          purposes of Section 9.05:
	 	 	 
	 	 	
                           

                        
	 	
                          
                            
                              
                                
                                  DB
                                    STRUCTURED PRODUCTS, INC

                                

                              

                            

                          

                        
	 
 	 
 	 
 
	 	By:  	 
	 	Name:	
                          

                        
	 	Title:	 

                

              

            

             

          

        

      

      
        
          
            
              
                
                  	 	 	
                           

                        
	 	
                          
                            
                              
                                
                                   

                                

                              

                            

                          

                        
	 
 	 
 	 
 
	 	By:  	 
	 	Name:	
                          

                        
	 	Title:	 

                

              

            

             

          

        

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	 	Acknowledged
                                      and Agreed for
                                      purposes of Sections 7.08, 7.09 and 7.10:
	 	 	 
	 	 	
                                       

                                    
	 	
                                      
                                        
                                          
                                            
                                              
                                                CLAYTON
                                                  FIXED INCOME SERVICES INC. (f/k/a
                                                  THE MURRAYHILL
                                                  COMPANY)

                                              

                                            

                                          

                                        

                                      

                                    
	 
 	 
 	 
 
	 	By:  	 
	 	Name:	
                                      

                                    
	 	Title:	 

                            

                          

                        

                         

                      

                    

                  

                

              

            

          

        

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      

      
 

      
        	STATE OF	) 
	 	) ss.:
	COUNTY OF	)

      

       

      On
        the
        ___ day of May 2006, before me, a notary public in and for said State,
        personally appeared _____________________ known to me to be a
        _____________________ of ACE Securities Corp., one of the entities 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]     My
        commission expires

       

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      
        
          	STATE OF	) 
	 	) ss.:
	COUNTY OF	)

        

         

      

      On
        the
        ___ day of May 2006, before me, a notary public in and for said State,
        personally appeared _____________________ known to me to be a
        _____________________ of ACE Securities Corp., one of the entities 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]     My
          commission expires

        
 

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      
        

        
          
            	STATE OF	) 
	 	) ss.:
	COUNTY OF	)

          

           

        

      

      On
        the
        ___ day of May 2006, before me, a notary public in and for said State,
        personally appeared _____________________ known to me to be a
        _____________________ of Ocwen Loan Servicing, LLC, one of the entities that
        executed the within instrument, and also known to me to be the person who
        executed it on behalf of said entity, and acknowledged to me that such entity
        executed the within instrument.

       

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

      
         

        __________________________________

        
          Notary
            Public

        

         

        [Notarial
          Seal]     My
          commission expires

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      
        
           

          
 

          
            
              	STATE OF	) 
	 	) ss.:
	COUNTY OF	)

            

             

          

        

      

      On
        the
        ___ day of May 2006, before me, a notary public in and for said State,
        personally appeared _____________________ known to me to be a
        _____________________ of Wells Fargo Bank, National Association, one of the
        entities that executed the within instrument, and also known to me to be
        the
        person who executed it on behalf of said national banking association, and
        acknowledged to me that such national banking association executed the within
        instrument.

       

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

       

      
        __________________________________

        
          Notary
            Public

        

         

        [Notarial
          Seal]     My
          commission expires

         

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      
        
          
            	STATE OF	) 
	 	) ss.:
	COUNTY OF	)

          

           

        

      

      On
        the
        ___ day of May 2006, before me, a notary public in and for said State,
        personally appeared _____________________ known to me to be a
        _____________________ of HSBC Bank USA, National Association, one of the
        entities that executed the within instrument, and also known to me to be
        the
        person who executed it on behalf of said national banking association, and
        acknowledged to me that such national banking association executed the within
        instrument.

       

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

      
        __________________________________

        
          Notary
            Public

        

         

        [Notarial
          Seal]     My
          commission expires

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

        EXHIBIT
          A-1

         

        FORM
          OF
          CLASS A-[1][2A][2B][2C][2D] 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
          (THE “CODE”).

         

        UNLESS
          THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
          TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
          EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
          OF
          CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
          OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
          TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
          PERSON
          IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
          HEREIN.

         

        PRIOR
          TO THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY PERSON ACQUIRING
          A
          CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION
          6.02(c)
          OF THE POOLING AND SERVICING AGREEMENT.

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        
          	
                  Series
                    2006-ASAP3, Class A-[1][2A][2B][2C][2D]

                	 	
                  Aggregate
                    Certificate Principal Balance of the Class A-[1][2A][2B][2C][2D]
                    Certificates as of the Issue Date: $_____________

                   

                
	
                  Pass-Through
                    Rate: Variable

                	 	
                  Denomination:
                    $____________

                   

                
	
                  Date
                    of Pooling and Servicing Agreement and Cut-off Date: May 1,
                    2006

                	 	
                  Master
                    Servicer: Wells Fargo Bank, N.A.

                   

                
	
                  First
                    Distribution Date: June 25, 2006

                	 	
                  Trustee:
                    HSBC Bank USA, National Association

                   

                
	
                  No.__

                	 	
                  Issue
                    Date: May 30, 2006

                   

                
	 	 	
                  CUSIP:________________

                

        

        

        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.

         

        ACE
          SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP3

        ASSET
          BACKED PASS-THROUGH CERTIFICATE

         

        evidencing
          a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
          primarily of a pool of conventional one- to four-family, fixed and
          adjustable-rate first and second lien mortgage loans (the “Mortgage Loans”)
          formed and sold by

         

        ACE
          SECURITIES CORP.

         

        THIS
          CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
          CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER,
          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 ________________ 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][2A][2B][2C][2D] Certificates
          as
          of the Issue Date) in that certain beneficial ownership interest evidenced
          by
          all of the Class A-[1][2A][2B][2C][2D] Certificates in REMIC III created
          pursuant to a Pooling and Servicing Agreement, dated as specified above
          (the
“Agreement”), among ACE Securities Corp., as depositor (hereinafter called the
“Depositor”, which term includes any successor entity under the Agreement),
          Wells Fargo Bank, National Association as master servicer (the “Master
          Servicer”) and securities administrator (the “Securities Administrator”), Ocwen
          Loan Servicing, LLC as servicer (the “Servicer”) and HSBC Bank USA, National
          Association as trustee (the “Trustee”), a summary of certain of the pertinent
          provisions of which is set forth hereafter. To the extent not defined herein,
          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 such 25th
          day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
          to the Person in whose name this Certificate is registered on the Business
          Day
          immediately preceding such Distribution Date (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][2A][2B][2C][2D] 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 Securities Administrator by wire transfer in
          immediately available funds to the account of the Person entitled thereto
          if
          such Person shall have so notified the Securities 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][2A][2B][2C][2D]
          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][2A][2B][2C][2D]
          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 Securities Administrator
          of the
          pendency of such distribution and only upon presentation and surrender
          of this
          Certificate at the office or agency appointed by the Securities Administrator
          for that purpose 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 be a rate per annum
          equal to
          the lesser of (i) One-Month LIBOR plus [_____]%, in the case of each
          Distribution Date through and including the Distribution Date on which
          the
          aggregate principal balance of the Mortgage Loans (and properties acquired
          in
          respect thereof) remaining in the Trust Fund is reduced to less than or
          equal to
          10% of the aggregate principal balance of the Mortgage Loans as of the
          Cut-off
          Date, or One-Month LIBOR plus [_____]%, in the case of any Distribution
          Date
          thereafter and (ii) the applicable Net WAC Pass-Through Rate for such
          Distribution Date.

         

        This
          Certificate is one of a duly authorized issue of Certificates designated
          as
          Asset Backed Pass-Through Certificate 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 and payments received pursuant
          to the
          Swap Agreement, all as more specifically set forth herein and in the Agreement.
          As provided in the Agreement, withdrawals from the Collection Account and
          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 Trustee, the Securities Administrator, the Servicer
          and the
          rights of the Certificateholders under the Agreement at any time by the
          Depositor, the Master Servicer, the Trustee, the Securities Administrator
          and
          the Servicer with the consent of the Holders of Certificates entitled to
          at
          least 66% of the Voting Rights. 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 Securities 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 Securities
          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, any transferee of this
          Certificate shall be deemed to make the representations in Section 6.02(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 Securities 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 Trustee, the Securities Administrator,
          the
          Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
          the
          Securities Administrator or the Servicer may treat the Person in whose
          name this
          Certificate is registered as the owner hereof for all purposes, and none
          of the
          Depositor, the Master Servicer, the Trustee, the Securities Administrator,
          the
          Servicer 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
          Securities 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 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 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 Scheduled Principal Balance
          of the
          Mortgage Loans (and properties acquired in respect thereof) at the time
          of
          purchase being less than or equal to 10% of the aggregate Scheduled 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
          neither the Trustee nor the Securities Administrator assumes any responsibility
          for their correctness.

         

        Unless
          the certificate of authentication hereon has been executed by the Securities
          Administrator, by manual signature, this Certificate shall not be entitled
          to
          any benefit under the Agreement or be valid for any purpose.

         

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

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

         

        Dated:
          May ___, 2006

        
          	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Securities Administrator

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                
	 	 	 	 	 	 	 	 	 

        

        

        

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Class A-[1][2A][2B][2C][2D] Certificates referred to in the
          within-mentioned Agreement.

         

        
          	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Securities 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

                
	
                  TEN
                    ENT -

                	
                  as
                    tenants by the entireties

                	 	
                  ________________

                  (State)

                
	
                  JT
                    TEN -

                	
                  as
                    joint tenants with right 

                  if
                    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.

         

        I
          (we)
          further direct the Securities Administrator to issue a new Certificate
          of a like
          Percentage Interest and Class to the above named assignee and deliver such
          Certificate to the following address:
          ____________________________________________________________________________________________________________

        
          	 	 	
                  .

                

        

        

         

        
          	
                  Dated:

                	 
	 	
                  Signature
                    by or on behalf of assignor

                
	 	 
	 	 
	 	
                  Signature
                    Guaranteed

                

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        DISTRIBUTION
          INSTRUCTIONS

         

        The
          assignee should include the following for purposes of distribution:

         

        
          	
                  Distributions
                    shall be made, by wire transfer or otherwise, in immediately
                    available
                    

                
	
                  funds
                    to

                	 
	 
	
                  for
                    the account of

                	 
	
                  account
                    number

                	 	
                  or,
                    if mailed by check, to

                
	 
	
                  Applicable
                    statements should be mailed to

                	 
	 
	 
	
                  This
                    information is provided by

                	 
	
                  assignee
                    named above, or

                	 
	
                  its
                    agent.

                	 

        

        

         

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          A-2

         

        FORM
          OF
          CLASS M-[1][2][3][4][5][6][7][8][9][10][11] 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
          (THE “CODE”).

         

        UNLESS
          THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
          TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
          EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
          OF
          CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
          OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
          TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
          PERSON
          IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
          HEREIN.

         

        THIS
          CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES [[,/AND] CLASS M-1
          CERTIFICATES [,/AND] CLASS M-2 CERTIFICATES[,/AND] CLASS M-3 CERTIFICATES
          [,/AND] CLASS M-4 CERTIFICATES [,/AND] CLASS M-5 CERTIFICATES] [,/AND]
          CLASS M-6
          CERTIFICATES] [,/AND] CLASS M-7 CERTIFICATES] [,/AND] CLASS M-8 CERTIFICATES
          [,/AND] CLASS M-9 CERTIFICATES [AND] CLASS M-10 CERTIFICATES TO THE EXTENT
          DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

         

        ANY
          TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO MAKE THE REPRESENTATIONS
          SET
          FORTH IN SECTION 6.02(c) OF THE AGREEMENT REFERRED TO
          HEREIN.

         

        THE
          CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY
          THE
          PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
          IN
          THE AGREEMENT REFERRED TO HEREIN. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE
          OF
          THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE
          WILL BE
          DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
          MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
          ADMINISTRATOR NAMED HEREIN.

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        
          	
                  Series
                    2006-ASAP3, Class M-[1][2][3][4][5][6][7][8][9][10][11]

                	 	
                  Aggregate
                    Certificate Principal Balance of the Class
                    M-[1][2][3][4][5][6][7][8][9][10][11] Certificates as of the
                    Issue Date:
                    $______________

                   

                
	
                  Pass-Through
                    Rate: Variable

                	 	
                  Denomination:
                    $______________

                   

                
	
                  Date
                    of Pooling and Servicing Agreement 

                  and
                    Cut-off Date: May 1, 2006

                   

                	 	
                  Master
                    Servicer: Wells Fargo Bank, N.A.

                
	
                  First
                    Distribution Date: June 25, 2006

                	 	
                  Trustee:
                    HSBC Bank USA, National Association

                   

                
	
                  No.___

                	 	
                  Issue
                    Date: May 30, 2006

                   

                
	 	 	
                  CUSIP:_________________

                

        

        

        ACE
          SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP3

        ASSET
          BACKED PASS-THROUGH CERTIFICATE

         

        evidencing
          a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
          primarily of a pool of conventional one- to four-family, fixed and
          adjustable-rate first and second lien mortgage loans (the “Mortgage Loans”)
          formed and sold by

         

        ACE
          SECURITIES CORP.

         

        THIS
          CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
          CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER,
          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 _____________________ 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][2][3][4][5][6][7][8][9][10][11] Certificates as of the Issue Date)
          in that
          certain beneficial ownership interest evidenced by all of the Class
          M-[1][2][3][4][5][6][7][8][9][10][11] Certificates in REMIC III created
          pursuant
          to a Pooling and Servicing Agreement, dated as specified above (the
“Agreement”), among ACE Securities Corp., as depositor (hereinafter called the
“Depositor”, which term includes any successor entity under the Agreement),
          Wells Fargo Bank, National Association as master servicer (the “Master
          Servicer”) and securities administrator (the “Securities Administrator”), Ocwen
          Loan Servicing, LLC as servicer (the “Servicer”) and HSBC Bank USA, National
          Association as trustee (the “Trustee”), a summary of certain of the pertinent
          provisions of which is set forth hereafter. To the extent not defined herein,
          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 such 25th
          day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
          to the Person in whose name this Certificate is registered on the Business
          Day
          immediately preceding such Distribution Date (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][2][3][4][5][6][7][8][9][10][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 Securities Administrator by wire transfer in
          immediately available funds to the account of the Person entitled thereto
          if
          such Person shall have so notified the Securities 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][2][3][4][5][6][7][8][9][10][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-[1][2][3][4][5][6][7][8][9][10][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 Securities Administrator of the pendency
          of
          such distribution and only upon presentation and surrender of this Certificate
          at the office or agency appointed by the Securities Administrator for that
          purpose 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) One-Month LIBOR plus [____]% , in the case of each
          Distribution Date through and including the Distribution Date on which
          the
          aggregate principal balance of the Mortgage Loans (and properties acquired
          in
          respect thereof) remaining in the Trust Fund is reduced to less than or
          equal to
          10% of the aggregate principal balance of the Mortgage Loans as of the
          Cut-off
          Date, or One-Month LIBOR plus [____]%, in the case of any Distribution
          Date
          thereafter and (ii) the applicable Net WAC Pass-Through Rate for such
          Distribution Date.

         

        This
          Certificate is one of a duly authorized issue of Certificates designated
          as
          Asset Backed Pass-Through Certificate 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 and payments received pursuant
          to the
          Swap Agreement, all as more specifically set forth herein and in the Agreement.
          As provided in the Agreement, withdrawals from the Collection Account and
          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 Trustee, the Securities Administrator, the Servicer
          and the
          rights of the Certificateholders under the Agreement at any time by the
          Depositor, the Master Servicer, the Trustee, the Securities Administrator
          and
          the Servicer with the consent of the Holders of Certificates entitled to
          at
          least 66% of the Voting Rights. 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 Securities 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 Securities
          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
          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.

         

        Any
          transferee of this Certificate shall be deemed to make the representations
          set
          forth in Section 6.02(c) of the Agreement.

         

        No
          service charge will be made for any such registration of transfer or exchange
          of
          Certificates, but the Securities 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 Trustee, the Securities Administrator,
          the
          Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
          the
          Securities Administrator or the Servicer may treat the Person in whose
          name this
          Certificate is registered as the owner hereof for all purposes, and none
          of the
          Depositor, the Master Servicer, the Trustee, the Securities Administrator,
          the
          Servicer 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
          Securities 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 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 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 Scheduled Principal Balance
          of the
          Mortgage Loans (and properties acquired in respect thereof) 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
          neither the Trustee nor the Securities Administrator assume any responsibility
          for their correctness.

         

        Unless
          the certificate of authentication hereon has been executed by the Securities
          Administrator by manual signature, this Certificate shall not be entitled
          to any
          benefit under the Agreement or be valid for any purpose.

         

        

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

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

         

        Dated:
          May ___, 2006

         

        
          	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Securities Administrator

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                
	 	 	 	 	 	 	 	 	 

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Class M-[1][2][3][4][5][6][7][8][9][10][11] Certificates referred
          to
          in the within-mentioned Agreement.

         

        
          	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Securities 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

                
	
                  TEN
                    ENT -

                	
                  as
                    tenants by the entireties

                	 	
                  ________________

                  (State)

                
	
                  JT
                    TEN -

                	
                  as
                    joint tenants with right 

                  if
                    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.

         

        I
          (we)
          further direct the Securities Administrator to issue a new Certificate
          of a like
          Percentage Interest and Class to the above named assignee and deliver such
          Certificate to the following address:
          _____________________________________________________________________________________________________________

        
          	 	 	
                  .

                

        

        

         

        
          	
                  Dated:

                	 
	 	
                  Signature
                    by or on behalf of assignor

                
	 	 
	 	 
	 	
                  Signature
                    Guaranteed

                

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        DISTRIBUTION
          INSTRUCTIONS

         

        The
          assignee should include the following for purposes of distribution:

         

        
          	
                  Distributions
                    shall be made, by wire transfer or otherwise, in immediately
                    available
                    

                
	
                  funds
                    to

                	 
	 
	
                  for
                    the account of

                	 
	
                  account
                    number

                	 	
                  or,
                    if mailed by check, to

                
	 
	
                  Applicable
                    statements should be mailed to

                	 
	 
	 
	
                  This
                    information is provided by

                	 
	
                  assignee
                    named above, or

                	 
	
                  its
                    agent.

                	 

        

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          A-3A

         

        FORM
          OF
          CLASS CE-1 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
          (THE “CODE”).

         

        THIS
          CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE MEZZANINE
          CERTIFICATES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO
          HEREIN.

         

        THIS
          CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
          ACT OF
          1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
          HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY
          BE
          REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE
          WITH THE
          SECURITIES ACT AND OTHER APPLICABLE LAWS AND WITHIN THE UNITED STATES TO
          (A)
“QUALIFIED INSTITUTIONAL BUYERS” WITHIN THE MEANING OF AND IN COMPLIANCE WITH
          RULE 144A UNDER THE ACT (“RULE 144A”) OR (B) TO INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF
“REGULATION D” UNDER THE ACT.

         

        NO
          TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
          PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE
          AGREEMENT.

         

        

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        
          	
                  Series
                    2006-ASAP3, Class CE-1

                	 	
                  Aggregate
                    Certificate Principal Balance of the Class CE-1 Certificates
                    as of the
                    Issue Date: $_____________

                   

                
	
                  Pass-Through
                    Rate: Variable

                	 	
                  Denomination:
                    $_________________

                   

                
	
                  Cut-off
                    Date and date of Pooling and Servicing Agreement: May 1,
                    2006

                	 	
                  Master
                    Servicer: Wells Fargo Bank, N.A.

                   

                
	
                  First
                    Distribution Date: June 25, 2006

                	 	
                  Trustee:
                    HSBC Bank USA, National Association

                   

                
	
                  No.
                    __

                	 	
                  Issue
                    Date: May 30, 2006

                

        

        

        ACE
          SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP3

        ASSET
          BACKED PASS-THROUGH CERTIFICATE

         

        evidencing
          a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
          primarily of a pool of conventional one- to four-family, fixed and
          adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
          formed and sold by

         

        ACE
          SECURITIES CORP.

         

        THIS
          CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
          CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER,
          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 ________________ 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-1 Certificates as of the
          Issue
          Date) in that certain beneficial ownership interest evidenced by all of
          the
          Class CE-1 Certificates in REMIC III created pursuant to a Pooling and
          Servicing
          Agreement, dated as specified above (the “Agreement”), among ACE Securities
          Corp., as depositor (hereinafter called the “Depositor,” which term includes any
          successor entity under the Agreement), Wells Fargo Bank, National Association
          as
          master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”), Ocwen Loan Servicing, LLC as servicer (the
“Servicer”) and HSBC Bank USA, National Association as trustee (the “Trustee”),
          a summary of certain of the pertinent provisions of which is set forth
          hereafter. To the extent not defined herein, 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.

         

        Interest
          on this Certificate will accrue during the month prior to the month in
          which a
          Distribution Date (as hereinafter defined) occurs on the Notional Amount
          (as
          defined in the Agreement) hereof at a per annum rate equal to the Pass-Through
          Rate as set forth in the Agreement. 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 such 25th
          day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
          to the Person in whose name this Certificate is registered on the last
          Business
          Day of the calendar month immediately preceding the month in which the
          related
          Distribution Date occurs (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-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 Securities Administrator by wire transfer in
          immediately available funds to the account of the Person entitled thereto
          if
          such Person shall have so notified the Securities 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-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 CE-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
          Securities Administrator of the pendency of such distribution and only
          upon
          presentation and surrender of this Certificate at the office or agency
          appointed
          by the Securities Administrator for that purpose as provided in the
          Agreement.

         

        This
          Certificate is one of a duly authorized issue of Certificates designated
          as
          Asset Backed Pass-Through Certificate 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
          Collection Account and 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 Trustee, the Securities Administrator, the Servicer
          and the
          rights of the Certificateholders under the Agreement at any time by the
          Depositor, the Master Servicer, the Trustee, the Securities Administrator
          and
          the Servicer with the consent of the Holders of Certificates entitled to
          at
          least 66% of the Voting Rights. 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 Securities 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 Securities
          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
          Securities Administrator shall require receipt of (i) if such transfer
          is
          purportedly being made in reliance upon Rule 144A under the 1933 Act, written
          certifications from the Holder of the Certificate desiring to effect the
          transfer, and from such Holder’s prospective transferee, substantially in the
          forms attached to the Agreement as Exhibit B-1, (ii) if such transfer is
          purportedly being made in reliance upon Rule 501(a) 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
          form attached to the Agreement as Exhibit B-2 and (iii) in all other cases,
          an
          Opinion of Counsel satisfactory to it that such transfer may be made without
          such registration or qualification (which Opinion of Counsel shall not
          be an
          expense of the Trust Fund or of the Depositor, the Trustee, the Master
          Servicer
          or the Securities Administrator 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,
          the Trustee or the Securities Administrator is obligated to register or
          qualify
          the Class of Certificates specified on the face hereof under the 1933 Act
          or any
          other securities law or to take any action not otherwise required under
          the
          Agreement to permit the transfer of such Certificates without registration
          or
          qualification. Any Holder desiring to effect a transfer of this Certificate
          shall be required to indemnify the Trustee, the Depositor, the Master Servicer
          and the Securities Administrator against any liability that may result
          if the
          transfer is not so exempt or is not made in accordance with such federal
          and
          state laws.

         

        No
          transfer of this Certificate shall be made except in accordance with Section
          6.02(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 Securities 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 Trustee, the Securities Administrator,
          the
          Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
          the
          Securities Administrator or the Servicer may treat the Person in whose
          name this
          Certificate is registered as the owner hereof for all purposes, and none
          of the
          Depositor, the Master Servicer, the Trustee, the Securities Administrator,
          the
          Servicer 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
          Securities 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 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 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 Scheduled Principal Balance
          of the
          Mortgage Loans (and properties acquired in respect thereof) at the time
          of
          purchase being less than or equal to 10% of the aggregate Scheduled 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
          neither the Trustee nor the Securities Administrator assume any responsibility
          for their correctness.

         

        Unless
          the certificate of authentication hereon has been executed by the Securities
          Administrator, by manual signature, this Certificate shall not be entitled
          to
          any benefit under the Agreement or be valid for any purpose.

         

        

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

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

         

        Dated:
          May ___, 2006

        
          	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Securities Administrator

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                
	 	 	 	 	 	 	 	 	 

        

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Class CE-1 Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Securities Administrator

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                
	 	 	 	 	 	 	 	 	 

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        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

                
	
                  TEN
                    ENT -

                	
                  as
                    tenants by the entireties

                	 	
                  ________________

                  (State)

                
	
                  JT
                    TEN -

                	
                  as
                    joint tenants with right 

                  if
                    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.

         

        I
          (we)
          further direct the Securities Administrator to issue a new Certificate
          of a like
          Percentage Interest and Class to the above named assignee and deliver such
          Certificate to the following address:
          _____________________________________________________________________________________________________________

        
          	 	 	
                  .

                

        

        

         

        
          	
                  Dated:

                	 
	 	
                  Signature
                    by or on behalf of assignor

                
	 	 
	 	 
	 	
                  Signature
                    Guaranteed

                

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        DISTRIBUTION
          INSTRUCTIONS

         

        The
          assignee should include the following for purposes of distribution:

         

        
          	
                  Distributions
                    shall be made, by wire transfer or otherwise, in immediately
                    available
                    

                
	
                  funds
                    to

                	 
	 
	
                  for
                    the account of

                	 
	
                  account
                    number

                	 	
                  or,
                    if mailed by check, to

                
	 
	
                  Applicable
                    statements should be mailed to

                	 
	 
	 
	
                  This
                    information is provided by

                	 
	
                  assignee
                    named above, or

                	 
	
                  its
                    agent.

                	 

        

        

        

        

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          A-3B

         

        FORM
          OF
          CLASS CE-2 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
          (THE “CODE”).

         

        THIS
          CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
          ACT OF
          1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
          HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY
          BE
          REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE
          WITH THE
          SECURITIES ACT AND OTHER APPLICABLE LAWS AND WITHIN THE UNITED STATES TO
          (A)
“QUALIFIED INSTITUTIONAL BUYERS” WITHIN THE MEANING OF AND IN COMPLIANCE WITH
          RULE 144A UNDER THE ACT (“RULE 144A”) OR (B) TO INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF
“REGULATION D” UNDER THE ACT.

         

        NO
          TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
          PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE
          AGREEMENT.

         

        

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        
          	
                  Series
                    2006-ASAP3, Class CE-2

                	 	
                  Aggregate
                    Percentage Interest of the Class CE-2 Certificates as of the
                    Issue Date:
                    $_____________

                   

                
	
                  Cut-off
                    Date and date of Pooling and Servicing Agreement: May 1,
                    2006

                	 	
                  Master
                    Servicer: Wells Fargo Bank, N.A.

                   

                
	
                  First
                    Distribution Date: June 25, 2006

                	 	
                  Trustee:
                    HSBC Bank USA, National Association

                   

                
	
                  No.
                    __

                	 	
                  Issue
                    Date: May 30, 2006

                

        

        

        ACE
          SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP3

        ASSET
          BACKED PASS-THROUGH CERTIFICATE

         

        evidencing
          a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
          primarily of a pool of conventional one- to four-family, fixed -rate, first
          lien
          mortgage loans (the “Mortgage Loans”) formed and sold by

         

        ACE
          SECURITIES CORP.

         

        THIS
          CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
          CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER,
          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 ________________ is the registered owner of a Percentage
          Interest
          set forth above in that certain beneficial ownership interest evidenced
          by all
          of the Class CE-2 Certificates in REMIC III created pursuant to a Pooling
          and
          Servicing Agreement, dated as specified above (the “Agreement”), among ACE
          Securities Corp., as depositor (hereinafter called the “Depositor,” which term
          includes any successor entity under the Agreement), Wells Fargo Bank, National
          Association as master servicer (the “Master Servicer”) and securities
          administrator (the “Securities Administrator”), Ocwen Loan Servicing, LLC as
          servicer (the “Servicer”) and HSBC Bank USA, National Association as trustee
          (the “Trustee”), a summary of certain of the pertinent provisions of which is
          set forth hereafter. To the extent not defined herein, 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.

         

        Interest
          on this Certificate will accrue during the month prior to the month in
          which a
          Distribution Date (as hereinafter defined) occurs on a Notional Amount
          (as
          defined in the Agreement) hereof at a per annum rate equal to the Pass-Through
          Rate as set forth in the Agreement. 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 such 25th
          day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
          to the Person in whose name this Certificate is registered on the last
          Business
          Day of the calendar month immediately preceding the month in which the
          related
          Distribution Date occurs (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-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 Securities Administrator by wire transfer in
          immediately available funds to the account of the Person entitled thereto
          if
          such Person shall have so notified the Securities 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-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 Securities Administrator of the pendency
          of
          such distribution and only upon presentation and surrender of this Certificate
          at the office or agency appointed by the Securities Administrator for that
          purpose as provided in the Agreement.

         

        This
          Certificate is one of a duly authorized issue of Certificates designated
          as
          Asset Backed Pass-Through Certificate 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
          Collection Account and 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 Trustee, the Securities Administrator, the Servicer
          and the
          rights of the Certificateholders under the Agreement at any time by the
          Depositor, the Master Servicer, the Trustee, the Securities Administrator
          and
          the Servicer with the consent of the Holders of Certificates entitled to
          at
          least 66% of the Voting Rights. 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 Securities 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 Securities
          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
          Securities Administrator shall require receipt of (i) if such transfer
          is
          purportedly being made in reliance upon Rule 144A under the 1933 Act, written
          certifications from the Holder of the Certificate desiring to effect the
          transfer, and from such Holder’s prospective transferee, substantially in the
          forms attached to the Agreement as Exhibit B-1, (ii) if such transfer is
          purportedly being made in reliance upon Rule 501(a) 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
          form attached to the Agreement as Exhibit B-2 and (iii) in all other cases,
          an
          Opinion of Counsel satisfactory to it that such transfer may be made without
          such registration or qualification (which Opinion of Counsel shall not
          be an
          expense of the Trust Fund or of the Depositor, the Trustee, the Master
          Servicer
          or the Securities Administrator 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,
          the Trustee or the Securities Administrator is obligated to register or
          qualify
          the Class of Certificates specified on the face hereof under the 1933 Act
          or any
          other securities law or to take any action not otherwise required under
          the
          Agreement to permit the transfer of such Certificates without registration
          or
          qualification. Any Holder desiring to effect a transfer of this Certificate
          shall be required to indemnify the Trustee, the Depositor, the Master Servicer
          and the Securities Administrator against any liability that may result
          if the
          transfer is not so exempt or is not made in accordance with such federal
          and
          state laws.

         

        No
          transfer of this Certificate shall be made except in accordance with Section
          6.02(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 Securities 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 Trustee, the Securities Administrator,
          the
          Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
          the
          Securities Administrator or the Servicer may treat the Person in whose
          name this
          Certificate is registered as the owner hereof for all purposes, and none
          of the
          Depositor, the Master Servicer, the Trustee, the Securities Administrator,
          the
          Servicer 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
          Securities 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 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 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 Scheduled Principal Balance
          of the
          Mortgage Loans (and properties acquired in respect thereof) at the time
          of
          purchase being less than or equal to 10% of the aggregate Scheduled 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
          neither the Trustee nor the Securities Administrator assume any responsibility
          for their correctness.

         

        Unless
          the certificate of authentication hereon has been executed by the Securities
          Administrator, by manual signature, this Certificate shall not be entitled
          to
          any benefit under the Agreement or be valid for any purpose.

         

        

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

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

         

        Dated:
          May ___, 2006

        
          	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Securities Administrator

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                
	 	 	 	 	 	 	 	 	 

        

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Class CE-2 Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Securities Administrator

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                
	 	 	 	 	 	 	 	 	 

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        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

                
	
                  TEN
                    ENT -

                	
                  as
                    tenants by the entireties

                	 	
                  ________________

                  (State)

                
	
                  JT
                    TEN -

                	
                  as
                    joint tenants with right 

                  if
                    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.

         

        I
          (we)
          further direct the Securities Administrator to issue a new Certificate
          of a like
          Percentage Interest and Class to the above named assignee and deliver such
          Certificate to the following address:
          _____________________________________________________________________________________________________________

        
          	 	 	
                  .

                

        

        

         

        
          	
                  Dated:

                	 
	 	
                  Signature
                    by or on behalf of assignor

                
	 	 
	 	 
	 	
                  Signature
                    Guaranteed

                

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        DISTRIBUTION
          INSTRUCTIONS

         

        The
          assignee should include the following for purposes of distribution:

         

        
          	
                  Distributions
                    shall be made, by wire transfer or otherwise, in immediately
                    available
                    

                
	
                  funds
                    to

                	 
	 
	
                  for
                    the account of

                	 
	
                  account
                    number

                	 	
                  or,
                    if mailed by check, to

                
	 
	
                  Applicable
                    statements should be mailed to

                	 
	 
	 
	
                  This
                    information is provided by

                	 
	
                  assignee
                    named above, or

                	 
	
                  its
                    agent.

                	 

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          A-4

         

        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 (THE “CODE”).

         

        THIS
          CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
          ACT OF
          1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
          HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY
          BE
          REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE
          WITH THE
          SECURITIES ACT AND OTHER APPLICABLE LAWS AND WITHIN THE UNITED STATES TO
          (A)
“QUALIFIED INSTITUTIONAL BUYERS” WITHIN THE MEANING OF AND IN COMPLIANCE WITH
          RULE 144A UNDER THE ACT (“RULE 144A”) OR (B) TO INSTITUTIONAL INVESTORS THAT ARE
“ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF
“REGULATION D” UNDER THE ACT.

         

        NO
          TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
          PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(c) OF THE
          AGREEMENT.

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        
          	
                  Series
                    2006-ASAP3, Class P

                	 	
                  Aggregate
                    Certificate Principal Balance of the Class P Certificates as
                    of the Issue
                    Date: $100.00

                   

                
	
                  Cut-off
                    Date and date of Pooling and Servicing Agreement: May 1,
                    2006

                	 	
                  Denomination:
                    $100.00

                   

                
	
                  First
                    Distribution Date: June 25, 2006

                	 	
                  Master
                    Servicer: Wells Fargo Bank, N.A.

                   

                
	
                  No.
                    __

                	 	
                  Trustee:
                    HSBC Bank USA, National Association

                   

                
	 	 	
                  Issue
                    Date: May 30, 2006

                

        

        

        ACE
          SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP3

        ASSET
          BACKED PASS-THROUGH CERTIFICATE

         

        evidencing
          a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
          primarily of a pool of conventional one- to four-family, fixed and
          adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
          formed and sold by

         

        ACE
          SECURITIES CORP.

         

        THIS
          CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
          CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER,
          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____________________ 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 of
          the Class P Certificates in REMIC III created pursuant to a Pooling and
          Servicing Agreement, dated as specified above (the “Agreement”), among ACE
          Securities Corp., as depositor (hereinafter called the “Depositor”, which term
          includes any successor entity under the Agreement), Wells Fargo Bank, National
          Association as master servicer (the “Master Servicer”) and securities
          administrator (the “Securities Administrator”), Ocwen Loan Servicing, LLC as
          servicer (the “Servicer”) and HSBC Bank USA, National Association as trustee
          (the “Trustee”), a summary of certain of the pertinent provisions of which is
          set forth hereafter. To the extent not defined herein, 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 such 25th
          day (a
“Distribution Date”), commencing on the First Distribution Date specified above,
          to the Person in whose name this Certificate is registered on the last
          Business
          Day of the calendar month immediately preceding the month in which the
          related
          Distribution Date occurs (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 Securities Administrator by wire transfer in
          immediately available funds to the account of the Person entitled thereto
          if
          such Person shall have so notified the Securities 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
          Securities Administrator of the pendency of such distribution and only
          upon
          presentation and surrender of this Certificate at the office or agency
          appointed
          by the Securities Administrator for that purpose as provided in the
          Agreement.

         

        This
          Certificate is one of a duly authorized issue of Certificates designated
          as
          Asset Backed Pass-Through Certificate 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
          Collection Account and 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 Trustee, the Securities Administrator, the Servicer
          and the
          rights of the Certificateholders under the Agreement at any time by the
          Depositor, the Master Servicer, the Trustee, the Securities Administrator
          and
          the Servicer with the consent of the Holders of Certificates entitled to
          at
          least 66% of the Voting Rights. 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 Securities 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 Securities
          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
          Securities Administrator shall require receipt of (i) if such transfer
          is
          purportedly being made in reliance upon Rule 144A under the 1933 Act, written
          certifications from the Holder of the Certificate desiring to effect the
          transfer, and from such Holder’s prospective transferee, substantially in the
          forms attached to the Agreement as Exhibit B-1, (ii) if such transfer is
          purportedly being made in reliance upon Rule 501(a) 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
          form attached to the Agreement as Exhibit B-2 and (iii) in all other cases,
          an
          Opinion of Counsel satisfactory to it that such transfer may be made without
          such registration or qualification (which Opinion of Counsel shall not
          be an
          expense of the Trust Fund or of the Depositor, the Trustee, the Master
          Servicer
          or the Securities Administrator 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,
          the Trustee or the Securities Administrator is obligated to register or
          qualify
          the Class of Certificates specified on the face hereof under the 1933 Act
          or any
          other securities law or to take any action not otherwise required under
          the
          Agreement to permit the transfer of such Certificates without registration
          or
          qualification. Any Holder desiring to effect a transfer of this Certificate
          shall be required to indemnify the Trustee, the Depositor, the Master Servicer
          and the Securities Administrator against any liability that may result
          if the
          transfer is not so exempt or is not made in accordance with such federal
          and
          state laws.

         

        No
          transfer of this Certificate shall be made except in accordance with Section
          6.02(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 Securities 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 Trustee, the Securities Administrator,
          the
          Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
          the
          Securities Administrator or the Servicer may treat the Person in whose
          name this
          Certificate is registered as the owner hereof for all purposes, and none
          of the
          Depositor, the Master Servicer, the Trustee, the Securities Administrator,
          the
          Servicer 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
          Securities 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 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 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 Scheduled Principal Balance
          of the
          Mortgage Loans (and properties acquired in respect thereof) at the time
          of
          purchase being less than or equal to 10% of the aggregate Scheduled 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
          neither the Trustee nor the Securities Administrator assume any responsibility
          for their correctness.

         

        Unless
          the certificate of authentication hereon has been executed by the Securities
          Administrator, by manual signature, this Certificate shall not be entitled
          to
          any benefit under the Agreement or be valid for any purpose.

         

        

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

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

         

        Dated:
          May ___, 2006

        
          	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Securities Administrator

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                
	 	 	 	 	 	 	 	 	 

        

        

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Class P Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Securities Administrator

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                
	 	 	 	 	 	 	 	 	 

        

        

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        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

                
	
                  TEN
                    ENT -

                	
                  as
                    tenants by the entireties

                	 	
                  ________________

                  (State)

                
	
                  JT
                    TEN -

                	
                  as
                    joint tenants with right 

                  if
                    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.

         

        I
          (we)
          further direct the Securities Administrator to issue a new Certificate
          of a like
          Percentage Interest and Class to the above named assignee and deliver such
          Certificate to the following address:
          _____________________________________________________________________________________________________________

        
          	 	 	
                  .

                

        

        

         

        
          	
                  Dated:

                	 
	 	
                  Signature
                    by or on behalf of assignor

                
	 	 
	 	 
	 	
                  Signature
                    Guaranteed

                

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        DISTRIBUTION
          INSTRUCTIONS

         

        The
          assignee should include the following for purposes of distribution:

         

        
          	
                  Distributions
                    shall be made, by wire transfer or otherwise, in immediately
                    available
                    

                
	
                  funds
                    to

                	 
	 
	
                  for
                    the account of

                	 
	
                  account
                    number

                	 	
                  or,
                    if mailed by check, to

                
	 
	
                  Applicable
                    statements should be mailed to

                	 
	 
	 
	
                  This
                    information is provided by

                	 
	
                  assignee
                    named above, or

                	 
	
                  its
                    agent.

                	 

        

        

         

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          A-5

         

        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 REPRESENTS THE SOLE “RESIDUAL INTEREST” IN EACH “REAL ESTATE
          MORTGAGE INVESTMENT CONDUIT” (“REMIC”), AS THOSE TERMS ARE DEFINED,
          RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
          1986
          (THE “CODE”).

         

        ANY
          RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
          IN
          ACCORDANCE WITH THE PROVISIONS OF SECTION 6.02 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 6.02 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 IN SECTION 6.02(c) OF THE AGREEMENT.

         

        ANY
          RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
          IF
          THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE SECURITIES
          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 OF SECTION 6.02(d) OF THE
          AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A DISQUALIFIED ORGANIZATION
          IS
          PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP OF THIS
          CERTIFICATE.

         

        

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        
          	
                  Series
                    2006-ASAP3, Class R

                	 	
                  Aggregate
                    Percentage Interest of the Class R Certificates as of the Issue
                    Date:
                    100.00%

                   

                
	
                  Date
                    of Pooling and Servicing Agreement

                  and
                    Cut-off Date: May 1, 2006

                   

                	 	
                  Master
                    Servicer: Wells Fargo Bank, N.A.

                
	
                  First
                    Distribution Date: June 25, 2006

                	 	
                  Trustee:
                    HSBC Bank USA, National Association

                   

                
	
                  No
                    __

                	 	
                  Issue
                    Date: May 30, 2006

                

        

        

        ACE
          SECURITIES CORP. HOME EQUITY LOAN TRUST, SERIES 2006-ASAP3

        ASSET
          BACKED PASS-THROUGH CERTIFICATE

         

        evidencing
          a beneficial ownership interest in a Trust Fund (the “Trust Fund”) consisting
          primarily of a pool of conventional one- to four-family, fixed and
          adjustable-rate first and second lien mortgage loans (the “Mortgage Loans”)
          formed and sold by

         

        ACE
          SECURITIES CORP.

         

        THIS
          CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN ACE SECURITIES
          CORP., THE MASTER SERVICER, THE SECURITIES ADMINISTRATOR, THE SERVICER,
          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 _______________ 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 R Certificates as of the Issue
          Date)
          in that certain beneficial ownership interest evidenced by all of the Class
          R
          Certificates in REMIC III created pursuant to a Pooling and Servicing Agreement,
          dated as specified above (the “Agreement”), among ACE Securities Corp., as
          depositor (hereinafter called the “Depositor”, which term includes any successor
          entity under the Agreement), Wells Fargo Bank, National Association as
          master
          servicer (the “Master Servicer”) and securities administrator (the “Securities
          Administrator”), Ocwen Loan Servicing, LLC as servicer (the “Servicer”) and HSBC
          Bank USA, National Association as trustee (the “Trustee”), a summary of certain
          of the pertinent provisions of which is set forth hereafter. To the extent
          not
          defined herein, 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 Securities Administrator by wire transfer in
          immediately available funds to the account of the Person entitled thereto
          if
          such Person shall have so notified the Securities 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,
          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 Securities Administrator of the pendency
          of
          such distribution and only upon presentation and surrender of this Certificate
          at the office or agency appointed by the Securities Administrator for that
          purpose as provided in the Agreement.

         

        This
          Certificate is one of a duly authorized issue of Certificates designated
          as
          Asset Backed Pass-Through Certificate 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
          Collection Account and 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 Trustee, the Securities Administrator, the Servicer
          and the
          rights of the Certificateholders under the Agreement at any time by the
          Depositor, the Master Servicer, the Trustee, the Securities Administrator
          and
          the Servicer with the consent of the Holders of Certificates entitled to
          at
          least 66% of the Voting Rights. 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 Securities 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 Securities
          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
          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, 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
          transfer of this Certificate shall be made unless the transfer is made
          pursuant
          to an effective registration statement under the Securities Act of 1933,
          as
          amended (the “1933 Act”), and an effective registration or qualification under
          applicable state securities laws, or is made in a transaction that does
          not
          require such registration or qualification. In the event that such a transfer
          of
          this Certificate is to be made without registration or qualification, the
          Securities Administrator shall require receipt of (i) if such transfer
          is
          purportedly being made in reliance upon Rule 144A under the 1933 Act, written
          certifications from the Holder of the Certificate desiring to effect the
          transfer, and from such Holder’s prospective transferee, substantially in the
          forms attached to the Agreement as Exhibit B-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, the Master
          Servicer
          or the Securities Administrator 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,
          the Trustee or the Securities Administrator is obligated to register or
          qualify
          the Class of Certificates specified on the face hereof under the 1933 Act
          or any
          other securities law or to take any action not otherwise required under
          the
          Agreement to permit the transfer of such Certificates without registration
          or
          qualification. Any Holder desiring to effect a transfer of this Certificate
          shall be required to indemnify the Trustee, the Depositor, the Master Servicer
          and the Securities Administrator against any liability that may result
          if the
          transfer is not so exempt or is not made in accordance with such federal
          and
          state laws.

         

        No
          transfer of this Certificate shall be made except in accordance with Section
          6.02 of the Agreement.

         

        Prior
          to
          registration of any transfer, sale or other disposition of this Certificate,
          the
          proposed transferee shall provide to the Securities 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
          representing the beneficial ownership of the residual interests in each
          of REMIC
          I, REMIC II and REMIC III, (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 6.02 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 any portion of
          the Trust
          Fund to cease to qualify as a REMIC or cause the imposition of a tax upon
          any
          REMIC.

         

        No
          service charge will be made for any such registration of transfer or exchange
          of
          Certificates, but the Securities 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 Trustee, the Securities Administrator,
          the
          Servicer and any agent of the Depositor, the Master Servicer, the Trustee,
          the
          Securities Administrator or the Servicer may treat the Person in whose
          name this
          Certificate is registered as the owner hereof for all purposes, and none
          of the
          Depositor, the Master Servicer, the Trustee, the Securities Administrator,
          the
          Servicer 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
          Securities 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 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 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 Scheduled Principal Balance
          of the
          Mortgage Loans (and properties acquired in respect thereof) 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
          neither the Trustee nor the Securities Administrator assume any responsibility
          for their correctness.

         

        Unless
          the certificate of authentication hereon has been executed by the Securities
          Administrator, by manual signature, this Certificate shall not be entitled
          to
          any benefit under the Agreement or be valid for any purpose.

         

        

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

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

         

        Dated:
          May ___, 2006

        
          	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Securities Administrator

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Authorized
                    Officer

                
	 	 	 	 	 	 	 	 	 

        

        

        

        

        CERTIFICATE
          OF AUTHENTICATION

         

        This
          is
          one of the Class R Certificates referred to in the within-mentioned
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Securities 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

                
	
                  TEN
                    ENT -

                	
                  as
                    tenants by the entireties

                	 	
                  ________________

                  (State)

                
	
                  JT
                    TEN -

                	
                  as
                    joint tenants with right 

                  if
                    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.

         

        I
          (we)
          further direct the Securities Administrator to issue a new Certificate
          of a like
          Percentage Interest and Class to the above named assignee and deliver such
          Certificate to the following address:
          ___________________________________________________________________________________________________________

        
          	 	 	
                  .

                

        

        

         

        
          	
                  Dated:

                	 
	 	
                  Signature
                    by or on behalf of assignor

                
	 	 
	 	 
	 	
                  Signature
                    Guaranteed

                

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        DISTRIBUTION
          INSTRUCTIONS

         

        The
          assignee should include the following for purposes of distribution:

         

        
          	
                  Distributions
                    shall be made, by wire transfer or otherwise, in immediately
                    available
                    

                
	
                  funds
                    to

                	 
	 
	
                  for
                    the account of

                	 
	
                  account
                    number

                	 	
                  or,
                    if mailed by check, to

                
	 
	
                  Applicable
                    statements should be mailed to

                	 
	 
	 
	
                  This
                    information is provided by

                	 
	
                  assignee
                    named above, or

                	 
	
                  its
                    agent.

                	 

        

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          B-1

        FORM
          OF
          TRANSFEROR REPRESENTATION LETTER

         

                                                                                                                                     
          [Date]

         

        Wells
          Fargo Bank, N.A.

        Sixth
          Street and Marquette Avenue

        Minneapolis,
          Minnesota 55479

        Attention:
          Corporate Trust ACE 2006-ASAP3

         

        
          	
                  Re:

                	
                  ACE
                    Securities Corp. Home Equity Loan Trust, Series 2006-ASAP3 Asset
                    Backed
                    Pass-Through Certificates Class CE-1, Class CE-2, Class P and
                    Class R
                    Certificates

                

        

        

        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 May 1, 2006, among
          ACE
          Securities Corp. as Depositor, Wells Fargo Bank, N.A. as Master Servicer
          and
          Securities Administrator, Ocwen Loan Servicing, LLC as Servicer, and HSBC
          Bank
          USA, 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

        Attention:
          Corporate Trust ACE 2006-ASAP3

         

        
          	
                  Re:

                	
                  ACE
                    Securities Corp. Home Equity Loan Trust, Series 2006-ASAP3 

                  Asset
                    Backed Pass-Through Certificates Class CE-1, Class CE-2, Class
                    P and Class
                    R Certificates

                

        

        

         

        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.

         

        3. The
          Transferee: (a) is not an employee benefit plan or other plan subject to
          the
          prohibited transaction provisions of the Employee Retirement Income Security
          Act
          of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of
          1986, as amended (the “Code”) (each, a “Plan”), or any other person (including
          an investment manager, a named fiduciary or a trustee of any Plan) acting,
          directly or indirectly, on behalf of or purchasing any Certificate with
“plan
          assets” of any Plan within the meaning of the Department of Labor (“DOL”)
          regulation at 29 C.F.R. § 2510.3-101 or (b) has provided the Securities
          Administrator with an Opinion of Counsel on which the Trustee, the Depositor,
          the Master Servicer, the Securities Administrator and the Servicer may
          rely,
          acceptable to and in form and substance satisfactory to the Securities
          Administrator to the effect that the purchase of Certificates is permissible
          under applicable law, will not constitute or result in any non-exempt prohibited
          transaction under ERISA or Section 4975 of the Code and will not subject
          the
          Trust Fund, the Trustee, the Depositor, the Master Servicer, the Securities
          Administrator or the Servicer to any obligation or liability (including
          obligations or liabilities under ERISA or Section 4975 of the Code) in
          addition
          to those undertaken in the Pooling and Servicing Agreement.

         

        

        In
          addition, the Transferee hereby certifies, represents and warrants to,
          and
          covenants with, the Depositor, the Trustee, the Securities Administrator,
          the
          Master Servicer and the Servicer that the Transferee will not transfer
          such
          Certificates to any Plan or person unless such Plan or person meets the
          requirements set forth in paragraph 3 above.

         

        All
          capitalized terms used but not otherwise defined herein have the respective
          meanings assigned thereto in the Pooling and Servicing Agreement, dated
          as of
          May 1, 2006, among ACE Securities Corp. as Depositor, Wells Fargo Bank,
          N.A. as
          Master Servicer and Securities Administrator, Ocwen Loan Servicing, LLC
          as
          Servicer and HSBC Bank USA, National Association as Trustee, pursuant to
          which
          the Certificates were issued.

         

        
          	 	 	 	 	 	 	 	
                  [TRANSFEREE]

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Name:

                
	 	 	 	 	 	 	 	 	
                  Title:

                

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        ANNEX
          1 TO EXHIBIT B-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 Securities Administrator, with
          respect to the asset backed 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 $25,000,000 as demonstrated in
                    its latest
                    annual financial statements, a
                    copy of which is attached hereto.

                   

                
	
                  ___

                	
                  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, as
                    amended.

                   

                
	
                  ___

                	
                  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.

          

        

      

       

      
        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        ANNEX
          2 TO EXHIBIT B-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 Securities Administrator, with
          respect to the asset backed 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 Transferee

                

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        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:
                    (Signature) 

                	 
	 	 
	
                  Name
                    of Signatory 

                	 
	 	 
	
                  Title
                    

                	 
	 	 
	
                  Date
                    of this certificate 

                	 
	 	 
	
                  Date
                    of information provided in paragraph 3 

                	 

        

         

         

        

         

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          B-2

         

        FORM
          OF
          TRANSFEROR REPRESENTATION LETTER

         

                                                                                            
          ____________, 20__

        

        Wells
          Fargo Bank, N.A.

        Sixth
          Street and Marquette Avenue

        Minneapolis,
          Minnesota 55479

        Attention:
          Corporate Trust ACE 2006-ASAP3

         

        
          	
                  Re:

                	
                  ACE
                    Securities Corp. Home Equity Loan Trust, Series 2006-ASAP3

                  Asset
                    Backed Pass-Through Certificates, Class CE-1, Class CE-2, Class
                    P and
                    Class R Certificates

                

        

         

        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 Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
          disposed of or otherwise transferred any Certificate, any interest in any
          Certificate or any other similar security to any person in any manner,
          (b) has
          solicited any offer to buy or to accept a pledge, disposition or other
          transfer
          of any Certificate, any interest in any Certificate or any other similar
          security from any person in any manner, (c) has otherwise approached or
          negotiated with respect to any Certificate, any interest in any Certificate
          or
          any other similar security with any person in any manner, (d) has made
          any
          general solicitation by means of general advertising or in any other manner,
          or
          (e) has taken any other action, that (as to any of (a) through (e) above)
          would
          constitute a distribution of the Certificates under the Securities Act
          of 1933
          (the “Act’), that would render the disposition of any Certificate a violation of
          Section 5 of the Act or any state securities law, or that would require
          registration or qualification pursuant thereto. The Seller will not act,
          in any
          manner set forth in the foregoing sentence with respect to any Certificate.
          The
          Seller has not and will not sell or otherwise transfer any of the Certificates,
          except in compliance with the provisions of the Pooling and Servicing
          Agreement.

         

        
          	 	 	 	 	 	 	 	
                  Very
                    truly yours,

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  ___________________________________________

                
	 	 	 	 	 	 	 	
                  (Transferor)

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	
                  Name:

                
	 	 	 	 	 	 	 	 	
                  Title:

                

        

        

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        FORM
          OF
          TRANSFEREE LETTER

        

                                                                              
          _______________, 20__

         

        Wells
          Fargo Bank, N.A.

        Sixth
          Street and Marquette Avenue

        Minneapolis,
          Minnesota 55479

        Attention:
          Corporate Trust ACE 2006-ASAP3

         

        
          	
                  Re:

                	
                  ACE
                    Securities Corp. Home Equity Loan Trust, Series 2006-ASAP3 

                  Asset
                    Backed Pass-Through Certificates, Class CE-1, Class CE-2, Class
                    P and
                    Class R Certificates

                

        

         

        Ladies
          and Gentlemen:

         

        In
          connection with the transfer by ______________________ (the “Transferor”) to
          __________________________ (the “Transferee”) of the captioned mortgage
          pass-through certificates (the “Certificates”), the Transferee hereby certifies
          as follows:

         

        1. The
          Transferee understands that (a) the Certificates have not been and will
          not be
          registered or qualified under the Securities Act of 1933, as amended (the
“Act”)
          or any state securities law, (b) the Depositor is not required to so register
          or
          qualify the Certificates, (c) the Certificates may be resold only if registered
          and qualified pursuant to the provisions of the Act or any state securities
          law,
          or if an exemption from such registration and qualification is available,
          (d)
          the Pooling and Servicing Agreement contains restrictions regarding the
          transfer
          of the Certificates and (e) the Certificates will bear a legend to the
          foregoing
          effect.

         

        2. The
          Transferee is acquiring the Certificates for its own account for investment
          only
          and not with a view to or for sale in connection with any distribution
          thereof
          in any manner that would violate the Act or any applicable state securities
          laws.

         

        3. The
          Transferee is (a) a substantial, sophisticated institutional investor having
          such knowledge and experience in financial and business matters, and, in
          particular, in such matters related to securities similar to the Certificates,
          such that it is capable of evaluating the merits and risks of investment
          in the
          Certificates, (b) able to bear the economic risks of such an investment
          and (c)
          an “accredited investor” within the meaning of Rule 501(a) promulgated pursuant
          to the Act.

         

        4. The
          Transferee has been furnished with, and has had an opportunity to review
          (a) a
          copy of the Pooling and Servicing Agreement and (b) such other information
          concerning the Certificates, the Mortgage Loans and the Depositor as has
          been
          requested by the Transferee from the Depositor or the Transferor and is
          relevant
          to the Transferee’s decision to purchase the Certificates. The Transferee has
          had any questions arising from such review answered by the Depositor or
          the
          Transferor to the satisfaction of the Transferee.

         

        5. The
          Transferee has not and will not nor has it authorized or will it authorize
          any
          person to (a) offer, pledge, sell, dispose of or otherwise transfer any
          Certificate, any interest in any Certificate or any other similar security
          to
          any person in any manner, (b) solicit any offer to buy or to accept a pledge,
          disposition of other transfer of any Certificate, any interest in any
          Certificate or any other similar security from any person in any manner,
          (c)
          otherwise approach or negotiate with respect to any Certificate, any interest
          in
          any Certificate or any other similar security with any person in any manner,
          (d)
          make any general solicitation by means of general advertising or in any
          other
          manner or (e) take any other action, that (as to any of (a) through (e)
          above)
          would constitute a distribution of any Certificate under the Act, that
          would
          render the disposition of any Certificate a violation of Section 5 of the
          1933
          Act or any state securities law, or that would require registration or
          qualification pursuant thereto. The Transferee will not sell or otherwise
          transfer any of the Certificates, except in compliance with the provisions
          of
          the Pooling and Servicing Agreement.

         

        6. The
          Transferee: (a) is not an employee benefit plan or other plan subject to
          the
          prohibited transaction provisions of the Employee Retirement Income Security
          Act
          of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of
          1986, as amended (the “Code”) (each, a “Plan”), or any other person (including
          an investment manager, a named fiduciary or a trustee of any Plan) acting,
          directly or indirectly, on behalf of or purchasing any Certificate with
“plan
          assets” of any Plan within the meaning of the Department of Labor (“DOL”)
          regulation at 29 C.F.R. § 2510.3-101 or (b) has provided the Trustee with an
          Opinion of Counsel on which the Depositor, the Master Servicer, the Securities
          Administrator, the Trustee and the Servicer may rely, acceptable to and
          in form
          and substance satisfactory to the Trustee to the effect that the purchase
          of
          Certificates is permissible under applicable law, will not constitute or
          result
          in any non-exempt prohibited transaction under ERISA or Section 4975 of
          the Code
          and will not subject the Trust Fund, the Trustee, the Master Servicer,
          the
          Securities Administrator, the Depositor or the Servicer to any obligation
          or
          liability (including obligations or liabilities under ERISA or Section
          4975 of
          the Code) in addition to those undertaken in the Pooling and Servicing
          Agreement.

         

        In
          addition, the Transferee hereby certifies, represents and warrants to,
          and
          covenants with, the Depositor, the Trustee, the Securities Administrator,
          the
          Master Servicer and the Servicer that the Transferee will not transfer
          such
          Certificates to any Plan or person unless such Plan or person meets the
          requirements set forth in paragraph 6 above.

         

        
          	 	 	 	 	 	 	 	
                  Very
                    truly yours,

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          B-3

         

        TRANSFER
          AFFIDAVIT AND AGREEMENT

         

        
          	
                  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
                    _________________________, the record owner of ACE Securities
                    Corp. Home
                    Equity Loan Trust, Series 2006-ASAP3 Asset Backed Pass-Through
                    Certificates, Class R Certificates (the “Class R Certificates”), on behalf
                    of whom I make this affidavit and agreement. Capitalized terms
                    used but
                    not defined herein have the respective meanings assigned thereto
                    in the
                    Pooling and Servicing Agreement pursuant to which the Class R
                    Certificates
                    were issued.

                

        

         

        
          	 	
                  2.

                	
                  The
                    Owner (i) is and will be a “Permitted Transferee” as of
                    ____________________. ____ and (ii) is acquiring the Class R
                    Certificates
                    for its own account or for the account of another Owner from
                    which it has
                    received an affidavit in substantially the same form as this
                    affidavit. A
                    “Permitted Transferee” is any person other than a “disqualified
                    organization” or a possession of the United States. For this purpose, a
                    “disqualified organization” means the United States, any state or
                    political subdivision thereof, any agency or instrumentality
                    of any of the
                    foregoing (other than an instrumentality all of the activities
                    of which
                    are subject to tax and, except for the Federal Home Loan Mortgage
                    Corporation, a majority of whose board of directors is not selected
                    by any
                    such governmental entity) or any foreign government, international
                    organization or any agency or instrumentality of such foreign
                    government
                    or organization, any real electric or telephone cooperative,
                    or any
                    organization (other than certain farmers’ cooperatives) that is generally
                    exempt from federal income tax unless such organization is subject
                    to the
                    tax on unrelated business taxable
                    income.

                

        

         

        
          	 	
                  3.

                	
                  The
                    Owner is aware (i) of the tax that would be imposed on transfers
                    of the
                    Class R Certificates to disqualified organizations under the
                    Internal
                    Revenue Code of 1986 that applies to all transfers of the Class
                    R
                    Certificates after April 31, 1988; (ii) that such tax would be
                    on the
                    transferor or, if such transfer is through an agent (which person
                    includes
                    a broker, nominee or middleman) for a non-Permitted Transferee,
                    on the
                    agent; (iii) that the person otherwise liable for the tax shall
                    be
                    relieved of liability for the tax if the transferee furnishes
                    to such
                    person an affidavit that the transferee is a Permitted Transferee
                    and, at
                    the time of transfer, such person does not have actual knowledge
                    that the
                    affidavit is false; and (iv) that each of the Class R Certificates
                    may be
                    a “noneconomic residual interest” within the meaning of proposed Treasury
                    regulations promulgated under 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 is to impede the assessment or collection
                    of
                    tax.

                

        

         

        
          	 	
                  4.

                	
                  The
                    Owner is aware of the tax imposed on a “pass-through entity” holding the
                    Class R Certificates if, at any time during the taxable year
                    of the
                    pass-through entity, a non-Permitted Transferee is the record
                    holder of an
                    interest in such entity. (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.)

                

        

         

        
          	 	
                  5.

                	
                  The
                    Owner is aware that the Securities Administrator will not register
                    the
                    transfer of any Class R Certificate unless the transferee, or
                    the
                    transferee’s agent, delivers to the Securities Administrator, among other
                    things, an affidavit in substantially the same form as this affidavit.
                    The
                    Owner expressly agrees that it will not consummate any such transfer
                    if it
                    knows or believes that any of the representations contained in
                    such
                    affidavit and agreement are false.

                

        

         

        
          	 	
                  6.

                	
                  The
                    Owner consents to any additional restrictions or arrangements
                    that shall
                    be deemed necessary upon advice of counsel to constitute a reasonable
                    arrangement to ensure that the Class R Certificates will only
                    be owned,
                    directly or indirectly, by an Owner that is a Permitted
                    Transferee.

                

        

         

        
          	 	
                  7.

                	
                  The
                    Owner’s taxpayer identification number is
                    ________________.

                

        

         

        
          	 	
                  8.

                	
                  The
                    Owner has reviewed the restrictions set forth on the face of
                    the Class R
                    Certificates and the provisions of Section 6.02(d) of the Pooling
                    and
                    Servicing Agreement under which the Class R Certificates were
                    issued (in
                    particular, clauses (iii)(A) and (iii)(B) of Section 6.02(d)
                    which
                    authorize the Securities Administrator to deliver payments to
                    a person
                    other than the Owner and negotiate a mandatory sale by the Securities
                    Administrator in the event that the Owner holds such Certificate
                    in
                    violation of Section 6.02(d)); and that the Owner expressly agrees
                    to be
                    bound by and to comply with such restrictions and
                    provisions.

                

        

         

        
          	 	
                  9.

                	
                  The
                    Owner is not acquiring and will not transfer the Class R Certificates
                    in
                    order to impede the assessment or collection of any
                    tax.

                

        

         

        
          	 	
                  10.

                	
                  The
                    Owner anticipates that it will, so long as it holds the Class
                    R
                    Certificates, have sufficient assets to pay any taxes owed by
                    the holder
                    of such Class R Certificates, and hereby represents to and for
                    the benefit
                    of the person from whom it acquired the Class R Certificates
                    that the
                    Owner intends to pay taxes associated with holding such Class
                    R
                    Certificates as they become due, fully understanding that it
                    may incur tax
                    liabilities in excess of any cash flows generated by the Class
                    R
                    Certificates.

                

        

         

        
          	 	
                  11.

                	
                  The
                    Owner has no present knowledge that it may become insolvent or
                    subject to
                    a bankruptcy proceeding for so long as it holds the Class R
                    Certificates.

                

        

         

        
          	 	
                  12.

                	
                  The
                    Owner has no present knowledge or expectation that it will be
                    unable to
                    pay any United States taxes owed by it so long as any of the
                    Certificates
                    remain outstanding.

                

        

         

        
          	 	
                  13.

                	
                  The
                    Owner is not acquiring the Class R Certificates with the intent
                    to
                    transfer the Class R Certificates to any person or entity that
                    will not
                    have sufficient assets to pay any taxes owed by the holder of
                    such Class R
                    Certificates, or that may become insolvent or subject to a bankruptcy
                    proceeding, for so long as the Class R Certificates remain
                    outstanding.

                

        

         

        
          	 	
                  14.

                	
                  The
                    Owner will, in connection with any transfer that it makes of
                    the Class R
                    Certificates, obtain from its transferee the representations
                    required by
                    Section 6.02(d) of the Pooling and Servicing Agreement under
                    which the
                    Class R Certificate were issued and will not consummate any such
                    transfer
                    if it knows, or knows facts that should lead it to believe, that
                    any such
                    representations are false.

                

        

         

        
          	 	
                  15.

                	
                  The
                    Owner will, in connection with any transfer that it makes of
                    the Class R
                    Certificates, deliver to the Securities Administrator an affidavit,
                    which
                    represents and warrants that it is not transferring the Class
                    R
                    Certificates to impede the assessment or collection of any tax
                    and that it
                    has no actual knowledge that the proposed transferee: (i) has
                    insufficient
                    assets to pay any taxes owed by such transferee as holder of
                    the Class R
                    Certificates; (ii) may become insolvent or subject to a bankruptcy
                    proceeding for so long as the Class R Certificates remains outstanding;
                    and (iii) is not a “Permitted
                    Transferee”.

                

        

         

        
          	 	
                  16.

                	
                  The
                    Owner is 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 or any political subdivision thereof, or an
                    estate or
                    trust whose income from sources without the United States may
                    be included
                    in gross income for United States federal income tax purposes
                    regardless
                    of its connection with the conduct of a trade or business within
                    the
                    United States.

                

        

         

        
          	 	
                  17.

                	
                  The
                    Owner of the Class R Certificate, hereby agrees that in the event
                    that the
                    Trust Fund created by the Pooling and Servicing Agreement is
                    terminated
                    pursuant to Section 10.01 thereof, the undersigned shall assign
                    and
                    transfer to the Holders of the Class CE-1, Class CE-2 and the
                    Class P
                    Certificates any amounts in excess of par received in connection
                    with such
                    termination. Accordingly, in the event of such termination, the
                    Securities
                    Administrator is hereby authorized to withhold any such amounts
                    in excess
                    of par and to pay such amounts directly to the Holders of the
                    Class CE-1,
                    Class CE-2 and the Class P Certificates. This agreement shall
                    bind and be
                    enforceable against any successor, transferee or assigned of
                    the
                    undersigned in the Class R Certificate. In connection with any
                    transfer of
                    the Class R Certificate, the Owner shall obtain an agreement
                    substantially
                    similar to this clause from any subsequent
                    owner.

                

        

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        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
          _________________, ____.

         

        
          	 	 	 	 	 	 	 	
                  [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 __________, ____.

         

        

        

        
          	 	 
	 	
                  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 Class R 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 Trustee or a transfer
          affidavit and agreement in the form attached to the Pooling and Servicing
          Agreement as Exhibit B-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
          ________________, ____.

         

        
          	 	 	 	 	 	 	 	
                  [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 _____________, ____.

         

        

        
          	 	 
	 	
                  Notary
                    Public

                
	 	 
	 	
                  County
                    of _____________________________

                
	 	
                  State
                    of _______________________________

                
	 	 
	 	
                  My
                    Commission expires:

                

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          C

        

         

        BACK-UP
          CERTIFICATION

         

        Re: __________
          (the “Trust”)

         

        Mortgage
          Pass-Through Certificates, Series 2006-ASAP3

         

        I,
          [identify the certifying individual], certify to ACE Securities Corp. (the
          “Depositor”), HSBC Bank USA, National Association (the “Trustee”) and Wells
          Fargo Bank, National Association (the “Master Servicer”), and their respective
          officers, directors and affiliates, and with the knowledge and intent that
          they
          will rely upon this certification, that:

         

        
          	
                  (1)

                	 	
                  I
                    have reviewed the servicer compliance statement of the Servicer
                    provided
                    in accordance with Item 1123 of Regulation AB (the “Compliance
                    Statement”), the report on assessment of the Servicer’s compliance with
                    the servicing criteria set forth in Item 1122(d) of Regulation
                    AB (the
                    “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18
                    under Securities Exchange Act of 1934, as amended (the “Exchange Act”) and
                    Item 1122 of Regulation AB (the “Servicing Assessment”), the registered
                    public accounting firm’s attestation report provided in accordance with
                    Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b)
                    of
                    Regulation AB (the “Attestation Report”), and all servicing reports,
                    officer’s certificates and other information relating to the servicing
                    of
                    the Mortgage Loans by the Servicer during 200[ ] that were delivered
                    by
                    the Servicer to the Master Servicer pursuant to the Agreement
                    (collectively, the “Servicer Servicing
                    Information”);

                

        

         

        
          	
                  (2)

                	 	
                  Based
                    on my knowledge, the Servicer Servicing Information, taken as
                    a whole,
                    does not contain any untrue statement of a material fact or omit
                    to state
                    a material fact necessary to make the statements made, in the
                    light of the
                    circumstances under which such statements were made, not misleading
                    with
                    respect to the period of time covered by the Servicer Servicing
                    Information;

                

        

         

        
          	
                  (3)

                	 	
                  Based
                    on my knowledge, all of the Servicer Servicing Information required
                    to be
                    provided by the Servicer under the Agreement has been provided
                    to the
                    Master Servicer;

                

        

         

        
          	
                  (4)

                	 	
                  I
                    am responsible for reviewing the activities performed by the
                    Servicer 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 Servicer has fulfilled its obligations
                    under the
                    Agreement in all material respects;
                    and

                

        

         

        
          	
                  (5)

                	 	
                  The
                    Compliance Statement required to be delivered by the Servicer
                    pursuant to
                    the Agreement, and the Servicing Assessment and Attestation Report
                    required to be provided by the Servicer and by any Subservicer
                    or
                    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.

                

        

         

        Capitalized
          terms used and not otherwise defined herein have the meanings assigned
          thereto
          in the Pooling and Servicing Agreement (the “Agreement”), dated as of May 1,
          2006, among ACE Securities Corp., Ocwen Loan Servicing, LLC, Wells Fargo
          Bank,
          National Association and HSBC Bank USA, National Association.

         

        

         

        
          	
                  Date:

                	 
	 
	 
	
                  [Signature]

                
	 
	
                  [Title]

                

        

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          D

        

        FORM
          OF
          POWER OF ATTORNEY

        

        RECORDING
          REQUESTED BY

        AND
          WHEN
          RECORDED MAIL TO

        Ocwen
          Loan Servicing, LLC

        1661
          Worthington Road, Centrepark West, Suite 100

        West
          Palm
          Beach, Florida 33409

        

        Attn:
          _________________________________

        

        LIMITED
          POWER OF ATTORNEY

        

        

        KNOW
          ALL
          MEN BY THESE PRESENTS, that ________________, having its principal place
          of
          business at ____________________, as Trustee (the “Trustee”) pursuant to that
          Pooling and Servicing Agreement among ___________________ (the “Depositor”),
          Wells Fargo Bank, National Association, as Master Servicer and Securities
          Administrator, Ocwen Loan Servicing, LLC, as the Servicer (the “Servicer”) and
          the Trustee, dated as of May 1, 2006 (the “Pooling and Servicing Agreement”),
          hereby constitutes and appoints the Servicer, by and through the Servicer’s
          officers, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name,
          place and stead and for the Trustee’s benefit, in connection with all mortgage
          loans serviced by the Servicer pursuant to the Pooling and Servicing Agreement
          for the purpose of performing all acts and executing all documents in the
          name
          of the Trustee as may be customarily and reasonably necessary and appropriate
          to
          effectuate the following enumerated transactions in respect of any of the
          mortgages or deeds of trust (the “Mortgages” and the “Deeds of Trust”,
          respectively) and promissory notes secured thereby (the “Mortgage Notes”) for
          which the undersigned is acting as Trustee for various certificateholders
          (whether the undersigned is named therein as mortgagee or beneficiary or
          has
          become mortgagee by virtue of endorsement of the Mortgage Note secured
          by any
          such Mortgage or Deed of Trust) and for which the Servicer is acting as
          servicer, all subject to the terms of the Pooling and Servicing
          Agreement.

        

        This
          appointment shall apply to the following enumerated transactions
          only:

        

        
          	1.  	
                  The
                    modification or re-recording of a Mortgage or Deed of Trust,
                    where said
                    modification or re-recordings is for the purpose of correcting
                    the
                    Mortgage or Deed of Trust to conform same to the original intent
                    of the
                    parties thereto or to correct title errors discovered after such
                    title
                    insurance was issued and said modification or re-recording, in
                    either
                    instance, does not adversely affect the lien of the Mortgage
                    or Deed of
                    Trust as insured.

                

        

        

        
          	2.  	
                  The
                    subordination of the lien of a Mortgage or Deed of Trust to an
                    easement in
                    favor of a public utility company of a government agency or unit
                    with
                    powers of eminent domain; this section shall include, without
                    limitation,
                    the execution of partial satisfactions/releases, partial reconveyances
                    or
                    the execution or requests to trustees to accomplish
                    same.

                

        

        

        
          	3.  	
                  The
                    conveyance of the properties to the mortgage insurer, or the
                    closing of
                    the title to the property to be acquired as real estate owned,
                    or
                    conveyance of title to real estate
                    owned.

                

        

        

                  
          4.  The
          completion of loan assumption agreements.

        

        
          	5.  	
                  The
                    full satisfaction/release of a Mortgage or Deed of Trust or full
                    conveyance upon payment and discharge of all sums secured thereby,
                    including, without limitation, cancellation of the related Mortgage
                    Note.

                

        

        

        
          	6.  	
                  The
                    assignment of any Mortgage or Deed of Trust and the related Mortgage
                    Note,
                    in connection with the repurchase of the mortgage loan secured
                    and
                    evidenced thereby.

                

        

        

        
          	7.  	
                  The
                    full assignment of a Mortgage or Deed of Trust upon payment and
                    discharge
                    of all sums secured thereby in conjunction with the refinancing
                    thereof,
                    including, without limitation, the assignment of the related
                    Mortgage
                    Note.

                

        

        

        
          	8.  	
                  With
                    respect to a Mortgage or Deed of Trust, the foreclosure, the
                    taking of a
                    deed in lieu of foreclosure, or the completion of judicial or
                    non-judicial
                    foreclosure or termination, cancellation or rescission of any
                    such
                    foreclosure, including, without limitation, any and all of the
                    following
                    acts:

                

        

        

        
          	a.  	
                  the
                    substitution of trustee(s) serving under a Deed of Trust, in
                    accordance
                    with state law and the Deed of
                    Trust;

                

        

        

        
          	b.  	
                  the
                    preparation and issuance of statements of breach or
                    non-performance;

                

        

        

        
          	c.  	
                  the
                    preparation and filing of notices of default and/or notices of
                    sale;

                

        

        

        
          	d.  	
                  the
                    cancellation/rescission of notices of default and/or notices
                    of
                    sale;

                

        

        

        
          	e.  	
                  the
                    taking of a deed in lieu of foreclosure;
                    and

                

        

        

        
          	f.  	
                  the
                    preparation and execution of such other documents and performance
                    of such
                    other actions as may be necessary under the terms of the Mortgage,
                    Deed of
                    Trust or state law to expeditiously complete said transactions
                    in
                    paragraphs 8.a. through 8.e.,
                    above.

                

        

        

        The
          undersigned gives said Attorney-in-Fact full power and authority to execute
          such
          instruments and to do and perform all and every act and thing necessary
          and
          proper to carry into effect the power or powers granted by or under this
          Limited
          Power of Attorney as fully as the undersigned might or could do, and hereby
          does
          ratify and confirm to all that said Attorney-in-Fact shall lawfully do
          or cause
          to be done by authority hereof. 

        

        Third
          parties without actual notice may rely upon the exercise of the power granted
          under this Limited Power of attorney; and may be satisfied that this Limited
          Power of Attorney shall continue in full force and effect and has not been
          revoked unless an instrument of revocation has been made in writing by
          the
          undersigned.

        

        IN
          WITNESS WHEREOF, ________________ as Trustee pursuant to that Pooling and
          Servicing Agreement among the Depositor, Wells Fargo Bank, National Association,
          Ocwen Loan Servicing, LLC and the Trustee, dated as of ___________ 1, 200__
          (_____________ Asset Backed Certificates, Series 200__-___), has caused
          its
          corporate seal to be hereto affixed and these presents to be signed and
          acknowledged in its name and behalf by ____________ its duly elected and
          authorized Vice President this _________ day of _________, 200__.

        

        
          	 	 	 	 	 	 	 	 	
                  _________________________________________________________

                  as
                    Trustee for _____ Asset 

                  Backed
                    Certificates, Series 200__-___

                   

                
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	 	 

        

        

        

        

        
          	
                  STATE
                    OF _____________

                
	 
	
                  COUNTY
                    OF ___________

                

        

        

        

        

        On
          _______________, 200__, before me, the undersigned, a Notary Public in
          and for
          said state, personally appeared ____________, Vice President of
          ____________________ as Trustee for ___________ Asset Backed Certificates,
          Series 200__-___, personally known to me to be the person whose name is
          subscribed to the within instrument and acknowledged to me that he/she
          executed
          that same in his/her authorized capacity, and that by his/her signature
          on the
          instrument the entity upon behalf of which the person acted and executed
          the
          instrument.

        

        WITNESS
          my hand and official seal.

        (SEAL)

        
          	 	 
	 	
                  Notary
                    Public

                
	 	
                  My
                    Commission Expires
                    _________________

                

        

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          E

        SERVICING
          CRITERIA

        

        

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

         

        The
          assessment of compliance to be delivered by [the Servicer] [the Master
          Servicer]
          [Name of Subservicer] shall address, at a minimum, the criteria identified
          as
          below as “Relevant Servicing Criteria”:

        

        
          	
                  SERVICING
                    CRITERIA 

                	
                  RELEVANT
                    SERVICING CRITERIA

                
	
                  Reference

                	
                  Criteria

                	
                   

                
	
                   

                	
                  General
                    Servicing Considerations

                	
                   

                
	
                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities.

                	
                  X

                
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the mortgage loans are maintained.

                	 
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements.

                	
                  X

                
	
                   

                	
                  Cash
                    Collection and Administration

                	
                  X

                
	
                  1122(d)(2)(i)

                	
                  Payments
                    on mortgage loans are deposited into the appropriate custodial
                    bank
                    accounts and related bank clearing accounts no more than two
                    business days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel.

                	
                  X

                
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of overcollateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institution” with respect to
                    a foreign financial institution means a foreign financial institution
                    that
                    meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange
                    Act.

                	
                  X

                
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized
                    access.

                	
                  X

                
	
                  1122(d)(2)(vii)

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations are (A) mathematically accurate;
                    (B)
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    reviewed and approved by someone other than the person who prepared
                    the
                    reconciliation; and (D) contain explanations for reconciling
                    items. These
                    reconciling items are resolved within 90 calendar days of their
                    original
                    identification, or such other number of days specified in the
                    transaction
                    agreements.

                	
                  X

                
	
                   

                	
                  Investor
                    Remittances and Reporting

                	
                  X

                
	
                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements; (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors’ or the trustee’s records as to the total unpaid principal
                    balance and number of mortgage loans serviced by the
                    Servicer.

                	
                  X

                
	
                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    Servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank
                    statements.

                	
                  X

                
	
                   

                	
                  Pool
                    Asset Administration

                	
                  X

                
	
                  1122(d)(4)(i)

                	
                  Collateral
                    or security on mortgage loans is maintained as required by the
                    transaction
                    agreements or related mortgage loan documents.

                	
                  X

                
	
                  1122(d)(4)(ii)

                	
                  Mortgage
                    loan and related documents are safeguarded as required by the
                    transaction
                    agreements

                	
                  X

                
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on mortgage loans, including any payoffs, made in accordance
                    with the
                    related mortgage loan documents are posted to the Servicer’s obligor
                    records maintained no more than two business days after receipt,
                    or such
                    other number of days specified in the transaction agreements,
                    and
                    allocated to principal, interest or other items (e.g., escrow)
                    in
                    accordance with the related mortgage loan documents.

                	
                  X

                
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the mortgage loans agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal
                    balance.

                	
                  X

                
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor's mortgage
                    loans (e.g.,
                    loan modifications or re-agings) are made, reviewed and approved
                    by
                    authorized personnel in accordance with the transaction agreements
                    and
                    related pool asset documents.

                	
                  X

                
	
                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation or recovery actions (e.g., forbearance plans, modifications
                    and
                    deeds in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a mortgage
                    loan is delinquent in accordance with the transaction agreements.
                    Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent mortgage loans including,
                    for example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or
                    unemployment).

                	
                  X

                
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for mortgage loans with
                    variable
                    rates are computed based on the related mortgage loan
                    documents.

                	
                  X

                
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s mortgage loan
                    documents, on at least an annual basis, or such other period
                    specified in
                    the transaction agreements; (B) interest on such funds is paid,
                    or
                    credited, to obligors in accordance with applicable mortgage
                    loan
                    documents and state laws; and (C) such funds are returned to
                    the obligor
                    within 30 calendar days of full repayment of the related mortgage
                    loans,
                    or such other number of days specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax or insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the servicer at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission.

                	
                  X

                
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(xiv)

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements.

                	 

        

        

         

        [NAME
          OF
          SERVICER] [MASTER SERVICER] [NAME OF SUBSERVICER]

         

        Date: _________________________

         

        

        By:

        Name:
           ________________________________
          

        Title:
           ________________________________

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        Schedule
          1122 (Pooling and Servicing Agreement)

         

        Assessments
          of Compliance and Attestation Reports Servicing Criteria2 

        

        
          	
                  Reg.
                    AB Item 1122(d) Servicing Criteria

                	
                  Depositor

                	
                  Seller

                	
                  Servicer

                	
                  Trustee

                	
                  Custodian

                	
                  Paying
                    Agent

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                
	
                  (1) General
                    Servicing Considerations

                	 	 	 	 	 	 	 	 
	
                  (i) monitoring
                       performance or other triggers and events of default

                	 	 	
                  X

                	 	 	 	
                  X

                	
                  X

                
	
                  (ii) monitoring
                    performance of vendors of activities outsourced

                	 	 	
                  X

                	 	 	 	
                  X

                	 
	
                  (iii) maintenance
                    of back-up servicer for pool assets

                	 	 	 	 	 	 	 	 
	
                  (iv) fidelity
                    bond and E&O policies in effect

                	 	 	
                  X

                	 	 	 	
                  X

                	 
	
                  (2) Cash
                    Collection and Administration

                	 	 	 	 	 	 	 	 
	
                  (i) timing
                    of deposits to custodial account

                	 	 	
                  X

                	 	 	
                  X

                	
                  X

                	
                  X

                
	
                  (ii) wire
                    transfers to investors by authorized personnel

                	 	 	
                  X

                	 	 	
                  X

                	 	
                  X

                
	
                  (iii) advances
                    or guarantees made, reviewed and approved as required

                	 	 	
                  X

                	 	 	 	
                  X

                	 
	
                  (iv) accounts
                    maintained as required

                	 	 	
                  X

                	 	 	
                  X

                	
                  X

                	
                  X

                
	
                  (v) accounts
                    at federally insured depository institutions

                	 	 	
                  X

                	 	 	
                  X

                	
                  X

                	
                  X

                
	
                  (vi) unissued
                    checks safeguarded

                	 	 	
                  X

                	 	 	
                  X

                	 	
                  X

                
	
                  (vii) monthly
                    reconciliations of accounts

                	 	 	
                  X

                	 	 	
                  X

                	
                  X

                	
                  X

                
	
                  (3) Investor
                    Remittances and Reporting

                	 	 	 	 	 	 	 	 
	
                  (i) investor
                      reports

                	 	 	
                  X

                	 	 	 	
                  X

                	
                  X

                
	
                  (ii) remittances

                	 	 	
                  X

                	 	 	
                  X

                	 	
                  X

                
	
                  (iii) proper
                    posting of distributions

                	 	 	
                  X

                	 	 	
                  X

                	 	
                  X

                
	
                  (iv) reconciliation
                    of remittances and payment statements

                	 	 	
                  X

                	 	 	
                  X

                	
                  X

                	
                  X

                
	
                  (4) Pool
                    Asset Administration

                	 	 	 	 	 	 	 	 
	
                  (i) maintenance
                    of pool collateral

                	 	 	
                  X

                	 	
                  X

                	 	 	 
	
                  (ii) safeguarding
                    of pool assets/documents

                	 	 	
                  X

                	 	
                  X

                	 	 	 
	
                  (iii) additions,
                    removals and substitutions of pool assets

                	
                  X

                	
                  X

                	
                  X

                	 	 	 	 	 
	
                  (iv) posting
                    and allocation of pool asset payments to pool assets

                	 	 	
                  X

                	 	 	 	 	 
	
                  (v) reconciliation
                    of servicer records

                	 	 	
                  X

                	 	 	 	 	 
	
                  (vi) modifications
                    or other changes to terms of pool assets

                	 	 	
                  X

                	 	 	 	 	 
	
                  (vii) loss
                    mitigation and recovery actions

                	 	 	
                  X

                	 	 	 	 	 
	
                  (viii)records
                    regarding collection efforts

                	 	 	
                  X

                	 	 	 	 	 
	
                  (ix) adjustments
                    to variable interest rates on pool assets

                	 	 	
                  X

                	 	 	 	 	 
	
                  (x) matters
                    relating to funds held in trust for obligors

                	 	 	
                  X

                	 	 	 	 	 
	
                  (xi) payments
                    made on behalf of obligors (such as for taxes or
                    insurance)

                	 	 	
                  X

                	 	 	 	 	 
	
                  (xii) late
                    payment penalties with respect to payments made on behalf of
                    obligors
                    

                	 	 	
                  X

                	 	 	 	 	 
	
                  (xiii)records
                    with respect to payments made on behalf of obligors

                	 	 	
                  X

                	 	 	 	 	 
	
                  (xiv) recognition
                    and recording of delinquencies, charge-offs and uncollectible
                    accounts

                	 	 	
                  X

                	 	 	 	
                  X

                	 
	
                  (xv) maintenance
                    of external credit enhancement or other support

                	 	 	 	 	 	 	 	
                  X

                

        

        

        

        

          

          
            *
              The
              descriptions of the Item 1122(d) servicing criteria use key words and
              phrases
              and are not verbatim recitations of the servicing criteria. Refer to
              Regulation
              AB, Item 1122 for a full description of servicing
              criteria.

          

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          F

        

         

        

          MORTGAGE
            LOAN PURCHASE AGREEMENT

           

          This
            is a
            Mortgage Loan Purchase Agreement (this “Agreement”), dated May 30, 2006, between
            DB Structured Products, Inc., a Delaware corporation (the “Seller”) and ACE
            Securities Corp., a Delaware corporation (the “Purchaser”).

           

          Preliminary
            Statement

           

          The
            Seller intends to sell the Mortgage Loans (as hereinafter identified)
            to the
            Purchaser on the terms and subject to the conditions set forth in this
            Agreement. The Purchaser intends to deposit the Mortgage Loans into a
            mortgage
            pool comprising the Trust Fund. The Trust Fund will be evidenced by a
            single
            series of mortgage pass-through certificates designated as ACE Securities
            Corp.
            Home Equity Loan Trust, Series 2006-ASAP3, Asset Backed Pass-Through
            Certificates (the “Certificates”). The Certificates will consist of twenty
            classes of certificates. The Certificates will be issued pursuant to
            a Pooling
            and Servicing Agreement for ACE Securities Corp. Home Equity Loan Trust,
            Series
            2006-ASAP3, Asset Backed Pass-Through Certificates, dated as of May 1,
            2006 (the
“Pooling and Servicing Agreement”), among the Purchaser as depositor, Wells
            Fargo Bank, National Association as master servicer (the “Master Servicer”) and
            securities administrator (the “Securities Administrator”), Ocwen
            Loan Servicing, LLC as servicer (the “Servicer”)
            and HSBC
            Bank USA, National Association as trustee (the “Trustee”). The Purchaser will
            sell the Class A-1 Certificates and, the Class A-2A, Class A-2B, Class
            A-2C and
            Class A-2D Certificates (collectively, the “Class A-2 Certificates”) and 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 (collectively,
            the
“Mezzanine Certificates”) to Deutsche Bank Securities Inc. (“DBSI”), pursuant to
            the Second Amended and Restated Underwriting Agreement, dated as of June
            24,
            1999, as amended and restated to and including January 25, 2006, between
            the
            Purchaser and DBSI, and the Terms Agreement, dated May 26,
            2006
            (collectively, the “Underwriting Agreement”), between the Purchaser and DBSI.
            Capitalized terms used but not defined herein shall have the meanings
            set forth
            in the Pooling and Servicing Agreement.

           

          The
            parties hereto agree as follows:

           

          SECTION
            1.  Agreement
            to Purchase.
            The
            Seller hereby sells, and the Purchaser hereby purchases, on May 30, 2006
            (the
“Closing Date”), certain conventional, one- to four-family, fixed-rate and
            adjustable-rate, residential, first and second lien, residential mortgage
            loans
            (the “Mortgage Loans”), having an aggregate principal balance as of the close of
            business on May 1, 2006 (the “Cut-off Date”) of approximately $728,556,320 (the
“Closing Balance”), after giving effect to all payments due on the Mortgage
            Loans on or before the Cut-off Date, whether or not received, including
            the
            right to any Prepayment Charges payable by the related Mortgagors in
            connection
            with any Principal Prepayments on the Mortgage Loans.
            

           

          SECTION
            2.  Mortgage
            Loan Schedule.
            The
            Purchaser and the Seller have agreed upon which of the mortgage loans
            owned by
            the Seller are to be purchased by the Purchaser pursuant to this Agreement
            and
            the Seller will prepare or cause to be prepared on or prior to the Closing
            Date
            a final schedule (the “Closing Schedule”) that shall describe such Mortgage
            Loans and set forth all of the Mortgage Loans to be purchased under this
            Agreement, including the Prepayment Charges. The Closing Schedule will
            conform
            to the requirements set forth in this Agreement and to the definition
            of
“Mortgage Loan Schedule” under the Pooling and Servicing Agreement.

           

          SECTION
            3.  Consideration.

           

          (a)  In
            consideration for the Mortgage Loans to be purchased hereunder, the Purchaser
            shall, as described in Section 8, (i) pay to or upon the order of the
            Seller in
            immediately available funds an amount (the “Purchase Price”) equal to (i)
            $________*1
            and (ii)
            a 100% interest in the Class CE, Class P and Class R Certificates (collectively
            the “DB Certificates”). The DB Certificates shall be in the name of “Deutsche
            Bank Securities Inc.”

           

          (b)  The
            Purchaser or any assignee, transferee or designee of the Purchaser shall
            be
            entitled to all scheduled payments of principal due after the Cut-off
            Date, all
            other payments of principal due and collected after the Cut-off Date,
            and all
            payments of interest on the Mortgage Loans allocable to the period after
            the
            Cut-off Date. All scheduled payments of principal and interest due on
            or before
            the Cut-off Date and collected after the Cut-off Date shall belong to
            the
            Seller.

           

          (c)  Pursuant
            to the Pooling and Servicing Agreement, the Purchaser will assign all
            of its
            right, title and interest in and to the Mortgage Loans, together with
            its rights
            under this Agreement, to the Trustee for the benefit of the
            Certificateholders.

           

          SECTION
            4.  Transfer
            of the Mortgage Loans.

           

          (a)  Possession
            of Mortgage Files.
            The
            Seller does hereby sell to the Purchaser, without recourse but subject
            to the
            terms of this Agreement, all of its right, title and interest in, to
            and under
            the Mortgage Loans, including the related Prepayment Charges. The contents
            of
            each Mortgage File not delivered to the Purchaser or to any assignee,
            transferee
            or designee of the Purchaser on or prior to the Closing Date are and
            shall be
            held in trust by the Seller for the benefit of the Purchaser or any assignee,
            transferee or designee of the Purchaser.  Upon the sale of the
            Mortgage Loans, the ownership of each Mortgage Note, the related Mortgage
            and
            the other contents of the related Mortgage File is vested in the Purchaser
            and
            the ownership of all records and documents with respect to the related
            Mortgage
            Loan prepared by or that come into the possession of the Seller on or
            after the
            Closing Date shall immediately vest in the Purchaser and shall be delivered
            immediately to the Purchaser or as otherwise directed by the
            Purchaser.

           

          (b)  Delivery
            of Mortgage Loan Documents.
            The
            Seller will, on or prior to the Closing Date, deliver or cause to be
            delivered
            to the Purchaser or any assignee, transferee or designee of the Purchaser
            each
            of the following documents for each Mortgage Loan:

          

            

          

          
            
              
                * Please
                  contact the Mortgage Loan Seller for this
                  information.

              

            

          

           

           

          (i)  the
            original Mortgage Note, including any riders thereto, endorsed in blank,
            with
            all prior and intervening endorsements showing a complete chain of endorsement
            from the originator to the Person so endorsing to the Trustee;

           

          (ii)  the
            original Mortgage or a certified copy thereof, including any riders thereto,
            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, and in the case of each MOM Loan, the original Mortgage,
            noting the presence of the MIN of the Loan and either language indicating
            that
            the Mortgage Loan is a MOM Loan or if the Mortgage Loan was not a MOM
            Loan at
            origination, the original Mortgage and the assignment thereof to MERS®, with
            evidence of recording indicated thereon;

           

          (iii)  an
            original Assignment of Mortgage executed in blank;

           

          (iv)  the
            original recorded Assignment or Assignments of the Mortgage, or a certified
            copy
            or copies thereof, showing a complete chain of assignment from the originator
            to
            the last Person assigning the Mortgage;

           

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

           

          (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 lien or second lien
            on the
            Mortgaged Property represented therein as a fee interest vested in the
            Mortgagor;

           

          (vii)  the
            original of any guarantee executed in connection with the Mortgage Note,
            if any;
            and

           

          (viii)  the
            original of any security agreement, chattel mortgage or equivalent document
            executed in connection with the Mortgage, if any.

           

          Notwithstanding
            anything to the contrary contained in this Section 4, with respect to
            a maximum
            of approximately 1.0% of the Mortgage Loans, by aggregate principal balance
            of
            the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note
            referred to in Section 4(b)(i) above cannot be located, the obligations
            of the
            Seller to deliver such documents shall be deemed to be satisfied upon
            delivery
            to the Purchaser or any assignee, transferee or designee of the Purchaser
            of a
            photocopy of such Mortgage Note, if available, with a lost note affidavit
            substantially in the form of Exhibit 1 attached hereto. If any of the
            original
            Mortgage Notes for which a lost note affidavit was delivered to the Purchaser
            or
            any assignee, transferee or designee of the Purchaser is subsequently
            located,
            such original Mortgage Note shall be delivered to the Purchaser or any
            assignee,
            transferee or designee of the Purchaser within three (3) Business Days;
            and if
            any document referred to in Section 4(b)(ii) or 4(b)(iv) above has 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 Seller
            hereunder
            shall be deemed to have been satisfied upon delivery to the Purchaser
            or any
            assignee, transferee or designee of the Purchaser promptly upon receipt
            thereof
            by or on behalf of the Seller 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.

           

          In
            the
            event that the original lender’s title insurance policy has not yet been issued,
            the Seller shall deliver to the Purchaser or any assignee, transferee
            or
            designee of the Purchaser a written commitment or interim binder or preliminary
            report of title issued by the title insurance or escrow company. The
            Seller
            shall deliver such original title insurance policy to the Purchaser or
            any
            assignee, transferee or designee of the Purchaser promptly upon receipt
            by the
            Seller, if any.

           

          Each
            original document relating to a Mortgage Loan which is not delivered
            to the
            Purchaser or its assignee, transferee or designee, if held by the Seller,
            shall
            be so held for the benefit of the Purchaser, its assignee, transferee
            or
            designee.

           

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

           

          (c)  Acceptance
            of Mortgage Loans.
            The
            documents delivered pursuant to Section 4(b) hereof shall be reviewed
            by the
            Purchaser or any assignee, transferee or designee of the Purchaser at
            any time
            before or after the Closing Date (and with respect to each document permitted
            to
            be delivered after the Closing Date, within seven days of its delivery)
            to
            ascertain that all required documents have been executed and received
            and that
            such documents relate to the Mortgage Loans identified on the Closing
            Schedule.

           

          (d)  Transfer
            of Interest in Agreements.
            The
            Purchaser has the right to assign its interest under this Agreement,
            in whole or
            in part, to the Trustee, as may be required to effect the purposes of
            the
            Pooling and Servicing Agreement, without the consent of the Seller, and
            the
            assignee shall succeed to the rights and obligations hereunder of the
            Purchaser.  Any expense reasonably incurred by or on behalf of the
            Purchaser or the Trustee in connection with enforcing any obligations
            of the
            Seller under this Agreement will be promptly reimbursed by the
            Seller.

           

          (e)  Examination
            of Mortgage Files.
            Prior
            to the Closing Date, the Seller shall either (i) deliver in escrow to
            the
            Purchaser or to any assignee, transferee or designee of the Purchaser
            for
            examination the Mortgage File pertaining to each Mortgage Loan, or (ii)
            make
            such Mortgage Files available to the Purchaser or to any assignee, transferee
            or
            designee of the Purchaser for examination.  Such examination may be
            made by the Purchaser or the Trustee, and their respective designees,
            upon
            reasonable notice to the Seller during normal business hours before the
            Closing
            Date and within sixty (60) days after the Closing Date.  If any such
            person makes such examination prior to the Closing Date and identifies
            any
            Mortgage Loans that do not conform to the requirements of the Purchaser
            as
            described in this Agreement, such Mortgage Loans shall be deleted from
            the
            Closing Schedule.  The Purchaser may, at its option and without notice
            to the Seller, purchase all or part of the Mortgage Loans without conducting
            any
            partial or complete examination.  The fact that the Purchaser or any
            person has conducted or has failed to conduct any partial or complete
            examination of the Mortgage Files shall not affect the rights of the
            Purchaser
            or any assignee, transferee or designee of the Purchaser to demand repurchase
            or
            other relief as provided herein or under the Pooling and Servicing
            Agreement.

           

          SECTION
            5.  Representations,
            Warranties and Covenants of the Seller.

           

          The
            Seller hereby represents and warrants to the Purchaser, as of the date
            hereof
            and as of the Closing Date, and covenants, that:

           

          (i)  The
            Seller is a Delaware corporation with full corporate power and authority
            to
            conduct its business as presently conducted by it to the extent material
            to the
            consummation of the transactions contemplated herein. The Agreement has
            been
            duly authorized, executed and delivered by the Seller. The Seller had
            the full
            corporate power and authority to own the Mortgage Loans and to transfer
            and
            convey the Mortgage Loans to the Purchaser and has the full corporate
            power and
            authority to execute and deliver, engage in the transactions contemplated
            by,
            and perform and observe the terms and conditions of this Agreement;

           

          (ii)  The
            Seller 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 Purchaser,
            constitutes
            a legal, valid and binding obligation of the Seller, enforceable against
            it in
            accordance with its terms except as the enforceability thereof may be
            limited by
            bankruptcy, insolvency or reorganization or by general principles of
            equity;

           

          (iii)  The
            execution, delivery and performance of this Agreement by the Seller (x)
            does not
            conflict and will not conflict with, does not breach and will not result
            in a
            breach of and does not constitute and will not constitute a default (or
            an
            event, which with notice or lapse of time or both, would constitute a
            default)
            under (A) any terms or provisions of the organizational documents of
            the Seller,
            (B) any term or provision of any material agreement, contract, instrument
            or
            indenture, to which the Seller is a party or by which the Seller or any
            of its
            property is bound, or (C) any law, rule, regulation, order, judgment,
            writ,
            injunction or decree of any court or governmental authority having jurisdiction
            over the Seller or any of its property and (y) does not create or impose
            and
            will not result in the creation or imposition of any lien, charge or
            encumbrance
            (other than any created hereby in favor of the Purchaser and its assignees)
            which would have a material adverse effect upon the Mortgage Loans or
            any
            documents or instruments evidencing or securing the Mortgage Loans;

           

          (iv)  No
            consent, approval, authorization or order of, registration or filing
            with, or
            notice on behalf of the Seller to any governmental authority or court
            is
            required, under federal laws or the laws of the State of New York, for
            the
            execution, delivery and performance by the Seller of, or compliance by
            the
            Seller with, this Agreement or the consummation by the Seller of any
            other
            transaction contemplated hereby and by the Pooling and Servicing Agreement;
            provided, however, that the Seller makes no representation or warranty
            regarding
            federal or state securities laws in connection with the sale or distribution
            of
            the Certificates;

           

          (v)  The
            Seller is not in violation of, and the execution and delivery of this
            Agreement
            by the Seller and its performance and compliance with the terms of this
            Agreement will not constitute a violation with respect to, any order
            or decree
            of any court or any order or regulation of any federal, state, municipal
            or
            governmental agency having jurisdiction over the Seller or its assets,
            which
            violation might have consequences that would materially and adversely
            affect the
            condition (financial or otherwise) or the operation of the Seller or
            its assets
            or might have consequences that would materially and adversely affect
            the
            performance of its obligations and duties hereunder;

           

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

           

          (vii)  Immediately
            prior to the sale of the Mortgage Loans to the Purchaser as herein contemplated,
            the Seller was the owner of the related Mortgage and the indebtedness
            evidenced
            by the related Mortgage Note, and, upon the payment to the Seller of
            the
            Purchase Price, in the event that the Seller retains or has retained
            record
            title, the Seller shall retain such record title to each Mortgage, each
            related
            Mortgage Note and the related Mortgage Files with respect thereto in
            trust for
            the Purchaser as the owner thereof from and after the date hereof;

           

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

           

          (ix)  The
            consummation of the transactions contemplated by this Agreement are in
            the
            ordinary course of business of the Seller, and the transfer, assignment
            and
            conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant
            to
            this Agreement are not subject to the bulk transfer or any similar statutory
            provisions in effect in any relevant jurisdiction, except any as may
            have been
            complied with;

           

          (x)  The
            Seller has not dealt with any broker, investment banker, agent or other
            person,
            except for the Purchaser or any of its affiliates, that may be entitled
            to any
            commission or compensation in connection with the sale of the Mortgage
            Loans
            (except that an entity that previously financed the Seller’s ownership of the
            Mortgage Loans may be entitled to a fee to release its security interest
            in the
            Mortgage Loans, which fee shall have been paid and which security interest
            shall
            have been released on or prior to the Closing Date);

           

          (xi)  There
            is
            no litigation currently pending or, to the best of the Seller’s knowledge
            without independent investigation, threatened against the Seller that
            would
            reasonably be expected to adversely affect the transfer of the Mortgage
            Loans,
            the issuance of the Certificates or the execution, delivery, performance
            or
            enforceability of this Agreement, or that would result in a material
            adverse
            change in the financial condition of the Seller; and

           

          (xii)  The
            information set forth in the applicable part of the Closing Schedule
            relating to
            the existence of a Prepayment Charge is complete, true and correct in
            all
            material respects at the date or dates respecting which such information
            is
            furnished and each Prepayment Charge 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.

           

          SECTION
            6.  Representations
            and Warranties of the Seller Relating to the Mortgage Loans.

           

          The
            Seller hereby represents and warrants to the Purchaser that as to each
            Mortgage
            Loan as of the Closing Date:

           

          (i)  Information
            provided to the Rating Agencies, including the loan level detail, is
            true and
            correct according to the Rating Agency requirements;

           

          (ii)  No
            error,
            omission, misrepresentation, negligence, fraud 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 of the Mortgage Loan or in
            the
            application of any insurance in relation to such Mortgage Loan;

           

          (iii)  Except
            as
            set forth on the Closing Schedule, all payments required to be made prior
            to the
            Cut-off Date with respect to each Mortgage Loan have been made;

           

          (iv)  [Reserved];

           

          (v)  There
            are
            no delinquent taxes, assessment liens or insurance premiums affecting
            the
            related Mortgaged Property;

           

          (vi)  The
            terms
            of the Mortgage Note and the Mortgage have not been materially impaired,
            waived,
            altered or modified in any respect, except by written instruments, recorded
            in
            the applicable public recording office if necessary to maintain the lien
            priority of the Mortgage. The substance of any such waiver, alteration
            or
            modification has been approved by the title insurer, to the extent required
            by
            the related policy. No Mortgagor has been released, in whole or in part,
            except
            in connection with an assumption agreement (approved by the title insurer
            to the
            extent required by the policy) and which assumption agreement has been
            delivered
            to the Trustee;

           

          (vii)  The
            Mortgaged Property is insured against loss by fire and hazards of extended
            coverage (excluding earthquake insurance) in an amount which is at least
            equal
            to the lesser of (i) the amount necessary to compensate for any damage
            or loss
            to the improvements which are a part of such property on a replacement
            cost
            basis or (ii) the outstanding principal balance of the Mortgage Loan.
            If the
            Mortgaged Property is in an area identified on a flood hazard map or
            flood
            insurance rate map issued by the Federal Emergency Management Agency
            as having
            special flood hazards (and such flood insurance has been made available),
            a
            flood insurance policy meeting the requirements of the current guidelines
            of the
            Federal Insurance Administration is in effect. All such insurance policies
            contain a standard mortgagee clause naming the originator of the Mortgage
            Loan,
            its successors and assigns as mortgagee and the Seller has not engaged
            in any
            act or omission which would impair the coverage of any such insurance
            policies.
            Except as may be limited by applicable law, the Mortgage obligates the
            Mortgagor
            thereunder to maintain all such insurance at the Mortgagor’s cost and expense,
            and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage
            to maintain such insurance at Mortgagor’s cost and expense and to seek
            reimbursement therefor from the Mortgagor;

           

          (viii)  Each
            Mortgage Loan and the related Prepayment Charge, if any, complied in
            all
            material respects with any and all requirements of any federal, state
            or local
            law including, without limitation, usury, truth in lending, anti-predatory
            lending, real estate settlement procedures, consumer credit protection,
            equal
            credit opportunity, fair housing, fair lending or disclosure laws applicable
            to
            the origination and servicing of the Mortgage Loans and the consummation
            of the
            transactions contemplated hereby will not involve the violation of any
            such
            laws;

           

          (ix)  The
            Mortgage has not been satisfied, cancelled, subordinated (other than
            with
            respect to second lien Mortgage Loans, the subordination to the first
            lien) or
            rescinded, in whole or in part, and the Mortgaged Property has not been
            released
            from the lien of the Mortgage, in whole or in part, nor has any instrument
            been
            executed that would effect any such satisfaction, cancellation, subordination,
            rescission or release;

           

          (x)  The
            Mortgage was recorded or was submitted for recording in accordance with
            all
            applicable laws and is a valid, existing and enforceable first or second
            lien on
            the Mortgaged Property including all improvements on the Mortgaged
            Property;

           

          (xi)  The
            Mortgage Note and the related Mortgage are genuine and each is the legal,
            valid
            and binding obligation of the maker thereof, insured under the related
            title
            policy, and enforceable in accordance with its terms, except to the extent
            that
            the enforceability thereof may be limited by a bankruptcy, insolvency
            or
            reorganization;

           

          (xii)  The
            Seller is the sole legal, beneficial and equitable owner of the Mortgage
            Note
            and the Mortgage and has the full right to convey, transfer and sell
            the
            Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
            lien
            (other than with respect to second lien Mortgage Loans, the subordination
            to the
            first lien Mortgage Loan), pledge, charge, claim or security interest
            and
            immediately upon the sale, assignment and endorsement of the Mortgage
            Loans from
            the Seller to the Purchaser, the Purchaser shall have good and indefeasible
            title to and be the sole legal owner of the Mortgage Loans subject only
            to any
            encumbrance, equity, lien, pledge, charge, claim or security interest
            arising
            out of the Purchaser’s actions;

           

          (xiii)  Each
            Mortgage Loan is covered by a valid and binding American Land Title Association
            lender’s title insurance policy issued by a title insurer qualified to do
            business in the jurisdiction where the Mortgaged Property is located.
            No claims
            have been filed under such lender’s title insurance policy, and the Seller has
            not done, by act or omission, anything that would impair the coverage
            of the
            lender’s title insurance policy;

           

          (xiv)  There
            is
            no material default, breach, violation event or event of acceleration
            existing
            under the Mortgage or the Mortgage Note and no event which, with the
            passage of
            time or with notice and the expiration of any grace or cure period, would
            constitute a material default, breach, violation or event of acceleration,
            and
            the Seller has not, nor has its predecessors, waived any material default,
            breach, violation or event of acceleration;

           

          (xv)  There
            are
            no mechanics’ or similar liens or claims which have been filed for work, labor
            or material provided to the related Mortgaged Property prior to the origination
            of the Mortgage Loan which are or may be liens prior to, or equal or
            coordinate
            with, the lien of the related Mortgage, except as may be disclosed in
            the
            related title policy;

           

          (xvi)  Except
            with respect to approximately 5.73% of the Mortgage Loans by aggregate
            principal
            balance as of the Cut-off Date, which are balloon loans and approximately
            62.46%
            of the Mortgage Loans by aggregate principal balance as of the Cut-off
            Date,
            which are interest only loans, each Mortgage Note is payable on the first
            day of
            each month in equal monthly installments of principal and interest (subject
            to
            adjustment in the case of the adjustable rate Mortgage Loans), with interest
            calculated on a 30/360 basis and payable in arrears, sufficient to amortize
            the
            Mortgage Loan fully by the stated maturity date over an original term
            from
            commencement of amortization to not more than 30 years and no Mortgage
            Loan
            permits negative amortization;

           

          (xvii)  The
            servicing practices used in connection with the servicing of the Mortgage
            Loans
            have been in all respects reasonable and customary in the mortgage servicing
            industry of like mortgage loan servicers, servicing similar subprime
            mortgage
            loans originated in the same jurisdiction as the Mortgaged
            Property;

           

          (xviii)  At
            the
            time of origination of the Mortgage Loan there was no proceeding pending
            for the
            total or partial condemnation of the Mortgaged Property and, as of the
            date such
            Mortgage Loan was purchased by the Purchaser, to the best of the Purchaser’s
            knowledge there is no proceeding pending for the total or partial condemnation
            of the Mortgaged Property;

           

          (xix)  The
            Mortgage and related Mortgage Note contain customary and enforceable
            provisions
            such as to render the rights and remedies of the holder thereof adequate
            for the
            realization against the Mortgaged Property of the benefits of the security
            provided thereby, including, (a) in the case of a Mortgage designated
            as a deed
            of trust, by trustee’s sale, and (b) otherwise by judicial
            foreclosure;

           

          (xx)  The
            Mortgage Note is not and has not been secured by any collateral except
            the lien
            of the related Mortgage referred to in subsection (x) above;

           

          (xxi)  In
            the
            event the Mortgage constitutes a deed of trust, a trustee, duly qualified
            under
            applicable law to serve as such, has been properly designated and currently
            so
            serves and is named in the Mortgage, and no fees or expenses are or will
            become
            payable by the Seller to the trustee under the deed of trust, except
            in
            connection with a trustee’s sale after default by the Mortgagor;

           

          (xxii)  The
            Mortgage Loan is not subject to any valid 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 such 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;

           

          (xxiii)  The
            Mortgage Loans were underwritten in accordance with the underwriting
            guidelines
            in effect at the time the Mortgage Loans were purchased by the Seller
            (the
“Seller’s Underwriting Guidelines”), except with respect to certain of those
            Mortgage Loans which had compensating factors permitting a deviation
            from the
            Seller’s Underwriting Guidelines;

           

          (xxiv)  The
            Mortgaged Property is free of material damage and waste, excepting therefrom
            any
            Mortgage Loan subject to an escrow withhold as shown on the Closing
            Schedule;

           

          (xxv)  All
            of
            the improvements which were included in determining the appraised value
            of the
            Mortgaged Property lie wholly within the Mortgaged Property’s boundary lines and
            no improvements on adjoining properties encroach upon the Mortgaged Property,
            excepting therefrom: (i) any encroachment insured against in the lender’s title
            insurance policy identified in subsection (xiii), (ii) any encroachment
            generally acceptable to subprime mortgage loan originators doing business
            in the
            same jurisdiction as the Mortgaged Property, and (iii) any encroachment
            which
            does not materially interfere with the benefits of the security intended
            to be
            provided by such Mortgage;

           

          (xxvi)  All
            parties to the Mortgage Note had the legal capacity to execute the Mortgage
            Note
            and the Mortgage, and the Mortgage Note and the Mortgage have been duly
            executed
            by such parties;

           

          (xxvii)  To
            the
            best of the Seller’s knowledge, at the time of origination of the Mortgage Loan,
            no appraised improvement located on or being part of the Mortgaged Property
            was
            in violation of any applicable zoning law or regulation and all inspections,
            licenses and certificates required in connection with the origination
            of any
            Mortgage Loan with respect to the occupancy of the Mortgaged Property,
            have been
            made or obtained from the appropriate authorities;

           

          (xxviii)  No
            Mortgagor has notified the Seller of any relief requested or allowed
            under the
            Servicemembers Civil Relief Act;

           

          (xxix)  All
            parties which have held an interest in the Mortgage Loan 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 state wherein
            the
            Mortgaged Property is located, (2) organized under the laws of such state,
            (3)
            qualified to do business in such state, (4) a federal savings and loan
            association or national bank, (5) not doing business in such state, or
            (6)
            exempt from the applicable licensing requirements of such state;

           

          (xxx)  The
            Mortgage File contains an appraisal of the related Mortgaged Property
            which was
            made prior to the approval of the Mortgage Loan by a qualified appraiser,
            duly
            appointed by the related originator and was made in accordance with the
            Financial Institutions Reform, Recovery, and Enforcement Act of 1989
            and the
            Uniform Standards of Professional Appraisal Practice;

           

          (xxxi)  Except
            as
            may otherwise be limited by applicable law, the Mortgage contains a 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;

           

          (xxxii)  The
            Mortgage Loan does not contain any provision which would constitute a
“buydown”
provision and pursuant to which Monthly Payments are paid or partially
            paid with
            funds deposited in a separate account established by the related originator,
            the
            Mortgagor or anyone on behalf of the Mortgagor, or paid by any source
            other than
            the Mortgagor. 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;

           

          (xxxiii)  To
            the
            best of the Seller’s knowledge there is no action or proceeding directly
            involving the Mortgaged Property presently pending in which compliance
            with any
            environmental law, rule or regulation is at issue and the Seller has
            received no
            notice of any condition at the Mortgaged Property which is reasonably
            likely to
            give rise to an action or proceeding in which compliance with any environmental
            law, rule or regulation is at issue;

           

          (xxxiv)  Each
            Mortgage Loan is an obligation which is principally secured by an interest
            in
            real property within the meaning of Treasury Regulation section
            1.860G-2(a);

           

          (xxxv)  Each
            Mortgage Loan (a) is directly secured by a first or second lien on, and
            consists
            of a single parcel of, real property with a detached one-to-four family
            residence erected thereon, a townhouse or an individual condominium unit
            in a
            condominium project, or an individual unit in a planned unit development
            (“PUD”). Any unit in a PUD or condominium project conforms to the requirements
            of the Seller’s Underwriting Guidelines regarding such dwellings. No residence
            or dwelling is a mobile home or a manufactured dwelling unless it is
            a
            manufactured dwelling, which is permanently affixed to a foundation and
            treated
            as “real estate” under applicable law. No Mortgaged Property is used for
            commercial purposes. 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;

           

          (xxxvi)  The
            Mortgage Interest Rate with respect to the Adjustable Rate Mortgage Loans
            is
            subject to adjustment at the time and in the amounts as are set forth
            in the
            related Mortgage Note;

           

          (xxxvii)  No
            Mortgage Loan contains a provision whereby the Mortgagor can convert
            an
            Adjustable Rate Mortgage Loan into a Fixed Rate Mortgage Loan;

           

          (xxxviii)  With
            respect to each Group I Mortgage Loan, no borrower obtained a prepaid
            single-premium credit-life, credit-disability, credit unemployment or
            credit
            property insurance policy in connection with the origination of such
            Group I
            Mortgage Loan; 

           

          (xxxix)  With
            respect to any Group I Mortgage Loan that contains a provision permitting
            imposition of a penalty upon a prepayment prior to maturity: (i) prior
            to such
            Group I Mortgage Loan’s origination, the Group I Mortgage Loan provides some
            benefit to the borrower (e.g. a rate or fee reduction) in exchange for
            accepting
            such prepayment penalty, (ii) such Group I Mortgage Loan’s originator had a
            written policy of offering the borrower, or requiring third-party brokers
            to
            offer the borrower the option of obtaining a mortgage loan that did not
            require
            payment of such a prepayment penalty, (iii) the prepayment
            penalty
            was adequately disclosed to the borrower pursuant to applicable state
            and
            federal law, (iv) no Group I Mortgage Loan originated on or after October
            1,
            2002 will provide for a prepayment penalty for a term in excess of three
            years
            and any Group I Mortgage Loan originated prior to such date will not
            provide for
            prepayment penalties for a term in excess of five years; in each case
            unless
            such Group I Mortgage Loan was modified to reduce the prepayment period
            to no
            more than three years from the date of the Mortgage Note and the borrower
            was
            notified in writing of such reduction in prepayment period, and (v) such
            prepayment penalty shall not be imposed in any instance where the mortgage
            debt
            is accelerated or paid off in connection with the workout of a delinquent
            Group
            I Mortgage Loan due to the borrower’s default notwithstanding that the terms of
            the Group I Mortgage Loan or state or federal law might permit the imposition
            of
            such penalty;

           

          (xl)  No
            Mortgage Loan is subject to the Home Ownership and Equity Protection
            Act of 1994
            or any comparable law and no Mortgage Loan is classified and/or defined
            as “high
            cost”, “covered” (excluding home loans defined as “covered home loans” in the
            New Jersey Home Ownership Security Act of 2002 that were originated between
            November 26, 2003 and July 7, 2004) “high risk home” or “predatory” loan under
            any other federal, state or local law (or a similarly classified loan
            using
            different terminology under a law imposing heightened regulatory scrutiny
            or
            additional legal liability for residential mortgage loans having high
            interest
            rates, points and/or fees);

           

          (xli)  There
            is
            no Mortgage Loan that was originated or modified on or after October
            1, 2002 and
            before March 7, 2003, which is secured by property located in the State
            of
            Georgia. There is no such Mortgage Loan underlying the Certificate that
            was
            originated on or after March 7, 2003, which is a “high cost home loan” as
            defined under the Georgia Fair Lending Act;

           

          (xlii)  With
            respect to any Mortgage Loan that is secured by a second lien on the
            related
            Mortgaged Property, either (i) no consent for the Mortgage Loan is required
            by
            the holder of any related senior lien or (ii) such consent has been obtained
            and
            is contained in the Mortgage File;

           

          (xliii)  With
            respect to a Mortgage Loan which is a second lien, as of the date hereof,
            the
            Seller has not received a notice of default of a senior lien on the related
            Mortgaged Property which has not been cured;

           

          (xliv)  There
            is
            no Mortgage Loan that (a) is secured by property located in the State
            of
            Kentucky; (b) was originated on or after June 24, 2003, and (c) which
            is a “high
            cost home loan” as defined under Kentucky State Statute KRS 360.100, effective
            as of June 24, 2003;

           

          (xlv)  There
            is
            no Mortgage Loan that (a) is secured by property located in the State
            of
            Arkansas, (b) has a note date on or after July 16, 2003, and (c) which
            is a
“high cost home loan” as defined under the Arkansas Home Loan Protection Act,
            effective as of July 16, 2003;

           

          (xlvi)  The
            Servicer for each Group I Mortgage Loan has fully furnished, and will
            fully
            furnish, in accordance with the Fair Credit Reporting Act and its implementing
            regulations, accurate and complete information (i.e., favorable and unfavorable)
            on its borrower credit files to Equifax, Experian, and Trans Union Credit
            Information Company (three of the credit repositories), on a monthly
            basis;

           

          (xlvii)  The
            original principal balance of each Group I Mortgage Loan which is secured
            by a
            first or second lien on the related Mortgaged Property is within Freddie
            Mac’s
            dollar amount limits for conforming one-to-four family mortgage loans;
            

           

          (xlviii)  No
            Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey Home
            Ownership Act effective November 27, 2003 (N.J.S.A. 46:10B-22 et seq.);
            

           

          (xlix)  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.);

           

          (l)  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.);

           

          (li)  No
            Mortgage Loan originated in the City of Los Angeles is subject to the
            City of
            Los Angeles California Ordinance 175008 as a home loan;

           

          (lii)  No
            Mortgage Loan is a “High Cost Home Loan” as defined under the Maine House Bill
            383 L.D. 494, effective as of September 13, 2003;

           

          (liii)  No
            Mortgage Loan is a “High Cost” loan as defined under the New York Banking Law
            Section 6L, effective as of April 1, 2003;

           

          (liv)  No
            Mortgage Loan is a “home loan” in the state of Nevada; 

           

          (lv)  No
            Mortgage Loan is a “Section 10 mortgage loan” as defined in Oklahoma House Bill
            1574;

           

          (lvi)  With
            respect to any Group I Mortgage Loan originated on or after August 1,
            2004,
            neither the related Mortgage nor the related Mortgage Note requires the
            borrower
            to submit to arbitration to resolve any dispute arising out of or relating
            in
            any way to the Mortgage Loan transaction;

           

          (lvii)  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, Appendix E (attached hereto as Exhibit 2))
            and no
            Mortgage Loan originated on or after October 1, 2002 through March 6,
            2003 is
            governed by the Georgia Fair Lending Act;

           

          (lviii)  With
            respect to the Group I Mortgage Loans, the Group I Mortgage Loan’s borrower was
            not encouraged or required to select a mortgage loan product offered
            by the
            Group I Mortgage Loan’s originator which is a higher cost product designed for
            less creditworthy borrowers, taking into account such facts as, without
            limitation, the Group I Mortgage Loan’s requirements and the borrower’s credit
            history, income, assets and liabilities. For a borrower who seeks financing
            through a Group I Mortgage Loan originator’s higher-priced subprime lending
            channel, the borrower was directed towards or offered the Group I Mortgage
            Loan
            originator’s standard mortgage line if the borrower was able to qualify for one
            of the standard products;

           

          (lix)  With
            respect to a Group I Mortgage Loan which is a second lien, (a) such second
            lien
            Group I Mortgage Loan is secured by a one- to four-family residence that
            is the
            principal residence of the Mortgagor, (b) the origination amount for
            such second
            lien Group I Mortgage Loan did not exceed one-half of the one-unit limitation
            set forth by Freddie Mac for first lien mortgage loans, and (c) the original
            principal balance for the first lien plus the original principal balance
            of the
            second lien mortgage loan do not exceed Freddie Mac’s applicable loan limits for
            first lien mortgage loans for properties of the same type as the related
            Mortgaged Property;

           

          (lx)  No
            selection procedures were used by the Seller that identified the Mortgage
            Loans
            as being less desirable or valuable than other comparable mortgage loans
            in the
            Seller’s portfolio; 

           

          (lxi)  The
            information set forth in the Closing Schedule is true and correct in
            all
            material respects as of the Cut-Off Date;

           

          (lxii)  With
            respect to Group I Mortgage Loans, the methodology used in underwriting
            the
            extension of credit for each Group I Mortgage Loan did not rely on the
            extent of
            the borrower’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 borrower’s credit history,
            income, assets or liabilities, to the proposed mortgage payment and,
            based on
            such methodology, the Group I Mortgage Loan’s originator made a reasonable
            determination that at the time of origination the borrower had the ability
            to
            make timely payments on the Mortgage Loan;

           

          (lxiii)  With
            respect to Group I Mortgage Loans, no borrower under a Group I Mortgage
            Loan was
            charged “points and fees” in an amount greater than (a) $1,000 or (b) 5% of the
            principal amount of such Group I 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 Lloan, 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 that,
            in total,
            do not exceed 0.25 percent of the loan amount;

           

          (lxiv)  With
            respect to Group I Mortgage Loans, no Mortgage Loan originated on or
            after
            January 1, 2005, which is a “high cost home loan” as defined under the Indiana
            Home Loan Practices Act (I.C. 24-9); and

           

          (lxv)  With
            respect to any Group I Mortgage Loans that are manufactured housing,
            upon the
            origination of each such Group I Mortgage Loan the manufactured housing
            unit
            either: (i) will be the principal residence of the borrower or (ii) will
            be
            classified as real property under applicable state law.

           

          SECTION
            7.  Repurchase
            Obligation for Defective Documentation and for Breach of Representation
            and
            Warranty.

           

          (a)  The
            representations and warranties contained in Section 6 shall not be impaired
            by
            any review and examination of loan files or other documents evidencing
            or
            relating to the Mortgage Loans or any failure on the part of the Seller
            or the
            Purchaser to review or examine such documents and shall inure to the
            benefit of
            any assignee, transferee or designee of the Purchaser, including the
            Trustee for
            the benefit of the Certificateholders. With respect to the representations
            and
            warranties contained herein as to which the Seller has no knowledge,
            if it is
            discovered that the substance of any such representation and warranty
            was
            inaccurate as of the date such representation and warranty was made or
            deemed to
            be made, and such inaccuracy materially and adversely affects the value
            of the
            related Mortgage Loan or the interest therein of the Purchaser or the
            Purchaser’s assignee, transferee or designee, then notwithstanding the lack of
            knowledge by the Seller with respect to the substance of such representation
            and
            warranty being inaccurate at the time the representation and warranty
            was made,
            the Seller shall take such action described in the following paragraph
            in
            respect of such Mortgage Loan. Notwithstanding anything to the contrary
            contained herein, any breach of a representation or warranty contained
            in
            clauses (viii), (xxxviii), (xxxix), (xl), (xli), (xlvi), (xlvii), (lvi),
            (lviii), (lix), (lxii), (lxiii), (lxiv) and/or (lxv) of Section 6 above,
            shall
            be automatically deemed to affect materially and adversely the interests
            of the
            Purchaser or the Purchaser’s assignee, transferee or designee.

           

          Upon
            discovery by the Seller, the Purchaser or any assignee, transferee or
            designee
            of the Purchaser of any materially defective document in, or that any
            material
            document was not transferred by the Seller, as listed on a Custodian’s
            preliminary exception report, as described in the Custodial Agreements,
            as part
            of any Mortgage File, or of a breach of any of the representations and
            warranties contained in Section 6 that materially and adversely affects
            the
            value of any Mortgage Loan or the interest therein of the Purchaser or
            the
            Purchaser’s assignee, transferee or designee, the party discovering such breach
            shall give prompt written notice to the Seller. Within sixty (60) days
            of its
            discovery or its receipt of notice of any such missing documentation
            that was
            not transferred by the Seller as described above, or of materially defective
            documentation, or any such breach of a representation and warranty, the
            Seller
            promptly shall deliver such missing document or cure such defect or breach
            in
            all material respects or, in the event the Seller cannot deliver such
            missing
            document or cannot cure such defect or breach, the Seller shall, within
            ninety
            (90) days of its discovery or receipt of notice of any such missing or
            materially defective documentation or of any such breach of a representation
            and
            warranty, either (i) repurchase the affected Mortgage Loan at the Purchase
            Price
            (as such term is defined in the Pooling and Servicing Agreement) or (ii)
            pursuant to the provisions of the Pooling and Servicing Agreement, cause
            the
            removal of such Mortgage Loan from the Trust Fund and substitute one
            or more
            Qualified Substitute Mortgage Loans. The Seller shall amend the Closing
            Schedule
            to reflect the withdrawal of such Mortgage Loan from the terms of this
            Agreement
            and the Pooling and Servicing Agreement. The Seller shall deliver to
            the
            Purchaser such amended Closing Schedule and shall deliver such other
            documents
            as are required by this Agreement or the Pooling and Servicing Agreement
            within
            five (5) days of any such amendment. Any repurchase pursuant to this
            Section
            7(a) shall be accomplished by transfer to an account designated by the
            Purchaser
            of the amount of the Purchase Price in accordance with Section 2.03 of
            the
            Pooling and Servicing Agreement. Any repurchase required by this Section
            shall
            be made in a manner consistent with Section 2.03 of the Pooling and Servicing
            Agreement.

           

          (b)  If
            the
            representation made by the Seller in Section 5(xii) is breached, the
            Seller
            shall not have the right or obligation to cure, substitute or repurchase
            the
            affected Mortgage Loan but shall remit to the Servicer for deposit in
            the
            Collection Account, prior to the next succeeding Servicer Remittance
            Date, the
            amount of the Prepayment Charge indicated on the applicable part of the
            Closing
            Schedule to be due from the Mortgagor in the circumstances less any amount
            collected and remitted to the Servicer for deposit into the Collection
            Account.

           

          (c)  It
            is
            understood and agreed that the obligations of the Seller set forth in
            this
            Section 7 to cure or repurchase a defective Mortgage Loan (and to make
            payments
            pursuant to Section 7(b)) constitute the sole remedies of the Purchaser
            against
            the Seller respecting a missing document or a breach of the representations
            and
            warranties contained in Section 5(xii) or Section 6.

           

          SECTION
            8.  Closing;
            Payment for the Mortgage Loans.The
            closing of the purchase and sale of the Mortgage Loans, shall be held
            at the New
            York City office of Thacher Proffitt & Wood llp
            at 10:00
            a.m. New York City time on the Closing Date.

           

          The
            closing shall be subject to each of the following conditions:

           

          (a)  All
            of
            the representations and warranties of the Seller under this Agreement
            shall be
            true and correct in all material respects as of the date as of which
            they are
            made and no event shall have occurred which, with notice or the passage
            of time,
            would constitute a default under this Agreement;

           

          (b)  The
            Purchaser shall have received, or the attorneys of the Purchaser shall
            have
            received in escrow (to be released from escrow at the time of closing),
            all
            closing documents as specified in Section 9 of this Agreement, in such
            forms as
            are agreed upon and acceptable to the Purchaser, duly executed by all
            signatories other than the Purchaser as required pursuant to the respective
            terms thereof;

           

          (c)  The
            Seller shall have delivered or caused to be delivered and released to
            the
            Purchaser or to its designee, all documents (including without limitation,
            the
            Mortgage Loans) required to be so delivered by the Purchaser pursuant
            to Section
            2.01 of the Pooling and Servicing Agreement; and

           

          (d)  All
            other
            terms and conditions of this Agreement and the Pooling and Servicing
            Agreement
            shall have been complied with.

           

          Subject
            to the foregoing conditions, the Purchaser shall deliver or cause to
            be
            delivered to the Seller on the Closing Date, against delivery and release
            by the
            Seller to the Trustee of all documents required pursuant to the Pooling
            and
            Servicing Agreement, the consideration for the Mortgage Loans as specified
            in
            Section 3 of this Agreement.

           

          SECTION
            9.  Closing
            Documents.
            Without
            limiting the generality of Section 8 hereof, the closing shall be subject
            to
            delivery of each of the following documents:

           

          (a)  An
            Officers’ Certificate of the Seller, dated the Closing Date, upon which the
            Purchaser and DBSI may rely with respect to certain facts regarding the
            sale of
            the Mortgage Loans by the Seller to the Purchaser;

           

          (b)  An
            Opinion of Counsel of the Seller, dated the Closing Date and addressed
            to the
            Purchaser and DBSI;

           

          (c)  Such
            opinions of counsel as the Rating Agencies or the Trustee may request
            in
            connection with the sale of the Mortgage Loans by the Seller to the Purchaser
            or
            the Seller’s execution and delivery of, or performance under, this Agreement;
            and

           

          (d)  Such
            further information, certificates, opinions and documents as the Purchaser
            or
            DBSI may reasonably request.

           

          SECTION
            10.  Costs.
            The
            Seller shall pay (or shall reimburse the Purchaser or any other Person
            to the
            extent that the Purchaser or such other Person shall pay) all costs and
            expenses
            incurred in connection with the transfer and delivery of the Mortgage
            Loans,
            including without limitation, fees for title policy endorsements and
            continuations, the fees and expenses of the Seller’s accountants and attorneys,
            the costs and expenses incurred in connection with producing the Servicer’s loan
            loss, foreclosure and delinquency experience, and the costs and expenses
            incurred in connection with obtaining the documents referred to in Sections
            9(a), 9(b) and 9(c), the costs and expenses of printing (or otherwise
            reproducing) and delivering this Agreement, the Pooling and Servicing
            Agreement,
            the Certificates, the prospectus and prospectus supplement, and any private
            placement memorandum relating to the Certificates and other related documents,
            the initial fees, costs and expenses of the Trustee, the fees and expenses
            of
            the Purchaser’s counsel in connection with the preparation of all documents
            relating to the securitization of the Mortgage Loans, the filing fee
            charged by
            the Securities and Exchange Commission for registration of the Certificates
            and
            the fees charged by any rating agency to rate the Certificates.  All
            other costs and expenses in connection with the transactions contemplated
            hereunder shall be borne by the party incurring such expense.

           

          SECTION
            11.  Servicing.  The
            Mortgage Loans will be master serviced by the Master Servicer under the
            Pooling
            and Servicing Agreement and serviced by the Servicer, on behalf of the
            Trust,
            and the Seller has represented to the Purchaser that such Mortgage Loans
            are not
            subject to any other servicing agreements with third parties.  It is
            understood and agreed between the Seller and the Purchaser that the Mortgage
            Loans are to be delivered free and clear of any servicing
            agreements.  Neither the Purchaser nor any affiliate of the Purchaser
            is servicing the Mortgage Loans under any such servicing agreement and,
            accordingly, neither the Purchaser nor any affiliate of the Purchaser
            is
            entitled to receive any fee for releasing the Mortgage Loans from any
            such
            servicing agreement.  The Seller shall arrange for the orderly
            transfer, of such servicing to the Servicer.  For so long as the
            Master Servicer master services the Mortgage Loans and the Servicer services
            the
            Mortgage Loans, the Master Servicer shall be entitled to the Master Servicing
            Fee and the Servicer shall be entitled to the Servicing Fee and such
            other
            payments as provided for under the terms of the Pooling and Servicing
            Agreement.

           

          SECTION
            12.  Mandatory
            Delivery; Grant of Security Interest.  The
            sale and delivery on the Closing Date of the Mortgage Loans described
            on the
            Closing Schedule in accordance with the terms and conditions of this
            Agreement
            is mandatory.  It is specifically understood and agreed that each
            Mortgage Loan is unique and identifiable on the date hereof and that
            an award of
            money damages would be insufficient to compensate the Purchaser for the
            losses
            and damages incurred by the Purchaser in the event of the Seller’s failure to
            deliver the Mortgage Loans on or before the Closing Date.  The Seller
            hereby grants to the Purchaser a lien on and a continuing security interest
            in
            the Seller’s interest in each Mortgage Loan and each document and instrument
            evidencing each such Mortgage Loan to secure the performance by the Seller
            of
            its obligation hereunder, and the Seller agrees that it holds such Mortgage
            Loans in custody for the Purchaser, subject to the Purchaser’s (i) right, prior
            to the Closing Date, to reject any Mortgage Loan to the extent permitted
            by this
            Agreement and (ii) obligation to deliver or cause to be delivered the
            consideration for the Mortgage Loans pursuant to Section 8
            hereof.  Any Mortgage Loans rejected by the Purchaser shall
            concurrently therewith be released from the security interest created
            hereby.  All rights and remedies of the Purchaser under this Agreement
            are distinct from, and cumulative with, any other rights or remedies
            under this
            Agreement or afforded by law or equity and all such rights and remedies
            may be
            exercised concurrently, independently or successively.

           

          Notwithstanding
            the foregoing, if on the Closing Date, each of the conditions set forth
            in
            Section 8 hereof shall have been satisfied and the Purchaser shall not
            have paid
            or caused to be paid the Purchase Price, or any such condition shall
            not have
            been waived or satisfied and the Purchaser determines not to pay or cause
            to be
            paid the Purchase Price, the Purchaser shall immediately effect the redelivery
            of the Mortgage Loans, if delivery to the Purchaser has occurred, and
            the
            security interest created by this Section 12 shall be deemed to have
            been
            released.

           

          SECTION
            13.  Notices.  All
            demands, notices and communications hereunder shall be in writing and
            shall be
            deemed to have been duly given if personally delivered to or mailed by
            registered mail, postage prepaid, or transmitted by fax and, receipt
            of which is
            confirmed by telephone, if to the Purchaser, addressed to the Purchaser
            at 6525
            Morrison Boulevard, Suite 318, Charlotte, North Carolina 28211, fax:
            (704)
            365-1362, Attention: Doris Hearn, or such other address as may hereafter
            be
            furnished to the Seller  in writing by the Purchaser; and if to the
            Seller, addressed to the Seller at 60 Wall Street, New York, New York
            10005,
            fax: (212) 250-2740, Attention:  Michael Commaroto, or to such other
            address as the Seller may designate in writing to the Purchaser.

           

          SECTION
            14.  Severability
            of Provisions.  Any
            part, provision, representation or warranty of this Agreement that is
            prohibited
            or that is held to be void or unenforceable shall be ineffective to the
            extent
            of such prohibition or unenforceability without invalidating the remaining
            provisions hereof.  Any part, provision, representation or warranty of
            this Agreement that is prohibited or unenforceable or is held to be void
            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 as to any Mortgage Loan shall not invalidate or render
            unenforceable such provision in any other jurisdiction.  To the extent
            permitted by applicable law, the parties hereto waive any provision of
            law which
            prohibits or renders void or unenforceable any provision hereof.

           

          SECTION
            15.  Agreement
            of Parties.  The
            Seller and the Purchaser each agree to execute and deliver such instruments
            and
            take such actions as either of the others may, from time to time, reasonably
            request in order to effectuate the purpose and to carry out the terms
            of this
            Agreement and the Pooling and Servicing Agreement.

           

          SECTION
            16.  Survival.  The
            Seller agrees that the representations, warranties and agreements made
            by it
            herein and in any certificate or other instrument delivered pursuant
            hereto
            shall be deemed to be relied upon by the Purchaser, notwithstanding any
            investigation heretofore or hereafter made by the Purchaser or on its
            behalf,
            and that the representations, warranties and agreements made by the Seller
            herein or in any such certificate or other instrument shall survive the
            delivery
            of and payment for the Mortgage Loans and shall continue in full force
            and
            effect, notwithstanding any restrictive or qualified endorsement on the
            Mortgage
            Notes and notwithstanding subsequent termination of this Agreement, the
            Pooling
            and Servicing Agreement or the Trust Fund.

           

          SECTION
            17.  GOVERNING
            LAW.  THIS
            AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF
            THE
            PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
            THE LAWS
            (EXCLUDING THE CHOICE OF LAW PROVISIONS) AND DECISIONS OF THE STATE OF
            NEW
            YORK.  THE
            PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW
            YORK
            GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

           

          SECTION
            18.  Miscellaneous.
            This
            Agreement may be executed in two or more counterparts, each of which
            when so
            executed and delivered shall be an original, but all of which together
            shall
            constitute one and the same instrument.  This Agreement shall inure to
            the benefit of and be binding upon the parties hereto and their respective
            successors and assigns.  This Agreement supersedes all prior
            agreements and understandings relating to the subject matter
            hereof.  Neither this Agreement nor any term hereof may be changed,
            waived, discharged or terminated orally, but only by an instrument in
            writing
            signed by the party against whom enforcement of the change, waiver, discharge
            or
            termination is sought.  The headings in this Agreement are for
            purposes of reference only and shall not limit or otherwise affect the
            meaning
            hereof.

           

          It
            is the
            express intent of the parties hereto that the conveyance of the Mortgage
            Loans
            by the Seller to the Purchaser as provided in Section 4 hereof be, and
            be
            construed as, a sale of the Mortgage Loans by the Seller to the Purchaser
            and
            not as a pledge of the Mortgage Loans by the Seller to the Purchaser
            to secure a
            debt or other obligation of the Seller. However, in the event that,
            notwithstanding the aforementioned intent of the parties, the Mortgage
            Loans are
            held to be property of the Seller, then (a) it is the express intent
            of the
            parties that such conveyance be deemed a pledge of the Mortgage Loans
            by the
            Seller to the Purchaser to secure a debt or other obligation of the Seller
            and
            (b) (1) this Agreement shall also be deemed to be a security agreement
            within
            the meaning of Articles 8 and 9 of the New York Uniform Commercial Code;
            (2) the
            conveyance provided for in Section 4 hereof shall be deemed to be a grant
            by the
            Seller to the Purchaser of a security interest in all of the Seller’s right,
            title and interest in and to the Mortgage Loans and all amounts payable
            to the
            holders of the Mortgage Loans in accordance with the terms thereof and
            all
            proceeds of the conversion, voluntary or involuntary, of the foregoing
            into
            cash, instruments, securities or other property, including without limitation
            all amounts, other than investment earnings, from time to time held or
            invested
            in the Collection Account whether in the form of cash, instruments, securities
            or other property; (3) the possession by the Purchaser or its agent of
            Mortgage
            Notes, the related Mortgages and such other items of property that constitute
            instruments, money, negotiable documents or chattel paper shall be deemed
            to be
“possession by the secured party” for purposes of perfecting the security
            interest pursuant to Section 9-305 of the New York Uniform Commercial
            Code; 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 Purchaser for
            the
            purpose of perfecting such security interest under applicable law. Any
            assignment of the interest of the Purchaser pursuant to Section 4(d)
            hereof
            shall also be deemed to be an assignment of any security interest created
            hereby. The Seller and the Purchaser shall, to the extent consistent
            with this
            Agreement, take such actions as may be necessary to ensure that, if this
            Agreement were deemed to create a security interest in the Mortgage Loans,
            such
            security interest would be deemed to be a perfected security interest
            of first
            priority under applicable law and will be maintained as such throughout
            the term
            of this Agreement and the Pooling and Servicing Agreement.

           

          SECTION
            19.  Third
            Party Beneficiary.  The
            parties hereto acknowledge and agree that DBSI and each of its respective
            successors and assigns shall have all the rights of a third-party beneficiary
            in
            respect of Section 12 of this Agreement and shall be entitled to rely
            upon and
            directly enforce the provisions of Section 12 of this Agreement.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

          IN
            WITNESS WHEREOF, the Purchaser and the Seller have caused their names
            to be
            signed by their respective officers thereunto duly authorized as of the
            date
            first above written.

           

          DB
            STRUCTURED PRODUCTS, INC.

           

          By:                                                                                        
            

          Name:

          Title:

           

          By:                                                                                       
            

          Name:

          Title:

           

          ACE
            SECURITIES CORP.

           

          By:                                                                                        
            

          Name:

          Title:

           

          By:                                                                                        
            

          Name:

          Title:

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

          

          EXHIBIT
            1

           

          Loan
            #:____________________   

          Borrower: __________________

           

          LOST
            NOTE
            AFFIDAVIT

           

          I,
            as
            _____________________ of ____________________, a _______________ 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
            ____________________ (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 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 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. Seller represents and warrants that is has the authority to
            perform its
            obligations under this Affidavit of Lost Note.

           

          Executed
            this _ day of _______, 200____ .

                                                                              
                  

          
 

          By:                                                                   
             

          Name:

          Title:

           

          On
            this
            __ day of ______, 200_, before me appeared ______________________ to
            me
            personally known, who being duly sworn did say that he is the
            _______________________ of ____________________, a ______________________
            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 entity.

           

          Signature:

           

          [Seal]

           

          
            
              
                	 	 	 

              

               

              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            2

          APPENDIX
            E - Standard & Poor’s Predatory Lending Categories

           

          Standard
            & Poor’s has categorized loans governed by anti-predatory lending laws in
            the Jurisdictions listed below into three categories based upon a combination
            of
            factors that include (a) the risk exposure associated with the assignee
            liability and (b) the tests and thresholds set forth in those laws. Note
            that
            certain loans classified by the relevant statute as Covered are included
            in
            Standard & Poor’s High Cost Loan Category because they included thresholds
            and tests that are typical of what is generally considered High Cost
            by the
            industry. 

           

          Standard
            & Poor’s High Cost Loan Categorization

           

          
            	
                    State/Jurisdiction

                  	
                    Name
                      of Anti-Predatory Lending Law/Effective Date

                  	
                    Category
                      under Applicable Anti-Predatory Lending Law

                  
	
                    Arkansas
                      

                  	
                    Arkansas
                      Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 et
                      seq.
                      

                    Effective
                      July 16, 2003 

                  	
                    High
                      Cost Home Loan 

                  
	
                    Cleveland
                      Heights, OH 

                  	
                    Ordinance
                      No. 72-2003 (PSH), Mun. Code §§ 757.01 et
                      seq.
                      

                    Effective
                      June 2, 2003 

                  	
                    Covered
                      Loan 

                  
	
                    Colorado
                      

                  	
                    Consumer
                      Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 et
                      seq.
                      

                    Effective
                      for covered loans offered or entered into on or after January
                      1, 2003.
                      Other provisions of the Act took effect on June 7, 2002 

                  	
                    Covered
                      Loan 

                  
	
                    Connecticut
                      

                  	
                    Connecticut
                      Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746
                      et
                      seq.
                      

                    Effective
                      October 1, 2001 

                  	
                    High
                      Cost Home Loan 

                  
	
                    District
                      of Columbia 

                  	
                    Home
                      Loan Protection Act, D.C. Code §§ 26-1151.01 et
                      seq.
                      

                    Effective
                      for loans closed on or after January 28, 2003 

                  	
                    Covered
                      Loan 

                  
	
                    Florida
                      

                  	
                    Fair
                      Lending Act, Fla. Stat. Ann. §§ 494.0078 et
                      seq.
                      

                    Effective
                      October 2, 2002 

                  	
                    High
                      Cost Home Loan 

                  
	
                    Georgia
                      (Oct. 1, 2002 - Mar. 6, 2003) 

                  	
                    Georgia
                      Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                      seq.
                      

                    Effective
                      October 1, 2002 - March 6, 2003

                  	
                    High
                      Cost Home Loan 

                  

          

           

          Standard
            & Poor’s High Cost Loan Categorization

           

          
            	
                    State/Jurisdiction

                  	
                    Name
                      of Anti-Predatory Lending Law/Effective Date

                  	
                    Category
                      under Applicable Anti-Predatory Lending Law

                  
	
                    Georgia
                      as amended (Mar. 7, 2003 - current) 

                  	
                    Georgia
                      Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                      seq.
                      

                    Effective
                      for loans closed on or after March 7, 2003 

                  	
                    High
                      Cost Home Loan 

                  
	
                    HOEPA
                      Section 32 

                  	
                    Home
                      Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                      §§ 226.32 and 226.34 

                    Effective
                      October 1, 1995, amendments October 1, 2002 

                  	
                    High
                      Cost Loan 

                  
	
                    Illinois
                      

                  	
                    High
                      Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et
                      seq.
                      

                    Effective
                      January 1, 2004 (prior to this date, regulations under Residential
                      Mortgage License Act effective from May 14, 2001) 

                  	
                    High
                      Risk Home Loan 

                  
	
                    Kansas
                      

                  	
                    Consumer
                      Credit Code, Kan. Stat. Ann. §§ 16a-1-101 et
                      seq.
                      

                    Sections
                      16a-1-301 and 16a-3-207 became effective April 14, 1999; Section
                      16a-3-308a became effective July 1, 1999 

                  	
                    High
                      Loan to Value Consumer Loan (id.
                      §
                      16a-3-207) and; 

                  
	
                    High
                      APR Consumer Loan (id.
                      §
                      16a-3-308a) 

                  
	
                    Kentucky
                      

                  	
                    2003
                      KY H.B. 287 - High Cost Home Loan Act, Ky. Rev. Stat. §§ 360.100
                      et
                      seq.
                      

                    Effective
                      June 24, 2003 

                  	
                    High
                      Cost Home Loan 

                  
	
                    Maine
                      

                  	
                    Truth
                      in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et
                      seq.
                      

                    Effective
                      September 29, 1995 and as amended from time to time 

                  	
                    High
                      Rate High Fee Mortgage 

                  
	
                    Massachusetts
                      

                  	
                    Part
                      40 and Part 32, 209 C.M.R. §§ 32.00 et
                      seq.
                      and 209 C.M.R. §§ 40.01 et
                      seq.
                      

                    Effective
                      March 22, 2001 and amended from time to time

                  	
                    High
                      Cost Home Loan 

                  

          

          

          Standard
            & Poor’s High Cost Loan Categorization

           

          
            	
                    State/Jurisdiction

                  	
                    Name
                      of Anti-Predatory Lending Law/Effective Date

                  	
                    Category
                      under Applicable Anti-Predatory Lending Law

                  
	
                    Nevada
                      

                  	
                    Assembly
                      Bill No. 284, Nev. Rev. Stat. §§ 598D.010 et
                      seq.
                      

                    Effective
                      October 1, 2003 

                  	
                    Home
                      Loan 

                  
	
                    New
                      Jersey 

                  	
                    New
                      Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat.
§§ 46:10B-22
                      et
                      seq.
                      

                    Effective
                      for loans closed on or after November 27, 2003 

                  	
                    High
                      Cost Home Loan 

                  
	
                    New
                      Mexico 

                  	
                    Home
                      Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et
                      seq.
                      

                    Effective
                      as of January 1, 2004; Revised as of February 26, 2004 

                  	
                    High
                      Cost Home Loan 

                  
	
                    New
                      York 

                  	
                    N.Y.
                      Banking Law Article 6-l 

                    Effective
                      for applications made on or after April 1, 2003 

                  	
                    High
                      Cost Home Loan 

                  
	
                    North
                      Carolina 

                  	
                    Restrictions
                      and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                      et
                      seq.
                      

                    Effective
                      July 1, 2000; amended October 1, 2003 (adding open-end lines
                      of credit)
                      

                  	
                    High
                      Cost Home Loan 

                  
	
                    Ohio
                      

                  	
                    H.B.
                      386 (codified in various sections of the Ohio Code), Ohio Rev.
                      Code Ann.
                      §§ 1349.25 et
                      seq.
                      

                    Effective
                      May 24, 2002 

                  	
                    Covered
                      Loan 

                  
	
                    Oklahoma
                      

                  	
                    Consumer
                      Credit Code (codified in various sections of Title 14A) 

                    Effective
                      July 1, 2000; amended effective January 1, 2004 

                  	
                    Subsection
                      10 Mortgage 

                  
	
                    South
                      Carolina 

                  	
                    South
                      Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                      et
                      seq.
                      

                    Effective
                      for loans taken on or after January 1, 2004

                  	
                    High
                      Cost Home Loan 

                  
	
                    West
                      Virginia 

                  	
                    West
                      Virginia Residential Mortgage Lender, Broker and Servicer Act,
                      W. Va. Code
                      Ann. §§ 31-17-1 et
                      seq.
                      

                    Effective
                      June 5, 2002 

                  	
                    West
                      Virginia Mortgage Loan Act Loan 

                  

          

           

          Standard
            & Poor’s Covered Loan Categorization 

           

          

          
            	
                    State/Jurisdiction

                  	
                    Name
                      of Anti-Predatory Lending Law/Effective Date

                  	
                    Category
                      under Applicable Anti-Predatory Lending Law

                  
	
                    Georgia
                      (Oct. 1, 2002 - Mar. 6, 2003) 

                  	
                    Georgia
                      Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                      seq.
                      

                    Effective
                      October 1, 2002 - March 6, 2003 

                  	
                    Covered
                      Loan 

                  
	
                    New
                      Jersey 

                  	
                    New
                      Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat.
§§ 46:10B-22
                      et
                      seq.
                      

                    Effective
                      November 27, 2003 - July 5, 2004 

                  	
                    Covered
                      Home Loan 

                  

          

          

          
            
              
                	 	 	 

              

               

              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          Standard
            & Poor’s Home Loan Categorization

          

          
            	
                    State/Jurisdiction

                  	
                    Name
                      of Anti-Predatory Lending Law/Effective Date

                  	
                    Category
                      under Applicable Anti-Predatory Lending Law

                  
	
                    Georgia
                      (Oct. 1, 2002 - Mar. 6, 2003) 

                  	
                    Georgia
                      Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                      seq.
                      

                    Effective
                      October 1, 2002 - March 6, 2003 

                  	
                    Home
                      Loan 

                  
	
                    New
                      Jersey 

                  	
                    New
                      Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat.
§§ 46:10B-22
                      et
                      seq.
                      

                    Effective
                      for loans closed on or after November 27, 2003

                  	
                    Home
                      Loan 

                  
	
                    New
                      Mexico 

                  	
                    Home
                      Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et
                      seq.
                      

                    Effective
                      as of January 1, 2004; Revised as of February 26, 2004 

                  	
                    Home
                      Loan 

                  
	
                    North
                      Carolina 

                  	
                    Restrictions
                      and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                      et
                      seq.
                      

                    Effective
                      July 1, 2000; amended October 1, 2003 (adding open-end lines
                      of credit)
                      

                  	
                    Consumer
                      Home Loan 

                  
	
                    South
                      Carolina 

                  	
                    South
                      Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                      et
                      seq.
                      

                    Effective
                      for loans taken on or after January 1, 2004 

                  	
                    Consumer
                      Home Loan 

                  

          

        

        

        

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          G

        

        FORM
          10-D, FORM 8-K AND FORM 10-K

        REPORTING
          RESPONSIBILITY

        

        As
          to
          each item described below, the entity indicated as the Responsible Party
          shall
          be primarily responsible for reporting the information to the party identified
          as responsible for preparing the Securities Exchange Act Reports pursuant
          to
          Section 5.06(a)(ii). 

        

        Under
          Item 1 of Form 10-D: a) items marked “monthly statement” are required to be
          included in the periodic Distribution Date statement under Section 5.02,
          provided by the Securities 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 monthly 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

                	
                  Servicers

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                	
                  Custodian

                	
                  Trustee

                	
                  Depositor

                	
                  Sponsor

                
	
                  10-D

                	
                  Must
                    be filed within 15 days of the distribution date for the asset-backed
                    securities.

                	 	 	 	 
	
                  1

                	
                  Distribution
                    and Pool Performance Information

                	 	 	 	 	 	 	 
	
                  Item
                    1121(a) - Distribution and Pool Performance
                    Information

                	 	 	 	 	 	 	 
	
                  (1)
                    Any applicable record dates, accrual dates, determination dates
                    for
                    calculating distributions and actual distribution dates for the
                    distribution period.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (2)
                    Cash flows received and the sources thereof for distributions,
                    fees and
                    expenses.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (3)
                    Calculated amounts and distribution of the flow of funds for
                    the period
                    itemized by type and priority of payment, including:

                	 	 	
                  X

                   

                  (monthly
                    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.

                	 	 	
                  X

                   

                  (monthly
                    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.

                	 	 	
                  X

                   

                  (monthly
                    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.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (iv)
                    The amount of excess cash flow or excess spread and the disposition
                    of
                    excess cash flow.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (4)
                    Beginning and ending principal balances of the asset-backed
                    securities.

                	 	 	
                  X

                   

                  (monthly
                    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.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (6)
                    Beginning and ending balances of transaction accounts, such as
                    reserve
                    accounts, and material account activity during the period.

                	 	 	
                  X

                   

                  (monthly
                    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.

                	 	 	
                  X

                   

                  (monthly
                    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.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	
                  Updated
                    pool composition information fields to be as specified by Depositor
                    from
                    time to time

                	 
	
                  (9)
                    Delinquency and loss information for the period.

                	
                  X

                	
                  X

                	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  In
                    addition, describe any material changes to the information specified
                    in
                    Item 1100(b)(5) of Regulation AB regarding the pool assets.
                    (methodology)

                	
                  X

                	
                  X

                	 	 	 	 	 
	
                  (10)
                    Information on the amount, terms and general purpose of any advances
                    made
                    or reimbursed during the period, including the general use of
                    funds
                    advanced and the general source of funds for
                    reimbursements.

                	
                  X

                	
                  X

                	
                  X

                   

                  (monthly
                    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.

                	
                  X

                	
                  X

                	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (12)
                    Material breaches of pool asset representations or warranties
                    or
                    transaction covenants.

                	
                  X

                	
                  X

                	 	 	 	
                  X

                	 
	
                  (13)
                    Information on ratio, coverage or other tests used for determining
                    any
                    early amortization, liquidation or other performance trigger
                    and whether
                    the trigger was met.

                	 	 	
                  X

                   

                  (monthly
                    statement)

                	 	 	 	 
	
                  (14)
                    Information regarding any new issuance of asset-backed securities
                    backed
                    by the same asset pool, 

                	 	 	 	 	 	
                  X

                	 
	
                  any
                    pool asset changes (other than in connection with a pool asset
                    converting
                    into cash in accordance with its terms), such as additions or
                    removals in
                    connection with a prefunding or revolving period and pool asset
                    substitutions and repurchases (and purchase rates, if applicable),
                    and
                    cash flows available for future purchases, such as the balances
                    of any
                    prefunding or revolving accounts, if applicable.

                	
                  X

                	
                  X

                	
                  X

                	 	 	
                  X

                	 
	
                  Disclose
                    any material changes in the solicitation, credit-granting, underwriting,
                    origination, acquisition or pool selection criteria or procedures,
                    as
                    applicable, used to originate, acquire or select the new pool
                    assets.

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  Item
                    1121(b) - Pre-Funding or Revolving Period Information

                   

                  Updated
                    pool information as required under Item 1121(b).

                	 	 	 	 	 	
                  X

                	 
	
                  2

                	
                  Legal
                    Proceedings

                	 	 	 	 	 	 	 
	
                  Item
                    1117 - Legal proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	 	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	 	
                  X

                	 	 
	
                  Issuing
                    entity

                	 	 	 	 	 	
                  X

                	 
	
                  Master
                    Servicer, affiliated Servicer, other Servicer servicing 20% or
                    more of
                    pool assets at time of report, other material servicers

                	
                  X

                	
                  X

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  X

                	 	 	 	 
	
                  Originator
                    of 20% or more of pool assets as of the Cut-off Date

                	 	 	 	 	 	
                  X

                	 
	
                  Custodian

                	 	 	 	
                  X

                	 	 	 
	
                  3

                	
                  Sales
                    of Securities and Use of Proceeds

                	 	 	 	 	 	 	 
	
                  Information
                    from Item 2(a) of Part II of Form 10-Q:

                   

                  With
                    respect to any sale of securities by the sponsor, depositor or
                    issuing
                    entity, that are backed by the same asset pool or are otherwise
                    issued by
                    the issuing entity, whether or not registered, provide the sales
                    and use
                    of proceeds information in Item 701 of Regulation S-K. Pricing
                    information
                    can be omitted if securities were not registered.

                	 	 	 	 	 	
                  X

                	 
	
                  4

                	
                  Defaults
                    Upon Senior Securities

                	 	 	 	 	 	 	 
	
                  Information
                    from Item 3 of Part II of Form 10-Q:

                   

                  Report
                    the occurrence of any Event of Default (after expiration of any
                    grace
                    period and provision of any required notice)

                	 	 	
                  X

                	 	
                  X

                	 	 
	
                  5

                	
                  Submission
                    of Matters to a Vote of Security Holders

                	 	 	 	 	 	 	 
	
                  Information
                    from Item 4 of Part II of Form 10-Q

                	 	 	
                  X

                	 	
                  X

                	 	 
	
                  6

                	
                  Significant
                    Obligors of Pool Assets

                	 	 	 	 	 	 	 
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information*

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Item.

                	 	 	 	 	 	 	 
	
                  7

                	
                  Significant
                    Enhancement Provider Information

                	 	 	 	 	 	 	 
	
                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information*

                	 	 	 	 	 	 	 
	
                  Determining
                    applicable disclosure threshold

                	 	 	
                  X

                	 	 	 	 
	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	
                  X

                	 	 	 	 
	
                  Item
                    1115(b) - Derivative Counterparty Financial
                    Information*

                	 	 	 	 	 	 	 
	
                  Determining
                    current maximum probable exposure

                	 	 	 	 	 	
                  X

                	 
	
                  Determining
                    current significance percentage

                	 	 	
                  X

                	 	 	 	 
	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	
                  X

                	 	 	 	 
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 	 	 	 	 	 	 
	
                  8

                	
                  Other
                    Information

                	 	 	 	 	 	 	 
	
                  Disclose
                    any information required to be reported on Form 8-K during the
                    period
                    covered by the Form 10-D but not reported

                	
                  The
                    Responsible Party for the applicable Form 8-K item as indicated
                    below.

                
	
                  9

                	
                  Exhibits

                	 	 	 	 	 	 	 
	
                  Distribution
                    report

                	 	 	
                  X

                	 	 	 	 
	
                  Exhibits
                    required by Item 601 of Regulation S-K, such as material
                    agreements

                	 	 	 	 	 	
                  X

                	 
	
                  8-K

                	
                  Must
                    be filed within four business days of an event reportable on
                    Form
                    8-K.

                	 	 	 	 
	
                  1.01

                	
                  Entry
                    into a Material Definitive Agreement

                	 	 	 	 	 	 	 
	
                  Disclosure
                    is required regarding entry into or amendment of any definitive
                    agreement
                    that is material to the securitization, even if depositor is
                    not a party.
                    

                   

                  Examples:
                    servicing agreement, custodial agreement.

                   

                  Note:
                    disclosure not required as to definitive agreements that are
                    fully
                    disclosed in the prospectus

                	
                  X

                	
                  X

                	
                  X
                    (if Master Servicer is not a party)

                	 	
                  X
                    (if Master Servicer is not a party)

                	
                  X
                    (if Master Servicer is not a party)

                	
                  X
                    (if Master Servicer is not a party)

                
	
                  1.02

                	
                  Termination
                    of a Material Definitive Agreement

                	
                  X

                	
                  X

                	
                  X
                    (if Master Servicer is not a party)

                	 	
                  X
                    (if Master Servicer is not a party)

                	
                  X
                    (if Master Servicer is not a party)

                	
                  X
                    (if Master Servicer is not a party)

                
	
                  Disclosure
                    is required regarding termination of any definitive agreement
                    that is
                    material to the securitization (other than expiration in accordance
                    with
                    its terms), even if depositor is not a party. 

                   

                   

                  Examples:
                    servicing agreement, custodial agreement.

                	 	 	 	 	 	 	 
	
                  1.03

                	
                  Bankruptcy
                    or Receivership

                	 	 	 	 	 	 	 
	
                  Disclosure
                    is required regarding the bankruptcy or receivership, if known
                    to the
                    Master Servicer, with respect to any of the following: 

                   

                  Sponsor
                    (Seller), Depositor, Master Servicer, affiliated Servicer, other
                    Servicer
                    servicing 20% or more of pool assets at time of report, other
                    material
                    servicers, Certificate Administrator, Trustee, significant obligor,
                    credit
                    enhancer (10% or more), derivatives counterparty,
                    Custodian

                	
                  X

                	
                  X

                	
                  X

                	
                  X

                	
                  X

                	
                  X

                	
                  X

                
	
                  2.04

                	
                  Triggering
                    Events that Accelerate or Increase a Direct Financial Obligation
                    or an
                    Obligation under an Off-Balance Sheet Arrangement

                	 	 	 	 	 	 	 
	
                  Includes
                    an early amortization, performance trigger or other event, including
                    event
                    of default, that would materially alter the payment priority/distribution
                    of cash flows/amortization schedule.

                   

                  Disclosure
                    will be made of events other than waterfall triggers which are
                    disclosed
                    in the monthly statement

                	 	
                  X

                	
                  X

                	 	 	 	 
	
                  3.03

                	
                  Material
                    Modification to Rights of Security Holders

                	 	 	 	 	 	 	 
	
                  Disclosure
                    is required of any material modification to documents defining
                    the rights
                    of Certificateholders, including the Pooling and Servicing
                    Agreement

                	 	
                  X

                	
                  X

                	 	
                  X

                	
                  X

                	 
	
                  5.03

                	
                  Amendments
                    to Articles of Incorporation or Bylaws; Change in Fiscal
                    Year

                	 	 	 	 	 	 	 
	
                  Disclosure
                    is required of any amendment “to the governing documents of the issuing
                    entity”

                	 	 	 	 	
                  X

                	
                  X

                	 
	
                  5.06

                	
                  Change
                    in Shell Company Status

                	 	 	 	 	 	 	 
	
                  [Not
                    applicable to ABS issuers]

                	 	 	 	 	 	
                  X

                	 
	
                  6.01

                	
                  ABS
                    Informational and Computational Material

                	 	 	 	 	 	 	 
	
                  [Not
                    included in reports to be filed under Section 3.18]

                	 	 	 	 	 	
                  X

                	 
	
                  6.02

                	
                  Change
                    of Servicer or Trustee

                	 	 	 	 	 	 	 
	
                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    master servicer, affiliated servicer, other servicer servicing
                    10% or more
                    of pool assets at time of report, other material servicers, certificate
                    administrator or trustee. 

                	
                  X

                	
                  X

                	
                  X

                	 	
                  X

                	
                  X

                	 
	 	
                  Reg
                    AB disclosure about any new servicer (from entity appointing
                    new servicer)
                    or trustee (from Depositor) is also required.

                	
                  X

                	 	 	 	
                  X

                	
                  X

                	 
	
                  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.
                    

                	 	 	
                  X

                	 	
                  X

                	
                  X

                	 
	 	
                  Reg
                    AB disclosure about any new enhancement provider is also
                    required.

                	 	 	 	 	 	
                  X

                	 
	
                  6.04

                	
                  Failure
                    to Make a Required Distribution

                	 	 	
                  X

                	 	
                  X

                	 	 
	
                  6.05

                	
                  Securities
                    Act Updating Disclosure

                	 	 	 	 	 	 	 
	
                  If
                    any material pool characteristic differs by 5% or more at the
                    time of
                    issuance of the securities from the description in the final
                    prospectus,
                    provide updated Reg AB disclosure about the actual asset
                    pool.

                	 	 	 	 	 	
                  X

                	 
	
                  If
                    there are any new servicers or originators required to be disclosed
                    under
                    Regulation AB as a result of the foregoing, provide the information
                    called
                    for in Items 1108 and 1110 respectively.

                	 	 	 	 	 	
                  X

                	 
	
                  7.01

                	
                  Regulation
                    FD Disclosure

                	
                  X

                	
                  X

                	
                  X

                	 	
                  X

                	
                  X

                	
                  X

                
	
                  8.01

                	
                  Other
                    Events

                	 	 	 	 	 	 	 
	
                  Any
                    event, with respect to which information is not otherwise called
                    for in
                    Form 8-K, that the registrant deems of importance to security
                    holders.

                	 	 	 	 	 	
                  X

                	 
	
                  9.01

                	
                  Financial
                    Statements and Exhibits

                	
                  The
                    Responsible Party applicable to reportable event.

                
	
                  10-K

                	
                  Must
                    be filed within 90 days of the fiscal year end for the
                    registrant.

                	 	 	 	 
	
                  9B

                	
                  Other
                    Information

                	 	 	 	 	 	 	 
	 	 	
                  Disclose
                    any information required to be reported on Form 8-K during the
                    fourth
                    quarter covered by the Form 10-K but not reported

                	
                  The
                    Responsible Party for the applicable Form 8-K as indicated
                    above.

                
	 	
                  15

                	
                  Exhibits
                    and Financial Statement Schedules

                	 	 	 	 	 	 	 
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information

                	 	 	 	 	 	 	 
	
                  Determining
                    applicable disclosure threshold

                	 	 	
                  X

                	 	 	 	 
	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	
                  X

                	 	 	 	 
	
                  Item
                    1115(b) - Derivative Counterparty Financial
                    Information

                	 	 	 	 	 	 	 
	
                  Determining
                    current maximum probable exposure

                	 	 	 	 	 	
                  X

                	 
	 	 	
                  Determining
                    current significance percentage

                	 	 	
                  X

                	 	 	 	 
	
                  Requesting
                    required financial information or effecting incorporation by
                    reference

                	 	 	
                  X

                	 	 	 	 
	
                  Item
                    1117 - Legal proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	 	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	 	
                  X

                	 	 
	
                  Issuing
                    entity

                	 	 	 	 	 	
                  X

                	 
	
                  Master
                    Servicer, affiliated Servicer, other Servicer servicing 20% or
                    more of
                    pool assets at time of report, other material servicers

                	
                  X

                	
                  X

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  X

                	 	 	 	 
	
                  Originator
                    of 20% or more of pool assets as of the Cut-off Date

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  Custodian

                	 	 	 	
                  X

                	 	 	 
	
                  Item
                    1119 - Affiliations and relationships between the following entities,
                    or
                    their respective affiliates, that are material to
                    Certificateholders:

                	 	 	 	 	 	 	 
	
                  Sponsor
                    (Seller)

                	 	 	 	 	 	 	
                  X

                
	
                  Depositor

                	 	 	 	 	 	
                  X

                	 
	
                  Trustee

                	 	 	 	 	
                  X (with
                    respect to 1119(a) affiliations only)

                	 	 
	
                  Master
                    Servicer, affiliated Servicer, other Servicer servicing 20% or
                    more of
                    pool assets at time of report, other material servicers

                	
                  X

                	
                  X

                	 	 	 	 	 
	
                  Securities
                    Administrator

                	 	 	
                  X

                	 	 	 	 
	
                  Originator

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  Custodian

                	 	 	 	
                  X (with
                    respect to affiliations only)

                	 	 	 
	
                  Credit
                    Enhancer/Support Provider

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  Significant
                    Obligor

                	 	 	 	 	 	
                  X

                	
                  X

                
	
                  Item
                    1122 - Assessment of Compliance with Servicing
                    Criteria

                	
                  X

                	
                  X

                	
                  X

                	
                  X

                	 	 	 
	
                  Item
                    1123 - Servicer Compliance Statement

                	
                  X

                	
                  X

                	 	 	 	 	 

        

        

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          H

        

        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 [Securities Administrator] 

        9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045

        Fax:
          (410) 715-2380

        E-mail:
          cts.sec.notifications@wellsfargo.com

        Attn:
          Corporate Trust Services - ACE 2006-ASAP3 - SEC REPORT PROCESSING

        

        ACE
          Securities Corp.

        6525
          Morrison Boulevard, Suite 318, Charlotte

        North
          Carolina 28211

        Attention:
          Juliana Johnson

        Fax:
          (704) 365-1362

        Attn:
          ACE
          2006-ASAP3

        

        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 May 1, 2006 (the “Pooling and Servicing Agreement”), among Ace Securities
          Corp., as depositor, Ocwen Loan Servicing, LLC, as servicer, Wells Fargo,
          National Association, as master servicer and as securities administrator,
          and
          HSBC Bank USA, 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
          I

        

        SWAP
          AGREEMENT

         

        
           

          
            	
                    Deutsche
                      Bank

                    Aktiengesellschaft

                  	
                    

                  	 

          

           

          
            	Date:	 	May 30, 2006
	 	 	
                  
	To: 	 	HSBC Bank USA, National Association,
                    not in
                    its individual capacity, but solely as trustee for the supplemental
                    interest trust created pursuant to the Pooling and Servicing
                    Agreement,
                    with respect to the ACE Securities Corp. Home Equity Loan Trust,
                    Series
                    2006-ASAP3 Asset Backed Pass Through Certificates 
	 	 	 
	
                    With
                      copy to:

                  	 	
                    Wells
                      Fargo Bank, N.A.

                    
                      9062
                        Old Annapolis Road

                      Columbia,
                        MD 21045

                      Attention:
                        Client Manager - Ace 2006-ASAP3

                      Tel:
                        410-884-2000

                      Fax:
                        410-715-2380

                    

                  
	 	 	 
	 Our Reference:	 	Global No. N479650N
	 	 	 
	Re: 	 	Interest Rate Swap
                    Transaction

          

          
Ladies
            and Gentlemen:

          

          The
            purpose of this letter agreement (“Agreement”) is to confirm the terms and
            conditions of the Transaction entered into on the Trade Date specified below
            (the “Transaction”) between Deutsche Bank AG (“DBAG”) and HSBC Bank USA,
            National Association, not individually, but solely as trustee of the
            Supplemental Interest Trust (“Counterparty”) created under the Pooling and
            Servicing Agreement, dated and effective as of May 1,
            2006,
            among Ace Securities Corp., as Depositor, Ocwen Loan Servicing, LLC,
            as
            Servicer, Wells Fargo Bank, National Association, as Master Servicer
            and
            Securities Administrator, and HSBC Bank USA, National Association, as
            Trustee
            (the “Pooling and Servicing Agreement”). This Agreement, which evidences a
            complete and binding agreement between you and us to enter into the Transaction
            on the terms set forth below, constitutes a “Confirmation” as referred to in the
“ISDA Form Master Agreement” (as defined below), as well as a “Schedule” as
            referred to in the ISDA Form Master Agreement.

          

          1. This
            Agreement is subject to the 2000
            ISDA Definitions (the
            “Definitions”), as published by the International Swaps and Derivatives
            Association, Inc. (“ISDA”). You and we have agreed to enter into this Agreement
            in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement
            (Multicurrency—Cross Border) form (the “ISDA Form Master Agreement”) but,
            rather, an ISDA Form Master Agreement shall be deemed to have been executed
            by
            you and us on the date we entered into the Transaction. In the event
            of any
            inconsistency between the provisions of this Agreement and the Definitions
            or
            the ISDA Form Master Agreement, this Agreement shall prevail for purposes
            of the
            Transaction. Each term capitalized but not defined herein shall have
            the meaning
            attributed thereto in the Pooling and Servicing Agreement.

          

          2. The
            terms
            of the particular Transaction to which this Confirmation relates are
            as
            follows:

          

          
            	 	
                    Notional
                      Amount:

                  	
                    With
                      respect to any Calculation Period, the Notional Amount set
                      forth for such
                      Calculation Period in Schedule I attached
                      hereto.

                  

            	 	 	 

            	 	Trade Date: 	
                    May
                      24 2006

                  

            	 	 	 

            	 	Effective Date: 	May 30, 2006

          

          

          
            	 	
                    Termination
                      Date:

                  	
                    December
                      25, 2009, subject to adjustment in accordance with the Following
                      Business
                      Day Convention; provided, however, that for the purpose of
                      determining the
                      final Fixed Rate Payer Period End Date, Termination Date shall
                      be subject
                      to No Adjustment

                  

          

          

          

          Fixed
            Amounts:

          

          

          
            	 	
                    Fixed
                      Rate Payer:

                  	
                    Counterparty

                  
	 	 	 
	 	
                    Fixed
                      Rate Payer Period End Dates:

                  	
                    The
                      25th day of each month, commencing June 25, 2006, through and
                      including
                      the Termination Date, subject to No Adjustment

                  
	 	 	 
	 	
                    Fixed
                      Rate Payer Payment Dates:

                  	
                    Early
                      Payment shall be applicable. Each Fixed Rate Payer Payment
                      Date shall be
                      one Business Day prior to the related Fixed Rate Payer Period
                      End
                      Date.

                  
	 	 	 
	 	
                    Fixed
                      Rate:

                  	
                    5.346%

                  
	 	 	 
	 	
                    Fixed
                      Rate Day Count Fraction:

                  	
                    30/360

                  
	 	 	 

          

          

          

          Floating
            Amounts:

          

          
            	 	
                    Floating
                      Rate Payer:

                  	
                    DBAG

                  
	 	 	 
	 	
                    Floating
                      Rate Payer Period End Dates:

                  	
                    The
                      25th day of each month, commencing June 25, 2006, through and
                      including
                      the Termination Date, subject
                      to adjustment in accordance with the Following Business Day
                      Convention.

                  
	 	 	 
	 	
                    Floating
                      Rate Payer Payment Dates:

                  	
                    Early
                      Payment shall be applicable. Each Floating Rate Payer Payment
                      Date shall
                      be one Business Day prior to the related Floating Rate Payer
                      Period End
                      Date.

                  
	 	 	 
	 	
                    Floating
                      Rate Option:

                  	
                    USD-LIBOR-BBA

                  
	 	 	 
	 	
                    Designated
                      Maturity:

                  	
                    1
                      month

                  
	 	 	 
	 	
                    Spread:

                  	
                    None

                  
	 	 	 
	 	
                    Floating
                      Rate Day Count Fraction:

                  	
                    Actual/360

                  
	 	 	 
	 	
                    Reset
                      Dates:

                  	
                    The
                      first day of each Calculation Period

                  
	 	 	 
	 	
                    Compounding:

                  	
                    Inapplicable

                  
	 	 	 

          

          

          Calculation
            Agent: DBAG

          

          Business
            Days: New
            York

           

           

          
            	3.	Additional Provisions: 	Each party hereto is hereby advised
                    and
                    acknowledges that the other party has engaged in (or refrained
                    from
                    engaging in) substantial financial transactions and has taken
                    (or
                    refrained from taking) other material actions in reliance upon
                    the entry
                    by the parties into the Transaction being entered into on the
                    terms and
                    conditions set forth herein and in the Confirmation relating
                    to such
                    Transaction, as applicable.
	 	 	 
	
                    4.

                  	
                    Provisions
                      Deemed Incorporated in a Schedule to the ISDA Form Master
                      Agreement:

                  

          

           

          
            1)  The
              parties agree that subparagraph (ii) of Section 2(c) of the ISDA Form
              Master
              Agreement will apply to any Transaction.

          

          

          2)   
            Termination
            Provisions.
            Subject
            to the provisions of paragraph 13 below, for purposes of the ISDA Form
            Master
            Agreement:

          

          (a) “Specified
            Entity” is not applicable to DBAG or Counterparty for any purpose. 

          

          (b) The
            “Breach of Agreement” provisions of Section 5(a)(ii) will not apply to DBAG or
            Counterparty.

          

          (c) The
            “Credit Support Default” provisions of Section 5(a)(iii) will not apply to
            Counterparty and will apply to DBAG if DBAG has obtained a guarantee
            or other
            contingent agreement or posted collateral pursuant to paragraph 12
            below.

          

          (d) The
            “Misrepresentation” provisions of Section 5(a)(iv) will not apply to DBAG or
            Counterparty.

          

          (e) “Specified
            Transaction” is not applicable to DBAG or Counterparty for any purpose, and,
            accordingly, Section 5(a)(v) shall not apply to DBAG or
            Counterparty.

          

          (f) The
            “Cross Default” provisions of Section 5(a)(vi) will not apply to DBAG or to
            Counterparty. 

          

          (g) The
            “Bankruptcy” provision of Section 5(a)(vii)(2) will not apply to
            Counterparty.

          

          (h) The
            “Merger Without Assumption” provisions of Section 5(a)(viii) will not apply to
            Counterparty. 

          

          (i) The
“Tax
            Event Upon Merger” provisions of Section 5(b)(iii) will not apply to DBAG as
            Burdened Party.

          

          (j) The
            “Credit Event Upon Merger” provisions of Section 5(b)(iv) will not apply to DBAG
            or to Counterparty.

          

          (k) The
            “Automatic Early Termination” provision of Section 6(a) will not apply to DBAG
            or to Counterparty.

          

          (l) Payments
            on Early Termination. For the purpose of Section 6(e) of the ISDA Form
            Master
            Agreement:

          

          (i) Market
            Quotation will apply.

          (ii) The
            Second Method will apply. 

          

          (m) “Termination
            Currency” means United States Dollars. 

          

          3)
            Tax
            Representations. 

          

          
            	 	
                    Payer
                      Representations. For the purpose of Section 3(e) of the
                      ISDA Form Master
                      Agreement, DBAG and Counterparty make the following
                      representations:

                  

          

          

          
            	 	 	
                    It
                      is not required by any applicable law, as modified by the practice
                      of any
                      relevant governmental revenue authority, of any Relevant Jurisdiction
                      to
                      make any deduction or withholding for or on account of any
                      Tax from any
                      payment (other than interest under Section 2(e), 6(d)(ii) or
                      6(e) of
                      the
                      ISDA Form Master
                      Agreement) to be made by it to the other party under this Agreement.
                      In
                      making this representation, it may rely on (i) the accuracy
                      of any
                      representations made by the other party pursuant to Section
                      3(f) of
                      the
                      ISDA Form Master
                      Agreement, (ii) the satisfaction of the agreement contained
                      in Section
                      4(a)(i) or 4(a)(iii) of the
                      ISDA Form Master
                      Agreement and the accuracy and effectiveness of any document
                      provided by
                      the other party pursuant to Section 4(a)(i) or 4(a)(iii) of
the
                      ISDA Form Master
                      Agreement and (iii) the satisfaction of the agreement of the
                      other party
                      contained in Section 4(d) of the
                      ISDA Form Master
                      Agreement, provided that it shall not be a breach of this representation
                      where reliance is placed on clause (ii) and the other party
                      does not
                      deliver a form or document under Section 4(a)(iii) by reason
                      of material
                      prejudice of its legal or commercial
                      position.

                  

          

          

          
            	 	
                    Payee
                      Representations. For the purpose of Section 3 (f) of the
                      ISDA Form Master
                      Agreement, DBAG and Counterparty make the following
                      representations:

                  

          

          

          (i) DBAG
            represents that it
            is a
“foreign person” within the meaning of the applicable U.S. Treasury Regulations
            concerning information reporting and backup withholding tax (as in effect
            on
            January 1, 2001), unless DBAG provides written notice to Counterparty
            that it is
            no longer a foreign person. In respect of this Transaction it enters
            into
            through an office or discretionary agent in the United States or which
            otherwise
            is allocated for United States federal income tax purposes to such United
            States
            trade or business, each payment received or to be received by it under
            such
            Transaction will be effectively connected with its conduct of a trade
            or
            business in the United States.

          

          
            	 	
                    (ii)

                  	
                    Counterparty
                      represents that it is trustee for the Supplement Interest Trust
                      created
                      under the Pooling and Servicing
                      Agreement.

                  

          

          

          4)
            The
            ISDA Form Master Agreement is hereby amended as follows:

          

          The
            word
“third” shall be replaced by the word “second” in the third line of Section
            5(a)(i) of the ISDA Form Master Agreement; 

          

          5)
            Documents
            to be Delivered.
            For the
            purpose of Section 4(a)(i) and (ii) of the ISDA Form Master Agreement,
            each
            party agrees to deliver the following documents, as applicable:

          

          (1) Tax
            forms, documents, or certificates to be delivered are:

          
            	
                    Party
                      required to deliver document

                  	
                    Form/Document/

                    Certificate

                  	
                    Date
                      by which to

                    be
                      delivered

                  
	
                    DBAG
                      and

                    the
                      Counterparty

                  	
                    Any
                      document required or reasonably requested to allow the other
                      party to make
                      payments under this Agreement without any deduction or withholding
                      for or
                      on the account of any Tax or with such deduction or withholding
                      at a
                      reduced rate

                  	
                    Promptly
                      after the earlier of (i) reasonable demand by either party
                      or (ii)
                      learning that such form or document is
                      required

                  

          

           

          (2) Other
            documents to be delivered are:

          
            	
                    Party
                      required to deliver document

                  	
                    Form/Document/

                    Certificate

                  	
                    Date
                      by which to

                    be
                      delivered

                  	
                    Covered
                      by Section 3(d) Representation

                  
	
                    DBAG
                      and

                    the
                      Counterparty

                  	
                    Any
                      documents required by the receiving party to evidence the authority
                      of the
                      delivering party or its Credit Support Provider, if any, for
                      it to execute
                      and deliver this Agreement, any Confirmation, and any Credit
                      Support
                      Documents to which it is a party, and to evidence the authority
                      of the
                      delivering party or its Credit Support Provider to perform
                      its obligations
                      under this Agreement, such Confirmation and/or Credit Support
                      Document, as
                      the case may be

                  	
                    Upon
                      the execution and delivery of this Agreement and such Confirmation

                  	
                    Yes

                  
	
                    DBAG
                      and

                    the
                      Counterparty

                  	
                    A
                      certificate of an authorized officer of the party, as to the
                      incumbency
                      and authority of the respective officers of the party signing
                      this
                      Agreement, any relevant Credit Support Document, or any Confirmation,
                      as
                      the case may be

                  	
                    Upon
                      the execution and delivery of this Agreement and such
                      Confirmation

                  	
                    Yes

                  

          

          

          6)
             Miscellaneous

          

          
            	
                    (a)

                  	
                    Address
                      for Notices: For the purposes of Section 12(a) of the ISDA Form
                      Master Agreement:

                  

          

          

          Addresses
            for notices or communications to DBAG:

           

          Addresses
            for notices to DBAG under Sections 5 or 6 (other than notices under Section
            5(a)(i)) shall be sent to:

          

          Deutsche
            Bank AG, Head Office

          Taunusanlage
            12

          60262
            Frankfurt

          GERMANY

          Attention:
            Legal Department

          Telex
            No:
            411836 or 416731 or 41233

          Answerback: DBF-D

          

          All
            other
            notices to DBAG shall be sent directly to the Office through which DBAG
            is
            acting for the relevant Transaction, using the address and contact particulars
            specified in the Confirmation of that Transaction or otherwise
            notified.

          

          Address
            for notices or communications to the Counterparty:

          

          
            	 	Address:	HSBC
                    Bank USA, National Association
                    452
                      Fifth Avenue

                    New
                      York, NY 10018

                    Attention:
                      ACE Securities Corp., 2006-ASAP3

                  
	 	(For all purposes)	 
	 	 	 
	 	
                    With
                      copy to:

                  	
                    Wells
                      Fargo Bank, N.A.

                    
                      9062
                        Old Annapolis Road

                      Columbia,
                        MD 21045

                      Attention:
                        Client Manager - Ace 2006-ASAP3

                      Tel:
                        410-884-2000

                      Fax:
                        410-715-2380

                    

                  
	 	 	 

          

           

          (b) Process
            Agent. For the purpose of Section 13(c):

          

          DBAG
            appoints as its  Not
            Applicable

          

          The
            Counterparty appoints as its  Not
            Applicable

          

          
            	
                    (c)

                  	
                    Offices.
                      The provisions of Section 10(a) will not apply to this
                      Agreement.

                  

          

          

          
            	
                    (d)

                  	
                    Multibranch
                      Party. For the purpose of Section 10(c) of the ISDA Form Master
                      Agreement:

                  

          

          

          DBAG
            is
            not a Multibranch Party.

          

          
            	 	
                    The
                      Counterparty is not a Multibranch
                      Party.

                  

          

          

          
            	(e)  	
                    Calculation
                      Agent. The Calculation Agent is
                      DBAG.

                  

          

          

          (f) Credit
            Support Document.

           

          DBAG:
            Not
            applicable, except for any guarantee, contingent agreement or credit
            support
            annex delivered pursuant to paragraph 12 below.

          

          The
            Counterparty:  Not
            Applicable

          

          
            	
                    (g)

                  	
                    Credit
                      Support Provider.

                  

          

          

          DBAG: Not
            Applicable for so long as no Credit Support Document is delivered under
            paragraph 12 below, otherwise, to the party that is the primary obligor
            under
            the Credit Support Document.

          

          
            
              The
                Counterparty:       Not
                Applicable

            

          

          

          (h) Governing
            Law. The
            parties to this Agreement hereby agree that the law of the State of New
            York
            shall govern their rights and duties in whole without regard to conflict
            of law
            provisions thereof other than New York General Obligations Law Sections
            5-1401
            and 5-1402. 

          

          (i) Severability. If
            any
            term, provision, covenant, or condition of this Agreement, or the application
            thereof to any party or circumstance, shall be held to be invalid or
            unenforceable (in whole or in part) for any reason, the remaining terms,
            provisions, covenants, and conditions hereof shall continue in full force
            and
            effect as if this Agreement had been executed with the invalid or unenforceable
            portion eliminated, so long as this Agreement as so modified continues
            to
            express, without material change, the original intentions of the parties
            as to
            the subject matter of this Agreement and the deletion of such portion
            of this
            Agreement will not substantially impair the respective benefits or expectations
            of the parties. 

          

          The
            parties shall endeavor to engage in good faith negotiations to replace
            any
            invalid or unenforceable term, provision, covenant or condition with
            a valid or
            enforceable term, provision, covenant or condition, the economic effect
            of which
            comes as close as possible to that of the invalid or unenforceable term,
            provision, covenant or condition. 

          

          (j) Consent
            to Recording. 
            Each
            party hereto consents to the monitoring or recording, at any time and
            from time
            to time, by the other party of any and all communications between officers
            or
            employees of the parties, waives any further notice of such monitoring
            or
            recording, and agrees to notify its officers and employees of such monitoring
            or
            recording. 

          

          (k) Waiver
            of
            Jury Trial. Each
            party waives any right it may have to a trial by jury in respect of any
            Proceedings relating to this Agreement or any Credit Support Document.
            

          

          (l) Trustee
            Capacity. It is expressly understood and agreed by the parties hereto
            that
            insofar as this Confirmation is executed by the Trustee (i) this Confirmation
            is
            executed and delivered by HSBC
            Bank
            USA, National Association not
            in
            its individual capacity but solely as trustee for the Supplement Interest
            Trust
            created under the Pooling and Servicing Agreement referred to in this
            Confirmation in the exercise of the powers and authority conferred and
            invested
            in it thereunder (ii) each of the representations, undertakings and agreements
            herein made on behalf of the Supplemental Interest Trust is made and
            intended
            not as personal representations, undertakings and agreements by HSBC
            Bank USA,
            National Association but is made and intended for the purposes of binding
            only
            the Supplement Interest Trust, (iii) nothing herein contained shall be
            construed
            as creating any liability on the part of HSBC Bank USA, National Association,
            individually or personally, to perform any covenant either expressed
            or implied
            contained herein, all such liability, if any, being expressly waived
            by the
            parties hereto and by any Person claiming by, through or under the parties
            hereto, (iv) under no circumstances shall HSBC Bank USA, National Association
            in
            its individual capacity be personally liable for the 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 Confirmation
            or any other related documents, and (v) the parties hereto acknowledge
            and agree
            that under (a) the Pooling and Servicing Agreement, and (b) this Agreement,
            the
            Securities Administrator may act for Counterparty hereunder, and DBAG
            hereby
            acknowledges and agrees that it will, unless otherwise directed by the
            Supplemental Interest Trust Trustee or the Securities Administrator,
            make all
            payments hereunder to the account specified below. DBAG shall be entitled
            to
            rely, shall be fully protected in relying, and shall incur no liability
            from
            relying in good faith, upon any writing, resolution, notice, consent,
            certificate, affidavit, letter, telegram, facsimile or telephone message,
            statement or other document or conversation believed by it to be genuine
            and
            correct and to have been signed, sent or made by the Securities Administrator.
            

          

          (m) Proceedings.
            DBAG
            shall not institute against or cause any other person to institute against,
            or
            join any other person in instituting against the Counterparty, the Supplemental
            Interest Trust or any trust created pursuant to the Pooling and Servicing
            Agreement any bankruptcy, reorganization, arrangement, insolvency or
            liquidation
            proceedings, or other proceedings under any federal or state bankruptcy
            or
            similar law for a period of one year and one day (or, if longer, the
            applicable
            preference period) following payment in full of the Certificates or any
            notes
            backed by the Certificates (the “Notes”). This provision will survive the
            termination of this Agreement.

          

          (n) DBAG
            hereby agrees that, notwithstanding any provision of this agreement to
            the
            contrary, Counterparty’s obligations to pay any amounts owing under this
            Agreement shall be subject to Section 5.01 of the Pooling and Servicing
            Agreement and DBAG’s right to receive payment of such amounts shall be subject
            to Section 5.01 of the Pooling and Servicing Agreement. This provision
            will
            survive the termination of this Agreement.

          

          7)
            “Affiliate.” DBAG and Counterparty shall be deemed to not have any Affiliates
            for purposes of this Agreement, including for purposes of Section 6(b)(ii).
            This
            provision will survive the termination of this Agreement.

           

          8)
            Section 3 of the ISDA Form Master Agreement is hereby amended by adding
            at the
            end thereof the following subsection (g): 

          

          “(g) Relationship
            Between Parties.
            

          

          Each
            party represents to the other party on each date when it enters into
            a
            Transaction that:--

          

          (1)
            Nonreliance.
            It is
            not relying on any statement or representation of the other party regarding
            the
            Transaction (whether written or oral), other than the representations
            expressly
            made in this Agreement or the Confirmation in respect of that Transaction.
            

          

          (2)
            Evaluation
            and Understanding.
            

          

          (i)
            DBAG
            is acting for its own account and HSBC Bank USA, National Association
            is acting
            as trustee for the Supplemental Interest Trust created under the Pooling
            and
            Servicing Agreement and not for its own account. Each party has the capacity
            to
            evaluate (internally or through independent professional advice) the
            Transaction
            and has made its own decision to enter into the Transaction;

          

          (ii)
            It
            understands the terms, conditions and risks of the Transaction and is
            willing
            and able to accept those terms and conditions and to assume those risks,
            financially and otherwise; and 

          

          (3) Purpose.
            It is an “eligible swap participant” as such term is defined in Section
            35.1(b)(2) of the regulations (17 C.F.R 35) promulgated under, and an
“eligible
            contract participant” as defined in Section 1(a)(12) of, the Commodity Exchange
            Act, as amended, and it is entering into the Transaction for the purposes
            of
            managing its borrowings or investments, hedging its underlying assets
            or
            liabilities or in connection with a line of business. 

          

          (4) Status
            of Parties.
            The
            other party is not acting as an agent, fiduciary or advisor for it in
            respect of
            the Transaction.”

          

          9)
            Set-off. 
            Notwithstanding any provision of this Agreement or any other existing
            or future
            agreement, each party irrevocably waives any and all rights it may have
            to set
            off, net, recoup or otherwise withhold or suspend or condition payment
            or
            performance of any obligation between it and the other party hereunder
            against
            any obligation between it and the other party under any other agreements.
            The
            provisions for Set-off set forth in Section 6(e) of the Agreement shall
            not
            apply for purposes of this Transaction.

          

          10)
            Transfer,
            Amendment and Assignment.
            No
            transfer, amendment, waiver, supplement, assignment or other modification
            of
            this Transaction shall be permitted by either party unless each of Standard
            & Poor’s Ratings Service, a division of The McGraw-Hill Companies, Inc.
            (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”) has been provided
            notice of the same and confirms in writing (including by facsimile transmission)
            that it will not downgrade, qualify, withdraw or otherwise modify its
            then-current rating of the Certificates or any Notes.

          

          11)
            Additional
            Termination Events.
            The
            following Additional Termination Events will apply, in each case with
            respect
            Counterparty as the sole Affected Party (unless otherwise provided
            below): 

           

          (i)      
             DBAG
            fails to comply with the Rating Agency Downgrade provisions as set forth
            in
            Section 12 below. For all purposes of this Agreement, DBAG shall be the
            sole
            Affected Party with respect to the occurrence of a Termination Event
            described
            in this Section 11(i).

           

          (ii)    
             With
            respect to Counterparty only, any amendment to the Pooling and Servicing
            Agreement which materially adversely affects any of DBAG’s rights thereunder is
            made without prior written consent of DBAG, where such consent is required
            under
            the Pooling and Servicing Agreement.

           

          (iii)   
              If
            the
            Trustee is unable to pay the Class A Certificates any related Accrued
            Certificate Interest or any amount in respect of principal required to
            be paid
            pursuant to the terms of the Pooling and Servicing Agreement or fails
            or admits
            in writing its inability to pay such amounts to the Class A Certificates
            as they
            become due.

          

          (iv)   
             If,
            at
            any time, the Master Servicer or the Servicer gives unrescindable notice
            that it
            will purchase the Mortgage Loans pursuant to Section 10.01 of the Pooling
            and
            Servicing Agreement; provided, however, that notwithstanding Section
            6(b)(iv) of
            the ISDA Form Master Agreement, only Counterparty shall have the right
            to
            designate an Early Termination Date in respect of this Additional Termination
            Event.

          

          (v) If,
            upon
            the occurrence of a Swap Disclosure Event (as defined in Part 13 below)
            DBAG has
            not, within 15 days after such Swap Disclosure Event complied with any
            of the
            provisions set forth in Part 13(iii) below, then an Additional Termination
            Event
            shall have occurred with respect to DBAG and DBAG shall be the sole Affected
            Party with respect to such Additional Termination Event.

          

          12)
            Rating
            Agency Downgrade.
            In the
            event that DBAG’s short-term unsecured and unsubordinated debt rating is reduced
            below “A-1” by S&P or, if DBAG has both a long-term credit rating and a
            short-term credit rating from Moody’s, and either its long-term unsecured and
            unsubordinated debt rating is withdrawn or reduced below “A2” by Moody’s or its
            short-term credit rating is withdrawn or reduced below “P-1” by Moody’s (and
            together with S&P, the “Swap Rating Agencies”, and such rating thresholds,
“Approved Rating Thresholds”), then within 30 days after such rating withdrawal
            or downgrade, DBAG shall, subject to the Rating Agency Condition and
            at its own
            expense, either (i) cause another entity to replace DBAG as party to
            this
            Agreement that meets or exceeds the Approved Rating Thresholds on terms
            substantially similar to this Agreement, (ii) obtain a guaranty of, or
            a
            contingent agreement of another person with the Approved Rating Thresholds,
            to
            honor, DBAG’s obligations under this Agreement, (iii) post collateral which will
            be sufficient to restore the immediately prior ratings of the Certificates
            and
            any Notes, or (iv) establish any other arrangement which will be sufficient
            to
            restore the immediately prior ratings of the Certificates and any Notes.
            In the
            event that DBAG’s long-term unsecured and unsubordinated debt rating is reduced
            below “BBB-” or its short-term unsecured and unsubordinated debt rating is
            reduced below “A-3” or is withdrawn by S&P or DBAG’s long-term unsecured and
            unsubordinated debt rating is withdrawn or reduced below “A3” by Moody’s or its
            short-term credit rating is reduced below “P-2” by Moody’s, then within 10 days
            after such rating withdrawal or downgrade, DBAG shall, subject to the
            Rating
            Agency Condition and at its own expense, either (i) cause another entity
            to
            replace DBAG as party to this Agreement that meets or exceeds the Approved
            Rating Thresholds on terms substantially similar to this Agreement or
            (ii)
            obtain a guaranty of, or a contingent agreement of another person with
            the
            Approved Rating Thresholds to honor, DBAG’s obligations under this Agreement. In
            either case, DBAG shall deliver collateral acceptable to the Swap Rating
            Agencies until DBAG has made such transfer or obtained a guaranty as
            set forth
            in (i) and (ii) above. For purposes of this provision, “Rating Agency Condition”
means, with respect to any particular proposed act or omission to act
            hereunder
            that the party acting or failing to act must consult with each of the
            Swap
            Rating Agencies then providing a rating of the Certificates and any Notes
            and
            receive from each of the Swap Rating Agencies a prior written confirmation
            that
            the proposed action or inaction would not cause a downgrade or withdrawal
            of the
            then-current rating of the Certificates or any Note.

          

          13)
            Compliance
            with Regulation AB.
            

          

          (i)      
             DBAG
            agrees and acknowledges that Ace Securities Corp. (“ACE”) 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 DBAG or its group of
            affiliated
            entities, if applicable, depending on the aggregate “significant percentage” of
            this Agreement and any other derivative contracts between DBAG or its
            group of
            affiliated entities, if applicable, and Counterparty, as calculated from
            time to
            time in accordance with Item 1115 of Regulation AB.

          

          (ii)     
             It
            shall
            be a swap disclosure event (“Swap Disclosure Event”) if, on any Business Day
            after the date hereof, ACE requests from DBAG the applicable financial
            information described in Item 1115 of Regulation AB (such request to
            be based on
            a reasonable determination by ACE, in good faith, that such information
            is
            required under Regulation AB) (the “Swap Financial Disclosure”).

          

          (iii)   
              Upon
            the
            occurrence of a Swap Disclosure Event, DBAG, at its own expense, shall
            (1)(a)
            either (i) provide to ACE the current Swap Financial Disclosure in an
            EDGAR-compatible format (for example, such information may be provided
            in
            Microsoft Word® or Microsoft Excel® format but not in .pdf format) or (ii)
            provide written consent to ACE to incorporation by reference of such
            current
            Swap Financial Disclosure as is filed with the Securities and Exchange
            Commission in the Exchange Act Reports of ACE, (b) if applicable, cause
            its
            outside accounting firm to provide its consent to filing or incorporation
            by
            reference in the Exchange Act Reports of ACE of such accounting firm’s report
            relating to their audits of such current Swap Financial Disclosure, and
            (c)
            provide to ACE any updated Swap Financial Disclosure with respect to
            DBAG or any
            entity that consolidates DBAG within five days of the release of any
            such
            updated Swap Financial Disclosure; (2) secure another entity to replace
            DBAG as
            party to this Agreement on terms substantially similar to this Agreement
            which
            entity (or a guarantor therefore) meets or exceeds the Approved Rating
            Thresholds and which satisfies the Rating Agency Condition and which
            entity is
            able to comply with the requirements of Item 1115 of Regulation AB or
            (3) obtain
            a guaranty of the DBAG’s obligations under this Agreement from an affiliate of
            the DBAG, subject to the Rating Agency Condition, 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 incorporation
            by
            reference from reports filed pursuant to the Exchange Act. 

          

          

          (iv)    
             DBAG
            and
            the primary obligor under any Credit Support Document agree that, in
            the event
            that DBAG provides Swap Financial Disclosure to ACE in accordance with
            Part
            13(iii)(a) or causes its affiliate to provide Swap Financial Disclosure
            to ACE
            in accordance with Part 13(iii)(c), DBAG and such primary obligor will
            indemnify
            and hold harmless ACE, its respective directors or officers and any person
            controlling ACE, from and against any and all losses, claims, damages
            and
            liabilities caused by any untrue statement or alleged untrue statement
            of a
            material fact contained in such Swap Financial Disclosure or caused by
            any
            omission or alleged omission to state in such Swap Financial Disclosure
            a
            material fact, when considered in conjunction with any other information
            regarding Party A or the derivative instrument being written by Party
            A in the
            final prospectus for ACE-2006-ASAP3, required to be stated therein or
            necessary
            to make the statements therein, in light of the circumstances under which
            they
            were made, not misleading.

          

          14)
            Third
            Party Beneficiary.
            ACE
            shall be an express third party beneficiary of this Agreement as if a
            party
            hereto to the extent of ACE’s rights explicitly specified herein.

          

          15)
            Deduction
            or Withholding for Tax.
            The
            provisions of Section 2(d)(i)(4) and 2(d)(ii) of the ISDA Form Master
            Agreement
            shall not apply to Counterparty and Counterparty shall not be required
            to pay
            any additional amounts referred to therein.  

          

          

          5. Account
            Details:

          

          Account
            Details for DBAG: 

          

          Deutsche
            Bank Trust Company Americas,
            New
            York

          Acct#
            01
            473
            969 

          Swift
            Code: BKTRUS33

          

          Account
            Details for Counterparty:

          

          Wells
            Fargo Bank, NA

          ABA
            #
            121000248

          Account
            Name: SAS Clearing

          Account
            #
            3970771416

          FFC
            to:
            50921101, ACE 2006-ASAP3

          

          6. Offices:

          

          The
            Office of DBAG for this Transaction is New York

          
            
               

               

              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          7. Please
            confirm that the foregoing correctly sets forth the terms of our agreement
            by
            having an authorized officer sign this Confirmation and return it via
            facsimile
            to:

          

          
            	 	
                    Attention:
                      Derivative Documentation

                  	 
	 	
                    Telephone:
                      44 20 7547 4755

                  	 
	 	
                    Facsimile:
                      44 20 7545 9761

                  	 
	 	
                    E-mail:
                      derivative.documentation@db.com

                  	 

          

          

          This
            message will be the only form of Confirmation dispatched by us. If you
            wish to
            exchange hard copy forms of this Confirmation, please contact us.

          

          

          Yours
            sincerely,

          

          

          DEUTSCHE
            BANK AG - New York Branch

          

          

          

          By: __________________________________

          Name: __________________________________

          Title: Authorized
            Signatory

          

          

          

          By: __________________________________

          Name: __________________________________

          Title: Authorized
            Signatory

          

           

          Confirmed
            as of the date first written above:

          

          HSBC
            Bank
            USA, National Association, not in its individual capacity, but solely
            as trustee
            for the Supplemental Interest Trust, with respect to the ACE Securities
            Corp.
            Home Equity Loan Trust, Series 2006-ASAP3 Asset Backed Pass Through
            Certificates.

          

           

          By: __________________________________

          Name: __________________________________

          Title: __________________________________

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          SCHEDULE
            I

          

          (With
            respect to each Fixed Rate Payer Period End Date, each date below is
            subject to
            No Adjustment, and with respect to each Floating Rate Payer Period End
            Date,
            each date below is subject to adjustment in accordance with the Following
            Business Day Convention.)

          

          

          
            	
                    Accrue
                      from and including

                  	
                    Accrue
                      to but excluding

                  	
                    Notional
                      Amount

                  
	
                    Effective
                      Date

                  	
                    6/25/2006

                  	
                    728,546,320.43

                  
	
                    6/25/2006

                  	
                    7/25/2006

                  	
                    718,065,776.39

                  
	
                    7/25/2006

                  	
                    8/25/2006

                  	
                    705,611,909.44

                  
	
                    8/25/2006

                  	
                    9/25/2006

                  	
                    691,225,642.40

                  
	
                    9/25/2006

                  	
                    10/25/2006

                  	
                    674,953,746.55

                  
	
                    10/25/2006

                  	
                    11/25/2006

                  	
                    656,859,095.11

                  
	
                    11/25/2006

                  	
                    12/25/2006

                  	
                    637,020,846.75

                  
	
                    12/25/2006

                  	
                    1/25/2007

                  	
                    615,538,521.85

                  
	
                    1/25/2007

                  	
                    2/25/2007

                  	
                    592,531,481.60

                  
	
                    2/25/2007

                  	
                    3/25/2007

                  	
                    568,176,420.46

                  
	
                    3/25/2007

                  	
                    4/25/2007

                  	
                    544,320,275.56

                  
	
                    4/25/2007

                  	
                    5/25/2007

                  	
                    521,439,895.16

                  
	
                    5/25/2007

                  	
                    6/25/2007

                  	
                    499,521,531.86

                  
	
                    6/25/2007

                  	
                    7/25/2007

                  	
                    478,525,513.26

                  
	
                    7/25/2007

                  	
                    8/25/2007

                  	
                    458,412,986.67

                  
	
                    8/25/2007

                  	
                    9/25/2007

                  	
                    439,146,737.48

                  
	
                    9/25/2007

                  	
                    10/25/2007

                  	
                    420,691,120.13

                  
	
                    10/25/2007

                  	
                    11/25/2007

                  	
                    403,011,991.79

                  
	
                    11/25/2007

                  	
                    12/25/2007

                  	
                    385,988,312.40

                  
	
                    12/25/2007

                  	
                    1/25/2008

                  	
                    369,526,651.40

                  
	
                    1/25/2008

                  	
                    2/25/2008

                  	
                    353,027,762.91

                  
	
                    2/25/2008

                  	
                    3/25/2008

                  	
                    305,033,446.09

                  
	
                    3/25/2008

                  	
                    4/25/2008

                  	
                    255,986,053.22

                  
	
                    4/25/2008

                  	
                    5/25/2008

                  	
                    214,952,082.93

                  
	
                    5/25/2008

                  	
                    6/25/2008

                  	
                    181,281,299.30

                  
	
                    6/25/2008

                  	
                    7/25/2008

                  	
                    167,650,218.97

                  
	
                    7/25/2008

                  	
                    8/25/2008

                  	
                    159,515,816.42

                  
	
                    8/25/2008

                  	
                    9/25/2008

                  	
                    152,025,395.59

                  
	
                    9/25/2008

                  	
                    10/25/2008

                  	
                    144,898,239.01

                  
	
                    10/25/2008

                  	
                    11/25/2008

                  	
                    138,108,276.11

                  
	
                    11/25/2008

                  	
                    12/25/2008

                  	
                    131,639,438.42

                  
	
                    12/25/2008

                  	
                    1/25/2009

                  	
                    125,476,439.96

                  
	
                    1/25/2009

                  	
                    2/25/2009

                  	
                    119,604,699.48

                  
	
                    2/25/2009

                  	
                    3/25/2009

                  	
                    114,010,470.96

                  
	
                    3/25/2009

                  	
                    4/25/2009

                  	
                    108,680,846.36

                  
	
                    4/25/2009

                  	
                    5/25/2009

                  	
                    103,603,472.69

                  
	
                    5/25/2009

                  	
                    6/25/2009

                  	
                    98,765,663.17

                  
	
                    6/25/2009

                  	
                    7/25/2009

                  	
                    94,156,003.92

                  
	
                    7/25/2009

                  	
                    8/25/2009

                  	
                    89,763,643.86

                  
	
                    8/25/2009

                  	
                    9/25/2009

                  	
                    85,578,268.34

                  
	
                    9/25/2009

                  	
                    10/25/2009

                  	
                    81,590,034.68

                  
	
                    10/25/2009

                  	
                    11/25/2009

                  	
                    77,789,589.38

                  
	
                    11/25/2009

                  	
                    Termination
                      Date

                  	
                    74,168,009.02

                  

          

        

         

         

        
 

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        SCHEDULE
          1

        

        MORTGAGE
          LOAN SCHEDULE

        

        [PROVIDED
          UPON REQUEST]

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        SCHEDULE
          2

        

        PREPAYMENT
          CHARGE SCHEDULE

        

        [PROVIDED
          UPON REQUEST]

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        SCHEDULE
          3

        

        [RESERVED]

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        SCHEDULE
          4

        

        STANDARD
          FILE LAYOUT- DELINQUENCY REPORTING

        

        

        Exhibit: Standard
          File Layout - Delinquency Reporting

        

        
          	
                  Column/Header
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR

                	 	
                   

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the originator.

                	 	
                   

                
	
                  CLIENT_NBR

                	
                  Servicer
                    Client Number

                	 	 
	
                  SERV_INVESTOR_NBR

                	
                  Contains
                    a unique number as assigned by an external servicer to identify
                    a group of
                    loans in their system.

                	 	
                   

                
	
                  BORROWER_FIRST_NAME

                	
                  First
                    Name of the Borrower.

                	 	 
	
                  BORROWER_LAST_NAME

                	
                  Last
                    name of the borrower.

                	 	 
	
                  PROP_ADDRESS

                	
                  Street
                    Name and Number of Property

                	 	
                   

                
	
                  PROP_STATE

                	
                  The
                    state where the property located.

                	 	
                   

                
	
                  PROP_ZIP

                	
                  Zip
                    code where the property is located.

                	 	
                   

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date that the borrower's next payment is due to the servicer
                    at the end of
                    processing cycle, as reported by Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  LOAN_TYPE

                	
                  Loan
                    Type (i.e. FHA, VA, Conv)

                	 	
                   

                
	
                  BANKRUPTCY_FILED_DATE

                	
                  The
                    date a particular bankruptcy claim was filed.

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_CHAPTER_CODE

                	
                  The
                    chapter under which the bankruptcy was filed.

                	 	
                   

                
	
                  BANKRUPTCY_CASE_NBR

                	
                  The
                    case number assigned by the court to the bankruptcy
                    filing.

                	 	
                   

                
	
                  POST_PETITION_DUE_DATE

                	
                  The
                    payment due date once the bankruptcy has been approved by the
                    courts

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_DCHRG_DISM_DATE

                	
                  The
                    Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                    Discharged
                    and/or a Motion For Relief Was Granted. 

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_APPR_DATE

                	
                  The
                    Date The Loss Mitigation Was Approved By The Servicer

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_TYPE

                	
                  The
                    Type Of Loss Mitigation Approved For A Loan Such As;

                	 	 
	
                  LOSS_MIT_EST_COMP_DATE

                	
                  The
                    Date The Loss Mitigation /Plan Is Scheduled To End/Close

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_ACT_COMP_DATE

                	
                  The
                    Date The Loss Mitigation Is Actually Completed

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_APPROVED_DATE

                	
                  The
                    date DA Admin sends a letter to the servicer with instructions
                    to begin
                    foreclosure proceedings.

                	 	
                  MM/DD/YYYY

                
	
                  ATTORNEY_REFERRAL_DATE

                	
                  Date
                    File Was Referred To Attorney to Pursue Foreclosure

                	 	
                  MM/DD/YYYY

                
	
                  FIRST_LEGAL_DATE

                	
                  Notice
                    of 1st legal filed by an Attorney in a Foreclosure Action

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_EXPECTED_DATE

                	
                  The
                    date by which a foreclosure sale is expected to occur.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_DATE

                	
                  The
                    actual date of the foreclosure sale.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_AMT

                	
                  The
                    amount a property sold for at the foreclosure sale.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  EVICTION_START_DATE

                	
                  The
                    date the servicer initiates eviction of the borrower.

                	 	
                  MM/DD/YYYY

                
	
                  EVICTION_COMPLETED_DATE

                	
                  The
                    date the court revokes legal possession of the property from
                    the
                    borrower.

                	 	
                  MM/DD/YYYY

                
	
                  LIST_PRICE

                	
                  The
                    price at which an REO property is marketed.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  LIST_DATE

                	
                  The
                    date an REO property is listed at a particular price.

                	 	
                  MM/DD/YYYY

                
	
                  OFFER_AMT

                	
                  The
                    dollar value of an offer for an REO property.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  OFFER_DATE_TIME

                	
                  The
                    date an offer is received by DA Admin or by the Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  REO_CLOSING_DATE

                	
                  The
                    date the REO sale of the property is scheduled to close.

                	 	
                  MM/DD/YYYY

                
	
                  REO_ACTUAL_CLOSING_DATE

                	
                  Actual
                    Date Of REO Sale

                	 	
                  MM/DD/YYYY

                
	
                  OCCUPANT_CODE

                	
                  Classification
                    of how the property is occupied.

                	 	
                   

                
	
                  PROP_CONDITION_CODE

                	
                  A
                    code that indicates the condition of the property.

                	 	
                   

                
	
                  PROP_INSPECTION_DATE

                	
                  The
                    date a property inspection is performed.

                	 	
                  MM/DD/YYYY

                
	
                  APPRAISAL_DATE

                	
                  The
                    date the appraisal was done.

                	 	
                  MM/DD/YYYY

                
	
                  CURR_PROP_VAL

                	
                   The
                    current "as is" value of the property based on brokers price
                    opinion or
                    appraisal.

                	
                  2

                	
                   

                
	
                  REPAIRED_PROP_VAL

                	
                  The
                    amount the property would be worth if repairs are completed pursuant
                    to a
                    broker's price opinion or appraisal.

                	
                  2

                	
                   

                
	
                  If
                    applicable:

                	
                   

                	 	
                   

                
	
                  DELINQ_STATUS_CODE

                	
                  FNMA
                    Code Describing Status of Loan

                	 	 
	
                  DELINQ_REASON_CODE

                	
                  The
                    circumstances which caused a borrower to stop paying on a loan.
                    Code
                    indicates the reason why the loan is in default for this
                    cycle.

                	 	 
	
                  MI_CLAIM_FILED_DATE

                	
                  Date
                    Mortgage Insurance Claim Was Filed With Mortgage Insurance
                    Company.

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT

                	
                  Amount
                    of Mortgage Insurance Claim Filed

                	 	
                  No
                    commas(,) or dollar signs ($)

                
	
                  MI_CLAIM_PAID_DATE

                	
                  Date
                    Mortgage Insurance Company Disbursed Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT_PAID

                	
                  Amount
                    Mortgage Insurance Company Paid On Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_FILED_DATE

                	
                  Date
                    Claim Was Filed With Pool Insurance Company

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT

                	
                  Amount
                    of Claim Filed With Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_PAID_DATE

                	
                  Date
                    Claim Was Settled and The Check Was Issued By The Pool
                    Insurer

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT_PAID

                	
                  Amount
                    Paid On Claim By Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_FILED_DATE

                	
                   Date
                    FHA Part A Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_AMT

                	
                   Amount
                    of FHA Part A Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_PAID_DATE

                	
                   Date
                    HUD Disbursed Part A Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part A Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_FILED_DATE

                	
                    Date
                    FHA Part B Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_AMT

                	
                    Amount
                    of FHA Part B Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_PAID_DATE

                	
                     Date
                    HUD Disbursed Part B Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part B Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  VA_CLAIM_FILED_DATE

                	
                   Date
                    VA Claim Was Filed With the Veterans Admin

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_DATE

                	
                   Date
                    Veterans Admin. Disbursed VA Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_AMT

                	
                   Amount
                    Veterans Admin. Paid on VA Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                

        

         

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

         

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting

         

        

         

        The
          Loss
          Mit Type
          field
          should show the approved Loss Mitigation Code as follows: 

         

        
          	·  	
                  ASUM-Approved
                    Assumption

                

        

         

        
          	·  	
                  BAP-Borrower
                    Assistance Program

                

        

         

        
          	·  	
                  CO-
                    Charge Off

                

        

         

        
          	·  	
                  DIL-
                    Deed-in-Lieu

                

        

         

        
          	·  	
                  FFA-
                    Formal Forbearance Agreement

                

        

         

        
          	·  	
                  MOD-
                    Loan Modification

                

        

         

        
          	·  	
                  PRE-
                    Pre-Sale

                

        

         

        
          	·  	
                  SS-
                    Short Sale

                

        

         

        
          	·  	
                  MISC-Anything
                    else approved by the PMI or Pool
                    Insurer

                

        

         

        

         

        NOTE:
          Wells
          Fargo Bank will accept alternative Loss Mitigation Types to those above,
          provided that they are consistent with industry standards. If Loss Mitigation
          Types other than those above are used, the Servicer must supply Wells Fargo
          Bank
          with a description of each of the Loss Mitigation Types prior to sending
          the
          file.

         

        

         

        The
          Occupant
          Code
          field
          should show the current status of the property code as follows:

         

        
          	·  	
                  Mortgagor

                

        

         

        
          	·  	
                  Tenant

                

        

         

        
          	·  	
                  Unknown
                    

                

        

         

        
          	·  	
                  Vacant

                

        

         

        

         

        The
          Property
          Condition
          field
          should show the last reported condition of the property as follows:

         

        
          	·  	
                  Damaged

                

        

         

        
          	·  	
                  Excellent

                

        

         

        
          	·  	
                  Fair

                

        

         

        
          	·  	
                  Gone

                

        

         

        
          	·  	
                  Good

                

        

         

        
          	·  	
                  Poor

                

        

         

        
          	·  	
                  Special
                    Hazard

                

        

         

        
          	·  	
                  Unknown

                

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

         

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        

         

        The
          FNMA
          Delinquent Reason Code
          field
          should show the Reason for Delinquency as follows: 

         

        

        
          	
                  Delinquency
                    Code

                	
                  Delinquency
                    Description

                
	
                  001

                	
                  FNMA-Death
                    of principal mortgagor

                
	
                  002

                	
                  FNMA-Illness
                    of principal mortgagor

                
	
                  003

                	
                  FNMA-Illness
                    of mortgagor’s family member

                
	
                  004

                	
                  FNMA-Death
                    of mortgagor’s family member

                
	
                  005

                	
                  FNMA-Marital
                    difficulties

                
	
                  006

                	
                  FNMA-Curtailment
                    of income

                
	
                  007

                	
                  FNMA-Excessive
                    Obligation

                
	
                  008

                	
                  FNMA-Abandonment
                    of property

                
	
                  009

                	
                  FNMA-Distant
                    employee transfer

                
	
                  011

                	
                  FNMA-Property
                    problem

                
	
                  012

                	
                  FNMA-Inability
                    to sell property

                
	
                  013

                	
                  FNMA-Inability
                    to rent property

                
	
                  014

                	
                  FNMA-Military
                    Service

                
	
                  015

                	
                  FNMA-Other

                
	
                  016

                	
                  FNMA-Unemployment

                
	
                  017

                	
                  FNMA-Business
                    failure

                
	
                  019

                	
                  FNMA-Casualty
                    loss

                
	
                  022

                	
                  FNMA-Energy
                    environment costs

                
	
                  023

                	
                  FNMA-Servicing
                    problems

                
	
                  026

                	
                  FNMA-Payment
                    adjustment

                
	
                  027

                	
                  FNMA-Payment
                    dispute

                
	
                  029

                	
                  FNMA-Transfer
                    of ownership pending

                
	
                  030

                	
                  FNMA-Fraud

                
	
                  031

                	
                  FNMA-Unable
                    to contact borrower

                
	
                  INC

                	
                  FNMA-Incarceration

                

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

        

         

        The
          FNMA
          Delinquent Status Code
          field
          should show the Status of Default as follows: 

         

        

        
          	
                  Status
                    Code

                	
                  Status
                    Description

                
	
                  09

                	
                  Forbearance

                
	
                  17

                	
                  Pre-foreclosure
                    Sale Closing Plan Accepted

                
	
                  24

                	
                  Government
                    Seizure

                
	
                  26

                	
                  Refinance

                
	
                  27

                	
                  Assumption

                
	
                  28

                	
                  Modification

                
	
                  29

                	
                  Charge-Off

                
	
                  30

                	
                  Third
                    Party Sale

                
	
                  31

                	
                  Probate

                
	
                  32

                	
                  Military
                    Indulgence

                
	
                  43

                	
                  Foreclosure
                    Started

                
	
                  44

                	
                  Deed-in-Lieu
                    Started

                
	
                  49

                	
                  Assignment
                    Completed

                
	
                  61

                	
                  Second
                    Lien Considerations

                
	
                  62

                	
                  Veteran’s
                    Affairs-No Bid

                
	
                  63

                	
                  Veteran’s
                    Affairs-Refund

                
	
                  64

                	
                  Veteran’s
                    Affairs-Buydown

                
	
                  65

                	
                  Chapter
                    7 Bankruptcy

                
	
                  66

                	
                  Chapter
                    11 Bankruptcy

                
	
                  67

                	
                  Chapter
                    13 Bankruptcy

                

        

         

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        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. 

         

        1.  

         

        2.  The
          numbers on the 332 form correspond with the numbers listed below.

         

        Liquidation
          and Acquisition Expenses:

         

        1. The
          Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        2. The
          Total
          Interest Due less the aggregate amount of servicing fee that would have
          been
          earned if all delinquent payments had been made as agreed. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        3.
           Accrued
          Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
          Loan
          as calculated on a monthly basis. For documentation, an Amortization Schedule
          from date of default through liquidation breaking out the net interest
          and
          servicing fees advanced is required.

         

        4-12. Complete
          as applicable. Required documentation:

         

        *
          For
          taxes and insurance advances - see page 2 of 332 form - breakdown required
          showing period of
          coverage, base tax, interest, penalty. Advances prior to default require
          evidence of servicer efforts to recover advances.

         

        *
          For
          escrow advances - complete payment history (to
          calculate advances from last positive escrow balance forward)

         

        *
          Other
          expenses -  copies of corporate advance history showing all payments

         

        *
          REO
          repairs > $1500 require explanation

         

        *
          REO
          repairs >$3000 require evidence of at least 2 bids.

         

        *
          Short
          Sale or Charge Off require P&L supporting the decision and WFB’s approved
          Officer Certificate 

         

        *
          Unusual
          or extraordinary items may require further documentation. 

         

        13.  The
          total
          of lines 1 through 12.

         

        3.  Credits:
          

         

        14-21. Complete
          as applicable. Required documentation:

         

        *
          Copy of
          the HUD 1 from the REO sale. If a 3rd Party Sale, bid instructions
          and Escrow Agent / Attorney Letter of Proceeds Breakdown.

         

        *
          Copy of
          EOB for any MI or gov't guarantee 

         

        *
          All
          other credits need to be clearly defined on the 332
          form      
     

         

         

        
          	 	
                  22.

                	
                  The
                    total of lines 14 through 21.

                

        

         

        Please
          Note: For
          HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
          for Part
          B/Supplemental proceeds.

         

        Total
          Realized Loss (or Amount of Any Gain)

         

        23. The
          total
          derived from subtracting line 22 from 13. If the amount represents a realized
          gain, show
          the
          amount in parenthesis ( ). 

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        Exhibit
          3A: Calculation
          of Realized Loss/Gain Form 332

         

        
          Prepared
            by: __________________   Date:
            _______________

          Phone:
            ______________________         Email
            Address:_____________________

           

          
            	
                    Servicer
                      Loan No.

                  	 	
                    Servicer
                      Name

                  	 	
                    Servicer
                      Address 

                     

                  

          

           

          WELLS
            FARGO BANK, N.A. Loan No._____________________________

           

          Borrower's
            Name: _________________________________________________________

          Property
            Address: _________________________________________________________

           

          Liquidation
            Type: REO Sale  
            3rd
            Party Sale  
Short
            Sale 
Charge
            Off 

           

          Was
            this loan granted a Bankruptcy deficiency or cramdown  Yes                            
            No

          If
“Yes”,
            provide deficiency or cramdown amount
            ________________________________________

           

          Liquidation
            and Acquisition Expenses:

          

            
              	
                      (1)

                    	
                      Actual
                        Unpaid Principal Balance of Mortgage Loan

                    	
                      $
                        ______________

                    	
                      (1)

                    
	
                      (2)

                    	
                      Interest
                        accrued at Net Rate

                    	
                      ________________

                    	
                      (2)

                    
	
                      (3)

                    	
                      Accrued
                        Servicing Fees

                    	
                      ________________

                    	
                      (3)

                    
	
                      (4)

                    	
                      Attorney's
                        Fees

                    	
                      ________________

                    	
                      (4)

                    
	
                      (5)

                    	
                      Taxes
                        (see page 2)

                    	
                      ________________

                    	
                      (5)

                    
	
                      (6)

                    	
                      Property
                        Maintenance

                    	
                      ________________

                    	
                      (6)

                    
	
                      (7)

                    	
                      MI/Hazard
                        Insurance Premiums (see page 2)

                    	
                      ________________

                    	
                      (7)

                    
	
                      (8)

                    	
                      Utility
                        Expenses

                    	
                      ________________

                    	
                      (8)

                    
	
                      (9)

                    	
                      Appraisal/BPO

                    	
                      ________________

                    	
                      (9)

                    
	
                      (10)

                    	
                      Property
                        Inspections

                    	
                      ________________

                    	
                      (10)

                    
	
                      (11)

                    	
                      FC
                        Costs/Other Legal Expenses

                    	
                      ________________

                    	
                      (11)

                    
	
                      (12)

                    	
                      Other
                        (itemize)

                    	
                      $________________

                    	
                      (12)

                    
	
                      Cash
                        for Keys__________________________

                    	 	
                      ________________

                    	 
	
                      HOA/Condo
                        Fees_______________________

                    	 	
                      ________________

                    	 
	
                      ______________________________________

                    	 	
                      ________________

                    	 
	
                      ______________________________________

                    	 	
                      ________________

                    	 
	
                      Total
                        Expenses

                    	 	
                      $
                        _______________

                    	
                      (13)

                    
	
                      Credits:

                    	 	 	 
	
                      (14)

                    	
                      Escrow
                        Balance

                    	
                      $
                        _______________

                    	
                      (14)

                    
	
                      (15)

                    	
                      HIP
                        Refund

                    	
                      ________________

                    	
                      (15)

                    
	
                      (16)

                    	
                      Rental
                        Receipts

                    	
                      ________________

                    	
                      (16)

                    
	
                      (17)

                    	
                      Hazard
                        Loss Proceeds

                    	
                      ________________

                    	
                      (17)

                    
	
                      (18)

                    	
                      Primary
                        Mortgage Insurance / Gov’t Insurance

                    	
                      ________________

                    	
                      (18a)

                    
	 	
                      HUD
                        Part A

                    	 	 
	 	
                      HUD
                        Part B

                    	
                      ________________

                    	
                      (18b)

                    
	
                      (19)

                    	
                      Pool
                        Insurance Proceeds

                    	
                      ________________

                    	
                      (19)

                    
	
                      (20)

                    	
                      Proceeds
                        from Sale of Acquired Property

                    	
                      ________________

                    	
                      (20)

                    
	
                      (21)

                    	
                      Other
                        (itemize)

                    	
                      ________________

                    	
                      (21)

                    
	
                      _________________________________________

                    	 	
                      _________________

                    	 
	
                      _________________________________________

                    	
                       

                    	
                      _________________

                    	 
	
                      Total
                        Credits

                    	
                       $________________

                    	
                       

                    	
                      (22)

                    
	
                      Total
                        Realized Loss (or Amount of Gain)

                    	
                       $________________

                    	
                       

                    	
                      (23)

                    

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

          

        

        Escrow
          Disbursement Detail

        

        

        
          	
                  Type

                  (Tax
                    /Ins.)

                	
                  Date
                    Paid

                	
                  Period
                    of Coverage

                	
                  Total
                    Paid

                	
                  Base
                    Amount

                	
                  Penalties

                	
                  Interest

                
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        

        SCHEDULE
          5

        

        STANDARD
          FILE LAYOUT- MASTER SERVICING

        

        

        
          	
                  Standard
                    File Layout - Master Servicing 

                	 	 	 
	
                  Column
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                	
                  Max
                    Size

                
	
                  SER_INVESTOR_NBR

                	
                  A
                    value assigned by the Servicer to define a group of loans.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  20

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the investor.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  BORROWER_NAME

                	
                  The
                    borrower name as received in the file. It is not separated by
                    first and
                    last name.

                	
                   

                	
                  Maximum
                    length of 30 (Last, First)

                	
                  30

                
	
                  SCHED_PAY_AMT

                	
                  Scheduled
                    monthly principal and scheduled interest payment that a borrower
                    is
                    expected to pay, P&I constant.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NOTE_INT_RATE

                	
                  The
                    loan interest rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  NET_INT_RATE

                	
                  The
                    loan gross interest rate less the service fee rate as reported
                    by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_RATE

                	
                  The
                    servicer's fee rate for a loan as reported by the Servicer.
                    

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_AMT

                	
                  The
                    servicer's fee amount for a loan as reported by the Servicer.
                    

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_PAY_AMT

                	
                  The
                    new loan payment amount as reported by the Servicer. 

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_LOAN_RATE

                	
                  The
                    new loan rate as reported by the Servicer. 

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ARM_INDEX_RATE

                	
                  The
                    index the Servicer is using to calculate a forecasted
                    rate.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ACTL_BEG_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the beginning of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_END_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the end of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date at the end of processing cycle that the borrower's next
                    payment is
                    due to the Servicer, as reported by Servicer.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  SERV_CURT_AMT_1

                	
                  The
                    first curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_1

                	
                  The
                    curtailment date associated with the first curtailment amount.
                    

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_1

                	
                  The
                    curtailment interest on the first curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_2

                	
                  The
                    second curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_2

                	
                  The
                    curtailment date associated with the second curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_2

                	
                  The
                    curtailment interest on the second curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_3

                	
                  The
                    third curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_3

                	
                  The
                    curtailment date associated with the third curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_AMT_3

                	
                  The
                    curtailment interest on the third curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_AMT

                	
                  The
                    loan "paid in full" amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_DATE

                	
                  The
                    paid in full date as reported by the Servicer.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                   

                	
                   

                	
                   

                	
                  Action
                    Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                    65=Repurchase,70=REO 

                	
                  2

                
	
                  ACTION_CODE

                	
                  The
                    standard FNMA numeric code used to indicate the default/delinquent
                    status
                    of a particular loan.

                
	
                  INT_ADJ_AMT

                	
                  The
                    amount of the interest adjustment as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SOLDIER_SAILOR_ADJ_AMT

                	
                  The
                    Soldier and Sailor Adjustment amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NON_ADV_LOAN_AMT

                	
                  The
                    Non Recoverable Loan Amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  LOAN_LOSS_AMT

                	
                  The
                    amount the Servicer is passing as a loss, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_BEG_PRIN_BAL

                	
                  The
                    scheduled outstanding principal amount due at the beginning of
                    the cycle
                    date to be passed through to investors.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_END_PRIN_BAL

                	
                  The
                    scheduled principal balance due to investors at the end of a
                    processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_PRIN_AMT

                	
                  The
                    scheduled principal amount as reported by the Servicer for the
                    current
                    cycle -- only applicable for Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_NET_INT

                	
                  The
                    scheduled gross interest amount less the service fee amount for
                    the
                    current cycle as reported by the Servicer -- only applicable
                    for
                    Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_PRIN_AMT

                	
                  The
                    actual principal amount collected by the Servicer for the current
                    reporting cycle -- only applicable for Actual/Actual
                    Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_NET_INT

                	
                  The
                    actual gross interest amount less the service fee amount for
                    the current
                    reporting cycle as reported by the Servicer -- only applicable
                    for
                    Actual/Actual Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    AMT

                	
                  The
                    penalty amount received when a borrower prepays on his loan as
                    reported by
                    the Servicer. 

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    WAIVED

                	
                  The
                    prepayment penalty amount for the loan waived by the
                    servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                
	
                  MOD_DATE

                	
                  The
                    Effective Payment Date of the Modification for the loan.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  MOD_TYPE

                	
                  The
                    Modification Type.

                	
                   

                	
                  Varchar
                    - value can be alpha or numeric

                	
                  30

                
	
                  DELINQ_P&I_ADVANCE_AMT

                	
                  The
                    current outstanding principal and interest advances made by
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                

        

        

        

        

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        SCHEDULE
          6

        

        DATA
          REQUIREMENTS OF SERVICING ADVANCES INCURRED PRIOR TO CUT-OFF DATE

        

        

        
          	
                  [LOAN
                    NUMBER]

                	
                  [PRE-CUT-OFF
                    DATE ADVANCE AMOUNT]

                

        

        

        [PROVIDED
          UPON REQUEST]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]