Document:

EXECUTION

     

     

    

     

    POOLING
      AND SERVICING AGREEMENT

     

    among

     

    BAYVIEW
      FINANCIAL SECURITIES COMPANY, LLC,

    as
      Depositor

     

    

     

    WELLS
      FARGO BANK, N.A.,

    as
      Master
      Servicer

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    not
      in
      its individual capacity, but solely as Trustee

     

    

     

    BAYVIEW
      FINANCIAL MORTGAGE PASS-THROUGH TRUST 2006-A

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES 2006-A

     

     

    Dated
      as
      of January 1, 2006

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    TABLE
      OF
      CONTENTS

    Page

     

    
      	
              ARTICLE
                I DEFINITIONS

            	
              17

            
	 	 
	
              Section
                1.01. Certain Defined Terms.

            	
              17

            
	
              Section
                1.02. Provisions of General Application.

            	
              58

            
	 	 
	
              ARTICLE
                II TRANSFER OF ASSETS

            	
              59

            
	 	 
	
              Section
                2.01. Conveyance of Mortgage Loans.

            	
              59

            
	
              Section
                2.02. Acceptance and Acknowledgement by Trustee.

            	
              62

            
	
              Section
                2.03. Repurchase or Substitution of Mortgage Loans by the Seller
                or the
                Depositor.

            	
              63

            
	
              Section
                2.04. Grant of Security Interest; Intended
                Characterization.

            	
              67

            
	
              Section
                2.05. Transmission of Mortgage Files.

            	
              69

            
	
              Section
                2.06. REMIC Matters.

            	
              69

            
	 	 
	
              ARTICLE
                III REPRESENTATIONS, WARRANTIES AND COVENANTS

            	
              71

            
	 	 
	
              Section
                3.01. Representations and Warranties of the Master
                Servicer.

            	
              71

            
	
              Section
                3.02. Representations and Warranties of the Depositor.

            	
              73

            
	
              Section
                3.03. Representations and Warranties of the Depositor with respect
                to the
                Mortgage Notes.

            	
              75

            
	 	 
	
              ARTICLE
                IV ADMINISTRATION AND MASTER SERVICING OF MORTGAGE LOANS

            	
              75

            
	 	 
	
              Section
                4.01. Duties of the Master Servicer.

            	
              75

            
	
              Section
                4.02. Monitoring of Servicers’ Performance.

            	
              76

            
	
              Section
                4.03. Master Servicer Fidelity Bond and Master Servicer Errors and
                Omissions Insurance Policy.

            	
              77

            
	
              Section
                4.04. Master Servicer’s Financial Statements and Related
                Information.

            	
              77

            
	
              Section
                4.05. Power to Act; Procedures.

            	
              78

            
	
              Section
                4.06. Servicing Agreements; Enforcement of Servicers’
                Obligations.

            	
              78

            
	
              Section
                4.07. Collection Account.

            	
              79

            
	
              Section
                4.08. Application of Funds in the Collection Account.

            	
              80

            
	
              Section
                4.09. Determination of LIBOR.

            	
              82

            
	
              Section
                4.10. Termination of Servicing Agreements; Successor
                Servicers.

            	
              83

            
	
              Section
                4.11. Master Servicer Liable for Enforcement.

            	
              83

            
	
              Section
                4.12. No Contractual Relationship Between Servicers and Master Servicer
                or
                Depositor.

            	
              84

            
	
              Section
                4.13. Assumption by Trustee.

            	
              84

            
	
              Section
                4.14. “Due-on-Sale” Clauses; “Due-on-Encumbrance” Clauses, Assumption
                Agreements; Release of Collateral.

            	
              84

            
	
              Section
                4.15. Release of Mortgage Files.

            	
              85

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

            	
              86

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                4.17. Removal of Master Servicer; Resignation of Master Servicer;
                Term of
                Servicing.

            	
              87

            
	
              Section
                4.18. Cross-Collateralized Mortgage Loans.

            	
              90

            
	
              Section
                4.19. Standard Hazard and Flood Insurance Policies.

            	
              91

            
	
              Section
                4.20. Presentment of Claims and Collection of Proceeds.

            	
              91

            
	
              Section
                4.21. Maintenance of the Primary Mortgage Insurance
                Policies.

            	
              91

            
	
              Section
                4.22. Trustee To Retain Possession of Certain Insurance Policies
                and
                Documents.

            	
              92

            
	
              Section
                4.23. Realization Upon Defaulted Mortgage Loans.

            	
              92

            
	
              Section
                4.24. Compensation to the Master Servicer.

            	
              92

            
	
              Section
                4.25. REO Property.

            	
              93

            
	
              Section
                4.26. Delinquency Advances and Servicing Advances.

            	
              94

            
	
              Section
                4.27. Master Servicer Reports.

            	
              95

            
	
              Section
                4.28. Annual Statements as to Compliance; Annual Assessments of
                Compliance.

            	
              95

            
	
              Section
                4.29. Annual Independent Public Accountants’ Servicing Statements;
                Financial Statements.

            	
              97

            
	
              Section
                4.30. Merger or Consolidation.

            	
              98

            
	
              Section
                4.31. Reports filed with the Commission.

            	
              98

            
	
              Section
                4.32. Assignment or Delegation of Duties by the Master
                Servicer.

            	
              102

            
	
              Section
                4.33. Limitation on Liability of the Master Servicer and
                Others.

            	
              103

            
	
              Section
                4.34. Transfer of Servicing.

            	
              103

            
	
              Section
                4.35. Master Servicer Exchange Act Reporting Requirements.

            	
              105

            
	 	 
	
              ARTICLE
                V THE CERTIFICATES

            	
              105

            
	 	 
	
              Section
                5.01. The Certificates.

            	
              105

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

            	
              106

            
	
              Section
                5.03. [Reserved]

            	
              110

            
	
              Section
                5.04. Mutilated, Destroyed, Lost or Stolen Certificates.

            	
              110

            
	
              Section
                5.05. Persons Deemed Owners.

            	
              111

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

            	
              111

            
	
              Section
                5.07. Maintenance of Office or Agency.

            	
              111

            
	 	 
	
              ARTICLE
                VI DEPOSITS AND DISTRIBUTIONS

            	
              111

            
	 	 
	
              Section
                6.01. Rights of the Holders.

            	
              111

            
	
              Section
                6.02. Establishment of Trust Accounts.

            	
              111

            
	
              Section
                6.03. Investment of Amounts.

            	
              116

            
	
              Section
                6.04. Collections.

            	
              117

            
	
              Section
                6.05. Flow of Funds.

            	
              118

            
	
              Section
                6.06. Disbursement of Funds.

            	
              126

            
	
              Section
                6.07. Allocation of Losses.

            	
              127

            
	
              Section
                6.08. Reports to Certificateholders.

            	
              127

            
	
              Section
                6.09. Presentation of Certificates.

            	
              130

            
	
              Section
                6.10. Compensating Interest.

            	
              130

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                6.11. Certain Provisions With Respect to the Cap
                Agreement.

            	
              130

            
	
              Section
                6.12. The Reserve Fund.

            	
              131

            
	
              Section
                6.13. Substitution of Cap Providers.

            	
              131

            
	 	 
	
              ARTICLE
                VII REMEDIES

            	
              132

            
	 	 
	
              Section
                7.01. Limitation on Suits.

            	
              132

            
	
              Section
                7.02. Restoration of Rights and Remedies.

            	
              133

            
	
              Section
                7.03. Rights and Remedies Cumulative.

            	
              133

            
	
              Section
                7.04. Delay or Omission Not Waiver.

            	
              134

            
	
              Section
                7.05. Control by Certificateholders.

            	
              134

            
	
              Section
                7.06. Waiver of Past Defaults.

            	
              134

            
	
              Section
                7.07. Undertaking for Costs.

            	
              135

            
	
              Section
                7.08. Waiver of Stay or Extension Laws.

            	
              135

            
	 	 
	
              ARTICLE
                VIII LIMITATION ON LIABILITY; INDEMNITIES

            	
              135

            
	 	 
	
              Section
                8.01. Liabilities of Mortgagors.

            	
              135

            
	
              Section
                8.02. Liability of the Depositor.

            	
              135

            
	
              Section
                8.03. Relationship of Master Servicer.

            	
              136

            
	
              Section
                8.04. Indemnities of the Master Servicer.

            	
              136

            
	 	 
	
              ARTICLE
                IX CONCERNING THE TRUSTEE

            	
              136

            
	 	 
	
              Section
                9.01. Duties of Trustee.

            	
              136

            
	
              Section
                9.02. Certain Matters Affecting the Trustee.

            	
              138

            
	
              Section
                9.03. Trustee’s Disclaimer.

            	
              138

            
	
              Section
                9.04. Trustee May Own Certificates.

            	
              139

            
	
              Section
                9.05. Compensation and Indemnity.

            	
              139

            
	
              Section
                9.06. Replacement of Trustee.

            	
              139

            
	
              Section
                9.07. Successor Trustee by Merger.

            	
              140

            
	
              Section
                9.08. Appointment of Co Trustee or Separate Trustee.

            	
              141

            
	
              Section
                9.09. Eligibility; Disqualification.

            	
              142

            
	
              Section
                9.10. Fees and Expenses.

            	
              142

            
	
              Section
                9.11. Representations and Warranties.

            	
              142

            
	
              Section
                9.12. Trustee Exchange Act Reporting Requirements.

            	
              143

            
	 	 
	
              ARTICLE
                X MISCELLANEOUS

            	
              143

            
	 	 
	
              Section
                10.01. Termination upon Liquidation or Purchase of all Mortgage
                Loans.

            	
              143

            
	
              Section
                10.02. Optional Termination; Final Distribution on the
                Certificates.

            	
              144

            
	
              Section
                10.03. Additional Termination Requirements.

            	
              146

            
	
              Section
                10.04. Beneficiaries.

            	
              146

            
	
              Section
                10.05. Amendment.

            	
              147

            
	
              Section
                10.06. Notices.

            	
              148

            
	
              Section
                10.07. Merger and Integration.

            	
              149

            
	
              Section
                10.08. Headings.

            	
              150

            
	
              Section
                10.09. [Reserved]

            	
              150

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                10.10. Severability of Provisions.

            	
              150

            
	
              Section
                10.11. No Proceedings.

            	
              150

            
	
              Section
                10.12. Governing Law; Consent to Jurisdiction; Waiver of Jury
                Trial.

            	
              150

            
	
              Section
                10.13. Counterparts.

            	
              151

            
	
              Section
                10.14. Taxes.

            	
              151

            
	
              Section
                10.15. [Reserved]

            	
              153

            
	
              Section
                10.16. Provision of Information.

            	
              153

            
	 	 
	
              Class
                A-IO Schedule

            	
              1

            

    

     

     

    
      	
              EXHIBITS

            	 
	 	 
	
              Exhibit
                A

            	
              Form
                of Certificates 

            
	
              Exhibit
                B

            	
              Form
                of Initial Certification

            
	
              Exhibit
                C

            	
              Form
                of Interim Certification

            
	
              Exhibit
                D

            	
              Form
                of Final Certification 

            
	
              Exhibit
                E

            	
              Form
                of Request for Release of Documents

            
	
              Exhibit
                F

            	
              Class
                A-IO Schedule

            
	
              Exhibit
                G

            	
              Cap
                Agreement

            
	
              Exhibit
                H

            	
              List
                of Servicing Agreements

            
	
              Exhibit
                I

            	
              [Reserved]

            
	
              Exhibit
                J

            	
              Non-Servicer
                Obligated Mortgage Loans

            
	
              Exhibit
                K

            	
              Form
                of Investment Letter for Qualified Institutional Buyers

            
	
              Exhibit
                L

            	
              Form
                of ERISA Transfer Affidavit

            
	
              Exhibit
                M

            	
              Form
                Certification to be Provided to Depositor by Master
                Servicer

            
	
              Exhibit
                N

            	
              Form
                of Residual Transferor Affidavit

            
	
              Exhibit
                O

            	
              Form
                of Residual Transferee Affidavit

            
	
              Exhibit
                P-1

            	
              Servicing
                Criteria to Be Addressed in Assessment of Compliance

            
	
              Exhibit
                P-2

            	
              Additional
                Form 8-K Disclosure

            
	
              Exhibit
                P-3

            	
              Additional
                Form 10-D Disclosure

            
	
              Exhibit
                P-4

            	
              Additional
                Form 10-K Disclosure

            
	
              Exhibit
                P-5

            	
              Additional
                Disclosure Notification

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    
      	
              SCHEDULES

            	 
	 	 
	
              Schedule
                I

            	
              Mortgage
                Loan Schedule (by Mortgage Pool)

            
	
              Schedule
                I-A

            	
              Simple
                Interest Mortgage Loans

            
	
              Schedule
                I-B

            	
              Prepayment
                Premium Conveyed Mortgage Loans

            
	
              Schedule
                I-C

            	
              Non-Monthly
                Mortgage Loans

            
	
              Schedule
                I-D

            	
              Convertible
                Mortgage Loans

            
	
              Schedule
                I-E

            	
              Holdback
                Mortgage Loans

            
	
              Schedule
                I-F

            	
              [Reserved]

            
	
              Schedule
                I-G

            	
              Stripped
                Mortgage Loans

            
	
              Schedule
                I-H

            	
              60+
                Delinquent Mortgage Loans

            
	
              Schedule
                II-A

            	
              2003-G
                Re-sold Mortgage Loans

            
	
              Schedule
                II-B

            	
              2005-A
                Re-sold Mortgage Loans

            
	
              Schedule
                II-C

            	
              2005-E
                Re-sold Mortgage Loans

            

    

     

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    POOLING
      AND SERVICING AGREEMENT, dated as of January 1, 2006 (this “Agreement” or
“Pooling and Servicing Agreement”), among Bayview Financial Securities Company,
      LLC, a Delaware limited liability company, as depositor (“BFSC” or the
“Depositor”), Wells Fargo Bank, N.A., a national banking association, its
      successors and permitted assigns, as master servicer (the “Master Servicer”) and
      U.S. Bank National Association, a national banking association, its successors
      and permitted assigns, not in its individual capacity, but solely as trustee
      (the “Trustee”).

     

    W
      I T N E
      S S E T H:

     

    WHEREAS,
      Bayview Financial, L.P., a Delaware limited partnership (the “Seller”), has
      conveyed the Mortgage Loans to the Depositor pursuant to (except in the case
      of
      the Re-sold Mortgage Loans) the Purchase Agreement;

     

    WHEREAS,
      the Depositor will transfer such Mortgage Loans to the Trustee pursuant to
      this
      Agreement;

     

    WHEREAS,
      the Depositor will transfer any and all of its rights in an interest rate cap
      agreement and certain other assets to the Trustee pursuant to this
      Agreement;

     

    WHEREAS,
      the 2003-G Revolving Trust will convey the 2003-G Re-sold Mortgage Loans and
      assign its rights under the 2003-G Revolving Purchase Agreement relating to
      such
      Re-sold Mortgage Loans to Bayview Financial Property Trust II (“BFPT II”)
      pursuant to the 2003-G Revolving Assignment Agreement, BFPT II will convey
      the
      2003-G Re-sold Mortgage Loans to the Depositor pursuant to the BFPT II
      Assignment Agreement, and the Depositor will transfer the 2003-G Re-sold
      Mortgage Loans to the Trustee pursuant to this Agreement;

     

    WHEREAS,
      the 2005-A Revolving Trust will convey the 2005-A Re-sold Mortgage Loans and
      assign its rights under the 2005-A Revolving Purchase Agreement relating to
      such
      Re-sold Mortgage Loans to BFPT II pursuant to the 2005-A Revolving Assignment
      Agreement, BFPT II will convey the 2005-A Re-sold Mortgage Loans to the
      Depositor pursuant to the BFPT II Assignment Agreement, and the Depositor will
      transfer the 2005-A Re-sold Mortgage Loans to the Trustee pursuant to this
      Agreement;

     

    WHEREAS,
      the 2005-E Revolving Trust will convey the 2005-E Re-sold Mortgage Loans and
      assign its rights under the 2005-E Revolving Purchase Agreement relating to
      such
      Re-sold Mortgage Loans to BFPT II pursuant to the 2005-E Revolving Assignment
      Agreement, BFPT II will convey the 2005-E Re-sold Mortgage Loans to the
      Depositor pursuant to the BFPT II Assignment Agreement, and the Depositor will
      transfer the 2005-E Re-sold Mortgage Loans to the Trustee pursuant to this
      Agreement;

     

    WHEREAS,
      the Master Servicer is willing to act as the Master Servicer hereunder to
      supervise the servicing of the Mortgage Loans, as provided herein, on behalf
      of
      the Trustee.

     

    NOW,
      THEREFORE, in consideration of the mutual agreements herein contained, the
      parties agree as follows:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee
      in return for the Certificates. As provided herein, the Trustee shall elect
      that
      the Trust Fund (exclusive of (i) the Cap Agreement, (ii) the Reserve Fund,
      (iii)
      the right to receive and the obligation to pay Basis Risk Shortfalls and Unpaid
      Basis Risk Shortfalls, (iv) the right to receive and the obligation to pay
      AFC
      Shortfalls, (v) the right to receive and the obligation to pay the Class A-IO
      Termination Amount and (vi) any Additional Collateral (collectively, the
“Excluded Trust Assets”)) be treated for federal income tax purposes as
      comprising three real estate mortgage investment conduits under Section 860D
      of
      the Code (each a “REMIC” or, in the alternative “REMIC 1,” “REMIC 2” and “REMIC
      3”; REMIC 3 also being referred to as the “Upper Tier REMIC”). Any
      inconsistencies or ambiguities in this Agreement or in the administration of
      this Agreement shall be resolved in a manner that preserves the validity of
      such
      REMIC elections.

     

    Each
      Certificate, other than the Class R Certificates, represents ownership of a
      regular interest in the Upper Tier REMIC for purposes of the REMIC Provisions.
      In addition, each Certificate, other than the Class R Certificates, the
      Interest-Only Certificates and the Class X and Class P Certificates, represents
      (i) the right to receive payments with respect to any Basis Risk Shortfalls
      and
      Unpaid Basis Risk Shortfalls and (ii) the right to receive and the obligation
      to
      pay AFC Shortfalls. The Class R Certificates represent ownership of the sole
      Class of residual interest in each of REMIC 1, REMIC 2 and the Upper Tier REMIC
      for purposes of the REMIC Provisions.

     

    The
      Upper
      Tier REMIC shall hold as its assets the uncertificated Interests in REMIC 2,
      other than the R-2 Interest, and each such Interest is hereby designated as
      a
      regular interest in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall
      hold as its assets the uncertificated Interests in REMIC 1, other than the
      R-1
      Interest, and each such Interest is hereby designated as a regular interest
      in
      REMIC 1 for purposes of the REMIC Provisions. REMIC 1 shall hold as its assets
      the property of the Trust Fund other than the Interests in REMIC 1 and REMIC
      2
      and the Excluded Trust Assets.

     

    The
      startup day for each REMIC created hereby for purposes of the REMIC Provisions
      is the Closing Date. In addition, for purposes of the REMIC Provisions, the
      latest possible maturity date for each regular interest in each REMIC created
      hereby is the Latest Possible Maturity Date.

     

    REMIC
      1:

     

    The
      following table sets forth the designations, principal balances, and interest
      rates for each interest in REMIC 1, each of which (other than the R-1 Interest)
      is hereby designated as a regular interest in REMIC 1 (the “REMIC 1 Regular
      Interests”):

     

    
      	
              Class
                Designation

            	 	
              Initial
                Principal

              Balance

            	 	
              Interest
                Rate

            
	
              T1-1A-IO-1

            	 	
               $       6,055,532.02 

            	 	
              (1)

            
	
              T1-2A-IO-1

            	 	
               $       5,749,834.21 

            	 	
              (1)

            
	
              T1-3A-IO-1

            	 	
               $       5,460,673.26 

            	 	
              (1)

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              T1-4A-IO-1

            	 	
               $       5,185,411.22 

            	 	
              (1)

            
	
              T1-5A-IO-1

            	 	
               $       4,924,021.81 

            	 	
              (1)

            
	
              T1-6A-IO-1

            	 	
               $       4,676,985.96 

            	 	
              (1)

            
	
              T1-7A-IO-1

            	 	
               $       4,444,283.44 

            	 	
              (1)

            
	
              T1-8A-IO-1

            	 	
               $       4,220,098.52 

            	 	
              (1)

            
	
              T1-9A-IO-1

            	 	
               $       4,007,294.53 

            	 	
              (1)

            
	
              T1-10A-IO-1

            	 	
               $       3,805,388.88 

            	 	
              (1)

            
	
              T1-11A-IO-1

            	 	
               $       3,613,621.82 

            	 	
              (1)

            
	
              T1-12A-IO-1

            	 	
               $       3,431,420.92 

            	 	
              (1)

            
	
              T1-13A-IO-1

            	 	
               $       3,678,176.27 

            	 	
              (1)

            
	
              T1-14A-IO-1

            	 	
               $       4,303,983.72 

            	 	
              (1)

            
	
              T1-15A-IO-1

            	 	
               $       3,999,104.69 

            	 	
              (1)

            
	
              T1-16A-IO-1

            	 	
               $       3,715,785.67 

            	 	
              (1)

            
	
              T1-17A-IO-1

            	 	
               $       3,452,504.24 

            	 	
              (1)

            
	
              T1-18A-IO-1

            	 	
               $       3,207,845.42 

            	 	
              (1)

            
	
              T1-19A-IO-1

            	 	
               $       2,980,493.94 

            	 	
              (1)

            
	
              T1-20A-IO-1

            	 	
               $       2,769,227.36 

            	 	
              (1)

            
	
              T1-21A-IO-1

            	 	
               $       2,572,909.46 

            	 	
              (1)

            
	
              T1-22A-IO-1

            	 	
               $       2,390,484.14 

            	 	
              (1)

            
	
              T1-23A-IO-1

            	 	
               $       2,220,969.83 

            	 	
              (1)

            
	
              T1-24A-IO-1

            	 	
               $       2,063,454.21 

            	 	
              (1)

            
	
              T1-25A-IO-1

            	 	
               $       1,917,089.35 

            	 	
              (1)

            
	
              T1-26A-IO-1

            	 	
               $       1,781,087.14 

            	 	
              (1)

            
	
              T1-27A-IO-1

            	 	
               $       1,654,715.11 

            	 	
              (1)

            
	
              T1-28A-IO-1

            	 	
               $       1,537,292.45 

            	 	
              (1)

            
	
              T1-29A-IO-1

            	 	
               $       1,428,186.49 

            	 	
              (1)

            
	
              T1-30A-IO-1

            	 	
               $     18,646,955.15 

            	 	
              (1)

            
	
              T1-Pool-1

            	 	
              (2)

            	 	
              (1)

            
	
              T1-1A-IO-2

            	 	
               $     11,573,398.09 

            	 	
              (3)

            
	
              T1-2A-IO-2

            	 	
               $     10,989,145.13 

            	 	
              (3)

            
	
              T1-3A-IO-2

            	 	
               $     10,436,497.57 

            	 	
              (3)

            
	
              T1-4A-IO-2

            	 	
               $       9,910,413.94 

            	 	
              (3)

            
	
              T1-5A-IO-2

            	 	
               $       9,410,843.47 

            	 	
              (3)

            
	
              T1-6A-IO-2

            	 	
               $       8,938,706.07 

            	 	
              (3)

            
	
              T1-7A-IO-2

            	 	
               $       8,493,962.45 

            	 	
              (3)

            
	
              T1-8A-IO-2

            	 	
               $       8,065,497.80 

            	 	
              (3)

            
	
              T1-9A-IO-2

            	 	
               $       7,658,784.53 

            	 	
              (3)

            
	
              T1-10A-IO-2

            	 	
               $       7,272,900.26 

            	 	
              (3)

            
	
              T1-11A-IO-2

            	 	
               $       6,906,392.99 

            	 	
              (3)

            
	
              T1-12A-IO-2

            	 	
               $       6,558,168.68 

            	 	
              (3)

            
	
              T1-13A-IO-2

            	 	
               $       6,227,013.16 

            	 	
              (3)

            
	
              T1-14A-IO-2

            	 	
               $       5,912,894.54 

            	 	
              (3)

            
	
              T1-15A-IO-2

            	 	
               $       5,615,280.55 

            	 	
              (3)

            
	
              T1-16A-IO-2

            	 	
               $       5,331,625.13 

            	 	
              (3)

            
	
              T1-17A-IO-2

            	 	
               $       5,062,408.16 

            	 	
              (3)

            
	
              T1-18A-IO-2

            	 	
               $       4,807,098.22 

            	 	
              (3)

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              T1-19A-IO-2

            	 	
               $       4,564,164.71 

            	 	
              (3)

            
	
              T1-20A-IO-2

            	 	
               $       4,333,583.11 

            	 	
              (3)

            
	
              T1-21A-IO-2

            	 	
               $       4,114,837.50 

            	 	
              (3)

            
	
              T1-22A-IO-2

            	 	
               $       3,907,402.91 

            	 	
              (3)

            
	
              T1-23A-IO-2

            	 	
               $       3,709,751.27 

            	 	
              (3)

            
	
              T1-24A-IO-2

            	 	
               $       3,521,869.44 

            	 	
              (3)

            
	
              T1-25A-IO-2

            	 	
               $       3,344,241.50 

            	 	
              (3)

            
	
              T1-26A-IO-2

            	 	
               $       4,028,566.32 

            	 	
              (3)

            
	
              T1-27A-IO-2

            	 	
               $       4,168,927.64 

            	 	
              (3)

            
	
              T1-28A-IO-2

            	 	
               $       3,874,291.46 

            	 	
              (3)

            
	
              T1-29A-IO-2

            	 	
               $       3,600,582.44 

            	 	
              (3)

            
	
              T1-30A-IO-2

            	 	
               $     46,805,045.38 

            	 	
              (3)

            
	
              T1-Pool-2

            	 	
              (4)

            	 	
              (3)

            
	
              R-1

            	 	
              (5)

            	 	
              (5)

            

    

    

    
      	 	
              (1)

            	
              The
                interest rate for this Lower Tier Interest for each Distribution
                Date (and
                the related Accrual Period) is a per annum rate equal to the weighted
                average of the Net Mortgage Rates of the Mortgage Loans in Pool 1
                as of
                the first day of the related Due Period for such Distribution Date
                minus,
                in the case of the T1-Pool-1 interest, the product of (i) 12, (ii)
                the
                amount paid from the Trust Fund during the related Accrual Period
                to the
                extent such amounts were paid for ordinary or routine expenses and
                were
                not taken into account in computing the Net Mortgage Rate of any
                Mortgage
                Loan and (iii) a fraction, the numerator of which is the aggregate
                principal balance, as of the beginning of the related Accrual Period,
                of
                the Mortgage Loans in Pool 1 and the denominator of which is the
                aggregate
                principal balance, as of the beginning of the related Accrual Period,
                of
                all the Mortgage Loans.

            

    

     

    
      	 	
              (2)

            	
              This
                interest shall have an initial principal balance equal to the excess
                of
                (a) the aggregate Principal Balance of each Mortgage Loan in Pool
                1 over
                (b) the sum of the initial principal balances of the interests in
                REMIC 1
                containing the letters “A-IO-1” in their class
                designations.

            

    

     

    
      	 	
              (3)

            	
              The
                interest rate for this Lower Tier Interest for each Distribution
                Date (and
                the related Accrual Period) is a per annum rate equal to the weighted
                average of the Net Mortgage Rates of the Mortgage Loans in Pool 2
                as of
                the first day of the related Due Period for such Distribution Date
                minus,
                in the case of the T1-Pool-2 interest, the product of (i) 12, (ii)
                the
                amount paid from the Trust Fund during the related Accrual Period
                to the
                extent such amounts were paid for ordinary or routine expenses and
                were
                not taken into account in computing the Net Mortgage Rate of any
                Mortgage
                Loan and (iii) a fraction, the numerator of which is the aggregate
                principal balance, as of the beginning of the related Accrual Period,
                of
                the Mortgage Loans in Pool 2 and the denominator of which is the
                aggregate
                principal balance, as of the beginning of the related Accrual Period,
                of
                all Mortgage Loans.

            

    

     

    
      	 	
              (4)

            	
              This
                interest shall have an initial principal balance equal to the excess
                of
                (a) the aggregate Principal Balance of each Mortgage Loan in Pool
                2 over
                (b) the sum of the initial principal balances of the interests in
                REMIC 1
                containing the letters “A-IO-2” in their class
                designations.

            

    

     

    
      	 	
              (5)

            	
              The
                R-1 Interest shall not have a principal amount and shall not bear
                interest. The R-1 Interest is hereby designated as the sole class
                of
                residual interest in REMIC 1.

            

    

     

    On
      each
      Distribution Date, the Trustee shall first pay or charge as an expense of
      REMIC 1 all expenses of the Trust for such Distribution Date.

     

    On
      each
      Distribution Date, interest distributable in respect of the Mortgage Loans
      for
      such Distribution Date shall be distributed to the Interests in REMIC 1 at
      the
      rates shown above.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    On
      each
      Distribution Date, all Realized Losses and all payments of principal in respect
      of the Mortgage Loans in Pool 1 shall be allocated to the Class T1-Pool-1
      Interest until the principal balance of such Interest is reduced to zero, and
      then to the Interests having the letters “A-IO-1” in their Class designation in
      descending order of their numerical designation until the principal balance
      of
      each such Interest is reduced to zero.

     

    On
      each
      Distribution Date, all Realized Losses and all payments of principal in respect
      of the Mortgage Loans in Pool 2 shall be allocated to the Class T1-Pool-2
      Interest until the principal balance of such Interest is reduced to zero, and
      then to the Interests having the letters “A-IO-2” in their Class designation in
      descending order of their numerical designation until the principal balance
      of
      each such Interest is reduced to zero.

     

    On
      each
      Distribution Date, all prepayment premiums or penalties or yield maintenance
      payments received with respect to Pool 1 during the related Prepayment Period
      (to the extent payable to the Class P Certificates) shall be distributed to
      the
      T1-Pool-1 Interest. On each Distribution Date, all prepayment premiums or
      penalties or yield maintenance payments received with respect to Pool 2 during
      the related Prepayment Period (to the extent payable to the Class P
      Certificates) shall be distributed to the T1-Pool-2 Interest. 

     

     

    REMIC
      2:

     

    The
      following table sets forth the designations, principal balances, and interest
      rates for each interest in REMIC 2, each of which (other than the R-2 Interest)
      is hereby designated as a regular interest in REMIC 2 (the “REMIC 2 Regular
      Interests”):

     

    
      	
              Class
                

              Designation

            	 	
              Initial
                Principal Balance

            	 	
              Interest
                Rate

            	 	
              Corresponding
                Class 

              of
                Certificates of 

              Component

            
	
              T2-1-A1

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (1)

            	 	
              1-A1

            
	
              T2-1-A2

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (1)

            	 	
              1-A2

            
	
              T2-1-A3

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (1)

            	 	
              1-A3

            
	
              T2-1-A4

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (1)

            	 	
              1-A4

            
	
              T2-1-A5

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (1)

            	 	
              1-A5

            
	
              T2-2-A1

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (3)

            	 	
              2-A1

            
	
              T2-2-A2

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (3)

            	 	
              2-A2

            
	
              T2-2-A3

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (3)

            	 	
              2-A3

            
	
              T2-2-A4

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (3)

            	 	
              2-A4

            
	
              T2-M-1
                

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (5)

            	 	
              M-1

            
	
              T2-M-2
                

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (5)

            	 	
              M-2

            
	
              T2-M-3
                

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (5)

            	 	
              M-3

            
	
              T2-M-4
                

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (5)

            	 	
              M-4

            
	
              T2-B-1
                

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (5)

            	 	
              B-1

            
	
              T2-B-2

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (5)

            	 	
              B-2

            
	
              T2-B-3

            	 	
              1⁄4
                Corresponding Class balance

            	 	
              (5)

            	 	
              B-3

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

      	
              Class
                

              Designation

            	 	
              Initial
                Principal Balance

            	 	
              Interest
                Rate

            	 	
              Corresponding
                Class 

              of
                Certificates of 

              Component

            

    

    
      	
              T4-Pool-1

            	 	
               $               74,765,348.11 

            	 	
              (1)

            	 	
              N/A

            
	
              T4-PSA-1

            	 	
               $                    376,190.78 

            	 	
              (1)

            	 	
              N/A

            
	
              T4-Pool-2

            	 	
               $             146,956,650.47 

            	 	
              (3)

            	 	
              N/A

            
	
              T4-PSA-2

            	 	
               $                    739,156.13 

            	 	
              (3)

            	 	
              N/A

            
	
              T2-Q

            	 	
               $             364,856,595.49
                

            	 	
              (5)

            	 	
              X

            
	
              T2-1A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-2A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-3A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-4A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-5A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-6A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-7A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-8A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-9A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-10A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-11A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-12A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-13A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-14A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-15A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-16A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-17A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-18A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-19A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-20A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-21A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-22A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-23A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-24A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-25A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-26A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-27A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-28A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-29A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-30A-IO-1

            	 	
              (2)

            	 	
              (2)

            	 	
              A-IO(1)

            
	
              T2-1A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-2A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-3A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-4A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-5A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-6A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-7A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-8A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              Class
                

              Designation

            	 	
              Initial
                Principal Balance

            	 	
              Interest
                Rate

            	 	
              Corresponding
                Class 

              of
                Certificates of 

              Component

            

    

    
      	
              T2-9A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-10A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-11A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-12A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-13A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-14A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-15A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-16A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-17A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-18A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-19A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-20A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-21A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-22A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-23A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-24A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-25A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-26A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-27A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-28A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-29A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              T2-30A-IO-2

            	 	
              (4)

            	 	
              (4)

            	 	
              A-IO(2)

            
	
              R-2

            	 	
              (6)

            	 	
              (6)

            	 	
              R

            

    

    

    
      	 	
              (1)

            	
              This
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC 2 Regular Interests is a
                per annum
                rate equal to the greater of (i) 0.00% and (ii) the weighted average
                of the interest rates on each REMIC 1 Interest having an “A-IO-1” in its
                designation and T1-Pool-1 Interest, computed after reducing the rate
                payable on each such REMIC 1 Interest having an “A-IO-1” in its Class
                designation by the Class A-IO(1) Component Interest Rate for such
                Distribution Date, for any Distribution Date on which interest is
                payable
                on its Corresponding REMIC 2 A-IO-1 Interest (as described in footnote
                (2)
                below).

            

    

     

    
      	 	
              (2)

            	
              Each
                of these REMIC 2 Interests is an interest-only Interest and does
                not have
                a principal balance. For each Distribution Date on the chart below,
                the
                REMIC 2 Interest corresponding to such Distribution Date shall be
                entitled
                to interest payable on the REMIC 1 Interest corresponding to such
                Distribution Date at a rate equal to the lesser of (i) the applicable
                “A-IO(1) Component Interest Rate” for such date set forth on Exhibit F
                hereto and (ii) the interest rate of the REMIC 1 Interest corresponding
                to
                such distribution date. Each such REMIC 2 Interest shall be entitled
                to
                payments only for the Distribution Date to which it corresponds on
                the
                chart below. 

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                Date occurring in

            	 	
              Corresponding
                

              REMIC
                2 Interest

            	 	
              Corresponding
                REMIC 1 Interest

            
	
              February
                2006

            	 	
              T2-1A-IO-1

            	 	
              T1-1A-IO-1

            
	
              March
                2006

            	 	
              T2-2A-IO-1

            	 	
              T1-2A-IO-1

            
	
              April
                2006

            	 	
              T2-3A-IO-1

            	 	
              T1-3A-IO-1

            
	
              May
                2006

            	 	
              T2-4A-IO-1

            	 	
              T1-4A-IO-1

            
	
              June
                2006

            	 	
              T2-5A-IO-1

            	 	
              T1-5A-IO-1

            
	
              July
                2006

            	 	
              T2-6A-IO-1

            	 	
              T1-6A-IO-1

            
	
              August
                2006

            	 	
              T2-7A-IO-1

            	 	
              T1-7A-IO-1

            
	
              September
                2006

            	 	
              T2-8A-IO-1

            	 	
              T1-8A-IO-1

            
	
              October
                2006

            	 	
              T2-9A-IO-1

            	 	
              T1-9A-IO-1

            
	
              November
                2006

            	 	
              T2-10A-IO-1

            	 	
              T1-10A-IO-1

            
	
              December
                2006

            	 	
              T2-11A-IO-1

            	 	
              T1-11A-IO-1

            
	
              January
                2007

            	 	
              T2-12A-IO-1

            	 	
              T1-12A-IO-1

            
	
              February
                2007

            	 	
              T2-13A-IO-1

            	 	
              T1-13A-IO-1

            
	
              March
                2007

            	 	
              T2-14A-IO-1

            	 	
              T1-14A-IO-1

            
	
              April
                2007

            	 	
              T2-15A-IO-1

            	 	
              T1-15A-IO-1

            
	
              May
                2007

            	 	
              T2-16A-IO-1

            	 	
              T1-16A-IO-1

            
	
              June
                2007

            	 	
              T2-17A-IO-1

            	 	
              T1-17A-IO-1

            
	
              July
                2007

            	 	
              T2-18A-IO-1

            	 	
              T1-18A-IO-1

            
	
              August
                2007

            	 	
              T2-19A-IO-1

            	 	
              T1-19A-IO-1

            
	
              September
                2007

            	 	
              T2-20A-IO-1

            	 	
              T1-20A-IO-1

            
	
              October
                2007

            	 	
              T2-21A-IO-1

            	 	
              T1-21A-IO-1

            
	
              November
                2007

            	 	
              T2-22A-IO-1

            	 	
              T1-22A-IO-1

            
	
              December
                2007

            	 	
              T2-23A-IO-1

            	 	
              T1-23A-IO-1

            
	
              January
                2008

            	 	
              T2-24A-IO-1

            	 	
              T1-24A-IO-1

            
	
              February
                2008

            	 	
              T2-25A-IO-1

            	 	
              T1-25A-IO-1

            
	
              March
                2008

            	 	
              T2-26A-IO-1

            	 	
              T1-26A-IO-1

            
	
              April
                2008

            	 	
              T2-27A-IO-1

            	 	
              T1-27A-IO-1

            
	
              May
                2008

            	 	
              T2-28A-IO-1

            	 	
              T1-28A-IO-1

            
	
              June
                2008

            	 	
              T2-29A-IO-1

            	 	
              T1-29A-IO-1

            
	
              July
                2008

            	 	
              T2-30A-IO-1

            	 	
              T1-30A-IO-1

            

    

     

    
      	 	
              (3)

            	
              This
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC 2 Regular Interests is a
                per annum
                rate equal to the greater of (i) 0.00% and (ii) the weighted average
                of the interest rates on each REMIC 1 Interest having an “A-IO-2” in its
                designation and T1-Pool-2 Interest, computed after reducing the rate
                payable on each such REMIC 1 Interest having an “A-IO-2” in its Class
                designation by the Class A-IO(2) Component Interest Rate for such
                Distribution Date, for any Distribution Date on which interest is
                payable
                on its Corresponding REMIC 2 A-IO-2 Interest (as described in footnote
                (4)
                below).

            

    

     

    
      	 	
              (4)

            	
              Each
                of these REMIC 2 Interests is an interest-only Interest and does
                not have
                a principal balance. For each Distribution Date on the chart below,
                the
                REMIC 2 Interest corresponding to such Distribution Date shall be
                entitled
                to interest payable on the REMIC 1 Interest corresponding to such
                Distribution Date at a rate equal to the lesser of (i) the applicable
                “A-IO(2) Component Interest Rate” for such date set forth on Exhibit F
                hereto and (ii) the interest rate of the REMIC 1 Interest corresponding
                to
                such distribution date. Each such REMIC 2 Interest shall be entitled
                to
                payments only for the Distribution Date to which it corresponds on
                the
                chart below. 

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                Date occurring in

            	 	
              Corresponding
                REMIC 2 

              Interest

            	 	
              Corresponding
                REMIC 1 

              Interest

            
	
              February
                2006

            	 	
              T2-1A-IO-2

            	 	
              T1-1A-IO-2

            
	
              March
                2006

            	 	
              T2-2A-IO-2

            	 	
              T1-2A-IO-2

            
	
              April
                2006

            	 	
              T2-3A-IO-2

            	 	
              T1-3A-IO-2

            
	
              May
                2006

            	 	
              T2-4A-IO-2

            	 	
              T1-4A-IO-2

            
	
              June
                2006

            	 	
              T2-5A-IO-2

            	 	
              T1-5A-IO-2

            
	
              July
                2006

            	 	
              T2-6A-IO-2

            	 	
              T1-6A-IO-2

            
	
              August
                2006

            	 	
              T2-7A-IO-2

            	 	
              T1-7A-IO-2

            
	
              September
                2006

            	 	
              T2-8A-IO-2

            	 	
              T1-8A-IO-2

            
	
              October
                2006

            	 	
              T2-9A-IO-2

            	 	
              T1-9A-IO-2

            
	
              November
                2006

            	 	
              T2-10A-IO-2

            	 	
              T1-10A-IO-2

            
	
              December
                2006

            	 	
              T2-11A-IO-2

            	 	
              T1-11A-IO-2

            
	
              January
                2007

            	 	
              T2-12A-IO-2

            	 	
              T1-12A-IO-2

            
	
              February
                2007

            	 	
              T2-13A-IO-2

            	 	
              T1-13A-IO-2

            
	
              March
                2007

            	 	
              T2-14A-IO-2

            	 	
              T1-14A-IO-2

            
	
              April
                2007

            	 	
              T2-15A-IO-2

            	 	
              T1-15A-IO-2

            
	
              May
                2007

            	 	
              T2-16A-IO-2

            	 	
              T1-16A-IO-2

            
	
              June
                2007

            	 	
              T2-17A-IO-2

            	 	
              T1-17A-IO-2

            
	
              July
                2007

            	 	
              T2-18A-IO-2

            	 	
              T1-18A-IO-2

            
	
              August
                2007

            	 	
              T2-19A-IO-2

            	 	
              T1-19A-IO-2

            
	
              September
                2007

            	 	
              T2-20A-IO-2

            	 	
              T1-20A-IO-2

            
	
              October
                2007

            	 	
              T2-21A-IO-2

            	 	
              T1-21A-IO-2

            
	
              November
                2007

            	 	
              T2-22A-IO-2

            	 	
              T1-22A-IO-2

            
	
              December
                2007

            	 	
              T2-23A-IO-2

            	 	
              T1-23A-IO-2

            
	
              January
                2008

            	 	
              T2-24A-IO-2

            	 	
              T1-24A-IO-2

            
	
              February
                2008

            	 	
              T2-25A-IO-2

            	 	
              T1-25A-IO-2

            
	
              March
                2008

            	 	
              T2-26A-IO-2

            	 	
              T1-26A-IO-2

            
	
              April
                2008

            	 	
              T2-27A-IO-2

            	 	
              T1-27A-IO-2

            
	
              May
                2008

            	 	
              T2-28A-IO-2

            	 	
              T1-28A-IO-2

            
	
              June
                2008

            	 	
              T2-29A-IO-2

            	 	
              T1-29A-IO-2

            
	
              July
                2008

            	 	
              T2-30A-IO-2

            	 	
              T1-30A-IO-2

            

    

     

    
      	 	
              (5)

            	
              This
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC 2 Regular Interests is a
                per annum
                rate equal to the greater of (i) 0.00% and (ii) the weighted average
                of the interest rates on the each REMIC 1 Interest having an “A-IO” in its
                designation, the T1-Pool-1 Interest and T1-Pool-2 Interest, computed
                after
                (a) reducing the rate payable on each such REMIC 1 Interest having
                an
                “A-IO-1” in its Class designation by the Class A-IO(1) Component Interest
                Rate for such Distribution Date and (b) reducing the rate payable
                on each
                such REMIC 1 Interest having an “A-IO-2” in its Class designation by the
                Class A-IO(2) Component Interest Rate for such Distribution Date,
                for each
                Distribution Date on which interest is payable on its Corresponding
                REMIC
                3 A-IO Interest (as described in footnote (2) or (4)
                above).

            

    

     

    
      	 	
              (6)

            	
              The
                R-2 Interest shall not have a principal amount and shall not bear
                interest. The R-2 interest is hereby designated as the sole class
                of
                residual interest in REMIC 2.

            

    

     

    On
      each
      Distribution Date, interest distributable in respect of the REMIC 1 Regular
      Interests shall be distributed with respect to each of the Interests in REMIC
      2
      based on the above-described interest rates, provided, however,
      that
      interest that accrues on the T2-Q Interest shall be deferred to the extent
      necessary to make the principal distributions described in priorities (i)
      through (xii) below for such Distribution Date. Any interest so deferred shall
      itself bear interest at the interest rate for the T2-Q Interest.

     

    On
      each
      Distribution Date, the principal distributed on the REMIC 1 Regular Interests
      (together with an amount equal to the interest deferred on the Class T2-Q
      Interest for such Distribution Date) shall be distributed, and Realized Losses
      shall be allocated, among the Interests in REMIC 2 in the following order of
      priority:

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (i)       first,
      to
      the
      T2-PSA-1 interest until its outstanding principal amount equals one percent
      of
      the Pool Subordinate Amount for Pool 1 immediately after such Distribution
      Date;

     

    (ii)       second,
      to
      the
      T2-PSA-2 interest until its outstanding principal amount equals one percent
      of
      the Pool Subordinate Amount for Pool 2 immediately after such Distribution
      Date;

     

    (iii)       third,
      to each remaining interest in REMIC 2 having a Corresponding Class in REMIC
      3
      (other than a REMIC 2 interest having an “A-IO” in its class designation) until
      the outstanding principal amount of each such interest equals one-quarter of
      the
      outstanding principal amount of the Corresponding Class of Certificates for
      such
      interest immediately after such Distribution Date;

     

    (iv)       fourth,
      to the T2-Pool-1 Interest until the aggregate principal balance of such
      interest, the T2-PSA-1 interest, the T2-1-A1 interest, the T2-1-A2 interest,
      the
      T2-1-A3 interest, the T2-1-A4 interest and the T2-1-A5 interest equals one
      half
      of the sum of the outstanding principal balances of the Pool 1 Mortgage Loans
      immediately after such Distribution Date;

     

    (v)       fifth,
      to the T2-Pool-2 Interest until the aggregate principal balance of such
      interest, the T2-PSA-2 interest, the T2-2-A1 interest, the T2-2-A2 interest,
      the
      T2-2-A3 interest and the T2-2-A4 interest equals one half of the sum of the
      outstanding principal balances of the Pool 2 Mortgage Loans immediately after
      such Distribution Date;

     

    (vi)       sixth,
      to the T2-M-1 Interest until its principal balance equals one-quarter of the
      Class Principal Balance of the Class M-1 Certificates immediately after such
      Distribution Date; 

     

    (vii)       seventh,
      to the T2-M-2 Interest until its principal balance equals one-quarter of the
      Class Principal Balance of the Class M-2 Certificates immediately after such
      Distribution Date; 

     

    (viii)      eighth,
      to the T2-M-3 Interest until its principal balance equals one-quarter of the
      Class Principal Balance of the Class M-3 Certificates immediately after such
      Distribution Date;

     

    (ix)       
      ninth, to the T2-M-4 Interest until its principal balance equals one-quarter
      of
      the Class Principal Balance of the Class M-4 Certificates immediately after
      such
      Distribution Date;

     

    (x)       
      tenth, to the T2-B-1 Interest until its principal balance equals one-quarter
      of
      the Class Principal Balance of the Class B-1 Certificates immediately after
      such
      Distribution Date;

     

    (xi)       eleventh,
      to the T2-B-2 Interest until its principal balance equals one-quarter of the
      Class Principal Balance of the Class B-2 Certificates immediately after such
      Distribution Date; 

     

    (xii)      twelfth,
      to the T2-B-3 Interest until its principal balance equals one-quarter of the
      Class Principal Balance of the Class B-3 Certificates immediately after such
      Distribution Date; and

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (xiii)     finally,
      to the Class T2-Q Interest, any remaining amounts.

     

    On
      each
      Distribution Date, all prepayment premiums or penalties or yield maintenance
      payments received during the related Prepayment Period (to
      the
      extent payable to the Class P Certificates) with
      respect to the Mortgage Loans shall be distributed to the T2-Q
      Interest.

     

    REMIC
      3:

     

    The
      following table sets forth the designations, principal balances, and interest
      rates for each interest in REMIC 3, each of which (other than the R-3 Interest)
      is hereby designated as a regular interest in REMIC 3 (the “REMIC 3 Regular
      Interests”):

     

    
      	
              REMIC
                Interests

            	 	
              Initial
                Balance

            	 	
              Interest
                Rate

            	 	
              Corresponding
                

              Class
                of 

              Certificates

            
	
              T3-A-IO

            	 	
              (1)

            	 	
              (1)

            	 	
              A-IO

            
	
              T3-1-A1

            	 	
               $    115,553,000.00 

            	 	
              (2)

            	 	
              1-A1

            
	
              T3-1-A2

            	 	
               $      45,648,000.00 

            	 	
              (2)

            	 	
              1-A2

            
	
              T3-1-A3

            	 	
               $      19,061,000.00 

            	 	
              (2)

            	 	
              1-A3

            
	
              T3-1-A4

            	 	
               $      22,533,000.00 

            	 	
              (2)

            	 	
              1-A4

            
	
              T3-1-A5

            	 	
               $      22,533,000.00 

            	 	
              (2)

            	 	
              1-A5

            
	
              T3-2-A1

            	 	
               $    170,950,000.00 

            	 	
              (2)

            	 	
              2-A1

            
	
              T3-2-A2

            	 	
               $      74,901,000.00 

            	 	
              (2)

            	 	
              2-A2

            
	
              T3-2-A3

            	 	
               $      97,101,000.00 

            	 	
              (2)

            	 	
              2-A3

            
	
              T3-2-A4

            	 	
               $    100,000,000.00 

            	 	
              (2)

            	 	
              2-A4

            
	
              T3-M-1
                

            	 	
               $      38,989,000.00 

            	 	
              (2)

            	 	
              M-1

            
	
              T3-M-2
                

            	 	
               $      11,307,000.00 

            	 	
              (2)

            	 	
              M-2

            
	
              T3-M-3
                

            	 	
               $      19,495,000.00 

            	 	
              (2)

            	 	
              M-3

            
	
              T3-M-4
                

            	 	
               $        8,968,000.00 

            	 	
              (2)

            	 	
              M-4

            
	
              T3-B-1
                

            	 	
               $        7,798,000.00 

            	 	
              (2)

            	 	
              B-1

            
	
              T3-B-2

            	 	
               $        5,459,000.00 

            	 	
              (2)

            	 	
              B-2

            
	
              T3-B-3

            	 	
               $        8,187,000.00 

            	 	
              (2)

            	 	
              B-3

            
	
              T3-X

            	 	
              (3)

            	 	
              (3)

            	 	
              X

            
	
              T3-P

            	 	
              $                  100.00

            	 	
              (4)

            	 	
              P

            
	
              R-3
                

            	 	
              (5)

            	 	
              (5)

            	 	
              R

            

    

    

    
      	
              (1)

            	
              The
                T3-A-IO Interest shall not have a principal balance, but shall be
                entitled
                to receive, on each Distribution Date, 100% of the interest distributable
                on each REMIC 2 Regular Interest with the term “A-IO” in its
                designation.

            

    

     

    
      	
              (2)

            	
              This
                Interest shall bear interest at the lesser of (i) the Interest Rate
                (determined without regard to the Pool 1, Pool 2, or Subordinate
                Available
                Funds Cap, as applicable) for the Corresponding Class of Certificates
                for
                such Interest and (ii) the weighted average of the interest rates
                of the
                T2-1-A1, T2-1-A2, T2-1-A3, T2-1-A4, Class T2-1-A5, T2-2-A1, T2-2-A2,
                T2-2-A3, T2-2-A4, T2-M-1, T2-M-2, T2-M-3, T2-M-4, T2-B-1, T2-B-2,
                T2-B-3
                and T2-Q Interest, weighted on the principal balances of such Interests
                (the “REMIC 2 Net WAC Rate”). 

            

    

     

    
      	
              (3)

            	
              The
                T3-X interest shall be comprised of a principal-only component and
                an
                interest-only component. The principal-only component shall have
                an
                initial principal balance of $11,331,590.97, but such amount shall
                not
                bear interest. The interest-only component shall have a notional
                balance
                equal to the aggregate Stated Principal Balance of the Mortgage Loans.
                The
                interest-only component shall bear interest at a rate equal to the
                excess,
                if any, of (i) the REMIC 2 Net WAC Rate over (ii) Adjusted Lower
                Tier WAC.
                For any Distribution Date, interest that accrues on the T3-X interest
                shall be deferred to the extent of any increase in the
                Overcollateralization Amount on such date. Such deferred interest
                shall
                not itself bear interest.

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	
              (4)

            	
              The
                T3-P interest will not be entitled to payments of interest, but will
                be
                entitled to receive all prepayment premiums or penalties or yield
                maintenance payments received in respect of the Mortgage
                Loans.

            

    

     

    
      	
              (5)

            	
              The
                R-3 Interest shall not have a principal amount and shall not bear
                interest. The R-3 interest is hereby designated as the sole class
                of
                residual interest in REMIC 3.

            

    

     

    On
      each
      Distribution Date, interest distributable in respect of the REMIC 2 Regular
      Interests for such Distribution Date shall be distributed to the Interests
      in
      REMIC 3 at the rates shown above.

     

    On
      each
      Distribution Date, each REMIC 3 Regular Interest shall be allocated Realized
      Losses and principal in amounts equal to those allocated to the Corresponding
      Class of Certificates for each such REMIC 3 Regular Interest.

     

    Certificates:

     

    The
      following table sets forth certain characteristics of the Certificates, together
      with minimum denominations and integral multiples in excess thereof in which
      such Classes shall be issuable (except that one Residual Certificate
      representing the Tax Matters Person Certificate may be issued in a different
      amount):

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      
        	
                Class
                  

                Designation

              	 	
                Initial
                  Class

                Principal

                Balance
                  or 

                Class
                  Notional 

                Balance

              	 	
                Interest

                Rate

                (per
                  annum)

              	 	
                Minimum

                Denomination

              	 	
                Integral

                Multiples

                in
                  Excess of

                Minimum

              
	
                Class
                  1-A1

              	 	
                $115,553,000.00

              	 	 	
                (1)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  1-A2

              	 	
                45,648,000.00

              	 	 	
                (2)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  1-A3

              	 	
                19,061,000.00

              	 	 	
                (3)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  1-A4

              	 	
                22,533,000.00

              	 	 	
                (4)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  1-A5

              	 	
                22,533,000.00

              	 	 	
                (5)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  2-A1

              	 	
                170,950,000.00

              	 	 	
                (6)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  2-A2

              	 	
                74,901,000.00

              	 	 	
                (7)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  2-A3

              	 	
                97,101,000.00

              	 	 	
                (8)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  2-A4

              	 	
                100,000,000.00

              	 	 	
                (9)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  A-IO

              	 	
                (10)

              	 	
                (11)

              	 	
                $3,000,000(12)

              	 	
                (12)

              
	
                Class
                  M-1

              	 	
                38,989,000.00

              	 	 	
                (13)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  M-2

              	 	
                11,307,000.00

              	 	 	
                (14)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  M-3

              	 	
                19,495,000.00

              	 	 	
                (15)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  M-4

              	 	
                8,968,000.00

              	 	 	
                (16)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  B-1

              	 	
                7,798,000.00

              	 	 	
                (17)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  B-2

              	 	
                5,459,000.00

              	 	 	
                (18)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  B-3

              	 	
                8,187,000.00

              	 	 	
                (19)

              	 	
                $  100,000    

              	 	
                $1

              
	
                Class
                  X

              	 	
                (20)

              	 	
                (20)

              	 	
                (21)

              	 	
                (21)

              
	
                Class
                  P

              	 	
                (22)

              	 	
                (23)

              	 	
                (23)

              	 	
                (23)

              
	
                Class
                  R

              	 	
                (24)

              	 	
                (24)

              	 	
                (25)

              	 	
                (25)

              

      

    

     

    
      	
              (1)

            	
              The
                lesser of (i) 5.614% and (ii) the Pool 1 Available Funds Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                specified
                in clause (i) will be 6.114%. For purposes of the REMIC Provisions,
                Class
                1-A1 shall represent beneficial ownership of the T3-1-A1 Interest
                in REMIC
                3. Any amount distributed on the Class 1-A1 Certificates on any
                Distribution Date in excess of the amount distributable on the T3-1-A1
                Interest on such Distribution Date shall be treated as having been
                paid
                from the Reserve Fund, and any amount distributable on the T3-1-A1
                Interest on such Distribution Date in excess of the amount distributable
                on Class 1-A1 on such Distribution Date shall be treated as having
                been
                paid to the Reserve Fund, all pursuant to and as further described
                in
                Section 2.6(d) hereof.

            

    

     

    
      	
              (2)

            	
              The
                lesser of (i) 5.483% and (ii) the Pool 1 Available Funds Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                specified
                in clause (i) will be 5.983%. For purposes of the REMIC Provisions,
                Class
                1-A2 shall represent beneficial ownership of the T3-1-A2 Interest
                in REMIC
                3. Any amount distributed on the Class 1-A2 Certificates on any
                Distribution Date in excess of the amount distributable on the T3-1-A2
                Interest on such Distribution Date shall be treated as having been
                paid
                from the Reserve Fund, and any amount distributable on the T3-1-A2
                Interest on such Distribution Date in excess of the amount distributable
                on Class 1-A2 on such Distribution Date shall be treated as having
                been
                paid to the Reserve Fund, all pursuant to and as further described
                in
                Section 2.6(d) hereof.

            

    

     

    
      	
              (3)

            	
              The
                lesser of (i) 5.865% and (ii) the Pool 1 Available Funds Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                specified
                in clause (i) will be 6.365%. For purposes of the REMIC Provisions,
                Class
                1-A3 shall represent beneficial ownership of the T3-1-A3 Interest
                in REMIC
                3. Any amount distributed on the Class 1-A3 Certificates on any
                Distribution Date in excess of the amount distributable on the T3-1-A3
                Interest on such Distribution Date shall be treated as having been
                paid
                from the Reserve Fund, and any amount distributable on the T3-1-A3
                Interest on such Distribution Date in excess of the amount distributable
                on Class 1-A3 on such Distribution Date shall be treated as having
                been
                paid to the Reserve Fund, all pursuant to and as further described
                in
                Section 2.6(d) hereof.

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	
              (4)

            	
              The
                lesser of (i) 6.087% and (ii) the Pool 1 Available Funds Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                specified
                in clause (i) will be 6.587%. For purposes of the REMIC Provisions,
                Class
                1-A4 shall represent beneficial ownership of the T3-1-A4 Interest
                in REMIC
                3. Any amount distributed on the Class 1-A4 Certificates on any
                Distribution Date in excess of the amount distributable on the T3-1-A4
                Interest on such Distribution Date shall be treated as having been
                paid
                from the Reserve Fund, and any amount distributable on the T3-1-A4
                Interest on such Distribution Date in excess of the amount distributable
                on Class 1-A4 on such Distribution Date shall be treated as having
                been
                paid to the Reserve Fund, all pursuant to and as further described
                in
                Section 2.6(d) hereof.

            

    

     

    
      	
              (5)

            	
              The
                lesser of (i) 5.704% and (ii) the Pool 1 Available Funds Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                specified
                in clause (i) will be 6.204%. For purposes of the REMIC Provisions,
                Class
                1-A5 shall represent beneficial ownership of the T3-1-A5 Interest
                in REMIC
                3. Any amount distributed on the Class 1-A5 Certificates on any
                Distribution Date in excess of the amount distributable on the T3-1-A5
                Interest on such Distribution Date shall be treated as having been
                paid
                from the Reserve Fund, and any amount distributable on the T3-1-A5
                Interest on such Distribution Date in excess of the amount distributable
                on Class 1-A5 on such Distribution Date shall be treated as having
                been
                paid to the Reserve Fund, all pursuant to and as further described
                in
                Section 2.6(d) hereof.

            

    

     

    
      	
              (6)

            	
              The
                lesser of (i) LIBOR plus 0.120% and (ii) the Pool 2 Available Funds
                Cap;
                provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) will be LIBOR plus 0.181%. For
                purposes
                of the REMIC Provisions, Class 2-A1 shall represent beneficial ownership
                of the T3-2-A1 Interest in REMIC 3. Any amount distributed on the
                Class
                2-A1 Certificates on any Distribution Date in excess of the amount
                distributable on the T3-2-A1 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T3-2-A1 Interest on such Distribution Date in
                excess
                of the amount distributable on Class 2-A1 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (7)

            	
              The
                lesser of (i) LIBOR plus 0.240% and (ii) the Pool 2 Available Funds
                Cap;
                provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) will be LIBOR plus 0.360%. For
                purposes
                of the REMIC Provisions, Class 2-A2 shall represent beneficial ownership
                of the T3-2-A2 Interest in REMIC 3. Any amount distributed on the
                Class
                2-A2 Certificates on any Distribution Date in excess of the amount
                distributable on the T3-2-A2 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T3-2-A2 Interest on such Distribution Date in
                excess
                of the amount distributable on Class 2-A2 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (8)

            	
              The
                lesser of (i) LIBOR plus 0.350% and (ii) the Pool 2 Available Funds
                Cap;
                provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) will be LIBOR plus 0.525%. For
                purposes
                of the REMIC Provisions, Class 2-A3 shall represent beneficial ownership
                of the T3-2-A3 Interest in REMIC 3. Any amount distributed on the
                Class
                2-A3 Certificates on any Distribution Date in excess of the amount
                distributable on the T3-2-A3 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T3-2-A3 Interest on such Distribution Date in
                excess
                of the amount distributable on Class 2-A3 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      	
              (9)

            	
              The
                lesser of (i) LIBOR plus 0.300% and (ii) the Pool 2 Available Funds
                Cap;
                provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) will be LIBOR plus 0.450%. For
                purposes
                of the REMIC Provisions, Class 2-A4 shall represent beneficial ownership
                of the T3-2-A4 Interest in REMIC 3. Any amount distributed on the
                Class
                2-A4 Certificates on any Distribution Date in excess of the amount
                distributable on the T3-2-A4 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T3-2-A4 Interest on such Distribution Date in
                excess
                of the amount distributable on Class 2-A4 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (10)

            	
              The
                Class A-IO Certificates shall accrue interest on their Class Notional
                Balance and shall not be entitled to receive any distributions of
                principal. For purposes of the REMIC Provisions, Class A-IO shall
                represent beneficial ownership of the T3-A-IO Interest in REMIC
                3.

            

    

     

    
      	
              (11)

            	
              Interest
                will accrue on each Component of the Class A-IO Certificates at its
                Component Interest Rate, as provided in this
                Agreement.

            

    

     

    
      	
              (12)

            	
              Minimum
                denomination is based on the Class Notional Balance of such
                Class.

            

    

     

    
      	
              (13)

            	
              The
                lesser of (i) LIBOR plus 0.450% and (ii) the Subordinate Available
                Funds
                Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) will be LIBOR plus 0.675%. For
                purposes
                of the REMIC Provisions, Class M-1 shall represent beneficial ownership
                of
                the T3-M-1 Interest in REMIC 3. Any amount distributed on the Class
                M-1
                Certificates on any Distribution Date in excess of the amount
                distributable on the T3-M-1 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T3-M-1 Interest on such Distribution Date in
                excess
                of the amount distributable on Class M-1 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (14)

            	
              The
                lesser of (i) LIBOR plus 0.490% and (ii) the Subordinate Available
                Funds
                Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) will be LIBOR plus 0.735%. For
                purposes
                of the REMIC Provisions, Class M-2 shall represent beneficial ownership
                of
                the T3-M-2 Interest in REMIC 3. Any amount distributed on the Class
                M-2
                Certificates on any Distribution Date in excess of the amount
                distributable on the T3-M-2 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T3-M-2 Interest on such Distribution Date in
                excess
                of the amount distributable on Class M-2 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (15)

            	
              The
                lesser of (i) LIBOR plus 0.650% and (ii) the Subordinate Available
                Funds
                Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) will be LIBOR plus 0.975%. For
                purposes
                of the REMIC Provisions, Class M-3 shall represent beneficial ownership
                of
                the T3-M-3 Interest in REMIC 3. Any amount distributed on the Class
                M-3
                Certificates on any Distribution Date in excess of the amount
                distributable on the T3-M-3 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T3-M-3 Interest on such Distribution Date in
                excess
                of the amount distributable on Class M-3 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    
      	
              (16)

            	
              The
                lesser of (i) LIBOR plus 0.850% and (ii) the Subordinate Available
                Funds
                Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) will be LIBOR plus 1.275%. For
                purposes
                of the REMIC Provisions, Class M-4 shall represent beneficial ownership
                of
                the T3-M-4 Interest in REMIC 3. Any amount distributed on the Class
                M-4
                Certificates on any Distribution Date in excess of the amount
                distributable on the T3-M-4 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T3-M-4 Interest on such Distribution Date in
                excess
                of the amount distributable on Class M-4 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (17)

            	
              The
                lesser of (i) LIBOR plus 1.550% and (ii) the Subordinate Available
                Funds
                Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) will be LIBOR plus 2.325%. For
                purposes
                of the REMIC Provisions, Class B-1 shall represent beneficial ownership
                of
                the T3-B-1 Interest in REMIC 3. Any amount distributed on the Class
                B-1
                Certificates on any Distribution Date in excess of the amount
                distributable on the T3-B-1 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T3-B-1 Interest on such Distribution Date in
                excess
                of the amount distributable on Class B-1 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (18)

            	
              The
                lesser of (i) LIBOR plus 2.350% and (ii) the Subordinate Available
                Funds
                Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) will be LIBOR plus 3.525%. For
                purposes
                of the REMIC Provisions, Class B-2 shall represent beneficial ownership
                of
                the T3-B-2 Interest in REMIC 3. Any amount distributed on the Class
                B-2
                Certificates on any Distribution Date in excess of the amount
                distributable on the T3-B-2 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T3-B-2 Interest on such Distribution Date in
                excess
                of the amount distributable on Class B-2 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (19)

            	
              The
                lesser of (i) LIBOR plus 3.500% and (ii) the Subordinate Available
                Funds
                Cap; provided,
                that if the Master Servicer does not exercise the option to purchase
                the
                Mortgage Loans and the related property pursuant to Section 10.02(a)
                on
                the Distribution Date on which it is first entitled to do so, then
                with
                respect to each subsequent Distribution Date, the per annum rate
                calculated pursuant to clause (i) will be LIBOR plus 5.250%. For
                purposes
                of the REMIC Provisions, Class B-3 shall represent beneficial ownership
                of
                the T3-B-3 Interest in REMIC 3. Any amount distributed on the Class
                B-3
                Certificates on any Distribution Date in excess of the amount
                distributable on the T3-B-3 Interest on such Distribution Date shall
                be
                treated as having been paid from the Reserve Fund, and any amount
                distributable on the T3-B-3 Interest on such Distribution Date in
                excess
                of the amount distributable on Class B-3 on such Distribution Date
                shall
                be treated as having been paid to the Reserve Fund, all pursuant
                to and as
                further described in Section 2.6(d)
                hereof.

            

    

     

    
      	
              (20)

            	
              The
                Class X Certificates will not have a principal balance and will not
                bear
                interest; the Class X Certificates shall be entitled solely to
                distributions made pursuant to Section 6.05(e)(ix) and (x) hereof.
                For
                purposes of the REMIC Provisions, Class X shall represent (i) beneficial
                ownership of the T3-X Interest in REMIC 3; (ii) beneficial ownership
                of
                the Reserve Fund; (iii) beneficial ownership of the Cap Agreement
                and (iv)
                an interest in the notional principal contracts described in Section
                2.06(d) hereof.

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	
              (21)

            	
              The
                Class X Certificates shall be issued in minimum denominations in
                Percentage Interest of 10%.

            

    

     

    
      	
              (22)

            	
              The
                Class P Certificates shall have an initial Class P Principal Amount
                of
                $100.

            

    

     

    
      	
              (23)

            	
              The
                Class P Certificates shall be issued without an Interest Rate, and
                shall
                be issued in minimum denominations in Percentage Interest of 10%.
                For
                purposes of the REMIC Provisions, the Class P Certificates shall
                represent
                beneficial ownership of the T3-P Interest in REMIC
                3.

            

    

     

    
      	
              (24)

            	
              The
                Class R Certificates will not have a principal balance and will not
                bear
                interest.

            

    

     

    
      	
              (25)

            	
              The
                Class R Certificates shall be issued as two separate certificates,
                one
                having a Percentage Interest of 99.99999% and the Tax Matters Person
                Certificate having a Percentage Interest of 0.00001%. For purposes
                of the
                REMIC Provisions, the Class R Certificates shall represent beneficial
                ownership of the R-1, R-2 and R-3
                Interests.

            

    

     

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01. Certain Defined Terms.

     

    As
      used
      herein, the following terms shall have the following meanings:

     

    10-K
      Filing Deadline:
      As
      defined in Section 4.31(c) hereof.

     

    60-Day
      Delinquency Rate:
      With
      respect to any Due Period, the fraction, expressed as a percentage, (a) the
      numerator of which is the aggregate outstanding principal balance of all
      Mortgage Loans 60 days or more delinquent, all Mortgage Loans in foreclosure,
      and all Mortgage Loans relating to REO Property as of the close of business
      on
      the last day of such Due Period and (b) the denominator of which is the
      Aggregate Pool Balance on the last day of such Due Period.

     

    2003-G
      Re-sold Mortgage Loan:
      Any
      Mortgage Loan assigned by the 2003-G Revolving Trust to BFPT II and subsequently
      assigned by BFPT II to the Depositor pursuant to the BFPT II Assignment
      Agreement and identified on Schedule II-A hereto.

     

    2003-G
      Revolving Assignment Agreement:
      The
      Assignment and Relinquishment of Security Interest Agreement dated as of January
      1, 2006, by and among the 2003-G Revolving Trust, BFPT II and the Indenture
      Trustee, as such may be amended or supplemented from time to time.

     

    2003-G
      Revolving Purchase Agreement:
      The
      Mortgage Loan Purchase Agreement dated as of December 1, 2003, by and between
      the Seller and BFPT II, providing for the transfer of certain mortgage loans
      (including the 2003-G Re-sold Mortgage Loans) to BFPT II.

     

    2003-G
      Revolving Trust:
      Bayview
      Financial Revolving Asset Trust 2003-G.

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    2005-A
      Re-sold Mortgage Loan:
      Any
      Mortgage Loan assigned by the 2005-A Revolving Trust to BFPT II and subsequently
      assigned by BFPT II to the Depositor pursuant to the BFPT II Assignment
      Agreement and identified on Schedule II-B hereto.

     

    2005-A
      Revolving Assignment Agreement:
      The
      Assignment and Relinquishment of Security Interest Agreement dated as of January
      1, 2006, by and among the 2005-A Revolving Trust, BFPT II and the Indenture
      Trustee, as such may be amended or supplemented from time to time.

     

    2005-A
      Revolving Purchase Agreement:
      The
      Mortgage Loan Purchase Agreement dated as of February 1, 2005, by and between
      the Seller and BFPT II, providing for the transfer of certain mortgage loans
      (including the 2005-A Re-sold Mortgage Loans) to BFPT II.

     

    2005-A
      Revolving Trust:
      Bayview
      Financial Revolving Asset Trust 2005-A.

     

    2005-E
      Re-sold Mortgage Loan:
      Any
      Mortgage Loan assigned by the 2005-E Revolving Trust to BFPT II and subsequently
      assigned by BFPT II to the Depositor pursuant to the BFPT II Assignment
      Agreement and identified on Schedule II-B hereto.

     

    2005-E
      Revolving Assignment Agreement:
      The
      Assignment and Relinquishment of Security Interest Agreement dated as of January
      1, 2006, by and among the 2005-E Revolving Trust, BFPT II and the Indenture
      Trustee, as such may be amended or supplemented from time to time.

     

    2005-E
      Revolving Purchase Agreement:
      The
      Mortgage Loan Purchase Agreement dated as of November 1, 2005, by and between
      the Seller and BFPT II, providing for the transfer of certain mortgage loans
      (including the 2005-E Re-sold Mortgage Loans) to BFPT II.

     

    2005-E
      Revolving Trust:
      Bayview
      Financial Revolving Asset Trust 2005-E.

     

    Accepted
      Master Servicing Practices:
      With
      respect to any Mortgage Loan, 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 a
      Servicer).

     

    Accrual
      Period:
      With
      respect to any Distribution Date and (i) the Group 1 Certificates, the calendar
      month immediately preceding such Distribution Date and (ii) the Class A-IO
      Certificates (and each Component thereof) and the LIBOR Certificates, the period
      commencing on the immediately preceding Distribution Date (or the Closing Date
      in the case of the first Accrual Period) and ending on the day immediately
      preceding the current Distribution Date. All calculations of interest on each
      Component of the Class A-IO Certificates and the Group 1 Certificates shall
      be
      made on the basis of a 360-day year assumed to consist of twelve 30-day months,
      and all calculations of interest on the LIBOR Certificates will be made on
      the
      basis of the actual number of days elapsed in the related Accrual Period and
      a
      year of 360 days. 

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    Additional
      Collateral:
      With
      respect to any Additional Collateral Mortgage Loan, the marketable securities
      and other acceptable collateral pledged as collateral pursuant to the related
      pledge agreements.

     

    Additional
      Collateral Mortgage Loan:
      Each
      Mortgage Loan identified as such on the Mortgage Loan Schedule.

     

    Additional
      Disclosure Notification:
      As
      defined in Section 4.31(a) hereof.

     

    Additional
      Form 10-D Disclosure:
      As
      defined in Section 4.31(b) hereof.

     

    Additional
      Form 10-K Disclosure:
      As
      defined in Section 4.31(c) hereof.

     

    Additional
      Servicer:
      Each
      affiliate of each Servicer that Services any of the Mortgage Loans and each
      Person that is not an affiliate of each such Servicer that Services 10% or
      more
      of the Mortgage Loans. 

     

    Adjustable
      Rate Mortgage Loan:
      A
      Mortgage Loan that provides for the adjustment of the Mortgage Rate payable
      in
      respect thereto, identified as such on the Mortgage Loan Schedule.

     

    Adjusted
      Lower Tier WAC:
      For any
      Accrual Period, the product of (a) four and (b) the weighted average of the
      interest rates on the T2-Q, T2-Pool-1, T2-PSA-1, T2-Pool-2, T2-PSA-2, T2-1-A1,
      T2-1-A2, T2-1-A3, T2-1-A4, T2-1-A5, T2-2-A1, T2-2-A2, T2-2-A3, T2-2-A4, T2-M-1,
      T2-M-2, T2-M-3, T2-M-4, T2-B-1, T2-B-2 and T2-B-3 Interests determined for
      this
      purpose by first subjecting the rate payable on the T2-Pool-1, T2-PSA-1,
      T2-Pool-2, T2-PSA-2 and T2-Q Interests to a cap of zero, and subjecting the
      rate
      payable on each of the T2-1-A1, T2-1-A2, T2-1-A3, T2-1-A4, T2-1-A5, T2-2-A1,
      T2-2-A2, T2-2-A3, T2-2-A4, T2-M-1, T2-M-2, T2-M-3, T2-M-4, T2-B-1, T2-B-2 and
      T2-B-3 Interests to a cap that corresponds to the Interest Rate for the
      Corresponding Class of Certificates; provided that, the Interest Rate of each
      such Class shall be determined by substituting the REMIC 2 Net WAC Rate for
      the
      Pool 1 Available Funds Cap, Pool 2 Available Funds Cap or the Subordinate
      Available Funds Cap, as applicable.

     

    Advances:
      Each of
      a Delinquency Advance and a Servicing Advance, as applicable.

     

    Adverse
      Claim:
      Any
      claim of ownership or any lien, security interest, title retention, trust or
      other charge or encumbrance, or other type of preferential arrangement having
      the effect or purpose of creating a lien or security interest, other than any
      security interest created under this Agreement.

     

    Adverse
      REMIC Event:
      Either
      (i) loss of status as a REMIC, within the meaning of Section 860D of the Code,
      for any group of assets identified as a REMIC in the Preliminary Statement
      to
      this Agreement, or (ii) imposition of any tax, including the tax imposed under
      Section 860F(a)(1) on prohibited transactions, and the tax imposed under Section
      860G(d) on certain contributions to a REMIC, on any REMIC created hereunder
      to
      the extent such tax would be payable from assets held as part of the Trust
      Fund.

     

    AFC
      Shortfall:
      As
      defined in Section 2.06(d) hereof.

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    Affiliate:
      With
      respect to any Person, any other Person directly or indirectly controlling,
      controlled by, or under direct or indirect 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
      Pool Balance:
      With
      respect to any Distribution Date, the aggregate Principal Balance of the Pool
      1
      Mortgage Loans and the Pool 2 Mortgage Loans for such date.

     

    Agreement:
      This
      Pooling and Servicing Agreement, as amended from time to time, including all
      exhibits and schedules hereto.

     

    Anniversary
      Year:
      The
      one-year period beginning on the Closing Date and ending on the first
      anniversary thereof, and each subsequent one-year period beginning on the day
      after the end of the preceding Anniversary Year and ending on next succeeding
      anniversary of the Closing Date.

     

    Applied
      Loss Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the aggregate
      principal balance of
      the
      Group 1 Certificates and the LIBOR Certificates, after
      giving
      effect to distributions on such date, but before giving effect to any
      application of the Applied Loss Amount, exceeds (y) the Aggregate Pool
      Balance for such date.

     

    Assignment:
      With
      respect to each Mortgage Loan, an assignment of the Mortgage, notice of transfer
      or equivalent instrument sufficient under the laws of the jurisdiction wherein
      the related Mortgaged Property is located to reflect of record the transfer
      of
      the Mortgage.

     

    Assignment
      Agreement:
      Each of
      the 2003-G Revolving Assignment Agreement, the 2005-A Revolving Assignment
      Agreement and the 2005-E Revolving Assignment Agreement.

     

    Authorized
      Officer:
      With
      respect to any corporation or limited liability company, the Chairman of the
      Board, the President, any Vice President, the Secretary, the Treasurer, any
      Assistant Secretary, any Assistant Treasurer and each other officer of such
      corporation or the members and manager of such limited liability company
      specifically authorized in resolutions of the Board of Directors of such
      corporation or limited liability company to sign agreements, instruments or
      other documents in connection with this Agreement on behalf of such corporation
      or limited liability company, as the case may be. With respect to any trust,
      any
      Authorized Officer of the corporate trustee or any individual
      co-trustee.

     

    Available
      Excess Interest:
      Not
      applicable.

     

    Balloon
      Loan:
      A
      Mortgage Loan with a Monthly Payment that does not fully amortize the principal
      amount of such Mortgage Loan over its term to stated maturity and that requires
      a substantial principal payment at maturity.

     

    Balloon
      Payment:
      With
      respect to any Balloon Loan, a payment of the unamortized principal balance
      of
      such Mortgage Loan in a single payment at the maturity of such Mortgage Loan
      that is greater than the preceding Monthly Payment.

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    Basic
      Documents:
      This
      Agreement, the Purchase Agreement, the Servicing Agreements, the Assignment
      Agreements, the BFPT II Assignment Agreement, the Diligence Agreement, and
      any
      other agreements relating to the servicing of the Mortgage Loans, the Cap
      Agreement and any amendment or supplement to any such document.

     

    Basis
      Risk Payment:
      With
      respect to any Distribution Date and the Group 1 Certificates and any Class
      of
      LIBOR Certificates, an amount equal to the sum of (i) any Basis Risk Shortfall,
      (ii) any Unpaid Basis Risk Shortfall, and (iii) any amount required to be
      deposited into the Reserve Fund in order to satisfy the Reserve Fund Requirement
      for such Distribution Date, less any amounts received by the Trust Fund pursuant
      to the Cap Agreement or received as proceeds from the sale of any Excess Cap
      Amount; provided,
      however,
      that the
      amount of the Basis Risk Payment for any Distribution Date shall not exceed
      the
      amount of Excess Cashflow otherwise distributable to the Class X Certificates
      pursuant to Section 6.05(e)(ix).

     

    Basis
      Risk Shortfall:
      With
      respect to any Distribution Date and any Class of Group 1 Certificates and
      LIBOR
      Certificates, the amount, if any, by which (i) the amount of interest for such
      Class calculated on the basis of the applicable Interest Rate but without regard
      to the Pool 1 Available Funds Cap, the Pool 2 Available Funds Cap or the
      Subordinate Available Funds Cap, as applicable, exceeds (ii) the aggregate
      amount of interest distributable on such Class on such date, calculated on
      the
      basis of the Pool 1 Available Funds Cap, the Pool 2 Available Funds Cap or
      the
      Subordinate Available Funds Cap, as applicable.

     

    BFPT
      II:
      Bayview
      Financial Property Trust II, a Delaware statutory trust.

     

    BFPT
      II Assignment Agreement:
      The
      assignment agreement dated as of January 1, 2006, between BFPT II and the
      Depositor, as such may be amended or supplemented from time to
      time.

     

    BLS:
      Bayview
      Loan Servicing, LLC, a Delaware limited liability company, or any successor
      thereto.

     

    Book-Entry
      Certificate:
      Any
      Certificate registered in the name of the Depository or its
      nominee.

     

    Business
      Day:
      Any day
      other than a Saturday or a Sunday, or another day on which banks in the State
      of
      Maryland, the State of Minnesota, the State of Massachusetts or the State of
      New
      York (or such other states in which the Corporate Trust Office or the principal
      offices of the Master Servicer or any Servicer are subsequently located, as
      specified in writing by such party to the other parties hereto) are required,
      or
      authorized by law, to close.

     

    Cap
      Agreement:
      The
      interest rate cap agreement entered into by the Trustee on behalf of
      Certificateholders, which agreement provides for payment by the Cap Provider
      to
      the Trust Fund subject to the conditions provided therein, together with any
      schedules or other agreements relating thereto, attached hereto as part of
      Exhibit G (as such may be modified or replaced in connection with the sale
      of
      any Excess Cap Amount).

     

    Cap
      Provider:
      The
      counterparty (or any guarantor) to the Trustee required to make payments to
      the
      Trust Fund under the Cap Agreement.

    
      
        
        

      

      
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    Carryforward
      Interest:
      With
      respect to any Distribution Date and to each Class of Certificates (other than
      the Class A-IO, Class P and Class X Certificates and the Residual Certificates)
      and any Component of the Class A-IO Certificates, the amount, if any, by which
      (i) the sum of (x) Current Interest for such Class or Component for the
      immediately preceding Distribution Date and (y) any unpaid Carryforward
      Interest for
      such
      Class or Component from previous Distribution Dates exceeds (ii) the amount
      distributed in respect of interest on such Class or Component on such
      immediately preceding Distribution Date. Carryforward
      Interest with respect to the Class A-IO Certificates and any Distribution Date
      will equal the aggregate Carryforward Interest on the Components of the Class
      A-IO Certificates for such date.

     

    CERCLA:
      The
      Comprehensive Environmental Response, Compensation and Liability Act of
      1980.

     

    Certificate:
      Any of
      the Certificates issued pursuant to this Agreement, substantially in the forms
      attached hereto as Exhibit A.

     

    Certificate
      Distribution Account:
      The
      separate Eligible Account established and maintained by the Trustee pursuant
      to
      Section 6.02(a).

     

    Certificate
      Group:
      Each of
      the Group 1 Certificates and the Group 2 Certificates.

     

    Certificate
      Owner
      or
Owner:
      With
      respect to a Book-Entry Certificate, the Person who is the beneficial owner
      of
      such Certificate as reflected on the books and records of the Depository or
      on
      the books of a Direct Participant or on the books of an Indirect Participant
      for
      which a Direct Participant acts as agent.

     

    Certificate
      Register:
      The
      register maintained pursuant to Section 5.02 hereof.

     

    Certificate
      Registrar:
      The
      registrar specified in Section 5.02 hereof.

     

    Certificateholder
      or
Holder.
      The
      person in whose name a Certificate is registered in the Certificate
      Register.

     

    Civil
      Relief Act:
      The
      Servicemembers Civil Relief Act, as such may be amended from time to time,
      and
      similar state and local laws and regulations.

     

    Civil
      Relief Act Reduction:
      With
      respect to any Mortgage Loan as to which there has been a reduction in the
      amount of interest collectible thereon as a result of application of the Civil
      Relief Act, any amount by which interest collectible on such Mortgage Loan
      for
      the Due Date in the related Due Period is less than interest accrued thereon
      for
      the applicable one-month period at the Mortgage Rate without giving effect
      to
      such reduction.

     

    Class:
      Any
      Certificates having the same class designation.

     

    Class
      1-A5 Priority Amount:
      With
      respect to any Distribution Date, the product of (a) the applicable Class 1-A5
      Lockout Percentage, (b) a fraction, the numerator of which is equal to the
      Class
      Principal Balance of the Class 1-A5 Certificates immediately prior to such
      Distribution Date and the denominator of which is equal to the sum of the Class
      Principal Balances of the Group 1 Certificates immediately prior to such
      Distribution Date and (c) any amounts to be distributed to the Group 1
      Certificates on such Distribution Date pursuant to Sections 6.05(d)(i)(A)(1)(b),
      6.05(d)(i)(B)(2), 6.05(d)(ii)(A), 6.05(e)(i)and/or 6.05(e)(ii) for such date.
      

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    Class
      1-A5 Lockout Percentage:
      With
      respect to any Distribution
      Date, the applicable percentage specified below with respect to such
      Distribution Date:

     

    
      	
              Distribution
                Date

            	 	
              Class
                1-A5

              Lockout
                Percentage

            
	 	 	 
	
              February
                2006 through January 2009

            	 	
                  0%

            
	 	 	 
	
              February
                2009 through January 2011

            	 	
               
                45%

            
	 	 	 
	
              February
                2011 through January 2012

            	 	
               
                80%

            
	 	 	 
	
              February
                2012 through January 2013

            	 	
              100%

            
	 	 	 
	
              February
                2013 and thereafter

            	 	
              300%

            

    

     

    Class
      A-IO Termination Amount:
      With
      respect to the Class A-IO Certificates and the date of termination of the Trust
      Fund pursuant to Section 10.02(a) or (b), an amount equal to the sum of (i)
      Current Interest thereon for such Distribution Date, (ii) the present value
      of
      the remaining scheduled distributions on the Class A-IO Certificates, calculated
      on the basis of a discount rate equal to 5.50% per annum and (iii) any
      previously unpaid accrued interest.

     

    Class
      Notional Balance:
      With
      respect to each Distribution Date, the related Accrual Period and the Class
      A-IO
      Certificates, the sum of the Component Notional Balances of the A-IO(1)
      Component and the A-IO(2) Component for such date.

     

    Class
      P Distribution Amount:
      With
      respect to each Distribution Date, all prepayment premiums or penalties or
      yield
      maintenance payments received by the Servicers with respect to the Mortgage
      Loans so identified on the Mortgage Loan Schedule and remitted to the Master
      Servicer as provided in the applicable Servicing Agreement during the related
      Prepayment Period in connection with any Prepayments in Full or partial
      Principal Prepayments.

     

    Class
      P Principal Amount:
      As of
      the Closing Date, $100.00.

     

    Class
      Principal Balance:
      With
      respect to any Class of Certificates other than the Class P Certificates
      entitled to distributions in respect of principal and any date, the initial
      aggregate principal balance of the Certificates of such Class less the sum
      of
      (i) all amounts previously distributed to Holders of the Certificates of such
      Class with respect to principal pursuant to Section 6.05 hereof and (ii) in
      the
      case of the Subordinate Certificates, all Applied Loss Amounts previously
      allocated to such Class pursuant to Section 6.07; provided,
      however,
      that on
      any Distribution Date on which a Subsequent Recovery is distributed, the Class
      Principal Balance of any Class of Subordinate Certificates then outstanding
      to
      which an Applied Loss Amount has been applied will be increased, in order of
      seniority, by an amount equal to the lesser of (i) any Deferred Principal Amount
      for each such Class immediately prior to such Distribution Date and (ii) the
      total amount of any Subsequent Recovery distributed on such date to
      Certificateholders, after application (for this purpose) to more senior Classes
      of Subordinate Certificates.

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    Class
      X Distributable Amount:
      On any
      Distribution Date, the amount of interest that has accrued on the Class X
      Notional Balance, as described in the Preliminary Statement to this Agreement,
      but that has not been distributed prior to such date. In addition, such amount
      shall include the initial Overcollateralization Amount of $11,331,690.97 (less
      $100 of such amount allocated to the Class P Certificates) to the extent such
      amount has not been distributed on an earlier Distribution Date as part of
      the
      Overcollateralization Release Amount.

     

    Class
      X Excess Cap Amount:
      As
      defined in Section 6.12(b).

     

    Closing
      Date:
      February 8, 2006.

     

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

     

    Collection
      Account:
      The
      separate Eligible Account established and maintained by the Master Servicer,
      on
      behalf of the Trustee, pursuant to Section 4.07.

     

    Combined
      Loan-to-Value Ratio:
      With
      respect to any Junior Mortgage Loan, the fraction, expressed as a percentage,
      the numerator of which is equal to the Principal Balance of such Mortgage Loan
      as of the Cut-off Date, plus
      the
      aggregate outstanding principal balance of the mortgage loan senior thereto,
      and
      the denominator of which is equal to the value of the related Mortgaged Property
      on the basis of (i) the lesser of the appraised value at origination or the
      sales price of such Mortgaged Property or (ii) a broker price opinion prepared
      after origination.

     

    Commission:
      The
      United States Securities and Exchange Commission.

     

    Compensating
      Interest:
      With
      respect to any Distribution Date, an amount equal to the lesser of (i) the
      aggregate of the Master Servicing Fees payable to the Master Servicer with
      respect to all Mortgage Loans for such Distribution Date and (ii) the aggregate
      of prepayment interest shortfalls with respect to Prepayments in Full on any
      Non-Servicer Obligated Mortgage Loans for such Distribution Date.

     

    Component:
      Each of
      the A-IO(1) Component and the A-IO(2) Component of the Class A-IO
      Certificates.

     

    Component
      Available Funds Cap:
      With
      respect to each Distribution Date and the A-IO(1) Component, a per annum rate
      equal to (a)
      a
      fraction, expressed as a percentage, the numerator of which is the product
      of
      (x) the Optimal Interest Remittance Amount for such date and (y) 12, and the
      denominator of which is the A-IO(1) Component Notional Balance for such
      date.

     

    Component
      Interest Rate:
      With
      respect to the A-IO(1) Component and (a) any Distribution Date up to and
      including the Distribution Date in July 2008, the lesser of (i) the applicable
      “A-IO(1) Rate” for such Component set forth on Exhibit F hereto and (ii) the
      Component Available Funds Cap for such date and (b) any Distribution Date
      thereafter, zero. With respect to the A-IO(2) Component and (a) any Distribution
      Date up to and including the Distribution Date in July 2008, the lesser of
      (i)
      the applicable “A-IO(2) Rate” for such Component set forth on Exhibit F hereto
      and (ii) the Pool 2 Net WAC of the Mortgage Loans in Pool 2 for such date and
      (b) any Distribution Date thereafter, zero. 

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    Component
      Notional Balance:
      With
      respect to any Distribution Date and each of the A-IO(1) Component and the
      A-IO(2) Component, the applicable notional balance for such Component set forth
      on Exhibit F hereto. 

     

    Control:
      The
      meaning specified in Section 8-106 of the New York UCC.

     

    Convertible
      Mortgage Loan:
      Any
      Adjustable Rate Mortgage Loan listed, together with the applicable purchase
      price percentage, on Schedule I-D hereto, which by its terms grants to the
      related Mortgagor the option to convert the interest rate borne by such Mortgage
      Loan from an adjustable interest rate to a fixed interest rate.

     

    Cooperative
      Corporation:
      The
      entity that holds title (fee or an acceptable leasehold estate) to the real
      property and improvements constituting the Cooperative Property and which
      governs the Cooperative Property, which Cooperative Corporation must qualify
      as
      a Cooperative Housing Corporation under Section 216 of the Code.

     

    Cooperative
      Loan:
      Any
      Mortgage Loan secured by Cooperative Shares and a Proprietary
      Lease.

     

    Cooperative
      Property:
      The
      real property and improvements owned by the Cooperative Corporation, that
      includes the allocation of individual dwelling units to the holders of the
      shares of the Cooperative Corporation.

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

    Corporate
      Trust Office:
      The
      office of the Trustee performing the corporate trust services to be performed
      under the Basic Documents, which shall initially be located at One Federal
      Street, EX-MA-FED, Boston, Massachusetts 02110, and at any time thereafter
      shall
      be the office designated by the Trustee to the other parties hereto in
      writing.

     

    Corresponding
      Class:
      The
      Class of Certificates that corresponds to a class of interests in REMIC 2 or
      REMIC 3, as applicable.

     

    Corresponding
      REMIC 2 A-IO:
      With
      respect to each Lower Tier Interest in REMIC 3 having an “A-IO-1” in its
Class
      designation, the Class of Lower Tier Interest in REMIC 2 having an “A-IO-1” in
      its Class designation that has the same numeric designation. With respect to
      each Lower Tier Interest in REMIC 3 having an “A-IO-2” in its Class designation,
      the Class of Lower Tier Interest in REMIC 2 having an “A-IO-2” in its Class
      designation that has the same numeric designation.

     

    Cross-Collateralized
      Mortgage Loan:
      Any
      Mortgage Loan identified on the Mortgage Loan Schedule as cross-collateralized
      and cross-defaulted with one or more other Mortgage Loans.

     

    Cumulative
      Loss Trigger Event:
      A
      Cumulative Loss Trigger Event will have occurred with respect to any
      Distribution Date if the fraction, expressed as a percentage, obtained by
      dividing (i) the aggregate amount of cumulative Realized Losses incurred on
      the
      Mortgage Loans from the Cut-off Date through the last day of the related Due
      Period by (ii) the Cut-off Date Aggregate Pool Balance, exceeds the applicable
      percentages set forth below with respect to such Distribution Date:

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                Date

            	 	
              Loss
                Percentage

            
	
              February
                2009 through January 2010

            	 	
              1.70%
                for the first month plus
                an
                additional 1/12 of 1.05% for each month thereafter

            
	 	 	 
	
              February
                2010 through January 2011

            	 	
              2.75%
                for the first month plus
                an
                additional 1/12 of 0.36% for each month thereafter

            
	 	 	 
	
              February
                2011 through January 2012

            	 	
              3.11%
                for the first month plus
                an
                additional 1/12 of 0.14% for each month thereafter

            
	 	 	 
	
              February
                2012 and thereafter

            	 	
              3.25%

            

    

     

    Cumulative
      Realized Loss Percentage:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      the
      numerator of which is the aggregate Realized Losses on the Mortgage Loans as
      of
      such Distribution Date and the denominator of which is the Cut-off Date
      Aggregate Pool Balance.

     

    Current
      Interest:
      With
      respect to each Class of Certificates (other than the Residual Certificates
      and
      the Class A-IO, Class X and Class P Certificates) and any Component of the
      Class
      A-IO Certificates and any Distribution Date, the aggregate amount of interest
      accrued during the applicable Accrual Period at the applicable Interest Rate
      on
      the Class Principal Balance or Class Notional Balance of such Class or the
      Component Notional Balance of such Component, as applicable, immediately prior
      to such Distribution Date. Current Interest with respect to the Class A-IO
      Certificates and any Distribution Date will equal the aggregate Current Interest
      on the Components of such Class for such Distribution Date.

     

    Custodial
      Account:
      The
      custodial account maintained by a Servicer pursuant to a Servicing
      Agreement.

     

    Cut-off
      Date:
      January
      1, 2006.

     

    Cut-off
      Date Aggregate Pool Balance:
      $779,814,690.97.

     

    Debt:
      For any
      Person, (a) indebtedness of such Person for borrowed money, (b) obligations
      of
      such Person evidenced by bonds, debentures, notes or other similar instruments,
      (c) obligations of such Person to pay the deferred purchase price of property
      or
      services, (d) obligations of such Person as lessee under leases which have
      been
      or should be, in accordance with GAAP, recorded as capital leases, (e)
      obligations secured by any lien or other charge upon property or assets owned
      by
      such Person, even though such Person has not assumed or become liable for the
      payment of such obligations, (f) obligations of such Person under direct or
      indirect guaranties in respect of, and obligations (contingent or otherwise)
      to
      purchase or otherwise acquire, or otherwise to assure a creditor against loss
      in
      respect of, indebtedness or obligations of others of the kinds referred to
      in
      clauses (a) through (e) above, and (g) liabilities in respect of unfunded vested
      benefits under plans covered by ERISA.

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    Deferred
      Principal Amount:
      With
      respect to any Distribution Date and to any Class of Subordinate Certificates,
      the amount, if any, by which (i) the aggregate of Applied Loss Amounts
      previously applied in reduction of the Class Principal Balance thereof, together
      with interest thereon at the applicable Interest Rate, exceeds (ii) the sum
      of
      (a) the aggregate of amounts previously distributed on such Class in
      reimbursement of such amounts and (b) the amount by which the Class Principal
      Balance of such Class has been increased due to any Subsequent
      Recovery.

     

    Deficient
      Valuation:
      With
      respect to any Mortgage Loan, the dollar amount of any reduction in the
      principal balance owed by the related Mortgagor, as ordered by a court in
      connection with a bankruptcy proceeding with respect to the related
      Mortgagor.

     

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

     

    Delinquency
      Advance:
      With
      respect to the Master Servicer, as defined in Section 4.26(a) hereof, and with
      respect to any Servicer, any advance of funds in respect of a delinquent Monthly
      Payment made pursuant to the terms of the applicable Servicing
      Agreement.

     

    Delinquency
      Event:
      A
      Delinquency Event will have occurred with respect to any Distribution Date
      if
      the Rolling Three Month Delinquency Rate as of the last day of the immediately
      preceding calendar month exceeds 12.50%.

     

    Depositor:
      Bayview
      Financial Securities Company, LLC, a Delaware limited liability company, and
      its
      successors and assigns.

     

    Depository:
      The
      Depository Trust Company, 7 Hanover Square, New York, New York 10004 and any
      successor Depository hereafter named.

     

    Determination
      Date:
      With
      respect to any Distribution Date, the 18th day of the month in which such
      Distribution Date occurs, or if such day is not a Business Day, the immediately
      preceding Business Day.

     

    Diligence
      Agreement:
      The
      mortgage loan diligence agreement dated January 1, 2006, between the Seller,
      as
      agent, and the Depositor, as such may be amended or supplemented from time
      to
      time, relating to the Re-sold Mortgage Loans.

     

    Direct
      Participant:
      Any
      broker-dealer, bank or other financial institution for which the Depository
      holds the Book-Entry Certificates from time to time as a securities
      depository.

     

    Directly
      Operate:
      With
      respect to any REO Property, the furnishing or rendering of services to the
      tenants thereof that are not (within the meaning of Treasury Regulation Section
      1.512(b)-1(c)(5)) customarily provided to the tenants in connection with the
      rental of space for occupancy, the management or operation of such REO Property,
      the holding of such REO Property primarily for sale to customers in the ordinary
      course of a trade or business, the performance of any construction work thereon
      or any use of such REO Property in a trade or business, in each case other
      than
      through an Independent Contractor; provided,
      however,
      that
      the Servicer 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
      (of the type that would be deductible under Section 162 of the Code) or capital
      expenditures with respect to such REO Property or take other activities
      consistent with Section 1.856-4(b)(5)(iii) of the Treasury
      Regulations.

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    Disqualified
      Organization:
      A
“disqualified organization” as defined in Section 860E(e)(5) of the
      Code.

     

    Distribution
      Date:
      The
      28th calendar day of each month (or the immediately succeeding Business Day
      if
      such day is not a Business Day), commencing in February 2006.

     

    Dollar
      and
$:
      Lawful
      currency of the United States of America.

     

    Due
      Date:
      The day
      of the calendar month in which the Monthly Payment on a Mortgage Loan is
      due.

     

    Due
      Period:
      The
      period from and including the second day of the calendar month preceding the
      calendar month in which any Distribution Date occurs to and including the first
      day of the calendar month in which such Distribution Date occurs (or such other
      period as specified in the applicable Servicing Agreement).

     

    EDGAR:
      As
      defined in Section 4.31(a) hereof.

     

    Effective
      Loan-to-Value Ratio:
      With
      respect to any Mortgage Loan as of any date of determination, a fraction,
      expressed as a percentage, the numerator of which is equal to the Principal
      Balance of such Mortgage Loan as of such date, less the amount of Additional
      Collateral required to secure such Mortgage Loan at the time of origination,
      if
      any, and the denominator of which is equal to the value of the related Mortgaged
      Property on the basis of (i) the lesser of the appraised value at origination
      or
      the sales price of such Mortgaged Property or (ii) a broker price opinion
      prepared after origination.

     

    Electronic
      Ledger:
      The
      electronic master record of the Mortgage Loans maintained by the Master Servicer
      or any Servicer.

     

    Eligible
      Account:
      (i) An
      account or accounts maintained with a federal or state chartered depository
      institution or trust company the short-term unsecured debt obligations of which
      (or, in the case of a depository institution or trust company that is the
      principal subsidiary of a holding company, the short-term unsecured debt
      obligations of such holding company) are rated P-1 by Moody's, A-1+ by S&P
      and F-1+ by Fitch (in each case if such rating agency is a Rating Agency) at
      the
      time any amounts are held on deposit therein, (ii) an account or accounts the
      deposits in which are fully insured by the FDIC (to the limits established
      by
      such corporation), the uninsured deposits in which account are otherwise secured
      such that, as evidenced by an Opinion of Counsel delivered to the Trustee and
      to
      each Rating Agency, the Certificateholders will have a claim with respect to
      the
      funds in such account or a perfected first priority security interest against
      such collateral (which shall be limited to Eligible Investments) securing such
      funds that is superior to claims of any other depositors or creditors of the
      depository institution with which such account is maintained, (iii) a trust
      account or accounts maintained with the trust department of a federal or state
      chartered depository institution or trust company acting in its fiduciary
      capacity or (iv) otherwise acceptable to each Rating Agency without reduction
      or
      withdrawal of their then current ratings of the Certificates as evidenced by
      a
      letter from each Rating Agency to the Trustee. Eligible Accounts may bear
      interest.

    
      
        
        

      

      
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    Eligible
      Investments:
      Any of
      the following (which may be purchased by or through the Trustee, the Master
      Servicer or any of their respective Affiliates):

     

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

     

    (ii)       repurchase
      agreements on obligations specified in clause (a); provided, that the short-term
      debt obligations of the party agreeing to repurchase are rated no less than
      F1
      by Fitch, A-1 by S&P and P-1 by Moody’s (in each case if such rating agency
      is a Rating Agency);

     

    (iii)       federal
      funds, certificates of deposit, time deposits and bankers’ acceptances (which
      shall each have an original maturity of not more than 90 days and, in the case
      of bankers’ acceptances, shall in no event have an original maturity of more
      than 365 days) of any United States depository institution or trust company
      incorporated under the laws of the United States or any state; provided, that
      the short-term obligations of such depository institution or trust company
      are
      rated no less than F1 by Fitch, A-1 by S&P and P-1 by Moody’s (in each case
      if such rating agency is a Rating Agency);

     

    (iv)       commercial
      paper (having original maturities of not more than 30 days) of any corporation
      incorporated under the laws of the United States or any state thereof which
      on
      the date of acquisition is rated no less than F1 by Fitch, A-1 by S&P and
      P-1 by Moody’s (in each case if such rating agency is a Rating Agency);

     

    (v)       securities
      bearing interest or sold at a discount issued by any corporation incorporated
      under the laws of the United States of America or any state thereof which have
      a
      short-term credit rating from each Rating Agency, at the time of investment
      or
      the contractual commitment providing for such investment, no less than F1 by
      Fitch, A-1 by S&P and P-1 by Moody’s (in each case if such rating agency is
      a Rating Agency); provided,
      however,
      that
      securities issued by any particular corporation will not be Eligible Investments
      to the extent that investment therein will cause the then outstanding principal
      amount of securities issued by such corporation and held as part of the Trust
      Fund to exceed 20% of the Aggregate Pool Balance; provided,
      further,
      that
      such securities will not be Eligible Investments if they are identified as
      being
      under review with negative implications from either Rating Agency;

    
      
        
        

      

      
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    (vi)       securities
      of money market funds or mutual funds rated AAAm or AAAm-G by S&P, AAA or
      better by Fitch and Aa1 by Moody’s (in each case if such rating agency is a
      Rating Agency) (including any such funds for which the Trustee in its individual
      capacity or the Master Servicer, or any of their respective Affiliates, receives
      compensation as administrator, sponsor, agent or the like); and

     

    (vii)       any
      other demand, money market, common trust fund or time deposit or obligation,
      or
      interest-bearing or other security, or other investment rated in the highest
      rating category by each Rating Agency or otherwise approved in writing by each
      Rating Agency;

     

    provided
      that (A)
      such obligation or security is held for a temporary period pursuant to Treasury
      Regulation Section 1.860G-2(g)(1) and (B) no instrument described above is
      permitted to evidence either the right to receive (a) only interest or only
      principal with respect to 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 provided a yield to maturity at par greater than 120% of the yield
      to
      maturity at par of the underlying obligations; and provided,
      further,
      that no
      instrument described above may be purchased at a price greater than par if
      such
      instrument may be prepaid or called at a price less than its purchase price
      prior to stated maturity.

     

    Enhancement
      Percentage:
      With
      respect to the Group 1 Certificates and each Class of LIBOR Certificates and
      any
      Distribution Date, the fraction, expressed as a percentage, the numerator of
      which is the sum of (i) the aggregate Class Principal Balance of each Class
      of
      Subordinate Certificates having a lower priority of distribution than such
      Class, (ii) the Overcollateralization Amount (which amount, for purposes of
      this
      definition only, shall not be less than zero unless the Class Principal Balance
      of each Class of Subordinate Certificates has been reduced to zero) and shall
      be
      calculated on the basis of the assumption that the Principal Distribution
      Amounts with respect to both Mortgage Pools have been distributed on such
      Distribution Date and no Trigger Event has occurred), and (iii) amounts on
      deposit in the Reserve Fund after giving effect to withdrawals therefrom on
      such
      date, in each case after giving effect to distributions on such Distribution
      Date, and the denominator of which is the Aggregate Pool Balance for such
      Distribution Date.

     

    Entitlement
      Holder:
      The
      meaning specified in Section 8-102(a)(7) of the New York UCC.

     

    Entitlement
      Order:
      The
      meaning specified in Section 8-102(a)(8) of the New York UCC (i.e.,
      generally, orders directing the transfer or redemption of any Financial
      Asset).

     

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

     

    ERISA-Qualifying
      Underwriting:
      A best
      efforts or firm commitment underwriting or private placement that meets the
      requirements of an Underwriter’s Exemption.

     

    ERISA-Restricted
      Certificates:
      Each of
      the Subordinate Certificates and the Class X, Class P and Class R Certificates
      and any Certificate that is not rated at least “AA-“ or “Aa3” at the time of its
      acquisition.

    
      
        
        

      

      
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    Event
      of Master Servicer Default:
      As
      defined in Section 4.17.

     

    Excess
      Cap Amount:
      As of
      any date on which the notional balance of the Cap Agreement exceeds the sum
      of
      (a) 18% of the aggregate Principal Balance of the Pool 1 Mortgage Loans, (b)
      the
      aggregate Principal Balance of the Fixed Rate Mortgage Loans with a Mortgage
      Rate less than 5.95% and (c) the aggregate Principal Balance of the Adjustable
      Rate Mortgage Loans with an adjustable rate term greater than 48 months and
      less
      than 60 months, in each case as of the first day of the related Due Period,
      the
      amount payable under such Cap Agreement in respect of such excess on such
      date.

     

    Excess
      Cashflow:
      With
      respect to any Distribution Date, the sum of (a) Pool 1 Excess Interest and
      Pool
      2 Excess Interest for such Distribution Date, (b) the Overcollateralization
      Release Amount for such Distribution Date and (c) any amounts of Principal
      Distribution Amount remaining after application pursuant to Sections
      6.05(d)(i)(A)(9) and(B)(9).

     

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

     

    Excluded
      Servicing Obligations:
      As
      defined in Section 4.01 hereof.

     

    Excluded
      Trust Assets:
      As
      defined in the Preliminary Statement to this Agreement. 

     

    Fannie
      Mae:
      Fannie
      Mae, the entity formerly known as the Federal National Mortgage
      Association.

     

    FDIC:
      The
      Federal Deposit Insurance Corporation.

     

    FHA:
      The
      Federal Housing Administration.

     

    FHA
      Approved Mortgagee:
      A
      corporation or other entity approved as a mortgagee by FHA under the Housing
      Act
      and applicable FHA Regulations, and eligible to own and service, as applicable,
      loans insured by the FHA.

     

    FHA
      Insurance:
      An
      insurance policy granted by the FHA with respect to any Mortgage
      Loan.

     

    FHA
      Mortgage Loan:
      Not
      applicable.

     

    FHA
      Regulations:
      Regulations promulgated by HUD under the Housing Act, codified in 24 Code of
      Federal Regulations, and other HUD issuances relating to mortgage loans insured
      by the FHA, including, without limitation, related handbooks, circulars, notices
      and mortgagee letters.

     

    FHA/VA
      Claim Proceeds:
      Either
      (i) the amount of insurance proceeds received from the FHA under FHA Insurance
      in the event of a default with respect to an FHA Mortgage Loan or (ii) the
      amount of proceeds received from the VA under a VA Guaranty in the event of
      a
      default with respect to a VA Mortgage Loan.

    
      
        
        

      

      
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    Final
      Scheduled Distribution Date:
      With
      respect to each Class of Certificates (other than the Class A-IO Certificates),
      the Distribution Date in February 2041; in the case of the Class A-IO
      Certificates, the Distribution Date in July 2008.

     

    Financial
      Asset:
      The
      meaning specified in Section 8-102(a)(9) of the New York UCC.

     

    Fitch:
      Fitch,
      Inc. or any successor thereto.

     

    Fixed
      Rate Mortgage Loan:
      A
      Mortgage Loan that has a fixed Mortgage Rate, identified as such on the Mortgage
      Loan Schedule.

     

    Foreclosure
      Restricted Loan:
      Not
      applicable.

     

    Form
      8-K Disclosure Information:
      As
      defined in Section 4.31(a).

     

    Freddie
      Mac:
      Freddie
      Mac, the entity formerly known as the Federal Home Loan Mortgage
      Corporation.

     

    Full
      Recourse Servicing Agreement:
      Not
      applicable.

     

    GAAP:
      Generally accepted accounting principles as in effect in the United States,
      consistently applied, as of the date of such application.

     

    Governmental
      Authority:
      The
      United States of America, any state, local or other political subdivision
      thereof and any entity exercising executive, legislative, judicial, regulatory
      or administrative functions thereof or pertaining thereto.

     

    Gross
      Prepayment Interest Excess:
      With
      respect to any Distribution Date and the Non-Servicer Obligated Mortgage Loans,
      the excess of (x) the aggregate amount of interest paid in respect of any such
      Mortgage Loans that were the subject of a Prepayment in Full during the related
      Prepayment Period and any other amounts allocable to interest received in
      respect of such Mortgage Loans that are distributable on such Distribution
      Date
      over (y) the interest portion of the Monthly Payment due on such Mortgage Loans
      during the related Due Period.

     

    Gross
      Prepayment Interest Shortfall:
      With
      respect to any Distribution Date and the Non-Servicer Obligated Mortgage Loans,
      the excess of (x) the interest portion of the Monthly Payment due on any such
      Mortgage Loans during the related Due Period that were the subject of a
      Prepayment in Full during the related Prepayment Period over (y) the aggregate
      amount of interest paid by related Mortgagors in respect of the amounts of
      such
      Prepayments in Full and any other amounts allocable to interest received from
      such Mortgagors that are distributable on such Distribution Date. A Gross
      Prepayment Interest Shortfall will not result from a partial prepayment of
      a
      Mortgage Loan.

     

    Group
      1 Certificate:
      Any
      Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4 or Class 1-A5
      Certificate.

     

    Group
      1 Senior Principal Distribution Percentage:
      With
      respect to any Distribution Date and the Group 1 Certificates, the percentage
      equivalent of a fraction, the numerator of which is the Principal Remittance
      Amount for Pool 1 and the denominator of which is the sum of the Principal
      Remittance Amounts for Pool 1 and Pool 2 for such Distribution
      Date.

    
      
        
        

      

      
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    Group
      2 Certificate:
      Any
      Class 2-A1, Class 2-A2, Class 2-A3 or Class 2-A4 Certificate.

     

    Group
      2 Senior Principal Distribution Percentage:
      With
      respect to any Distribution Date and the Group 2 Certificates, the percentage
      equivalent of a fraction, the numerator of which is the Principal Remittance
      Amount for Pool 2 and the denominator of which is the sum of the Principal
      Remittance Amounts for Pool 1 and Pool 2 for such Distribution
      Date.

     

    Holdback
      Amount:
      With
      respect to any Holdback Mortgage Loan, any portion of the indebtedness evidenced
      by the related Mortgage Note that is not disbursed to the related Mortgagor,
      and
      is held in a custodial account established by the Servicer for the benefit
      of
      the Trustee, as identified on Schedule I-E attached hereto.

     

    Holdback
      Mortgage Loan:
      Each
      Mortgage Loan listed on Schedule I-E attached hereto, as amended from time
      to
      time pursuant to the terms of this Agreement.

     

    Housing
      Act:
      The
      National Housing Act of 1934, as amended.

     

    HUD:
      United
      States Department of Housing and Urban Development.

     

    Independent:
      When
      used with respect to any Independent Public Accountant, 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 other Person, a Person who (a) is in fact
      independent of another specified Person and any Affiliate of such other Person,
      (b) does not have any material direct financial interest in such other Person
      or
      any Affiliate of such other Person, (c) is not connected with such other Person
      or any Affiliate of such other Person as an officer, employee, promoter,
      underwriter, trustee, partner, director or Person performing similar functions
      and (d) is not a member of the immediate family of a Person defined in clause
      (b) or (c) above.

     

    Independent
      Contractor:
      (i) Any
      Person (other than the Subservicer) that would be an “independent contractor”
within the meaning of Section 856(d)(3) of the Code if the Servicer 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, or 35% or more of the aggregate of all
      Classes of the Certificates), so long as the Servicer does not receive or derive
      any income from such Person and provided that the relationship between such
      Person and the Servicer 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
      Subservicer) if the Servicer has received an Opinion of Counsel, which Opinion
      of Counsel shall be an expense of the Servicer, 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.

    
      
        
        

      

      
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    Independent
      Public Accountant:
      Any of
      (a) Deloitte & Touche LLP, (b) PricewaterhouseCoopers, LLP, (c) Ernst &
Young LLP and (d) KPMG LLP (and any successors of the foregoing); provided,
      that
      such firm must be Independent with respect to the Master Servicer or any
      Servicer, as the case may be, within the meaning of the Securities
      Act.

     

    Index:
      With
      respect to each Adjustable Rate Mortgage Loan, the index specified in the
      related Mortgage Note or installment sale contract that, when added to the
      gross
      margin specified therein, equals the Mortgage Rate thereon.

     

    Indirect
      Participant:
      Any
      financial institution for which any Direct Participant holds an interest in
      a
      Book-Entry Certificate.

     

    Initial
      Aggregate Certificate Principal Balance:
      $768,483,000.

     

    Initial
      Overcollateralization Percentage:
      1.4531%.

     

    Insurance
      Fee Rate:
      Not
      applicable.

     

    Insurance
      Policy:
      Any
      hazard, title, flood, environmental or primary mortgage or other insurance
      policy, including any Primary Mortgage Insurance Policy, relating to a Mortgage
      Loan.

     

    Insurance
      Proceeds:
      With
      respect to any Distribution Date, all insurance proceeds received by the Master
      Servicer or any Servicer during the related Prepayment Period (including,
      without limitation, the proceeds of any hazard insurance, flood insurance or
      title insurance policies, or Primary Mortgage Insurance Policies, and payments
      made by the Master Servicer or any Servicer pursuant hereto in respect of a
      deductible clause in any blanket policy) that are not Liquidation Proceeds,
      that
      are not applied to the restoration or repair of the related Property or other
      servicing expenses or released to the related Mortgagor in accordance with
      the
      normal servicing procedures of the Master Servicer or such Servicer, and were
      applied by the Master Servicer or such Servicer to reduce the Principal Balance
      of the related Mortgage Loan or to pay interest on the related Mortgage
      Loan.

     

    Interest:
      Each
      interest in a REMIC as designated in the Preliminary Statement to this
      Agreement.

     

    Interest-Only
      Certificate:
      Any
      Class A-IO Certificate.

     

    Interest
      Rate:
      With
      respect to each Class of Certificates other than the Class X, Class P and Class
      R Certificates, the per annum rate of interest applicable to Certificates of
      such Class, as specified in the Preliminary Statement to this
      Agreement.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    Interest
      Remittance Amount:
      With
      respect to each Mortgage Pool and any Distribution Date, to the extent conveyed
      to the Trustee hereunder and received by the Master Servicer and to the extent
      provided in this Agreement and the applicable Servicing Agreement, (a) the
      sum
      of (i) all interest collected (other than Payaheads) or advanced or otherwise
      remitted in respect of Monthly Payments on the Mortgage Loans in such Mortgage
      Pool during the related Due Period, other than any prepayment premiums or yield
      maintenance payments, which will be distributed to the Class P Certificates
      and
      will not be available to make payments on any other Class of Certificates,
      less
      (x) the
      Master Servicing Fee, the applicable Servicing Fees, the premium for any
      lender-paid Primary Mortgage Insurance and the Retained Interest Rate, if any,
      on the Mortgage Loans in such Mortgage Pool, (y) Outstanding Advances with
      respect to the Mortgage Loans in such Mortgage Pool and the applicable Pool
      Percentage of other amounts due to the Master Servicer, the Servicers or the
      Trustee (other than the Trustee Fee), in each case, to the extent allocable
      to
      interest, and (z) any Net Prepayment Interest Excess for such Distribution
      Date, (ii) any Compensating Interest paid by the Master Servicer and any
      amounts paid by any Servicer in respect of prepayment interest shortfalls on
      the
      Mortgage Loans in such Mortgage Pool with respect to such Distribution Date,
      (iii) the portion of the Purchase Price allocable to interest (less Outstanding
      Advances, to the extent allocable to interest, and other amounts due the Master
      Servicer, the Servicers or the Trustee, to the extent allocable to interest)
      of
      each Mortgage Loan that was purchased from such Mortgage Pool during the related
      Prepayment Period, (iv) the portion of any Substitution Amount allocable to
      interest and paid during the related Prepayment Period with respect to the
      Mortgage Loans in such Mortgage Pool and (v) all Net Liquidation Proceeds,
      Insurance Proceeds and other recoveries collected and remittances made during
      the related Prepayment Period with respect to the Mortgage Loans in such
      Mortgage Pool (including proceeds of Additional Collateral), to the extent
      allocable to interest, less Outstanding Advances, with respect to the Mortgage
      Loans in such Mortgage Pool, to the extent allocable to interest, and the
      applicable Pool Percentage of other amounts due the Master Servicer, the
      Servicers or the Trustee, to the extent allocable to interest, as reduced by
      (b)
      the applicable Pool Percentage of any expenses of the Trustee reimbursable
      pursuant to this Agreement and not reimbursed pursuant to clauses (a)(i),
      (a)(iii) or (a)(v) above.

     

    Investment
      Company Act:
      The
      Investment Company Act of 1940, as amended.

     

    Junior
      Mortgage Loan:
      Not
      applicable.

     

    Latest
      Possible Maturity Date:
      The
      Distribution Date following the third anniversary of the scheduled maturity
      date
      of the Mortgage Loan having the latest scheduled maturity date as of the Closing
      Date.

     

    LIBOR:
      With
      respect to any Accrual Period other than the initial Accrual Period, the rate
      for one month United States dollar deposits that appears on the Telerate Screen
      Page 3750 as of 11:00 a.m., London time, on the related LIBOR Rate Adjustment
      Date. “Telerate Screen Page 3750” means the display designated as page 3750 on
      the Telerate Service (or such other page as may replace page 3750 on that
      service for the purpose of displaying London interbank offered rates of major
      banks). If such rate does not appear on such page (or such other page as may
      replace that page on that service, or if such service is no longer offered,
      such
      other service for displaying one-month LIBOR or comparable rates as may be
      selected by the Master Servicer), the rate will be the Reference Bank Rate.
      The
“Reference Bank Rate” will be determined on the basis of the rates at which
      deposits in U.S. Dollars are offered by the reference banks (which shall be
      three major banks that are engaged in transactions in the London interbank
      market, selected by the Depositor) as of 11:00 a.m., London time, on the LIBOR
      Rate Adjustment Date to prime banks in the London interbank market for a period
      of one month in amounts approximately equal to the aggregate principal balance
      of the LIBOR Certificates then outstanding. The Master Servicer will request
      the
      principal London office of each of the reference banks to provide a quotation
      of
      its rate. If at least two such quotations are provided, the rate will be the
      arithmetic mean of the quotations. If on such date fewer than two quotations
      are
      provided as requested, the rate will be the arithmetic mean of the rates quoted
      by one or more major banks in New York City, selected by the Master Servicer
      as
      of 11:00 a.m., New York City time, on such date for loans in U.S. Dollars to
      leading European banks for a period of one month. If no such quotations can
      be
      obtained, the rate will be LIBOR for the prior Distribution Date.

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    LIBOR
      for
      the initial Accrual Period shall be 4.57%.

     

    LIBOR
      Business Day:
      Any day
      other than (i) a Saturday or a Sunday or (ii) a day on which banking
      institutions in the city of London, England or in The City of New York, New
      York
      are required or authorized by law to be closed.

     

    LIBOR
      Certificate:
      Any
      Group
      2 Certificate or Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class
      B-2 or Class B-3 Certificate.

     

    LIBOR
      Rate Adjustment Date:
      With
      respect to any Accrual Period (other than the initial Accrual Period),
the
      second LIBOR Business Day immediately prior to the commencement of such Accrual
      Period.

     

    Liquidated
      Mortgage Loan:
      With
      respect to
      any
      Distribution Date, any Mortgage Loan in respect of which the related Servicer
      or
      the Master Servicer, as applicable, has determined, in accordance with the
      servicing procedures specified herein and in the applicable Servicing Agreement,
      as of the end of the related Due Period, that all Liquidation Proceeds which
      it
      expects to recover with respect to the liquidation of the Mortgage Loan or
      disposition of the related REO Property have been recovered.

     

    Liquidation
      Expenses:
      Customary and reasonable out-of-pocket expenses exclusive of overhead which
      are
      incurred by a Servicer or the Master Servicer in connection with the liquidation
      of any defaulted Mortgage Loan, such expenses, including, without limitation,
      legal fees and expenses, and any Outstanding Advances expended by any Servicer
      or the Master Servicer with respect to such Mortgage Loan.

     

    Liquidation
      Proceeds:
      With
      respect to any Liquidated Mortgage Loan, any amounts (including the proceeds
      of
      any Insurance Policy and the proceeds from the sale of REO Property, and
      including any FHA/VA Claim Proceeds not retained by the applicable Servicer
      pursuant to the related Servicing Agreement) recovered by the Master Servicer
      or
      any Servicer in connection with such Liquidated Mortgage Loan, whether through
      trustee’s sale, foreclosure sale or otherwise, other than amounts required to be
      paid to the Mortgagor pursuant to the terms of the applicable Mortgage Loan
      or
      otherwise pursuant to law.

     

    Loan
      Collateral:
      With
      respect to any Mortgage Loan, the related Mortgaged Property and any personal
      property securing the related Mortgage Loan, including any lessor’s interest in
      such property, whether characterized or recharacterized as an ownership or
      security interest, and including any accounts or deposits pledged to secure
      such
      Mortgage Loan, and any Additional Collateral.

    
      
        
        

      

      
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    Loan-to-Value
      Ratio:
      With
      respect to any Mortgage Loan as of any date of determination, the fraction,
      expressed as a percentage, the numerator of which is equal to the Principal
      Balance of such Mortgage Loan as of such date, and the denominator of which
      is
      equal to the value of the related Mortgaged Property on the basis of (i) the
      lesser of the appraised value at origination or the sales price of such
      Mortgaged Property or (ii) a broker price opinion prepared after
      origination.

     

    Loss
      Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (i) the
      aggregate of Realized Losses incurred during the related Prepayment Period
      and
      (ii) funds remaining on deposit in the Reserve Fund after application pursuant
      to Section 6.05(e)(iv).

     

    Management
      Agreement:
      The
      management agreement dated the Closing Date between the Manager, the Depositor
      and the Trustee, as such may be amended or supplemented from time to
      time.

     

    Manager:
      Bayview
      Financial, L.P., as manager under the Management Agreement.

     

    Manufactured
      Home:
      A new
      or used unit of manufactured housing.

     

    Manufactured
      Housing Loan:
      A
      Mortgage Loan made to finance the purchase of a Manufactured Home.

     

    Master
      Servicer:
      Wells
      Fargo Bank, N.A., or any successor or permitted assign under the terms of this
      Agreement.

     

    Master
      Servicer Remittance Date:
      With
      respect to any Distribution Date, the Business Day immediately preceding such
      Distribution Date.

     

    Master
      Servicer’s Monthly Report:
      The
      report containing the information described in Section 4.27 hereof.

     

    Master
      Servicing Fee:
      Subject
      to Section 4.13, with respect to each Distribution Date and each Mortgage Loan,
      the product of the Master Servicing Fee Rate and the Principal Balance or
      principal amount of such Mortgage Loan as of the start of the related Due Period
      (or, in the case of the first Distribution Date, as of the Cut-off
      Date).

     

    Master
      Servicing Fee Rate:
      Subject
      to Section 4.13, 0.015% per annum.

     

    Maximum
      Master Servicing Fee Rate:
      0.035%
      per annum.

     

    MERS:
      Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or
      any
      successor in interest thereto.

     

    MERS
      Mortgage Loan:
      Any
      Mortgage Loan as to which the related Mortgage, or an Assignment, has been
      or
      will be recorded in the name of MERS, as agent for the holder from time to
      time
      of the Mortgage Note.

     

    Mixed
      Use Property:
      A
      property occupied for both residential and commercial purposes.

    
      
        
        

      

      
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    Monthly
      Payment:
      The
      scheduled monthly principal and interest payment on a Mortgage Loan for any
      month, as such monthly payment may have been reduced by any Deficient Valuation.
      The Monthly Payment on each Balloon 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
      Loan. The Monthly Payment for any Non-Monthly Mortgage Loan that provides for
      payments at two-week intervals shall be deemed to include all bi-weekly payments
      due on such Mortgage Loan during the related Due Period.

     

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

     

    Mortgage:
      The
      written instrument creating a valid lien on real property or a Manufactured
      Home, which instrument may be in the form of a mortgage, deed of trust, deed
      to
      secure debt or security deed, certificate of title or other instrument creating
      a lien on or interest in the Loan Collateral; or, in the case of a Cooperative
      Loan, the Security Agreement.

     

    Mortgage
      File:
      As
      defined in Section 2.01 hereof.

     

    Mortgage
      Loan:

     

    
      
        (a) 
          either

         

      

    

    (i)       a
      fixed rate closed-end (which term includes a revolving line of credit under
      which no additional amounts may be drawn and a Holdback Mortgage Loan under
      which Holdback Amounts may be disbursed or applied to principal) mortgage loan
      and promissory note or installment sale contract, including the right to payment
      of any interest or finance charges and other obligations of the Mortgagor with
      respect thereto, listed on the Mortgage Loan Schedule and included as part
      of
      the Trust Fund; or

     

    (ii)       an
      adjustable rate closed-end (which term includes a revolving line of credit
      under
      which no additional amounts may be drawn and a Holdback Mortgage Loan under
      which Holdback Amounts may be disbursed or applied to principal) mortgage loan
      and promissory note or installment sale contract, including the right to payment
      of any interest or finance charges and other obligations of the Mortgagor with
      respect thereto, listed on the Mortgage Loan Schedule and included as part
      of
      the Trust Fund;

     

    
      
        (b)
          all
          security interests or liens and real and personal property subject thereto
          from
          time to time purporting to secure payment by the related Mortgagor;

         

      

    

    
      
        (c) 
          all
          guarantees, indemnities and warranties and proceeds thereof, proceeds of
          insurance policies, Uniform Commercial Code financing statements, certificates
          of title or other title documentation and other agreements or arrangements
          of
          whatever character from time to time supporting or securing payment of
          such
          Mortgage Loan;

         

        (d) 
          all
          collections with respect to any of the foregoing;

        
          
            
            

          

          
            38

            
              

            

          

          
            
            

          

        

      

    

     

    
      
        (e) 
          all
          Records with respect to any of the foregoing; and

         

        (f) 
          all
          proceeds of any of the foregoing.

      

    

     

    Mortgage
      Loan Certificate:
      With
      respect to each Mortgage Loan with FHA Insurance, the mortgage insurance
      certificate evidencing such insurance.

     

    Mortgage
      Loan Negative Amortization:
      With
      respect to any Adjustable Rate Mortgage Loan that provides for negative
      amortization, an amount added to the principal balance of such Mortgage Loan
      pursuant to the terms of the related Mortgage Note, generally equal to the
      excess, if any, of interest accrued at the Mortgage Rate for any month over
      the
      greater of (a) the amount of the Monthly Payment for such month and (b) the
      amount of interest received in respect of such month from the related
      Mortgagor.

     

    Mortgage
      Loan Schedule:
      As of
      any date, the list of Mortgage Loans included in the Trust Fund, attached hereto
      as Schedule I (and subdivided into Schedule I-A, Schedule I-B, Schedule I-C,
      Schedule I-D, Schedule I-E, Schedule I-F, Schedule I-G and Schedule I-H). The
      Mortgage Loan Schedule shall be prepared by or on behalf of the Depositor and
      shall set forth the following information with respect to each Mortgage
      Loan:

     

    (i)     the
      Mortgage Loan identifying number;

     

    (ii)     the
      Mortgagor’s name;

     

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

     

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

     

    (v)     the
      type of residential dwelling, if any, constituting the Mortgaged
      Property;

     

    (vi)     the
      lien position of such Mortgage Loan;

     

    (vii)    whether
      such Mortgage Loan is a Balloon Loan;

     

    (viii)   whether
      such Mortgage Loan is an Adjustable Rate Mortgage Loan or a Fixed Rate Mortgage
      Loan;

     

    (ix)     the
      original term to maturity (from origination or, if such Mortgage Loan has been
      modified, from modification);

     

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

     

    (xi)     the
      Loan-to-Value Ratio or, in the case of Junior Mortgage Loans, the Combined
      Loan-to-Value Ratio, at origination;

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    (xii)     the
      current Loan-to-Value Ratio or, in the case of Junior Mortgage Loans, the
      current Combined Loan-to-Value Ratio;

     

    (xiii)    the
      Mortgage Rate as of the Cut-off Date;

     

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

     

    (xv)     the
      Due Date currently in effect;

     

    (xvi)    the
      stated maturity date;

     

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

     

    (xviii)  the
      last Due Date on which a Monthly Payment was actually applied to the unpaid
      principal balance;

     

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

     

    (xx)     the
      outstanding scheduled principal balance of the Mortgage Loan as of the close
      of
      business on the Cut-off Date;

     

    (xxi)     in
      the case of each Adjustable Rate Mortgage Loan, the gross margin;

     

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

     

    (xxiii)   in
      the case of each Adjustable Rate Mortgage Loan, the maximum mortgage
      rate;

     

    (xxiv)   in
      the case of each Adjustable Rate Mortgage Loan, the minimum mortgage
      rate;

     

    (xxv)    the
      Mortgage Rate at origination;

     

    (xxvi)   in
      the case of each Adjustable Rate Mortgage Loan, the periodic rate
      cap;

     

    (xxvii)  in
      the case of each Adjustable Rate Mortgage Loan, the Index;

     

    (xxviii) in
      the case of each Adjustable Rate Mortgage Loan, the first adjustment date
      immediately following the Cut-off Date;

     

    (xxix)    in
      the case of each Adjustable Rate Mortgage Loan, the rounding code (nearest
      0.125%);

     

    (xxx)     a
      code indicating the Servicer and related Servicing Fee Rate;

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

     

    (xxxi)    a
      code indicating whether such Mortgage Loan is a Pool PMI-Insured Mortgage
      Loan;

     

    (xxxii)   a
      code identifying the Pool PMI Insurer, if any;

     

    (xxxiii)  whether
      such Mortgage Loan provides for negative amortization;

     

    (xxxiv)  in
      the case of a Holdback Mortgage Loan, the related Holdback Amount; 

     

    (xxxv)   whether
      prepayment premiums or penalties or yield maintenance payments are to be
      retained by the related Servicer or allocated to the Class P
      Certificates;

     

    (xxxvi)  if
      such Mortgage Loan is a Retained Interest Mortgage Loan, the Retained Interest
      Rate;

     

    (xxxvii) a
      code identifying if such Mortgage Loan is a Cross-Collateralized Mortgage Loan,
      and the related Mortgage Loan(s); 

     

    (xxxviii)  a
      code identifying if such Mortgage Loan is an Additional Collateral Mortgage
      Loan; and

     

    (xxxix)   the
      Mortgage Pool in which such Mortgage Loan is included.

     

    Mortgage
      Note:
      The
      original executed promissory note evidencing the indebtedness of a Mortgagor
      under a Mortgage Loan or if such Mortgage is not evidenced by a promissory
      note,
      the original executed document or other instrument primarily evidencing the
      indebtedness of the Mortgagor under such Mortgage Loan.

     

    Mortgage
      Pool:
      Either
      Pool 1 or Pool 2. 

     

    Mortgage
      Rate:
      The
      annual rate of interest borne by a Mortgage Note, which is set forth in such
      Mortgage Note.

     

    Mortgaged
      Property:
      Any of
      (x) the fee simple interest (or, in the case of certain commercial real estate,
      leasehold interest) in real property, together with improvements thereto and
      any
      fixtures, leases and other real or personal property securing the related
      Mortgage Note, (y) the related Manufactured Home or (z) in the case of a
      Cooperative Loan, the related Cooperative Shares and Proprietary Lease, securing
      the indebtedness of the Mortgagor under the related Mortgage Loan.

     

    Mortgagor:
      With
      respect to any Mortgage Loan, the Person or Persons primarily obligated to
      make
      payments in respect thereto.

     

    M&T
      Mortgage:
      M&T
      Mortgage Corporation, a New York corporation, or any successor
      thereto.

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

    Multifamily
      Property:
      A
      multifamily residential rental property consisting of five or more dwelling
      units.

     

    Net
      Insurance Proceeds:
      With
      respect to any Mortgage Loan, any Insurance Proceeds received with respect
      thereto net of amounts payable therefrom to the Master Servicer or any Servicer
      in respect of Outstanding Advances relating to such Mortgage Loan.

     

    Net
      Liquidation Proceeds:
      With
      respect to any Liquidated Mortgage Loan, Liquidation Proceeds net of amounts
      payable therefrom to the Master Servicer or any Servicer in respect of
      Liquidation Expenses and Outstanding Advances relating to such Mortgage
      Loan.

     

    Net
      Mortgage Rate:
      With
      respect to each Mortgage Loan, with respect to any date of determination, a
      rate
      per annum equal to the excess of the Mortgage Rate in effect as of the Due
      Date
      in the preceding calendar month over the sum of the applicable Servicing Fee
      Rate, the Master Servicing Fee Rate, the Trustee Fee Rate, any lender-paid
      primary mortgage insurance premium expressed as an annual rate and, in the
      case
      of a Pool PMI-Insured Mortgage Loan, the Insurance Fee Rate, and, with respect
      to Mortgage Loans identified on the Mortgage Loan Schedule as “Retained Interest
      Mortgage Loans,” the applicable Retained Interest Rate.

     

    Net
      Prepayment Interest Excess:
      With
      respect to any Distribution Date, the excess, if any, of the Gross Prepayment
      Interest Excess with respect to the Non-Servicer Obligated Mortgage Loans for
      such Distribution Date over the Gross Prepayment Interest Shortfall with respect
      to such Mortgage Loans for such Distribution Date.

     

    Net
      Prepayment Interest Shortfall:
      With
      respect to any Distribution Date, the excess, if any, of any Prepayment Interest
      Shortfalls with respect to the Mortgage Loans for such Distribution Date over
      any amounts paid with respect to such shortfalls by the Servicers pursuant
      to
      the Servicing Agreements or by the Master Servicer pursuant to this
      Agreement.

     

    New
      York UCC:
      The
      Uniform Commercial Code as in effect in the State of New York.

     

    Non-MERS
      Mortgage Loan:
      Any
      Mortgage Loan other than a MERS Mortgage Loan.

     

    Non-Monthly
      Mortgage Loan:
      Each
      Mortgage Loan listed on Schedule I-C hereto.

     

    Non-permitted
      Foreign Holder:
      Any
      Person other than (A) a Person who is not a Non-U.S. Person or (B) a
      Non-U.S. Person that holds a Residual Certificate in connection with the conduct
      of a trade or business within the United States and has furnished the transferor
      and the Certificate Registrar with an effective Internal Revenue Service Form
      W-8ECI or successor form at the time and in the manner required by the
      Code.

     

    Non-Recoverable
      Advance:
      Any
      Advance which a Servicer (or subservicer, to the extent such subservicer makes
      Advances on behalf of a Servicer), the Master Servicer or the Trustee, as
      applicable, has determined in its good faith business judgment will not or,
      in
      the case of a proposed Advance, would not, be ultimately recoverable by such
      Servicer (or subservicer), the Master Servicer or the Trustee from late
      payments, Insurance Proceeds, Liquidation Proceeds and other collections or
      recoveries in respect of the related Mortgage Loan or REO Property. The
      determination by a Servicer (or subservicer) or the Master Servicer that it
      has
      made a Non-Recoverable Advance shall be evidenced by an Officer’s Certificate
      delivered to the Trustee and the Depositor (and in the case of a Servicer (or
      subservicer), the Master Servicer) setting forth such determination and the
      procedures and considerations of such Servicer (or subservicer) or the Master
      Servicer forming the basis of such determination, which shall include a copy
      of
      any information or reports obtained by a Servicer (or subservicer) or the Master
      Servicer which may support such determination.

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    Non-Servicer
      Obligated Mortgage Loans:
      Each
      Mortgage Loan identified on Exhibit J hereto.

     

    Non-U.S.
      Person:
      Any
      person other than a “United States person” within the meaning of Section
      7701(a)(30) of the Code.

     

    Officer’s
      Certificate:
      With
      respect to any Person, a certificate signed by an Authorized Officer of such
      Person or, in the case of the Master Servicer or a Servicer, by a Servicing
      Officer.

     

    Opinion
      of Counsel:
      A
      written opinion of counsel (who may be counsel to the Seller, the Depositor,
      the
      Master Servicer or a Servicer), which opinion is reasonably acceptable to the
      Trustee. With respect to any opinion dealing with federal income tax matters
      and
      as otherwise set forth in this Agreement, such counsel must (i) in fact be
      independent of the Seller, the Depositor, the Master Servicer, the Trustee
      and
      each Servicer, (ii) not have any direct financial interest in the Seller, the
      Depositor, the Master Servicer, the Trustee or a Servicer or in any Affiliate
      of
      any of them and (iii) not be connected with the Seller, the Depositor, the
      Master Servicer, the Trustee or a Servicer as an officer, employee, promoter,
      underwriter, trustee, partner, director or person performing similar
      functions.

     

    Optimal
      Interest Remittance Amount:
      With
      respect to each Distribution Date, an amount equal to the product of
(A)
      (x)
      the weighted average of the Net Mortgage Rates of the Pool 1 Mortgage Loans
      as
      of the first day of the related Due Period divided by (y) 12 and (B) the Pool
      Balance for Pool 1 as of the first day of the related Due Period (not including
      for this purpose Mortgage Loans in Pool 1 for which prepayments in full have
      been received and distributed in the month prior to that Distribution
      Date).

     

    Originator:
      The
      Person that originated the Mortgage Loan pursuant to a written agreement with
      the related Mortgagor.

     

    Outstanding
      Advances:
      As of
      any date with respect to a Mortgage Loan, the total amount of Advances made
      on
      such Mortgage Loan for which the Master Servicer or any Servicer (or
      subservicer, to the extent such subservicer makes Advances on behalf of the
      Servicer) has not been reimbursed, to the extent that the Master Servicer is
      entitled to reimbursement hereunder or such Servicer is entitled to
      reimbursement therefor pursuant to the applicable Servicing
      Agreement.

     

    Overcollateralization
      Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (a) the Aggregate
      Pool Balance for such Distribution Date exceeds (b) the aggregate Class
      Principal Balance of the Group 1 Certificates and the LIBOR Certificates on
      such
      date after giving effect to distributions on such Distribution Date. On the
      Closing Date, the initial Overcollateralization Amount shall be approximately
      equal to the product of (x) the Initial Overcollateralization Percentage and
      (y)
      the Aggregate Cut-off Date Pool Balance.

    
      
        
        

      

      
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    Overcollateralization
      Release Amount:
      With
      respect to any Distribution Date, the lesser of (x) the Principal Remittance
      Amounts for both Mortgage Pools for such Distribution Date and (y) the amount,
      if any, by which (i) the Overcollateralization Amount for such Distribution
      Date, calculated for this purpose on the basis of the assumption that 100%
      of
      the Principal Remittance Amounts for both Mortgage Pools for such Distribution
      Date is applied on such date in reduction of the Class Principal Balances of
      the
      Group 1 Certificates and the LIBOR Certificates, exceeds (ii) the Targeted
      Overcollateralization Amount for such Distribution Date.

     

    Ownership
      Interest:
      With
      respect 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.

     

    Payahead:
      With
      respect to any Mortgage Loan and any Due Date therefor, any Monthly Payment
      received by the applicable Servicer during any Due Period in addition to the
      Monthly Payment due on such Due Date and intended by the Mortgagor to be applied
      at a future Due Date.

     

    PCAOB:
      The
      Public Company Accounting Oversight Board.

     

    Percentage
      Interest:
      The
      percentage interest (which may be expressed as a fraction) evidenced by any
      Certificate, which is equal (i) with respect to any Certificate other than
      a
      Class X, Class P or Class R Certificate to a fraction, the numerator of which
      is
      the initial principal (or notional) balance of such Certificate, and the
      denominator of which is the initial Class Principal Balance (or Class Notional
      Balance) of all Certificates of the same Class, and (ii) with respect to any
      Class X, Class P or Class R Certificate, the percentage interest specified
      thereon.

     

    Permitted
      Transferee:
      As
      defined in Section 5.02(d)(ii) hereof.

     

    Person:
      An
      individual, partnership, corporation (including a statutory trust), joint stock
      company, limited liability company, trust, association, joint venture,
      Governmental Authority or any other entity of whatever nature.

     

    Plan:
      An
      employee benefit plan or other retirement arrangement which is subject to
      Section 406 of ERISA and/or Section 4975 of the Code or any entity whose
      underlying assets include such plan’s or arrangement’s assets by reason of their
      investment in the entity.

     

    Policy:
      With
      respect to any FHA Mortgage Loan or VA Mortgage Loan, the applicable FHA
      Insurance or VA Guaranty.

     

    Pool
      Balance:
      With
      respect to each Mortgage Pool and any Distribution Date, the aggregate of the
      Principal Balances of the Mortgage Loans in such Mortgage Pool for such
      Distribution Date.

     

    Pool
      Percentage:
      With
      respect to each Mortgage Pool and any Distribution Date, the fraction, expressed
      as a percentage, the numerator of which is the Pool Balance for such Mortgage
      Pool for such date and the denominator of which is the Aggregate Pool Balance
      for such Distribution Date.

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

     

    Pool
      PMI Insurance Policy:
      Not
      applicable.

     

    Pool
      PMI Insurance Premium:
      Not
      applicable.

     

    Pool
      PMI-Insured Mortgage Loan:
      Not
      applicable.

     

    Pool
      PMI Insurer:
      Not
      applicable.

     

    Pool
      Subordinate Amount:
      With
      respect to any Mortgage Pool and any Distribution Date, the excess of the Pool
      Balance for such Mortgage Pool as of the first day of the immediately preceding
      Due Period over the sum of the aggregate Class Principal Balance of the Group
      1
      Certificates (in the case of Pool 1) and the aggregate Class Principal Balance
      of the Group 2 Certificates (in the case of Pool 2) immediately prior to the
      related Distribution Date.

     

    Pool
      1:
      The
      aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule as
      being included in Pool 1.

     

    Pool
      1
      Available Funds Cap:
      With
      respect to the Group 1 Certificates and any Distribution Date, (A)(1)(a) the
      aggregate of interest accrued (whether or not collected or advanced) for the
      related Due Period on the Pool 1 Mortgage Loans at the applicable Net Mortgage
      Rates minus
      (b) the
      aggregate of interest accrued for the related Accrual Period on the A-IO(1)
      Component for such Distribution Date, multiplied
      by
      (2) the
      Senior Available Funds Cap Percentage,
      divided by
      (3) the
      Class Principal Balance of the Group 1 Certificates immediately prior to such
      Distribution Date multiplied
      by
      (B)
      12.

     

    Pool
      1
      Excess Interest:
      With
      respect to any Distribution Date, the amount of any Interest Remittance Amount
      for Pool 1 remaining after application pursuant to clauses (i) through (xi)
      of
      Section 6.05(b) on such Distribution Date. 

     

    Pool
      2:
      The
      aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule as
      being included in Pool 2.

     

    Pool
      2
      Available Funds Cap:
      With
      respect to the Group 2 Certificates and any Distribution Date, (A)(1)(a) the
      aggregate of interest accrued (whether or not collected or advanced) for the
      related Due Period on the Pool 2 Mortgage Loans at the applicable Net Mortgage
      Rates minus
      (b) the
      aggregate of interest accrued for the related Accrual Period on the A-IO(2)
      Component for such Distribution Date, multiplied
      by
      (2) the
      Senior Available Funds Cap Percentage,
      divided by
      (3) the
      aggregate Class Principal Balance of the Group 2 Certificates immediately prior
      to such Distribution Date, multiplied
      by
      (B) the
      fraction, expressed as a percentage, the numerator of which is 360, and the
      denominator of which is the actual number of days in the related Accrual
      Period.

     

    Pool
      2
      Excess Interest:
      With
      respect to any Distribution Date, the amount of any Interest Remittance Amount
      for Pool 2 remaining after application pursuant to clauses (i) through (xi)
      of
      Section 6.05(c) on such Distribution Date. 

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

    Pool
      2
      Net WAC:
      With
      respect to any Distribution Date, the weighted average (by Principal Balance)
      of
      the Net Mortgage Rates of the Pool 2 Mortgage Loans.

     

    Prepayment
      in Full:
      With
      respect to any Mortgage Loan, a Mortgagor payment consisting of a Principal
      Prepayment in the amount of the outstanding principal balance of such Mortgage
      Loan, together with interest thereon at the related Mortgage Rate to the date
      of
      such prepayment, and resulting in the full satisfaction of such Mortgage
      Loan.

     

    Prepayment
      Interest Shortfall:
      With
      respect to any Prepayment in Full, the excess, if any, of (i) one full month’s
      interest on the related Mortgage Loan at the applicable Mortgage Rate (as
      reduced by the Servicing Fee Rate) on the outstanding principal balance of
      such
      Mortgage Loan immediately prior to such prepayment over (ii) the amount of
      interest actually received with respect to such Mortgage Loan in connection
      with
      such Principal Prepayment.

     

    Prepayment
      Period:
      With
      respect to any Distribution Date, the calendar month immediately preceding
      the
      month of such Distribution Date (or such other period as specified in the
      applicable Servicing Agreement).

     

    Preservation
      Expenses:
      Reasonable and customary expenditures made by the Master Servicer or a Servicer
      (or subservicer, to the extent such subservicer makes such expenditures on
      behalf of a Servicer) in connection with a foreclosed Mortgage Loan prior to
      the
      liquidation thereof, including, without limitation, expenditures for real estate
      property taxes and assessments, payments to senior lienholders or holders of
      any
      ground lease, hazard insurance premiums, property restoration or
      preservation.

     

    Primary
      Mortgage Insurance Policy:
      Any
      Pool PMI Insurance Policy, and any other policy of primary mortgage guaranty
      insurance issued by an insurance company, FHA Insurance or a VA Guaranty with
      respect to any Mortgage Loan.

     

    Principal
      Balance:
      With
      respect to any Mortgage Loan as of any Distribution Date, the principal balance
      of such Mortgage Loan remaining to be paid by the Mortgagor as of the Cut-off
      Date after deduction of all Monthly Payments due on or before the Cut-off Date,
      plus
      any
      Mortgage Loan Negative Amortization, minus
      the sum
      of (i) all principal collected or advanced in respect of Monthly Payments due
      after the Cut-off Date through the last day of the related Due Period and (ii)
      all Principal Prepayments received, and the principal portion of all Liquidation
      Proceeds, Insurance Proceeds and other unscheduled recoveries collected (other
      than Subsequent Recoveries), through the last day of the related Prepayment
      Period.

     

    Principal
      Distribution Amount:
      With
      respect to each Mortgage Pool and any Distribution Date, the Principal
      Remittance Amount for such Mortgage Pool and such Distribution Date minus
      the
      Overcollateralization Release Amount, if any, allocable to such Mortgage Pool,
      determined on the basis of the Principal Remittance Amount for such Mortgage
      Pool. 

     

    Principal
      Prepayment:
      With
      respect to any Mortgage Loan, any payment of principal made by the related
      Mortgagor in advance of the Due Date therefor other than the principal portion
      of (i) Monthly Payments other than Balloon Payments and (ii)
      Payaheads.

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

     

    Principal
      Remittance Amount:
      With
      respect to each Mortgage Pool and any Distribution Date, to the extent conveyed
      to the Trustee hereunder and received by the Master Servicer, the sum of (i)
      all
      principal collected (other than Payaheads) or advanced or otherwise remitted
      in
      respect of Monthly Payments on the Mortgage Loans in such Mortgage Pool during
      the related Due Period, (ii) all Prepayments in Full or partial Principal
      Prepayments received (or Prepayments in Full on Non-Servicer Obligated Mortgage
      Loans remitted by the related Servicer to the Master Servicer on a daily basis,
      which are deemed by the Master Servicer to have been received) during the
      applicable Prepayment Period on the Mortgage Loans in such Mortgage Pool, (iii)
      the portion of the Purchase Price of each Mortgage Loan that was purchased
      from
      such Mortgage Pool during the related Prepayment Period allocable to principal,
      (iv) the portion of any Substitution Amount allocable to principal paid
      during the related Prepayment Period with respect to the Mortgage Loans in
      such
      Mortgage Pool, (v) all Net Liquidation Proceeds, including Subsequent
      Recoveries, Insurance Proceeds and other recoveries collected and remittances
      made during the related Prepayment Period (including proceeds of Additional
      Collateral) with respect to the Mortgage Loans in such Mortgage Pool, to the
      extent allocable to principal, and (vi) any Holdback Amount applied in reduction
      of the principal balance of a Mortgage Loan in such Mortgage Pool during the
      applicable Prepayment Period, as reduced, in each case, to the extent provided
      in this Agreement or the applicable Servicing Agreement, by Outstanding Advances
      with respect to the Mortgage Loans in such Mortgage Pool, to the extent
      allocable to principal, and the applicable Pool Percentage of other amounts
      due
      to the Master Servicer, the Servicers or the Trustee, hereunder or under the
      Servicing Agreements, to the extent not reimbursed from amounts allocable to
      interest on the related Mortgage Loans for such Distribution Date. 

     

    Proprietary
      Lease:
      With
      respect to any Cooperative Property, a lease or occupancy agreement between
      a
      Cooperative Corporation and a holder of related Cooperative Shares.

     

    Prospectus:
      The
      prospectus supplement dated January 27, 2006, together with the accompanying
      prospectus dated April 1, 2005, relating to the Group 1 Certificates, the Class
      A-IO Certificates and the LIBOR Certificates, together with any supplement
      thereto.

     

    Purchase
      Agreement:
      The
      Mortgage Loan Purchase Agreement dated as of January 1, 2006, by and between
      the
      Seller and the Depositor, providing for the transfer of the Mortgage Loans
      (other than the Re-sold Mortgage Loans) to the Depositor.

     

    Purchase
      Price:
      With
      respect to any Mortgage Loan, an amount equal to the sum of (i) the unpaid
      principal balance of such Mortgage Loan immediately prior to the repurchase
      date, (ii) any accrued and unpaid interest thereon from the date as to which
      interest was last paid to (but not including) the date of purchase, calculated
      at the Mortgage Rate thereon, (iii) any unreimbursed Servicing Advances with
      respect to such Mortgage Loan, and (iv) the
      amount of any costs and damages incurred by the Trust Fund as a result of any
      violation of any predatory or abusive lending law arising from or in connection
      with the origination of such Mortgage Loan.

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

     

    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 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 (taking into account the rate of
      any
      retained interest, if applicable), (iii) in the case of any Adjustable Rate
      Mortgage Loan, have a maximum Mortgage Rate not less than the maximum Mortgage
      Rate on the Deleted Mortgage Loan, (iv) in the case of any Adjustable Rate
      Mortgage Loan, have a minimum Mortgage Rate not less than the minimum Mortgage
      Rate of the Deleted Mortgage Loan, (v) in the case of any Adjustable Rate
      Mortgage Loan, have a gross margin equal to the gross margin of the Deleted
      Mortgage Loan, (vi) in the case of any Adjustable Rate Mortgage Loan, have
      a
      next adjustment date not more than two months later than the next adjustment
      date on the Deleted Mortgage Loan, (vii) have a remaining term to maturity
      not
      greater than (and not more than one year less than) that of the Deleted Mortgage
      Loan (provided,
      however,
      that in
      no case shall such substitute mortgage loan have a maturity date later than
      the
      Final Scheduled Distribution Date), (viii) have the same Due Date as the Due
      Date on the Deleted Mortgage Loan, (ix) have a Loan-to-Value Ratio (or a
      Combined Loan-to-Value Ratio, as applicable) and an Effective Loan-to-Value
      Ratio as of the date of substitution equal to or lower than the Loan-to-Value
      Ratio and Effective Loan-to-Value Ratio, respectively (or Combined Loan-to-Value
      Ratio, as applicable) of the Deleted Mortgage Loan as of such date, (x) be
      an
      FHA Mortgage Loan if the Deleted Mortgage Loan was an FHA Mortgage Loan and
      be a
      VA Mortgage Loan if the Deleted Mortgage Loan was a VA Mortgage Loan, (xi)
      not
      be more than 29 days delinquent in payment, (xii) be a Pool PMI-Insured Mortgage
      Loan if the Deleted Mortgage Loan was a Pool PMI-Insured Mortgage Loan and
      (xiii) conform to the representations and warranties set forth in Section 6
      of
      the Purchase Agreement or Section 6 of the related Revolving 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 (provided
      that the
      stated maturity date of any such mortgage loan shall not be later than the
      Final
      Scheduled Distribution Date), the Loan-to-Value Ratios (or Combined
      Loan-to-Value Ratios, as applicable) described in clause (ix) 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 (x) hereof must be satisfied as to each Qualified Substitute Mortgage
      Loan or in the aggregate, as the case may be.

     

    Rating
      Agency:
      Each of
      Moody’s and S&P.

     

    Ratings
      Requirement:
      With
      respect to any action to which the Ratings Requirement applies, that each Rating
      Agency shall have been given 10 days (or such shorter period as is acceptable
      to
      each Rating Agency) prior notice thereof and that each Rating Agency shall
      have
      notified the Depositor and the Trustee in writing that such action will not
      result in a reduction or withdrawal of the then current rating of the rated
      Certificates.

     

    Readjustment
      Act:
      The
      Serviceman’s Readjustment Act of 1944, as amended.

     

    Real
      Estate:
      All
      Loan Collateral as to which perfection is governed by state real estate statutes
      or other state real estate law.

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

     

    Realized
      Loss:
      An
      amount determined by the applicable Servicer and evidenced by an Officer’s
      Certificate of such Servicer delivered to the Master Servicer pursuant to the
      applicable Servicing Agreement, in connection with any Mortgage Loan equal
      to
      (a) with respect to any Liquidated Mortgage Loan (other than a Liquidated
      Mortgage Loan with respect to which a Deficient Valuation has occurred), the
      excess of the Principal Balance of such Liquidated Mortgage Loan plus
      interest
      thereon at a rate equal to the sum of the applicable Mortgage Rate less the
      Servicing Fee Rate from the Due Date as to which interest was last paid up
      to
      the Due Date next succeeding such liquidation over proceeds, if any, received
      in
      connection with such liquidation, after application of all withdrawals permitted
      to be made by the related Servicer or the Master Servicer from the related
      Custodial Account or the Collection Account with respect to such Mortgage Loan,
      or (b) with respect to any Mortgage Loan which has become the subject of a
      Deficient Valuation, the excess of the Principal Balance of the Mortgage Loan
      over the principal amount as reduced in connection with the proceedings
      resulting in the Deficient Valuation.

     

    Recognition
      Agreement:
      With
      respect to any Cooperative Loan, an agreement between the related Cooperative
      Corporation and the originator of such Mortgage Loan to establish the rights
      of
      such originator in the related Cooperative Property.

     

    Record
      Date:
      With
      respect to any Distribution Date and each Class of Certificates other than
      the
      Group 1 Certificates, the close of business on the Business Day immediately
      preceding such Distribution Date; and with respect to the Group 1 Certificates,
      the close of business on the last Business Day of the calendar month immediately
      preceding the month in which such Distribution Date occurs (or the Closing
      Date,
      in the case of the first Distribution Date).

     

    Records:
      All
      documents, books, records and other information (including, without limitation,
      computer programs, tapes, disks, punch cards, data processing software and
      related property and rights) prepared and maintained by the Servicers and the
      Master Servicer or by or on behalf of the Seller with respect to the Mortgage
      Loans and the related Mortgagors.

     

    Regulation
      AB:
      Subpart
      229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100 -
      229.1123, as such may be amended from time to time, and subject to such
      clarification and interpretation as have been provided by the Commission in
      the
      adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518,
      70 Red. 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.

     

    Regulations:
      FHA
      Regulations or VA Regulations, as the case may be.

     

    Relevant
      Servicing Criteria:
      The
      Servicing Criteria applicable to each party as set forth on Exhibit P-1 hereto.
      Multiple parties can have responsibility for the same Relevant Servicing
      Criteria. With respect to a Servicing Function Participant engaged by the Master
      Servicer, the Trustee or a Servicer, the term “Relevant Servicing Criteria” may
      refer to a portion of the Relevant Servicing Criteria applicable to such
      parties.

     

    Relevant
      UCC:
      The
      Uniform Commercial Code as in effect in the applicable
      jurisdiction.

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

     

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

     

    REMIC
      1:
      As
      described in the Preliminary Statement to this Agreement.

     

    REMIC
      2:
      As
      described in the Preliminary Statement to this Agreement.

     

    REMIC
      3:
      As
      described in the Preliminary Statement to this Agreement.

     

    REMIC
      2 Net WAC Rate:
      As
      described in the Preliminary Statement to this Agreement at footnote (4) under
      the table describing REMIC 3.

     

    REMIC
      Change of Law:
      Any
      proposed, temporary or final regulation, revenue ruling, revenue procedure
      or
      other official announcement or interpretation relating to REMICs and the REMIC
      Provisions issued after the Closing Date.

     

    REMIC
      Provisions:
      Provisions of the federal income tax law relating to real estate mortgage
      investment conduits, which appear at sections 860A through 860G of Subchapter
      M
      of Chapter 1 of the Code, and related provisions, and regulations promulgated
      thereunder, as the foregoing may be in effect from time to time as well as
      provisions of applicable state laws.

     

    Removable
      Mortgage Loan:
      Any
      Mortgage Loan as to which the related Mortgagor fails to make the first Monthly
      Payment of principal and interest due after the Closing Date.

     

    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
      Imputed Payment:
      With
      respect to any REO Property, for any calendar month during which such REO
      Property was at any time part of the Trust Fund, an amount equal to the
      scheduled Monthly Payment that would have been due on the related Mortgage
      Loan
      were such Mortgage Loan still outstanding, after giving effect to any adjustment
      of the Mortgage Rate, if applicable.

     

    REO
      Property:
      Loan
      Collateral acquired by the Trustee, or by the Master Servicer or any Servicer
      (or agent or nominee thereof) on behalf of the Trustee, through foreclosure
      or
      deed-in-lieu of foreclosure or otherwise in connection with a defaulted Mortgage
      Loan.

     

    Reportable
      Event:
      As
      defined in Section 4.31(a) hereof.

     

    Request
      For Release:
      The
      form set forth as Exhibit E hereto.

     

    Required
      Certificateholders:
      Holders
      who hold Certificates evidencing not less than 51% of the aggregate Voting
      Rights of the Certificates; provided,
      however,
      that
      for purposes of Section 10.05(b), such percentage shall be increased to
      66-2/3%.

     

    Reserve
      Fund:
      The
      reserve fund established and maintained by the Trustee as an Eligible Account
      pursuant to Section 6.02(a)(iii) of this Agreement, which reserve fund is an
      asset of the Trust Fund but not of any REMIC.

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

     

    Reserve
      Fund Requirement:
      With
      respect to any Distribution Date, the greater of (i) the Targeted
      Overcollateralization Amount for such date minus
      the
      Overcollateralization Amount for such date and (ii) zero.

     

    Residual
      Certificate:
      Any
      Class R Certificate.

     

    Re-sold
      Mortgage Loan:
      Any
      2003-G Re-sold Mortgage Loan, 2005-A Re-sold Mortgage Loan or 2005-E Re-sold
      Mortgage Loan.

     

    Responsible
      Officer:
      Any
      Vice President, any Assistant Vice President, any Assistant Secretary, any
      Assistant Treasurer, any Corporate Trust officer or any other officer of the
      Trustee customarily performing functions similar to those performed by any
      of
      the above-designated officers and also, with respect to a particular matter,
      any
      other officer to whom such matter is referred because of such officer’s
      knowledge of and familiarity with the particular subject, in each case having
      direct responsibility for the administration of this Agreement.

     

    Restricted
      Certificate:
      Each
      Class X, Class P and Class R Certificate.

     

    Retained
      Interest:
      With
      respect to each Mortgage Loan identified on the Mortgage Loan Schedule as a
      “Retained Interest Mortgage Loan,” interest in respect of each such Mortgage
      Loan retained by any Retained Interest Holder at the related Retained Interest
      Rate and remitted to such Retained Interest Holder pursuant to the related
      Servicing Agreement or pursuant to Section 4.08, as applicable.

     

    Retained
      Interest Holder:
      With
      respect to each Mortgage Loan identified on the Mortgage Loan Schedule as a
      “Retained Interest Mortgage Loan,” the retained interest holder so specified
      thereon. 

     

    Retained
      Interest Rate:
      With
      respect to each Mortgage Loan identified on the Mortgage Loan Schedule as a
      “Retained Interest Mortgage Loan,” the per annum rate so specified
      thereon.

     

    Revolving
      Purchase Agreement:
      Each of
      the 2003-G Revolving Purchase Agreement, the 2005-A Revolving Purchase Agreement
      and the 2005-E Revolving Purchase Agreement.

     

    Revolving
      Trust:
      Each of
      the 2003-G Revolving Trust, the 2005-A Revolving Trust and the 2005-E Revolving
      Trust.

     

    Rolling
      Three Month Delinquency Rate:
      With
      respect to any Distribution Date, an amount equal to the average of the 60-Day
      Delinquency Rates for each of the three (or one or two, in the case of the
      first
      and second Distribution Dates, respectively) immediately preceding
      months.

     

    S&P:
      Standard and Poor’s Ratings Services, a division of The McGraw-Hill Companies,
      Inc., or any successor thereto.

     

    Sarbanes-Oxley
      Certification:
      As
      defined in Section 4.31(c) hereof.

     

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

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

     

    Securities
      Intermediary:
      The
      Person acting as Securities Intermediary under this Agreement (which initially
      is U.S. Bank National Association), its successor in interest, and any successor
      Securities Intermediary appointed pursuant to Section 6.02(c).

     

    Security
      Agreement:
      With
      respect to any Cooperative Loan, the agreement between the owner of the related
      Cooperative Shares and the originator of the related Mortgage Loan that defines
      the terms of the security interest in such Cooperative Shares and the related
      Proprietary Lease.

     

    Security
      Entitlement:
      The
      meaning specified in Section 8-102(a)(17) of the New York UCC.

     

    Seller:
      Bayview
      Financial, L.P., as seller under the Purchase Agreement.

     

    Seller
      Retained Interest Rate:
      Not
      applicable.

     

    Senior
      Certificate:
      Any
      Class A-IO Certificate, Group 1 Certificate or Group 2 Certificate.

     

    Senior
      Available Funds Cap Percentage:
      With
      respect to any Distribution Date, the percentage equivalent of a fraction,
      the
      numerator of which is the aggregate Class Principal Balance of the Group 1
      Certificates and the Group 2 Certificates and the denominator of which is the
      aggregate Class Principal Balance of the Group 1 Certificates and the LIBOR
      Certificates, in each case immediately prior to that Distribution
      Date.

     

    Senior
      Priorities:
      With
      respect to the Group 1 Certificates, the priority of distributions provided
      in
      Section 6.05(d)(i)(A)(1)(a) and Section 6.05(d)(i)(A)(1)(b), and with respect
      to
      the Group 2 Certificates, the priority of distributions provided in Section
      6.05(d)(i)(B)(1).

     

    Service(s)(ing):
      With
      respect to Regulation AB, the act of servicing and administering the Mortgage
      Loans or any other assets of the Trust Fund 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. Any
      uncapitalized occurrence of this term shall have the meaning commonly understood
      by participants in the residential mortgage-backed securitization
      market.

     

    Servicer:
      The
      Servicers shall be BLS, M&T Mortgage, Aurora Loan Services LLC,
      CitiMortgage, Inc., Indymac Bank, F.S.B. and Washington Mutual Mortgage
      Securities Corp. and their respective successors and assigns.

     

    Servicer
      Remittance Date:
      As
      defined in the applicable Servicing Agreement.

     

    Servicing
      Advance:
      The
      reasonable “out-of-pocket” costs and expenses incurred by the Servicers (or any
      subservicer, to the extent such subservicer incurs such costs and expenses
      on
      behalf of a Servicer) or the Master Servicer in connection with a default,
      delinquency or other unanticipated event in the performance of their respective
      servicing obligations or master 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
      foreclosures, in respect of a particular Mortgage Loan, (iii) the management
      (including reasonable fees in connection therewith) and liquidation of any
      REO
      Property and (iv) all Preservation Expenses. Servicing Fees and Master Servicing
      Fees, to the extent not paid when due, shall be deemed, and shall be
      reimbursable as, a Servicing Advance.

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

     

    Servicing
      Agreement:
      Any
      written contract for the servicing of the Mortgage Loans to which the Trustee
      is
      either a party or a third party beneficiary. A list of the Servicing Agreements
      (including servicing acknowledgement agreements, if any) with respect to the
      Servicers as of the Closing Date is attached hereto as Exhibit H.

     

    Servicing
      Criteria:
      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 Distribution Date and each Mortgage Loan, the product of the
      applicable per annum Servicing Fee Rate and the Principal Balance or the unpaid
      principal balance, as applicable, of such Mortgage Loan immediately preceding
      the applicable Servicer Remittance Date.

     

    Servicing
      Fee Rate:
      With
      respect to each Mortgage Loan, the per annum rate specified in the related
      Servicing Agreement and the Mortgage Loan Schedule. 

     

    Servicing
      Function Participant:
      Any
      Subservicer, Subcontractor or any other Person, other than a Servicer, the
      Master Servicer or the Trustee, that is participating in the servicing function
      within the meaning of Regulation AB, unless such Person’s activities relate only
      to 5% or fewer of the Mortgage Loans.

     

    Servicing
      Officer:
      Any
      officer or employee of the Servicer or Master Servicer involved in, or
      responsible for, the administration and servicing or master servicing,
      respectively, of Mortgage Loans whose name appears on a list of servicing
      officers attached to Officer’s Certificates furnished to the Master Servicer and
      the Trustee, respectively, as such lists may be amended from time to
      time.

     

    Servicing
      Rights Owner:
      The
      owner of the servicing rights under any Servicing Agreement.

     

    Servicing
      Standard:
      Shall
      have the meaning assigned thereto in each Servicing Agreement.

     

    Simple
      Interest Mortgage Loans:
      The
      Mortgage Loans listed in Schedule I-A attached hereto.

     

    Stepdown
      Date:
      The
      latest to occur of (i) the Distribution Date in February 2009, (ii) the first
      Distribution Date on which the Aggregate Pool Balance is equal to or less than
      50.00% of the Cut-off Date Aggregate Pool Balance and (iii) the first
      Distribution Date on which the Enhancement Percentage (calculated for this
      purpose after
      giving
      effect to payments or other recoveries in respect of the Mortgage Loans during
      the related Due Period but before
      giving
      effect to distributions on the Certificates on such Distribution Date) for
      each
      Class of Group 1 Certificates and each Class of LIBOR Certificates is greater
      than or equal to the applicable percentage set forth below:

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

     

    
      
        	
                Class

              	
                Percentage

              
	 	 
	
                1-A1,
                  1-A2, 1-A3, 

                1-A4,
                  1-A5, 2-A1, 

                2-A2,
                  2-A3, 2-A4

              	
                29.70%

              
	 	 
	
                M-1

              	
                19.70%

              
	 	 
	
                M-2

              	
                16.80%

              
	 	 
	
                M-3

              	
                11.80%

              
	 	 
	
                M-4

              	
                9.50%

              
	 	 
	
                B-1

              	
                7.50%

              
	 	 
	
                B-2

              	
                6.10%

              
	 	 
	
                B-3

              	
                4.00%

              

      

    

     

    Subcontractor:
      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 the Mortgage Loans
      under the direction or authority of any Servicer (or a Subservicer of any
      Servicer), the Master Servicer or the Trustee.

     

    Subordinate
      Available Funds Cap:
      With
      respect to each Class of Subordinate Certificates that is a Class of LIBOR
      Certificates, (A)(1)(a) the aggregate of interest accrued (whether or not
      collected or advanced) for the related Due Period on all Mortgage Loans at
      the
      applicable Net Mortgage Rates minus
      (b) the
      aggregate of interest accrued for the related Accrual Period on the Senior
      Certificates (excluding any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls), divided
      by (2)
      the
      aggregate Class Principal Balance of the Subordinate Certificates immediately
      prior to such Distribution Date multiplied
      by
      (B) the
      fraction, expressed as a percentage, the numerator of which is 360 and the
      denominator of which is the actual number of days in the related Accrual
      Period.

     

    Subordinate
      Certificate:
      Any
      Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 or Class B-3
      Certificate.

     

    Subordination
      Trigger Event:
      A
      Subordination Trigger Event will have occurred with respect to any Distribution
      Date if the Enhancement Percentage for any Class of Group 1 Certificates or
      any
      Class of LIBOR Certificates for the immediately preceding Distribution Date
      is
      less than the applicable percentage set forth below: 

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

     

    
      
        	
                Class

              	
                Percentage

              
	 	 
	
                1-A1,
                  1-A2, 1-A3, 

                1-A4,
                  1-A5, 2-A1, 

                2-A2,
                  2-A3, 2-A4

              	
                29.70%

              
	 	
                 

              
	
                M-1

              	
                19.70%

              
	 	
                 

              
	
                M-2

              	
                16.80%

              
	 	
                 

              
	
                M-3

              	
                11.80%

              
	 	
                 

              
	
                M-4

              	
                9.50%

              
	 	
                 

              
	
                B-1

              	
                7.50%

              
	 	
                 

              
	
                B-2

              	
                6.10%

              
	 	
                 

              
	
                B-3

              	
                4.00%

              

      

    

     

    Subsequent
      Recoveries:
      With
      respect to any Mortgage Loan, any collection or other recovery of amounts owed
      thereunder after such Mortgage Loan becomes a Liquidated Mortgage
      Loan.

     

    Subservicer:
      Any
      Person that (i) is considered to be a Servicing Function Participant, (ii)
      services Mortgage Loans on behalf of any Servicer and (iii) is responsible
      for
      the performance (whether directly or through subservicers or Subcontractors)
      of
      Servicing functions required to be performed under this Agreement, any related
      Servicing Agreement or any subservicing agreement that are identified in Item
      1122(d) of Regulation AB.

     

    Substitution
      Amount:
      As
      defined in Section 2.03(d).

     

    Successor
      Master Servicer:
      Any
      successor to the Master Servicer, which successor shall be an FHA Approved
      Mortgagee.

     

    Targeted
      Overcollateralization Amount:
      With
      respect to any Distribution Date (i) prior to the Stepdown Date, the product
      of
      2.00% and the Cut-off Date Aggregate Pool Balance, (ii) on and after the
      Stepdown Date if a Trigger Event is not in effect, the greater of (a) the
      product of 0.50% and the Cut-off Date Aggregate Pool Balance and (b) the product
      of 4.00% and the Aggregate Pool Balance for such Distribution Date, and (iii)
      on
      and after the Stepdown Date if a Trigger Event is in effect, the amount
      calculated under this definition for the immediately preceding Distribution
      Date.

     

    Tax
      or
Taxes:
      All
      taxes, charges, fees, levies or other assessments, including, without
      limitation, income, gross receipts, profits, withholding, excise, property,
      sales, use, occupation and franchise taxes (including, in each such case, any
      interest, penalties or additions attributable to or imposed on or with respect
      to any such taxes, charges, fees or other assessments) imposed by the United
      States, any state or political subdivision thereof, any foreign government
      or
      any other jurisdiction or taxing authority.

    
      
        
        

      

      
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    Tax
      Matters Person:
      The
      Person designated as “tax matters person” in the manner provided under Treasury
      regulation § 1.860F-4(d) and temporary Treasury regulation
§ 301.6231(a)(7)1T. Initially, the Tax Matters Person shall be the
      Trustee.

     

    Tax
      Matters Person Certificate:
      The
      Class R Certificate with a Denomination of 0.00001%.

     

    Termination
      Date:
      As
      defined in Section 10.01.

     

    Termination
      Price:
      As
      defined in Section 10.02(a).

     

    Three
      Month Average 60-Day Delinquency Rate:
      Not
      applicable.

     

    Total
      Distribution Amount:
      With
      respect to any Distribution Date, the sum (without duplication) of the Interest
      Remittance Amount for each Mortgage Pool and the Principal Remittance Amount
      for
      each Mortgage Pool for such date.

     

    Trigger
      Event:
      A
      Trigger Event will be in effect with respect to any Distribution Date if a
      Delinquency Event, a Cumulative Loss Trigger Event or a Subordination Trigger
      Event has occurred with respect to such Distribution Date.

     

    Trust
      Account:
      As
      defined in Section 6.02(b).

     

    Trust
      Account Property:
      The
      Trust Accounts, all amounts and investments held from time to time in the Trust
      Accounts (whether in the form of deposit accounts, physical property, book-entry
      securities, uncertificated securities, securities entitlements, investment
      property or otherwise) and all proceeds of the foregoing.

     

    Trust
      Fund:
      The
      corpus of the trust created hereunder, consisting of all accounts, accounts
      receivable, contract rights, claims, choses in action, general intangibles,
      chattel paper, instruments, documents, money, deposit accounts, certificates
      of
      deposit, goods, notes, drafts, letters of credit, advices of credit, investment
      property, uncertificated securities and rights to payment of any and every
      kind
      consisting of, arising from or relating to any of the following: (a)(i) the
      Mortgage Loans (other than the related servicing rights), listed in the Mortgage
      Loan Schedules attached hereto as Schedule I (and subdivided into Schedule
      I-A,
      Schedule I-B, Schedule I-C, Schedule I-D, Schedule I-E, Schedule I-F, Schedule
      I-G and Schedule I-H) and Schedule II (and subdivided into Schedule II-A and
      Schedule II-B), including all payments of interest (other than any Retained
      Interest), all prepayment premiums or penalties or yield maintenance payments
      received or receivable by the Depositor on or with respect to the Mortgage
      Loans
      listed on Schedule I-B hereto, and all principal and other amounts received
      or
      receivable on or with respect to the Mortgage Loans on or after the Cut-off
      Date
      (other than payments due on or prior to such date) and all payments due after
      such date but received prior to such date, (ii) the related Mortgage Files
      and
      all rights of the Depositor in the Loan Collateral, (iii) any Insurance Policies
      and (iv) any Insurance Proceeds, REO Property, Liquidation Proceeds and other
      recoveries (in each case, subject to clause (i) above), (b) the Collection
      Account, the Certificate Distribution Account and the Reserve Fund and all
      amounts deposited therein pursuant to the applicable provisions of this
      Agreement, (c) any Eligible Investments held or amounts on deposit in any Trust
      Account, (d) the Cap Agreement and all payments received from the Cap Provider
      thereunder (to the extent provided herein) or received as proceeds from the
      sale
      of any Excess Cap Amount, (e) the rights of the Depositor under the Purchase
      Agreement, the Assignment Agreements, the BFPT II Assignment Agreement, each
      Servicing Agreement, the Diligence Agreement and the Management Agreement,
      (f)
      the rights of the Trustee under each Servicing Agreement, (g) all Holdback
      Amounts on deposit in custodial accounts established by BLS for the benefit
      of
      the Trust Fund and (h) all income, revenues, issues, products, revisions,
      substitutions, replacements, profits, rents and all cash and non-cash proceeds
      of the foregoing.

    
      
        
        

      

      
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    Trustee:
      U.S.
      Bank National Association, a national banking association, and any successor
      in
      interest, not in its individual capacity, but solely as Trustee
      hereunder.

     

    Trustee
      Fee:
      With
      respect to each Distribution Date, the product of the Trustee Fee Rate and
      the
      Aggregate Pool Balance as of the opening of business on the first day of the
      related Due Period (or, in the case of the first Distribution Date, as of the
      Cut-off Date).

     

    Trustee
      Fee Rate:
      0.0075%
      per annum.

     

    Underwriter:
      Each of
      Lehman Brothers Inc., Citigroup Global Markets Inc., J.P. Morgan Securities
      Inc.
      and Merrill Lynch, Pierce, Fenner & Smith Incorporated.

     

    Underwriter’s
      Exemption:
      Prohibited Transaction Exemption 2002-41, 67 Fed. Reg. 54487 (2002), as amended
      (or any successor thereto), or any substantially similar administrative
      exemption granted by the U.S. Department of Labor.

     

    Unpaid
      Basis Risk Shortfall:
      With
      respect to any Distribution Date and any Class of Group 1 Certificates or LIBOR
      Certificates, the aggregate of all Basis Risk Shortfalls with respect to such
      Class remaining unpaid from previous Distribution Dates, plus
      interest
      accrued thereon at the applicable Interest Rate (calculated without giving
      effect to the Pool 1 Available Funds Cap, Pool 2 Available Funds Cap or
      Subordinate Available Funds Cap, as applicable).

     

    Upper
      Tier REMIC:
      REMIC
      3.

     

    U.S.
      Person:
      A
      person who is a “United States person” within the meaning of Section 7701(a)(30)
      of the Code.

     

    VA
      Guaranty:
      A
      guaranty granted by the VA with respect to any Mortgage Loan.

     

    VA:
      The
      U.S. Department of Veterans Affairs.

     

    VA
      Loan Guaranty Certificate:
      With
      respect to each Mortgage Loan with a VA Guaranty, the loan guaranty certificate
      evidencing such guaranty.

     

    VA
      Mortgage Loan:
      Not
      applicable.

     

    VA
      Regulations:
      Regulations promulgated by the VA pursuant to the Readjustment Act, codified
      in
      38 Code of Federal Regulations, and other VA issuances relating to mortgage
      loans guaranteed by the VA, including, without limitation, related handbooks,
      circulars, notices and mortgage letters.

    
      
        
        

      

      
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    Voting
      Rights:
      The
      portion of the aggregate voting rights of all the Certificates evidenced by
      a
      Certificate. 90% of all voting rights under this Agreement shall be allocated
      among all holders of the Group 1 Certificates (subject, in the case of the
      Class
      1-A5 Certificates, to Section 5.03 hereof) and the LIBOR Certificates, in
      proportion to their then outstanding Class Principal Balances; 4% of all voting
      rights shall be allocated to the holders of the Class X Certificates; and 6%
      of
      all voting rights shall be allocated to the holders of the Residual
      Certificates. The Class A-IO and Class P Certificates shall not have voting
      rights.

     

    Section
      1.02. Provisions of General Application.

     

    (a) For
      all
      purposes of this Agreement, except as otherwise expressly provided or unless
      the
      context otherwise requires:

     

    (i)     All
      accounting terms not specifically defined herein shall be construed in
      accordance with GAAP.

     

    (ii)     All
      terms used in Article 8 and Article 9 of the New York UCC, and not specifically
      defined herein, are used herein as defined in such Article.

     

    (iii)     The
      terms defined in this Article include the plural as well as the
      singular.

     

    (iv)     The
      words “herein,” “hereof” and “hereunder” and other words of similar import refer
      to this Agreement as a whole. All references to Articles and Sections shall
      be
      deemed to refer to Articles and Sections of this Agreement.

     

    (v)     References
      to statutes are to be construed as including all statutory provisions
      consolidating, amending or replacing the statute to which reference is made
      and
      all regulations (including, when consistent with market practice, proposed
      regulations) promulgated pursuant to such statutes.

     

    (vi)     Except
      with respect to accrued interest on the LIBOR Certificates or as otherwise
      specified herein, all per annum percentage rate calculations hereunder shall
      be
      based upon a 360-day year consisting of twelve 30-day months.

     

    (b) This
      Agreement is a “declaration of trust” for purposes of FHA
      Regulations.

    
      
        
        

      

      
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    ARTICLE
      II

     

    TRANSFER
      OF ASSETS

     

    Section
      2.01. Conveyance of Mortgage Loans.

     

    On
      the
      Closing Date, the Depositor, in exchange for the delivery to the Depositor
      or
      its designee(s) of the Certificates, registered in such names as the Depositor
      shall designate, concurrently with the execution and delivery of this Agreement
      and on the terms set forth herein does hereby grant, transfer, assign, set
      over
      and otherwise convey to the Trustee, without recourse (except to the extent
      specified herein), all right, title and interest of the Depositor in, to and
      under the assets constituting the Trust Fund.

     

    In
      connection with such transfer and assignment, the Depositor does hereby also
      irrevocably transfer, assign, set over and otherwise convey to the Trustee
      all
      of the Depositor’s rights, but none of its obligations, under the Purchase
      Agreement (other than its rights to indemnification thereunder), the Servicing
      Agreements, the BFPT II Assignment Agreement, the Assignment Agreements and
      the
      Diligence Agreement. The Trustee hereby accepts such transfer and assignment
      of
      rights under such agreements, and, subject to the provisions hereof, shall
      be
      entitled to exercise all of the rights of the Depositor under such agreements
      as
      if, for such purpose, it were the Depositor.

     

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

     

    (i)     (A)
      the original Mortgage Note, endorsed in the following form: “Pay to the order of
      U.S. Bank National Association, as Trustee (Bayview), without recourse” or 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 or
      (B)
      an original or copy of the installment sale contract for the purchase of the
      related Mortgaged Property;

     

    (ii)     with
      respect to each Mortgage Loan, (A) the original Mortgage or copy of the Mortgage
      with evidence of recording thereon (or, in the case of a Mortgage for which
      the
      related Mortgaged Property is located in the Commonwealth of Puerto Rico, a
      true
      copy of the Mortgage certified as such by the applicable notary) and (B) the
      original or a copy of recorded power of attorney, if the Mortgage was executed
      pursuant to a power of attorney, with evidence of recording
      thereon;

     

    (iii)     with
      respect to each Non-MERS Mortgage Loan,
      an
      original Assignment of the Mortgage executed in the following form: “U.S. Bank
      National Association, as Trustee (Bayview),” or in blank;

     

    (iv)     with
      respect to each Non-MERS Mortgage Loan, the original Assignment or Assignments
      of the Mortgage and if such Assignment of Mortgage is not executed in blank,
      originals or copies of all intervening assignments showing a complete chain
      of
      assignment from the originator (or, if applicable, from the U.S. Department
      of
      Housing and Urban Development) to the Person assigning the Mortgage to the
      Trustee as contemplated by the immediately preceding clause (iii), or, in the
      case of a Cooperative Loan, an original Assignment of the Security Agreement;
      provided,
      however,
      that
      such Assignment or Assignments of Mortgage need not be delivered in the case
      of
      a Mortgage for which the related Mortgaged Property is located in the
      Commonwealth of Puerto Rico;

    
      
        
        

      

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

     

    (vi)     with
      respect to each Mortgage Loan other than a Cooperative Loan, the original
      lender’s title insurance policy or attorney’s opinion of title or a copy thereof
      certified as true and correct by the applicable insurer, 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 junior
      lien, as applicable, on the Mortgaged Property represented therein as a fee
      interest vested in the Mortgagor, or in the event such original title policy
      is
      unavailable, a written commitment or uniform binder or preliminary report of
      title issued by the title insurance or escrow company or a copy thereof
      certified by the title company, with the original policy of title insurance
      to
      be delivered within one year of the Closing Date;

     

    (vii)     with
      respect to any Cooperative Loan, the following documents: the Security
      Agreement; a stock certificate evidencing the Cooperative Shares and related
      stock power; Proprietary Lease; and Recognition Agreement;

     

    (viii)     with
      respect to each Mortgage Loan insured by the FHA, the original or a copy of
      the
      Mortgage Loan Certificate, and as to any Mortgage Loan guaranteed by the VA,
      the
      original VA Loan Guaranty Certificate, or in each case a “duplicate original”
thereof in accordance with applicable Regulations; and 

     

    (ix)     if
      any assignment of leases is separate from the Mortgage, the original or copy
      thereof, together with an executed reassignment of such instrument to the
      Trustee.

     

    With
      respect to each Mortgage Loan other than a MERS Mortgage Loan, the Depositor
      shall either (i) deliver an Opinion of Counsel (which must be independent
      counsel) acceptable to the Trustee and the Rating Agencies, to the effect that
      recording in related jurisdiction is not required to protect the Trustee’s
      interest in the related Mortgage Loan or (ii) promptly (and in no event later
      than 30 Business Days following the Closing Date) submit or cause to be
      submitted for recording, at the Depositor’s own expense, in the appropriate
      public office, each Assignment referred to in Sections 2.01(iii) or (iv) above.
      In the event that any such Assignment is lost or returned unrecorded because
      of
      a defect therein, the Depositor shall promptly prepare or cause to be prepared
      a
      substitute Assignment or cure or cause to be cured such defect, as the case
      may
      be, and thereafter cause each such Assignment to be duly recorded.

     

    With
      respect to each MERS Mortgage Loan, the Trustee, at the expense of the Depositor
      and at the direction and with the cooperation of the applicable Servicer, shall
      cause to be taken such actions as are necessary to cause the Trustee to be
      clearly identified as the owner of each such Mortgage Loan on the records of
      MERS for purposes of the system of recording transfers of beneficial ownership
      of mortgages maintained by MERS.

    
      
        
        

      

      
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    In
      connection with the assignment of any MERS Mortgage Loan, the Depositor further
      agrees that it will cause, at the Depositor’s expense, within 30 Business Days
      after the Closing Date, the MERS system to indicate that such Mortgage Loans
      have been assigned by the Depositor to the Trustee in accordance with this
      Agreement for the benefit of the Certificateholders by including (or deleting,
      in the case of Mortgage Loans that are repurchased in accordance with this
      Agreement) in such computer files (a) the code in the field that identifies
      the
      Trustee and (b) the code in the field “Pool Field” which identifies the series
      of the Certificates issued. The Depositor further agrees that, within 30
      Business Days after the Closing Date, it will provide evidence satisfactory
      to
      the Trustee that the requirements set forth in the immediately preceding
      sentence have been complied with and that it will not permit the Master Servicer
      to, and the Master Servicer agrees that it will not, alter the codes referenced
      in this paragraph with respect to any Mortgage Loan during the term of this
      Agreement unless and until such Mortgage Loan is repurchased in accordance
      with
      the terms of this Agreement.

     

    If
      any
      original Mortgage Note referred to in Section 2.01(i)(A) cannot be located,
      the
      obligation of the Depositor to deliver such documents shall be deemed to be
      satisfied upon delivery to the Trustee of an original affidavit certifying
      that
      the original Mortgage Note has been lost, misplaced or destroyed. If any of
      the
      documents referred to in Section 2.01(i)(B) or Section 2.01(iii) above has
      as of
      the Closing Date been submitted for recording but either (x) has not been
      returned from the applicable public recording office or (y) has been lost or
      such public recording office has retained the original of such document, the
      obligations of the Depositor to deliver such documents shall be deemed to be
      satisfied upon (1) delivery to the Trustee of a copy of each such document
      certified by the Seller in the case of (x) above or the applicable public
      recording office in the case of (y) above to be a true and complete copy of
      the
      original that was submitted for recording and (2) if such copy is certified
      by
      the Seller, delivery to the Trustee promptly upon receipt thereof of either
      the
      original or a copy of such document certified by the applicable public recording
      office to be a true and complete copy of the original. Notice shall be provided
      to the Trustee and the Rating Agencies by the Seller if delivery pursuant to
      clause (2) above will be made more than 180 days after the Closing Date. If
      the
      original lender’s title insurance policy was not delivered pursuant to Section
      2.01(vi) above, the Depositor shall deliver or cause to be delivered to the
      Trustee, promptly after receipt thereof, the original lender’s title insurance
      policy. The Depositor shall deliver or cause to be delivered to the Trustee
      promptly upon receipt thereof any other original documents constituting a part
      of a Mortgage File received with respect to any Mortgage Loan, including, but
      not limited to, any original documents evidencing an assumption or modification
      of any Mortgage Loan.

     

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

    
      
        
        

      

      
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    The
      Depositor shall cooperate with the Trustee in providing any required transfer
      documentation with respect to such conveyance. Any payment received by the
      Depositor that shall be due to the Trust Fund hereunder shall be paid
      immediately to the Trustee.

     

    In
      addition, the Depositor herewith delivers to the Trustee an executed copy of
      the
      Purchase Agreement, the BFPT II Assignment Agreement, the Assignment Agreements
      and the Diligence Agreement.

     

    Section
      2.02. Acceptance and Acknowledgement by Trustee.

     

    Subject
      to the provisions of Section 2.01, the Trustee acknowledges receipt of the
      assets transferred by the Depositor to be included in the Trust Fund and has
      directed that the documents referred to in Section 2.01 and all other assets
      included in the definition of “Trust Fund” be delivered to the
      Trustee.

     

    Subject
      to the provisions of Section 2.01 and subject to the review described below
      and
      any exceptions noted on the exception report described in the next paragraph
      below, the Trustee acknowledges receipt by it of the documents referred to
      in
      Section 2.01 (other than such documents described in Section 2.01(v)), the
      Cap
      Agreement and all other assets included in the definition of “Trust Fund,” and
      declares that it holds and will hold such documents and the other documents
      delivered to it constituting a Mortgage File, and that it holds or will hold
      all
      such assets and such other assets included in the definition of “Trust Fund”
from time to time in
      trust
      for the benefit of all present and future Certificateholders.

     

    At
      or
      prior to the Closing Date, the Trustee shall certify in substantially the form
      attached hereto as Exhibit B that with respect to each Mortgage Loan listed
      in
      the Mortgage Loan Schedule (other than any Mortgage Loan specifically identified
      in the exception report annexed thereto as not being covered by such
      certification) the related Mortgage File contains the documents specified in
      Exhibit B.

     

    The
      Trustee agrees, for the benefit of the Certificateholders, to review each
      Mortgage File within 45 days after the Closing Date (or, with respect to any
      document delivered after the Closing Date, within 45 days of receipt and with
      respect to any Qualified Substitute Mortgage Loan, within 45 days after the
      assignment thereof) and to certify, in substantially the form attached hereto
      as
      Exhibit C that, as to each Mortgage Loan listed in the Mortgage Loan Schedule
      (other than any Mortgage Loan paid in full or any Mortgage Loan specifically
      identified in the exception report annexed thereto as not being covered by
      such
      certification), (i) all documents required to be delivered to it pursuant
      Section 2.01 of this Agreement are in its possession, (ii) such documents have
      been reviewed by it and have not been mutilated, damaged or torn and relate
      to
      such Mortgage Loan, and (iii) based on its examination and only as to the
      foregoing, the information set forth in the Mortgage Loan Schedule that
      corresponds to items (i) through (iii) of the definition of Mortgage Loan
      Schedule contained herein accurately reflects information set forth in the
      Mortgage File. It is herein acknowledged that, in conducting such review, the
      Trustee is not under any duty or obligation (i) to inspect, review or examine
      any such documents, instruments, certificates or other papers to determine
      that
      they are genuine, enforceable, or appropriate for the represented purpose or
      that they have actually been recorded or that they are other than what they
      purport to be on their face, or (ii) to determine whether any Mortgage File
      should include any of the documents specified in clause (v) of Section 2.01.
      In
      addition, the Trustee makes no representation or warranty regarding
      collectibility, insurability, effectiveness or suitability of any Mortgage
      Loan.

    
      
        
        

      

      
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    Prior
      to
      the first anniversary date of this Agreement, the Trustee shall deliver to
      the
      Depositor and the Master Servicer a final certification in the form annexed
      hereto as Exhibit D evidencing the completeness of the Mortgage Files, with
      any
      applicable exceptions noted thereon.

     

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

     

    Section
      2.03. Repurchase or Substitution of Mortgage Loans by the Seller or the
      Depositor.

     

    (a) Pursuant
      to the Purchase Agreement, the Seller has made certain representations and
      warranties as to the characteristics of the Mortgage Loans as of the Closing
      Date, including representations and warranties that no Mortgage Loan is a
“high-cost home loan” as defined under any local,
      state, or federal laws,
      and the
      Seller, the Depositor and the Trustee intend that the Mortgage Loans (including
      any Qualified Substitute Mortgage Loans) included in the Trust Fund satisfy
      such
      representations and warranties. Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File or of the breach by the Seller
      of
      any representation, warranty or covenant under the related Revolving Purchase
      Agreement or the Diligence Agreement in respect of any Re-sold Mortgage Loan
      or
      the Purchase Agreement in respect of any Mortgage Loan which materially and
      adversely affects the value of such Mortgage Loan or the interest therein of
      the
      Certificateholders, the Trustee shall promptly notify the Seller of such defect,
      missing document or breach and request that the Seller deliver such missing
      document or cure such defect or breach within 90 days from the date the Seller
      was notified of such missing document, defect or breach, and if the Seller
      does
      not deliver such missing document or cure such defect or breach in all material
      respects during such period, the Trustee shall enforce the Seller’s obligation
      under the related Revolving Purchase Agreement or the Diligence Agreement or
      the
      Purchase Agreement (i) in connection with any such breach that could not
      reasonably have been cured within such 90 day period, if the Seller shall have
      commenced to cure such breach within such 90 day period, to proceed thereafter
      diligently and expeditiously to cure the same within the additional period
      provided under the related Revolving Purchase Agreement, the Diligence Agreement
      or the Purchase Agreement, (ii) in connection with any such breach (subject
      to
      clause (i) above) or any missing or defective document required to be delivered
      pursuant to Section 2.01(i) or 2.01(ii)(A), to purchase such Mortgage Loan
      from
      the Trust Fund at the Purchase Price within 120 days after the date on which
      the
      Seller was notified of such breach, and (iii) in connection with any other
      document required to be delivered pursuant to Section 2.01 hereof that is
      missing or defective, notwithstanding any delivery of an affidavit with respect
      to a missing Mortgage Note pursuant to Section 2.01, to purchase such Mortgage
      Loan from the Trust Fund at the Purchase Price within 10 Business Days after
      receipt of notification from the Trustee that the absence of such document
      or
      defect with respect thereto has materially impaired the ability of the Trustee
      to enforce the related Mortgage Note or Mortgage, in each case if and to the
      extent that the Seller is obligated to do so under the related Revolving
      Purchase Agreement, the Diligence Agreement or the Purchase Agreement, as
      applicable. The Trustee shall also enforce the Seller’s indemnification
      obligations under the related Revolving Purchase Agreement, the Diligence
      Agreement or the Purchase Agreement, if applicable. The Purchase Price for
      the
      repurchased Mortgage Loan shall be deposited in the Collection Account and
      the
      Trustee, upon receipt of written certification from the Master Servicer of
      such
      deposit, shall release to the Seller the related Mortgage File and shall execute
      and deliver such instruments of transfer or assignment, in each case without
      recourse, as the Seller shall furnish to it and as shall be necessary to vest
      in
      the Seller any Mortgage Loan released pursuant hereto and the Trustee shall
      have
      no further responsibility with regard to such Mortgage File. In lieu of
      purchasing any such Mortgage Loan as provided above, if so provided in the
      related Revolving Purchase Agreement, the Diligence Agreement or the Purchase
      Agreement, as applicable, the Seller may cause such Mortgage Loan to be removed
      from the Trust Fund (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(d). It is understood and
      agreed that the obligation of the Seller to cure, 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, or to indemnify the Trust Fund or the Trustee, shall constitute
      the
      sole remedy respecting such omission, defect or breach available to the Trustee
      on behalf of the Certificateholders.

    
      
        
        

      

      
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    In
      addition, if the Value of REO Property from Foreclosure Restricted Loans would
      equal or exceed 0.75% of the aggregate Principal Balance of the Mortgage Loans
      as of the end of any Due Period, the Seller, in accordance with the Purchase
      Agreement, shall purchase at fair market value on or prior to the related
      Distribution Date sufficient REO Property related to Foreclosure Restricted
      Loans or Foreclosure Restricted Loans which are in default to cause the Trustee
      to hold REO Property related to Foreclosure Restricted Loans with a Value of
      less than 0.75% of the aggregate Principal Balance of the Mortgage Loans and
      such proceeds shall be treated as received during the related Prepayment Period.
      For purposes of this paragraph, the “Value” of REO Property related to a
      Foreclosure Restricted Loan shall be treated as equal to the Principal Balance
      of the related Foreclosure Restricted Loan plus
      interest
      that had accrued on such Mortgage Loan as of the date of acquisition of the
      REO
      Property by the Trustee. The Trustee shall enforce the Seller’s obligations
      under this paragraph in accordance with the provision of the preceding paragraph
      of this Section with respect to breaches of representations and
      warranties.

     

    In
      the
      event that the purchase of a Foreclosure Restricted Loan cannot be effected
      prior to the acquisition of title to (or beneficial ownership interest in)
      the
      related REO Property and the acquisition of such title (or such beneficial
      ownership interest) would cause the limit described in the preceding paragraph
      to be exceeded, the Seller’s purchase of the related REO Property shall be
      deemed to have occurred on the date of (and immediately prior to) such
      acquisition of title or beneficial ownership interest and the fair market value
      for such Foreclosure Restricted Loan (which shall be computed as of such date)
      shall be paid by the Seller promptly upon notice from the Trustee that such
      title or beneficial ownership interest has been acquired. 

    
      
        
        

      

      
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    The
      Seller shall have the right, and the obligation, to repurchase Mortgage Loans
      from the Trust Fund to the limited extent provided in Section 7 of the Purchase
      Agreement or the Revolving Purchase Agreements, as applicable, and in this
      Section. Any repurchase of a Mortgage Loan by the Seller pursuant to Section
      7
      of the Purchase Agreement or a Revolving Purchase Agreement shall be effected
      in
      accordance with the provisions of this Section.

     

    The
      Seller shall have the option, but not the obligation, to substitute a Qualified
      Substitute Mortgage Loan for a Removable Mortgage Loan in the manner and subject
      to the limitations set forth in Section 2.03(d). The Seller’s option shall be
      exercisable on the date that such Mortgage Loan becomes 30 days delinquent,
      provided
      that in
      no event shall any such substitution occur more than 90 days following the
      Closing Date, unless the Seller delivers to the Trustee an Opinion of Counsel,
      which Opinion of Counsel shall not be at the expense of either the Trustee
      or
      the Trust Fund, addressed to the Trustee, to the effect that such substitution
      will not (i) result in the imposition of the tax on “prohibited
      transactions” on the Trust Fund or contributions after the Startup Day, as
      defined in Sections 860F(a)(2) and 860G(d) of the Code, respectively, or
      (ii) cause each REMIC created hereunder to fail to qualify as a REMIC at
      any time that any Certificates are outstanding. If the Seller exercises such
      option with respect to any Removable Mortgage Loan, such Mortgage Loan shall
      be
      removed from the Trust Fund (in which case it shall become a Deleted Mortgage
      Loan). Without regard to whether the related Mortgagor subsequently makes a
      late
      Monthly Payment, the Seller shall retain its right to exercise the option
      described above.

     

    (b) Within
      90
      days of the earlier of discovery by the Depositor or receipt of notice by the
      Depositor of the breach of any representation or warranty of the Depositor
      set
      forth in Section 3.03 with respect to any Mortgage Loan, which materially and
      adversely affects the value of such Mortgage Loan or the interest therein of
      the
      Certificateholders, and that does not also constitute a breach of a
      representation or warranty of the Seller in the related Revolving Purchase
      Agreement, the Depositor shall (i) cure such breach in all material respects,
      (ii) repurchase the Mortgage Loan from the Trustee at the Purchase Price or
      (iii) remove such Mortgage Loan from the Trust Fund (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(d). The Purchase Price for any repurchased Mortgage Loan shall be delivered
      to the Master Servicer for deposit in the Collection Account, and the Trustee,
      upon receipt of written certification from the Master Servicer of such deposit,
      shall at the Depositor’s direction release to the Depositor the related Mortgage
      File and shall execute and deliver such instruments of transfer or assignment
      furnished by the Depositor, in each case without recourse, as the Depositor
      shall furnish to it and as shall be necessary to vest in the Depositor any
      Mortgage Loan released pursuant hereto.

     

    (c) Within
      90
      days of the earlier of discovery by the Master Servicer or receipt of notice
      by
      the Master Servicer of the breach of any representation, warranty or covenant
      of
      the Master Servicer set forth in Section 3.01 which materially and adversely
      affects the interests of the Certificateholders in any Mortgage Loan, the Master
      Servicer shall cure such breach in all material respects.

    
      
        
        

      

      
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    (d) Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a), in the case of the Seller, or Section 2.03(b),
      in the case of the Depositor, must be effected prior to the date that is two
      years after the Closing Date, unless the Seller delivers to the Trustee an
      Opinion of Counsel, which Opinion of Counsel shall not be at the expense of
      either the Trustee or the Trust Fund, addressed to the Trustee, to the effect
      that such substitution will not result in an Adverse REMIC Event.

     

    With
      respect to any Deleted Mortgage Loan for which the Seller or the Depositor
      substitutes a Qualified Substitute Mortgage Loan or Loans, such substitution
      shall be effected by the Seller or the Depositor, as the case may be, by
      delivering to the Trustee in exchange 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 2.01, together with an Officer’s Certificate
      providing that each such Qualified Substitute Mortgage Loan satisfies the
      definition thereof and specifying the Substitution Amount, if any, in connection
      with such substitution. The Trustee shall acknowledge receipt of such Qualified
      Substitute Mortgage Loan or Loans and, within 45 Business Days thereafter,
      review such documents as specified in Section 2.02 and deliver to the Depositor
      and the Master Servicer, with respect to such Qualified Substitute Mortgage
      Loan
      or Loans, a certification substantially in the form attached hereto as Exhibit
      C, with any applicable exceptions noted thereon. Within one year of the date
      of
      substitution, the Trustee shall deliver to the Depositor and the Master Servicer
      a certification substantially in the form of Exhibit D hereto with respect
      to
      such Qualified Substitute Mortgage Loan or Loans, with any applicable exceptions
      noted thereon. Monthly Payments due with respect to Qualified Substitute
      Mortgage Loans in the Due Period of substitution will not be part of the Trust
      Fund and will be retained by the Depositor or the Seller, as the case may be.
      For the Due Period of substitution, distributions to Certificateholders will
      reflect the collections and recoveries in respect of such Deleted Mortgage
      Loan
      in such Due Period and the Depositor or the Seller, as the case may be, 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 Trustee 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 to the Master Servicer. Upon such
      substitution, such Qualified Substitute Mortgage Loan or Loans shall constitute
      a Mortgage Loan hereunder and shall be subject in all respects to the terms
      of
      this Agreement and the related Revolving Purchase Agreement if such Qualified
      Substitute Mortgage Loan will replace a Re-sold Mortgage Loan or and the
      Purchase Agreement if the Qualified Substitution Mortgage Loan will replace
      any
      other Mortgage Loan, including all applicable representations and warranties
      thereof included in the Purchase Agreement or the related Revolving Purchase
      Agreement, as applicable, as of the date of substitution. In the case of any
      substitution effected by the Depositor, the Qualified Substitute Mortgage Loan
      shall have been acquired by the Depositor from the Seller pursuant to the
      Purchase Agreement and Depositor shall assign to the Trustee the representations
      and warranties made by the Seller with respect to such Qualified Substitute
      Mortgage Loan.

    
      
        
        

      

      
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    For
      any
      month in which the Depositor or the Seller substitutes one or more Qualified
      Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the Depositor
      or the Seller, as applicable, will determine the amount (the “Substitution
      Amount”), if any, by which the aggregate Purchase Price of all such Deleted
      Mortgage Loans exceeds the aggregate, as to each such Qualified Substitute
      Mortgage Loan, of the principal balance thereof as of the date of substitution,
      together with one month’s interest on such principal balance at the applicable
      Mortgage Rate. On the date of such substitution, the Depositor or the Seller,
      as
      the case may be, will deliver or cause to be delivered to the Master Servicer
      for deposit in the Collection Account an amount equal to the Substitution
      Amount, if any, and the Trustee, upon receipt of the related Qualified
      Substitute Mortgage Loan or Loans and certification by the Master Servicer
      of
      such deposit, shall release to the Depositor or the Seller, as the case may
      be,
      the related Mortgage File or Files and the Trustee shall execute and deliver
      such instruments of transfer or assignment, in each case without recourse,
      as
      the Depositor or the Seller, as the case may be, shall deliver to it and as
      shall be necessary to vest therein any Deleted Mortgage Loan released pursuant
      hereto.

     

    Notwithstanding
      anything to the contrary set forth in this Agreement, upon discovery by the
      Depositor, the Master 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 promptly (and in any event
      within five (5) Business Days of discovery) give written notice thereof to
      the
      other parties. In connection therewith, the Trustee shall require the Seller,
      at
      the Seller’s option, to either (i) substitute, if the conditions in Section
      2.03(d) with respect to substitutions are satisfied, a Qualified Substitute
      Mortgage Loan for the affected Mortgage Loan, or (ii) repurchase the affected
      Mortgage Loan within 90 days of such discovery in the same manner as it would
      a
      Mortgage Loan for a breach of representation or warranty made pursuant to this
      Section 2.03. The Trustee shall reconvey to the Seller 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 contained in this Section 2.03.

     

    Section
      2.04. Grant of Security Interest; Intended Characterization.

     

    (a) It
      is
      intended that the conveyance by the Depositor to the Trustee of the Mortgage
      Loans and other assets in the Trust Fund, as provided for in Section 2.01,
      be
      construed as a sale by the Depositor to the Trustee of such assets for the
      benefit of the Certificateholders. Further, it is not intended that any such
      conveyance be deemed to be a pledge of the Mortgage Loans by the Depositor
      to
      the Trustee to secure a debt or other obligation of the Depositor. However,
      in
      the event that the Mortgage Loans are held to be property of the Depositor
      or if
      for any reason this Agreement is held or deemed to create a security interest
      in
      the Mortgage Loans and other assets in the Trust Fund, then it is intended
      that
      (a) this Agreement shall also be deemed to be a security agreement within the
      meaning of Articles 8 and 9 of the New York UCC (or the Relevant UCC if not
      the
      New York UCC); (b) the conveyances provided for in Section 2.01 shall be deemed
      to be (1) a grant by the Depositor to the Trustee of a security interest in
      all of the Depositor’s right (including the power to convey title thereto),
      title and interest, whether now owned or hereafter acquired, in and to (A)
      the
      Mortgage Loans, including with respect to each Mortgage Loan, the Mortgage
      Notes, the Mortgages, any related insurance policies and all other documents
      in
      the related Mortgage Files, (B) all amounts payable pursuant to the Mortgage
      Loans in accordance with the terms thereof, (C) any Eligible Investments held
      in
      any Trust Account, (D) the Cap Agreement and any proceeds from the sale of
      any
      Excess Cap Amount, (E) all Holdback Amounts and (F) any and all general
      intangibles consisting of, arising from or relating to any of the foregoing,
      and
      all proceeds of the conversion, voluntary or involuntary, of the foregoing
      into
      cash, instruments, securities or other property, including without limitation
      all amounts from time to time held or invested in the Trust Accounts, whether
      in
      the form of cash, instruments, securities or other property and (2) an
      assignment by the Depositor to the Trustee of any security interest in any
      and
      all of the Depositor’s right (including the power to convey title thereto),
      title and interest, whether now owned or hereafter acquired, in and to the
      property described in the foregoing clauses (1)(A), (B), (C), (D), (E) and
      (F);
      (c) the possession by the Trustee or any agent of the Trustee, on behalf of
      Certificateholders, of Mortgage Notes or such other items of property as
      constitute instruments, money, negotiable documents or chattel paper shall
      be
      deemed to be “possession by the secured party,” or possession by a purchaser or
      a person designated by such secured party, for purposes of perfecting the
      security interest pursuant to the New York UCC and any other Relevant UCC
      (including, without limitation, Section 9-313, 8-313 or 8-321 thereof); and
      (d)
      notifications to persons holding such property, and acknowledgments, receipts
      or
      confirmations from persons holding such property, shall be deemed notifications
      to, or acknowledgments, receipts or confirmations from, financial
      intermediaries, bailees or agents (as applicable) of the Trustee on behalf
      of
      Certificateholders for the purpose of perfecting such security interest under
      applicable law.

    
      
        
        

      

      
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    (b) The
      Depositor and, at the Depositor’s direction, the Trustee on behalf of
      Certificateholders shall, to the extent consistent with this Agreement, take
      such reasonable actions as may be necessary to ensure that, if this Agreement
      were deemed to create a security interest in the Mortgage Loans and the other
      property described above, 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. Without limiting
      the
      generality of the foregoing, the Depositor shall prepare and forward for filing,
      or shall cause to be forwarded for filing, at the expense of the Depositor,
      all
      filings necessary to maintain the effectiveness of any original filings
      necessary under the Relevant UCC to perfect the Trustee’s security interest in
      or lien on the Mortgage Loans as evidenced by an Officer’s Certificate of the
      Depositor, including without limitation (x) continuation statements, and (y)
      such other statements as may be occasioned by (1) any change of name of the
      Seller, the Depositor or the Trustee, (2) any change of location of the place
      of
      business or the chief executive office of the Seller or the Depositor or (3)
      any
      transfer of any interest of the Seller or the Depositor in any Mortgage
      Loan.

     

    The
      Depositor shall not organize under the law of any jurisdiction other than the
      State under which it is organized as of the Closing Date (whether changing
      its
      jurisdiction of organization or organizing under an additional jurisdiction)
      without giving 30 days prior written notice of such action to its immediate
      and
      mediate transferee, including the Trustee. Before effecting such change, the
      Depositor shall prepare and file in the appropriate filing office any financing
      statements or other statements necessary to continue the perfection of the
      interests of its immediate and mediate transferees, including the Trustee,
      in
      the Mortgage Loans. In connection with the transactions contemplated by the
      Basic Documents, the Depositor authorizes its immediate or mediate transferee,
      including the Trustee, to file in any filing office any initial financing
      statements, any amendments to financing statements, any continuation statements,
      or any other statements or filings described in this Section
      2.04(b).

    
      
        
        

      

      
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    (c) The
      Depositor shall not take any action inconsistent with the sale by the Depositor
      of all of its right, title and interest in and to the Trust Fund and shall
      indicate or shall cause to be indicated in its records and records held on
      its
      behalf that ownership of each Mortgage Loan and the other property of the Trust
      Fund is held by the Trustee on behalf of Certificateholders. In addition, the
      Depositor shall respond to any inquiries from third parties with respect to
      ownership of a Mortgage Loan or any other property of the Trust Fund by stating
      that it is not the owner of such Mortgage Loan and that ownership of such
      Mortgage Loan or other property of the Trust Fund is held by the Trustee on
      behalf of the Certificateholders.

     

    Section
      2.05. Transmission of Mortgage Files.

     

    Written
      instructions as to the method of shipment and shipper(s) the Trustee is directed
      to utilize in connection with transmission of files and loan documents in the
      performance of the Trustee’s duties hereunder shall be delivered by the
      applicable Servicer (or if the related Mortgage Loan is being serviced directly
      by the Master Servicer, the Master Servicer) to the Trustee prior to any
      shipment of any Mortgage Files and loan documents hereunder. In the event that
      the Servicer (or if the related Mortgage Loan is being serviced directly by
      the
      Master Servicer, the Master Servicer) fails to provide such written
      instructions, the Trustee shall be hereby authorized to use a nationally
      recognized courier servicer. The Servicer (or if the related Mortgage Loan
      is
      being serviced directly by the Master Servicer, the Master Servicer) will
      arrange for the provision of such services at its sole cost and expense (or,
      at
      the Trustee’s option, reimburse the Trustee for all costs and expenses incurred
      by the Trustee consistent with such instructions or for having used an overnight
      courier service) and will maintain such insurance in connection with shipment
      of
      the Mortgage Files against loss or damage to files and loan documents as the
      Servicer (or if the related Mortgage Loan is being serviced directly by the
      Master Servicer, the Master Servicer) deems appropriate. Without limiting the
      generality of the provisions of Section 8.04(a) hereof, it is expressly agreed
      that in no event shall the Trustee have any liability for any losses or damages
      to any Person with respect to the Mortgage Files arising out of actions of
      the
      Trustee consistent with instructions of the Servicer (or if the related Mortgage
      Loan is being serviced directly by the Master Servicer, the Master
      Servicer).

     

    Section
      2.06. REMIC Matters.

     

    (a) The
      Preliminary Statement to this Agreement sets forth the designations and “latest
      possible maturity date” for federal income tax purposes of all interests in each
      of the REMICs created hereby. The “tax matters person” with respect to each
      REMIC hereunder shall be the Trustee and the Trustee shall hold the Tax Matters
      Person Certificate. Each REMIC’s fiscal year shall be the calendar
      year.

     

    (b) The
      Trustee shall treat the Reserve Fund as an outside reserve fund within the
      meaning of Treasury Regulation Section 1.860G-2(h) that is owned by the Class
      X
      Certificateholders and that is not an asset of any REMIC. For
      federal and state income tax purposes, the Class X Certificateholders shall
      be
      deemed to be the owners of the Reserve Fund. Upon the termination of the Trust,
      all amounts remaining on deposit in the Reserve Fund will be released from
      the
      lien of the Trust and distributed to the Class X Certificateholders or their
      designees.

    
      
        
        

      

      
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    (c) The
      Trustee shall treat all withdrawals from the Reserve Fund in respect of Loss
      Amounts and Deferred Principal Amounts as payments made pursuant to a “credit
      enhancement contract” within the meaning of Treasury
      Regulation Section 1.860G-2(c) that is owned by REMIC 1.

     

    (d) The
      Trustee shall treat the holders of the Group 1 Certificates and the LIBOR
      Certificates as having entered into a notional principal contract with respect
      to the holders of the Class X Certificates. Pursuant to each such notional
      principal contract, all holders of Group 1 Certificates and the LIBOR
      Certificates will be treated as having agreed to pay, on each Distribution
      Date,
      to the holders of the Class X Certificates an aggregate amount equal to the
      excess, if any, of (i) the amount payable on the Interest in REMIC 3
      corresponding to such Class of Certificates on such Distribution Date over
      (ii)
      the amount payable on such Class of Certificates on such Distribution Date
      (such
      excess, an “AFC Shortfall”). Further, the Trustee shall treat the Class X
      Certificateholders as having agreed to pay the Holders of the Group 1
      Certificates and the LIBOR Certificates any interest payments in excess of
      the
      interest payable on the Interest in REMIC 3 corresponding to such Class of
      Certificates. Finally, the Trustee shall treat the Class X Certificateholders
      as
      having agreed to pay to the Class A-IO Certificateholders the excess, if any,
      of
      the amount distributable on the Class A-IO Certificates over the amount payable
      on the corresponding REMIC interest in REMIC 3. Any
      payments to the Certificates in light of the foregoing 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 Group 1 Certificates or the
      LIBOR Certificates of an AFC Shortfall shall be treated for tax purposes as
      having been received by the holders of such Certificates in respect of their
      Interests in REMIC 3 and as having been paid by such holders to the Reserve
      Fund
      pursuant to the notional principal contract.

     

    (e) Thus,
      each Group 1 Certificate and each LIBOR Certificate shall be treated as
      representing not only ownership of a regular interest in REMIC 3, but also
      rights and obligations with respect to a notional principal contract. For tax
      purposes, this notional principal contract will be deemed to have a value of
      $164,339.48 in respect of Class 1-A1 Certificates, a value of $184,769.41 in
      respect of Class 1-A2 Certificates, a value of $119,853.66 in respect of Class
      1-A3 Certificates, a value of $210,194.58 in respect of Class 1-A4 Certificates,
      a value of $176,575.35 in
      respect of Class 1-A5 Certificates, a value of $249,843.43 in respect of Class
      2-A1 Certificates, a value of $315,782.62 in respect of Class 2-A2 Certificates,
      a value of $844,157.25 in respect of Class 2-A3 Certificates, a value of
      $411,320.00 in respect of Class 2-A4 Certificates, a value of $299,938.48 in
      respect of Class M-1 Certificates, a value of $86,872.81 in respect of Class
      M-2
      Certificates, a value of $149,027.58 in respect of Class M-3 Certificates,
      a
      value of $67,910.18 in respect of Class M-4 Certificates, a value of $57,592.91
      in respect of Class B-1 Certificates, a value of $38,727.78 in respect of Class
      B-2 Certificates and a value of $56,021.18 in respect of Class B-3
      Certificates.

     

    (f) Notwithstanding
      the priority and sources of payments set forth in Article VI hereof or
      otherwise, the Trustee shall account for all distributions on the Certificates
      as set forth in this section. In no event shall any payments provided for in
      this section be treated as payments
      with respect to a “regular interest” in a REMIC within the meaning of Code
      Section 860G(a)(1).

    
      
        
        

      

      
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    (g) Following
      the Closing Date, none of the Depositor, the Trustee or the Master Servicer
      shall accept any contributions of assets to any REMIC created hereunder unless
      the Depositor, the Trustee or the Master Servicer shall have received an Opinion
      of Counsel (at the expense of the party seeking to make such contribution)
      to
      the effect that the inclusion of such assets in a REMIC will not cause an
      Adverse REMIC Event.

     

    (h) None
      of
      the Depositor, the Trustee or the Master Servicer shall enter into any
      arrangement by which a REMIC will receive a fee or other compensation for
      services nor permit such 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.

     

    (i) None
      of
      the Depositor, Trustee or the Master Servicer shall sell, dispose of or
      substitute for any of the Mortgage Loans (except in connection with (i) the
      default, imminent default or 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 termination of any REMIC created hereunder
      pursuant to Article X of this Agreement or (iii) a purchase of Mortgage Loans
      pursuant to Article II of this Agreement) nor acquire any assets for a REMIC,
      nor sell or dispose of any investments in the Collection Account or the
      Certificate Account for gain to the extent such action would result in a tax
      under Section 860F(a)(2) nor accept any contributions to a REMIC after the
      Closing Date (a) unless it has received an Opinion of Counsel that such sale,
      disposition, substitution or acquisition will not affect adversely the status
      of
      any REMIC created hereunder as a REMIC or (b) unless the Master Servicer has
      determined in its sole discretion to indemnify the Trust Fund against any
      resulting tax.

     

    (j) The
      Trustee and each beneficial owner of a Class A-IO Certificate, by its
      acquisition thereof, agree to treat any Class A-IO Termination Amount paid
      to
      such beneficial owner as a payment made pursuant to a contract for the transfer
      of such Class A-IO Certificate in connection with the termination of the Trust
      Fund and to treat such payment as having been made by the purchaser of the
      assets of the Trust Fund. For federal income tax purposes, this contract will
      be
      deemed to have a value of $5,000.00. No Class A-IO Termination Amount will
      be
      treated as having been made by any REMIC created hereby, and no Class A-IO
      Termination Amount will be treated as an amount paid on a REMIC regular
      interest. 

     

    ARTICLE
      III

     

    REPRESENTATIONS,
      WARRANTIES AND COVENANTS

     

    Section
      3.01. Representations and Warranties of the Master Servicer.

     

    The
      Master Servicer hereby represents, warrants and covenants to the Depositor
      and
      the Trustee for their own benefit and for the benefit of the Holders of the
      Certificates that, as of the Closing Date:

     

    (i)     The
      Master Servicer is duly organized, validly existing and in good standing under
      the laws of the United States as a national banking association, and is duly
      qualified to do business, and is in good standing in each jurisdiction in which
      the nature of its business requires it to be so qualified.

    
      
        
        

      

      
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    (ii)     The
      execution and delivery of this Agreement by the Master Servicer and its
      performance and compliance with the terms of this Agreement have been duly
      authorized by all necessary corporate action on the part of the Master
      Servicer.

     

    (iii)     This
      Agreement, assuming due authorization, execution and delivery by the other
      parties hereto, constitutes a valid, legal and binding obligation of the Master
      Servicer, enforceable against it in accordance with the terms hereof, except
      as
      the enforcement hereof may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws affecting creditors’ rights
      generally and by general principles of equity (whether considered in a
      proceeding or action in equity or at law).

     

    (iv)     The
      Master Servicer is not in violation of, and the execution, delivery and
      performance of this Agreement by the Master Servicer and its compliance with
      the
      terms hereof will not constitute a violation with respect to, any existing
      law
      or regulation or any order or decree of any court or any order, regulation
      or
      demand of any federal, state, municipal or governmental agency, which violation
      would materially and adversely affect the condition (financial or other) or
      operations of the Master Servicer or its properties or the Mortgage Loans or
      would materially and adversely affect its performance hereunder. The execution,
      delivery and performance of this Agreement by the Master Servicer and its
      compliance with the terms hereof will not in any material respect conflict
      with,
      result in any breach of any of the terms and provisions of, or constitute (with
      or without notice, lapse of time or both) a default under, the charter documents
      or by-laws of the Master Servicer, or any material indenture, agreement,
      mortgage, deed of trust or other instrument to which the Master Servicer is
      a
      party or by which it is bound, or result in the creation or imposition of any
      lien or encumbrance upon any of its material properties pursuant to the terms
      of
      any such indenture, agreement, mortgage, deed of trust or other
      instrument.

     

    (v)     No
      litigation, actions, proceedings or investigations are pending or, to the best
      of the Master Servicer’s knowledge threatened, against the Master Servicer which
      would have consequences that would prohibit its entering into this Agreement
      or
      that would materially and adversely affect the condition (financial or
      otherwise) or operations of the Master Servicer or its properties or would
      materially and adversely affect its performance hereunder, or the validity
      or
      enforceability of this Agreement, or prevent the consummation of any of the
      transactions contemplated by this Agreement.

     

    (vi)     No
      certificate of an officer, statement furnished in writing or report delivered
      or
      to be delivered pursuant to the terms hereof by the Master Servicer contains
      or
      will contain any untrue statement of a material fact or omits or will omit
      to
      state any material fact necessary to make the certificate, statement or report,
      in light of the circumstances under which it was or will be made, not
      misleading.

    
      
        
        

      

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

     

    (viii)     The
      Master Servicer, or an Affiliate thereof the primary business of which is the
      servicing of conventional residential mortgage loans, is a Fannie Mae and
      Freddie Mac approved seller/servicer, an FHA Approved Mortgagee and VA-approved
      lender, and no event has occurred, including, but not limited to, a change
      in
      insurance coverage, which would make the Master Servicer unable to comply with
      Fannie Mae, Freddie Mac FHA or VA eligibility requirements or which would
      require notification to any of Fannie Mae, Freddie Mac, FHA or VA.

     

    (ix)     The
      Master Servicer has obtained an errors and omissions insurance policy and a
      fidelity bond, each of which is in full force and effect, and each of which
      provides at least such coverage as is required hereunder.

     

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

     

    Section
      3.02. Representations and Warranties of the Depositor.

     

    The
      Depositor hereby represents and warrants to the Master Servicer and the Trustee
      for their own benefit and for the benefit of the Holders of the Certificates
      that as of the Closing Date:

     

    (i)     The
      Depositor is a limited liability company duly formed, validly existing and
      in
      good standing under the laws of the State of Delaware, and is duly qualified
      to
      do business, and is in good standing in each jurisdiction in which the nature
      of
      its business requires it to be so qualified.

     

    (ii)     The
      execution and delivery of this Agreement by the Depositor and its performance
      and compliance with the terms of this Agreement have been duly authorized by
      all
      necessary company action on the part of the Depositor.

     

    (iii)     This
      Agreement, assuming due authorization, execution and delivery by the other
      parties hereto, constitutes a valid, legal and binding obligation of the
      Depositor, enforceable against it in accordance with the terms hereof, except
      as
      the enforcement hereof may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws affecting creditors’ rights
      generally and by general principles of equity (whether considered in a
      proceeding or action in equity or at law).

     

    (iv)     The
      Depositor is not in violation of, and the execution, delivery and performance
      of
      this Agreement by the Depositor and its compliance with the terms hereof will
      not constitute a violation with respect to, any existing law or regulation
      or
      any order or decree of any court or any order, regulation or demand of any
      federal, state, municipal or governmental agency, which violation would
      materially and adversely affect the condition (financial or other) or operations
      of the Depositor or its properties or would have consequences that would
      adversely affect its performance hereunder. The execution, delivery and
      performance of this Agreement by the Depositor and its compliance with the
      terms
      hereof will not conflict with, result in any breach of any of the terms and
      provisions of, or constitute (with or without notice, lapse of time or both)
      a
      default under, the certificate of formation or limited liability company
      agreement of the Depositor, or any material indenture, agreement, mortgage,
      deed
      of trust or other instrument to which the Depositor is a party or by which
      it is
      bound, or result in the creation or imposition of any lien or encumbrance upon
      any of its material properties pursuant to the terms of any such indenture,
      agreement, mortgage, deed of trust or other instrument.

    
      
        
        

      

      
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    (v)     No
      litigation, actions, proceedings or investigations are pending or, to the best
      of the Depositor’s knowledge, threatened against the Depositor which would have
      consequences that would prohibit its entering into this Agreement or that would
      materially and adversely affect the condition (financial or otherwise) or
      operations of the Depositor or its properties or would have consequences that
      would adversely affect its performance hereunder, or the validity or
      enforceability of this Agreement, or prevent the consummation of any of the
      transactions contemplated by this Agreement.

     

    (vi)     No
      certificate of an officer, statement furnished in writing or report delivered
      or
      to be delivered pursuant to the terms hereof by the Depositor contains or will
      contain any untrue statement of a material fact or omits or will omit to state
      any material fact necessary to make the certificate, statement or report, in
      light of the circumstances in which it was made or will be made, not
      misleading.

     

    (vii)     All
      actions, approvals, consents, waivers, exemptions, variances, franchises,
      orders, permits, authorizations, rights and licenses required to be taken,
      given
      or obtained, as the case may be, by or from any court or any federal, state
      or
      other governmental authority or agency that are required in connection with
      the
      execution, delivery and performance by the Depositor of this Agreement, have
      been duly taken, given or obtained, as the case may be, are in full force and
      effect on the date hereof, are not subject to any pending proceedings or appeals
      (administrative, judicial or otherwise) and either the time within which any
      appeal therefrom may be taken or review thereof may be obtained has expired
      or
      no review thereof may be obtained or appeal therefrom taken, and are adequate
      to
      authorize the consummation of the transactions contemplated by this Agreement
      on
      the part of the Depositor and the performance by the Depositor of its
      obligations under this Agreement.

     

    (viii)     The
      Depositor is conveying to the Trustee the entire interest in the Mortgage Loans,
      which the Depositor has acquired from the Seller and from BFPT II, as
      applicable, free and clear of any Adverse Claims created by, or for the benefit
      of, the Depositor.

    
      
        
        

      

      
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    Section
      3.03. Representations and Warranties of the Depositor with respect to the
      Mortgage Notes.

     

    With
      respect to the Mortgage Notes, the
      Depositor hereby represents and warrants to the Master Servicer and the Trustee
      for their own benefit and for the benefit of the Holders of the Certificates
      that as of the Closing Date:

     

    (i)     The
      Mortgage Notes constitute “instruments” within the meaning of the Relevant
      UCC;

     

    (ii)     The
      Depositor owns and has good title to the Mortgage Notes free and clear of any
      lien, claim or encumbrance of any Person;

     

    (iii)     The
      Depositor has received all consents and approvals required by the terms of
      the
      Mortgage Notes to the transfer of the Mortgage Notes hereunder to the
      Trustee;

     

    (iv)     All
      original executed copies of each Mortgage Note have been or will be delivered
      to
      the Trustee, as set forth in this Agreement;

     

    (v)     The
      Depositor has received a written acknowledgement from the Trustee that the
      Trustee is holding the Mortgage Notes solely on behalf and for the benefit
      of
      the Certificateholders;

     

    (vi)     Other
      than the transfer to the Trustee pursuant to this Agreement, the Depositor
      has
      not pledged, assigned, sold, granted a security interest in, or otherwise
      conveyed any of the Mortgage Notes. The Depositor has not authorized the filing
      of and is not aware of any financing statements against the Depositor that
      include a description of the collateral covering the Mortgage Notes other than
      a
      financing statement relating to the transfer to the Trustee hereunder or that
      has been terminated. The Depositor is not aware of any judgment or tax lien
      filings against the Depositor; and

     

    (vii)     None
      of the Mortgage Notes has any marks or notations indicating that they have
      been
      pledged, assigned or otherwise conveyed to any Person other than the Trustee
      on
      behalf of Certificateholders.

     

    The
      representations and warranties set forth in this Section shall survive the
      Closing Date and shall not be waived.

     

    
      
        
        

      

      
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    ARTICLE
      IV

     

    ADMINISTRATION
      AND MASTER SERVICING OF MORTGAGE LOANS

     

    Section
      4.01. Duties of the Master Servicer.

     

    The
      Master Servicer shall supervise, monitor and oversee the obligation of the
      Servicers to service and administer their respective Mortgage Loans in
      accordance with the terms of the applicable Servicing Agreements, except the
      activities of the Servicers with respect to Mortgage Loans that are in default,
      including collection activity, modification of Mortgage Loans, foreclosure,
      and
      disposition of REO Property, the processing of any FHA or VA claims and the
      activities of any subservicers (“Excluded Servicing Obligations”), and shall
      have full power and authority to do any and all things which it may deem
      necessary or desirable in connection with such master servicing and
      administration. In performing its obligations hereunder, the Master Servicer
      shall act in a manner consistent with Accepted Master Servicing Practices.
      Furthermore, the Master Servicer shall oversee and consult with each Servicer
      as
      necessary from time-to-time to carry out the Master Servicer’s obligations
      hereunder, shall, from time to time, receive, review and evaluate all reports,
      information and other data provided to the Master Servicer by each Servicer
      and
      shall otherwise exercise its reasonable best efforts to cause each Servicer
      to
      perform and observe the covenants, obligations and conditions to be performed
      or
      observed by such Servicer under the applicable Servicing Agreement. The Master
      Servicer shall independently and separately monitor each Servicer’s servicing
      activities with respect to each related Mortgage Loan, reconcile the results
      of
      such monitoring with such information provided in the previous sentence on
      a
      monthly basis (except in the case of any Mortgage Loan serviced by Washington
      Mutual Mortgage Securities Corp.) and coordinate corrective adjustments to
      the
      Servicers’ and Master Servicer’s records, and based on such reconciled and
      corrected information, prepare the report specified in Section 4.27 and any
      other information, statements and reports required hereunder. Notwithstanding
      anything in this Agreement or any Servicing Agreement to the contrary, the
      Master Servicer shall have no duty or obligation to supervise, monitor or
      oversee the activities of any Servicer or to enforce the obligations of any
      Servicer under its Servicing Agreement with respect to (i) calculation of
      payments due under any Simple Interest Mortgage Loans or any Non-Monthly
      Mortgage Loans, (ii) the collection of amounts with respect to the Mortgage
      Loans described on the Mortgage Loan Schedule attached as Schedule I-B hereto
      representing principal and/or interest due and owing on any such Mortgage Loan
      prior to the Cut-off Date or (iii) any Additional Collateral or any limited
      purpose surety bond relating thereto, including, without limitation, the
      collection of any amounts owing to the Trust Fund in respect thereof (unless
      and
      until the Master Servicer shall have assumed the obligations of such Servicer
      as
      successor servicer under the related Servicing Agreement, in which case, as
      successor servicer, it shall be bound to serve and administer the Additional
      Collateral and any related limited purpose surety bond in accordance with the
      provisions of such Servicing Agreement). The Master Servicer shall reconcile
      the
      results of its Mortgage Loan monitoring with the actual remittances of the
      Servicers to the Collection Account pursuant to the applicable Servicing
      Agreements, except that the Master Servicer shall have no obligation to
      reconcile any loan-level calculations provided by Washington Mutual Mortgage
      Securities Corp.).

     

    To
      the
      extent applicable to the obligations of the Master Servicer under this
      agreement, the Master Servicer shall at all times comply with the Housing Act,
      FHA Regulations, the Readjustment Act, VA Regulations, and any administrative
      guidelines issued thereunder.

     

    
      
        
        

      

      
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    Section
      4.02. Monitoring of Servicers’ Performance.

     

    Subject
      to Section 4.01, the Master Servicer shall be responsible for reporting to
      the
      Trustee and the Depositor the compliance by each Servicer with its duties under
      the related Servicing Agreement. In the review of each Servicer’s activities,
      the Master Servicer may rely upon an Officer’s Certificate of the Servicer with
      regard to such Servicer’s compliance with the terms of its Servicing Agreement.
      In the event that the Master Servicer, in its reasonable judgment, determines
      that it requires reports from any Servicer in addition to the reports such
      Servicer is required to deliver to the Master Servicer pursuant to the
      applicable Servicing Agreement and the Master Servicer is obligated to reimburse
      the Servicer for the cost of such additional reports, the Master Servicer shall
      be reimbursed for such amounts from the Collection Account. In the event that
      the Master Servicer, in its judgment, determines that a Servicer should be
      terminated in accordance with its Servicing Agreement, or that a notice should
      be sent pursuant to such Servicing Agreement with respect to the occurrence
      of
      an event that, unless cured, would constitute grounds for such termination,
      the
      Master Servicer shall notify the Depositor and the Trustee thereof and, absent
      instructions to the contrary from the Trustee within five days of the delivery
      of such notice, the Master Servicer shall issue such notice or take such other
      action as it deems appropriate.

    
       

    

    Subject
      to the provisions of Section 4.01 hereof, the Master Servicer shall require
      each
      Servicer to comply with the remittance requirements and other obligations set
      forth in the related Servicing Agreement.

     

    Each
      Servicing Agreement shall include provisions to the effect that no modification,
      waiver or variance of the terms of a Mortgage Loan will (a) change the Mortgage
      Rate on any Mortgage Loan, (b) defer or forgive the payment of principal or
      interest of any Mortgage Loan, (c) reduce or increase the outstanding principal
      balance of the Mortgage Loan (except for actual payments of principal) or (d)
      change the final maturity date of any Mortgage Loan, unless the Servicer has
      determined, after consultation with its counsel, that such a modification would
      not be treated as a “substantial modification” that would cause a deemed
      exchange under Section 1001(a) of the Code or applicable temporary or final
      regulations thereunder at any time when the Mortgage Loan is held by any REMIC
      created pursuant to this Agreement, unless such Mortgage Loan is in default
      or
      default is reasonably foreseeable.

     

    Section
      4.03. Master Servicer Fidelity Bond and Master Servicer Errors and Omissions
      Insurance Policy.

     

    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
      4.04. Master Servicer’s Financial Statements and Related
      Information.

     

    For
      each
      year this Agreement is in effect, the Master Servicer shall submit to the
      Trustee each Rating Agency and the Depositor a copy of the Master Servicer’s
      annual unaudited financial statements on or prior to May 31 of each year, which
      may be in the form of the consolidated financial statements of the Master
      Servicer’s corporate parent. Such financial statements shall include a balance
      sheet, income statement and statement of retained earnings.

    
      
        
        

      

      
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    Section
      4.05. Power to Act; Procedures.

     

    (a) The
      Master Servicer shall master service the Mortgage Loans as provided in this
      Agreement and shall have full power and authority to do any and all things
      that
      it may deem necessary or desirable in connection with the master servicing
      and
      administration of the Mortgage Loans, including but not limited to the power
      and
      authority (i) to execute and deliver, on behalf of the Certificateholders and
      the Trustee, customary consents or waivers and other instruments and documents,
      (ii) to consent to transfers of any Mortgaged Property and assumptions of the
      Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
      and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the related
      Servicing Agreement, as applicable. The Trustee shall furnish the Master
      Servicer, upon request, with any powers of attorney empowering the Master
      Servicer or any Servicer to execute and deliver instruments of satisfaction
      or
      cancellation, or of partial or full release or discharge, and to foreclose
      upon
      or otherwise liquidate Mortgaged Property, and to appeal, prosecute or defend
      in
      any court action relating to the Mortgage Loans or the Mortgaged Property,
      in
      accordance with the applicable Servicing Agreement and this Agreement, and
      the
      Trustee shall execute and deliver such other documents, as the Master Servicer
      may request, necessary or appropriate 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 or
      other such documents by the Master Servicer or any Servicer). If the Master
      Servicer or the Trustee has been advised that it is likely that the laws of
      the
      state in which action is to be taken prohibit such action if taken in the name
      of the Trustee or that the Trustee would be adversely affected under the “doing
      business” or tax laws of such state if such action is taken in its name, then
      upon request of the Trustee, the Master Servicer shall join with the Trustee
      in
      the appointment of a co-trustee pursuant to Section 9.08 of this Agreement.
      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.

     

    (b) In
      master
      servicing and administering the Mortgage Loans, the Master Servicer shall employ
      procedures consistent with Accepted Master Servicing Practices.

     

    Section
      4.06. Servicing Agreements; Enforcement of Servicers’
Obligations.

     

    The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of each Servicer under the related Servicing
      Agreement, and shall, in the event that a Servicer fails to perform its
      obligations in accordance with the related Servicing Agreement, in each case
      subject to Section 4.02, terminate the rights and obligations of such Servicer
      thereunder and either service the related Mortgage Loans in accordance with
      the
      terms and provisions of the related Servicing Agreement or enter into a
      Servicing Agreement with a successor Servicer. Such enforcement, including,
      without limitation, the legal prosecution of claims, termination of Servicing
      Agreements and the pursuit of other appropriate remedies, shall be in such
      form
      and carried out to such an extent and at such time as the Master Servicer,
      in
      its good faith business judgment, would require were it the owner of the related
      Mortgage Loans. The Master Servicer shall pay the costs of such enforcement
      from
      its own funds, 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 or such amounts are permitted to be withdrawn from the
      Collection Account.

    
      
        
        

      

      
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    With
      respect to Excluded Servicing Obligations, the obligation of the Master Servicer
      to terminate the rights and obligations of the applicable Servicer is
      conditioned upon the Master Servicer having notice or actual knowledge of such
      Servicer’s failure to comply with the requirements of such
      sections.

     

    In
      the
      event that the rights and obligations of the Servicer with respect to any
      Mortgage Loan listed on Schedule I-G hereto are terminated as provided in this
      Section, the Master Servicer shall, to the extent consistent with this Agreement
      and the applicable Servicing Agreement, appoint M&T Mortgage as successor
      Servicer.

     

    The
      parties acknowledge that there will be a transition period, not to exceed 90
      days, in order to effect the transfer of servicing to a successor Servicer.
      To
      the extent that the costs and expenses of the Master Servicer related to any
      termination of a Servicer, appointment of a successor Servicer or the transfer
      and assumption of servicing by the Master Servicer are not fully and timely
      reimbursed by the Seller or the terminated Servicer, the Master Servicer shall
      be entitled to reimbursement of such costs and expenses from the Collection
      Account.

     

    In
      the
      event that the Seller receives any amounts from a Servicer relating to a
      Mortgage Loan and such amounts constitute part of the Trust Fund, the Seller
      shall immediately notify the Master Servicer and transfer such amounts to the
      Collection Account by wire transfer of immediately available funds.

     

    Section
      4.07. Collection Account.

     

    (a) On
      the
      Closing Date, the Master Servicer shall open and shall thereafter maintain
      an
      account held in trust (the “Collection Account”), entitled “U.S. Bank National
      Association, as trustee, in trust for the benefit of the Holders of Bayview
      Financial Mortgage Pass-Through Trust 2006-A Mortgage Pass-Through Certificates,
      Series 2006-A.” The Collection Account shall relate solely to the Certificates
      issued by the Trustee hereunder, and funds in such Collection Account shall
      not
      be commingled with any other monies.

     

    (b) The
      Collection Account shall be an Eligible Account. If an existing Collection
      Account ceases to be an Eligible Account, the Master Servicer shall establish
      a
      new Collection Account that is an Eligible Account within 30 days and transfer
      all funds on deposit in such existing Collection Account into such new
      Collection Account.

     

    (c) The
      Master Servicer will give to the Trustee prior written notice of the name and
      address of the depository institution at which the Collection Account is
      maintained and the account number of such Collection Account. The Master
      Servicer shall take such actions as are necessary to cause the depository
      institution holding the Collection Account to hold such account in the name
      of
      the Trustee (subject to such Master Servicer’s right to direct payments and
      investments and its rights of withdrawal) under this Agreement. The Master
      Servicer, at its option, may choose to make daily remittances from the
      Collection Account to the Trustee for deposit into the Certificate Distribution
      Account.

    
      
        
        

      

      
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    (d) The
      Master Servicer shall deposit into the Collection Account, no later than the
      Business Day following the Closing Date, any amounts representing Monthly
      Payments on the Mortgage Loans due after the Cut-off Date and received by the
      Master Servicer on or before the Closing Date. Thereafter, promptly upon
      receipt, the Master Servicer shall deposit or cause to be deposited in the
      Collection Account all amounts remitted to it by the Servicers in respect of
      the
      Mortgage Loans (which deposits may be net of the Master Servicing Fees). Funds
      in the Collection Account may be invested in Eligible Investments (selected
      by
      and at the direction of the Master Servicer) which shall mature not later than
      the Master Servicer Remittance Date (except that if such Eligible Investment
      is
      an obligation of the Trustee and such Collection Account is maintained with
      the
      Trustee, then such Eligible Investment shall mature not later than such
      applicable Distribution Date) and any such Eligible Investment shall not be
      sold
      or disposed of prior to its maturity. In the absence of direction by the Master
      Servicer, all funds in the Collection Account shall remain uninvested. All
      such
      Eligible Investments shall be made in the name of the Trustee (in its capacity
      as such) or its nominee. All income and gain realized from any such investment
      shall be for the benefit of the Master Servicer and shall be subject to its
      withdrawal or order from time to time and shall not be part of the Trust Fund.
      The amount of any losses incurred in respect of any such investments shall
      be
      deposited in the Collection Account by the Master Servicer out of its own funds,
      without any right of reimbursement therefor, immediately as realized. The
      Trustee has no duty with respect to and shall not be held liable by reason
      of
      any insufficiency in the Collection Account resulting from any investment loss
      on any investment included therein (except to the extent that the Trustee is
      the
      obligor and has defaulted thereon). The foregoing requirements for deposit
      in
      the Collection Account are exclusive, it being understood and agreed that,
      without limiting the generality of the foregoing, payments of interest on funds
      in the Collection Account and payments in the nature of late payment charges,
      assumption fees and other incidental fees and charges relating to the Mortgage
      Loans need not be deposited by the Master Servicer in the Collection Account
      and
      may be retained by the Master Servicer or, to the extent provided in the
      applicable Servicing Agreement, the applicable Servicer as additional servicing
      compensation. If the Master Servicer deposits in the Collection Account any
      amount not required to be deposited therein, it may at any time withdraw such
      amount from the Collection Account.

     

    Section
      4.08. Application of Funds in the Collection Account.

     

    The
      Master Servicer shall, from time to time, make, or cause to be made, withdrawals
      from the Collection Account for the following purposes, in the following order
      of priority:

     

    (i)     to
      withdraw funds deposited in error in the Collection Account;

     

    (ii)     to
      make distributions of the Retained Interest to any Retained Interest Holder
      on
      each Distribution Date, to the extent not previously made by the applicable
      Servicer;

     

    (iii)     to
      pay to itself income earned, net of losses incurred, on the investment of funds
      deposited in the Collection Account and any Net Prepayment Interest
      Excess;

    
      
        
        

      

      
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    (iv)     to
      reimburse itself or any Servicer for previously Outstanding Advances made by
      it
      or by such Servicer (or by a subservicer) pursuant to Section 4.26 or otherwise
      reimbursable pursuant to the terms of this Agreement or any Servicing Agreement;
      it being understood, in the case of any such reimbursement, that the Master
      Servicer’s or Servicer’s right thereto shall be limited to collections on the
      Mortgage Loans to which such Outstanding Advances relate and shall be prior
      to
      the rights of the Certificateholders;

     

    (v)     to
      reimburse itself or any Servicer, following a final liquidation of a Mortgage
      Loan, for any amounts that represent Non-Recoverable Advances, it being
      understood, in the case of any such reimbursement, that such Master Servicer’s
      or Servicer’s right thereto shall be prior to the rights of the
      Certificateholders;

     

    (vi)     to
      reimburse itself or the applicable Servicer from Liquidation Proceeds for
      Liquidation Expenses and for amounts expended by it pursuant to Sections 4.23
      and 4.25(a) in good faith in connection with the restoration of damaged property
      and, to the extent that Liquidation Proceeds after such reimbursement exceed
      the
      unpaid principal balance of the related Mortgage Loan, together with accrued
      and
      unpaid interest thereon at the applicable Mortgage Rate less the Master
      Servicing Fee Rate and the Servicing Fee Rate for such Mortgage Loan to the
      Due
      Date next succeeding the date of its receipt of such Liquidation Proceeds,
      to
      pay to itself out of such excess the amount of any unpaid assumption fees,
      late
      payment charges or other Mortgagor charges on the related Mortgage Loan and
      to
      retain any excess remaining thereafter as additional servicing compensation,
      it
      being understood, in the case of any such reimbursement or payment, that such
      Master Servicer’s or Servicer’s right thereto shall be prior to the rights of
      the Certificateholders;

     

    (vii)     in
      the event it has elected not to pay itself the Master Servicing Fee out of
      any
      Mortgagor payment on account of interest or other recovery with respect to
      a
      particular Mortgage Loan prior to the deposit of such Mortgagor payment or
      recovery in the Collection Account, to pay to itself the Master Servicing Fee
      for each Distribution Date and any unpaid Master Servicing Fees for prior
      Distribution Dates from any Mortgagor payment as to interest or such other
      recovery with respect to that Mortgage Loan, as is permitted by this
      Agreement;

     

    (viii)     to
      reimburse itself for expenses incurred by and recoverable by or reimbursable
      to
      it or any Servicer pursuant to Sections 4.02, 4.05, 4.06, 4.19, 4.25(a) or
      4.33,
      or any other provision of this Agreement, to the extent expressly permitted
      thereunder; 

     

    (ix)     to
      reimburse the Trustee for (a) all reasonable ordinary out-of-pocket expenses
      incurred or made by it under this Agreement, including costs of collection
      and
      the reasonable compensation and expenses, disbursements and advances of the
      Trustee’s agents, counsel, accountants and experts, in each case, subject to the
      limitation set forth in Section 9.10, (b) all expenses and indemnities
      reimbursable from the Trust Fund under the Management Agreement (including
      any
      expenses incurred in connection with the enforcement thereof) and (c) any
      indemnification amount reimbursable to the Trustee pursuant to Section
      9.05.

    
      
        
        

      

      
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    (x)     to
      reimburse a Successor Master Servicer (solely in its capacity as Successor
      Master Servicer), for any fee, expense or advance occasioned by a termination
      of
      the Master Servicer, and the assumption of such duties by the Trustee or a
      Successor Master Servicer appointed by the Trustee pursuant to Section 4.13
      or
      4.17, in each case to the extent not reimbursed by the terminated Master
      Servicer, it being understood, in the case of any such reimbursement or payment,
      that the right of the Master Servicer or the Trustee thereto shall be prior
      to
      the rights of the Certificateholders;

     

    (xi)     to
      make payment to itself and others pursuant to any provision of this Agreement,
      to the extent expressly provided thereunder;

     

    (xii)     to
      pay to itself, a Servicer, the Seller, the Depositor or any other appropriate
      Person, as the case may be, with respect to each Mortgage Loan or property
      acquired in respect thereof that has been purchased or otherwise transferred
      pursuant to Sections 2.03 or 10.02, all amounts received thereon and not
      required to be distributed to the Certificateholders as of the date on which
      the
      related Principal Balance or Purchase Price is determined;

     

    (xiii)     to
      reimburse any Servicer for such amounts as are due thereto from the Trust Fund
      pursuant to this Agreement and have not been retained by or paid to such
      Servicer, to the extent provided in such Servicing Agreement, or to reimburse
      any expenses of the Trust Fund or the Trustee expressly provided for in the
      Servicing Agreement;

     

    (xiv)     to
      make payments to the Trustee for deposit into the Certificate Distribution
      Account in the amounts and in the manner provided for in Section 6.04;
      and

     

    (xv)     to
      clear and terminate any Collection Account pursuant to Section
      10.02.

     

    Section
      4.09. Determination of LIBOR.

     

    (a) On
      each
      LIBOR Rate Adjustment Date the Master Servicer shall determine LIBOR on the
      basis of the provisions of the definition of “LIBOR.”

     

    (b) The
      establishment of LIBOR by the Master Servicer and the Master Servicer’s
      subsequent calculation of the Interest Rate or Rates applicable to the LIBOR
      Certificates for the relevant Accrual Period, in the absence of manifest error,
      shall be final and binding. In all cases, absent manifest error, the Master
      Servicer may conclusively rely on quotations of LIBOR as such quotations appear
      on Telerate Screen Page 3750.

    
      
        
        

      

      
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    Section
      4.10. Termination of Servicing Agreements; Successor
      Servicers.

     

    (a) The
      Master Servicer shall be entitled to terminate the rights and obligations of
      any
      Servicer under the applicable Servicing Agreement in accordance with the terms
      and conditions of such Servicing Agreement and this Agreement. In such event,
      within 90 days of such termination, the Master Servicer shall, subject to
      Section 4.06, appoint a successor Servicer or shall itself (or through an
      Affiliate) act as servicer of the related Mortgage Loans; provided,
      however,
      that
      for so long as the Seller is the Servicing Rights Owner under any such Servicing
      Agreement, the Seller shall have the right to appoint a successor Servicer
      within thirty (30) days of the Master Servicer providing notice to the Trustee
      and the Seller of the Master Servicer’s intent to terminate such Servicer,
      subject to the provisions of Section 4.34 hereof. If the Master Servicer assumes
      the role of successor Servicer, or until a successor Servicer is appointed,
      the
      Master Servicer shall (i) immediately make Advances and (ii) perform all
      responsibilities, duties and liabilities of the Servicer; provided,
      however,
      that for
      the first 90-day period following a termination of a Servicer, the Master
      Servicer, in its capacity as successor Servicer, shall not be responsible for
      the lack of information and/or documents that it cannot obtain through
      reasonable efforts.

     

    (b) If
      the
      Master Servicer acts as Servicer, it will not assume liability for the
      representations and warranties of the Servicer, if any, that it replaces. The
      Master Servicer shall, however, be deemed to have made the representations
      contained in Section 3.01 hereof as of the assumption by the Master Servicer
      of
      the duties of the applicable Servicer. The Master Servicer shall use reasonable
      efforts to have the successor Servicer assume liability for the representations
      and warranties made by the terminated Servicer in respect of the related
      Mortgage Loans.

     

    (c) In
      the
      event that the Master Servicer terminates the rights and obligations of any
      Servicer under a Full Recourse Servicing Agreement pursuant to this Section,
      the
      Master Servicer shall use its reasonable best efforts to appoint a successor
      Servicer that will service the related Mortgage Loans in accordance with the
      provisions of the applicable Full Recourse Servicing Agreement. If the Master
      Servicer is unable to appoint such a successor Servicer, the Master Servicer
      shall modify the provisions of such Full Recourse Servicing Agreement as it
      deems appropriate, in its reasonable best judgment and with the consent of
      the
      Depositor, and shall either appoint a successor Servicer or service such
      Mortgage Loans itself (or through an Affiliate) as provided herein. In no event
      shall the Master Servicer or any of its Affiliates be required to service any
      Mortgage Loans pursuant to any Full Recourse Servicing Agreement in the absence
      of such modification.

     

    (d) In
      no
      event shall the Master Servicer be responsible for monitoring, supervising
      or
      overseeing the obligations of any subservicer under any subservicing
      agreement.

     

    Section
      4.11. Master Servicer Liable for Enforcement.

     

    The
      Master Servicer shall, subject to the provisions hereof, enforce the provisions
      of each Servicing Agreement for the benefit of the
      Certificateholders.

    
      
        
        

      

      
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    Section
      4.12. No Contractual Relationship Between Servicers and Master Servicer or
      Depositor.

     

    Any
      Servicing Agreement (or subservicing agreement) that may be entered into and
      any
      other transactions or services relating to the Mortgage Loans involving a
      Servicer shall be deemed to be between such Servicer and the other parties
      thereto (and to the extent the Trustee is assigned rights thereunder or made
      third-party beneficiaries thereof, the Trustee) and the Depositor and the Master
      Servicer shall not be deemed parties thereto and shall have no claims, rights,
      obligations, duties or liabilities with respect to such Servicing Agreement
      (except as set forth in this Article IV) or subservicing agreement.

     

    Section
      4.13. Assumption by Trustee.

     

    (a) In
      the
      event the Master Servicer shall for any reason no longer be the Master Servicer
      (including by reason of any Event of Master Servicer Default under this
      Agreement), the Trustee shall have the right to appoint a Successor Master
      Servicer, who shall assume all of the Master Servicer’s rights, duties and
      obligations hereunder. Until such Successor Master Servicer is appointed, the
      Trustee shall assume all of the rights and obligations of the Master Servicer
      hereunder (including the right to receive the Master Servicing Fee hereunder)
      in
      accordance with Section 4.17(a); provided,
      however,
      the
      Trustee shall not be required to make any of the representations or warranties
      in Section 3.01 hereof. The Trustee, its designee or any Successor Master
      Servicer appointed by the Trustee shall be deemed to have assumed all of the
      Master Servicer’s interest herein.

     

    The
      Trustee shall determine the Master Servicing Fee Rate applicable to a Successor
      Master Servicer (other than the Trustee in such capacity), such Master Servicing
      Fee Rate not to exceed the Maximum Master Servicing Fee Rate.

     

    (b) In
      the
      event the Master Servicer is terminated, the Master Servicer shall,
      (i) upon request of the Trustee but at the expense of such Master Servicer,
      timely deliver to the assuming party all documents and records (including,
      without limitation, computer tapes, disks and other electronic or magnetic
      media, in each case in readable format) in its possession relating to each
      Servicing Agreement and the related Mortgage Loans and an accounting of amounts
      collected and held by it and otherwise use its best efforts to effect the
      orderly and efficient assumption of its duties as Master Servicer to the
      assuming party and (ii) make such reimbursements as are required under Section
      4.08(x) hereof.

     

    (c) The
      Master Servicer shall be entitled to terminate the rights and obligations of
      the
      Seller under the applicable Servicing Agreement, to the extent provided therein,
      in accordance with the terms and conditions of such Servicing Agreement and
      this
      Agreement. In such event, the applicable Servicer shall assume such rights
      and
      obligations to the extent provided in the applicable Servicing
      Agreement.

     

    Section
      4.14. “Due-on-Sale” Clauses; “Due-on-Encumbrance” Clauses, Assumption
      Agreements; Release of Collateral.

     

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

    
      
        
        

      

      
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    (b) If
      any
      Mortgage Loan contains a provision in the nature of a “due-on-encumbrance”
clause, which by its terms: (i) provides that such Mortgage Loan shall (or
      may
      at the mortgagee’s option) become due and payable upon the creation of any lien
      or other encumbrance on the related Mortgaged Property or (ii) requires the
      consent of the related mortgagee to the creation of any such lien or other
      encumbrance on the related Mortgaged Property, the Master Servicer shall (to
      the
      extent provided in the applicable Servicing Agreement) cause the related
      Servicer, on behalf of the Trustee, to exercise (or decline to exercise) any
      right it may have as the mortgagee of record with respect to such Mortgage
      Loan
      to (x) accelerate the payments thereon, or (y) withhold its consent to the
      creation of any such lien or other encumbrance, in accordance with the
      applicable Servicing Standard.

     

    (c) The
      Master Servicer or the related Servicer, as the case may be, shall be entitled
      to approve a request from a Mortgagor for a partial release of the related
      Mortgaged Property, the granting of an easement thereon in favor of another
      Person, any alteration or demolition of the related Mortgaged Property or other
      similar matters if it has determined, and certified to the Trustee, exercising
      its good faith business judgment in the same manner as it would if it were
      the
      owner of the related Mortgage Loan, that the security for, and the timely and
      full collectibility of, such Mortgage Loan would not be adversely affected
      thereby. Any fee collected by the Master Servicer or the related Servicer for
      processing such a request will be retained by the Master Servicer or such
      Servicer as additional servicing compensation.

     

    Section
      4.15. Release of Mortgage Files.

     

    (a) Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      any Servicer of a notification that payment in full has been escrowed in a
      manner customary for such purposes for payment to Certificateholders on the
      next
      Distribution Date, the Servicer will, if required under the applicable Servicing
      Agreement, promptly notify the Trustee by a certification substantially in
      the
      form of Exhibit E hereto (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 maintained by the Master
      Servicer pursuant to Section 4.07 have been or will be so deposited) of a
      Servicing Officer and shall request the Trustee to deliver to the applicable
      Servicer the related Mortgage File. Upon receipt of such certification and
      request, the Trustee shall promptly release the related Mortgage File to the
      applicable Servicer and the Trustee shall have no further responsibility with
      regard to such Mortgage File. Upon any such payment in full, each Servicer
      is
      authorized to give, as agent for the Trustee, as the mortgagee under the
      Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
      assignment of mortgage without recourse) regarding the Mortgaged Property
      subject to the Mortgage, which instrument of satisfaction or assignment, as
      the
      case may be, shall be delivered to the Person or Persons entitled thereto
      against receipt therefor of such payment, it being understood and agreed that
      (unless otherwise expressly provided in the related Servicing Agreement) no
      expenses incurred in connection with such instrument of satisfaction or
      assignment, as the case may be, shall be chargeable to the Collection Account
      or
      any Custodial Account.

    
      
        
        

      

      
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    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with the Servicing Standard and the applicable Servicing
      Agreement, the Trustee shall execute such documents as shall be prepared and
      furnished to the Trustee by a Servicer or the Master Servicer (in form
      reasonably acceptable to the Trustee) and as are necessary to the prosecution
      of
      any such proceedings. The Trustee shall, upon the request of a Servicer or
      the
      Master Servicer, and delivery to the Trustee of a Request for Release signed
      by
      a Servicing Officer substantially in the form of Exhibit E, release the related
      Mortgage File held in its possession or control to the Servicer or the Master
      Servicer. Such Request for Release shall obligate the Servicer or the Master
      Servicer to return the Mortgage File to the Trustee when the need therefor
      by
      the Servicer or the Master Servicer no longer exists unless the Mortgage Loan
      shall be liquidated, in which case, upon receipt of a certificate of a Servicing
      Officer similar to that hereinabove specified, the Request for Release shall
      be
      delivered by the Trustee to the Servicer or the Master Servicer.

     

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

     

    (a) The
      Master Servicer shall transmit and each Servicer (to the extent required by
      the
      related Servicing Agreement) shall transmit to the Trustee such documents and
      instruments coming into the possession of the Master Servicer or such Servicer
      from time to time as are required by the terms hereof, or in the case of the
      Servicers, the applicable Servicing Agreement, to be delivered to the Trustee.
      Any funds received by the Master Servicer or by a Servicer in respect of any
      Mortgage Loan or which otherwise are collected by the Master Servicer or by
      a
      Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any
      Mortgage Loan shall be held for the benefit of the Trustee and the
      Certificateholders, subject to the Master Servicer’s right to retain or withdraw
      from the Collection Account the Master Servicing Fee and other amounts provided
      in this Agreement, and to the right of each Servicer to retain its Servicing
      Fee
      and other amounts as provided in the applicable Servicing Agreement. The Master
      Servicer shall, and shall (to the extent provided in the applicable Servicing
      Agreement) cause each Servicer to, provide access to information and
      documentation in its possession regarding the Mortgage Loans to the Trustee
      and
      the Depositor, their 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 shall be afforded
      without charge but only upon reasonable request in writing and during normal
      business hours at the offices of the Master Servicer designated by it. In
      fulfilling such a request the Master Servicer shall not be responsible for
      determining the sufficiency of such information.

     

    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, in respect of any Mortgage Loans, whether from the collection
      of principal and interest payments or from Liquidation Proceeds or Insurance
      Proceeds, shall be held by the Master Servicer for and on behalf of the Trustee
      and the Certificateholders and shall be and remain the sole and exclusive
      property of the Trust Fund; provided,
      however,
      that the
      Master Servicer and each Servicer shall be entitled to deduct from any such
      funds any amounts that are permitted to be withdrawn by the Master Servicer
      pursuant to Section 4.08 hereof or by such Servicer under the applicable
      Servicing Agreement.

    
      
        
        

      

      
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    (c) The
      Master Servicer hereby acknowledges that concurrently with the execution of
      this
      Agreement, the Trustee shall have a security interest in the Mortgage Loans
      and
      in all Mortgage Files representing such Mortgage Loans and in all funds now
      or
      hereafter held by, or under the control of, the Master Servicer that are
      collected by the Master Servicer in connection with the Mortgage Loans, whether
      as scheduled installments of principal and interest or as full or partial
      prepayments of principal or interest or as Liquidation Proceeds or Insurance
      Proceeds or otherwise, and in all proceeds of the foregoing and proceeds of
      proceeds (but excluding any fee or other amounts to which a Servicer is entitled
      under its Servicing Agreement, or the Master Servicer or the Depositor is
      entitled to hereunder); and the Master Servicer agrees that so long as the
      Mortgage Loans are assigned to and held by the Trustee, all documents or
      instruments constituting part of the Mortgage Files, and such funds relating
      to
      the Mortgage Loans which come into the possession or custody of, or which are
      subject to the control of, the Master Servicer shall be held by the Master
      Servicer for and on behalf of the Trustee as the Trustee’s agent and bailee for
      purposes of perfecting the Trustee’s security interest therein as provided by
      relevant Uniform Commercial Code or other laws.

     

    (d) The
      Master Servicer agrees that it shall not create, incur or subject any Mortgage
      Loans, or any funds that are deposited in any Custodial Account or the
      Collection Account, or any funds that otherwise are or may become due or payable
      to the Trustee, to any claim, lien, security interest, judgment, levy, writ
      of
      attachment or other encumbrance, nor assert by legal action or otherwise any
      claim or right of setoff against any Mortgage Loan or any funds collected on,
      or
      in connection with, a Mortgage Loan, except as otherwise expressly provided
      herein.

     

    Section
      4.17. Removal of Master Servicer; Resignation of Master Servicer; Term of
      Servicing.

     

    (a) If
      any of
      the following events (each, an “Event of Master Servicer Default”) shall occur
      and be continuing:

     

    (i)     Any
      failure by the Master Servicer (x) to deposit to the Collection Account all
      collections received by the Master Servicer from the Servicers within two
      Business Days following the Business Day on which such amounts are deposited
      by
      the Master Servicer to its general account (which shall be within one Business
      Day following receipt of such amount) and are determined by the Master Servicer
      to relate to the Mortgage Loans or (y) to remit to the Trustee for deposit
      in
      the Certificate Distribution Account any amount required to be deposited therein
      pursuant to Section 6.04(c) hereof by the related Master Servicer Remittance
      Date; or

     

    (ii)     Failure
      on the part of the Master Servicer to observe or perform any term, covenant
      or
      agreement in this Agreement (other than those covered by clause (i) above)
      or a
      failure to comply with the provisions of Accepted Master Servicing Practices,
      which failure materially and adversely affects the rights of the Holders of
      the
      Certificates, and which continues unremedied for 30 days after the date on
      which
      written notice of such failure, requiring the same to be remedied, shall have
      been given to the Master Servicer by the Depositor, the Trustee or the
      Certificateholders who, in the aggregate, hold Certificates evidencing Voting
      Rights of 10% or more; or

    
      
        
        

      

      
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    (iii)     Any
      proceeding shall be instituted against the Master Servicer seeking to adjudicate
      it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization,
      arrangement, adjustment, protection, relief, or composition of it or any of
      its
      Debts under any law relating to bankruptcy, insolvency or reorganization or
      relief of debtors, or seeking the entry of an order for relief or the
      appointment of a receiver, trustee, custodian or other similar official for
      it
      or for any substantial part of its property, or any of the actions sought in
      such proceeding (including, without limitation, the entry of an order for relief
      against, or the appointment of a receiver, trustee, custodian or other similar
      official for, it or for any substantial part of its property) shall occur;
      or

     

    (iv)     The
      commencement by the Master Servicer of a voluntary case or proceeding under
      any
      applicable Federal or state bankruptcy, insolvency, reorganization or other
      similar law or of any other case or proceeding to be adjudicated bankrupt or
      insolvent, or the consent by it to the entry of a decree or order for relief
      in
      respect of the Master Servicer in an involuntary case or proceeding under any
      applicable Federal or state bankruptcy, insolvency, reorganization or other
      similar law or to the commencement of any bankruptcy or insolvency case or
      proceeding against it, or the filing by it of a petition or answer or consent
      seeking reorganization or relief under any applicable Federal or state law,
      or
      the consent by it to the filing of such petition or to the appointment of or
      taking possession by a custodian, receiver, liquidator, assignee, trustee,
      sequestrator or similar official of the Master Servicer or of any substantial
      part of its property, or the making by it of an assignment for the benefit
      of
      creditors, or the admission by it in writing of its inability to pay its Debts
      generally as they become due, or the taking of corporate action by the Master
      Servicer in furtherance of any such action; or

     

    (v)     The
      Master Servicer shall fail to deliver a report expressly required by this
      Agreement, and the continuance of such failure for a period of three Business
      Days after the date upon which written notice of such failure shall have been
      given to the Master Servicer by the Depositor or the Trustee (except that such
      three Business Day period shall be deemed not to run as to any portion of such
      report during such time as the Master Servicer’s failure to provide such
      information is for cause or inability beyond its control and the Master Servicer
      provides the Trustee and the Depositor with an Officer’s Certificate of the
      Master Servicer to such effect);

     

    then
      the
      Trustee at the direction of the Required Certificateholders shall, in each
      case
      by delivery to the Master Servicer of a written notice specifying the occurrence
      of any of the foregoing events terminate the responsibilities of the Master
      Servicer hereunder, without demand, protest or further notice of any kind,
      all
      of which are hereby waived by the Master Servicer; provided, that, in the event
      any of the events described in subsections (i)(y), (iii) or (iv) shall have
      occurred, termination of the duties and responsibilities of the Master Servicer
      and the Trustee’s assumption all of the Master Servicer’s rights, duties and
      obligations hereunder shall automatically occur, without demand, protest, or
      further notice of any kind, all of which are expressly waived by the Master
      Servicer; provided that in the case of a proceeding described in subsection
      (iii) brought by a third party and not consented to by the Master Servicer,
      an Event of Master Servicer Default shall not be deemed to have occurred until
      the earliest to occur of (A) the failure of the relevant court to grant the
      Master Servicer’s motion to dismiss such proceeding within 90 days of the filing
      of such motion, (B) the denial of the Master Servicer’s motion to dismiss such
      proceeding by the relevant court, (C) the failure of the Master Servicer to
      file
      such a motion within 30 days of the notice of the proceeding and (D) the
      subsequent withdrawal by the Master Servicer of its motion to dismiss such
      proceeding.

    
      
        
        

      

      
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    If
      an
      Event of Master Servicer Default occurs and is continuing and if a Responsible
      Officer of the Trustee has actual knowledge or has received notice thereof,
      the
      Trustee shall give prompt written notice of thereof to the Depositor, the Master
      Servicer, the Rating Agencies and each Certificateholder.

     

    (b) The
      Master Servicer shall not resign from the obligations and duties hereby imposed
      on it, except with the consent of the Depositor and the Trustee or upon
      determination that its duties hereunder are no longer permissible under
      applicable law or are in material conflict by reason of applicable law with
      any
      other activities carried on by it, the other activities of the Master Servicer
      so causing such a conflict being of a type and nature carried on by the Master
      Servicer at the date of this Agreement. Any such determination permitting the
      resignation of the Master Servicer shall be evidenced by an Opinion of Counsel
      to the effect that such duties are not so permissible (the cost of which shall
      be borne by the Master Servicer) to such effect which shall be delivered to
      the
      Trustee, the Depositor, the Rating Agencies and the
      Certificateholders.

     

    (c) Except
      as
      may be required by law, no resignation of the Master Servicer shall become
      effective until a Successor Master Servicer shall have assumed all of the Master
      Servicer’s responsibilities and obligations hereunder.

     

    (d) If
      the
      Master Servicer is removed or resigns and the Trustee does not appoint a
      Successor Master Servicer in accordance with Section 4.13 hereof, then the
      Trustee shall become the Successor Master Servicer. The Trustee shall be
      entitled to reimbursement from the predecessor Master Servicer for the costs
      and
      expenses of the Trustee related to a termination of the Master Servicer, the
      appointment of a successor Master Servicer or the transfer and assumption of
      servicing by the Trustee, as Successor Master Servicer, each due to an Event
      of
      Master Servicer Default. To the extent that such costs and expenses of the
      Trustee are not fully and timely reimbursed by the predecessor Master Servicer,
      the Trustee shall be entitled to reimbursement of such costs and expenses from
      the Collection Account in accordance with Section 4.08(x).

     

    (e) Any
      collections received by the Master Servicer after removal or resignation shall
      be endorsed by it and remitted directly and immediately to the Successor Master
      Servicer. The Master Servicer shall be entitled to receive the Master Servicing
      Fee through the day on which it is terminated as Master Servicer (which may
      be
      pro rated for a partial month).

    
      
        
        

      

      
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    To
      the
      extent that the Master Servicer, at the time of its removal or resignation,
      has
      theretofore expended any amounts as Advances with respect to any Mortgage Loan,
      which Advances remain Outstanding Advances as of such date, the Master Servicer
      shall thereafter be entitled to receive from the Successor Master Servicer,
      monthly, such information as may be generated by the Successor Master Servicer
      as may be reasonably necessary to enable the Master Servicer to monitor the
      recovery of, and collection efforts undertaken with respect to, such Outstanding
      Advances, which information will include details of collection activities,
      payment records and trial balances. To the extent that the Successor Master
      Servicer receives any amounts which relate to reimbursement for Outstanding
      Advances made by the prior Master Servicer, such amounts shall be remitted
      to
      the prior Master Servicer on the related Distribution Date. To the extent that
      the Master Servicer, based upon the information supplied by the Successor Master
      Servicer, believes that any discrepancies exist between actual Outstanding
      Advances received by the Successor Master Servicer and the amounts forwarded
      to
      the Master Servicer as recovered Outstanding Advances, the Master Servicer
      and
      the Successor Master Servicer shall attempt in good faith to reconcile such
      discrepancies.

     

    (f) The
      Master Servicer agrees to cooperate reasonably with the Successor Master
      Servicer in effecting the termination of the Master Servicer’s servicing
      responsibilities and rights hereunder and shall promptly provide to the
      Successor Master Servicer all documents and records reasonably requested by
      it
      to enable it to assume the Master Servicer’s functions hereunder and shall
      promptly also transfer to the Successor Master Servicer all amounts which then
      have been or should have been deposited in the Collection Account, or which
      are
      thereafter received with respect to the Mortgage Loans. The Successor Master
      Servicer shall not be held liable for any acts or omissions of the prior Master
      Servicer or by reason of any failure to make, or any delay in making, any
      distribution hereunder or any portion thereof caused by (i) the failure of
      the
      Master Servicer to deliver, or any delay in delivering, cash, documents or
      records to it, or (ii) restrictions imposed by any regulatory authority having
      jurisdiction over the Master Servicer. The Master Servicer shall reimburse
      the
      Successor Master Servicer for its reasonable costs and expenses associated
      with
      the transfer of the master servicing following resignation of the Master
      Servicer or termination of the Master Servicer pursuant to this Section
      4.17.

     

    Section
      4.18. Cross-Collateralized Mortgage Loans.

     

    The
      Master Servicer shall administer any Cross-Collateralized Mortgage Loans that
      are cross-collateralized with each other in accordance with this Agreement,
      as a
      single Mortgage Loan.

    

    All
      amounts collected in respect of any related Cross-Collateralized Mortgage Loans
      shall be applied between or among such Mortgage Loans in accordance with the
      express provisions of the related loan documents or, in the absence of such
      express provisions, on a pro
      rata
      basis in
      accordance with the respective amounts then due as to each of such Mortgage
      Loans.

    

    Notwithstanding
      anything to the contrary herein, the Master Servicer shall not waive any right
      that it has, or grant any consent it is otherwise entitled to withhold, under
      any related due-on-sale clause governing the transfer of any Mortgaged Property
      that secures Cross-Collateralized Mortgage Loans unless all of the Mortgaged
      Properties securing such Cross-Collateralized Mortgage Loans are transferred
      simultaneously to the same transferee.

    
      
        
        

      

      
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    Section
      4.19. Standard Hazard and Flood Insurance Policies.

     

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

     

    Pursuant
      to Section 4.07, any amounts collected by the Master Servicer, or remitted
      to
      the Master Servicer by any Servicer, under any insurance policies maintained
      pursuant to this Section 4.19 (other than amounts to be applied to the
      restoration or repair of the property subject to the related Mortgage or
      released to the Mortgagor in accordance with the applicable Servicing Agreement)
      shall be deposited into the Collection Account, subject to withdrawal pursuant
      to Section 4.08. Any cost incurred by the Master Servicer or any Servicer in
      maintaining any such insurance if the Mortgagor defaults in its obligation
      to do
      so shall be added to the amount owing under the Mortgage Loan where the terms
      of
      the Mortgage Loan so permit; provided,
      however,
      that the
      addition of any such cost shall not be taken into account for purposes of
      calculating the distributions to be made to Certificateholders and shall be
      recoverable by the Master Servicer or such Servicer pursuant to Section
      4.08.

     

    Section
      4.20. Presentment of Claims and Collection of Proceeds.

     

    The
      Master Servicer shall (subject to Section 4.01 and to the extent provided in
      the
      applicable Servicing Agreement) cause the related Servicer to prepare and
      present on behalf of the Trustee and the Certificateholders all claims under
      the
      Insurance Policies and take such actions (including the negotiation, settlement,
      compromise or enforcement of the insured’s claim and compliance with any
      applicable requirements of FHA or VA) as shall be necessary to realize recovery
      under such policies. Any proceeds disbursed to the Master Servicer (or disbursed
      to a Servicer and remitted to the Master Servicer) in respect of such policies,
      bonds or contracts shall be promptly deposited in the Collection 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
      4.21. Maintenance of the Primary Mortgage Insurance
      Policies.

     

    (a) Subject
      to Section 4.01, the Master Servicer shall not take, or knowingly permit any
      Servicer (to the extent such action is prohibited under the applicable Servicing
      Agreement) to take, any action that would result in non-coverage under any
      applicable Primary Mortgage Insurance Policy of any loss which, but for the
      actions of such Master Servicer or Servicer, would have been covered thereunder.
      The Master Servicer shall, subject to Section 4.01, use its reasonable best
      efforts to cause each Servicer (to the extent required under the related
      Servicing Agreement) to keep in force and effect (to the extent that the
      Mortgage Loan requires the Mortgagor to maintain such insurance), primary
      mortgage insurance applicable to each Mortgage Loan in accordance with the
      provisions of this Agreement and the related Servicing Agreement, as applicable.
      The Master Servicer shall not, and shall not knowingly permit any Servicer
      (to
      the extent required under the related Servicing Agreement) to, cancel or refuse
      to renew any such Primary Mortgage Insurance Policy that is in effect at the
      date of the initial issuance of the Mortgage Note and is required to be kept
      in
      force hereunder except in accordance with the provisions of this Agreement
      and
      the related Servicing Agreement, as applicable.

    
      
        
        

      

      
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    (b) The
      Master Servicer agrees, subject to Section 4.01, to present, or to cause each
      Servicer (to the extent required under the related Servicing Agreement) to
      present, on behalf of the Trustee and the Certificateholders, claims to the
      insurer under any Primary Mortgage Insurance Policies and, in this regard,
      to
      take such reasonable action as shall be necessary to permit recovery under
      any
      Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans.
      Pursuant to Section 4.07, any amounts collected by the Master Servicer or
      remitted to the Master Servicer by any Servicer under any Primary Mortgage
      Insurance Policies shall be deposited in the Collection Account, subject to
      withdrawal pursuant to Section 4.08.

     

    Section
      4.22. Trustee To Retain Possession of Certain Insurance Policies and
      Documents.

     

    The
      Trustee shall retain possession and custody of the originals of the Primary
      Mortgage Insurance Policies or certificates 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 Mortgage Notes have been distributed in full and the Master Servicer
      otherwise has fulfilled its obligations under this Agreement, the Trustee shall
      also retain possession and custody of each Mortgage File in accordance with
      and
      subject to the terms and conditions of this Agreement. The Master Servicer
      shall
      promptly deliver or cause to be delivered to the Trustee upon the execution
      or
      receipt thereof the originals of the Primary Mortgage Insurance Policies and
      any
      certificates of renewal thereof, and such other documents or instruments that
      constitute portions of the Mortgage File that come into the possession of the
      Master Servicer from time to time.

     

    Section
      4.23. Realization Upon Defaulted Mortgage Loans.

     

    The
      Master Servicer shall, subject to Section 4.01, cause each Servicer (to the
      extent required under the related Servicing Agreement) to use its reasonable
      best efforts to foreclose upon, repossess or otherwise comparably convert the
      ownership of Mortgaged Properties securing such of the Mortgage Loans as come
      into and continue in default and as to which no satisfactory arrangements can
      be
      made for collection of delinquent payments, all in accordance with the
      applicable Servicing Agreement.

     

    Section
      4.24. Compensation to the Master Servicer.

     

    The
      Master Servicer shall be entitled either (a) to pay itself the Master Servicing
      Fee in respect of remittances from the Servicers prior to the deposit of such
      payment in the Collection Account or (b) to withdraw from the Collection
      Account, subject to Section 4.08, the Master Servicing Fee. Servicing
      compensation in the form of assumption fees, if any, late payment charges,
      as
      collected, if any, or otherwise (but not including any prepayment premium or
      penalty or yield maintenance payment) shall be retained by the Master Servicer
      (or the applicable Servicer) and shall not be deposited in the Collection
      Account. In addition, the Master Servicer will be entitled to retain any Net
      Prepayment Interest Excess. If the Master Servicer does not retain or withdraw
      the Master Servicing Fee from the Collection Account as provided herein, the
      Master Servicer shall be entitled to direct the Trustee to pay the Master
      Servicing Fee to the Master Servicer by withdrawal from the Certificate
      Distribution Account to the extent that payments have been received with respect
      to the applicable Mortgage Loan. 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. Pursuant to Section 4.07 all income and gain realized from any
      investment of funds in the Collection Account shall be for the benefit of the
      Master Servicer as additional compensation.

    
      
        
        

      

      
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    The
      Master Servicing Fee for each Distribution Date shall be reduced as provided
      in
      Section 6.10.

     

    Section
      4.25. REO Property.

     

    (a) In
      the
      event the Trustee 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 use its reasonable best efforts, subject to Section 4.01 and
      to
      the extent provided in the applicable Servicing Agreement, to cause the
      applicable Servicer to sell any REO Property as expeditiously as possible and
      in
      accordance with the provisions of this Agreement and the related Servicing
      Agreement, as applicable. The Master Servicer shall, subject to Section 4.01,
      cause the applicable Servicer to protect and conserve such REO Property in
      the
      manner and to the extent required by the applicable Servicing
      Agreement.

     

    Each
      Servicing Agreement shall include provisions to the effect that (i) the Servicer
      shall sell each REO Property in any event within three years after title has
      been taken to such REO Property and (ii) the Servicer shall not Directly Operate
      any REO Property, but shall employ an Independent Contractor to operate REO
      Property.

     

    (b) The
      Master Servicer shall, subject to Section 4.01 and to the extent required by
      the
      related Servicing Agreement, cause the Servicer to deposit all funds collected
      and received in connection with the operation of any REO Property in the
      Collection Account.

     

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

     

    (d) The
      Liquidation Proceeds from the final disposition of the REO Property, net of
      any
      payment to the Master Servicer and the applicable Servicer as provided above
      shall be deposited in the Collection Account on or prior to the Determination
      Date in the month following receipt thereof from the applicable Servicer and
      be
      remitted by wire transfer in immediately available funds to the Trustee for
      deposit into the Certificate Distribution Account on the next succeeding Master
      Servicer Remittance Date.

    
      
        
        

      

      
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    (e) REO
      Property acquired by or on behalf of the Trust Fund may be purchased by an
      Affiliate of the Depositor, provided
      that
      sale of each such REO Property maximizes proceeds to the Trust Fund. In order
      to
      ensure that any such sale is a bona
      fide
      arms’
length transaction, (i) the price paid by such affiliated purchaser shall be
      not
      less than the higher of two broker price opinions obtained from parties
      satisfactory to the applicable Servicer and (ii) the applicable Servicer (or
      subservicer) must solicit bids in a commercially reasonable manner for the
      purchase of each such REO Property, and the price paid by such affiliated
      purchaser shall be higher than any other bid received.

     

    Section
      4.26. Delinquency Advances and Servicing Advances.

     

    (a) Not
      later
      than 12:00 noon Boston, Massachusetts time on each Master Servicer Remittance
      Date, the Master Servicer, except as otherwise stated herein, shall advance
      funds (each such advance, a “Delinquency Advance”) to the Certificate
      Distribution Account in the amount of any Monthly Payment that is due during
      the
      related Due Period and not received by the Master Servicer from the related
      Servicer as of the related Determination Date; provided,
      however,
      that the
      Master Servicer will not be required to make any such Delinquency Advance (i)
      if
      the related Mortgage Loan is a Non-Servicer Obligated Mortgage Loan or (ii)
      if
      the Master Servicer determines in reasonable good faith that such Delinquency
      Advance would be a Non-Recoverable Advance. Such determination by the Master
      Servicer will be evidenced by a certificate signed by a Servicing Officer
      delivered to the Trustee no later than such Master Servicer Remittance Date
      for
      the related Distribution Date. Each Delinquency Advance shall increase the
      Outstanding Advances with respect to the related Mortgage Loan. The Master
      Servicer shall be permitted to fund Delinquency Advances from its own funds,
      and
      from amounts then on deposit in the Collection Account in excess of the Total
      Distribution Amount for the related Master Servicer Remittance
      Date.

     

    (b) The
      Master Servicer may recover Delinquency Advances (i) from the Collection Account
      out of collections on the Mortgage Loan whose delinquency gave rise to such
      Delinquency Advance subsequent to the related Due Period, from Liquidation
      Proceeds and/or Insurance Proceeds recovered on account of such Mortgage Loan
      to
      the extent of the amount of such Delinquency Advance prior to, or after, the
      deposit of such Liquidation Proceeds and/or Insurance Proceeds in the Collection
      Account and (ii) from the Collection Account generally, if such Delinquency
      Advance has been determined to be a Non-Recoverable Advance.

     

    (c) The
      Master Servicer, to the extent the Master Servicer becomes the successor to
      a
      Servicer pursuant to Section 4.10 and to the extent required by the related
      Servicing Agreement, will advance all “out-of-pocket” costs and expenses
      incurred in the performance of its servicing obligations with respect to
      defaulted Mortgage Loans, including, but not limited to, the cost of (i)
      Preservation Expenses, (ii) any enforcement or judicial proceedings, including
      foreclosures, and any reasonable legal expenses in connection with the assertion
      by a Mortgagor of any claim or defense that the Mortgagor may have had against
      the originator in connection with the sale, financing or construction of such
      Mortgagor’s home and which the Mortgagor asserts against the Master Servicer and
      (iii) the management and liquidation of REO Property, but shall only pay such
      costs and expenses to the extent the Master Servicer reasonably believes such
      costs and expenses will be recovered from the related Mortgage Loan and will
      increase Net Liquidation Proceeds on the related Mortgage Loan. Each such
      expenditure, if customary and reasonable, and exclusive of overhead, will
      constitute a “Servicing Advance.” The Master Servicer may recover a Servicing
      Advance from the Mortgagor to the extent permitted by the related Mortgage
      Loan,
      from the Collection Account out of collections on the related Mortgage Loan,
      from Liquidation Proceeds realized upon the liquidation of the related Mortgage
      Loan, from Insurance Proceeds collected with respect to the related Mortgage
      Loan prior to, or after, the deposit of such Liquidation Proceeds and/or
      Insurance Proceeds in the Collection Account or, if such Liquidation Proceeds
      and Insurance Proceeds are insufficient to reimburse the Master Servicer for
      such Servicing Advance, from the Collection Account.

    
      
        
        

      

      
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    Section
      4.27. Master Servicer Reports.

     

    To
      the
      extent the Master Servicer receives timely information from each Servicer not
      later than 2:00 p.m. Boston, Massachusetts time two Business Days prior to
      each
      Distribution Date, the Master Servicer shall deliver or cause to be delivered
      to
      the Trustee, the Seller and the Depositor the related Master Servicer’s Monthly
      Report which shall contain (i) a summary report of Mortgage Loan payment
      activity for such month, (ii) delinquency summary reports for Mortgage Loans
      with respect to which scheduled payments due in such month were not made, (iii)
      an itemization by category of all amounts to be paid on the Distribution Date,
      (iv) the aggregate principal balance of all Foreclosure Restricted Loans that
      are subject to foreclosure proceedings in such month and (v) such other
      information as is necessary for the Trustee to report items in Sections 6.08(a)
      and (b); provided,
      however,
      that
      the Master Servicer shall provide the information detailed in clauses (iii),
      (iv) and (v) above with respect to the assets of the Trust Fund other than
      the
      Mortgage Loans only to the extent that it receives such information in a timely
      manner from the parties that are required to provide such information to the
      Master Servicer. In the event the Master Servicer does not receive timely
      information from each Servicer, the Master Servicer shall deliver or cause
      to be
      delivered the Master Servicer’s Monthly Report to the Trustee within one
      Business Day following the Master Servicer’s receipt of the necessary
      information.

     

    Section
      4.28. Annual Statements as to Compliance; Annual Assessments of
      Compliance.

     

    (a) The
      Master Servicer shall deliver or otherwise make available (and the Master
      Servicer shall cause any Additional Servicer engaged by it to deliver) to the
      Depositor and the Trustee on or before March 10 (with a 5 calendar day cure
      period) of each year, commencing in March 2007, an Officer’s Certificate
      stating, as to the signer thereof, that (i) 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, has been made under such officer’s supervision and
      (ii) to the best of such officer’s knowledge, based on such review, such party
      has fulfilled all of its obligations under this Agreement, or 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, 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 such party’s obligations hereunder, or in the case of an Additional
      Servicer, under such other applicable agreement.

    
      
        
        

      

      
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    The
      Master Servicer shall enforce any obligation of a Servicer (and the applicable
      Servicing Agreement will provide that each Servicer shall enforce any
      obligations of an Additional Servicer engaged by such Servicer), to the extent
      set forth in the related Servicing Agreement (or, in the case of an Additional
      Servicer, such applicable agreement), to deliver to the Master Servicer an
      annual statement of compliance as may be required pursuant to the related
      Servicing Agreement (or, in the case of an Additional Servicer, such applicable
      agreement). The Master Servicer shall include such annual statements of
      compliance with its own annual statement of compliance to be submitted to the
      Depositor and the Trustee pursuant to this Section.

     

    (b) On
      or
      before March 10 (with a 5 calendar day cure period) of each year that a Form
      10-K is required to be filed in respect of the Trust Fund, commencing in March
      2007, the Master Servicer and the Trustee, each at its own expense, shall
      furnish, and each such party shall cause any Servicing Function Participant
      engaged by it to furnish, each at its own expense, to the Depositor and to
      the
      Trustee (in the case of the Master Servicer) or the Master Servicer (in the
      case
      of the Trustee), a report on an assessment of compliance with the Relevant
      Servicing Criteria that contains (i) a statement by such party of its
      responsibility for assessing compliance with the Relevant Servicing Criteria,
      (ii) a statement that such party used the Servicing Criteria to assess
      compliance with the Relevant Servicing Criteria, (iii) such party’s assessment
      of compliance with the Relevant Servicing Criteria as of and for the fiscal
      year
      covered by the Form 10-K required to be filed pursuant to Section 4.31(c),
      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 (iv) 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.

     

    No
      later
      than the end of each fiscal year for the Trust Fund for which a Form 10-K is
      required to be filed, the Trustee shall forward to the Master Servicer the
      name
      of each Servicing Function Participant, if any, engaged by it and a description
      of what Relevant Servicing Criteria will be addressed in the report on
      assessment of compliance prepared by each such Servicing Function Participant.
      When the Trustee submits its assessment to the Master Servicer pursuant to
      this
      Section, the Trustee shall also at such time include the assessment (and
      attestation pursuant to Section 4.29) of each Servicing Function Participant,
      if
      any, engaged by it.

     

    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 Trustee 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 Master Servicer
      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 P-1 hereto and on any similar
      exhibit set forth in a Servicing Agreement in respect of the applicable Servicer
      and notify the Depositor of any exceptions. 

    
      
        
        

      

      
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    The
      Master Servicer shall enforce any obligation of a Servicer (and the applicable
      Servicing Agreement will provide that each Servicer shall enforce any
      obligations of an Additional Servicer or Servicing Function Participant engaged
      by such Servicer), to the extent set forth in the related Servicing Agreement
      (or, in the case of an Additional Servicer or Servicing Function Participant,
      such applicable agreement), to deliver to the Master Servicer an annual report
      on assessment of compliance as may be required pursuant to the related Servicing
      Agreement (or, in the case of an Additional Servicer or Servicing Function
      Participant, such applicable agreement). The Master Servicer shall include
      such
      annual report on assessment of compliance with its own assessment of compliance
      to be submitted to the Depositor and the Trustee pursuant to this
      Section.

     

    (c) Unless
      otherwise made available on the Master Servicer’s Internet website, copies of
      such statements 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
      4.29. Annual Independent Public Accountants’ Servicing Statements; Financial
      Statements.

     

    On
      or
      before March 10 (with a 5 calendar day cure period) of each year that a Form
      10-K is required to be filed in respect of the Trust Fund, commencing in March
      2007, the Master Servicer and the Trustee, each at its own expense, shall cause,
      and each such party shall cause each 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 Trustee, or such
      other Servicing Function Participants, as the case may be) that is a member
      of
      the American Institute of Certified Public Accountants to furnish a report
      to
      the Depositor and the Trustee (and, in the case of any other Servicing Function
      Participant, 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.

     

    Promptly
      after receipt of such report from the Master Servicer, the Trustee or any
      Servicing Function Participant engaged by such parties, (i) the Depositor shall
      review the report and, if applicable, consult with or cause the Master Servicer
      to consult with such parties as to the nature of any defaults by such parties
      in
      the fulfillment of any of each such party’s obligations hereunder or under any
      other applicable agreement and (ii) the Master Servicer shall confirm that
      each
      assessment submitted pursuant to Section 4.28(b) is coupled with an attestation
      meeting the requirements of this Section and shall notify the Depositor of
      any
      exceptions. 

    
      
        
        

      

      
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    The
      Master Servicer shall enforce any obligation of a Servicer (and the applicable
      Servicing Agreement will provide that each Servicer shall enforce any
      obligations of an Additional Servicer engaged by such Servicer), to the extent
      set forth in the related Servicing Agreement (or, in the case of an Additional
      Servicer, such applicable agreement), to deliver to the Master Servicer an
      attestation as may be required pursuant to the related Servicing Agreement
      (or,
      in the case of an Additional Servicer, such applicable agreement). The Master
      Servicer shall include such attestation with its own attestation to be submitted
      to the Depositor and the Trustee pursuant to this Section.

     

    Section
      4.30. Merger or Consolidation.

     

    Any
      Person into which the Master Servicer may be merged or consolidated, or any
      Person resulting from any merger, conversion, other change in form or
      consolidation to which the Master Servicer shall be a party, or any Person
      succeeding to the business of the Master Servicer, shall be the successor to
      the
      Master Servicer hereunder, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding; provided,
      however,
      that the
      successor to the Master Servicer shall be a Person that shall be qualified
      and
      approved to service mortgage loans for Fannie Mae, Freddie Mac, FHA and VA
      and
      shall have a net worth of not less than $15,000,000.

     

    Section
      4.31. Reports filed with the Commission.

     

    (a) The
      Depositor shall prepare and file or cause to be prepared and filed the initial
      current report on Form 8-K. Thereafter, within four Business Days after the
      occurrence of an event requiring disclosure in a current report on Form 8-K
      (each such event, a “Reportable Event”), and if requested by the Depositor, the
      Master Servicer shall prepare, sign on behalf of the Depositor and file with
      the
      Commission any Form 8-K, as required by the Exchange Act. Any disclosure or
      information related to a Reportable Event or that is otherwise required to
      be
      included on Form 8-K (“Form 8-K Disclosure Information”) shall be determined and
      prepared by and at the direction of the Depositor pursuant to the this Section
      4.31(a) and the Master Servicer shall 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 this Section 4.31(a).

     

    As
      set
      forth on Exhibit P-2 hereto,
      for so long as the Trust Fund is subject to the Exchange Act reporting
      requirements, no later than 12:00 noon New York City time on the second Business
      Day after the occurrence of a Reportable Event (i) the parties to the Bayview
      Financial Mortgage Pass-Through Trust 2006-A Mortgage Pass-Through Certificates,
      Series 2006-A transaction shall be required to provide to the Master Servicer
      and the Depositor, to the extent known by a responsible officer thereof, in
      form
      compatible with the Commission’s Electronic Data Gathering and Retrieval System
      (“EDGAR”), or in such other form as otherwise agreed upon by the Master Servicer
      and such party, the form and substance of any Form 8-K Disclosure Information,
      if applicable, together with an Additional Disclosure Notification in the form
      of Exhibit P-5 hereto (an “Additional Disclosure Notification”), (ii) the Master
      Servicer shall forward to the Depositor the form and substance of the Form
      8-K
      Disclosure Information and (iii) the Depositor shall approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Form 8-K
      Disclosure Information in writing to the Master Servicer no later than the
      Business Day prior to the date specified below for the execution and filing
      of
      such Form 8-K. The Depositor shall be responsible for any reasonable fees and
      expenses assessed or incurred by the Master Servicer in connection with
      including any Form 8-K Disclosure Information on Form 8-K pursuant to this
      paragraph.

    
      
        
        

      

      
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    No
      later
      than 12:00 noon New York City time on the fourth Business Day after the
      Reportable Event, a senior officer of the Master Servicer in charge of the
      master servicing function shall sign and file with the Commission the Form
      8-K.
      If a Form 8-K cannot be filed on time or if a previously filed Form 8-K needs
      to
      be amended, the Master Servicer shall follow the procedures set forth in Section
      4.31(d). Promptly (but no later than one Business Day) after filing with the
      Commission, the Master Servicer shall make available on its Internet website
      (located at www.ctslink.com)
      a final
      executed copy of each Form 8-K. The signing party at the Master Servicer can
      be
      contacted by e-mail at cts.sec.notifications@wellsfargo.com
      or by
      facsimile at (410) 715-2380. The parties to this Agreement acknowledge that
      the
      performance by the Master Servicer of its duties under this Section 4.31(a)
      related to the timely preparation, execution and filing of Form 8-K is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under this Section 4.31. The Master Servicer shall
      have no 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
      8-K, where such failure results from the Master Servicer’s inability or failure
      to obtain or receive, on a timely basis, any information from any other party
      hereto needed to prepare, arrange for execution or file such Form 8-K, not
      resulting from its own negligence, bad faith or willful misconduct.

     

    (b) Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Master Servicer shall prepare, sign on behalf of the
      Depositor and file with the Commission any distribution report on Form 10-D
      required by the Exchange Act, in form and substance as required by the Exchange
      Act. The Master Servicer 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 determined and prepared by and at the direction of the
      Depositor pursuant to this Section 4.31(b) and the Master Servicer shall have
      no
      duty or liability for any failure hereunder to determine or prepare any
      Additional Form 10-D Disclosure, except as set forth in this Section
      4.31(b).

     

    As
      set
      forth on Exhibit P-3 hereto, within 5 calendar days after the related
      Distribution Date, (i) the parties to the Bayview Financial Mortgage
      Pass-Through Trust 2006-A Mortgage Pass-Through Certificates, Series 2006-A
      transaction shall be required to provide to the Master Servicer 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
      Master Servicer and such party, the form and substance of any Additional Form
      10-D Disclosure, if applicable, together with an Additional Disclosure
      Notification, (ii) the Master Servicer shall forward to the Depositor, the
      form
      and substance of the Additional Form 10-D Disclosure and (iii) 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 in writing to
      the
      Master Servicer no later than the Business Day prior to the date specified
      below
      for the execution and filing of such Form 10-D. The Depositor shall be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Master Servicer in connection with including any Additional Form 10-D Disclosure
      on Form 10-D pursuant to this Section 4.31(b).

    
      
        
        

      

      
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    No
      later
      than the 15th
      calendar
      day after the related Distribution Date, a senior officer of the Master Servicer
      in charge of the master servicing function shall sign and file 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 Master Servicer shall follow the procedures set forth in Section
      4.31(d). Promptly (but no later than one Business Day) after filing with the
      Commission, the Master Servicer shall make available on its Internet website
      (located at www.ctslink.com)
      a final
      executed copy of each Form 10-D. The signing party at the Master Servicer can
      be
      contacted by e-mail at cts.sec.notifications@wellsfargo.com
      or by
      facsimile at (410) 715-2380. Each party to this Agreement acknowledges that
      the
      performance by the Master Servicer of its duties under this Section 4.31(b)
      related to the timely preparation, execution and filing of Form 10-D is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under this Section 4.31(b). The Master Servicer
      shall have no 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-D, where such failure results from the Master Servicer’s inability or
      failure to obtain or 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.

     

    (c) Within
      90
      days (including the 90th
      day)
      after the end of each fiscal year of the Trust Fund 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 Fund ends on December
      31st
      of each
      year), commencing in March 2007, the Master Servicer shall prepare and file
      on
      behalf of the Depositor an annual report on 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 Master
      Servicer within the applicable time frames set forth in this Agreement and
      the
      related Servicing Agreement: (i) an annual compliance statement for each
      Servicer, each Additional Servicer, the Master Servicer and any Servicing
      Function Participant engaged by any such party (each, a “Reporting Servicer”) as
      described under Section 4.28(a), (ii)(A) the annual reports on assessment of
      compliance with servicing criteria for each Reporting Servicer, as provided
      in
      Section 4.28(b) and (B) if any Reporting Servicer’s report on assessment of
      compliance with servicing criteria described in Section 4.28(b) identifies
      any
      material instance of noncompliance, disclosure identifying such instance of
      noncompliance, or if any Reporting Servicer’s report on assessment of compliance
      with servicing criteria described in Section 4.28(a) is not included as an
      exhibit to such Form 10-K, disclosure that such report is not included and
      an
      explanation of why such report is not included, (iii)(A) the registered public
      accounting firm attestation report for each Reporting Servicer, as provided
      in
      Section 4.29 and (B) if any registered public accounting firm attestation report
      described in Section 4.29 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 of
      why
      such report is not included and (iv) a certification pursuant to Section 302
      of
      the Sarbanes-Oxley Act of 2002 (a “Sarbanes-Oxley Certification”) provided by or
      on behalf of the Depositor. Any disclosure or information in addition to the
      disclosure or information specified in items (i) through (iv) above that is
      required to be included on Form 10-K (“Additional Form 10-K Disclosure”) shall
      be determined and prepared by and at the direction of the Depositor and the
      Master Servicer shall have no duty or liability for any failure hereunder to
      determine or prepare any Additional Form 10-K Disclosure, except as set forth
      in
      this Section 4.31(c).

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

     

    As
      set
      forth on Exhibit P-4 hereto, no later than March 15 of each year that the Trust
      Fund is subject to Exchange Act reporting requirements, commencing in 2007,
      (i)
      the parties to the Bayview Financial Mortgage Pass-Through Trust 2006-A Mortgage
      Pass-Through Certificates, Series 2006-A transaction shall be required to
      provide to the Master Servicer 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 Master Servicer 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 Master Servicer shall forward
      to the Depositor, the form and substance of the Additional Form 10-K Disclosure.
      The Depositor shall 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
      in writing to the Master Servicer no later than the Business Day prior to the
      date specified below for the execution and filing of such Form 10-K. The
      Depositor shall be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Master Servicer in connection with including any Additional
      Form
      10-K Disclosure on Form 10-K pursuant to this Section 4.31(c).

     

    No
      later
      than 12:00 noon New York City time on the fourth Business Day prior to the
      10-K
      Filing Deadline provided in this Section 4.31(c), the Depositor shall sign
      the
      Form 10-K and the Sarbanes-Oxley Certification and return to the Master Servicer
      an executed, electronic copy of such Form 10-K and such Sarbanes-Oxley
      Certification (with original, executed copies to follow by overnight mail).
      After receipt from the Depositor of the executed, electronic copies but no
      later
      than the filing deadline provided in this Section 4.31(c), the Master Servicer
      shall file the Form 10-K. The Master Servicer shall return an electronic or
      fax
      copy of such filed Form 10-K to the Depositor. If a Form 10-K cannot be filed
      on
      time or if a previously filed Form 10-K needs to be amended, the Master Servicer
      shall follow the procedures set forth in Section 4.31(d). Promptly (but no
      later
      than one Business Day) after filing with the Commission, the Master Servicer
      shall make available on its Internet website (located at www.ctslink.com)
      a final
      executed copy of each Form 10-K. The parties to this Agreement acknowledge
      that
      the performance by the Master Servicer of its duties under this Section 4.31(c)
      related to the timely preparation 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 4.31(c), Section 4.28 and Section 4.29. The Master Servicer
      shall have no liability for any loss, expense, damage or claim arising out
      of or
      with respect to any failure to properly prepare and/or timely file such Form
      10-K where such failure results from the Master Servicer’s inability or failure
      to obtain or receive, on a timely basis, any information from any other party
      hereto needed to prepare, arrange for execution or file such Form 10-K, not
      resulting from its own negligence, bad faith or willful misconduct.

     

    (d) Prior
      to
      January 30 of the first year in which the Master Servicer is able to do so
      under
      applicable law, the Master Servicer shall prepare and file a Form 15 relating
      to
      the automatic suspension of reporting in respect of the Trust Fund under the
      Exchange Act.

    
      
        
        

      

      
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    In
      the
      event that the Master Servicer becomes aware that it will be 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 Master
      Servicer shall immediately notify the Depositor. In the case of Form 10-D and
      10-K, the parties to this Agreement will cooperate and cause such other
      Servicers or Servicing Function Participants, as applicable, to 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 Master Servicer
      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, the Master Servicer shall notify the Depositor and
      each applicable Servicer and prepare 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 senior officer of the Master Servicer in charge of the master servicing
      function. The parties to this Agreement acknowledge that the performance by
      the
      Master Servicer of its duties under this Section 4.31(d) 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 Section. The Master Servicer shall have no liability for any loss,
      expense, damage or claim arising out of or with respect to any failure to
      properly prepare, execute and/or timely file any such Form 15, Form 12b-25
      or
      any amendments to Forms 8-K, 10-D or 10-K where such failure results from the
      Master Servicer’s inability or failure to obtain or receive, on a timely basis,
      any information from or on behalf of any other party hereto needed to prepare,
      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.

    
       

    

    (e) If
      so
      requested, the Master Servicer shall sign a certification (in the form attached
      hereto as Exhibit M) for the benefit of the Person(s) signing the Form 10-K
      Certification regarding certain aspects of such Form 10-K Certification
      (provided, however, that the Master Servicer shall not be required to undertake
      an analysis of the accountant’s report attached as an exhibit to the Form
      10-K).

     

    Section
      4.32. Assignment or Delegation of Duties by the Master
      Servicer.

     

    Except
      as
      expressly provided herein, the Master 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 Master Servicer
      hereunder; provided,
      however,
      that the
      Master Servicer shall have the right without the prior written consent of the
      Trustee, the Depositor or the Rating Agencies to delegate or assign to or
      subcontract with or authorize or appoint an Affiliate of the Master Servicer
      to
      perform and carry out any duties, covenants or obligations to be performed
      and
      carried out by the Master Servicer hereunder. In no case, however, shall any
      such delegation, subcontracting or assignment to an Affiliate of the Master
      Servicer relieve the Master Servicer of any liability hereunder. Notice of
      such
      permitted assignment shall be given promptly by the Master Servicer to the
      Depositor and the Trustee. If, pursuant to any provision hereof, the duties
      of
      the Master Servicer are transferred to a Successor Master Servicer, the entire
      amount of the Master Servicing Fee and other compensation payable to the Master
      Servicer pursuant hereto after the date of such transfer, including amounts
      payable to or permitted to be retained or withdrawn by the Master Servicer
      pursuant to Section 4.24 hereof, shall thereafter be payable to such Successor
      Master Servicer.

    
      
        
        

      

      
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    Section
      4.33. Limitation on Liability of the Master Servicer and
      Others.

     

    Neither
      the Master Servicer nor any of the directors, officers, employees or agents
      of
      the Master Servicer shall be under any liability to the Trustee, the Depositor
      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 Master Servicer or any such person against
      any liability that would otherwise be imposed by reason of willful misfeasance,
      bad faith or negligence in its performance of its duties or by reason of
      reckless disregard for its obligations and duties under this Agreement. The
      Master Servicer and any director, officer, employee or agent of the Master
      Servicer may rely in good faith on any document of any kind prima facie properly
      executed and submitted by any Person respecting any matters arising hereunder.
      The Master Servicer shall be under no obligation to appear in, prosecute or
      defend any legal action that is not incidental to its duties to master service
      the Mortgage Loans in accordance with this Agreement and that in its opinion
      may
      involve it in any expense or liability; provided,
      however,
      that the
      Master Servicer may in its sole discretion undertake any such action that it
      may
      deem necessary or desirable in respect to this Agreement and the rights and
      duties of the parties hereto and the interests of the Certificateholders
      hereunder. In such event, the legal expenses and costs of such action and any
      liability resulting therefrom shall be expenses, costs and liabilities of the
      Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
      out of the Collection Account as provided in Section 4.08.

     

    The
      Master Servicer shall not be liable, and shall be indemnified from the Trust
      Fund, for any acts or omissions of any Servicer except to the extent the Trust
      Fund incurs damages or expenses as a result of such acts or omissions and such
      damages and expenses would not have been incurred but for the negligence,
      willful misfeasance, bad faith or recklessness of the Master Servicer in
      supervising, monitoring and overseeing the obligations of the Servicers in
      accordance with Section 4.01 hereof.

     

    Section
      4.34. Transfer of Servicing.

     

    The
      Servicing Rights Owner shall provide written notice to the Trustee, the
      Depositor and the Master Servicer thirty days prior to any transfer or
      assignment by the Servicing Rights Owner of its rights under any Servicing
      Agreement or of the servicing thereunder or delegation of its rights or duties
      thereunder or any portion thereof to any other Person. In addition, the transfer
      or assignment of rights and delegation of duties under any Servicing Agreement
      or the transfer of the servicing thereunder to a successor servicer (whether
      by
      the Servicing Rights Owner or the Master Servicer) shall be subject to the
      following conditions:

     

    (a) Such
      successor servicer must satisfy the seller/servicer eligibility standards in
      the
      applicable Servicing Agreement and any applicable Pool PMI Insurance Policy
      and
      must be reasonably acceptable to the Master Servicer, whose approval shall
      not
      be unreasonably withheld;

     

    (b) Such
      successor servicer must execute and deliver to the Trustee and the Master
      Servicer an agreement, in form and substance reasonably satisfactory to the
      Trustee and the Master Servicer, that contains an assumption by such successor
      servicer of the due and punctual performance and observance of each covenant
      and
      condition to be performed and observed by the Servicer under the applicable
      Servicing Agreement;

    
      
        
        

      

      
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    (c) 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 will not result
      in a
      qualification, withdrawal or downgrade of the then-current rating of any of
      the
      Certificates; provided,
      however,
      that
      this requirement shall not apply to any transfer of servicing to M&T
      Mortgage or to a successor servicer that is, prior to the date of such transfer,
      a Servicer of Mortgage Loans;

     

    (d) The
      Servicing Rights Owner shall, at its cost and expense, take such steps, or
      cause
      the terminated Servicer to take such steps, as may be necessary or appropriate
      to effectuate and evidence the transfer of the servicing of the related Mortgage
      Loans to such successor servicer, including, but not limited to, the following:
      (i) to the extent required by the terms of the Mortgage Loans and by applicable
      federal and state laws and regulations, the Servicing Rights Owner shall cause
      the prior Servicer to timely mail to each obligor under a Mortgage Loan any
      required notices or disclosures describing the transfer of servicing of the
      Mortgage Loans to the successor servicer; (ii) prior to the effective date
      of
      such transfer of servicing, the Servicing Rights Owner shall cause the prior
      Servicer to transmit to any related insurer notification of such transfer of
      servicing; (iii) on or prior to the effective date of such transfer of
      servicing, the Servicing Rights Owner shall cause the prior Servicer to deliver
      to the successor servicer all related loan documents and any related records
      or
      materials; (iv) on or prior to the effective date of such transfer of servicing,
      the Servicing Rights Owner shall cause the prior Servicer to transfer to the
      successor servicer, or, if such transfer occurs after a Servicer Remittance
      Date
      but before the next succeeding Master Servicer Remittance Date, to the Master
      Servicer, all funds held by the Servicer in respect of the Mortgage Loans;
      (v)
      on or prior to the effective date of such transfer of servicing, the Servicing
      Rights Owner shall cause the prior Servicer to, after the effective date of
      the
      transfer of servicing to the successor servicer, continue to forward to such
      successor servicer, within one Business Day of receipt, the amount of any
      payments or other recoveries received by the prior Servicer, and to notify
      the
      successor servicer of the source and proper application of each such payment
      or
      recovery; and (vi) the Servicing Rights Owner shall cause the prior Servicer
      to,
      after the effective date of transfer of servicing to the successor servicer,
      continue to cooperate with the successor servicer to facilitate such transfer
      in
      such manner and to such extent as the successor servicer may reasonably
      request;

     

    (e) In
      the
      event that the Servicing Rights Owner transfers its servicing rights under
      the
      applicable Servicing Agreement, any successor Servicing Rights Owner of the
      servicing rights shall acknowledge in writing that it is subject to the
      provisions of Section 4.06 in respect of the obligations of the Seller
      thereunder and Section 4.34 of this Agreement; and

     

    (f) Prior
      to
      amending any Servicing Agreement or consenting to any amendment or modification
      thereof, the Servicing Rights Owner shall obtain the prior written consent
      of
      the Master Servicer and the Trustee (such consent to be not unreasonably
      withheld) and shall obtain the consent of any Pool PMI Insurer, to the extent
      that such consent is required under the related Pool PMI Insurance
      Policy.

    
      
        
        

      

      
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    Section
      4.35. Master Servicer Exchange Act Reporting Requirements.

     

    Notwithstanding
      any other provision of this Agreement, to the extent that, following the Closing
      Date, the contents of Forms 8-K, 10-D, 10-K or other Forms required by the
      Exchange Act and the rules and regulations of the Commission, or the time by
      which such Forms are required to be filed, differ from the provisions of this
      Agreement, the Master Servicer hereby agrees that it shall reasonably cooperate
      to amend the provisions of this Agreement (in accordance with Section 10.05)
      in
      order to comply with such amended reporting requirements. Any such amendment
      to
      this Agreement may result in the reduction or increase of the reports filed
      under the Exchange Act. Notwithstanding the foregoing, the Master Servicer
      shall
      not be obligated to enter into any amendment pursuant to this Section that
      adversely affects its obligations and immunities under this
      Agreement.

     

    ARTICLE
      V

     

    THE
      CERTIFICATES 

     

    Section
      5.01. The Certificates.

     

    The
      Certificates shall be substantially in the forms attached hereto as Exhibit
      A.
      The Certificates shall be issuable in registered form, in the minimum
      denominations, integral multiples in excess thereof (except that one Certificate
      in each Class may be issued in a different amount which must be in excess of
      the
      applicable minimum denomination) and aggregate denominations per Class set
      forth
      in the Preliminary Statement to this Agreement. The Trustee agrees to hold
      the
      Trust Fund for the benefit of all present and future Holders of the
      Certificates.

     

    Subject
      to Section 10.02 respecting the final distribution on the Certificates, on
      each
      Distribution Date the Trustee shall make distributions to each Certificateholder
      of record on the preceding Record Date either by wire transfer in immediately
      available funds or by check, as provided in Section 6.06.

     

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

     

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

    
      
        
        

      

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

     

    (a) The
      Trustee shall maintain, or cause to be maintained in accordance with the
      provisions of Section 5.06 hereof, a Certificate Register for the Trust Fund
      in
      which, subject to the provisions of subsections (b), (c) and (d) below and
      to
      such reasonable regulations as it may prescribe, the Trustee shall provide
      for
      the registration of Certificates and of transfers and exchanges of Certificates
      as herein provided; provided,
      however,
      that
      the Class R Certificates shall be issued and maintained in fully registered
      form. Upon surrender for registration of transfer of any Certificate, the
      Trustee shall execute and deliver, in the name of the designated transferee
      or
      transferees, one or more new Certificates of the same Class and aggregate
      Percentage Interest. The Trustee initially shall be the “Certificate
      Registrar.”

     

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

     

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

     

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

     

    (b) No
      transfer of a Restricted Certificate shall be made unless the Trustee shall
      have
      received from the transferee a certification in substantially the form set
      forth
      in Exhibit K hereto, addressed to the Trustee and the Certificate Registrar
      and
      any of their respective successors, to the effect that:

     

    (i)     Such
      Person is a “qualified institutional buyer” as defined in Rule 144A under the
      Securities Act;

     

    (ii)     Such
      Person is duly authorized to purchase the Restricted Certificates and its
      purchase of investments having the characteristics of the Restricted
      Certificates is authorized under, and not directly or indirectly in
      contravention of, any law, charter, trust instrument or other operative
      document, investment guidelines or list of permissible or impermissible
      investments that is applicable to the investor; and

     

    (iii)     Such
      Person understands that each holder of a Certificate, by virtue of its
      acceptance thereof, assents to the terms, provisions and conditions of this
      Agreement.

     

    In
      the
      event that a Certificate is transferred to a Person that does not meet the
      requirements of this Section 5.02, such transfer will be of no force and effect,
      will be void ab
      initio,
      and
      will not operate to transfer any rights to such Person, notwithstanding any
      instructions to the contrary to the Issuer, the Trustee or any intermediary;
      and
      the Trustee shall not make any distributions on such Certificate for as long
      as
      such Person is the Holder of such Certificate and the Trustee shall have the
      right to compel such Person to transfer such Certificate to a Person who does
      meet the requirements of this Section 5.02.

    
      
        
        

      

      
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    Each
      Holder of a Restricted Certificate (or Certificate Owner) desiring to effect
      such a transfer shall, and does hereby agree to, indemnify the Trustee and
      the
      Depositor against any liability that may result if the transfer is not so exempt
      or is not made in accordance with federal and state securities laws and any
      other restrictions specified in this Section 5.02. Each holder of a Book-Entry
      Certificate shall be deemed to have consented to such transfer
      restrictions.

     

    The
      Trustee shall cause each Certificate to contain a legend substantially similar
      to the applicable legend provided in Exhibit A hereto stating that transfer
      of
      such Certificates is subject to certain restrictions as set forth
      herein.

     

    (c) No
      transfer of an ERISA-Restricted Certificate shall be made unless the Trustee
      shall have received either (A) a representation from the transferee of such
      Certificate acceptable to and in form and substance satisfactory to the Trustee
      (substantially in the form of Exhibits K and L, or in the event such
      ERISA-Restricted Certificate is a Residual Certificate substantially in the
      form
      of Exhibit O), to the effect that (i) such transferee is neither a Plan nor
      a
      person acting for, on behalf of, or with the assets of, any such Plan to effect
      such transfer or (ii) if the ERISA-Restricted Certificate has been the subject
      of an ERISA-Qualifying Underwriting, the purchaser is an insurance company
      which
      is purchasing such Certificates with funds contained in an “insurance company
      general account” (as such term is defined in Section (V)(e) of prohibited
      transaction class exemption 95-60 (“PTCE 95-60”)) and the purchase and holding
      of ERISA-Restricted Certificates are covered under Sections I and III of PTCE
      95-60; or (B) in the case of any such ERISA-Restricted Certificate presented
      for
      registration in the name of a Plan or a person acting for, on behalf of, or
      with
      the assets of, a Plan, an Opinion of Counsel satisfactory to the Trustee, which
      Opinion of Counsel shall not be an expense of any of the Trustee, the Depositor,
      the Master Servicer, any Servicer, the Seller or the Trust Fund, addressed
      to
      the Trustee to the effect that the purchase and holding of such ERISA-Restricted
      Certificate will not result in a non-exempt prohibited transaction under Section
      406 of ERISA or Section 4975 of the Code and will not subject the Trustee,
      the
      Depositor, the Master Servicer, any Servicer or the Seller to any obligation
      in
      addition to those expressly undertaken in this Agreement. For purposes of the
      preceding sentence, with respect to an ERISA-Restricted Certificate that is
      not
      a Residual Certificate, in the event the representation letter referred to
      in
      the preceding sentence is not so furnished, such representation shall be deemed
      to have been made to the Trustee by the transferee’s (including an initial
      acquirer’s) acceptance of the ERISA-Restricted Certificates. Notwithstanding
      anything else to the contrary herein, any purported transfer of an
      ERISA-Restricted Certificate to or on behalf of a Plan without the delivery
      to
      the Trustee of an Opinion of Counsel or representation letter satisfactory
      to
      the Trustee as described above shall be void and of no effect.

     

    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      the Trustee shall be under no liability to any Person for any registration
      of
      transfer of any ERISA-Restricted Certificate that is in fact not permitted
      by
      this Section 5.02(c) or for making any payments due on such Certificate to
      the
      Holder thereof or taking any other action with respect to such Holder under
      the
      provisions of this Agreement so long as the transfer was registered by the
      Trustee in accordance with the foregoing requirements.

    
      
        
        

      

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

     

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

     

    (ii)     No
      Ownership Interest in a Residual Certificate may be registered on the Closing
      Date or thereafter transferred, and the Trustee shall not register the Transfer
      of any Residual Certificate unless, in addition to the certificates required
      to
      be delivered to the Trustee under subparagraph (b) above, the Trustee shall
      have
      been furnished with an affidavit of the transferor in the form attached hereto
      as Exhibit N (a “Transferor Affidavit”) and of the proposed transferee in the
      form attached hereto as Exhibit O (a “Transferee Affidavit”), representing and
      warranting, among other things, that such transferee is neither a Disqualified
      Organization, an agent or nominee acting on behalf of a Disqualified
      Organization, nor a Non-permitted Foreign Holder (any such transferee, a
“Permitted Transferee”); provided that no such affidavit shall be required to
      register on the Closing Date an Ownership Interest of the Seller (or an
      Affiliate thereof) or the Trustee in a Residual Certificate.

     

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

     

    (iv)     Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section 5.02(d) shall be
      absolutely null and void and shall vest no rights in the purported Transferee.
      If any purported transferee shall become a Holder of a Residual Certificate
      in
      violation of the provisions of this Section 5.02(d), then the last preceding
      Permitted Transferee shall be restored to all rights as Holder thereof
      retroactive to the date of registration of Transfer of such Residual
      Certificate. The Trustee shall be under no liability to any Person for any
      registration of Transfer of a Residual Certificate that is in fact not permitted
      by Section 5.02(c) and this Section 5.02(d) or for making any payments due
      on
      such Certificate to the Holder thereof or taking any other action with respect
      to such Holder under the provisions of this Agreement so long as the Transfer
      was registered after receipt of the related Transferor Affidavit, Transferee
      Affidavit and either the Rule 144A Letter or the Investment Letter. The Trustee
      shall be entitled but not obligated to recover from any Holder of a Residual
      Certificate that was in fact not a Permitted Transferee at the time it became
      a
      Holder or, at such subsequent time as it became other than a Permitted
      Transferee, all payments made on such Residual Certificate at and after either
      such time. Any such payments so recovered by the Trustee shall be paid and
      delivered by the Trustee to the last preceding Permitted Transferee of such
      Certificate.

    
      
        
        

      

      
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    (v)     The
      Depositor shall use its best efforts to make available, upon receipt of written
      request from the Trustee, all information necessary to compute any tax imposed
      under Section 860E(e) of the Code as a result of a Transfer of an Ownership
      Interest in a Residual Certificate to any Holder who is not a Permitted
      Transferee.

     

    The
      restrictions on transfers of a Residual Certificate set forth in this Section
      5.02(d) shall cease to apply (and the applicable portions of the legend on
      a
      Residual Certificate may be deleted) with respect to transfers occurring after
      delivery to the Trustee of an Opinion of Counsel, which Opinion of Counsel
      shall
      not be an expense of the Trust Fund, the Trustee, the Seller or the Master
      Servicer, to the effect that the elimination of such restrictions will not
      cause
      an Adverse REMIC Event, or the imposition of any tax on a Certificateholder
      or
      another Person. Each Person holding or acquiring any Ownership Interest in
      a
      Residual Certificate hereby consents to any amendment of this Agreement which,
      based on an Opinion of Counsel furnished to the Trustee, is reasonably necessary
      (a) to ensure that the record ownership of, or any beneficial interest in,
      a
      Residual Certificate is not transferred, directly or indirectly, to a Person
      that is not a Permitted Transferee and (b) to provide for a means to compel
      the
      Transfer of a Residual Certificate which is held by a Person that is not a
      Permitted Transferee to a Holder that is a Permitted Transferee.

     

    (e) The
      preparation and delivery of all certificates and opinions referred to above
      in
      this Section 5.02 in connection with transfer shall be at the expense of the
      parties to such transfers.

     

    (f) Except
      as
      provided below, the Book-Entry Certificates shall at all times remain registered
      in the name of the Depository or its nominee and at all times: (i) registration
      of the Certificates may not be transferred by the Trustee except to another
      Depository; (ii) the Depository shall maintain book-entry records with respect
      to the Certificate Owners and with respect to ownership and transfers of such
      Book-Entry Certificates; (iii) ownership and transfers of registration of the
      Book-Entry Certificates on the books of the Depository shall be governed by
      applicable rules established by the Depository; (iv) the Depository may collect
      its usual and customary fees, charges and expenses from its Depository
      Participants; (v) the Trustee shall deal with the Depository, Depository
      Participants and indirect participating firms as representatives of the
      Certificate Owners of the Book-Entry Certificates for purposes of exercising
      the
      rights of holders under this Agreement, and requests and directions for and
      votes of such representatives shall not be deemed to be inconsistent if they
      are
      made with respect to different Certificate Owners; and (vi) the Trustee may
      rely
      and shall be fully protected in relying upon information furnished by the
      Depository with respect to its Depository Participants and furnished by the
      Depository Participants with respect to indirect participating firms and persons
      shown on the books of such indirect participating firms as direct or indirect
      Certificate Owners.

    
      
        
        

      

      
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    (g) All
      transfers by Certificate Owners of 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 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.

     

    If
      (x)
      (i) the Depository or the Depositor advises the Trustee in writing that the
      Depository is no longer willing or able to properly discharge its
      responsibilities as Depository, and (ii) the Trustee or the Depositor is unable
      to locate a qualified successor, or (y) after the occurrence of an Event of
      Master Servicer Default, Certificate Owners representing at least 51% of the
      aggregate Class Principal Balance of the Book-Entry Certificates together advise
      the Trustee and the Depository through the Depository Participants 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 Trustee shall notify all
      Certificate Owners, through the Depository, of the occurrence of any such event
      and of the availability of definitive, fully registered Certificates (the
“Definitive Certificates”) to Certificate Owners requesting the same. Upon
      surrender to the Trustee of the related Class of Certificates by the Depository,
      accompanied by the instructions from the Depository for registration, the
      Trustee shall issue the Definitive Certificates. Neither the Master Servicer,
      the Depositor nor the Trustee shall be liable for any delay in delivery of
      such
      instruction and each 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 Trustee,
      to
      the extent applicable with respect to such Definitive Certificates and the
      Trustee shall recognize the Holders of the Definitive Certificates as
      Certificateholders hereunder; provided that the Trustee shall not by virtue
      of
      its assumption of such obligations become liable to any party for any act or
      failure to act of the Depository.

     

    Section
      5.03. [Reserved]

     

    Section
      5.04. Mutilated, Destroyed, Lost or Stolen Certificates.

     

    If
      (a)
      any mutilated Certificate is surrendered to the Trustee, or the Trustee receives
      evidence to its satisfaction of the destruction, loss or theft of any
      Certificate and (b) there is delivered to the Master Servicer and the Trustee
      such security or indemnity as may be required by them to save each of them
      harmless, then, in the absence of notice to the Trustee that such Certificate
      has been acquired by a bona fide purchaser, the Trustee shall execute,
      countersign and deliver, in exchange for or in lieu of any such mutilated,
      destroyed, lost or stolen Certificate, a new Certificate of like Class, tenor
      and Percentage Interest. In connection with the issuance of any new Certificate
      under this Section 5.04, the Trustee may require the payment of a sum sufficient
      to cover any tax or other governmental charge that may be imposed in relation
      thereto and any other expenses (including the fees and expenses of the Trustee)
      connected therewith. Any replacement Certificate issued pursuant to this Section
      5.04 shall constitute complete and indefeasible evidence of ownership, as if
      originally issued, whether or not the lost, stolen or destroyed Certificate
      shall be found at any time.

    
      
        
        

      

      
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    Section
      5.05. Persons Deemed Owners.

     

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

     

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

     

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

     

    Section
      5.07. Maintenance of Office or Agency.

     

    The
      Trustee will maintain or cause to be maintained at its expense an office or
      offices or agency or agencies in New York City where Certificates may be
      surrendered for registration of transfer or exchange. The Trustee initially
      designates its Corporate Trust Office for such purposes. The Trustee will give
      prompt written notice to the Certificateholders of any change in such location
      of any such office or agency.

     

    ARTICLE
      VI

     

    DEPOSITS
      AND DISTRIBUTIONS

     

    Section
      6.01. Rights of the Holders.

     

    Amounts
      held by the Trustee for future distribution to the Certificateholders,
      including, without limitation, amounts in the Collection Account, the Reserve
      Fund and the Certificate Distribution Account, shall not be distributed except
      in accordance with the terms of this Agreement.

     

    Section
      6.02. Establishment of Trust Accounts.

     

    (a) (i) The
      Master Servicer shall establish and maintain in the name of the Trustee the
      Collection Account as provided in Section 4.07, which account shall be property
      of the Trust Fund.

    
      
        
        

      

      
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    (ii)     The
      Trustee, for the benefit of the Certificateholders, shall establish and maintain
      in the name of the Trustee an Eligible Account (the “Certificate Distribution
      Account”), bearing a designation clearly indicating that the funds deposited
      therein (without regard to any income or gain resulting from the investment
      thereof) are held for the benefit of the Certificateholders.

     

    (iii)     The
      Trustee, for the benefit of the holders of the Group 1 Certificates, the LIBOR
      Certificates and the Class X Certificates, shall establish and maintain in
      the
      name of the Trustee an Eligible Account (the “Reserve Fund”), bearing a
      designation clearly indicating that the funds deposited therein are held for
      the
      benefit of the above-referenced Certificateholders.

     

    (b) (i) Funds
      on
      deposit in the Collection Account and the Certificate Distribution Account
      (each, a “Trust Account”) may be invested, and if invested shall be invested in
      Eligible Investments at the direction of the Master Servicer, in the case of
      the
      Collection Account, and at the direction of the Seller, in the case of the
      Certificate Distribution Account, and such investments shall not be sold or
      disposed of prior to their maturity. All such investments shall be made in
      the
      name of the Trustee in the manner provided herein. Subject to paragraph (b)(ii)
      below, funds on deposit in the Trust Accounts, if invested, shall be invested
      (1) in Eligible Investments selected (x) in the case of the Collection Account,
      by the Master Servicer and (y) in the case of the Certificate Distribution
      Account, by the Seller or pursuant to Section 6.03 below or (2) by an investment
      manager in Eligible Investments selected by such investment manager;
provided
      that (A)
      such investment manager shall be selected by the Master Servicer, in the case
      of
      the Collection Account, and by the Seller, in the case of the Certificate
      Distribution Account, (B) such investment manager shall have agreed to comply
      with the terms of this Agreement as it relates to investing such funds, and
      (C)
      any investment so selected by such investment manager shall be made in the
      name
      of the Trustee and shall be settled by a delivery to the Trustee that complies
      with the terms of this Agreement as it relates to investing such funds. It
      is
      understood and agreed that the Trustee shall not be liable for any loss arising
      from an investment made in accordance with this Section 6.02(b). All such
      investments shall be held by the Trustee for the benefit of the
      Certificateholders; provided
      that
      amounts on deposit in the Collection Account shall be applied as provided in
      the
      last sentence of this paragraph; and provided,
      further,
      that
      the Trustee shall be entitled to any income or gain realized on any such
      investment of amounts on deposit in the Certificate Distribution Account. Other
      than as permitted by each Rating Agency, funds on deposit in the Trust Accounts,
      if invested, shall be invested in Eligible Investments that will mature not
      later than the Business Day immediately preceding the next Distribution Date
      (or
      on such next Distribution Date if either (x) such investment is held in the
      trust department of the institution with which such Trust Account is then
      maintained and is invested in a time deposit of the Trustee rated at least
      A-1
      (or the equivalent) by each Rating Agency (such account being maintained within
      the trust department of the Trustee) or (y) the Trustee (so long as the
      short-term unsecured debt obligations of the Trustee are either (A) rated at
      least A-1 (or the equivalent) by each Rating Agency on the date such investment
      is made or (B) guaranteed by an entity whose short-term unsecured debt
      obligations are rated at least A-1 (or the equivalent) by each Rating Agency
      on
      the date such investment is made) has agreed to advance funds on such
      Distribution Date to such Trust Account in the amount payable on such investment
      on such Distribution Date pending receipt thereof to the extent necessary to
      make distributions on such Distribution Date). For the purposes of the
      foregoing, unless the Trustee affirmatively agrees in writing to make such
      advance with respect to such investment prior to the time an investment is
      made,
      it shall not be deemed to have agreed to make such advance and it shall not
      be
      responsible to make such advance. The Master Servicer shall deposit into the
      Collection Account an amount equal to any loss realized on any investment of
      funds in the Collection Account immediately as any such loss is realized. The
      Seller shall deposit in the Certificate Distribution Account, an amount equal
      to
      any loss realized on any investment of funds in such account immediately as
      any
      such loss is realized. Funds on deposit in the Collection Account shall be
      withdrawn therefrom by the Master Servicer on the Master Servicer Remittance
      Date immediately preceding each Distribution Date to make deposits and
      distributions on each such date in the manner and priorities set forth in
      Section 4.08.

    
      
        
        

      

      
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    (ii)     Funds
      on deposit in the Reserve Fund shall be invested only in Eligible Investments
      specified in clause (i) of the definition thereof. Such investments shall not
      be
      sold or disposed of prior to their maturity. All such Eligible Investments
      shall
      be made in the name of the Trustee in its capacity as such) or its nominee.
      All
      income and gain realized from such investments shall be applied as provided
      in
      Section 6.12. The Trustee shall not in any way be held liable by reason of
      any
      insufficiency in the Reserve Fund resulting from any investment loss on any
      investment made hereunder.

     

    (c) The
      Trustee shall possess all right, title and interest in all funds on deposit
      from
      time to time in the Trust Accounts and in all proceeds thereof (including all
      income thereon) and all such funds, investments, proceeds and income shall
      be
      part of the Trust Fund. The Trust Accounts shall be under the sole dominion
      and
      control of the Trustee for the benefit of the Certificateholders. If, at any
      time, any of the Trust Accounts ceases to be an Eligible Account, the Trustee
      (or the Master Servicer on its behalf) shall within 30 Business Days establish
      a
      new Trust Account as applicable, as an Eligible Account and shall transfer
      any
      cash and/or any investments to such new account.

     

    The
      Depositor and the Trustee hereby appoint U.S. Bank National Association as
      Securities Intermediary with respect to the Trust Accounts and the Trustee
      shall
      hold, for the benefit of the Certificateholders, the Certificate Distribution
      Account and the Security Entitlements to all Financial Assets credited to the
      Trust Accounts, including without limitation all amounts, securities,
      investments, Financial Assets, investment property and other property from
      time
      to time deposited in or credited to the Trust Accounts and
      all
      proceeds thereof. Amounts held from time to time in the Trust Accounts will
      continue to be held by the Securities Intermediary for the benefit of the
      Trustee for the benefit of the Certificateholders.
      Upon the
      termination of the Trust Fund the Trustee shall inform the Securities
      Intermediary of such termination. By acceptance of their Certificates or
      interests therein, the Certificateholders shall be deemed to have appointed
      U.S.
      Bank
      National Association
      as
      Securities Intermediary. U.S.
      Bank
      National Association
      hereby
      accepts such appointment as Securities Intermediary.

     

    (i)       With
      respect to the Trust Account Property credited to the Trust Accounts, the
      Securities Intermediary agrees that:

    
      
        
        

      

      
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    (A)       with
      respect to any Trust Account Property that is held in deposit accounts, each
      such deposit account shall be subject to the exclusive custody and control
      of
      the Securities Intermediary, and the Securities Intermediary shall have sole
      signature authority with respect thereto;

     

    (B)       the
      sole assets permitted in the Trust Accounts shall be those as the Securities
      Intermediary agrees to treat as Financial Assets; and

     

    (C)       any
      such Trust Account Property that is, or is treated as, a Financial Asset shall
      be physically delivered (accompanied by any required endorsements) to, or
      credited to an account in the name of, the Securities Intermediary or other
      eligible institution maintaining any Trust Account in accordance with the
      Securities Intermediary’s customary procedures such that the Securities
      Intermediary or such other institution establishes a Security Entitlement in
      favor of the Trustee with respect thereto over which the Securities Intermediary
      or such other institution has Control;

     

    (ii)       The
      Securities Intermediary hereby confirms that (A) each Trust Account is an
      account to which Financial Assets are or may be credited, and the Securities
      Intermediary shall, subject to the terms of this Agreement, treat the Trustee
      as
      entitled to exercise the rights that comprise any Financial Asset credited
      to
      any Trust Account, (B) all Trust Account Property in respect of any Trust
      Account will be promptly credited by the Securities Intermediary to such
      account, and (C) all securities or other property underlying any Financial
      Assets credited to any Trust Account shall be registered in the name of the
      Securities Intermediary, endorsed to the Securities Intermediary or in blank
      or
      credited to another securities account maintained in the name of the Securities
      Intermediary and in no case will any Financial Asset credited to any Trust
      Account shall be registered in the name of the Seller or the Depositor, payable
      to the order of the Seller or the Depositor or specially endorsed to the Seller
      or the Depositor, except to the extent the foregoing have been specially
      endorsed to the Securities Intermediary or in blank;

     

    (iii)       The
      Securities Intermediary hereby agrees that each item of property (whether
      investment property, Financial Asset, security, instrument or cash) credited
      to
      any Trust Account shall be treated as a Financial Asset;

     

    (iv)       If
      at any time the Securities Intermediary shall receive any order from the Trustee
      directing transfer or redemption of any Financial Asset relating to any Trust
      Account, the Securities Intermediary shall comply with such Entitlement Order
      without further consent by the Seller, the Depositor or any other
      Person;

     

    (v)       In
      the event that the Securities Intermediary has or subsequently obtains by
      agreement, operation of law or otherwise a security interest in any Trust
      Account or any Financial Asset credited thereto, the Securities Intermediary
      hereby agrees that such security interest shall be subordinate to the ownership
      interest of the Trustee. The Financial Assets credited to the Trust Accounts
      will not be subject to deduction, set-off, banker’s lien, or any other right in
      favor of any Person other than the Trustee (except that the Securities
      Intermediary may set-off (i) all amounts due to it in respect of its customary
      fees and expenses for the routine maintenance and operation of the Trust
      Accounts, and (ii) the face amount of any checks which have been credited to
      any
      Trust Account but are subsequently returned unpaid because of uncollected or
      insufficient funds);

    
      
        
        

      

      
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    (vi)       There
      are no other agreements entered into between the Securities Intermediary in
      such
      capacity and the Depositor with respect to any Trust Account. In the event
      of
      any conflict between this Agreement (or any provision of this Agreement) and
      any
      other agreement now existing or hereafter entered into, the terms of this
      Agreement shall prevail;

     

    (vii)       The
      rights and powers granted herein to the Trustee have been granted in order
      to
      perfect its ownership interest in the Trust Accounts and the Security
      Entitlements to the Financial Assets credited thereto, and are powers coupled
      with an interest and will neither be affected by the dissolution or bankruptcy
      of the Depositor nor by the lapse of time. The obligations of the Securities
      Intermediary hereunder shall continue in effect until the ownership interest
      of
      the Trustee in the Trust Accounts, and in such Security Entitlements, has been
      terminated pursuant to the terms of this Agreement and the Trustee has notified
      the Securities Intermediary of such termination in writing; and

     

    (viii)       Notwithstanding
      anything else contained herein, the Depositor and the Trustee agree that the
      Trust Accounts will be established only with the Securities Intermediary or
      another institution meeting the requirements of this Section, which by
      acceptance of its appointment as Securities Intermediary agrees substantially
      as
      follows: (1) it will comply with Entitlement Orders related to the Trust
      Accounts issued by the Trustee without further consent by the Seller or the
      Depositor; (2) until termination of the Trust Fund, it will not enter into
      any other agreement related to such accounts pursuant to which it agrees to
      comply with Entitlement Orders of any Person other than the Trustee; and (3)
      all
      assets delivered or credited to it in connection with such accounts and all
      investments thereof will be promptly credited to the applicable
      account.

     

    (d) Notwithstanding
      the foregoing, the Depositor shall have the power, revocable by the Trustee,
      to
      instruct the Trustee and the Master Servicer to make withdrawals and
      distributions from the Trust Accounts for the purpose of permitting the Master
      Servicer, the Trustee or the Depositor to carry out its respective duties
      hereunder.

     

    (e) The
      Depositor agrees to take or cause to be taken such further actions, to execute,
      deliver and file or cause to be executed, delivered and filed such further
      documents and instruments (including, without limitation, any financing
      statements under the Relevant UCC or this Agreement) as may be necessary to
      perfect the interests created by this Section in favor of the Trustee on behalf
      of Certificateholders and otherwise fully to effectuate the purposes, terms
      and
      conditions of this Section. The Depositor shall:

    
      
        
        

      

      
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    (i)       promptly
      execute, deliver and file any financing statements, amendments, continuation
      statements, assignments, certificates and other documents with respect to such
      interests and perform all such other acts as may be necessary in order to
      perfect or to maintain the perfection of the Trustee’s ownership interest in the
      Trust Account Property; and

     

    (ii)       make
      the necessary filings of financing statements or amendments thereto within
      five
      days after the occurrence of any of the following: (1) any change in its
      corporate name or any trade name or its jurisdiction of organization; (2) any
      change in the location of its chief executive office or principal place of
      business; and (3) any merger or consolidation or other change in its identity
      or
      corporate structure and promptly notify the Trustee of any such
      filings.

     

    The
      Depositor shall not organize under the law of any jurisdiction other than the
      State under which it is organized as of the Closing Date (whether changing
      its
      jurisdiction of organization or organizing under an additional jurisdiction)
      without giving 30 days prior written notice of such action to its immediate
      and
      mediate transferee, including the Trustee. Before effecting such change, the
      Depositor shall prepare and file in the appropriate filing office any financing
      statements or other statements necessary to continue the perfection of the
      interests of its immediate and mediate transferees, including the Trustee,
      in
      the Trust Account Property. In connection with the transactions contemplated
      by
      the Basic Documents relating to the Trust Account Property, the Depositor
      authorizes its immediate or mediate transferee, including the Trustee, to file
      in any filing office any initial financing statements, any amendments to
      financing statements, any continuation statements, or any other statements
      or
      filings described in this Section 6.02(e).

     

    None
      of
      the Securities Intermediary or any director, officer, employee or agent of
      the
      Securities Intermediary shall be under any liability to the Trustee or the
      Certificateholders for any action taken, or not taken, in good faith pursuant
      to
      this Agreement, or for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Securities Intermediary against any
      liability to the Trustee or the Certificateholders which would otherwise be
      imposed by reason of the Securities Intermediary’s willful misconduct, bad faith
      or negligence in the performance of its obligations or duties hereunder. The
      Securities Intermediary and any director, officer, employee or agent of the
      Securities Intermediary 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 Securities Intermediary shall be under no duty to inquire into
      or
      investigate the validity, accuracy or content of such document. The Trust Fund
      shall indemnify the Securities Intermediary for and hold it harmless against
      any
      loss, liability or expense arising out of or in connection with this Agreement
      and carrying out its duties hereunder, including the costs and expenses of
      defending itself against any claim of liability, except in those cases where
      the
      Securities Intermediary has been guilty of bad faith, negligence or willful
      misconduct. The foregoing indemnification shall survive any termination of
      this
      Agreement.

     

    Section
      6.03. Investment of Amounts.

     

    To
      the
      extent neither the Seller nor an investment manager has directed the investment
      of funds in the Certificate Distribution Account pursuant to Section 6.02(b)(i)
      above on a preceding Business Day and there are uninvested amounts in the
      Certificate Distribution Account prior to 3:00 p.m. (New York City time) on
      any
      Business Day, the Trustee shall invest such amounts in the First American
      Government Obligations Fund (Class A), which is an Eligible Investment of the
      type described in subsection (i) of the definition of Eligible Investments.
      All
      such investments shall be made in the name of the Trustee. The Trustee shall
      be
      entitled to any income or gain realized on such investments.

    
      
        
        

      

      
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    Section
      6.04. Collections.

     

    (a) The
      Master Servicer shall provide each Servicer with such instructions as are
      necessary to permit the transfer by wire transfer in immediately available
      funds
      of all amounts on deposit in the Custodial Accounts which constitute collections
      to the Collection Account on the Servicer Remittance Date specified in the
      related Servicing Agreement.

     

    (b) On
      or
      prior to each Master Servicer Remittance Date, the Master Servicer shall
      determine (by Mortgage Pool and in the aggregate) the Interest Remittance
      Amount, the Principal Remittance Amount, the Principal Distribution Amount,
      the
      Total Distribution Amount and the Trustee Fee, in each case for the related
      Distribution Date. For purposes of this Section 6.04 and Section 6.08, with
      respect to any Distribution Date, in determining the amount received from the
      Cap Provider, the Master Servicer shall be entitled to rely conclusively on
      the
      accuracy of the information provided to it by the Cap Provider or by the
      Trustee, as applicable, and the Master Servicer shall not be obligated to
      verify, recompute, reconcile or recalculate any such amount.

     

    (c) On
      each
      Master Servicer Remittance Date, the Master Servicer shall remit the Total
      Distribution Amount for the related Distribution Date, exclusive of any amounts
      received with respect to the related Distribution Date under the Cap Agreement
      or received as proceeds from the sale of any Excess Cap Amount that have not
      been deposited in the Collection Account, to the Certificate Distribution
      Account. Prior
      to
      disbursing the Total Distribution Amount, the Trustee shall withdraw from the
      Certificate Distribution Account on each Distribution Date and pay, solely
      from
      and in reduction of the Interest Remittance Amount (from each Mortgage Pool
      in
      accordance with the applicable Pool Percentage), (i) to itself, the Trustee
      Fee
      for such Distribution Date, (ii)
      to
      the applicable Retained Interest Holder, any Retained Interest not paid thereto
      by the applicable Servicer (including the remittance to the Seller of the
      Seller’s Retained Interest with respect to Mortgage Loans identified on the
      Mortgage Loan Schedule as “Seller Retained Interest Mortgage Loans,” at the
      applicable Seller Retained Interest Rate specified in the Mortgage Loan
      Schedule), and (iii) to any Pool PMI Insurer, the related Pool PMI Insurance
      Premium for such Distribution Date.

     

    (d) The
      Trustee shall deposit into the Certificate Distribution Account on the day
      on
      which, or, if such day is not a Business Day, the Business Day immediately
      following the day on which, any payments or distributions are received by the
      Trustee with respect to the Cap Agreement or received as proceeds from the
      sale
      of any Excess Cap Amount, all such amounts.

    
      
        
        

      

      
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    Section
      6.05. Flow of Funds.

     

    (a) On
      each
      Distribution Date, the Trustee shall retain in the Certificate Distribution
      Account, and shall distribute, the Total Distribution Amount (net of the Trustee
      Fee, any Retained Interest and the Pool PMI Insurance Premiums, if any (and
      related amounts, which will generally not exceed 0.01% of the monthly premium))
      to Holders of the Certificates, in the amounts and priorities specified in
      this
      Section and shall allocate such amount to the Interests issued in respect of
      REMIC 1, REMIC 2 and REMIC 3 as set forth in the Preliminary Statement to this
      Agreement. All allocations and distributions made between and with respect
      to
      Pool 1 and Pool 2 in this Section shall be made concurrently.

     

    (b) On
      each
      Distribution Date, the Trustee shall distribute the Interest Remittance Amount
      for Pool 1 for such date in the following order of priority:

     

    (i)       to
      the A-IO(1) Component, Current Interest and any Carryforward Interest for such
      Component and such Distribution Date;

     

    (ii)       concurrently,
      to the Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4 and Class 1-A5
      Certificates, in each case in proportion to the amounts distributable under
      this
      Section 6.05(b)(ii),
      Current Interest and any Carryforward Interest for each such Class and such
      Distribution Date;

     

    (iii)       concurrently,
      to the Class 2-A1, Class 2-A2, Class 2-A3 and Class 2-A4 Certificates, in each
      case in proportion to the amounts distributable under this Section 6.05(b)(iii),
      Current Interest and any Carryforward Interest for each such Class and such
      Distribution Date; 

     

    (iv)       to
      the Class M-1 Certificates, Current Interest and any Carryforward Interest
      for
      such Class and such Distribution Date;

     

    (v)       to
      the Class M-2 Certificates, Current Interest and any Carryforward Interest
      for
      such Class and such Distribution Date;

     

    (vi)       to
      the Class M-3 Certificates, Current Interest and any Carryforward Interest
      for
      such Class and such Distribution Date;

     

    (vii)      to
      the Class M-4 Certificates, Current Interest and any Carryforward Interest
      for
      such Class and such Distribution Date;

     

    (viii)     to
      the Class B-1 Certificates, Current Interest and any Carryforward Interest
      for
      such Class and such Distribution Date;

     

    (ix)       to
      the Class B-2 Certificates, Current Interest and any Carryforward Interest
      for
      such Class and such Distribution Date;

     

    (x)       to
      the Class B-3 Certificates, Current Interest and any Carryforward Interest
      for
      such Class and such Distribution Date; 

     

    
      
        
        

      

      
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    (xi)       to
      the Trustee, the Pool 1 allocable portion (based on the applicable Pool
      Percentage) of any amounts reimbursable pursuant to this Agreement and not
      previously reimbursed to the Trustee due to application of the limitations
      on
      amounts reimbursable in any Anniversary Year; and

     

    (xii)       for
      application as part of Pool 1 Excess Interest for such Distribution Date, as
      provided in subsection (e) of this Section, any Interest Remittance Amount
      for
      Pool 1 remaining after application pursuant to clauses (i) through (xi)
      above.

     

    (c) On
      each
      Distribution Date, the Trustee shall distribute the Interest Remittance Amount
      for Pool 2 for such date in the following order of priority:

     

    (i)       to
      the A-IO(2) Component, Current Interest and any Carryforward Interest for such
      Component and such Distribution Date;

     

    (ii)       concurrently,
      to the Class 2-A1, Class 2-A2, Class 2-A3 and Class 2-A4 Certificates, in each
      case in proportion to the amounts distributable under this Section 6.05(c)(ii),
      Current Interest and any Carryforward Interest for each such Class and such
      Distribution Date;

     

    (iii)       concurrently,
      to the Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4 and Class 1-A5
      Certificates, in each case in proportion to the amounts distributable under
      this
      Section 6.05(c)(iii), Current Interest and any Carryforward Interest for each
      such Class and such Distribution Date;

     

    (iv)       to
      the Class M-1 Certificates, Current Interest and any Carryforward Interest
      for
      such Class and such Distribution Date;

     

    (v)       to
      the Class M-2 Certificates, Current Interest and any Carryforward Interest
      for
      such Class and such Distribution Date;

     

    (vi)       to
      the Class M-3 Certificates, Current Interest and any Carryforward Interest
      for
      such Class and such Distribution Date;

     

    (vii)      to
      the Class M-4 Certificates, Current Interest and any Carryforward Interest
      for
      such Class and such Distribution Date;

     

    (viii)     to
      the Class B-1 Certificates, Current Interest and any Carryforward Interest
      for
      such Class and such Distribution Date;

     

    (ix)       to
      the Class B-2 Certificates, Current Interest and any Carryforward Interest
      for
      such Class and such Distribution Date;

     

    (x)       to
      the Class B-3 Certificates, Current Interest and any Carryforward Interest
      for
      such Class and such Distribution Date; 

     

    (xi)       to
      the Trustee, the Pool 2 allocable portion (based on the applicable Pool
      Percentage) of any amounts reimbursable pursuant to this Agreement and not
      previously reimbursed to the Trustee due to application of the limitations
      on
      amounts reimbursable in any Anniversary Year; and

    
      
        
        

      

      
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    (xii)       for
      application as part of Pool 2 Excess Interest for such Distribution Date, as
      provided in subsection (e) of this Section, any Interest Remittance Amount
      for
      Pool 2 remaining after application pursuant to clauses (i) through (xi)
      above.

    

      (d)       On
        each Distribution Date, the Trustee shall distribute the Principal Distribution
        Amount with respect to each Mortgage Pool as follows:

       

      (i)       for
        each Distribution Date occurring (a) before the Stepdown Date or (b) on or
        after
        the Stepdown Date and for which a Trigger Event is in effect, the Trustee
        shall
        make the following distributions, concurrently:

       

      (A)       For
        Pool 1: Until
        the
        aggregate Class Principal Balance of the Group 1 Certificates and the LIBOR
        Certificates equals the Aggregate Pool Balance for such Distribution Date
        minus
        the
        Targeted Overcollateralization Amount for such Distribution Date, in the
        following order of priority:

       

      (1)
               to the Class 1-A1, Class 1-A2, Class
        1-A3, Class 1-A4 and Class 1-A5 Certificates, in the following order of
        priority:

       

      (a)       to
        the Class 1-A5 Certificates, the Class 1-A5 Priority Amount for such
        Distribution Date, in reduction of their Class Principal Balance, until the
        Class Principal Balance of such Class has been reduced to zero; and

       

      (b)       to
        the Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4 and Class 1-A5 Certificates,
        sequentially in that order, in reduction of their respective Class Principal
        Balances, until the Class Principal Balance of each such Class has been reduced
        to zero; 

       

      (2)
               to the Group 2 Certificates, in
        accordance with the Senior Priority for Group 2, until the Class Principal
        Balance of each Class of Group 2 Certificates has been reduced to
        zero;

       

      (3)
               to the Class M-1 Certificates, in
        reduction of their Class Principal Balance, until the Class Principal Balance
        of
        such Class has been reduced to zero;

       

      (4)
               to the Class M-2 Certificates, in
        reduction of their Class Principal Balance, until the Class Principal Balance
        of
        such Class has been reduced to zero;

       

      (5)
               to the Class M-3 Certificates, in
        reduction of their Class Principal Balance, until the Class Principal Balance
        of
        such Class has been reduced to zero;

      
        
          
          

        

        
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      (6)
               to the Class M-4 Certificates, in
        reduction of their Class Principal Balance, until the Class Principal Balance
        of
        such Class has been reduced to zero;

       

      (7)
               to the Class B-1 Certificates, in
        reduction of their Class Principal Balance, until the Class Principal Balance
        of
        such Class has been reduced to zero;

       

      (8)
               to the Class B-2 Certificates, in
        reduction of their Class Principal Balance, until the Class Principal Balance
        of
        such Class has been reduced to zero;

       

      (9)       to
        the Class B-3 Certificates, in reduction of their Class Principal Balance,
        until
        the Class Principal Balance of such Class has been reduced to zero;
        and

       

      (10)       any
        remaining amount, for application as part of Excess Cashflow pursuant to
        Section
        6.05(e); 

       

      (B)       For
        Pool 2: Until
        the
        aggregate Class Principal Balances of the Group 1 Certificates and the LIBOR
        Certificates equals the Aggregate Pool Balance for such Distribution Date
        minus
        the
        Targeted Overcollateralization Amount for such Distribution Date, in the
        following order of priority:

       

      (1)
               to the Class 2-A1, Class 2-A2, Class
        2-A3 and Class 2-A4 Certificates,
        concurrently, as follows:

       

      (a)       77.4241904315%
        to the Class 2-A1, Class 2-A2 and Class 2-A3 Certificates, sequentially in
        that
        order, in reduction of their respective Class Principal Balances, until the
        Class Principal Balance of each such Class has been reduced to zero;
        and

       

      (b)       22.5758095685%
        to the Class 2-A4 Certificates, in reduction of their Class Principal Balance,
        until the Class Principal Balance of such Class has been reduced to zero;
        

       

      (2)
               to the Group 1 Certificates, in
        accordance with the Senior Priority for Group 1, until the Class Principal
        Balance of each Class of Group 1 Certificates has been reduced to
        zero;

       

      (3)       to
        the Class M-1 Certificates, in reduction of their Class Principal Balance,
        until
        the Class Principal Balance of such Class has been reduced to zero;

       

      (4)
               to the Class M-2 Certificates, in
        reduction of their Class Principal Balance, until the Class Principal Balance
        of
        such Class has been reduced to zero;

      
        
          
          

        

        
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      (5)
               to the Class M-3 Certificates, in
        reduction of their Class Principal Balance, until the Class Principal Balance
        of
        such Class has been reduced to zero;

       

      (6)
               to the Class M-4 Certificates, in
        reduction of their Class Principal Balance, until the Class Principal Balance
        of
        such Class has been reduced to zero;

       

      (7)
               to the Class B-1 Certificates, in
        reduction of their Class Principal Balance, until the Class Principal Balance
        of
        such Class has been reduced to zero;

       

      (8)
               to the Class B-2 Certificates, in
        reduction of their Class Principal Balance, until the Class Principal Balance
        of
        such Class has been reduced to zero;

       

      (9)       to
        the Class B-3 Certificates, in reduction of their Class Principal Balance,
        until
        the Class Principal Balance of such Class has been reduced to zero;
        and

       

      (10)       any
        remaining amount, for application as part of Excess Cashflow pursuant to
        Section
        6.05(e); and

       

      (ii)       for
        each Distribution Date occurring on or after the Stepdown Date and for which
        a
        Trigger Event is not in effect, as follows:

       

      (A)       concurrently,
        to the Group 1 Certificates, as a group, the Group 2 Certificates, as a group,
        and the Subordinate Certificates, in proportion to the respective Class
        Principal Balances of such Certificates, in reduction of their respective
        Class
        Principal Balances, until the Class Principal Balance of each such Class
        has
        been reduced to zero; provided,
        that
        distributions between the Group 1 Certificates and the Group 2 Certificates
        shall be allocated on the basis of the Group 1 Senior Principal Distribution
        Percentage and the Group 2 Senior Principal Distribution Percentage,
        respectively, and shall be made in accordance with the related Senior Priority;
        and

       

      (B)       any
        remaining amount, for application as part of Excess Cashflow pursuant to
        Section
        6.05(e).

       

      (e)       On
        each Distribution Date, the Trustee shall distribute the Excess Cashflow,
        together with (to the extent specified below) amounts received in respect
        of the
        Cap Agreement or received as proceeds from the sale of any Excess Cap Amount
        for
        such Distribution Date and amounts on deposit in the Reserve Fund, in the
        following order of priority:

       

      (i)       to
        the extent of Excess Interest for such Distribution Date, for each Distribution
        Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown
        Date
        and for which a Trigger Event is in effect, until (after giving effect to
        distributions of principal made pursuant to Section 6.05(e) hereof for such
        Distribution Date) the aggregate Class Principal Balance of the Group 1
        Certificates and the LIBOR Certificates equals the Aggregate Pool Balance
        for
        such Distribution Date minus
        the
        Targeted Overcollateralization Amount for such Distribution Date, in the
        following order of priority:

      
        
          
          

        

        
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      (A)       concurrently,
        to the Group 1 Certificates, as a group, and the Group 2 Certificates, as
        a
        group, in proportion to the respective Class Principal Balances of such
        Certificates, in reduction of their respective Class Principal Balances,
        until
        the Class Principal Balance of each such Class has been reduced to zero;
        provided,
        that
        distributions between the Group 1 Certificates and the Group 2 Certificates
        shall be allocated on the basis of the Group 1 Senior Principal Distribution
        Percentage and the Group 2 Senior Principal Distribution Percentage,
        respectively, and shall be made in accordance with the related Senior
        Priority;

       

      (C)       to
        the Class M-1 Certificates, in reduction of their Class Principal Balance,
        until
        the Class Principal Balance of such Class has been reduced to zero;

       

      (D)       to
        the Class M-2 Certificates, in reduction of their Class Principal Balance,
        until
        the Class Principal Balance of such Class has been reduced to zero;

       

      (E)       to
        the Class M-3 Certificates, in reduction of their Class Principal Balance,
        until
        the Class Principal Balance of such Class has been reduced to zero;

       

      (F)       to
        the Class M-4 Certificates, in reduction of their Class Principal Balance,
        until
        the Class Principal Balance of such Class has been reduced to zero;

       

      (G)       to
        the Class B-1 Certificates, in reduction of their Class Principal Balance,
        until
        the Class Principal Balance of such Class has been reduced to zero;

       

      (H)       to
        the Class B-2 Certificates, in reduction of their Class Principal Balance,
        until
        the Class Principal Balance of such Class has been reduced to zero;
        and

       

      (I)       to
        the Class B-3 Certificates, in reduction of their Class Principal Balance,
        until
        the Class Principal Balance of such Class has been reduced to zero;

       

      (ii)       to
        the extent of Excess Interest for such Distribution Date, for each Distribution
        Date occurring on or after the Stepdown Date and for which a Trigger Event
        is
        not in effect, until (after giving effect to distributions of principal made
        pursuant to Section 6.05(d) hereof for such Distribution Date) the aggregate
        Class Principal Balance of the Group 1 Certificates and the LIBOR Certificates
        equals the Aggregate Pool Balance for such Distribution Date minus
        the
        Targeted Overcollateralization Amount for such Distribution Date, in the
        following order of priority:

       

      concurrently,
        to the Group 1 Certificates, as a group, the Group 2 Certificates, as a group,
        and the Subordinate Certificates, in proportion to the respective Class
        Principal Balances of such Certificates, in reduction of their respective
        Class
        Principal Balances, until the Class Principal Balance of each such Class
        has
        been reduced to zero; provided,
        that
        distributions between the Group 1 Certificates and the Group 2 Certificates
        shall be allocated on the basis of the Group 1 Senior Principal Distribution
        Percentage and the Group 2 Senior Principal Distribution Percentage,
        respectively, and shall be made in accordance with the related Senior
        Priority;

      
        
          
          

        

        
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      (iii)       to
        the extent of any amounts received in respect of the Cap Agreement or received
        as proceeds from the sale of any Excess Cap Amount for such Distribution
        Date,
        to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid,
        and then from the Reserve Fund to the Group 1 Certificates and the LIBOR
        Certificates in order of priority of distribution of interest, any such unpaid
        Carryforward Interest for such Class for such Distribution Date;

       

      (iv)       to
        the extent of any remaining amounts received in respect of the Cap Agreement
        or
        received as proceeds from the sale of any Excess Cap Amount for such
        Distribution Date, to the Reserve Fund, the amount of any Loss Amount for
        such
        Distribution Date, and then from the Reserve Fund to the Group 1 Certificates
        and the LIBOR Certificates, in reduction of their respective Class Principal
        Balances, in the order of priority specified in clauses (i) and (ii), as
        applicable, of this Section 6.05(e);

       

      (v)       to
        the extent of Excess Interest for such Distribution Date and any remaining
        amounts received in respect of the Cap Agreement or received as proceeds
        from
        the sale of any Excess Cap Amount for such Distribution Date, to the Reserve
        Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund
        to
        the Group 1 Certificates and the LIBOR Certificates in order of priority
        of
        distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk
        Shortfall for such Class for such Distribution Date;

       

      (vi)       to
        the extent of Excess Interest for such Distribution Date and any remaining
        amounts received in respect of the Cap Agreement or received as proceeds
        from
        the sale of any Excess Cap Amount for such Distribution Date, to the Reserve
        Fund, the amount of any Deferred Principal Amount, and then from the Reserve
        Fund to the Subordinate Certificates, in order of seniority, any Deferred
        Principal Amount for such Class for such date;

       

      (vii)       on
        the Distribution Date in January 2013, $100.00 to the Class P Certificates
        in
        reduction of the Class P Principal Amount;

       

      (viii)       to
        pay any up-front fee payable to any substitute Cap Provider as provided in
        Section 6.13(d);

       

      (ix)       to
        the Class X Certificates, the sum of (A) any amounts remaining in the Reserve
        Fund after taking into account distributions pursuant to clauses (i) through
        (viii) above, in excess of the Reserve Fund Requirement for such Distribution
        Date, and (B) any amounts payable under the Cap Agreement and distributable
        to
        the Class X Certificates under Section 6.12(b);

      
        
          
          

        

        
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      (x)       to
        the Class X Certificates, the Class X Distributable Amount for such Distribution
        Date and any remaining proceeds of the sale of any Excess Cap Amount;
        and

       

      (xi)       to
        the Residual Certificates, any remaining amount.

       

      (f) On
        each
        Distribution Date, the Trustee shall distribute from amounts remaining in
        the
        Reserve Fund after application pursuant to Section 6.05(e) the amount of
        any
        Loss Amount not distributed pursuant to Section 6.05(e)(iv), to the Group
        1
        Certificates and the LIBOR Certificates, in reduction of their respective
        Class
        Principal Balances, in the order of priority specified in clauses (i) and
        (ii),
        as applicable, of Section 6.05(e).

       

      (g) On
        each
        Distribution Date, the Trustee shall distribute the Class P Distribution
        Amount
        for such date to the Class P Certificates.

       

      (h) On
        the
        Termination Date, the Trustee shall distribute to each Class of Certificates
        the
        amounts set forth in Section 10.02 hereof
        as
        follows:

       

      (i)       The
        Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO
        Certificates if the Trust Fund is terminated pursuant to Section
        10.02(a);

       

      (ii)       The
        Trustee shall distribute the amount of the Termination Price, as applicable,
        allocable to interest in the following order of priority:

       

      (A)       to
        the Class A-IO Certificates, any accrued and unpaid interest on the outstanding
        Class Notional Balance thereof;

       

      (B)       concurrently,
        to the Group 1 Certificates, as a group, and the Group 2 Certificates, as
        a
        group, in proportion to the respective Class Principal Balances of such
        Certificates, in reduction of their respective Class Principal Balances,
        until
        the Class Principal Balance of each such Class has been reduced to zero;
        provided,
        that
        distributions between the Group 1 Certificates and the Group 2 Certificates
        shall be allocated on the basis of the Group 1 Senior Principal Distribution
        Percentage and the Group 2 Senior Principal Distribution Percentage,
        respectively, and shall be made in accordance with the related Senior
        Priority;

       

      (C)       to
        the Class M-1 Certificates, any accrued and unpaid interest on the outstanding
        Class Principal Balance thereof;

       

      (D)       
        to the Class M-2 Certificates, any accrued and unpaid interest on the
        outstanding Class Principal Balance thereof;

       

      (E)       to
        the Class M-3 Certificates, any accrued and unpaid interest on the outstanding
        Class Principal Balance thereof;

       

      (F)       to
        the Class M-4 Certificates, any accrued and unpaid interest on the outstanding
        Class Principal Balance thereof;

      
        
          
          

        

        
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      (G)       to
        the Class B-1 Certificates, any accrued and unpaid interest on the outstanding
        Class Principal Balance thereof;

       

      (H)       to
        the Class B-2 Certificates, any accrued and unpaid interest on the outstanding
        Class Principal Balance thereof;

       

      (I)       to
        the Class B-3 Certificates, any accrued and unpaid interest on the outstanding
        Class Principal Balance thereof; and

       

      (J)       any
        remaining amount, for application as part of Excess Cashflow pursuant to
        Section
        6.05(e);

       

      (iii)       The
        Trustee shall distribute the amount of the Termination Price, as applicable,
        allocable to principal in the following order of priority:

       

      (A)       to
        the Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4, Class 1-A5, Class 2-A1,
        Class 2-A2, Class 2-A3 and Class 2-A4 Certificates, in proportion to their
        respective Class Principal Balances, until the Class Principal Balance of
        such
        Class has been reduced to zero;

       

      (B)       to
        the Class M-1 Certificates, until the Class Principal Balance of such Class
        has
        been reduced to zero;

       

      (C)       
        to the Class M-2 Certificates, until the Class Principal Balance of such
        Class
        has been reduced to zero;

       

      (D)       to
        the Class M-3 Certificates, until the Class Principal Balance of such Class
        has
        been reduced to zero;

       

      (E)       to
        the Class M-4 Certificates, until the Class Principal Balance of such Class
        has
        been reduced to zero;

       

      (F)       to
        the Class B-1 Certificates, until the Class Principal Balance of such Class
        has
        been reduced to zero;

       

      (G)       to
        the Class B-2 Certificates, until the Class Principal Balance of such Class
        has
        been reduced to zero;

       

      (H)       to
        the Class B-3 Certificates, until the Class Principal Balance of such Class
        has
        been reduced to zero; and

       

      (I)       any
        remaining amount, for application as part of Excess Cashflow pursuant to
        Section
        6.05(e).

       

      Section
        6.06. Disbursement of Funds.

       

      All
        distributions shall be made pursuant to Section 6.05 by wire transfer of
        immediately available funds to the account of the Person entitled thereto
        at a
        bank or other entity having appropriate facilities therefor if such Person
        shall
        have so notified the Trustee in writing at least five Business Days prior
        to the
        Record Date immediately prior to such Distribution Date; provided, that,
        a
        Certificateholder shall only be entitled to receive distributions by wire
        transfer if such Certificateholder is the registered Holder of Certificates
        having an initial aggregate principal amount equal to or in excess of $5,000,000
        or a Percentage Interest equal to or in excess of 25%; and in all other cases
        by
        check mailed to each such Certificateholder at such Holder’s address appearing
        in the Certificate Register.

      
        
          
          

        

        
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      Section
        6.07. Allocation of Losses.

       

      (a) On
        each
        Distribution Date, the Class Principal Balance of each Class of Subordinate
        Certificates shall be reduced by the amount of any Applied Loss Amount for
        such
        date, in the following order of priority:

       

      (i)       in
        reduction of the Class Principal Balance of the Class B-3 Certificates, until
        the Class Principal Balance thereof has been reduced to zero;

       

      (ii)       in
        reduction of the Class Principal Balance of the Class B-2 Certificates, until
        the Class Principal Balance thereof has been reduced to zero;

       

      (iii)       in
        reduction of the Class Principal Balance of the Class B-1 Certificates, until
        the Class Principal Balance thereof has been reduced to zero;

       

      (iv)       in
        reduction of the Class Principal Balance of the Class M-4 Certificates, until
        the Class Principal Balance thereof has been reduced to zero;

       

      (v)       in
        reduction of the Class Principal Balance of the Class M-3 Certificates, until
        the Class Principal Balance thereof has been reduced to zero;

       

      (vi)       in
        reduction of the Class Principal Balance of the Class M-2 Certificates, until
        the Class Principal Balance thereof has been reduced to zero; and

       

      (vii)       in
        reduction of the Class Principal Balance of the Class M-1 Certificates, until
        the Class Principal Balance thereof has been reduced to zero.

       

      (b) Any
        Realized Losses so allocated to a Class of Certificates shall be allocated
        among
        the Certificates of such Class in proportion to their respective principal
        balances. Any allocation of an Applied Loss Amount pursuant to this Section
        shall be accomplished by reducing the Class Principal Balance of the applicable
        Class and the principal balance of each related Certificate on the applicable
        Distribution Date.

       

      Section
        6.08. Reports to Certificateholders.

       

      (a) On
        each
        Distribution Date, concurrently with the distribution to the Certificateholders,
        the Trustee shall furnish to the Certificateholders, the Seller, the Depositor
        and each Rating Agency, a report, based solely on information provided to
        the
        Trustee by the Master Servicer and in the Master Servicer’s Monthly Report,
        containing the following information:

      
        
          
          

        

        
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      (i)       the
        amount of the distribution on such Distribution Date with respect to each
        Class
        of Certificates;

       

      (ii)       the
        amount of such distributions allocable to principal, separately identifying
        the
        aggregate amount of any prepayments or other unscheduled recoveries of principal
        included therein;

       

      (iii)       the
        amount of such distributions allocable to interest;

       

      (iv)       the
        Class Principal Balance (or Class Notional Balance) for each Class of
        Certificates as of such Distribution Date together with the principal amount
        or
        notional amount of the Certificates of the related Class (based on a Certificate
        in the original principal amount or notional amount of $1,000) then outstanding,
        in each case after giving effect to any payment of principal on such
        Distribution Date;

       

      (v)       the
        level of LIBOR and the Interest Rates applicable to the LIBOR Certificates
        for
        such Distribution Date;

       

      (vi)       if
        applicable, a statement that interest distributable on one or more Classes
        of
        Certificates on such Distribution Date represents interest accrued on such
        Classes at a rate equal to the Pool 1 Available Funds Cap, the Pool 2 Available
        Funds Cap, the Subordinate Available Funds Cap, the Component Available Funds
        Cap or the Pool 2 Net WAC, as applicable;

       

      (vii)       the
        Aggregate Pool Balance, the Pool Balance of Pool 1 and the Pool Balance of
        Pool
        2 as of such Distribution Date;

       

      (viii)       the
        Overcollateralization Amount for such Distribution Date;

       

      (ix)       by
        Mortgage Pool and in the aggregate, the amount of any Delinquency Advances
        for
        such Distribution Date, and the amount of any Outstanding Advances in respect
        of
        Delinquency Advances remaining after such Distribution Date;

       

      (x)       the
        amount of any Purchase Prices deposited into the Collection
        Account;

       

      (xi)       by
        Mortgage Pool and in the aggregate, the amount of current and cumulative
        Realized Losses on the Mortgage Loans;

       

      (xii)       by
        Mortgage Pool and in the aggregate, the number of Mortgagor
        bankruptcies;

       

      (xiii)       by
        Mortgage Pool and in the aggregate, the number of Mortgage Loans and the
        aggregate Principal Balance thereof that were repurchased by the Seller or
        Depositor pursuant Section 2.03 hereof during the one-month period immediately
        preceding the related Determination Date;

      
        
          
          

        

        
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      (xiv)       the
        amount of any Realized Losses applied to any Class of Certificates on such
        Distribution Date;

       

      (xv)       the
        amount of any Basis Risk Shortfall and Unpaid Basis Risk Shortfall with respect
        to any Class of Certificates;

       

      (xvi)       the
        amount of any shortfalls in distributions of interest with respect to each
        Class
        of Certificates on such Distribution Date and the cumulative amount of any
        unreimbursed shortfalls in distributions of interest from prior Distribution
        Dates;

       

      (xvii)       the
        amount of Servicing Fees, the Master Servicing Fee, the Trustee Fee and the
        Pool
        PMI Insurance Premium, if any, paid with respect to such Distribution Date;
        and

       

      (xviii)       the
        amount of any payments received under the Cap Agreement or received as proceeds
        from the sale of any Excess Cap Amount (the amount of such proceeds from
        the
        sale of any Excess Cap Amount to be based on information provided by the
        Manager
        to the Master Servicer and the Trustee pursuant to the Management
        Agreement).

       

      Items
        (i)
        through (iii) above shall, with respect to the Certificates be presented
        on the
        basis of a Certificate having an original $1,000 denomination and on an
        aggregate basis. The Trustee shall make the information set forth above
        available each month to Certificateholders and the parties to this Agreement
        via
        the Trustee’s Internet website initially located at www.usbank.com/abs.
        The
        Trustee shall provide such information by mail to any Certificateholder that
        requests paper copies. Each calendar year following any year during which
        the
        Certificates are outstanding, the Trustee shall furnish a report to each
        Certificateholder of record at any time during such calendar year as to the
        aggregate of amounts reported pursuant to items (i), (ii) and (iii) above
        with
        respect to the related Certificates for such calendar year.

       

      (b) In
        addition, on each Distribution Date the Trustee will distribute to each
        Certificateholder (which shall be the Depository Trust Company as long as
        the
        Certificates are in book-entry form), the following information (based upon
        information provided to the Trustee by the Master Servicer) as of the close
        of
        business on the last business day of the prior calendar month:

       

      (i)       the
        total number of Mortgage Loans and the aggregate principal balances thereof,
        together with the number and aggregate principal balances of Mortgage Loans
        (a)
        30-59 days delinquent, (b) 60-89 days delinquent and (c) 90 or more days
        delinquent;

       

      (ii)       the
        number and aggregate principal balance of Mortgage Loans in foreclosure
        proceedings (and whether any such Mortgage Loans are also included in any
        of the
        statistics described in the foregoing clause (i)); and

       

      (iii)       the
        number and aggregate principal balance of all Mortgage Loans relating to
        REO
        Properties (and whether any such Mortgage Loans are also included in any
        of the
        statistics described in the foregoing clauses (i) and (ii)).

      
        
          
          

        

        
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      (c) Annually,
        in January of each year, the Trustee shall furnish to each Person that was
        a
        Certificateholder during the prior calendar year a statement showing the
        aggregate interest and the aggregate principal received by such Person with
        respect to the Certificates during the prior calendar year, together with
        any
        standard federal income tax reporting form for such information, and information
        furnished by the Trustee upon request pursuant to Section 6049(d)(7)(C) of
        the
        Code and the regulations promulgated thereunder to assist the Certificateholders
        in computing their market discount.

       

      Section
        6.09. Presentation of Certificates.

       

      Upon
        receipt of notice of the final Distribution Date with respect to any Class,
        the
        Trustee will notify each affected Certificateholder that the next Distribution
        Date will be the final Distribution Date. In the event that a Certificateholder
        fails to deliver its Certificate(s) for cancellation on the final Distribution
        Date, by its purchase of a Certificate it agrees to indemnify the Depositor,
        the
        Master Servicer, the Trustee and the Trust Fund against all claims with respect
        to such Certificate arising following such Distribution Date. Claims against
        the
        Trust for payment on such Certificate shall be void unless made within three
        years from the Termination Date.

       

      Section
        6.10. Compensating Interest.

       

      Prior
        to
        each Distribution Date, the Master Servicer shall deposit into the Certificate
        Distribution Account from its own funds, but not in excess of the amount
        of the
        Master Servicing Fee for such date, the amount of any Compensating Interest
        for
        such date.

       

      Section
        6.11. Certain Provisions With Respect to the Cap Agreement.

       

      (a) If
        the
        Master Servicer or the Trustee shall not have received a payment with respect
        to
        the Cap Agreement by the date on which such payment was due and payable pursuant
        to the terms thereof, the Trustee shall make demand upon the Cap Provider,
        as
        applicable, for immediate payment, and may, and at the direction of a majority
        (by Voting Rights) of the Certificateholders shall, take any available legal
        action, including the prosecution of any claims in connection therewith.
        The
        Depositor shall cooperate with the Trustee in connection with any such demand
        or
        action to the extent reasonably requested by the Trustee. The reasonable
        legal
        fees and expenses incurred by the Trustee in connection with the prosecution
        of
        any such legal action shall be reimbursable to the Trustee from the Trust
        Fund.

       

      (b) The
        Cap
        Agreement shall be the property of the Trust Fund. The Manager shall be
        authorized as provided in the Management Agreement to sell all or part of
        any
        Excess Cap Amount on behalf of the Trustee in accordance with the provisions
        of
        the Basic Documents. The proceeds of the sale of any Excess Cap Amount shall
        remain the property of the Trust Fund and shall be distributed to the
        Certificateholders as amounts received in respect of the Cap Agreement, in
        the
        order of priority and to the extent specified in Section 6.05(e) and (f)
        of this
        Agreement.

      
        
          
          

        

        
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      Section
        6.12. The Reserve Fund.

       

      (a) On
        the
        Closing Date, the Trustee shall establish and maintain, in its name, in trust
        for the benefit of the holders of the Group 1 Certificates and the LIBOR
        Certificates, the Reserve Fund into which the Seller shall deposit $1,000.
        In
        addition, the Trustee shall hold the Cap Agreement as an asset in the Reserve
        Fund. The Reserve Fund 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
        held pursuant to this Agreement.

       

      (b) On
        each
        Distribution Date on which there is a payment received by the Trustee under
        the
        Cap Agreement that is based on a notional amount in excess of the aggregate
        Class Principal Balance of the Group 1 Certificates and the LIBOR Certificates
        (such amount, the “Class X Excess Cap Amount”), the
        Trustee shall not treat such payments
        as amounts on deposit in the Reserve
        Fund for purposes of determining the Reserve
        Fund Requirement
        for any
        Distribution Date. Any such Class X Excess Cap Amount shall not be an asset
        of
        the Trust Fund and, instead, shall be paid
        into
        and distributed out of a separate trust created by this Agreement for the
        benefit of the Class X Certificateholders, and the Trustee shall distribute
        such
        amount to the Class
        X
        Certificateholders pursuant
        to Section 6.05(e)(ix).

       

      On
        each
        Distribution Date the Trustee shall deposit into and make withdrawals from
        the
        Reserve Fund to make distributions in the order of priority and to the extent
        specified in Section 6.05(e) and (f) of this Agreement of the sum of (without
        duplication) (i) any payments made by the Cap Provider to the Trust Fund
        for
        such Distribution Date with respect to the Cap Agreement or received as proceeds
        from the sale of any Excess Cap Amount, (ii) any amounts then on deposit
        in the
        Reserve Fund, including any earnings thereon, in respect of the Cap Agreement
        or
        received as proceeds from the sale of any Excess Cap Amount, (iii) any amounts
        in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iv)
        any
        amounts in respect of Loss Amounts and (v) any amounts in respect of Deferred
        Principal Amounts. On each Distribution Date, any amounts that the Trustee
        is
        not required to distribute from the Reserve Fund pursuant to Section 6.05(e)
        and
        (f) of this Agreement shall remain on deposit in the Reserve Fund and shall
        be
        invested as provided in this Agreement. All such deposits into and withdrawals
        from the Reserve Fund shall be based upon information received from the Master
        Servicer.

       

      (c) The
        Class
        X Certificates shall evidence ownership of the Reserve Fund for federal income
        tax purposes.

       

      Section
        6.13. Substitution of Cap Providers.

       

      (a) The
        Trustee, on behalf of the Trust Fund, shall maintain in effect Cap Agreements,
        on substantially the same terms and conditions as the related Cap Agreement
        in
        effect on the Closing Date, with Cap Providers or substitute Cap Providers
        (1)
        whose long-term senior unsecured debt obligations are rated at least "Aa3"
        by
        Moody's and at least "AA-" by S&P and whose short-term unsecured debt
        obligations are rated at least "A-1" by S&P or (2) with respect to any such
        substitute Cap Provider not rated at least "Aa3" by Moody's and at least
        "AA-"
        by S&P, a Cap Provider whose obligations in respect of any Cap Agreement are
        absolutely and unconditionally guaranteed by an Affiliate of such Cap Provider,
        so long as such Affiliate's long-term senior unsecured debt obligations are
        rated at least "A1" by Moody's and so long as such Affiliate's short-term
        unsecured debt obligations are rated at least "A-1" by S&P.

      
        
          
          

        

        
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      (b) At
        any
        time when the Trustee, on behalf of the Trust Fund, is permitted to terminate
        a
        Cap Agreement pursuant to the terms of such Cap Agreement (whether due to
        the
        occurrence of an event of default, a termination event or otherwise), the
        Trustee, on behalf of the Trust Fund, shall terminate such Cap Agreement
        (i)
        subject to satisfaction of the Ratings Requirement or (ii) at the written
        direction of the Rating Agencies; provided
        that
        prior to or simultaneously with any termination of the Cap Agreement by the
        Trustee as a result of any downgrade of the ratings of the Cap Provider or
        the
        Credit Support Provider, the Trustee, on behalf of the Trust Fund, shall
        have
        entered into a substitute Cap Agreement in accordance with written notice
        from
        the Depositor provided pursuant to Section 6.13(c).

       

      (c) In
        the
        event of an early termination of a Cap Agreement, the Trustee, on behalf
        of the
        Trust Fund, shall enter into a substitute Cap Agreement (i) within 20 days
        after
        the termination of such existing Cap Agreement or (ii) prior to or
        simultaneously with the termination of the existing Cap Agreement as described
        in the proviso to Section 6.13(b), with a substitute counterparty meeting
        the
        eligibility requirements set forth in Section 6.13(a) hereof. The Depositor,
        on
        behalf of the Trust Fund, shall send written notice to the Trustee and the
        Rating Agencies as promptly as practicable prior to termination of the existing
        Cap Agreement, identifying a proposed counterparty with respect to the
        substitute Cap Agreement. Any proposed substitute counterparty shall be subject
        to the prior written approval of the Rating Agencies. 

       

      (d) Any
        up-front fee payable to a replacement Cap Provider or other cost or expense
        associated with the Trustee entering into a new Cap Agreement pursuant to
        this
        Section 6.13 shall be payable by or on behalf of the Trust Fund from any
        payment
        received under the terminated Cap Agreement; provided,
        however,
        if such
        amount received is not sufficient to pay such up-front fee, the difference
        shall
        be paid pursuant to Section 6.05(e)(viii).

       

      (e) Promptly
        upon termination of a Cap Agreement, the Trustee shall mail notice thereof
        by
        first-class mail, postage prepaid, to each Rating Agency and the
        Certificateholders at their last addresses appearing upon the Certificate
        Register.

       

      ARTICLE
        VII

       

      REMEDIES

       

      Section
        7.01. Limitation on Suits.

       

      No
        Certificateholder shall have any right to institute any proceeding, judicial
        or
        otherwise, with respect to this Agreement, or for the appointment of a receiver
        or trustee, or for any other remedy hereunder, unless:

       

      (i)       there
        is a continuing Event of Master Servicer Default and such Certificateholder
        has
        previously given written notice to the Trustee of a continuing Event of Master
        Servicer Default;

       

      
        
          
          

        

        
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      (ii)       the
        Required Certificateholders shall have made written request to the Trustee
        to
        institute proceedings in respect of such Event of Master Servicer Default
        in its
        own name as Trustee hereunder;

       

      (iii)       such
        Certificateholders have offered to the Trustee reasonable indemnity against
        the
        costs, expenses and liabilities to be incurred in compliance with such
        request;

       

      (iv)       the
        Trustee, for 30 days after its receipt of such notice, request and offer
        of
        indemnity, has failed to institute any such proceeding; and

       

      (v)       no
        direction inconsistent with such written request has been given to the Trustee
        during such 30-day period by the Required Certificateholders;

       

      it
        being
        understood and intended that no one or more Certificateholders shall have
        any
        right in any manner whatever by virtue of, or by availing of, any provision
        of
        this Agreement to affect, disturb or prejudice the rights of any other
        Certificateholders, or to obtain or to seek to obtain priority or preference
        over any other Certificateholders or to enforce any right under this Agreement,
        except in the manner herein provided and for the ratable benefit of all the
        Certificateholders as provided herein.

       

      Notwithstanding
        anything to the contrary herein, no Certificateholder, solely by virtue of
        its
        status as a Certificateholder, shall have any right by virtue of or by availing
        itself of any provision of this Agreement to institute any suit, action or
        proceeding in equity or at law against FHA or HUD upon or under or with respect
        to any policy of FHA Insurance applicable to a Mortgage Loan or any purported
        rights thereunder. All such direct rights against FHA or HUD shall be held
        by
        the Trustee as the designated mortgagee of record with respect to the FHA
        Mortgage Loans and shall include, without limitation, the right to enforce
        such
        policy of FHA Insurance against FHA or HUD and require the payment by FHA
        or HUD
        of any amount due thereunder.

       

      Section
        7.02. Restoration of Rights and Remedies.

       

      If
        the
        Trustee or any Certificateholder has instituted any proceeding to enforce
        any
        right or remedy under this Agreement and such proceeding has been discontinued
        or abandoned for any reason, or has been determined adversely to the Trustee
        or
        to such Certificateholder, then and in every such case, subject to any
        determination in such proceeding, the Seller, the Trustee and the
        Certificateholders shall be restored severally and respectively to their
        former
        positions hereunder and thereafter all rights and remedies of the Trustee
        and
        the Certificateholders shall continue as though no such proceeding had been
        instituted.

       

      Section
        7.03. Rights and Remedies Cumulative.

       

      No
        right
        or remedy herein conferred upon or reserved to the Trustee or to the
        Certificateholders is intended to be exclusive of any other right or remedy
        and
        every right and remedy shall, to the extent permitted by law, be cumulative
        and
        in addition to every other right and remedy given hereunder or now or hereafter
        existing at law or in equity or otherwise. The assertion or employment of
        any
        right or remedy hereunder, or otherwise, shall not prevent the concurrent
        assertion or employment of any other appropriate right or remedy.

      
        
          
          

        

        
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      Section
        7.04. Delay or Omission Not Waiver.

       

      No
        delay
        or omission of the Trustee or of any Certificateholder to exercise any right
        or
        remedy accruing upon any Event of Master Servicer Default shall impair any
        such
        right or remedy or constitute a waiver of any such Event of Master Servicer
        Default or an acquiescence therein. Every right and remedy given by this
        Article
        or by law to the Trustee or to the Certificateholders may be exercised from
        time
        to time, and as often as may be deemed expedient, as permitted under the
        terms
        hereof, by the Trustee or by the Certificateholders, as the case may
        be.

       

      Section
        7.05. Control by Certificateholders.

       

      (a) Subject
        to Section 7.06 hereof, the Required Certificateholders shall have the right
        to
        direct the time, method and place of conducting any proceeding for any remedy
        available to the Trustee or exercising any trust or power conferred on the
        Trustee hereunder; provided, that (i) such direction shall not be in conflict
        with any rule of law or with this Agreement, (ii) such direction shall not
        involve any action for which the Trustee reasonably believes it may not obtain
        compensation or reimbursement for hereunder or, if the Trustee determines
        that
        such compensation or reimbursement is not available, such Certificateholders
        have not offered the Trustee reasonable indemnity for the cost of such actions,
        and (iii) the Trustee may take any other action deemed proper by the Trustee
        which is not inconsistent with such direction.

       

      (b) Prior
        to
        the occurrence of an Event of Master Servicer Default hereunder and after
        the
        curing or waiver of all Events of Master Servicer Default which may have
        occurred, the Trustee shall not be bound to make any investigation into the
        facts or matters stated in any resolution, certificate, statement, instrument,
        opinion, report, notice, request, consent, order, approval, bond or other
        paper
        or document, unless requested in writing to do so by the Required
        Certificateholders;
        provided, however,
        that if
        the payment within a reasonable time to the Trustee of the costs, expenses
        or
        liabilities likely to be incurred by it in the making of such investigation
        is,
        in the opinion of the Trustee, not reasonably assured to the Trustee by the
        Certificate afforded to it by the terms of this Agreement, the Trustee may
        require reasonable indemnity against such expense or liability as a condition
        to
        taking any such action. The reasonable expense of every such examination
        relating to an Event of Master Servicer Default shall be paid by the Master
        Servicer if an Event of Master Servicer Default shall have occurred and be
        continuing, and otherwise by the Certificateholders requesting the
        investigation.

       

      Section
        7.06. Waiver of Past Defaults.

       

      The
        Required Certificateholders may on behalf of the Certificateholders of all
        the
        Certificates waive any past default hereunder and its consequences.

       

      Upon
        any
        such waiver, such default shall cease to exist, and any Event of Master Servicer
        Default arising therefrom shall be deemed to have been cured, for every purpose
        of this Agreement; but no such waiver shall extend to any subsequent or other
        default or impair any right consequent thereon.

      
        
          
          

        

        
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      Section
        7.07. Undertaking for Costs.

       

      All
        parties to this Agreement agree, and each Certificateholder by the acceptance
        of
        a Certificate shall be deemed to have agreed, that any court may in its
        discretion require, in any suit for the enforcement of any right or remedy
        under
        this Agreement, or in any suit against the Trustee for any action taken,
        suffered or omitted by it as Trustee, the filing by any party litigant in
        such
        suit of an undertaking to pay the costs of such suit, and that such court
        may in
        its discretion assess reasonable costs, including reasonable attorneys’ fees and
        disbursements, against any party litigant in such suit, having due regard
        to the
        merits and good faith of the claims or defenses made by such party litigant;
        but
        the provisions of this Section 7.07 (other than this clause) shall not apply
        to
        any suit instituted by the Depositor, by the Trustee, by the Master Servicer,
        by
        any Certificateholder or group of Certificateholders holding in the aggregate
        more than 10% of the Voting Rights of the outstanding Certificates, or to
        any
        suit instituted by any Certificateholder for the enforcement of the payment
        of
        any principal of or interest on any Certificate.

       

      Section
        7.08. Waiver of Stay or Extension Laws.

       

      The
        Depositor covenants (to the extent that it may lawfully do so) that it will
        not
        at any time insist upon, or plead, or in any manner whatsoever claim or take
        the
        benefit or advantage of, any stay or extension law wherever enacted, now
        or at
        any time hereafter in force, which may affect the covenants or the performance
        of this Agreement; and the Depositor (to the extent that it may lawfully
        do so)
        hereby expressly waives all benefit or advantage of any such law and covenants
        that it will not hinder, delay or impede the execution of any power herein
        granted to the Trustee, but will suffer and permit the execution of every
        such
        power as though no such law had been enacted.

       

      ARTICLE
        VIII

       

      LIMITATION
        ON LIABILITY; INDEMNITIES

       

      Section
        8.01. Liabilities of Mortgagors.

       

      No
        obligation or liability of any Mortgagor under any of the Mortgage Loans
        is
        intended to be assumed by the Depositor, the Master Servicer, the Trustee,
        the
        Holder of any Certificate under or as a result of this Agreement and the
        transactions contemplated hereby and, to the maximum extent permitted and
        valid
        under mandatory provisions of law, the Master Servicer, the Trustee and the
        Holders of each Certificate expressly disclaim such assumption.

       

      Section
        8.02. Liability of the Depositor.

       

      (a) The
        Depositor shall be liable in accordance herewith only to the extent of the
        obligations specifically imposed by this Agreement.

       

      (b) Neither
        the Depositor, nor any of the directors, officers, employees or agents of
        the
        Depositor, shall be under any liability to the Trust Fund, the Master Servicer,
        the Trustee or any Certificateholder 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 or any such Person against
        any
        breach of warranties or representations made herein, or against any specific
        liability imposed on each such party pursuant to this Agreement or against
        any
        liability which would otherwise be imposed by reason of willful misfeasance,
        bad
        faith or negligence in the performance of duties or by reason of reckless
        disregard of obligations or duties hereunder.

      
        
          
          

        

        
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      Section
        8.03. Relationship of Master Servicer.

       

      The
        relationship of the Master Servicer (and of any Successor Master Servicer
        under
        this Agreement) to the Trustee and the Depositor under this Agreement is
        intended by the parties hereto to be that of an independent contractor and
        not
        of a joint venturer, partner or agent of the Trustee or the Depositor, except
        as
        otherwise stated herein.

       

      Section
        8.04. Indemnities of the Master Servicer.

       

      (a) Subject
        to Section 4.33 hereof, the Master Servicer agrees to indemnify the Trust
        Fund,
        the Trustee and the Depositor and their respective directors, officers,
        employers and agents (the “Indemnified Parties”) from, and hold them harmless
        against, any and all costs, expenses (including reasonable attorney fees
        and
        disbursements), losses, claims, damages and liabilities that the Indemnified
        Parties may sustain to the extent attributable to the failure of the Master
        Servicer to perform its duties under this Agreement in compliance with its
        obligations hereunder, including, without limitation, its obligation to master
        service the Mortgage Loans in compliance with the terms of this Agreement.
        Each
        Indemnified Party shall immediately notify the Master Servicer if a claim
        is
        made by a third party with respect to this Agreement or the Mortgage Loans
        entitling the Trust Fund, the Depositor or the Trustee to indemnification
        hereunder, whereupon the Master Servicer shall assume the defense of any
        such
        claim and pay all expenses in connection therewith, including reasonable
        counsel
        fees, and promptly pay, discharge and satisfy any judgment or decree which
        may
        be entered against it or them in respect of such claim. This indemnification
        shall survive the termination of this Agreement and the resignation or removal
        of the Master Servicer.

       

      (b) This
        Section 8.04 shall survive the termination of this Agreement, the resignation
        or
        removal of the Master Servicer, and the resignation or removal of the Trustee,
        with respect to the acts or omissions of the Master Servicer while it acted
        as
        Master Servicer.

       

      ARTICLE
        IX

       

      CONCERNING
        THE TRUSTEE

       

      Section
        9.01. Duties of Trustee.

       

      (a) If
        an
        Event of Master Servicer Default has occurred and is continuing, the Trustee
        shall exercise 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.

      
        
          
          

        

        
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      (b) Except
        during the continuance of an Event of Master Servicer Default:

       

      (i)       the
        Trustee undertakes to perform such duties and only such duties as are
        specifically set forth in this Agreement and shall not be liable except for
        the
        performance of such duties and obligations as are specifically set forth
        in this
        Agreement and no implied covenants or obligations shall be read into this
        Agreement against the Trustee; and

       

      (ii)       in
        the absence of bad faith on its part, the Trustee may conclusively rely,
        as to
        the truth of the statements and the correctness of the statements or opinions
        expressed therein, upon certificates or opinions furnished to the Trustee
        and on
        their face conforming to the requirements of this Agreement; however, the
        Trustee shall examine the certificates and opinions to determine whether
        or not
        they conform on their face to the requirements of this Agreement.

       

      (c) The
        Trustee may not be relieved from liability for its own negligent action,
        its own
        negligent failure to act or its own willful misconduct, except
        that:

       

      (i)       this
        paragraph does not limit the effect of paragraph (b) of this
        Section;

       

      (ii)       the
        Trustee shall not be liable for any error of judgment made in good faith
        by a
        Responsible Officer unless it is proved that the Trustee was negligent in
        ascertaining the pertinent facts; and

       

      (iii)       the
        Trustee shall not be required to take notice or be deemed to have notice
        or
        knowledge of any default or Event of Master Servicer Default, unless a
        Responsible Officer of the Trustee obtains actual knowledge or written notice
        of
        such default or Event of Master Servicer Default. In the absence of such
        actual
        knowledge or notice, the Trustee may conclusively assume that there is no
        default or Event of Master Servicer Default.

       

      (d) Every
        provision of this Agreement that in any way relates to the Trustee is subject
        to
        paragraphs (a), (b), (c) and (g) of this Section.

       

      (e) The
        Trustee shall not be liable for indebtedness evidenced by or arising under
        any
        of the Basic Documents, including principal of or interest on the Certificates,
        or interest on any money received by it except as the Trustee may agree in
        writing.

       

      (f) Money
        held in trust by the Trustee need not be segregated from other funds except
        to
        the extent required by law or the terms of this Agreement.

       

      (g) No
        provision of this Agreement shall require the Trustee to expend, advance
        or risk
        its own funds or otherwise incur financial liability in the performance of
        any
        of its duties hereunder or in the exercise of any of its rights or powers,
        if it
        shall have reasonable grounds to believe that repayment of such funds or
        adequate indemnity against such risk or liability is not reasonably assured
        to
        it provided,
        however,
        that the
        Trustee shall not refuse or fail to perform any of its duties hereunder solely
        as a result of nonpayment of its normal fees and expenses.

      
        
          
          

        

        
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      (h) Every
        provision of this Agreement or any Basic Document relating to the conduct
        or
        affecting the liability of or affording protection to the Trustee shall be
        subject to the provisions of this Section and Section 9.02.

       

      (i) The
        Trustee shall execute and deliver this Agreement, the Servicing Agreements,
        the
        Cap Agreement, the Management Agreement and such other documents and instruments
        as shall be necessary or appropriate in accordance with its duties and
        obligations hereunder, including without limitation, any agreement relating
        to
        any Pool PMI Insurance Policy.

       

      Section
        9.02. Certain Matters Affecting the Trustee.

       

      (a) The
        Trustee, and any director, officer, employee or agent of the Trustee may
        rely in
        good faith on any document of any kind which, prima facie, is properly executed
        and submitted by any appropriate Person respecting any matters arising
        hereunder. The Trustee may rely on any document believed by it to be genuine
        and
        to have been signed or presented by the proper person. The Trustee need not
        investigate any fact or matter stated in the document.

       

      (b) Before
        the Trustee acts or refrains from acting, it may require an Officer’s
        Certificate or an Opinion of Counsel, which shall not be at the expense of
        the
        Trustee. The Trustee shall not be liable for any action it takes or omits
        to
        take in good faith in reliance on an Officer’s Certificate or Opinion of
        Counsel. The right of the Trustee to perform any discretionary act enumerated
        in
        this Agreement or in any Basic Document shall not be construed as a duty
        and the
        Trustee shall not be answerable for other than its negligence or willful
        misconduct in the performance of such act.

       

      (c) 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 or a custodian
        or
        nominee.

       

      (d) The
        Trustee shall not be liable for any action it takes or omits to take in good
        faith which it believes to be authorized or within its rights or powers;
        provided, that the Trustee’s conduct does not constitute willful misconduct,
        negligence or bad faith.

       

      (e) The
        Trustee may consult with counsel, and any Opinion of Counsel with respect
        to
        legal matters relating to this Agreement, any Basic Document and the
        Certificates shall be full and complete authorization and protection from
        liability in respect to any action taken, omitted or suffered by it hereunder
        in
        good faith and in accordance with any Opinion of Counsel of such
        counsel.

       

      (f) In
        the
        event that the Trustee is also acting as Certificate Registrar hereunder
        or
        under any Basic Document, the rights and protections afforded to the Trustee
        pursuant to this Article Six shall be afforded to such Certificate
        Registrar.

       

      Section
        9.03. Trustee’s Disclaimer.

       

      The
        Trustee shall not be responsible for and makes no representation as to the
        validity or adequacy of any of the Basic Documents, the assets of the Trust
        Fund
        or the Certificates; it shall not be accountable for the Depositor’s use of the
        proceeds from the Certificates, and it shall not be responsible for any
        statement of the Depositor, the Master Servicer or Servicers in this Agreement,
        any other Basic Documents or in any document issued in connection with the
        sale
        of the Certificates or in the Certificates other than the Trustee’s certificate
        of authentication.

      
        
          
          

        

        
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      Section
        9.04. Trustee May Own Certificates.

       

      The
        Trustee in its individual or any other capacity may become the owner or pledgee
        of Certificates with the same rights as it would have if it were not the
        Trustee.

       

      Section
        9.05. Compensation and Indemnity.

       

      The
        Trustee shall be entitled, as compensation for its services, to the Trustee
        Fee,
        as provided herein. The Trustee’s compensation shall not be limited by any law
        on compensation of a trustee of an express trust. The Trustee shall be
        reimbursed subject to Section 9.10 hereof from the Trust Fund, as provided
        in
        this Agreement, for all reasonable expenses incurred or made by it under
        this
        Agreement, including costs of collection, in addition to the compensation
        for
        its services (as provided in this Agreement). Such expenses shall include
        the
        reasonable compensation and expenses, disbursements and advances of the
        Trustee’s agents, counsel, accountants and experts.

       

      The
        Trust
        Fund shall indemnify the Trustee and the Trustee’s employees, directors and
        agents, as provided in the this Agreement, against any and all claim, loss,
        liability or expense (including attorneys’ fees) incurred by it in connection
        with the administration of this trust and the performance of its duties
        hereunder or under any Basic Document (to the extent not previously reimbursed
        above), including, without limitation, the execution and filing of any federal
        or state tax returns and information returns and being the mortgagee of record
        with respect to the Mortgage Loans. The Trustee shall notify the Depositor
        promptly of any claim for which it may seek indemnity. Failure by the Trustee
        to
        so notify the Depositor shall not relieve the Trust Fund of its obligations
        hereunder. The Trustee may have separate counsel and the fees and expenses
        of
        such counsel shall be paid from the Trust Fund. The Trust Fund shall not
        be
        required to reimburse any expense or indemnify against any loss, liability
        or
        expense incurred by the Trustee through the Trustee’s own willful misconduct,
        negligence or bad faith.

       

      The
        Trustee’s rights pursuant to this Section shall survive the discharge of this
        Agreement.

       

      Section
        9.06. Replacement of Trustee.

       

      No
        resignation or removal of the Trustee and no appointment of a successor Trustee
        shall become effective until the acceptance of appointment by the successor
        Trustee pursuant to this Section. The Trustee may resign at any time by giving
        90 days’ written notice thereof to the Master Servicer, the Depositor, each
        Certificateholder and each Rating Agency. The Depositor shall remove the
        Trustee
        if:

       

      (i)       the
        Trustee fails to comply with Section 9.09;

       

      (ii)       the
        Trustee is adjudged bankrupt or insolvent;

       

      (iii)       a
        receiver or other public officer takes charge of the Trustee or its property;
        or

      
        
          
          

        

        
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      (iv)       the
        Trustee otherwise becomes incapable of acting.

       

      If
        the
        Trustee resigns or is removed or if a vacancy exists in the office of the
        Trustee for any reason (the Trustee in such event being referred to herein
        as
        the retiring Trustee), the Depositor shall promptly appoint a successor Trustee
        that satisfies the eligibility requirements of Section 9.09.

       

      The
        resigning or removed Trustee agrees to cooperate with the Master Servicer
        and
        any successor Trustee in effecting the termination of the resigning or removed
        Trustee’s responsibilities and rights hereunder and shall promptly provide such
        successor Trustee all documents and records reasonably requested by it to
        enable
        it to assume the Trustee’s functions hereunder.

       

      A
        successor Trustee shall deliver a written acceptance of its appointment to
        the
        retiring Trustee and to the Depositor. Thereupon the resignation or removal
        of
        the retiring Trustee shall become effective, and the successor Trustee shall
        have all the rights, powers and duties of the Trustee under this Agreement.
        The
        successor Trustee shall mail a notice of its succession to Certificateholders.
        The retiring Trustee shall promptly transfer all property held by it as Trustee
        to the successor Trustee.

       

      If
        a
        successor Trustee does not take office within 30 days after the retiring
        Trustee
        resigns or is removed, the retiring Trustee, the Depositor or the Required
        Certificateholders may petition any court of competent jurisdiction for the
        appointment of a successor Trustee.

       

      If
        the
        Trustee fails to comply with Section 9.09, any Certificateholder may petition
        any court of competent jurisdiction for the removal of the Trustee and the
        appointment of a successor Trustee.

       

      Section
        9.07. Successor Trustee by Merger.

       

      If
        the
        Trustee consolidates with, merges or converts into, or transfers all or
        substantially all its corporate trust business or assets to, another corporation
        or banking association, the resulting, surviving or transferee corporation
        without any further act shall be the successor Trustee; provided, that such
        corporation or banking association shall be otherwise qualified and eligible
        under Section 9.09. The Trustee shall provide each Rating Agency prior written
        notice of any such transaction.

       

      In
        case
        at the time such successor or successors by merger, conversion or consolidation
        to the Trustee shall succeed to the trusts created by this Agreement any
        of the
        Certificates shall have been authenticated but not delivered, any such successor
        to the Trustee may adopt the certificate of authentication of any predecessor
        trustee and deliver such Certificates so authenticated; and in case at that
        time
        any of the Certificates shall not have been authenticated, any successor
        to the
        Trustee may authenticate such Certificates either in the name of any predecessor
        hereunder or in the name of the successor to the Trustee; and in all such
        cases
        such certificates shall have the full force which it is anywhere in the
        Certificates or in this Agreement provided that the certificate of the Trustee
        shall have.

      
        
          
          

        

        
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      Section
        9.08. Appointment of Co-Trustee or Separate Trustee.

       

      (a) Notwithstanding
        any other provisions of this Agreement, at any time, for the purpose of meeting
        any legal requirement of any jurisdiction in which any part of the Trust
        Fund
        may at the time be located, the Trustee shall have the power and may execute
        and
        deliver all instruments to appoint one or more Persons to act as a co-trustee
        or
        co-trustees, or separate trustee or separate trustees, of all or any part
        of the
        Trust Fund and to vest in such Person or Persons, in such capacity and for
        the
        benefit of the Certificateholders, such title to the Trust Fund, or any part
        hereof, and, subject to the other provisions of this Section, 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 9.09 and no
        notice
        to Certificateholders of the appointment of any co-trustee or separate trustee
        shall be required under Section 9.06 hereof.

       

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

       

      (i)       all
        rights, powers, duties and obligations conferred or imposed upon the Trustee
        shall be conferred or imposed upon and exercised or performed by the Trustee
        and
        such separate trustee or co-trustee jointly (it being understood that such
        separate trustee or co-trustee is not authorized to act separately without
        the
        Trustee joining in such act), except to the extent that under any law of
        any
        jurisdiction in which any particular act or acts are to be performed the
        Trustee
        shall be incompetent or unqualified to perform such act or acts, in which
        event
        such rights, powers, duties and obligations (including the holding of title
        to
        the Trust Fund or any portion thereof in any such jurisdiction) shall be
        exercised and performed singly by such separate trustee or co-trustee, but
        solely at the direction of the Trustee;

       

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

       

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

       

      (c) 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
        Six.
        Each separate trustee and co-trustee, upon its acceptance of the trusts
        conferred, shall be vested with the estates or property specified in its
        instrument of appointment, either jointly with the Trustee or separately,
        as may
        be provided therein, subject to all the provisions of this Agreement,
        specifically including every provision of this Agreement relating to the
        conduct
        of, affecting the liability of, or affording protection to, the Trustee.
        Every
        such instrument shall be filed with the Trustee.

       

      (d) 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.

      
        
          
          

        

        
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      Section
        9.09. Eligibility; Disqualification.

       

      The
        Trustee (or any Affiliate of the Trustee, in the case of (iv) below) shall
        at
        all times (i) have a combined capital and surplus of at least $100,000,000
        as
        set forth in its most recent published annual report of condition, (ii) have
        a
        long term deposit rating of at least A or the equivalent by each Rating Agency,
        (iii) not be an Affiliate of the Depositor or the Master Servicer or any
        Servicer, (iv) be an FHA Approved Mortgagee and be qualified to own and hold
        VA
        Mortgage Loans, (v) be in compliance with all applicable Regulations, (vi)
        be a
        corporation or association organized and doing business under the laws of
        the
        United States or any State thereof, (vii) be authorized to exercise corporate
        trust powers and (viii) be subject to supervision or examination by a federal
        or
        state authority. In case at any time the Trustee shall cease to be eligible
        in
        accordance with provisions of this Section, the Trustee shall resign immediately
        in the manner and with the effect specified in Section 9.06.

       

      Section
        9.10. Fees and Expenses.

       

      On
        each
        Distribution Date, the Trustee shall be entitled to withdraw from the
        Certificate Distribution Account, pursuant to Section 6.04(c) hereof, the
        Trustee Fee. In addition, the Trustee and any co-trustee are entitled to
        reimbursement from the Collection Account, in accordance with Section 4.08(ix)
        of this Agreement, for all reasonable expenses, disbursements and advances
        incurred or made by the Trustee or any co-trustee in accordance with any
        provisions of this Agreement (including the reasonable compensation and the
        expenses and disbursements of its counsel and of all persons not regularly
        in
        its employ, and the expenses incurred by the Trustee or any co-trustee in
        connection with the appointment of an office or agency pursuant to Section
        9.08
        hereof) except any such expense, disbursement or advance as may arise from
        its
        negligence, bad faith or willful misconduct; provided,
        however,
        that
        the Trustee’s reimbursable fees and expenses may not exceed $100,000 during any
        Anniversary Year. In the event that the Trustee incurs reimbursable fees
        and
        expenses in excess of $100,000, it may seek reimbursement for such amounts
        in
        subsequent Anniversary Years, but in no event shall more than $100,000 be
        reimbursed to the Trustee per Anniversary Year.

       

      Section
        9.11. Representations and Warranties.

       

      The
        Trustee hereby represents and covenants that:

       

      (i)       the
        Trustee is duly organized and validly existing as a national banking association
        in good standing under the laws of the United States with power and authority
        to
        own its properties and to conduct its business as such properties are currently
        owned and such business is presently conducted;

       

      (ii)       the
        Trustee has the power and authority to execute and deliver this Agreement
        and to
        carry out its terms; and the execution, delivery and performance of this
        Agreement have been duly authorized by the Trustee by all necessary corporate
        action;

      
        
          
          

        

        
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      (iii)       the
        consummation of the transactions contemplated by this Agreement and the
        fulfillment of the terms hereof do not conflict with, result in any breach
        of
        any of the terms and provisions of, or constitute (with or without notice
        or
        lapse of time) a default under the articles of organization or bylaws of
        the
        Trustee or any agreement or other instrument to which the Trustee is a party
        or
        by which it is bound;

       

      (iv)       to
        the Trustee’s best knowledge, there are no proceedings or investigations pending
        or threatened before any court, regulatory body, administrative agency or
        other
        governmental instrumentality having jurisdiction over the Trustee or its
        properties: (i) asserting the invalidity of this Agreement, (ii) seeking
        to
        prevent the consummation of any of the transactions contemplated by this
        Agreement or (iii) seeking any determination or ruling that might materially
        and
        adversely affect the performance by the Trustee of its obligations under,
        or the
        validity or enforceability of, this Agreement; and

       

      (v)       the
        Trustee is an FHA Approved Mortgagee and is qualified to own and hold VA
        Mortgage Loans, shall at all times maintain such status, and shall, at its
        own
        expense, maintain compliance with all applicable Regulations.

       

      Section
        9.12. Trustee
        Exchange Act Reporting Requirements.

       

      Notwithstanding
        any other provision of this Agreement, the Trustee
        shall
        (i)
        agree to such modifications and enter into such amendments to this Agreement
        as
        may be reasonably necessary for the Depositor to comply with any rules
        promulgated by the Commission and any interpretations thereof by the staff
        of
        the Commission (collectively, “SEC Rules”), provided
        that the
        Trustee has the right to negotiate any change affecting its rights or
        responsibilities under this Agreement and (ii) promptly upon request provide
        to
        the Depositor for inclusion in any periodic report required to be filed under
        the Exchange Act such items of information regarding this Agreement and matters
        related to the Trustee,
        including as applicable (by way of example and not limitation), a description
        of
        any material litigation or governmental action or proceeding involving the
        Trustee
        or its affiliates;
        provided,
        that
        such
        information shall be required to be provided by the Trustee only to the extent
        that such shall be reasonably necessary for the Depositor to comply with
        any SEC
        Rules.

       

      ARTICLE
        X

       

      MISCELLANEOUS

       

      Section
        10.01. Termination upon Liquidation or Purchase of all Mortgage
        Loans.

       

      Subject
        to Section 10.03, the respective obligations and responsibilities of the
        Master
        Servicer, the Depositor and the Trustee created hereby (other than obligations
        expressly stated to survive the termination of the Trust Fund) shall terminate
        on the date (the “Termination Date”) which is the earlier to occur
        of:

       

      (i)       the
        day after the day on which the Certificates, including any Deferred Principal
        Amounts owed thereon, are paid in full (including payment pursuant to Section
        10.02 below); and

      
        
          
          

        

        
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      (ii)       the
        date that is 21 years from the death of the last survivor of the descendants
        of
        Joseph P. Kennedy, the late ambassador of the United States to the Court
        of St.
        James’s, living on the date hereof.

       

      Section
        10.02. Optional Termination; Final Distribution on the
        Certificates.

       

      (a) On
        any
        Distribution Date on or after the first Distribution Date on which the Aggregate
        Pool Balance as of the beginning of the related Due Period is less than ten
        percent of the Cut-off Date Aggregate Pool Balance, the Master Servicer,
        acting
        directly or through one or more Affiliates, shall have the option to purchase
        from the Trustee all (but not fewer than all) of the Mortgage Loans and all
        other property of the Trust Fund at a cash price equal to the sum of (u)
        the
        greater of (i) the sum of (a) the unpaid principal balance of each Mortgage
        Loan
        immediately prior to the date of purchase and (b) the
        amount of any costs and damages incurred by the Trust Fund as a result of
        any
        violation of any predatory or abusive lending law arising from or in connection
        with the origination of such Mortgage Loan
        and (ii)
        the fair market value of such Mortgage Loans (disregarding accrued interest),
        (v) any accrued and unpaid interest on the Mortgage Loans from the date as
        to
        which interest was last paid to (but not including) the Due Date in the Due
        Period immediately preceding the related Distribution Date, calculated at
        the
        Mortgage Rate thereon to but not including the related Distribution Date,
        (w)
        any unreimbursed Servicing Advances with respect to such Mortgage Loan, (x)
        the
        Class A-IO Termination Amount and (y) the fair market value of all other
        property of the Trust Fund (the sum of the amounts in clauses (u) through
        (y),
        the “Termination Price”). 100% of the Holders of the Class X Certificates shall
        have (I) the right to direct the Master Servicer to exercise such option
        and
        (II) the obligation to purchase the Mortgage Loans and all other property
        of the
        Trust Fund from the Master Servicer. The Master Servicer shall deliver written
        notice of its intention to exercise such option to the Trustee not less than
        ten
        days prior to the applicable Distribution Date. Upon exercise of such option,
        the property of the Trust Fund shall be sold to the Master Servicer at a
        price
        equal to the Termination Price, whereupon the Master Servicer shall immediately
        sell such property to the Holders of the Class X Certificates at a price
        equal
        to the Termination Price. Notwithstanding anything in this Agreement to the
        contrary, the Master Servicer shall not be obligated to purchase the assets
        of
        the Trust Fund unless and until the Master Servicer shall have received funds
        from the Holders of the Class X Certificates in an amount equal to the
        Termination Price.

       

      The
        right
        of the Holders of the Class X Certificates to direct the Master Servicer
        to
        exercise such optional purchase right is superior to such right of the Master
        Servicer. The Master Servicer may only exercise such optional right on its
        own
        behalf if the Holders of the Class X Certificates do not direct the Master
        Servicer to exercise the right as set forth in this Section. In connection
        with
        such purchase, the Master Servicer shall remit to the Trustee all amounts
        then
        on deposit in the Collection Account in respect of the related Total
        Distribution Amount for deposit to the Certificate Distribution Account,
        which
        deposit shall be deemed to have occurred immediately preceding such
        purchase.

       

      (b) If
        on any
        Determination Date the Master Servicer determines that there are no outstanding
        Mortgage Loans and no other funds or assets in the Trust Fund other than
        the
        funds in the Certificate Distribution Account, the Master Servicer shall
        direct
        the Trustee promptly to send a final distribution notice to each
        Certificateholder. If the Master Servicer on its own behalf, or at the direction
        of the Holders of the Class X Certificates, elects to terminate the Trust
        Fund
        pursuant to clause (a) of Section 10.02, at least 10 days prior to the date
        notice is to be mailed to the affected Certificateholders the Master Servicer
        shall notify the Depositor and the Trustee of the date of termination of
        the
        Trust Fund and of the applicable repurchase price of the Mortgage Loans and
        REO
        Properties.

      
        
          
          

        

        
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      Notice
        of
        any termination of the Trust Fund, specifying the Distribution Date on which
        Certificateholders may surrender their Certificates for payment of the final
        distribution and cancellation, shall be given promptly by the Trustee by
        letter
        to Certificateholders mailed not earlier than the 5th day and no later than
        the
        28th day of the month next preceding the month of such final distribution.
        Any
        such notice shall specify (a) the Distribution Date upon which final
        distribution on the Certificates will be made upon presentation and surrender
        of
        Certificates at the office therein designated, (b) the amount of such final
        distribution, (c) the location of the office or agency at which such
        presentation and surrender must be made, and (d) that the Record Date
        otherwise applicable to such Distribution Date is not applicable, distributions
        being made only upon presentation and surrender of the Certificates at the
        office therein specified. The Trustee will give such notice to each Rating
        Agency at the time such notice is given to Certificateholders.

       

      In
        the
        event such notice is given, the Master Servicer shall cause all funds in
        the
        Collection Account to be remitted to the Trustee for deposit in the Certificate
        Distribution Account on the Business Day prior to the applicable Distribution
        Date in an amount equal to the final distribution in respect of the
        Certificates. Upon such final deposit with respect to the Trust Fund and
        the
        receipt by the Trustee of a Request for Release therefor, the Trustee shall
        promptly release to the purchaser the Mortgage Files for the Mortgage
        Loans.

       

      Upon
        presentation and surrender of the Certificates, the Trustee shall cause to
        be
        distributed to the Certificateholders of each Class, in each case on the
        final
        Distribution Date and in the order set forth in Section 6.05(h), in proportion
        to their respective Percentage Interests, with respect to Certificateholders
        of
        the same Class, an amount equal to (i) as to each Class of Regular Certificates,
        the Class Principal Balance thereof plus
        accrued
        interest thereon (or on their Class Notional Balance, if applicable) in the
        case
        of an interest bearing Certificate (plus,
        as to
        the Class A-IO Certificates, the Class A-IO Termination Amount, in the case
        of
        termination pursuant to Section 10.02(a) above), and (ii) as to the Residual
        Certificates, the amount, if any, which remains on deposit in the Certificate
        Distribution Account (other than the amounts retained to meet claims) after
        application pursuant to clause (i) above.

       

      In
        the
        event that any affected Certificateholders shall not surrender Certificates
        for
        cancellation within six months after the date specified in the above-mentioned
        written notice, the Trustee shall give a second written notice to the remaining
        Certificateholders to surrender their Certificates for cancellation and receive
        the final distribution with respect thereto. If within six months after the
        second notice all the applicable Certificates shall not have been surrendered
        for cancellation, the Trustee may take appropriate steps, to contact the
        remaining Certificateholders concerning surrender of their Certificates,
        and the
        cost thereof shall be paid out of the funds and other assets which remain
        a part
        of the Trust Fund. If within one year after the second notice all Certificates
        shall not have been surrendered for cancellation, the Class R Certificateholders
        shall be entitled to all unclaimed funds and other assets of the Trust Fund
        which remain subject hereto.

      
        
          
          

        

        
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      (c) In
        connection with any purchase of the property of the Trust Fund pursuant to
        paragraphs (a) or (b) of this Section 10.02, the Master Servicer shall reimburse
        itself and each applicable Servicer for any amounts to be reimbursed to the
        Master Servicer or such Servicer pursuant to this Agreement and the applicable
        Servicing Agreements from funds in the Collection Account prior to remitting
        the
        balance of the funds in the Collection Account to the Certificate Distribution
        Account. Promptly following any such purchase pursuant to paragraphs (a)
        or (b)
        of this Section, the Trustee shall release the Mortgage Files to the purchaser
        of such Mortgage Loans pursuant to this Section 10.02, or otherwise upon
        its
        order.

       

      (d) Promptly
        following the sale of the Mortgage Loans pursuant to this Section, the Master
        Servicer shall notify each Servicer in writing of the date of sale and the
        identity of the purchaser.

       

      Section
        10.03. Additional Termination Requirements.

       

      (a) In
        the
        event that the Master Servicer exercises the purchase option as provided
        in
        Section 10.02(a) on its own behalf, or at the direction of the Holders of
        the
        Class X Certificates (each of the Master Servicer and the Holders of the
        Class X
        Certificates, a “Terminating Party”), the Trust Fund shall be terminated in
        accordance with the following additional requirements, unless the Trustee
        has
        been supplied with an Opinion of Counsel, at the expense of the Terminating
        Party, to the effect that the failure to comply with the requirements of
        this
        Section 10.03 will not result in an Adverse REMIC Event:

       

      (i)       Within
        90 days prior to the final Distribution Date set forth in the notice given
        under
        Section 10.02, the Terminating Party shall prepare and the Trustee, at the
        expense of the Terminating Party, shall adopt a plan of complete liquidation
        within the meaning of section 860F(a)(4) of the Code which, as evidenced
        by an
        Opinion of Counsel (which opinion shall not be an expense of the Trustee
        or the
        Tax Matters Person), meets the requirements of a qualified liquidation;
        and

       

      (ii)       Within
        90 days after the time of adoption of such a plan of complete liquidation,
        the
        Trustee shall sell all of the assets of the Trust Fund to the Master Servicer
        for cash.

       

      (b) The
        Trustee as agent for any REMIC hereby agrees to adopt and sign such a plan
        of
        complete liquidation upon the written request of the Master Servicer, and
        the
        receipt of the Opinion of Counsel referred to in Section 10.03(a)(i) and
        to take
        such other action in connection therewith as may be reasonably requested
        by the
        Master Servicer.

       

      (c) By
        their
        acceptance of the Certificates, the Holders thereof hereby authorize the
        Terminating Party to prepare and the Trustee to adopt and sign a plan of
        complete liquidation.

       

      Section
        10.04. Beneficiaries.

       

      This
        Agreement will inure to the benefit of and be binding upon the parties hereto,
        the Holders of the Certificates, and their respective successors and permitted
        assigns. No other Person will have any right or obligation
        hereunder.

      
        
          
          

        

        
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      Section
        10.05. Amendment.

       

      (a) This
        Agreement may be amended from time to time by the Depositor, the Master Servicer
        and the Trustee, without the consent of any of the Holders of the Certificates,
        (i) to cure any ambiguity, (ii) to correct or supplement any provision herein
        that may be inconsistent with any other provision herein, to correct any
        error
        or to conform the provisions hereof to statements made in the Prospectus,
        (iii)
        to obtain or maintain a rating for a Class of Certificates from a nationally
        recognized statistical rating organization, (iv) to change the timing and/or
        nature of deposits in the Trust Accounts or to change the name in which the
        Collection Account is maintained (except that (x) deposits into the Certificate
        Distribution Account must be made no later than the related Distribution
        Date
        and (y) such change will not result in a qualification, withdrawal or downgrade
        of the then-current rating of any rated Classes of Certificates, as evidenced
        by
        letters from the Rating Agencies), (v) to modify, eliminate or add to any
        of its
        provisions (x) to the extent necessary to (1) maintain the qualification
        of any
        REMIC as a REMIC under the Code, (2) avoid or minimize the risk of imposition
        of
        any tax on the Trust Fund or any REMIC or (3) comply with other requirements
        of
        the Code, provided that the Trustee has received an Opinion of Counsel to
        the
        effect that such action is necessary or desirable to avoid or minimize such
        risk
        or (y) to restrict the transfer of any Residual Certificate, and (vi) to
        make
        any other provisions with respect to matters or questions arising under this
        Agreement that are not materially inconsistent with the provisions hereof,
        provided that such action will not adversely affect in any material respect
        the
        interests of any Certificateholder as evidenced by either an Opinion of Counsel
        or by a letter from each Rating Agency to the effect that such change will
        not
        adversely affect the applicable ratings of any rated Classes of the
        Certificates; provided,
        however,
        that if
        any Class of Certificates rated by S&P remains outstanding at the time of
        such proposed amendment, such letter from S&P shall be required under this
        clause (vi).

       

      (b) This
        Agreement may also be amended from time to time by the Master Servicer, the
        Depositor and the Trustee, with the consent of the Required Certificateholders,
        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 the Certificates; provided,
        however,
        that no
        such amendment shall (a) reduce in any manner the amount of, or delay the
        timing
        of, collections of payments on the Mortgage Loans or distributions which
        are
        required to be made on any Certificate then outstanding, (b) reduce the
        percentage required to consent to any such amendment, (c) cause the Trust
        to be
        taxable as a corporation for federal income tax purposes or (d) modify this
        Section 10.05(b) without the consent of the Holders of all of the Certificates.
        The Trustee may set a record date for purposes of determining the holders
        entitled to give a written consent or waive compliance as authorized or
        permitted by this Section 10.05(b). Such record date shall not be more than
        30
        days prior to the first solicitation to such consent or waiver.

       

      (c) Promptly
        after the execution of any amendment or consent pursuant to this Section
        10.05,
        the Trustee shall furnish a copy of such amendment to each Holder of a
        Certificate and, not later than the tenth Business Day preceding the
        effectiveness of any such amendment, to each Rating Agency.

      
        
          
          

        

        
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      (d) The
        manner of obtaining consents and of evidencing the authorization of the
        execution thereof by Holders of the Certificates shall be subject to such
        reasonable requirements as the Trustee may prescribe.

       

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

       

      (f) In
        connection with any amendment pursuant to this Section 10.05, the Trustee,
        the
        Master Servicer and the Depositor shall be entitled to receive an Opinion
        of
        Counsel to the effect that (i) such amendment is authorized or permitted
        by the
        Agreement and that all conditions precedent to the execution of such amendment
        in accordance with the relevant provisions of this Section 10.05 have been
        met
        and (ii) such amendment will not result in an Adverse REMIC Event.

       

      (g) Notwithstanding
        anything to the contrary in this Section 10.05, this Agreement may be amended
        from time to time by the Depositor, the Master Servicer and the Trustee to
        the
        extent necessary, in the judgment of the Depositor and its counsel, to comply
        with the SEC Rules.

       

      Section
        10.06. Notices.

       

      (a) All
        communications and notices to the parties hereto shall be in writing and
        delivered as follows:

       

      If
        to
        the Master Servicer, to:

      

      Wells
        Fargo Bank, N.A.

      P.O.
        Box
        98

      Columbia,
        Maryland 21046

      Attention:
        Master Servicing - Bayview 2006-A 

      Telephone:
        (410) 884-2000

      Telecopier:
        (410) 715-2380

      

      If
        to
        the Master Servicer via overnight delivery to:

      

      9062
        Old
        Annapolis Rd.

      Columbia,
        Maryland 21045

      Attention:
        Master Servicing - Bayview 2006-A

      Telephone:
        (410) 884-2000

      Telecopier:
        (410) 715-2380

       

      If
        to
        the Trustee, to:
        

      

      U.S.
        Bank
        National Association

      One
        Federal Street

      EX-MA-FED

      Boston,
        Massachusetts 02110

      Attention:
        Corporate Trust Services - Bayview 2006-A

      Telephone:
        (617) 603-6455

      Facsimile:   
        (617) 603-6638

      
        
          
          

        

        
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      If
        to
        the Depositor, to:

      

      Bayview
        Financial Securities Company, LLC

      4425
        Ponce de Leon Boulevard, 4th
        Floor

      Coral
        Gables, Florida 33146

      Telephone:
        (305)
        341-5632

      Facsimile:   
        (305) 854-2031

       

      If
        to
        the Rating Agencies, to:

      

      Standard
        & Poor’s Ratings Services

      55
        Water
        Street, 41st
        Floor

      New
        York,
        New York 10041

      Attn:
        Bayview 2006-A

      Telephone:
        (212) 438-2000

      Telecopier:
        (212) 438-2661

      

      Moody’s
        Investors Service, Inc.

      99
        Church
        Street

      New
        York,
        New York 10007

      Attn:
        Bayview 2006-A

      Telephone:
        (212) 553-0300

      Telecopier:
        (212) 553-0881

       

      or
        at
        such other address as the party may designate by notice to the other parties
        hereto, which shall be effective when received.

       

      (b) The
        Trustee shall, at the expense of the Trust Fund, make available to each Rating
        Agency such information as such Rating Agency may reasonably request regarding
        the Certificates or the Trust Fund, to the extent that such information is
        reasonably available to the Trustee.

       

      (c) All
        communications and notices to Certificateholders given pursuant hereto shall
        be
        in writing and mailed first class mail, postage prepaid at the address shown
        above, or, in the case of the Certificateholders, at the address shown in
        the
        Certificate Register, as applicable. Such notices shall be deemed given when
        mailed.

       

      Section
        10.07. Merger and Integration.

       

      Except
        as
        specifically stated otherwise herein, this Agreement sets forth the entire
        understanding of the parties relating to the subject matter hereof, and all
        prior understandings, written or oral, are superseded by this Agreement.
        This
        Agreement may not be modified, amended, waived or supplemented except as
        provided herein.

      
        
          
          

        

        
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      Section
        10.08. Headings.

       

      The
        headings herein are for purposes of reference only and shall not otherwise
        affect the meaning or interpretation of any provision hereof.

       

      Section
        10.09. [Reserved]

       

      Section
        10.10. Severability of Provisions.

       

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

       

      Section
        10.11. No Proceedings.

       

      Notwithstanding
        any prior termination of this Agreement, the Trustee, the Master Servicer
        and
        the Depositor shall not, prior to the date which is one year and one day
        after
        the termination of this Agreement, acquiesce, petition or otherwise invoke
        or
        cause any Person to invoke the process of any court or government authority
        for
        the purpose of commencing or sustaining a case against the Depositor or the
        Trust Fund under any federal or state bankruptcy, insolvency or similar law
        or
        appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
        or
        other similar official of the Depositor or the Trust Fund or any substantial
        part of their respective property, or ordering the winding up or liquidation
        of
        the affairs of the Depositor or the Trust Fund.

       

      Section
        10.12. Governing Law; Consent to Jurisdiction; Waiver of Jury
        Trial.

       

      (a) THIS
        AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
        OF THE
        STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
        THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS,
        RIGHTS
        AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
        SUCH LAWS.

       

      (b) THE
        MASTER SERVICER, THE DEPOSITOR AND THE TRUSTEE HEREBY SUBMIT TO THE
        NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE
        UNITED
        STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY,
        SOLELY WITH RESPECT TO MATTERS ARISING UNDER THIS AGREEMENT, AND EACH WAIVES
        PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH
        SERVICE OF PROCESS BE MADE BY REGISTERED MAIL DIRECTED TO THE ADDRESS SET
        FORTH
        IN SECTION 10.06 HEREOF AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED
        UPON
        RECEIPT THEREOF. THE MASTER SERVICER, THE DEPOSITOR AND THE TRUSTEE EACH
        HEREBY
        WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO
        VENUE
        OF ANY ACTION INSTITUTED HEREUNDER AND CONSENTS TO THE GRANTING OF SUCH LEGAL
        OR
        EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION
        SHALL AFFECT THE RIGHT OF THE MASTER SERVICER, THE DEPOSITOR AND THE TRUSTEE
        TO
        SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT
        OF
        ANY SUCH PERSON TO BRING ANY ACTION OR PROCEEDING IN THE COURTS OF ANY OTHER
        JURISDICTION.

      
        
          
          

        

        
          150

          
            

          

        

        
          
          

        

      

       

      (c) THE
        MASTER SERVICER, THE DEPOSITOR AND THE TRUSTEE EACH HEREBY WAIVES ANY RIGHT
        TO
        HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT,
        TORT, OR OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATED TO, OR IN CONNECTION
        WITH THIS AGREEMENT. INSTEAD, ANY DISPUTE RESOLVED IN COURT WILL BE RESOLVED
        IN
        A BENCH TRIAL WITHOUT A JURY.

       

      Section
        10.13. Counterparts.

       

      This
        Agreement may be executed in counterparts each of which shall be an original,
        but all of which together shall constitute one and the same
        instrument.

       

      Section
        10.14. Taxes.

       

      It
        is
        intended that the assets with respect to which any REMIC election is to be
        made,
        as set forth in the Preliminary Statement to this Agreement, shall constitute,
        and that the conduct of matters relating to such assets shall be such as
        to
        qualify such assets as, a “real estate mortgage investment conduit” as defined
        in and in accordance with the REMIC Provisions. In furtherance of such
        intention, the Master Servicer covenants and agrees that it shall act as
        agent
        (and the Master Servicer is hereby appointed to act as agent) on behalf of
        any
        such REMIC and that in such capacity it shall: (a) prepare and file, or cause
        to
        be prepared and filed, in a timely manner, a U.S. Real Estate Mortgage
        Investment Conduit Income Tax Return (Form 1066 or any successor form adopted
        by
        the Internal Revenue Service) and prepare and file or cause to be prepared
        and
        filed with the Internal Revenue Service and applicable state or local tax
        authorities income tax or information returns for each taxable year with
        respect
        to any such REMIC, containing such information and at the times and in the
        manner as may be required by the Code or state or local tax laws, regulations,
        or rules, and furnish or cause to be furnished to Certificateholders the
        schedules, statements or information at such times and in such manner as
        may be
        required thereby; (b) within thirty days of the Closing Date, furnish or
        cause
        to be furnished to the Internal Revenue Service, on Forms 8811 or as otherwise
        may be required by the Code, the name, title, address, and telephone number
        of
        the person that the holders of the Certificates may contact for tax information
        relating thereto, together with such additional information as may be required
        by such Form, and update such information at the time or time in the manner
        required by the Code; (c) make or cause to be made elections that such assets
        be
        treated as a REMIC on the federal tax return for its first taxable year (and,
        if
        necessary, under applicable state law); (d) prepare and forward, or cause
        to be
        prepared and forwarded, to the Certificateholders and to the Internal Revenue
        Service and, if necessary, state tax authorities, all information returns
        and
        reports as and when required to be provided to them in accordance with the
        REMIC
        Provisions, including without limitation, the calculation of any original
        issue
        discount using the Prepayment Assumption; (e) provide information necessary
        for
        the computation of tax imposed on the transfer of a Residual Certificate
        to a
        Person that is not a Permitted Transferee, or agent (including a broker,
        nominee
        or other middleman) of a Non-Permitted Transferee, or a pass-through entity
        in
        which a Non-Permitted Transferee is the record holder of an interest (the
        reasonable cost of computing and furnishing such information may be charged
        to
        the Person liable for such tax); (f) to the extent that they are under its
        control conduct matters relating to such assets at all times that any
        Certificates are outstanding so as to maintain the status as a REMIC under
        the
        REMIC Provisions; (g) not knowingly or intentionally take any action or omit
        to
        take any action that would cause the termination of any REMIC status; (h)
        pay,
        from the sources specified in the last paragraph of this Section 10.14, the
        amount of any federal or state tax, including prohibited transaction taxes
        as
        described below, imposed on any such REMIC prior to its termination when
        and as
        the same shall be due and payable (but such obligation shall not prevent
        the
        Trustee or any other appropriate Person from contesting any such tax in
        appropriate proceedings and shall not prevent the Trustee from withholding
        payment of such tax, if permitted by law, pending the outcome of such
        proceedings); (i) ensure that federal, state or local income tax or information
        returns shall be signed by the Trustee or such other person as may be required
        to sign such returns by the Code or state or local laws, regulations or rules;
        (j) maintain records relating to any such REMIC, including but not limited
        to
        the income, expenses, assets and liabilities thereof and adjusted basis of
        the
        assets determined at such intervals as may be required by the Code, as may
        be
        necessary to prepare the foregoing returns, schedules, statements or
        information; and (k) as and when necessary and appropriate, represent any
        such
        REMIC in any administrative or judicial proceedings relating to an examination
        or audit by any governmental taxing authority, request an administrative
        adjustment as to any taxable year of any such REMIC, enter into settlement
        agreements with any governmental taxing agency, extend any statute of
        limitations relating to any tax item of any such REMIC, and otherwise act
        on
        behalf of any such REMIC in relation to any tax matter or controversy involving
        it.

      
        
          
          

        

        
          151

          
            

          

        

        
          
          

        

      

       

      In
        order
        to enable the Master Servicer to perform its duties as set forth herein,
        the
        Depositor shall provide, or cause to be provided, to the Master Servicer
        within
        ten (10) days after the Closing Date all information or data that the Master
        Servicer requests in writing and determines to be relevant for tax purposes
        to
        the valuations and offering prices of the Certificates, including, without
        limitation, the price, yield, prepayment assumption and projected cash flows
        of
        the Certificates and the Mortgage Loans. Thereafter, the Depositor shall
        provide
        to the Master Servicer promptly upon written request therefor, any such
        additional information or data that the Master Servicer may, from time to
        time,
        reasonably request in order to enable the Master Servicer to perform its
        duties
        as set forth herein. The Depositor hereby indemnifies the Master Servicer
        for
        any losses, liabilities, damages, claims or expenses of the Master Servicer
        arising from any errors or miscalculations of the Master Servicer that result
        from any failure of the Depositor to provide, or to cause to be provided,
        accurate information or data to the Master Servicer on a timely
        basis.

       

      In
        the
        event that any tax is imposed on “prohibited transactions” of any REMIC
        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 contribution to any REMIC hereunder after the Startup Day pursuant
        to
        Section 860G(d) of the Code, or any other tax is imposed, including, without
        limitation, any minimum tax imposed upon any REMIC hereunder pursuant to
        Sections 23153 and 24874 of the California Revenue and Taxation Code, if
        not
        paid as otherwise provided for herein, such tax shall be paid by (i) the
        Trustee, if any such other tax arises out of or results from a breach by
        the
        Trustee of any of its obligations under this Agreement, (ii) the Master
        Servicer, in the case of any such minimum tax, or if such tax arises out
        of or
        results from a breach by the Master Servicer of any of its obligations under
        this Agreement, (iii) the Seller, if any such tax arises out of or results
        from
        the Seller’s obligation to repurchase a Mortgage Loan pursuant to Section 2.02
        or 2.03 or (iv) in all other cases, or in the event that the Trustee, the
        Master
        Servicer or the Seller fails to honor its obligations under the preceding
        clauses (i), (ii) or (iii), any such tax will be paid with amounts otherwise
        to
        be distributed to the Certificateholders.

      
        
          
          

        

        
          152

          
            

          

        

        
          
          

        

      

       

      Section
        10.15. [Reserved]

       

      Section
        10.16. Provision of Information.

       

      (a) For
        so
        long as any of the Restricted Certificates are “restricted securities” within
        the meaning of Rule 144(a)(3) under the Securities Act, the Trustee agrees
        to
        provide to any holder of Restricted Certificates and to any prospective
        purchaser of Restricted Certificates designated by such a Certificateholder,
        upon the request of such Certificateholder or prospective purchaser, the
        information specified below, which is intended to satisfy the condition set
        forth in Rule 144A(d)(4) under the Securities Act; provided
        that
        this Section shall require, as to the Depositor, the Trustee or the Master
        Servicer, only that the Trustee provide publicly available information regarding
        it, the Depositor, the Trust Fund or the Master Servicer in response to any
        such
        request:

       

      (i)       the
        Prospectus and any amendments and supplements thereto;

       

      (ii)       the
        Basic Documents and any amendments thereto;

       

      (iii)       the
        Master Servicer’s certificate required pursuant to Section 4.28 of this
        Agreement and the corresponding certificate of each Servicer required pursuant
        to the applicable Servicing Agreement;

       

      (iv)       copies
        of each statement or report sent to Certificateholders pursuant to Section
        6.08
        during the 12 months immediately prior to such request; and

       

      (v)       such
        other information as is reasonably available to the Trustee and is directly
        related to the distributions on the Certificates and the servicing and
        performance of the Mortgage Loans.

       

      Any
        recipient of information provided pursuant to this Section shall agree that
        such
        information shall not be disclosed or used for any purpose other than the
        evaluation of the Certificates by the prospective purchaser. The Depositor
        and
        the Trustee shall have no responsibility for the sufficiency under Rule 144A
        of
        any information so provided by the Trustee to any Certificateholder or
        prospective purchaser of Restricted Certificates.

       

      
        
          
          

        

        
          153

          
            

          

        

        
          
          

        

      

      (b) The
        Master Servicer will make available on its Internet website at www.ctslink.com
        (i) a
        copy (excluding exhibits) of reports on Form 8-K (or other prescribed form)
        or
        Form 10-K filed with the Commission pursuant to Section 4.31 and (ii) a copy
        of
        any other document incorporated by reference in the Prospectus. Any reasonable
        out-of-pocket expenses incurred by the Master Servicer in providing copies
        of
        such documents shall be reimbursed by the Depositor.

       

       

       

       

       

       

       

      
        
          
          

        

        
          154

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused this Pooling and Servicing
        Agreement to be executed by their respective officers thereunto duly authorized
        on the day and year first above written.

       

      

       

      BAYVIEW
        FINANCIAL SECURITIES 

      COMPANY,
        LLC, as Depositor

      

      

      By:
        /s/
        Stuart Waldman   

      Name:
        Stuart Waldman

      Title:  
        Vice President

       

      

      WELLS
        FARGO BANK, N.A.,

      as
        Master
        Servicer

       

      By:
        /s/
        Darron Woodus   

      Name:
        Darron Woodus

      Title:  
        Assistant Vice President

       

      

      U.S.
        BANK
        NATIONAL ASSOCIATION, not in its 
individual
        capacity, but solely as Trustee

       

      By:
        /s/
        Karen
        R. Beard   

      Name:
        Karen R. Beard

      Title:  
        Vice President

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Accepted
        and Agreed to for purposes of Section 4.06,

      Section
        4.34 and Section 6.02 only:

       

      BAYVIEW
        FINANCIAL, L.P.

       

      By: 
        BAYVIEW FINANCIAL MANAGEMENT CORP.,

      its
        General Partner

       

      By:
        /s/
        Stuart Waldman    

      Name:
        Stuart Waldman

      Title:
        Senior Vice President

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      

      FORMS
        OF
        CERTIFICATES

      

      [See
        Tab
        #___]

      

      

      

      

      

      

      

      

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      FORM
        OF
        INITIAL CERTIFICATION

       

      [Date]

       

      Bayview
        Financial Securities Company, LLC

      4425
        Ponce de Leon Boulevard, 4th
        Floor

      Coral
        Gables, Florida 33146

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of January 1, 2006, among Bayview
                  Financial Securities Company, LLC,
                  as depositor, Wells Fargo Bank, N.A., as master servicer, and U.S.
                  Bank
                  National Association, as trustee (the “Pooling and
                  Servicing Agreement”)

              

      

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with the provisions of the Pooling and Servicing Agreement, the
        undersigned, as Trustee, hereby certifies that as to any Mortgage Loan listed
        in
        the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or
        any
        Mortgage Loan listed on the exceptions report attachment hereto), it has
        reviewed the documents delivered to it pursuant to the Pooling and Servicing
        Agreement and has determined that (i) all Mortgage Notes and Assignments,
        installment sale contracts or contracts for purchase required to be delivered
        to
        it pursuant to the Pooling and Servicing Agreement are in its possession
        and
        (ii) each such Mortgage Note and Assignment, installment sale contract or
        contract for purchase has been reviewed by it and appears regular on its
        face,
        appears to bear original signatures, and has not been mutilated, damaged,
        torn
        or otherwise physically altered and relates to such Mortgage Loan. The
        undersigned has made no independent examination of such documents beyond
        the
        review specifically required in the Pooling and Servicing Agreement. The
        undersigned makes no representations or warranties as to: (i) the validity,
        legality, enforceability or genuineness of any such documents contained in
        each
        or any of the Mortgage Loans identified in the Mortgage Loan Schedule, or
        (ii)
        the collectibility, insurability, effectiveness or suitability of any such
        Mortgage Loan.

       

      This
        Certification is subject in all respects to the Pooling and Servicing Agreement
        including, but not limited to, Section 2.02.

      
        
          
          

        

        
          B-1

          
            

          

        

        
          
          

        

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement.

       

      U.S.
        BANK
        NATIONAL ASSOCIATION,

      as
        Trustee

      

      By:________________________________

      Name:

      Title:

      

      
        
          
          

        

        
          B-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      FORM
        OF
        INTERIM CERTIFICATION

       

      [Date]

       

      Bayview
        Financial Securities Company, LLC

      4425
        Ponce de Leon Boulevard, 4th
        Floor

      Coral
        Gables, Florida 33146

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of January 1, 2006, among Bayview
                  Financial Securities Company, LLC,
                  as depositor, Wells Fargo Bank, N.A., as master servicer, and U.S.
                  Bank
                  National Association, as trustee (the “Pooling and
                  Servicing Agreement”)

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with the provisions of the Pooling and Servicing Agreement, the
        undersigned, as Trustee, hereby certifies that as to each Mortgage Loan listed
        in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full
        or any
        Mortgage Loan listed on the exceptions report attached hereto), it has received
        the applicable documents listed in Section 2.01 of the Pooling and Servicing
        Agreement.

       

      The
        undersigned hereby certifies as to each Mortgage Loan identified on the Mortgage
        Loan Schedule, other than any Mortgage Loan listed on Schedule I hereto,
        it has
        reviewed the documents identified above and has determined that (a) each
        such
        document has not been mutilated, damaged or torn and relates to the Mortgage
        Loan identified in such document and (b) the information set forth in the
        Mortgage Loan Schedule that corresponds to items (i) through (iii) of the
        definition of Mortgage Loan Schedule contained in the Pooling and Servicing
        Agreement accurately reflects information set forth in the Mortgage
        File.

       

      This
        Certification is qualified in all respects by the terms of the Pooling and
        Servicing Agreement including, but not limited to, Section 2.02.

       

      
        
          
          

        

        
          C-1

          
            

          

        

        
          
          

        

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement.

       

      U.S.
        BANK
        NATIONAL ASSOCIATION,

      as
        Trustee

      

      By:________________________________

      Name:

      Title:

      

      

      

      
        
          
          

        

        
          C-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D

      

      FORM
        OF
        FINAL CERTIFICATION

       

      [Date]

       

      Bayview
        Financial Securities Company, LLC

      4425
        Ponce de Leon Boulevard, 4th
        Floor

      Coral
        Gables, Florida 33146

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of January 1, 2006, among Bayview
                  Financial Securities Company, LLC,
                  as depositor, Wells Fargo Bank, N.A., as master servicer, and U.S.
                  Bank
                  National Association, as trustee (the “Pooling and
                  Servicing Agreement”)

              

      

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with the provisions of the Pooling and Servicing Agreement, the
        undersigned, as Trustee, hereby certifies that as to each Mortgage Loan listed
        in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full
        or any
        Mortgage Loan listed on the exceptions report attached hereto), it has received
        the applicable documents listed in Section 2.01 of the Pooling and Servicing
        Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified in
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in items (i) through (iii) of the Mortgage
        Loan Schedule is correct.

       

      This
        Certification is qualified in all respects by the terms of the Pooling and
        Servicing Agreement including, but not limited to, Section 2.02.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement.

       

      U.S.
        BANK
        NATIONAL ASSOCIATION,

      as
        Trustee

      

      By:________________________________

      Name:

      Title:

      
        
          
          

        

        
          D-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      FORM
        OF
        REQUEST FOR RELEASE OF DOCUMENTS

       

      

      U.S.
        Bank
        National Association,

      as
        Trustee

      One
        Federal Street

      EX-MA-FED

      Boston,
        Massachusetts 02110

       

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of January 1, 2006, among Bayview
                  Financial Securities Company, LLC,
                  as depositor, Wells Fargo Bank, N.A., as master servicer, and U.S.
                  Bank
                  National Association, as trustee (the “Pooling and
                  Servicing Agreement”)

              

      

      

      In
        connection with the administration of Mortgage Loans held by you as Trustee,
        we
        hereby request the release, and acknowledge receipt, of the [specify documents]
        for the Mortgage Loans described below, for the reason indicated.

       

      Mortgagor’s
        Name Address and Zip Code:

       

      Mortgage
        Loan Number:

       

      Reason
        for Requesting Documents
        (check
        one):

       

          1.  Mortgage
        Loan
        Paid in
        Full. (All amounts received in connection therewith have been credited to
        the
        Collection Account and remitted to the Trustee for deposit into the Certificate
        Distribution Account pursuant to the Pooling and Servicing
        Agreement.)

       

          2.  Mortgage
        Loan Liquidated. (All proceeds of foreclosure, insurance or other liquidation
        have been finally received and credited to the Collection Account and remitted
        to the Trustee for deposit into the Certificate Distribution Account pursuant
        to
        the Pooling and Servicing Agreement.)

       

          3.  Mortgage
        Loan
        in
        foreclosure or another method of liquidation pursuant to the Pooling and
        Servicing Agreement.

       

          4.  Mortgage
        Loan subject to documentation corrections for errors and ambiguities. (The
        documentation released pursuant to this Request for Release of Documents
        has
        errors or ambiguities that require correction and such documentation shall
        be
        corrected in a prompt manner and returned to the Trustee in accordance with
        the
        Pooling and Servicing Agreement; provided,
        however,
        that no
        more than one hundred Mortgage Files shall be released at any one
        time.)

      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

      

       

          5.  Mortgage
        Loan repurchased pursuant to Section 2.03 of the Pooling and Servicing
        Agreement. (The Purchase Price, or the Substitution Amount, if any, has been
        credited to the Collection Account and remitted to the Trustee for deposit
        into
        the Certificate Distribution Account pursuant to the Pooling and Servicing
        Agreement.)

       

      
        
              6.  Subject
            to the approval of the Trustee set forth below, other release
            (explain):

           

        

      

      If
        box 1,
        2 or 5 above is checked, and if all or part of the Mortgage Files were
        previously released to Bayview Financial Securities Company, LLC, please
        release
        to Bayview
        Financial Securities Company, LLC
        its
        previous request and receipt on file with you, as well as any additional
        documents in your possession relating to the specified Mortgage
        Loan.

       

      If
        box 3
        or 4 above is checked, upon the return of all of the above documents to you
        as
        the Trustee, please acknowledge your receipt by signing in the space indicated
        below, and returning this form.

       

      If
        box 6
        above is checked, and the Mortgage Loan is being foreclosed, the Mortgage
        File
        will be returned when no longer required for such purpose.

       

       

      
        
          
          

        

        
          E-2

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used and not otherwise defined herein shall have the meanings set forth
        in
        the Pooling and Servicing Agreement.

       

      [SERVICER][SELLER]

       

      By:       

      Name:
        

      Title:

      Date:
        

       

      

       

       

      
        
          
          

        

        
          E-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

      

       

      CLASS
        A-IO SCHEDULE

       

      
        	
                Distribution
                  Date occurring
                  in:

              	 	
                A-IO(1)
                  

                Component
                  

                Interest
                  Rate

                (%):

              	 	
                A-IO(1)
                  Component 

                Notional
                  Balance: the 

                lesser
                  of (i) the Pool 

                Balance
                  for Pool 1 and 

                (ii)
                  the following 

                amounts
                  ($):

              	 	
                A-IO(2)
                  

                Component 

                Interest
                  Rate

                (%):

              	 	
                A-IO(2)
                  Component 

                Notional
                  Balance: the 

                lesser
                  of (i) the Pool 

                Balance
                  for Pool 2 and (ii) 

                the
                  following amounts ($):

              
	
                February
                  2006

              	 	
                1.8870

              	 	
                119,894,831.23

              	 	
                3.5000

              	 	
                229,144,294.42

              
	
                March
                  2006

              	 	
                2.0670

              	 	
                113,839,299.21

              	 	
                3.5000

              	 	
                217,570,896.33

              
	
                April
                  2006

              	 	
                2.1430

              	 	
                108,089,465.00

              	 	
                3.5000

              	 	
                206,581,751.20

              
	
                May
                  2006

              	 	
                2.5400

              	 	
                102,628,791.74

              	 	
                3.5000

              	 	
                196,145,253.63

              
	
                June
                  2006

              	 	
                1.4190

              	 	
                 
                  97,443,380.52

              	 	
                3.5000

              	 	
                186,234,839.69

              
	
                July
                  2006

              	 	
                1.3220

              	 	
                 
                  92,519,358.71

              	 	
                3.5000

              	 	
                176,823,996.22

              
	
                August
                  2006

              	 	
                1.5520

              	 	
                 
                  87,842,372.75

              	 	
                3.5000

              	 	
                167,885,290.15

              
	
                September
                  2006

              	 	
                1.4770

              	 	
                 
                  83,398,089.31

              	 	
                3.5000

              	 	
                159,391,327.70

              
	
                October
                  2006

              	 	
                1.1520

              	 	
                 
                  79,177,990.79

              	 	
                3.5000

              	 	
                151,325,829.90

              
	
                November
                  2006

              	 	
                1.4390

              	 	
                 
                  75,170,696.26

              	 	
                3.5000

              	 	
                143,667,045.37

              
	
                December
                  2006

              	 	
                1.5410

              	 	
                 
                  71,365,307.38

              	 	
                3.5000

              	 	
                136,394,145.11

              
	
                January
                  2007

              	 	
                3.4740

              	 	
                 
                  67,751,685.56

              	 	
                3.5000

              	 	
                129,487,752.12

              
	
                February
                  2007

              	 	
                2.8150

              	 	
                 
                  64,320,264.64

              	 	
                3.9375

              	 	
                122,929,583.44

              
	
                March
                  2007

              	 	
                2.0830

              	 	
                 
                  60,642,088.37

              	 	
                3.9375

              	 	
                116,702,570.28

              
	
                April
                  2007

              	 	
                1.6330

              	 	
                 
                  56,338,104.65

              	 	
                3.9375

              	 	
                110,789,675.74

              
	
                May
                  2007

              	 	
                2.9140

              	 	
                 
                  52,338,999.96

              	 	
                3.9375

              	 	
                105,174,395.19

              
	
                June
                  2007

              	 	
                2.9250

              	 	
                 
                  48,623,214.29

              	 	
                3.9375

              	 	
                 
                  99,842,770.06

              
	
                July
                  2007

              	 	
                3.2110

              	 	
                 
                  45,170,710.05

              	 	
                3.9375

              	 	
                 
                  94,780,361.90

              
	
                August
                  2007

              	 	
                3.9450

              	 	
                 
                  41,962,864.63

              	 	
                3.9375

              	 	
                 
                  89,973,263.68

              
	
                September
                  2007

              	 	
                2.9900

              	 	
                 
                  38,982,370.69

              	 	
                3.9375

              	 	
                 
                  85,409,098.97

              
	
                October
                  2007

              	 	
                5.3700

              	 	
                 
                  36,213,143.33

              	 	
                3.9375

              	 	
                 
                  81,075,515.86

              
	
                November
                  2007

              	 	
                4.7140

              	 	
                 
                  33,640,233.87

              	 	
                3.9375

              	 	
                 
                  76,960,678.36

              
	
                December
                  2007

              	 	
                4.8170

              	 	
                 
                  31,249,749.73

              	 	
                3.9375

              	 	
                 
                  73,053,275.45

              
	
                January
                  2008

              	 	
                4.9220

              	 	
                 
                  29,028,779.90

              	 	
                3.9375

              	 	
                 
                  69,343,524.18

              
	
                February
                  2008

              	 	
                5.0300

              	 	
                 
                  26,965,325.69

              	 	
                3.9375

              	 	
                 
                  65,821,654.74

              
	
                March
                  2008

              	 	
                5.1390

              	 	
                 
                  25,048,236.34

              	 	
                3.9375

              	 	
                 
                  62,477,413.24

              
	
                April
                  2008

              	 	
                5.1760

              	 	
                 
                  23,267,149.20

              	 	
                3.9375

              	 	
                 
                  58,448,846.92

              
	
                May
                  2008

              	 	
                5.1750

              	 	
                 
                  21,612,434.09

              	 	
                3.9375

              	 	
                 
                  54,279,919.28

              
	
                June
                  2008

              	 	
                5.1740

              	 	
                 
                  20,075,141.64

              	 	
                3.9375

              	 	
                 
                  50,405,627.82

              
	
                July
                  2008

              	 	
                5.1720

              	 	
                 
                  18,646,955.15

              	 	
                3.9375

              	 	
                 
                  46,805,045.38

              
	
                August
                  2008 and thereafter

              	 	
                0.0000

              	 	
                                 
                   0.00

              	 	
                0.0000

              	 	
                                 
                  0.00

              

      

       

      
        
          
          

        

        
          F-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      CAP
        AGREEMENT

      

      [See
        Tab
        # ___]

      

       

       

       

      
 

      
        
          
          

        

        
          G-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

      

      LIST
        OF
        SERVICING AGREEMENTS

      

      1.       Servicing
        Agreement dated as of January 1, 2006, between Bayview Financial, L.P.
        (“Bayview”) and Bayview Loan Servicing, LLC (“BLS”), as servicer.

      

      2.       Flow
        Servicing Agreement (Non-Full Recourse) dated as of January 1, 2006, between
        Bayview and M&T Mortgage Corporation (“M&T Mortgage”), as servicer,
        together with (i) the Assignment, Assumption and Recognition Agreement dated
        as
        of January 1, 2006, among Bayview, the Depositor and M&T Mortgage and (ii)
        the Assignment, Assumption and Recognition Agreement dated as of January
        1,
        2006, among the Depositor, the U.S. Bank National Association (the “Trustee”)
        and M&T Mortgage, and acknowledged by Wells Fargo Bank, N.A. as master
        servicer (in such capacity, the “Master Servicer”).

      

      3.       Mortgage
        Loan Purchase and Servicing Agreement dated as of July 16, 2004, between
        Bayview
        and CitiMortgage, Inc. (“CitiMortgage”), as servicer, together with (i) the
        Assignment, Assumption and Recognition Agreement dated as of January 1, 2006,
        among Bayview, the Depositor and CitiMortgage and (ii) the Assignment,
        Assumption and Recognition Agreement dated as of January 1, 2006, among the
        Depositor, the Trustee and CitiMortgage, and acknowledged by the Master
        Servicer.

      

      4.       Servicing
        Agreement dated as of January 1, 2006, between the Trustee and Aurora Loan
        Services LLC, as servicer, and acknowledged by the Master Servicer.

      

      5.       Mortgage
        Loan Purchase and Servicing Agreement dated as of April 1, 2005, between
        Bayview
        and Washington Mutual Mortgage Securities Corp. (“WMMSC”), as servicer, as
        amended by Amendment Reg AB dated as of January 1, 2006, together with the
        Reconstituted Servicing Agreement dated as of January 1, 2006, between the
        Trustee and WMMSC, as servicer, and acknowledged by the Master Servicer.
        

      

      6.       Mortgage
        Loan Purchase and Servicing Agreement dated as of August 1, 2005, between
        Bayview and WMMSC, as servicer, as amended by Amendment Reg AB dated as of
        January 1, 2006, together with the Reconstituted Servicing Agreement dated
        as of
        January 1, 2006, between the Trustee and WMMSC, as servicer, and acknowledged
        by
        the Master Servicer.

      

      7.       Servicing
        Agreement dated as of January 1, 2006, between Bayview, as owner, and Indymac
        Bank, F.S.B. (“Indymac”), as servicer, together with (i) the Assignment,
        Assumption and Recognition Agreement dated as of January 1, 2006, among Bayview,
        the Depositor and Indymac and (ii) the Assignment, Assumption and Recognition
        Agreement dated as of January 1, 2006, among the Depositor, the Trustee and
        Indymac, and acknowledged by the Master Servicer.

      

        
          
            
            

          

          
            H-1

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        I

      

      [Reserved]

       

       

       

       

       

      
 

       

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

       

      NON-SERVICER
        OBLIGATED MORTGAGE LOANS

       

      (None)

       

      

       

      

       

      

       

      
        
          
          

        

        
          J-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

      

      FORM
        OF
        INVESTMENT LETTER

       

      FOR
        QUALIFIED INSTITUTIONAL BUYERS

       

       

      _______________________

      date        

       

      Bayview
        Financial Securities Company, LLC

      4425
        Ponce de Leon Boulevard, 4th Floor

      Coral
        Gables, Florida 33146

       

      U.S.
        Bank
        National Association,

      as
        Trustee

      One
        Federal Street

      EX-MA-FED

      Boston,
        Massachusetts 02110

       

      
        	 	
                Re:

              	
                Bayview
                  Financial Mortgage Pass-Through Trust 2006-A

              
	 	 	
                Mortgage
                  Pass-Through Certificates, Series 2006-A (the
                  “Certificates”)

              

      

      

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above-referenced certificates, we
        certify
        that (a) we understand that the Certificates have not been registered under
        the
        Securities Act of 1933, as amended (the “Act”), or any state securities laws and
        are being transferred to us in a transaction that is exempt from the
        registration requirements of the Act and any such laws, (b) we are a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Act (a
“QIB”) as that term is defined below and have such knowledge and experience in
        financial and business matters that we are capable of evaluating the merits
        and
        risks of investments in the Certificates and we are able to bear the economic
        risks of such an investment, (c) we understand that each proposed purchaser
        of
        Certificates is responsible for making its own independent review of such
        information as it deems relevant to its investment decision and we have had
        the
        opportunity to ask questions of and receive answers from the transferor
        concerning the purchase of the Certificates and all matters relating thereto
        or
        any additional information deemed necessary to our decision to purchase the
        Certificates and we have been furnished with, and have had an opportunity
        to
        review, a copy of the Pooling and Servicing Agreement dated as of January
        1,
        2006, among Bayview Financial Securities Company, LLC, as depositor, Wells
        Fargo
        Bank, N.A., as master servicer, and U.S. Bank National Association as trustee,
        (d) we are acquiring the Certificates for investment for our own account,
        or for
        the accounts of other qualified institutional buyers, and not with a view
        to any
        distribution of such Certificates (but without prejudice to our right at
        all
        times to sell or otherwise dispose of the Certificates in accordance with
        clause
        (g) below), (e) we understand that the certificates evidencing the Certificates
        purchased by us will bear one or more legends in substantially the form set
        forth in Exhibit A of the Pooling and Servicing Agreement, (f) we have not,
        nor
        has anyone acting on our behalf, offered, transferred, pledged, sold or
        otherwise disposed of the Certificates or any interest in the Certificates,
        or
        solicited any offer to buy, transfer, pledge or otherwise dispose of the
        Certificates or any interest in the Certificates from any person in any manner,
        or made any general solicitation by means of general advertising or in any
        other
        manner, or taken any other action that would constitute a distribution of
        the
        Certificates under the Act or that would render the disposition of the
        Certificates a violation of Section 5 of the Act or any state securities
        laws or
        require registration pursuant thereto, and we will not act, or authorize
        any
        person to act, in such manner with respect to the Certificates, and (g) we
        will
        not sell, transfer or otherwise dispose of any Certificates unless (1) such
        sale, transfer or other disposition is made pursuant to an effective
        registration statement under the Act and in compliance with any relevant
        state
        securities laws or is exempt from such registration requirements and, if
        requested, we will at our expense provide an opinion of counsel satisfactory
        to
        the addressees of this certificate that such sale, transfer or other disposition
        may be made pursuant to an exemption from the Act, (2) we have informed the
        purchaser or transferee of such Certificate of the transfer restrictions
        applicable to such Certificate, (3) the purchaser or transferee of such
        Certificate has executed and delivered to you a certificate to substantially
        the
        same effect as this certificate and (4) the purchaser or transferee has
        otherwise complied with any conditions for transfer set forth in the Pooling
        and
        Servicing Agreement.

      
        
          
          

        

        
          K-1

          
            

          

        

        
          
          

        

      

       

      We
        agree
        to indemnify the Depositor, the Master Servicer and the Trustee against any
        liability that may result if we sell or transfer such Certificate to a purchaser
        or transferee who does not comply with any conditions for transfer set forth
        in
        the Pooling and Servicing Agreement.

       

      We
        are
        duly authorized to purchase the Certificates and our purchase of investments
        having the characteristics of the Certificates is authorized under, and not
        directly or indirectly in contravention of, any law, charter, trust instrument
        or other operative document, investment guidelines or list of permissible
        or
        impermissible investments that is applicable to us; and we understand that
        by
        virtue of our acceptance of the Certificates, we assent to the terms, provisions
        and conditions of the Pooling and Servicing Agreement.

       

      Very
        truly yours,

       

      ________________________________________

      [Name
        of
        Transferee]

       

      By:______________________________________

       
        Authorized Officer

       

      
        
          
          

        

        
          K-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

      

      FORM
        OF
        ERISA TRANSFER AFFIDAVIT

       

       

      
        	
                STATE
                  OF NEW YORK 

              	
                )

              	 
	 	
                )

              	
                ss.:
                  

              
	
                COUNTY
                  OF NEW YORK 

              	
                )

              	 

      

       

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      1.     The
        undersigned is the ______________________ of ______________ (the “Investor”), a
        [corporation duly organized] and existing under the laws of __________, on
        behalf of which he makes this affidavit.

       

      2.     The
        Investor either (a) is not, and on ___________ [date of transfer] will not
        be,
        an employee benefit plan or other retirement arrangement subject to Section
        406
        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”),
        (collectively, a “Plan”) or a person acting on behalf of any such Plan or
        investing the assets of any such Plan; (b) if the ERISA-Restricted
        Certificate has been the subject of an ERISA-Qualifying Underwriting, is
        an
        insurance company that is purchasing the Certificate with funds contained
        in an
“insurance company general account” as defined in Section V(e) of Prohibited
        Transaction Class Exemption (“PTCE”) 95-60 and the purchase and holding of the
        Certificate are covered under Sections I and III of PTCE 95-60; or
        (c) herewith delivers to the Trustee an opinion of counsel satisfactory to
        the Trustee, to the effect that the purchase or holding of such Certificate
        by
        the Investor will not constitute or result in any non-exempt prohibited
        transactions under Section 406 of ERISA or Section 4975 of the Code and will
        not
        subject the Trustee, the Master Servicer, any Servicer, the Seller or the
        Depositor to any obligation in addition to those undertaken by such entities
        in
        the Pooling and Servicing Agreement, which opinion of counsel shall not be
        an
        expense of the Trust Fund or the above parties.

       

      3.     The
        Investor hereby acknowledges that under the terms of the Pooling and Servicing
        Agreement dated as of January 1, 2006 (the “Agreement”), by
        and
        among Bayview Financial Securities Company, LLC, as Depositor, Wells Fargo
        Bank,
        N.A., as Master Servicer and U.S. Bank National Association, as
        Trustee,
        no
        transfer of the ERISA-Restricted Certificates shall be permitted to be made
        to
        any person unless the Trustee has received a certificate from such transferee
        in
        the form hereof.

       

      
        
          
          

        

        
          L-1

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Investor has caused this instrument to be executed on
        its
        behalf, pursuant to proper authority, by its duly authorized officer, duly
        attested, this ____ day of _______________ 20___.

       

      _________________________________

      [Investor]

       

      By:______________________________

      Name:

      Title:

       

      ATTEST:

       

      

       

      _____________________________

      

      
        	
                STATE
                  OF 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF

              	
                )

              	 

      

      

      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 the
        ____________________ of the Investor, and acknowledged that he executed the
        same
        as his free act and deed and the free act and deed of the Investor.

       

      Subscribed
        and sworn before me this _____ day of _________ 20___.

       

      ______________________________

      NOTARY
        PUBLIC

       

      My
        commission expires the

      _____
        day
        of __________ 20___.

       

       

      
        
          
          

        

        
          L-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        M

      

      FORM
        OF
        CERTIFICATION TO BE PROVIDED

       

      TO
        DEPOSITOR BY MASTER SERVICER

       

      

      
        	 	
                Re:

              	
                Bayview
                  Financial Mortgage Pass-Through Trust 2006-A 

                Mortgage
                  Pass-Through Certificates, Series 2006-A

              	 

      

      

      Wells
        Fargo Bank, N.A., as master servicer (the “Master Servicer”) of the Bayview
        Financial Mortgage Pass-Through Trust 2006-A Mortgage Pass-Through Certificates,
        Series 2006-A, hereby certifies to [ ] (the
“[       ]”), and its officers, directors and
        affiliates, and with the knowledge and intent that they will rely upon this
        certification, that:

       

      
        	 	
                (i)

              	
                The
                  Master Servicer has reviewed the annual report on Form 10-K for
                  the fiscal
                  year [ ], and all reports on Form 10-D (or other prescribed form)
                  containing distribution reports filed in respect of periods included
                  in
                  the year covered by that annual report, relating to the above-referenced
                  trust;

              

      

       

      
        	 	
                (ii)

              	
                Based
                  on the Master Servicer’s knowledge, the information in these distribution
                  reports prepared by the Master Servicer under the Pooling and Servicing
                  Agreement, taken as a whole, does not contain any untrue statement
                  of a
                  material fact or omit to state a material fact necessary to make
                  the
                  statements made, in light of the circumstances under which such
                  statements
                  were made, not misleading as of the last day of the period covered
                  by that
                  annual report; and

              

      

       

      
        	 	
                (iii)

              	
                Based
                  on the Master Servicer’s knowledge, the distribution information required
                  to be provided by the Trustee under the Pooling and Servicing Agreement
                  is
                  included in these reports.

              

      

       

      

      Date:_____________________________________

       

      Wells
        Fargo Bank, N.A., as Master Servicer

      

      

      By:______________________________________

      [Name]

      [Title]

      

      

      
        
          
          

        

        
          M-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N

      

      RESIDUAL
        CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

       

      ______________________

      Date       

       

      
        	 	
                Re:

              	
                Bayview
                  Financial Mortgage Pass-Through Trust 2006-A 

                Mortgage
                  Pass-Through Certificates, Series 2006-A

              	 

      

      

      This
        letter is delivered to you in connection with the sale by______________(the
        “Seller”) to ___________(the “Purchaser”) of _______% Percentage Interest of
        Bayview Financial Mortgage Pass-Through Trust 2006-A Mortgage Pass-Through
        Certificates, Series 2006-A, Class R (the “Certificate”), pursuant to Section
        5.02(d) of the Pooling and Servicing Agreement (the “Pooling and Servicing
        Agreement”) dated as of January 1, 2006, among Bayview Financial Securities
        Company, LLC, as depositor (the “Depositor”), Wells Fargo Bank, N.A., as master
        servicer (the “Master Servicer”), and U.S. Bank National Association, as trustee
        (the “Trustee”). All terms used herein and not otherwise defined shall have the
        meanings set forth in the Pooling and Servicing Agreement. The Seller hereby
        certifies, represents and warrants to, and covenants with the Depositor,
        the
        Master Servicer and the Trustee that:

       

      1.       No
        purpose of the Seller relating to the sale of the Certificate by the Seller
        to
        the Purchaser is or will be to enable the Seller to impede the assessment
        or
        collection of tax.

       

      2.       The
        Seller understands that the Purchaser has delivered to the Trustee, the Master
        Servicer and the Depositor a transferee affidavit and agreement in the form
        attached to the Pooling and Servicing Agreement as Exhibit O. The Seller
        does
        not know or believe that any representation contained therein is
        false.

       

      3.       The
        Seller has no actual knowledge that the Purchaser is not a Permitted
        Transferee.

       

      4.       The
        Seller has no actual knowledge that the Purchaser would be unwilling or unable
        to pay taxes due on its share of the taxable income attributable to the
        Certificates.

       

      
        
          
          

        

        
          N-1

          
            

          

        

        
          
          

        

      

      5.       At
        the time of this transfer (I) the Seller has conducted a reasonable
        investigation of the financial condition of the Purchaser and, as a result
        of
        the investigation, found that the Purchaser has historically paid its debts
        as
        they came due, and found no significant evidence to indicate that the Purchaser
        will not continue to pay its debts as they come due in the future, (II) the
        Purchaser represents that it will not cause income from the Certificates
        to be
        attributable to a foreign permanent establishment or fixed base (within the
        meaning of an applicable income tax treaty) of the Purchaser or another U.S.
        Person and (III) either (A) the Seller both (1) has determined all of the
        following: (i) at the time of the transfer, and at the close of each of the
        Purchaser’s two fiscal years preceding the year of transfer, the Purchaser’s
        gross assets for financial reporting purposes exceed $100 million and its
        net
        assets for such purposes exceed $10 million (disregarding, for purposes of
        determining gross or net assets, the obligation of any person related to
        the
        Purchaser within the meaning of section 860L(g) of the Code or any other
        asset
        if a principal purpose for holding or acquiring that asset is to permit the
        Purchaser to satisfy this minimum gross asset or net asset requirement),
        (ii)
        the Purchaser is a domestic C corporation for United States federal income
        tax
        purposes that is not for such purposes an exempt corporation, a regulated
        investment company, a real estate investment trust, a REMIC, or a cooperative
        organization to which part I of subchapter T of the Code applies, (iii) there
        are no facts or circumstances on or before the date of transfer (or anticipated)
        which would reasonably indicate that the taxes associated with the Certificates
        will not be paid, (iv) the Purchaser is not a foreign branch of a domestic
        corporation, and (v) the transfer does not involve a transfer or assignment
        to a
        foreign branch of a domestic corporation (or any other arrangement by which
        any
        Certificate is at any time subject to net tax by a foreign country or U.S.
        possession) and the Purchaser will not hereafter engage in any such transfer
        or
        assignment (or any such arrangement), and (2) does not know or have reason
        to
        know that the Purchaser will not honor the restrictions on subsequent transfers
        of any Class R Certificate described in paragraph 12 of the Transferee’s
        Transfer Affidavit, or (B) the Seller has determined that the present value
        of
        the anticipated tax liabilities associated with the holding of the Certificates
        does not exceed the sum of (1) the present value of any consideration given
        to
        the Purchaser to acquire the Certificates, (2) the present value of the expected
        future distributions on the Certificates, and (3) the present value of the
        anticipated tax savings associated with holding the Certificates as the REMIC
        generates losses (having made such determination by (I) assuming that the
        Purchaser pays tax at a rate equal to the highest rate of tax specified in
        Section 11(b)(1) of the Code (provided that, if the Purchaser has been subject
        to the alternative minimum tax under Section 55 of the Code in the preceding
        two
        years and will compute its taxable income in the current taxable year using
        the
        alternative minimum tax rate, then the Purchaser may use the tax rate specified
        in Section 55(b)(1)(B) of the Code), and (II) utilizing a discount rate for
        present valuation purposes equal to the Federal short-term rate prescribed
        by
        Section 1274(d) of the Code.

       

      6.       The
        Purchaser has represented to the Seller that, if the Certificates constitute
        a
        noneconomic residual interest, it (i) understands that as holder of a
        noneconomic residual interest it may incur tax liabilities in excess of any
        cash
        flows generated by the interest, and (ii) intends to pay taxes associated
        with
        its holding of the Certificates as they become due.

       

      The
        Seller understands that the transfer of the Certificates may not be respected
        for United States income tax purposes (and the Seller may continue to be
        liable
        for United States income taxes associated therewith) unless there is compliance
        with the standards of paragraph 5 above as to any transfer.

      
        
          
          

        

        
          N-2

          
            

          

        

        
          
          

        

      

       

      We
        agree
        to indemnify the Depositor, the Master Servicer and the Trustee against any
        liability that may result if we sell or transfer a Residual Certificate to
        a
        purchaser or transferee who does not comply with any conditions for transfer
        set
        forth in the Pooling and Servicing Agreement.

       

      Very
        truly yours,

       

      _______________________________

      Name:

      Title:

      

       

      
        
          
          

        

        
          N-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O

      

      FORM
        OF
        RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

       

      
        	
                STATE
                  OF 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF

              	
                )

              	 

      

      

       

      [NAME
        OF
        OFFICER], _________________ being first duly sworn, deposes and
        says:

       

      
        	 	
                1.

              	
                That
                  he [she] is [title of officer] ________________________ of [name
                  of
                  Purchaser] _________________________________________ (the “Purchaser”), a
                  _______________________ [description of type of entity] duly organized
                  and
                  existing under the laws of the [State of __________] [United States],
                  on
                  behalf of which he [she] makes this
                  affidavit.

              

      

       

      
        	 	
                2.

              	
                That
                  the Purchaser’s Taxpayer Identification Number is
                  [           ].

              

      

       

      
        	 	
                3.

              	
                That
                  the Purchaser is not a “disqualified organization” within the meaning of
                  Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
                  (the
                  “Code”) and will not be a “disqualified organization” as of [date of
                  transfer], and that the Purchaser is not acquiring a Residual Certificate
                  (as defined in the Agreement) for the account of, or as agent (including
                  a
                  broker, nominee, or other middleman) for, any person or entity
                  from which
                  it has not received an affidavit substantially in the form of this
                  affidavit. For these purposes, a “disqualified organization” means the
                  United States, any state or political subdivision thereof, any
                  foreign
                  government, any international organization, any agency or instrumentality
                  of any of the foregoing (other than an instrumentality if all of
                  its
                  activities are subject to tax and a majority of its board of directors
                  is
                  not selected by such governmental entity), any cooperative organization
                  furnishing electric energy or providing telephone service to persons
                  in
                  rural areas as described in Code Section 1381(a)(2)(C), any “electing
                  large partnership” within the meaning of Section 775 of the Code, or any
                  organization (other than a farmers’ cooperative described in Code Section
                  521) that is exempt from federal income tax unless such organization
                  is
                  subject to the tax on unrelated business income imposed by Code
                  Section
                  511.

              

      

       

      
        	 	
                4.

              	
                The
                  Purchaser either (a) is not, and on ___________ [date of transfer]
                  will
                  not be, an employee benefit plan or other retirement arrangement
                  subject
                  to Section 406 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”), (collectively, a “Plan”) or a person acting on
                  behalf of any such Plan or investing the assets of any such Plan
                  to
                  acquire a Residual Certificate; (b) if a Residual Certificate has
                  been the subject of an ERISA-Qualifying Underwriting, is an insurance
                  company that is purchasing the Certificate with funds contained
                  in an
                  “insurance company general account” as defined in Section V(e) of
                  Prohibited Transaction Class Exemption (“PTCE”) 95-60 and the purchase and
                  holding of a Residual Certificate are covered under Sections I
                  and III of
                  PTCE 95-60; or (c) herewith delivers to the Trustee an opinion of
                  counsel satisfactory to the Trustee, to the effect that the purchase
                  or
                  holding of such Residual Certificate by the Investor will not constitute
                  or result in any non-exempt prohibited transactions under Section
                  406 of
                  ERISA or Section 4975 of the Code and will not subject the Trustee,
                  the
                  Master Servicer, any Servicer, the Seller or the Depositor to any
                  obligation in addition to those undertaken by such entities in
                  the Pooling
                  and Servicing Agreement, which opinion of counsel shall not be
                  an expense
                  of the Trust Fund or the above
                  parties.

              

      

       

      
        
          
          

        

        
          O-1

          
            

          

        

        
          
          

        

      

       

      
        	 	
                5.

              	
                That
                  the Purchaser hereby acknowledges that under the terms of the Pooling
                  and Servicing Agreement dated as of January 1, 2006 (the “Agreement”), by
                  and among Bayview Financial Securities Company, LLC, as Depositor,
                  Wells
                  Fargo Bank, N.A., as Master Servicer, and U.S. Bank National Association,
                  as Trustee with respect to Bayview Financial Mortgage Pass-Through
                  Trust
                  2006-A Mortgage Pass-Through Certificates,
                  Series 2006-A, no transfer of the Residual Certificates shall be
                  permitted
                  to be made to any person unless the Trustee has received a certificate
                  from such transferee containing the representations in paragraphs
                  3 and 4
                  hereof.

              

      

       

      
        	 	
                6.

              	
                That
                  the Purchaser does not hold REMIC residual securities as nominee
                  to
                  facilitate the clearance and settlement of such securities through
                  electronic book-entry changes in accounts of participating organizations
                  (such entity, a “Book-Entry
                  Nominee”).

              

      

       

      
        	 	
                7.

              	
                That
                  the Purchaser does not have the intention to impede the assessment
                  or
                  collection of any federal, state or local taxes legally required
                  to be
                  paid with respect to such Residual
                  Certificate.

              

      

       

      
        	 	
                8.

              	
                That
                  the Purchaser will not transfer a Residual Certificate to any person
                  or
                  entity (i) as to which the Purchaser has actual knowledge that
                  the
                  requirements set forth in paragraph 3, paragraph 6 or paragraph
                  10 hereof
                  are not satisfied or that the Purchaser has reason to believe does
                  not
                  satisfy the requirements set forth in paragraph 7 hereof, and (ii)
                  without
                  obtaining from the prospective Purchaser an affidavit substantially
                  in
                  this form and providing to the Trustee a written statement substantially
                  in the form of Exhibit C to the
                  Agreement.

              

      

       

      
        	 	
                9.

              	
                That
                  the Purchaser understands that, as the holder of a Residual Certificate,
                  the Purchaser may incur tax liabilities in excess of any cash flows
                  generated by the interest and that it intends to pay taxes associated
                  with
                  holding such Residual Certificate as they become
                  due.

              

      

       

      
        	 	
                10.

              	
                That
                  (I) the Purchaser (i) is not a Non-U.S. Person, (ii) is a Non-U.S.
                  Person
                  that holds a Residual Certificate in connection with the conduct
                  of a
                  trade or business within the United States and has furnished the
                  transferor and the Trustee with an effective Internal Revenue Service
                  Form
                  W-8ECI
                  (Certificate of Foreign Person’s Claim for Exemption From Withholding on
                  Income Effectively Connected With the Conduct of a Trade or Business
                  in
                  the United States)
                  or
                  successor form at the time and in the manner required by the Code
                  or (iii)
                  is a Non-U.S. Person that has delivered to the transferor, the
                  Trustee an
                  opinion of a nationally recognized tax counsel to the effect that
                  the
                  transfer of such Residual Certificate to it is in accordance with
                  the
                  requirements of the Code and the regulations promulgated thereunder
                  and
                  that such transfer of a Residual Certificate will not be disregarded
                  for
                  federal income tax purposes and (II) if Purchaser is a partnership
                  for
                  U.S. federal income tax purposes, each person or entity that holds
                  an
                  interest (directly, or indirectly through a pass-through entity)
                  is a
                  person or entity described in (I). “Non-U.S. Person” means any person
                  other than a “United States person” within the meaning of Section
                  7701(a)(30) of the Code.

              

      

       

      
        
          
          

        

        
          O-2

          
            

          

        

        
          
          

        

      

       

      
        	 	
                11.

              	
                The
                  Purchaser will not cause income from the Residual Certificate to
                  be
                  attributable to a foreign permanent establishment or fixed base
                  of the
                  Purchaser or another U.S. taxpayer.

              

      

       

      
        	 	
                12.

              	
                The
                  Purchaser will, in connection with any transfer that it makes of
                  the Class
                  R Certificates, deliver to the Certificate Registrar a representation
                  letter substantially in the form of Exhibit N to the Pooling and
                  Servicing
                  Agreement. [The Purchaser hereby agrees that it will not make any
                  transfer
                  of any Class R Certificate unless (i) the transfer is to an entity
                  which
                  is a domestic C corporation (other than an exempt corporation,
                  a regulated
                  investment company, a real estate investment trust, a REMIC, or
                  a
                  cooperative organization to which part I of Subchapter T of the
                  Code
                  applies) for federal income tax purposes, and (ii) the transfer
                  is in
                  compliance with the conditions set forth in paragraph 5 of Exhibit
                  N of
                  the Pooling and Servicing Agreement.]1 

              

      

       

      
        	 	
                [13.

              	
                The
                  Purchaser hereby represents to and for the benefit of the transferor
                  that
                  (i) at the time of the transfer, and at the close of each of the
                  Purchaser’s two fiscal years preceding the year of transfer, the
                  Purchaser’s gross assets for financial reporting purposes exceed $100
                  million and its net assets for such purposes exceed $10 million
                  (disregarding, for purposes of determining gross or net assets,
                  the
                  obligation of any person related to the Purchaser within the meaning
                  of
                  section 860L(g) of the Code or any other asset if a principal purpose
                  for
                  holding or acquiring that asset is to permit the Purchaser to satisfy
                  this
                  minimum gross asset or net asset requirement), (ii) the Purchaser
                  is a
                  domestic C corporation for United States federal income tax purposes
                  that
                  is not for such purposes an exempt corporation, a regulated investment
                  company, a real estate investment trust, a REMIC, or a cooperative
                  organization to which part I of subchapter T of the Code applies,
                  (iii)
                  there are no facts or circumstances on or before the date of transfer
                  (or
                  anticipated) which would reasonably indicate that the taxes associated
                  with the Class R Certificate will not be paid, and (iv) the Purchaser
                  is
                  not a foreign branch of a domestic corporation, the transfer does
                  not
                  involve a transfer or assignment to a foreign branch of a domestic
                  corporation (or any other arrangement by which any Class R Certificate
                  is
                  at any time subject to net tax by a foreign country or U.S. possession),
                  and the Purchaser will not hereafter engage in any such transfer
                  or
                  assignment (or any such arrangement).]2 

              

      

      __________________

      
        	
                1

              	
                Bracketed
                  text to be included if the Purchaser is relying on the transferee’s
                  compliance with the “Asset Test Safe Harbor” rather than the “Formula Test
                  Safe Harbor.”

              

      

       

      
        	
                2

              	
                Bracketed
                  text to be included if the Purchaser is relying on the transferee’s
                  compliance with the “Asset Test Safe Harbor” rather than the “Formula Test
                  Safe Harbor.”

              

      

       

      
        
          
          

        

        
          O-3

          
            

          

        

        
          
          

        

      

       

      
        	 	
                14.

              	
                That
                  the Purchaser agrees to such amendments of the Pooling and Servicing
                  Agreement as may be required to further effectuate the restrictions
                  on
                  transfer of any Residual Certificate to such a “disqualified
                  organization,” an agent thereof, a Book-Entry Nominee, or a person that
                  does not satisfy the requirements of paragraph 7 and paragraph
                  10
                  hereof.

              

      

       

      
        	 	
                15.

              	
                That
                  the Purchaser consents to the designation of the Trustee to act
                  as agent
                  for
                  the “tax matters person” of each REMIC created by the Trust Fund pursuant
                  to the Pooling and Servicing
                  Agreement.

              

      

       

      We
        agree
        to indemnify the Depositor, the Master Servicer and the Trustee against any
        liability that may result if we sell or transfer a Residual Certificate to
        a
        purchaser or transferee who does not comply with any conditions for transfer
        set
        forth in the Pooling and Servicing Agreement.

       

      

       

      
        
          
          

        

        
          O-4

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Purchaser has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its [title of
        officer] this _____ day of __________ 20__.

       

      _________________________________

      [name
        of
        Purchaser]

       

      By:______________________________

      Name:
        

      Title:
        

       

      Personally
        appeared before me the above-named [name of officer] ________________, known
        or
        proved to me to be the same person who executed the foregoing instrument
        and to
        be the [title of officer] _________________ of the Purchaser, 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 Purchaser.

       

      Subscribed
        and sworn before me this _____ day of __________ 20__.

       

      NOTARY
        PUBLIC

       

      ______________________________

       

      COUNTY
        OF_____________________

       

      STATE
        OF______________________

       

      My
        commission expires the _____ day of __________ 20__.

       

      
        
           

        

        
          

          
            
              
                
                

              

              
                O-5

                
                  

                

              

              
                
                

              

            

          

           

          EXHIBIT
            P-1

           

          SERVICING
            CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

          

          The
            assessment of compliance to be delivered by the parties listed in the
            table
            below shall address, at a minimum, the criteria identified below as “Applicable
            Servicing Criteria” for each such party:

          
            	 	 
	
                    Servicing
                      Criteria 

                  	
                    Applicable
                      Servicing Criteria

                  
	
                    Reference

                  	
                    Criteria

                  	
                    Wells
                      Fargo 

                    Bank

                  	
                    Trustee

                  
	
                     

                  	
                    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

                  	
                    X

                  
	
                    1122(d)(1)(iii)

                  	
                    Any
                      requirements in the transaction agreements to maintain a back-up
                      servicer
                      for the mortgage loans are maintained.

                  	 	 
	
                    1122(d)(1)(iv)

                  	
                    A
                      fidelity bond and errors and omissions policy is in effect
                      on the party
                      participating in the servicing function throughout the reporting
                      period in
                      the amount of coverage required by and otherwise in accordance
                      with the
                      terms of the transaction agreements.

                  	
                    X

                  	 
	 	
                    Cash
                      Collection and Administration

                  	 	 
	
                    1122(d)(2)(i)

                  	
                    Payments
                      on mortgage loans are deposited into the appropriate custodial
                      bank
                      accounts and related bank clearing accounts no more than two
                      business days
                      following receipt, or such other number of days specified in
                      the
                      transaction agreements.

                  	
                    X

                  	
                    X

                  
	
                    1122(d)(2)(ii)

                  	
                    Disbursements
                      made via wire transfer on behalf of an obligor or to an investor
                      are made
                      only by authorized personnel.

                  	
                    X

                  	
                    X

                  
	
                    1122(d)(2)(iii)

                  	
                    Advances
                      of funds or guarantees regarding collections, cash flows or
                      distributions,
                      and any interest or other fees charged for such advances, are
                      made,
                      reviewed and approved as specified in the transaction
                      agreements.

                  	
                    X

                  	
                     

                  
	
                    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

                  	
                    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

                  	
                    X

                  
	
                    1122(d)(2)(vii)

                  	
                    Reconciliations
                      are prepared on a monthly basis for all asset-backed securities
                      related
                      bank accounts, including custodial accounts and related bank
                      clearing
                      accounts. These reconciliations are (A) mathematically accurate;
                      (B)
                      prepared within 30 calendar days after the bank statement cutoff
                      date, or
                      such other number of days specified in the transaction agreements;
                      (C)
                      reviewed and approved by someone other than the person who
                      prepared the
                      reconciliation; and (D) contain explanations for reconciling
                      items. These
                      reconciling items are resolved within 90 calendar days of their
                      original
                      identification, or such other number of days specified in the
                      transaction
                      agreements.

                  	
                    X

                  	
                    X

                  

          

           

          
            
              
              

            

            
              P-1-1

              
                

              

            

            
              
              

            

          

           

          
            	 	 
	
                    Servicing
                      Criteria

                  	
                    Applicable
                      Servicing Criteria

                  
	
                    Reference

                  	
                    Criteria

                  	
                    Wells
                      Fargo

                    Bank

                  	
                    Trustee

                  
	 	
                    Investor
                      Remittances and Reporting

                  	 	 
	
                    1122(d)(3)(i)

                  	
                    Reports
                      to investors, including those to be filed with the Commission,
                      are
                      maintained in accordance with the transaction agreements and
                      applicable
                      Commission requirements. Specifically, such reports (A) are
                      prepared in
                      accordance with timeframes and other terms set forth in the
                      transaction
                      agreements; (B) provide information calculated in accordance
                      with the
                      terms specified in the transaction agreements; (C) are filed
                      with the
                      Commission as required by its rules and regulations; and (D)
                      agree with
                      investors’ or the trustee’s records as to the total unpaid principal
                      balance and number of mortgage loans serviced by the
                      Servicer.

                  	
                    X

                  	 
	
                    1122(d)(3)(ii)

                  	
                    Amounts
                      due to investors are allocated and remitted in accordance with
                      timeframes,
                      distribution priority and other terms set forth in the transaction
                      agreements.

                  	
                    X

                  	
                    X

                  
	
                    1122(d)(3)(iii)

                  	
                    Disbursements
                      made to an investor are posted within two business days to
                      the Servicer’s
                      investor records, or such other number of days specified in
                      the
                      transaction agreements.

                  	
                    X

                  	
                    X

                  
	
                    1122(d)(3)(iv)

                  	
                    Amounts
                      remitted to investors per the investor reports agree with cancelled
                      checks, or other form of payment, or custodial bank
                      statements.

                  	
                    X

                  	
                    X

                  
	 	
                    Pool
                      Asset Administration

                  	 	
                     

                  
	
                    1122(d)(4)(i)

                  	
                    Collateral
                      or security on 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.

                  	 	 
	
                    1122(d)(4)(v)

                  	
                    The
                      Servicer’s records regarding the mortgage loans agree with the Servicer’s
                      records with respect to an obligor’s unpaid principal
                      balance.

                  	 	 
	
                    1122(d)(4)(vi)

                  	
                    Changes
                      with respect to the terms or status of an obligor's mortgage
                      loans (e.g.,
                      loan modifications or re-agings) are made, reviewed and approved
                      by
                      authorized personnel in accordance with the transaction agreements
                      and
                      related pool asset documents.

                  	 	 
	
                    1122(d)(4)(vii)

                  	
                    Loss
                      mitigation or recovery actions (e.g., forbearance plans, modifications
                      and
                      deeds in lieu of foreclosure, foreclosures and repossessions,
                      as
                      applicable) are initiated, conducted and concluded in accordance
                      with the
                      timeframes or other requirements established by the transaction
                      agreements.

                  	 	 
	
                    1122(d)(4)(viii)

                  	
                    Records
                      documenting collection efforts are maintained during the period
                      a mortgage
                      loan is delinquent in accordance with the transaction agreements.
                      Such
                      records are maintained on at least a monthly basis, or such
                      other period
                      specified in the transaction agreements, and describe the entity’s
                      activities in monitoring delinquent mortgage loans including,
                      for example,
                      phone calls, letters and payment rescheduling plans in cases
                      where
                      delinquency is deemed temporary (e.g., illness or
                      unemployment).

                  	 	 
	
                    1122(d)(4)(ix)

                  	
                    Adjustments
                      to interest rates or rates of return for mortgage loans with
                      variable
                      rates are computed based on the related mortgage loan
                      documents.

                  	 	 

          

           

          
            
              
              

            

            
              P-1-2

              
                

              

            

            
              
              

            

          

           

          
            	 	 
	
                    Servicing
                      Criteria 

                  	
                    Applicable
                      Servicing Criteria

                  
	
                    Reference

                  	
                    Criteria

                  	
                    Wells
                      Fargo 

                    Bank

                  	
                    Trustee

                  
	
                    1122(d)(4)(x)

                  	
                    Regarding
                      any funds held in trust for an obligor (such as escrow accounts):
                      (A) such
                      funds are analyzed, in accordance with the obligor’s mortgage loan
                      documents, on at least an annual basis, or such other period
                      specified in
                      the transaction agreements; (B) interest on such funds is paid,
                      or
                      credited, to obligors in accordance with applicable mortgage
                      loan
                      documents and state laws; and (C) such funds are returned to
                      the obligor
                      within 30 calendar days of full repayment of the related mortgage
                      loans,
                      or such other number of days specified in the transaction
                      agreements.

                  	 	 
	
                    1122(d)(4)(xi)

                  	
                    Payments
                      made on behalf of an obligor (such as tax or insurance payments)
                      are made
                      on or before the related penalty or expiration dates, as indicated
                      on the
                      appropriate bills or notices for such payments, provided that
                      such support
                      has been received by the servicer at least 30 calendar days
                      prior to these
                      dates, or such other number of days specified in the transaction
                      agreements.

                  	 	 
	
                    1122(d)(4)(xii)

                  	
                    Any
                      late payment penalties in connection with any payment to be
                      made on behalf
                      of an obligor are paid from the servicer’s funds and not charged to the
                      obligor, unless the late payment was due to the obligor’s error or
                      omission.

                  	 	 
	
                    1122(d)(4)(xiii)

                  	
                    Disbursements
                      made on behalf of an obligor are posted within two business
                      days to the
                      obligor’s records maintained by the servicer, or such other number
                      of days
                      specified in the transaction agreements.

                  	 	 
	
                    1122(d)(4)(xiv)

                  	
                    Delinquencies,
                      charge-offs and uncollectible accounts are recognized and recorded
                      in
                      accordance with the transaction agreements.

                  	 	 
	
                    1122(d)(4)(xv)

                  	
                    Any
                      external enhancement or other support, identified in Item 1114(a)(1)
                      through (3) or Item 1115 of Regulation AB, is maintained as
                      set forth in
                      the transaction agreements.

                  	 	 
	
                     

                  	
                     

                  	 	 

          

          

           

          [NAME
            OF
            PARTY]

           

          Date: _________________________

           

          

           

          By:
            ________________________________

           

          Name:
            

           

          Title:
            

          

          

          

          

          

           

          

          

          

          
            
              
                
                

              

              
                P-1-3

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            P-2

          

          

          ADDITIONAL
            FORM 8-K DISCLOSURE

          

          

          
            	
                    Item
                      on Form 8-K

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1.01- Entry into a Material Definitive Agreement

                  	
                    Depositor

                  
	
                    Item
                      1.02- Termination of a Material Definitive Agreement

                  	
                    Depositor

                  
	
                    Item
                      1.03- Bankruptcy or Receivership

                  	
                    Depositor

                  
	
                    Item
                      2.04- Triggering Events that Accelerate or Increase a Direct
                      Financial
                      Obligation or an Obligation under an Off-Balance Sheet
                      Arrangement

                  	
                    Depositor

                  
	
                    Item
                      3.03- Material Modification to Rights of Security Holders

                  	
                    Depositor

                  
	
                    Item
                      5.03- Amendments of Articles of Incorporation or Bylaws; Change
                      of Fiscal
                      Year

                  	
                    Depositor

                  
	
                    Item
                      6.01- ABS Informational and Computational Material

                  	
                    Depositor

                  
	
                    Item
                      6.02- Change of Servicer or Trustee

                  	
                    Depositor,
                      Master Servicer, Trustee

                  
	
                    Item
                      6.03- Change in Credit Enhancement or External Support

                  	
                    Depositor

                  
	
                    Item
                      6.04- Failure to Make a Required Distribution

                  	
                    Trustee

                  
	
                    Item
                      6.05- Securities Act Updating Disclosure

                  	
                    Depositor

                  
	
                    Item
                      7.01- Regulation FD Disclosure

                  	
                    Depositor

                  
	
                    Item
                      8.01- Other Events

                  	
                    Depositor

                  
	
                    Item
                      9.01- Financial Statements and Exhibits

                  	
                    Depositor

                  

          

          

          

          

          
            
              
                
                

              

              
                P-2-1

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            P-3

          

          ADDITIONAL
            FORM 10-D DISCLOSURE

          

          

          
            	
                    Item
                      on Form 10-D

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1: Distribution and Pool Performance Information

                     

                    Any
                      information required by Item 1121 of Regulation AB that is
                      NOT included on
                      the monthly statement

                  	
                    Servicer,
                      

                    Trustee

                  
	
                    Item
                      2: Legal Proceedings

                     

                    per
                      Item 1117 of Regulation AB

                  	
                    (i)
                      All parties to the PSA (as to themselves), (ii) the Master
                      Servicer as to
                      the issuing entity, (iii) the Depositor as to the sponsor,
                      any Item
                      1106(b) originator and any Item 1100(d)(1) party

                  
	
                    Item
                      3: Sale of Securities and Use of Proceeds

                  	
                    Depositor

                  
	
                    Item
                      4: Defaults Upon Senior Securities

                  	
                    Trustee

                  
	
                    Item
                      5: Submission of Matters to a Vote of Security Holders

                  	
                    Depositor

                  
	
                    Item
                      6: Significant Obligors of Pool Assets

                  	
                    Depositor

                  
	
                    Item
                      7: Significant Enhancement Provider Information

                  	
                    Depositor

                  
	
                    Item
                      8: Other Information

                  	
                    Any
                      party responsible for disclosure items on Form 8-K

                  
	
                    Item
                      9: Exhibits

                  	
                    Master
                      Servicer

                  

          

          

          

          
            
              
                
                

              

              
                P-3-1

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            P-4

          

          ADDITIONAL
            FORM 10-K DISCLOSURE

          

          

          
            	
                    Item
                      on Form 10-K

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1B: Unresolved Staff Comments

                     

                  	
                    Depositor

                  
	
                    Item
                      9B: Other Information

                  	
                    Any
                      party responsible for disclosure items on Form 8-K

                  
	
                    Item
                      15: Exhibits, Financial Statement Schedules

                  	
                    Depositor

                  
	
                    Additional
                      Item:

                     

                    Disclosure
                      per Item 1117 of Regulation AB

                  	
                    (i)
                      All parties to the PSA (as to themselves), (ii) the Master
                      Servicer as to
                      the issuing entity, (iii) the Depositor as to the sponsor,
                      any Item
                      1106(b) originator and any Item 1100(d)(1) party

                  
	
                    Additional
                      Item:

                    Disclosure
                      per Item 1119 of Regulation AB

                  	
                    (i)
                      All parties to the Pooling and Servicing Agreement as to themselves,
                      (ii)
                      the Depositor as to the sponsor, originator, significant obligor,
                      enhancement or support provider

                  
	
                    Additional
                      Item:

                    Disclosure
                      per Item 1112(b) of Regulation AB

                  	
                    Depositor

                  
	
                    Additional
                      Item:

                    Disclosure
                      per Items 1114(b) and 1115(b) of Regulation AB

                  	
                    Depositor

                  

          

          

          

          
            
              
                
                

              

              
                P-4-1

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            P-5

          

          ADDITIONAL
            DISCLOSURE NOTIFICATION

          

          

          **SEND
            VIA FAX TO (410) 715-2380 AND VIA E-MAIL TO 

          cts.sec.notifications@wellsfargo.com
            AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW

          

          Wells
            Fargo Bank, N.A., as Master Servicer

          9062
            Old
            Annapolis Road

          Columbia,
            Maryland 21045

          Attention:
            Master Servicing - Bayview 2006-A

          

          Re:
            Additional
            Form [10-D] [10-K] [8-K] Disclosure Required

          

          Ladies
            and Gentlemen:

          

          In
            accordance with Section 4.31[(a)] [(b)] [(c)] of the Pooling and Servicing
            Agreement dated as of January 1, 2006, among Bayview Financial Securities
            Company, LLC, as Depositor, Wells Fargo Bank, N.A., as Master Servicer,
            and U.S.
            Bank National Association, as Trustee, the undersigned, as
            [     ], hereby notifies you that certain events have
            come to our attention that [will] [may] need to be disclosed on Form
            [10-D]
            [10-K] [8-K].

          

          Description
            of Additional [10-D] [10-K] [8-K] Disclosure: 

          

          

           

          List
            of any Attachments hereto to be included in the Additional [10-D] [10-K]
            [8-K]
            Disclosure:

           

          

          

          Any
            inquiries related to this notification should be directed to
            [                 ],
            phone number: [          ];
            e-mail address:
            [                      ].

          

          [NAME
            OF
            PARTY],

          as
            [role]

          

          

          By:
            _________________________

          Name:

          Title:

           

          

          
            
              
                
                

              

              
                P-5-1

                
                  

                

              

              
                
                

              

            

          

          

          SCHEDULE
            I

          

          MORTGAGE
            LOAN SCHEDULE

          

          

          

          

          

          
            
              
                
                

              

              
                Sch
                  I-1

                
                  

                

              

              
                
                

              

            

          

          

          SCHEDULE
            I-A

          

          SIMPLE
            INTEREST MORTGAGE LOANS

          

          (None)

          

          

          

          

          

          

          
            
              
                
                

              

              
                Sch
                  I-A-1

                
                  

                

              

              
                
                

              

            

          

          

          SCHEDULE
            I-B

          

          PREPAYMENT
            PREMIUM CONVEYED MORTGAGE LOANS

          

          

          

          

          

          
            
              
                
                

              

              
                Sch
                  I-B-1

                
                  

                

              

              
                
                

              

            

          

          

          SCHEDULE
            I-C

          

          NON-MONTHLY
            MORTGAGE LOANS

          

          

          

          

          

          
            
              
                
                

              

              
                Sch
                  I-C-1

                
                  

                

              

              
                
                

              

            

          

          

          SCHEDULE
            I-D

          

          CONVERTIBLE
            MORTGAGE LOANS

          

          

          

          

          

          
            
              
                
                

              

              
                Sch
                  I-D-1

                
                  

                

              

              
                
                

              

            

          

          

          SCHEDULE
            I-E

          

          HOLDBACK
            MORTGAGE LOANS

          

          

          

          

          

          
            
              
                
                

              

              
                Sch
                  I-E-1

                
                  

                

              

              
                
                

              

            

          

          

          SCHEDULE
            I-F

          

          [Reserved]

          

          

           

          

           

          

          
            
              
                
                

              

              
                Sch
                  I-F-1

                
                  

                

              

              
                
                

              

            

          

          

          SCHEDULE
            I-G

          

          STRIPPED
            MORTGAGE LOANS

          

          

          

          

          

          

          
            
              
                
                

              

              
                Sch
                  I-G-1

                
                  

                

              

              
                
                

              

            

          

          

          SCHEDULE
            I-H

          

          60+
            DELINQUENT MORTGAGE LOANS

          

          (None)

        

         

         

         

         

        
          

          
            
              
                
                

              

              
                Sch
                  I-H-1

                
                  

                

              

              
                
                

              

            

          

          

          SCHEDULE
            II-A

          

          2003-G
            RE-SOLD MORTGAGE LOANS

          

           

           

           

           

          
 

          
            
              
                
                

              

              
                Sch
                  II-A-1

                
                  

                

              

              
                
                

              

            

          

          

          SCHEDULE
            II-B

          

          2005-A
            RE-SOLD MORTGAGE LOANS

           

           

           

           

          
 

          

          
            
              
                
                

              

              
                Sch
                  II-B-1

                
                  

                

              

              
                
                

              

            

          

          

          SCHEDULE
            II-C

          

          2005-E
            RE-SOLD MORTGAGE LOANS

          

          

          

           

           

          
            
              
              

            

            
              Sch
                II-C-1EXECUTION

     

    
      

      

    

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC.,

    Depositor

    

    GREENWICH
      CAPITAL FINANCIAL PRODUCTS, INC.,

    Seller

    

    and

    

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    Trustee

    

     

    POOLING
      AGREEMENT

     

    Dated
      as
      of January 1, 2006

     

      
        

      

    

     

    HarborView
      Mortgage Loan Trust 2006-1

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      of Contents

     

    
      	 	Page 
	 	 
	
              ARTICLE
                I
                DEFINITIONS; DECLARATION OF TRUST

            	
              8

            
	 	 
	
              SECTION
                1.01.Defined
                Terms.

            	
              8

            
	
              SECTION
                1.02.Accounting.

            	
              56

            
	 	
               

            
	
              ARTICLE
                II
                CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                CERTIFICATES

            	
              56

            
	 	 
	
              SECTION
                2.01. Conveyance of Mortgage Loans.

            	
              56

            
	
              SECTION
                2.02. Acceptance by Trustee.

            	
              60

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

            	
              61

            
	
              SECTION
                2.04. Representations and Warranties of the Seller with Respect to
                the
                Mortgage Loans.

            	
              65

            
	
              SECTION
                2.05. [Reserved]

            	
              66

            
	
              SECTION
                2.06. Representations and Warranties of the
                Depositor.

            	
              66

            
	
              SECTION
                2.07. Issuance of Certificates.

            	
              68

            
	
              SECTION
                2.08. Representations and Warranties of the Seller.

            	
              68

            
	
              SECTION
                2.09. Covenants of the Seller.

            	
              70

            
	 	 
	
              ARTICLE
                III
                ADMINISTRATION OF
                THE MORTGAGE LOANS

            	
              70

            
	 	 
	
              SECTION
                3.01. Servicing of the Mortgage Loans.

            	
              70

            
	
              SECTION
                3.02. REMIC-Related Covenants.

            	
              70

            
	
              SECTION
                3.03. Release of Mortgage Files.

            	
              71

            
	
              SECTION
                3.04.
                REO Property.

            	
              72

            
	
              SECTION
                3.05. Reports Filed with Securities and Exchange
                Commission.

            	
              72

            
	
              SECTION
                3.06. [Reserved]

            	
              74

            
	
              SECTION
                3.07. Indemnification by the Trustee.

            	
              74

            
	 	 
	
              ARTICLE
                IV
                ACCOUNTS

            	
              75

            
	 	 
	
              SECTION
                4.01. Servicing Accounts

            	
              75

            
	
              SECTION
                4.02. Distribution Account.

            	
              76

            
	
              SECTION
                4.03. Permitted Withdrawals and Transfers from the Distribution
                Account.

            	
              78

            
	
              SECTION
                4.04. [Reserved]

            	
              79

            
	
              SECTION
                4.05. Financial Guaranty Insurance Policy.

            	
              79

            
	 	 
	
              ARTICLE
                V
                FLOW OF FUNDS

            	
              81

            
	 	 
	
              SECTION
                5.01.Distributions.

            	
              81

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                5.02. Allocation of Net Deferred Interest.

            	
              87

            
	
              SECTION
                5.03. Allocation of Realized Losses.

            	
              88

            
	
              SECTION
                5.04. Statements.

            	
              89

            
	
              SECTION
                5.05. Remittance Reports;Advances.

            	
              92

            
	
              SECTION
                5.06. [Reserved]

            	
              93

            
	
              SECTION
                5.07. Basis Risk Reserve Fund.

            	
              93

            
	
              SECTION
                5.08. Recoveries.

            	
              94

            
	
              SECTION
                5.09. [Reserved]

            	
              95

            
	 	 
	
              ARTICLE
                VI
                THE CERTIFICATES

            	
              95

            
	 	
               

            
	
              SECTION
                6.01. The Certificates.

            	
              95

            
	
              SECTION
                6.02. Registration of Transfer and Exchange of
                Certificates.

            	
              96

            
	
              SECTION
                6.03. Mutilated, Destroyed, Lost or Stolen
                Certificates.

            	
              104

            
	
              SECTION
                6.04. Persons Deemed Owners.

            	
              105

            
	 	 
	
              ARTICLE
                VII
                DEFAULT

            	
              105

            
	 	 
	
              SECTION
                7.01. Events of Default.

            	
              105

            
	
              SECTION
                7.02. Trustee
                to Act.

            	
              106

            
	
              SECTION
                7.03. Waiver of Event of Default.

            	
              107

            
	
              SECTION
                7.04. Notification to Certificateholders.

            	
              107

            
	 	
               

            
	
              ARTICLE
                VIII
                THE TRUSTEE

            	
              107

            
	 	 
	
              SECTION
                8.01. Duties of the Trustee

            	
              107

            
	
              SECTION
                8.02. Certain Matters Affecting the Trustee

            	
              110

            
	
              SECTION
                8.03. Trustee Not Liable for Certificates or Mortgage
                Loans.

            	
              111

            
	
              SECTION
                8.04. Trustee and Custodian May Own Certificates.

            	
              112

            
	
              SECTION
                8.05. Trustee’s Fees and Expenses.

            	
              112

            
	
              SECTION
                8.06. Eligibility Requirements for Trustee

            	
              112

            
	
              SECTION
                8.07. Resignation or Removal of Trustee

            	
              113

            
	
              SECTION
                8.08. Successor Trustee

            	
              114

            
	
              SECTION
                8.09. Merger or Consolidation of Trustee

            	
              114

            
	
              SECTION
                8.10. Appointment of Co-Trustee or Separate
                Trustee.

            	
              114

            
	
              SECTION
                8.11. Limitation of Liability.

            	
              115

            
	
              SECTION
                8.12. Trustee May Enforce Claims Without Possession of
                Certificates.

            	
              116

            
	
              SECTION
                8.13. Suits for Enforcement.

            	
              116

            
	
              SECTION
                8.14. Waiver of Bond Requirement.

            	
              116

            
	
              SECTION
                8.15. Waiver of Inventory, Accounting and Appraisal
                Requirement.

            	
              117

            
	
              SECTION
                8.16. Appointment of Custodians.

            	
              117

            
	
              SECTION
                8.17. Indemnification

            	
              117

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	 	
               

            
	
              ARTICLE
                IX
                REMIC ADMINISTRATION

            	
              118

            
	 	 
	
              SECTION
                9.01. REMIC Administration.

            	
              118

            
	
              SECTION
                9.02. Prohibited Transactions and Activities.

            	
              121

            
	 	
               

            
	
              ARTICLE
                X
                TERMINATION

            	
              121

            
	 	 
	
              SECTION
                10.01.Termination.

            	
              121

            
	
              SECTION
                10.02. Additional Termination Requirements.

            	
              123

            
	
              ARTICLE
                XI
                [RESERVED]

            	
              124

            
	 	 
	
              ARTICLE
                XII
                MISCELLANEOUS PROVISIONS

            	
              124

            
	 	 
	
              SECTION
                12.01.
                Amendment.

            	
              124

            
	
              SECTION
                12.02. Recordation of Agreement; Counterparts.

            	
              125

            
	
              SECTION
                12.03. Limitation on Rights of Certificateholders.

            	
              125

            
	
              SECTION
                12.04. Governing Law; Jurisdiction.

            	
              127

            
	
              SECTION
                12.05.
                Notices.

            	
              127

            
	
              SECTION
                12.06. Severability of Provisions.

            	
              127

            
	
              SECTION
                12.07. Article and Section References.

            	
              128

            
	
              SECTION
                12.08. Notices to each Rating Agencies.

            	
              128

            
	
              SECTION
                12.09. Further Assurances.

            	
              129

            
	
              SECTION
                12.10. Benefits of Agreement.

            	
              129

            
	
              SECTION
                12.11. Acts of Certificateholders.

            	
              129

            
	
              SECTION
                12.12. Successors and Assigns.

            	
              130

            
	
              SECTION
                12.13. Provision of Information.

            	
              130

            
	
              SECTION
                12.14. Tax Treatment of Class X-1 Certificates.

            	
              130

            
	 	 
	
              EXHIBITS
                AND SCHEDULES:

            	 
	 	 
	
              Exhibit
                A-1 Form of Class A Certificate

            	
              A-1

            
	
              Exhibit
                A-2 Form of Class X Certificate

            	
              A-2

            
	
              Exhibit
                A-3 Form of Class PO Certificate

            	
              A-3

            
	
              Exhibit
                B Form of Residual Certificate

            	
              B-1

            
	
              Exhibit
                C Form of Subordinate Certificate

            	
              C-1

            
	
              Exhibit
                D [Reserved]

            	
              D-1

            
	
              Exhibit
                E Form of Reverse of the Certificates

            	
              E-1

            
	
              Exhibit
                F Request for Release

            	
              F-1

            
	
              Exhibit
                G-1 Form of Receipt of Mortgage Note

            	
              G-1-1

            
	
              Exhibit
                G-2 Form of Interim Certification of Trustee

            	
              G-2-1

            
	
              Exhibit
                G-3 Form of Final Certification of Trustee

            	
              G-3-1

            
	
              Exhibit
                H Form of Lost Note Affidavit

            	
              H-1

            
	
              Exhibit
                I-1 Form of ERISA Representation For Residual Certificates

            	
              I-1-1

            
	
              Exhibit
                I-2 Form of ERISA Representation For ERISA-Restricted
                Certificates

            	
              I-2-1

            
	
              Exhibit
                J-1 Form of Investment Letter Non-Rule 144A

            	
              J-1-1

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              Exhibit
                J-2 Form of Rule 144A Investment Letter

            	
              J-2-1

            
	
              Exhibit
                K Form of Transferor Certificate

            	
              K-1

            
	
              Exhibit
                L Transfer Affidavit for Residual Certificate Pursuant to Section
                6.02(e)

            	
              L-1

            
	
              Exhibit
                M List of Servicing Agreements

            	
              M-1

            
	
              Exhibit
                N-1 Form of Transfer Certificate (Restricted Global Security to Regulation
                S Security)

            	
              N-1-1

            
	
              Exhibit
                N-2 Form of Transfer Certificate (Regulation S Security to Restricted
                Global Security)

            	
              N-2-1

            
	
              Exhibit
                O Financial Guaranty Insurance Policy

            	
              O-1

            
	
              Exhibit
                P Form of Trustee Certification

            	
              P-1

            
	
              Exhibit
                Q [Reserved]

            	
              Q-1

            
	
              Exhibit
                R Form of Certification Regarding Servicing Criteria to be Addressed
                in
                Report on Assessment of Compliance

            	
              R-1

            
	
              Exhibit
                S Transaction Parties

            	
              S-1

            
	 	 
	
              Schedule
                I Mortgage Loan Schedule

            	 
	
              Schedule
                II [Reserved]

            	 

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    This
      Pooling Agreement is dated as of January 1, 2006 (the “Agreement”),
      among
      GREENWICH CAPITAL ACCEPTANCE, INC., a Delaware corporation, as depositor (the
      “Depositor”),
      GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., a Delaware corporation, as seller
      (the “Seller”)
      and
      U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee
      (the
“Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    Through
      this Agreement, the Depositor intends to cause the issuance and sale of the
      HarborView Mortgage Loan Trust 2006-1 Mortgage Loan Pass-Through Certificates,
      Series 2006-1 (the “Certificates”)
      representing in the aggregate the entire beneficial ownership of the Trust,
      the
      primary assets of which are the Mortgage Loans (as defined below).

     

    The
      Depositor intends to sell the Certificates to be issued hereunder in multiple
      classes, which in the aggregate will evidence the entire beneficial ownership
      interest in the Trust Fund created hereunder. The Certificates will consist
      of
      twenty-three classes of certificates, designated as (i) the Class 1-A1A
      Certificates, (ii) the Class 1-A1B Certificates, (iii) the Class 2-A1A
      Certificates, (iv) the Class 2-A1B Certificates, (v) the Class 2-A1C
      Certificates, (vi) the Class X-1 Certificates, (vii) the Class X-2A1B
      Certificates, (viii) the Class PO-1 Certificates, (ix) the Class PO-2A1B
      Certificates, (x) the Class A-R Certificates, (xi) the Class B-1 Certificates,
      (xii) the Class B-2 Certificates, (xiii) the Class B-3 Certificates, (xiv)
      the
      Class B-4 Certificates, (xv) the Class B-5 Certificates, (xvi) the Class B-6
      Certificates, (xvii) the Class B-7 Certificates, (xviii) the Class B-8
      Certificates, (xix) the Class B-9 Certificates, (xx) the Class B-10
      Certificates, (xxi) the Class B-11 Certificates, (xxii) the Class B-12
      Certificates and (xxiii) the Class A-R-II Certificates.

     

    As
      provided herein, the Trustee shall elect that the Trust Fund (exclusive of
      the
      assets held in the Basis Risk Reserve Fund (the “Excluded
      Trust Property”))
      be
      treated for federal income tax purposes as comprising three real estate mortgage
      investment conduits (each, a “REMIC”
or,
      in
      the alternative, the “Lower-Tier
      REMIC,”
the
      “Middle-Tier
      REMIC”
and
      the
“Upper-Tier
      REMIC”).
      Each
      Certificate, other than the Class A-R and Class A-R-II Certificates, shall
      represent ownership of a regular interest in the Upper-Tier REMIC, as described
      herein. In addition, the MTA and LIBOR Certificates represent the right to
      receive payments in respect of Basis Risk Shortfalls from the Basis Risk Reserve
      Fund as provided in Section 5.07. The owners of the Class X-1 and Class X-2A1B
      Certificates beneficially own the Basis Risk Reserve Fund. The Class A-R-II
      Certificate represents ownership of the sole class of residual interest in
      the
      Lower-Tier REMIC, and the Class A-R Certificates represent ownership of the
      sole
      class of residual interest in the Middle-Tier and the Upper-Tier
      REMICs.

     

    The
      Lower-Tier REMIC shall hold as assets all property of the Trust Fund, other
      than
      the Excluded Trust Property and the Lower-Tier REMIC Interests and the
      Middle-Tier REMIC Interests. The Middle-Tier REMIC shall hold as assets the
      uncertificated Lower-Tier Interests, other than the Class LT-R Interest. Each
      such Lower-Tier Interest is hereby designated as a REMIC regular interest.
      The
      Upper-Tier REMIC shall hold as assets the uncertificated Middle-Tier Interests,
      other than the Class MT-R Interest. Each such Middle-Tier Interest is hereby
      designated as a REMIC regular interest. 

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    Lower-Tier
      REMIC Interests

     

    The
      following table specifies the Class designation, interest rate, and initial
      principal amount for each Lower-Tier REMIC Interest:

     

    
      	
              Designation

            	
            	
              Interest
                Rate

            	 	
              Initial
                Principal

              Balance

            	 	
              Related
                group

            	 
	
              LT-Group
                1

            	 	 	
              (1

            	
              )

            	
              $

            	
              581,362,714.40

            	 	 	
              Group
                1

            	 
	
              LT-Group
                1 SCA

            	 	 	
              (1

            	
              )

            	
              $

            	
              611,066.81

            	 	 	
              Group
                1

            	 
	
              LT-Group
                2

            	 	 	
              (2

            	
              )

            	
              $

            	
              1,160,620,209.29

            	 	 	
              Group
                2

            	 
	
              LT-Group
                2 SCA

            	 	 	
              (2

            	
              )

            	
              $

            	
              1,219,940.50

            	 	 	
              Group
                2

            	 
	
              LT-R

            	 	 	
              (3

            	
              )

            	 	
              (3

            	
              )

            	 	
              N/A

            	 

    

     

    
      	 	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower-Tier Interests is a per annum
                rate
                equal to the Group 1 Net WAC for such Distribution Date.
                

            

    

     

    
      	 	
              (2)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower-Tier Interests is a per annum
                rate
                equal to the Group 2 Net WAC for such Distribution Date.
                

            

    

     

    
      	 	
              (3)

            	
              The
                LT-R Interest is the sole class of residual interests in the Lower-Tier
                REMIC. It does not have an interest rate or a principal balance.
                Ownership
                of the LT-R Interest is represented by the Class A-R-II
                Certificate.

            

    

     

    On
      each
      Distribution Date, Available Funds for both Loan Groups shall be allocated
      among
      the Lower-Tier Interests in the following order of priority:

    

    
      	 	
              (i)

            	
              First,
                concurrently to the LT-Group 1 SCA and LT-Group 2 SCA Interests as
                follows:

            

    

    

    
      	 	
              (a)

            	
              to
                the LT-Group 1 SCA Interest until its principal balance equals one
                percent
                of the Subordinate Component for Loan Group 1 for the immediately
                succeeding Distribution Date;

            

    

    

    
      	 	
              (b)

            	
              to
                the LT-Group 2 SCA Interest until its principal balance equals one
                percent
                of the Subordinate Component for Loan Group 2 for the immediately
                succeeding Distribution Date; and

            

    

    

    
      	 	
              (c)

            	
              to
                the LT-Group 1 SCA and the LT-Group 2 SCA Interests the amount necessary
                to cause the ratio of the principal balance of each such Lower-Tier
                Interest to the principal balances of the other such Lower-Tier Interest
                to equal the ratio of the Subordinate Component for the Loan Group
                related
                to such Lower-Tier Interest to the Subordinate Component related
                to the
                other Loan Group for the immediately succeeding Distribution
                Date;

            

    

    

    
      	 	
              (ii)

            	
              Second,
                concurrently to the LT-Group 1 and LT-Group 2 Interests until
                -

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (a)

            	
              the
                principal balance of the LT-Group 1 Interest equals the excess of
                (I) the
                Pool Collateral Balance for Loan Group 1 for the immediately succeeding
                Distribution Date, over (II) the principal balance of the LT-Group
                1 SCA
                Interest for such Distribution Date, after taking into account
                distributions pursuant to priority (i) above for such Distribution
                Date,
                and 

            

    

    

    
      	 	
              (b)

            	
              the
                principal balance of the LT-Group 2 Interest equals the excess of
                (I) the
                Pool Collateral Balance for Loan Group 2 as of for the immediately
                succeeding Distribution Date, over (II) the principal balance of
                the
                LT-Group 2 SCA Interest for such Distribution Date, after taking
                into
                account distributions pursuant to priority (i) above for such Distribution
                Date,

            

    

    

    
      	 	
              (iii)

            	
              Third,
                to make interest distributions on the Lower-Tier Interests at the
                interest
                rates described above, provided,
                however,
                that any Net Deferred Interest shall be allocated among and increase
                the
                principal balances of the Lower-Tier Interests in the same order
                and
                priority in which principal is distributed pursuant to priorities
                (i) and
                (ii) above.

            

    

    

    
      	 	
              (iv)

            	
              Finally,
                any remaining amounts to the LT-R
                Interest.

            

    

    

    On
      any
      Distribution Date, after all distributions of Available Funds, Realized Losses
      shall be allocated among the Lower-Tier Interests in the same order of priority
      in which principal is distributed among such Lower-Tier Interests pursuant
      to
      priorities (i) and (ii) above.

    

     

    Middle-Tier
      REMIC Interests

     

    
      	
               

              Designation

            	 	
              Interest
                Rate

            	 	
              Initial
                Principal Balance

            	 	
              Corresponding
                Class of Certificates

            	 
	
              MT1-A1A

            	 	 	
              (1

            	
              )

            	
              $

            	
              156,259,100.00

            	 	 	
              Class
                1-A1A

            	 
	
              MY1-A1B

            	 	 	
              (1

            	
              )

            	
              $

            	
              104,172,000.00

            	 	 	
              Class
                1-A1B

            	 
	
              MT2-A1A

            	 	 	
              (2

            	
              )

            	
              $

            	
              311,954,500.00

            	 	 	
              Class
                2-A1A

            	 
	
              MT2-A1B

            	 	 	
              (2

            	
              )

            	
              $

            	
              129,980,500.00

            	 	 	
              Class
                2-A1B

            	 
	
              MT2-QA1B

            	 	 	
              (2

            	
              )

            	
              $

            	
              124,781,380.00

            	 	 	
              N/A

            	 
	
              MT2-ZAIB

            	 	 	
              (2

            	
              )

            	
              $

            	
              2,599,610.00

            	 	 	
              N/A

            	 
	
              MT2-YA2B

            	 	 	
              (2

            	
              )

            	
              $

            	
              2,599,610.00

            	 	 	
              N/A

            	 
	
              MT2-A1C

            	 	 	
              (2

            	
              )

            	
              $

            	
              77,988,000.00

            	 	 	
              Class
                2-A1C

            	 
	
              MTB-1

            	 	 	
              (3

            	
              )

            	
              $

            	
              17,439,000.00

            	 	 	
              Class
                B-1

            	 
	
              MTB-2

            	 	 	
              (3

            	
              )

            	
              $

            	
              12,206,500.00

            	 	 	
              Class
                B-2

            	 
	
              MTB-3

            	 	 	
              (3

            	
              )

            	
              $

            	
              7,411,000.00

            	 	 	
              Class
                B-3

            	 
	
              MTB-4

            	 	 	
              (3

            	
              )

            	
              $

            	
              6,975,000.00

            	 	 	
              Class
                B-4

            	 
	
              MTB-5

            	 	 	
              (3

            	
              )

            	
              $

            	
              6,103,500.00

            	 	 	
              Class
                B-5

            	 
	
              MTB-6

            	 	 	
              (3

            	
              )

            	
              $

            	
              5,667,500.00

            	 	 	
              Class
                B-6

            	 
	
              MTB-7

            	 	 	
              (3

            	
              )

            	
              $

            	
              4,795,500.00

            	 	 	
              Class
                B-7

            	 
	
              MTB-8

            	 	 	
              (3

            	
              )

            	
              $

            	
              4,359,500.00

            	 	 	
              Class
                B-8

            	 
	
              MTB-9

            	 	 	
              (3

            	
              )

            	
              $

            	
              3,923,500.00

            	 	 	
              Class
                B-9

            	 
	
              MTB-10

            	 	 	
              (3

            	
              )

            	
              $

            	
              6,975,000.00

            	 	 	
              Class
                B-10

            	 
	
              MTB-11

            	 	 	
              (3

            	
              )

            	
              $

            	
              8,719,000.00

            	 	 	
              Class
                B-11

            	 
	
              MTB-12

            	 	 	
              (3

            	
              )

            	
              $

            	
              6,975,365.50

            	 	 	
              Class
                B-12

            	 
	
              MT1-Q

            	 	 	
              (1

            	
              )

            	
              $

            	
              250,018,760.00

            	 	 	
              N/A

            	 
	
              MT1-Z

            	 	 	
              (1

            	
              )

            	
              $

            	
              5,208,620.00

            	 	 	
              N/A

            	 
	
              MT1-Y

            	 	 	
              (1

            	
              )

            	
              $

            	
              5,208,620.00

            	 	 	
              N/A

            	 
	
              MT2-Q

            	 	 	
              (2

            	
              )

            	
              $

            	
              374,344,800.00

            	 	 	
              N/A

            	 
	
              MT2-Z

            	 	 	
              (2

            	
              )

            	
              $

            	
              7,798,850.00

            	 	 	
              N/A

            	 
	
              MT2-Y

            	 	 	
              (2

            	
              )

            	
              $

            	
              7,798,850.00

            	 	 	
              N/A

            	 
	
              MTB-Q

            	 	 	
              (3

            	
              )

            	
              $

            	
              87,888,670.56

            	 	 	
              N/A

            	 
	
              MTB-Z

            	 	 	
              (3

            	
              )

            	
              $

            	
              1,831,013.97

            	 	 	
              N/A

            	 
	
              MTB-Y

            	 	 	
              (3

            	
              )

            	
              $

            	
              1,831,013.97

            	 	 	
              N/A

            	 
	
              MT-R

            	 	 	
              (4

            	
              )

            	 	
              (4

            	
              )

            	 	
              Class
                A-R

            	 

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Middle-Tier Interests is a per
                annum
                rate equal to the weighted average of the interest rates on the LT-Group
                1
                and LT-Group 1 SCA Interests for such Distribution Date (the Group
                1 Net
                WAC). 

            

    

     

    
      	 	
              (2)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Middle-Tier Interests is a per
                annum
                rate equal to the weighted average of the interest rates on the LT-Group
                2
                and LT-Group 2 SCA Interests for such Distribution Date (the Group
                2 Net
                WAC). 

            

    

     

    
      	 	
              (3)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Middle-Tier Interests is a per
                annum
                rate equal to the weighted average of the interest rates on the LT-Group
                1
                SCA and LT-Group 2 SCA Interests for such Distribution Date (the
                “Subordinate Net WAC). 

            

    

     

    
      	 	
              (4)

            	
              The
                MT-R Interest is the sole class of residual interests in the Middle-Tier
                REMIC. It does not have an interest rate or a principal balance.
                Ownership
                of the MT-R Interest is represented by the Class A-R
                Certificates.

            

    

     

    On
      each
      Distribution Date, Available Funds, which shall have been distributed in respect
      of the Lower-Tier Interests in the Lower-Tier REMIC, shall be allocated among
      the Middle-Tier Interests in the following order of priority:

     

    
      	 	
              (i)

            	
              First,
                to the MT2-ZA1B, MT2-YA1B, MT1-Z, MT1-Y, MT2-Z, MT2-Y, MTB-Z, and
                MTB-Y
                Interests in reduction of their principal balances as follows -
                

            

    

     

    
      	 	
              (a)

            	
              Concurrently
                to the MT2-ZA1B, MT1-Z, MT2-Z, and MTB-Z Interests the amount, if
                any,
                required to reduce (I) the principal balance of the MT2-ZA1B Interest
                to
                the MT2-ZA1B Target Balance for such Distribution Date, (II) the
                principal
                balance of the MT1-Z Interest to the MT1-Z Target Balance for such
                Distribution Date, (III) the principal balance of the MT2-Z Interest
                to
                the MT2-Z Target Balance for such Distribution Date, and (IV) the
                principal balance of the MTB-Z Interest to the MTB-Z Target Balance
                for
                such Distribution Date;

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              Concurrently
                to the MT2-YA1B, MT1-Y, MT2-Y, and MTB-Y Interests the amount, if
                any,
                required to reduce (I) the principal balance of the MT2-YA1B Interest
                to
                the MT2-YA1B Target Balance for such Distribution Date, (II) the
                principal
                balance of the MT1-Y Interest to the MT1-Y Target Balance for such
                Distribution Date, (III) the principal balance of the MT2-Y Interest
                to
                the MT2-Y Target Balance for such Distribution Date, and (IV) the
                principal balance of the MTB-Y Interest to the MTB-Y Target Balance
                for
                such Distribution Date; and

            

    

     

    
      
        	 	
                (c)

              	
                Concurrently
                  to the MT2-ZA1B, MT2-YA1B, MT1-Z, MT1-Y, MT2-Z, MT2-Y, MTB-Z, and
                  MTB-Y
                  Interests as follows: (I) to the MT2-ZA1b and MT2-YA1b Interests,
                  in
                  proportion to their principal balances, after taking into account
                  distributions pursuant to priorities (a) and (b) above, until the
                  sum of
                  their principal balances equals 2% of the aggregate Class Principal
                  Balance of the Class 2-A1B Certificates immediately after such
                  Distribution Date, (II) to the MT1-Z and MT1-Y Interests, in proportion
                  to
                  their principal balances, after taking into account distributions
                  pursuant
                  to priorities (a) and (b) above, until the sum of their principal
                  balances
                  equals 2% of the aggregate Class Principal Balance of the Class
                  1-A1A and
                  Class 1-A1B Certificates immediately after such Distribution Date,
                  (III)
                  to the MT2-Z and MT2-Y Interests, in proportion to their principal
                  balances, after taking into account distributions pursuant to priorities
                  (a) and (b) above, until the sum of their principal balances equals
                  2% of
                  the aggregate Class Principal Balance of the Class 2-A1A and Class
                  2-A1C
                  Certificates immediately after such Distribution Date, (IV) to
                  the MTB-Z
                  and MTB-Y Interests, in proportion to their principal balances,
                  after
                  taking into account distributions pursuant to priorities (a) and
                  (b)
                  above, until the sum of their principal balances equals 2% of the
                  aggregate Class Principal Balance of the Class B1, Class B2, Class
                  B3,
                  Class B4, Class B5, Class B6, Class B7, Class B-8, Class B-9, Class
                  B-10,
                  Class B-11, and Class B-12 Certificates immediately after such
                  Distribution Date,

              

      

       

      
        	 	
                (ii)

              	
                Second,
                  concurrently to the MT-A1A, MT-A1B, MT-2A1A, MT-2A1B, MT-2A1C,
                  MT-B1,
                  MT-B2, MT-B3. MT-B4, MT-B5, MT-B6, MT-B7, MT-B8, MT-B9, MT-B10,
                  MT-B11,
                  and MT-B12 Interests until the principal balance of each such Lower-Tier
                  Interest equals 50% of the Class Principal Balance or Balances
                  of the
                  Corresponding Class or Classes of Certificates for such Middle-Tier
                  Interest immediately after such Distribution
                  Date;

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      
  

      
        	 	
                (iii)

              	
                Third,
                  concurrently to the MT2-QA1B, MT1-Q, MT2-Q, and MTB-Q Interests
                  until (a)
                  the principal balance of the MT2-QA1B Interest equals the excess
                  of (I)
                  the aggregate Class Principal Balance of the Class 2-A1B and Class
                  PO-2
                  Certificates immediately after such Distribution Date over (II)
                  the
                  aggregate of the principal balances of the MT2-A1B, MT2-ZA1B, and
                  MT2-YA1B
                  Interests after taking into account the distributions made pursuant
                  to
                  priorities (i) and (ii) above on such Distribution Date, (b) the
                  principal
                  balance of the MT1-Q Interest equals the excess of (I) the aggregate
                  Class
                  Principal Balance of the Class 1-A1A, Class 1-A1B, Class A-R, and
                  Class
                  PO-1 Certificates immediately after such Distribution Date over
                  (II) the
                  aggregate of the principal balances of the MT1-A1A, MT1-A1B, MT1-Z,
                  and
                  MT1-Y Interests after taking into account the distributions made
                  pursuant
                  to priorities (i) and (ii) above on such Distribution Date, (c)
                  the
                  principal balance of the MT2-Q Interest equals the excess of (I)
                  the
                  aggregate Class Principal Balance of the Class 2-A1A and Class
                  2-A1C
                  Certificates immediately after such Distribution Date over (II)
                  the
                  aggregate of the principal balances of the MT2-A1A, MT2-A1C, MT2-Z,
                  and
                  MT2-Y Interests after taking into account the distributions made
                  pursuant
                  to priorities (i) and (ii) above on such Distribution Date, and
                  (d) the
                  principal balance of the MTB-Q Interest equals the excess of (I)
                  the
                  aggregate Class Principal Balance of the Class B1, Class B2, Class
                  B3,
                  Class B4, Class B5, Class B6, Class B7, Class B-8, Class B-9, Class
                  B-10,
                  Class B-11, and Class B-12 Certificates immediately after such
                  Distribution Date over (b) the aggregate of the principal balances
                  of the
                  MT-B1, MT-B2, MT-B3, MT-B4, MT-B5, MT-B6, MT-B7, MT-B8, MT-B9,
                  MT-B10,
                  MT-B11, MT-B12, MTB-Z, and MTB-Y Interests after taking into account
                  the
                  distributions made pursuant to priorities (i) and (ii) above on
                  such
                  Distribution Date;

              

      

      
        	
              	
                (iv)

              	
                Fourth,
                  remaining Available Funds shall be applied to interest distributions
                  on
                  the Middle-Tier Interests in the Middle-Tier REMIC at the interest
                  rates
                  described above, provided,
                  however,
                  that any Net Deferred Interest will be allocated among and increase
                  the
                  principal balances of the Middle-Tier Interests in the same order
                  of
                  priority in which principal is distributed among such Middle-Tier
                  Interests pursuant to priorities (i)(c), (ii), and (iii)
                  above.

              

      

    

     

    On
      any
      Distribution Date, after all distributions of Available Funds, which shall
      have
      been distributed or allocated in respect of the Lower-Tier Interests in the
      Lower-Tier REMIC, Realized Losses shall be allocated among the Middle-Tier
      Interests in the same order of priority in which principal is distributed among
      such Middle-Tier Interests pursuant to priorities (i) through (iii)
      above.

     

    The
      Certificates

     

    The
      following table sets forth (or describes) the Class designation, Pass-Through
      Rate, and Original Class Principal Balance (or Original Class Notional Balance)
      for each Class of Certificates comprising interests in the Trust Fund created
      hereunder. Each Class of Certificates, other than the Class A-R and Class A-R-II
      Certificates, is hereby designated as representing ownership of regular
      interests in the Upper-Tier REMIC.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	 	 	
              Original
                Class Principal

              Balance
                or Class Notional Balance

            	 	
              Pass-Through

              Rate

            	 
	
              Class
                1-A1A 

            	  	
              $

            	
              312,518,000.00

            	 
	 
	
               (1

            	
              )

            
	
              Class
                1-A1B

            	 	
              $

            	
              208,344,000.00

            	 	 	
              (1

            	
              )

            
	
              Class
                2-A1A

            	 	
              $

            	
              623,909,000.00

            	 	 	
              (1

            	
              )

            
	
              Class
                2-A1B

            	 	
              $

            	
              259,961,000.00

            	 	 	
              (1

            	
              )

            
	
              Class
                2-A1C

            	 	
              $

            	
              155,976,000.00

            	 	 	
              (1

            	
              )

            
	
              Class
                X-1

            	 	 	
              Notional
                Amount (2

            	
              )

            	 	
              (1

            	
              )

            
	
              Class
                X-2A1B

            	 	 	
              Notional
                Amount (3

            	
              )

            	 	
              (1

            	
              )

            
	
              Class
                PO-1

            	 	
              $

            	
              5,000.00
                (4

            	
              )

            	 	
              (6

            	
              )

            
	
              Class
                PO-2A1B

            	 	
              $

            	
              100.00
                (5

            	
              )

            	 	
              (6

            	
              )

            
	
              Class
                A-R

            	 	
              $

            	
              100.00
                (10

            	
              )

            	 	
              (7

            	
              )

            
	
              Class
                B-1

            	 	
              $

            	
              34,878,000.00

            	 	 	
              (8

            	
              )

            
	
              Class
                B-2

            	 	
              $

            	
              24,413,000.00

            	 	 	
              (8

            	
              )

            
	
              Class
                B-3

            	 	
              $

            	
              14,822,000.00

            	 	 	
              (8

            	
              )

            
	
              Class
                B-4 

            	  	
              $

            	
              13,950,000.00

            	 
	 
	
               (8

            	
              )

            
	
              Class
                B-5

            	 	
              $

            	
              12,207,000.00

            	 	 	
              (8

            	
              )

            
	
              Class
                B-6

            	 	
              $

            	
              11,335,000.00

            	 	 	
              (8

            	
              )

            
	
              Class
                B-7

            	 	
              $

            	
              9,591,000.00

            	 	 	
              (8

            	
              )

            
	
              Class
                B-8 

            	  	
              $

            	
               8,719,000.00

            	 
	 
	
               (8

            	
              )

            
	
              Class
                B-9

            	 	
              $

            	
              7,847,000.00

            	 	 	
              (8

            	
              )

            
	
              Class
                B-10

            	 	
              $

            	
              13,950,000.00

            	 	 	
              (8

            	
              )

            
	
              Class
                B-11

            	 	
              $

            	
              17,438,000.00

            	 	 	
              (8

            	
              )

            
	
              Class
                B-12 

            	  	
              $

            	
              13,950,730.00

            	 
	 
	
               (8

            	
              )

            
	
              Class
                A-R-II

            	 	 	
              (9

            	
              )

            	 	
              (9

            	
              )

            

    

     

    
      

    

    
      	 	
              (1)

            	
              Calculated
                pursuant to the definition of “Pass-Through
                Rate.”

            

    

     

    
      	 	
              (2)

            	
              For
                purposes of the REMIC provisions, the Class X-1 Certificates shall
                accrue
                interest on a notional balance equal to the sum of the principal
                balances
                of the MT1-A1A, MT1-A1B, MT2-A1A, MT2-A1C, MTB-1, MTB-2, MTB-3, MTB-4,
                MTB-5, MTB-6. MTB-7, MTB-8, MTB-9, MTB-10, MTB-11, MTB-12, MT1-Q,
                MT1-Y,
                MT1-Z, MT2-Q, MT2-Y, MT2-Z, MTB-Q, MTB-Y, and MTB-Z Interests. For
                purposes of the REMIC Provisions, interest shall accrue on the Class
                X-1
                Certificate at a rate equal to the excess, if any, of (i) the weighted
                average of the Group 1 Adjusted Net WAC and the Group 2 Adjusted
                Net WAC,
                weighted on the basis of the applicable Pool Balances for such
                Distribution Date, over (ii) the Adjusted Middle-Tier WAC. The Class
                X-1
                Certificates are interest-only certificates and will not be entitled
                to
                distributions of principal. 

            

    

     

    
      	 	
              (3)

            	
              For
                purposes of the REMIC provisions, the Class X-2A1B Certificates shall
                accrue interest on a notional balance equal to the sum of the principal
                balances of the MT2-A1B, MT2-QAIB, MT2-YAIB, and MT2-ZAIB Interests.
                For
                purposes of the REMIC Provisions, interest shall accrue on the Class
                X-2A1B Certificate at a rate equal to the excess, if any, of (i)
                the Group
                2-A1B Adjusted Net WAC over (ii) the Group 2-A1B Adjusted Middle-Tier
                WAC.
                

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (4)

            	
              The
                Class PO-1 Certificates will be deemed for purposes of the distribution
                of
                principal to consist of two components: the PO-1A1 Component and
                the
                PO-1A2 Component. The Components are not severable. For purposes
                of the
                REMIC Provisions, the Class PO-1 Certificates shall accrue interest
                on a
                notional balance equal to the sum of the principal balances of the
                MT1-A1A, MT1-A1B, MT2-A1A, MT2-A1C, MTB-1, MTB-2, MTB-3, MTB-4, MTB-5,
                MTB-6. MTB-7, MTB-8, MTB-9, MTB-10, MTB-11, MTB-12, MT1-Q, MT1-Y,
                MT1-Z,
                MT2-Q, MT2-Y, MT2-Z, MTB-Q, MTB-Y, and MTB-Z Interests. For purposes
                of
                the REMIC Provisions, interest shall accrue on the Class PO-1 Certificates
                at a rate equal to the excess of (i) the weighted average of the
                Group 1
                Net WAC and the Group 2 Net WAC, weighted on the basis of the applicable
                Pool Balances for such Distribution Date, over (ii) the Adjusted
                Middle-Tier Pay Rate. Any interest accrued on the Class PO-1 Certificates
                will not be paid currently but shall increase the Component Principal
                Balance of the Class PO-1 Certificate. All amounts so accrued shall
                be
                deferred and distributed as principal in respect of the PO-1A1 and
                PO-1A2
                Components.

            

    

     

    
      	 	
              (5)

            	
              The
                Class PO-2A1B Certificates are principal-only certificates and will
                not be
                entitled to distributions of interest. For purposes of the REMIC
                Provisions, the Class PO-2A1B Certificates shall accrue interest
                on a
                notional balance equal to the sum of the principal balances of the
                MT2-A1B, MT2-QAIB, MT2-YAIB, and MT2-ZAIB Interests. For purposes
                of the
                REMIC Provisions, interest shall accrue on the Class PO-2A1B Certificates
                at a rate equal to the excess of (i) the Group 2 Net WAC over (ii)
                the Group 2-A1B Adjusted Middle-Tier Pay Rate. Any interest accrued
                on the Class PO-2A1B Certificates will not be paid currently but
                shall
                increase the Component Principal Balance of the Class PO-2A1B
                Certificate.

            

    

     

    
      	 	
              (6)

            	
              The
                Class PO-1 and Class PO-2A1B Certificates are principal-only certificates
                and will not be entitled to distributions of
                interest.

            

    

     

    
      	 	
              (7)

            	
              Calculated
                pursuant to the definition of “Pass-Through
                Rate.”

            

    

     

    
      	 	
              (8)

            	
              Calculated
                pursuant to the definition of “Pass-Through Rate,” but adjusted, for
                purposes of the REMIC Provisions, to reflect the allocation, if any,
                of
                Subordinate Class Expense Share.

            

    

     

    
      	 	
              (9)

            	
              For
                purposes of the REMIC provisions, the Class A-R-II Certificate represents
                ownership of the Class LT-R Interest, which is the sole class of
                residual
                interest in the Lower-Tier REMIC and does not have a principal balance
                or
                a pass-through rate.

            

    

     

    
      	 	
              (10)

            	
              For
                purposes of the REMIC provisions, the Class A-R Certificate represents
                ownership of (i) the Class MT-R Interest, which is the sole residual
                interest in the Middle-Tier REMIC and (ii) the sole class of residual
                interest in the Upper-Tier REMIC.

            

    

     

    

    ARTICLE
      I

     

    DEFINITIONS;
      DECLARATION OF TRUST

     

    SECTION
      1.01. Defined
      Terms.

     

    Whenever
      used in this Agreement or in the Preliminary Statement, the following words
      and
      phrases, unless the context otherwise requires, shall have the meanings
      specified in this Article. All calculations of interest described herein shall
      be made, in the case of the MTA Certificates, the Interest-Only Certificates
      and
      the Class A-R Certificates, and each of the Lower-Tier Interests and Middle-Tier
      Interests, on the basis of an assumed 360-day year consisting of twelve 30-day
      months, and in the case of LIBOR Certificates, on the basis of an assumed
      360-day year and the actual number of days elapsed in the Accrual
      Period.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    “Acceptable
      Successor Servicer”:
      A
      FHLMC- or FNMA-approved servicer that is (i) reasonably acceptable to the
      Trustee and (ii) acceptable to each Rating Agency, as evidenced by a letter
      from
      each such Rating Agency delivered to the Trustee that such entity’s acting as a
      successor servicer will not result in a qualification, withdrawal or downgrade
      of the then-current rating of any of the Certificates (without regard to the
      Financial Guaranty Insurance Policy).

     

    “Account”:
      The
      Distribution Account or each Servicing Account, as the context
      requires.

     

    “Accrual
      Period”:
      With
      respect to each Distribution Date and the MTA Certificates, the Interest-Only
      Certificates and Class A-R Certificates, and any Lower-Tier Interests and
      Middle-Tier Interests, the calendar month immediately preceding the month of
      that Distribution Date. With respect to each Distribution Date and the LIBOR
      Certificates, the period beginning on the immediately preceding Distribution
      Date (or Closing Date in the case of the first Distribution Date) and ending
      on
      the date immediately preceding such Distribution Date. Interest on the LIBOR
      Certificates shall be calculated on the basis of a 360-day year and the actual
      number of days elapsed in the related Accrual Period; in the case of the other
      Classes of Certificates (and the Pooling REMIC Interests, Lower-Tier Interests
      and Middle-Tier Interests), interest shall be calculated based on an assumption
      that each month has 30 days and each year has 360 days. 

     

    “Accrued
      Interest Amount”:
      With
      respect to any Distribution Date and any Undercollateralized Group, an amount
      equal to one month’s interest on the applicable Principal Deficiency Amount at
      the Net WAC of the applicable Loan Group, plus any interest accrued on the
      Senior Certificates of such Undercollateralized Group remaining unpaid from
      prior Distribution Dates.

     

    “Adjusted
      Cap Rate”:
      Any of
      the Group 1 Adjusted Cap Rate, the Group 2 Adjusted Cap Rate, the Class X-1
      Adjusted Cap Rate, the Class X-2A1B Adjusted Cap Rate or the Subordinate
      Adjusted Cap Rate, as applicable.

     

    “Adjusted
      Middle-Tier Pay Rate”:
      For
      any Distribution Date (and the related Accrual Period), the product of (i)
      2
multiplied
      by
      (ii) the
      weighted average of the interest rates on the MT1-A1A, MT1-A1B, MT2-A1A,
      MT2-A1C, MTB-1, MTB-2, MTB-3, MTB-4, MTB-5, MTB-6. MTB-7, MTB-8, MTB-9, MTB-10,
      MTB-11, MTB-12, MT1-Q, MT1-Y, MT1-Z, MT2-Q, MT2-Y, MT2-Z, MTB-Q, MTB-Y, and
      MTB-Z Interests, weighted on the basis of their principal balances as of the
      first day of the related Accrual Period and computed for this purpose by (a)
      first subjecting the interest rate on the MT1-Q, MT1-Y, MT1-Z, MT2-Q, MT2-Y,
      MT2-Z, MTB-Q, MTB-Y, and MTB-Z Interests to a cap of 0.00%, and (b) first
      subjecting the interest rate on the MT1-A1A, MT1-A1B, MT2-A1A, MT2-A1C, MTB-1,
      MTB-2, MTB-3, MTB-4, MTB-5, MTB-6. MTB-7, MTB-8, MTB-9, MTB-10, MTB-11, and
      MTB-12 Interests to a cap equal to the product of the Pass-Through Rate for
      the
      Corresponding Class of Certificates multiplied
      by
      the
      quotient of (A) the actual number of days in the Accrual Period for the
      Corresponding Class of Certificates divided
      by
      (B) 30
      and a floor equal to the weighted average of the Group 1 Adjusted Net WAC and
      the Group 2 Adjusted Net WAC, weighted on the basis of the applicable Pool
      Balances for such Distribution Date.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    “Adjusted
      Middle-Tier WAC”:
      For
      any Distribution Date (and the related Accrual Period), the product of (i)
      2
multiplied
      by
      (ii) the
      weighted average of the interest rates on the MT1-A1A, MT1-A1B, MT2-A1A,
      MT2-A1C, MTB-1, MTB-2, MTB-3, MTB-4, MTB-5, MTB-6. MTB-7, MTB-8, MTB-9, MTB-10,
      MTB-11, MTB-12, MT1-Q, MT1-Y, MT1-Z, MT2-Q, MT2-Y, MT2-Z, MTB-Q, MTB-Y, and
      MTB-Z Interests , weighted on the basis of their principal balances as of the
      first day of the related Accrual Period and computed for this purpose by (a)
      first subjecting the interest rate on each of the MT1-Q, MT1-Y, MT1-Z, MT2-Q,
      MT2-Y, MT2-Z, MTB-Q, MTB-Y, and MTB-Z Interests to a cap of 0.00%, and (b)
      first
      subjecting the interest rate on each of the MT1-A1A, MT1-A1B, MT2-A1A, MT2-A1C,
      MTB-1, MTB-2, MTB-3, MTB-4, MTB-5, MTB-6. MTB-7, MTB-8, MTB-9, MTB-10, MTB-11,
      and MTB-12 Interests to a cap equal to the lesser of (I) the Pass-Through Rate
      for the Corresponding Class of Certificates multiplied
      by
      the
      quotient of (A) the actual number of days in the Accrual Period for the
      Corresponding Class of Certificates divided
      by
      (B) 30
      and (II) the weighted average of the Group 1 Adjusted Net WAC and the Group
      2
      Adjusted Net WAC, weighted on the basis of the applicable Pool Balances for
      such
      Distribution Date.

     

    “Adjustment
      Date”:
      With
      respect to each Mortgage Loan, each adjustment date on which the related Loan
      Rate changes pursuant to the related Mortgage Note. The first Adjustment Date
      following the applicable Cut-off Date as to each Mortgage Loan is set forth
      in
      the Mortgage Loan Schedule.

     

    “Advance”:
      With
      respect to any Distribution Date and any Mortgage Loan or REO Property, any
      advance made by the Servicer pursuant to Section 7.02.

     

    “Adverse
      REMIC Event”:
      Either
      (i) loss of status as a REMIC, within the meaning of Section 860D of the Code,
      for any group of assets identified as a REMIC in the Preliminary Statement
      to
      this Agreement, or (ii) imposition of any tax, including the tax imposed under
      Section 860F(a)(1) on prohibited transactions, and the tax imposed under Section
      860G(d) on certain contributions to a REMIC, on any REMIC created hereunder
      to
      the extent such tax would be payable from assets held as part of the Trust
      Fund.

     

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

     

    “Aggregate
      Premium Amount”:
      As to
      any Distribution Date and the Insured Certificates, the product of one-twelfth
      of the Premium Rate and the aggregate Class Principal Balance of the Class
      1-A1B
      and Class 2-A1C Certificates on the immediately preceding Distribution Date,
      or,
      in the case of the first Distribution Date, the Closing Date, in each case
      after
      giving effect to distributions of principal made on such Distribution
      Date.

     

    “Aggregate
      Subordinate Percentage”:
      As to
      any Distribution Date, the percentage equivalent of a fraction the numerator
      of
      which is the aggregate of the Class Principal Balances of the Classes of
      Subordinate Certificates and the denominator of which is the Pool Balance for
      such Distribution Date.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    “Agreement”:
      This
      Pooling Agreement, dated as of January 1, 2006, as amended, supplemented and
      otherwise modified from time to time.

     

    “Applicable
      Credit Support Percentage”:
      As
      defined in Section 5.01(d).

     

    “Apportioned
      Principal Balance”:
      As to
      any Class of Subordinate Certificates, Loan Group and any Distribution Date,
      the
      Class Principal Balance of such Class immediately prior to such Distribution
      Date multiplied
      by
      a
      fraction, the numerator of which is the Subordinate Component for the related
      Loan Group for such date and the denominator of which is the sum of the related
      Subordinate Components (in the aggregate).

     

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

     

    “Available
      Funds”:
      As to
      any Distribution Date and either Loan Group, an amount equal to (i) the sum
      of (a) the aggregate of the Monthly Payments received on or prior to the
      related Determination Date (excluding Monthly Payments due in future Due Periods
      but received by the related Determination Date) in respect of the Mortgage
      Loans
      in that Loan Group, (b) Net Liquidation Proceeds, Insurance Proceeds,
      Principal Prepayments, Recoveries and other unscheduled recoveries of principal
      and interest in respect of the Mortgage Loans in that Loan Group received during
      the related Prepayment Period, (c) the aggregate of any amounts received in
      respect of REO Properties for such Distribution Date in respect of the Mortgage
      Loans in that Loan Group, (d) the aggregate of any amounts of Interest
      Shortfalls (excluding for such purpose all shortfalls as a result of Relief
      Act
      Reductions) paid by the Servicer pursuant to the Servicing Agreement and
      Compensating Interest Payments deposited in the Distribution Account for that
      Distribution Date in respect of the Mortgage Loans in that Loan Group,
      (e) the aggregate of the Purchase Prices and Substitution Adjustments
      deposited in the Distribution Account during the related Prepayment Period
      in
      respect of the Mortgage Loans in that Loan Group, (f) the aggregate of any
      advances in respect of delinquent Monthly Payments made by the Servicer for
      that
      Distribution Date in respect of the Mortgage Loans in that Loan Group,
      (g) the aggregate of any Advances made by the Trustee for that Distribution
      Date pursuant to Section 7.02 hereof in respect of the Mortgage Loans in that
      Loan Group and (h) the Termination Price allocated to such Loan Group on
      the Distribution Date on which the Trust is terminated; minus
      the sum
      of (u) the related Premium Amount payable on such Distribution Date to the
      Certificate Insurer from such Loan Group, (v) the Expense Fees for that
      Distribution Date in respect of the Mortgage Loans in that Loan Group, (w)
      amounts in reimbursement for Advances previously made in respect of the Mortgage
      Loans in that Loan Group and other amounts as to which the Servicer, the Trustee
      and the Custodian are entitled to be reimbursed pursuant to Section 4.03, (x)
      the amount payable to the Trustee, pursuant to Section 8.05 and the Custodian
      pursuant to Section 19 of the BONY Custodial Agreement in respect of the
      Mortgage Loans in that Loan Group or if not related to a Mortgage Loan,
      allocated to each Loan Group on a pro
      rata
      basis,
      (y) amounts deposited in the Distribution Account in error in respect of the
      Mortgage Loans in that Loan Group.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

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

     

    “Basis
      Risk Reserve Fund”:
      A fund
      created as part of the Trust Fund pursuant to Section 5.07 of this Agreement
      but
      which is not an asset of any of the REMICs.

     

    “Basis
      Risk Reserve Fund X-1 Subaccount”:
      A fund
      created as part of the Trust Fund on behalf of the Class X-1 Certificates
      pursuant to Section 5.07 of this Agreement but which is not an asset of any
      of
      the REMICs.

     

    “Basis
      Risk Reserve Fund X-2A1B Subaccount”:
      A fund
      created as part of the Trust Fund on behalf of the Class X-2A1B Certificates
      pursuant to Section 5.07 of this Agreement but which is not an asset of any
      of
      the REMICs.

     

    “Basis
      Risk Shortfall”:
      With
      respect to any Distribution Date and the MTA and LIBOR Certificates, the “Basis
      Risk Shortfall” for such class, if any, will equal the sum of:

     

    

      (i) the
        excess, if any, of the Interest Distributable Amount that such Class would
        have
        been entitled to receive if the Pass-Through Rate for such Class were calculated
        without regard to clause (ii) in the definition thereof, over the actual
        Interest Distributable Amount such Class is entitled to receive for such
        Distribution Date;

       

      (ii) any
        excess described in clause (i) above remaining unpaid from prior Distribution
        Dates; and

       

      (iii) interest
        for the applicable Accrual Period on the amount described in clause (ii)
        above
        based on the applicable Pass-Through Rate, determined without regard to clause
        (ii) in the definition thereof.

       

    

    “BONY
      Custodial Agreement”:
      The
      Custodial Agreement dated as of January 1, 2006, between the Trustee and the
      Bank of New York, as custodian.

     

    “Book-Entry
      Certificates”:
      Any of
      the Certificates that shall be registered in the name of the Depository or
      its
      nominee, the ownership of which is reflected on the books of the Depository
      or
      on the books of a Person maintaining an account with the Depository (directly,
      as a “Depository Participant”, or indirectly, as an indirect participant in
      accordance with the rules of the Depository and as described in Section 6.02
      hereof). On the Closing Date, all Classes of the Certificates other than the
      Physical Certificates shall be Book-Entry Certificates.

     

    “Business
      Day”:
      Any
      day other than a Saturday, a Sunday or a day on which banking or savings
      institutions in the State of California, Minnesota, Texas, New York or
      Massachusetts 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.

     

    “Call
      Option”:
      The
      right to terminate this Agreement and the Trust pursuant to the second paragraph
      of Section 10.01(a) hereof.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    “Call
      Option Date”:
      As
      defined in Section 10.01(a) hereof.

     

    “Certificate”:
      Any
      Regular Certificate or Residual Certificate.

     

    “Certificate
      Insurer”:
      Financial Security Assurance Inc., a New York financial guaranty insurance
      company.

     

    “Certificate
      Insurer Default”:
      The
      existence and continuance of any of the following: (a) a failure by the
      Certificate Insurer to make a payment required under the Financial Guaranty
      Insurance Policy in accordance with its terms (unless such failure was due
      to
      the failure of the Trustee to provide a correct and timely notice of claim);
      (b)
      the entry of a final and non-appealable decree or order of a court or agency
      having jurisdiction in respect of the Certificate Insurer in an involuntary
      case
      under any present or future federal or state bankruptcy, insolvency or similar
      law appointing a conservator or receiver or liquidator or other similar official
      of the Certificate Insurer or of any substantial part of its property, or the
      entering of a final and non-appealable order for the winding up or liquidation
      of the affairs of the Certificate Insurer; (c) the Certificate Insurer shall
      consent to the appointment of a conservator or receiver or liquidator or other
      similar official in any insolvency, readjustment of debt, marshaling of assets
      and liabilities or similar proceedings of or relating to the Certificate Insurer
      or of or relating to all or substantially all of its property; or (d) the
      Certificate Insurer shall admit in writing its inability to pay its debts
      generally as they become due, file a petition to take advantage of or otherwise
      voluntarily commence a case or proceeding under any applicable bankruptcy,
      insolvency, reorganization or other similar statute, make an assignment for
      the
      benefit of its creditors, or voluntarily suspend payment of its
      obligations.

     

    “Certificate
      Insurer Reimbursement Amount”:
      For
      any Distribution Date, the sum of (a) all amounts previously paid by the
      Certificate Insurer in respect of Insured Amounts for which the Certificate
      Insurer has not been reimbursed prior to such Distribution Date and (b) interest
      accrued on the foregoing at the Late Payment Rate from the date the Trustee
      received such amounts paid by the Certificate Insurer to such Distribution
      Date.

     

    “Certificate
      Notional Balance”:
      With
      respect to each Certificate of a particular Class of Interest-Only Certificates
      and any date of determination, the product of (i) the Class Notional Balance
      of
      such Class and (ii) the applicable Percentage Interest of such
      Certificate.

     

    “Certificate
      Owner”:
      With
      respect to each Book-Entry Certificate, any beneficial owner thereof and with
      respect to each Physical Certificate, the Certificateholder
      thereof.

     

    “Certificate
      Principal Balance”:
      With
      respect to each Certificate of a particular Class (other than any Class of
      Interest-Only Certificates and Class A-R-II) and any date of determination,
      the
      product of (i) the Class Principal Balance of such Class and (ii) the applicable
      Percentage Interest of such Certificate.

     

    “Certificate
      Register”
and
      “Certificate
      Registrar”:
      The
      register maintained and registrar appointed pursuant to Section 6.02 hereof.
      U.S. Bank National Association will act as Certificate Registrar, for so long
      as
      it is the Trustee under this Agreement.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    “Certificateholder”
or
      “Holder”:
      The
      Person in whose name a Certificate is registered in the Certificate Register,
      except that a Disqualified Organization or non-U.S. Person shall not be a Holder
      of a Residual Certificate for any purpose hereof.

     

    “Class”:
      Collectively, Certificates that have the same priority of payment and bear
      the
      same class designation and the form of which is identical except for variation
      in the Percentage Interest evidenced thereby.

     

    “Class
      1-A1B Premium Amount”:
      With
      respect to any Distribution Date and the Class 1-A1B Certificates, the product
      of one-twelfth of the Premium Rate and the Class Principal Balance of the Class
      1-A1B Certificates on the immediately preceding Distribution Date, or, in the
      case of the first Distribution Date, on the Closing Date, in each case after
      giving effect to distributions of principal made on such Distribution
      Date.

     

    “Class
      2-A1C Premium Amount”:
      With
      respect to any Distribution Date and the Class 2-A1C Certificates, the product
      of one-twelfth of the Premium Rate and the Class Principal Balance of the Class
      2-A1C Certificates on the immediately preceding Distribution Date, or, in the
      case of the first Distribution Date, on the Closing Date, in each case after
      giving effect to distributions of principal made on such Distribution
      Date.

     

    “Class
      Notional Balance”:
      With
      respect to any Class of Interest-Only Certificates and any Distribution Date,
      the Class X-1 Notional Balance or the Class X-2A1B Notional Balance, as
      applicable.

     

    “Class
      Principal Balance”:
      With
      respect to any Class of Certificates (other than the Interest-Only Certificates,
      Class PO-B and Class A-R-II Certificates) and any Distribution Date, the
      Original Class Principal Balance as reduced by the sum of (x) all amounts
      actually distributed in respect of principal of that Class on all prior
      Distribution Dates (provided, however, that the Certificate Insurer will be
      subrogated to the amount of any Realized Losses paid by it to the Insured
      Certificates), (y) all Realized Losses, if any, actually allocated to that
      Class
      on all prior Distribution Dates and (z) in the case of the Subordinate
      Certificates, any applicable Writedown Amount; provided,
      however,
      that
      (i) pursuant to Section 5.02, the Class Principal Balance of a Class of
      Certificates shall be increased up to the amount of Net Deferred Interest
      allocated to such Class of Certificates on such Distribution Date and (ii)
      pursuant to Section 5.08, the Class Principal Balance of a Class of Certificates
      may be increased up to the amount of Realized Losses previously allocated to
      such Class, in the event that there is a Recovery on a related Mortgage Loan,
      and the Certificate Principal Balance of any individual Certificate of such
      Class will be increased by its pro
      rata
      share of
      the increase to such Class. With respect to the Class PO-1 Certificates, the
      sum
      of the Component Principal Balances of the Principal-Only Components as (a)
      reduced by the sum of (x) all amounts actually distributed in respect of
      principal of such Components on all prior Distribution Dates and (y) all
      Realized Losses, if any, actually allocated to such Components on all prior
      Distribution Dates; provided,
      however,
      that
      (i) pursuant to Section 5.02, the Component Principal Balance of the PO-1A1
      Component shall be increased up to the amount of Net Deferred Interest allocated
      to the Class X-1 Certificates from Loan Group 1 and the Component Principal
      Balance of the PO-1A2 Component shall be increased up to the amount of Net
      Deferred Interest allocated to the Class X-1 Certificates from Loan Group 2,
      in
      each case based on the related Mortgage Loans on such Distribution Date and
      (ii)
      pursuant to Section 5.08, the Component Principal Balance of a Component may
      be
      increased up to the amount of Realized Losses previously allocated to such
      Component, in the event that there is a Recovery on a related Mortgage
      Loan.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    “Class
      LT-R Interest”:
      As
      described in the Preliminary Statement.

     

    “Class
      PO Certificate”:
      Any
      Class PO-1 or Class PO-2A1B Certificate.

     

    “Class
      Subordination Percentage”:
      With
      respect to each Class of Subordinate Certificates and any Distribution Date,
      the
      percentage equivalent of a fraction the numerator of which is the Class
      Principal Balance of such Class immediately before such Distribution Date and
      the denominator of which is the aggregate of the Class Principal Balances of
      all
      Classes of Certificates and Component Principal Balances immediately before
      such
      Distribution Date.

     

    “Class
      X-1 Adjusted Cap Rate”:
      With respect to the Class X-1 Certificate for any Distribution Date, the
      Pass-Through Rate for the Class X-1 Certificate, computed for this purpose
      by
(i)
      reducing the amount of interest accrued on the Mortgage Loans for the related
      Due Period by the amount of any Net Deferred Interest for such Distribution
      Date
      and (ii) calculating the interest accrued on the Class 1-A1A, Class 1-A1B,
      Class
      2-A1A, Class 2-A1B, Class 2-A1C, and Class X-2A1B Certificates and the
      Subordinate Certificates by substituting the related “Adjusted Cap Rate” for the
      related “Net WAC Cap” in the definition of Pass-Through Rate for each such
      Certificate.

     

    “Class
      X-1 Distributable Amount”:
      With
      respect to each Distribution Date, the sum of the Interest Distributable Amount
      for such Distribution Date for the Class X-1 Certificates plus
      all
      Prepayment Penalty Amounts in respect of the Mortgage Loans received by the
      Servicer for the related Prepayment Period.

     

    “Class
      X-1 Notional Balance”:
      As of
      any Distribution Date, the aggregate Class Principal Balance of the Class 1-A1A,
      Class 1-A1B, Class 2-A1A, Class 2-A1C and Class PO-1 Certificates, and
      Subordinate Certificates, at the end of the related Due Period.

     

    
      “Class
        X-1 Loan Group 1 Percentage”:
        For
        any Distribution Date and the Class X-1 Certificates, a percentage equivalent
        to
        the quotient of (i) the excess, if any, of (a) the interest accrued on the
        Mortgage Loans in Loan Group 1 (net of Expense Fees and any Net Deferred
        Interest for Loan Group 1 for such Distribution Date) for the related Due
        period
        over (b) the sum of interest accrued for the related Accrual Period on the
        Class
        1-A1A, Class 1-A1B, and Class A-R Certificates at the lesser of the applicable
        Pass-Through Rate of the Adjusted Cap Rate and the Subordinate Component
        for
        Loan Group 1 (based on the weighted average of the lesser of Pass-Through
        Rates
        or Adjusted Cap Rates on each of the classes of Subordinate Certificates
        for
        such Distribution Date), divided by (ii) the Monthly Interest Distributable
        Amount for the Class X-1 Certificates for such Distribution Date.

       

      “Class
        X-1 Loan Group 2 Percentage”:
        For
        any Distribution Date and the Class X-1 Certificates, a percentage equivalent
        to
        the quotient of (i) the excess, if any, of (a) the interest accrued on the
        Mortgage Loans in Loan Group 2 (net of Expense Fees and any Net Deferred
        Interest for Loan Group 2 for such Distribution Date) for the related Due
        period
        over (b) the sum of interest accrued for the related Accrual Period on the
        Class
        2-A1A, Class 2-A1B, Class 2-A1C and Class X-2A1B Certificates at the lesser
        of
        the applicable Pass-Through Rate of the Adjusted Cap Rate and the Subordinate
        Component for Loan Group 2 (based on the weighted average of the lesser of
        Pass-Through Rates or Adjusted Cap Rates on each of the classes of Subordinate
        Certificates for such Distribution Date), divided by (ii) the Monthly Interest
        Distributable Amount for the Class X-1 Certificates for such Distribution
        Date.

    

     

    “Class
      X-2A1B Adjusted Cap Rate”:
      With respect to the Class X-2A1B Certificate for any Distribution Date, the
      Pass-Through Rate for the Class X-2A1B Certificate, computed for this purpose
      by
reducing
      the Group 2 Net WAC by a per annum rate equal to the quotient of (a) the Net
      Deferred Interest of such Loan Group 2 for such Distribution Date multiplied
      by
      12,
divided
      by
      (b) the
      Aggregate Principal Balance of the Loan Group 2 as of the first day of related
      Due Period.

     

    “Class
      X-2A1B Notional Balance”:
      As of
      any Distribution Date, the aggregate Class Principal Balance of the Class 2-A1B
      and Class PO-2A1B Certificates at the end of the related Due
      Period.

     

    “Close
      of Business”:
      As
      used herein, with respect to any Business Day and location, 5:00 p.m. at such
      location.

     

    “Closing
      Date”:
      February 7, 2006.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    “Commitment
      Letter”:
      The
      letter dated the Closing Date from the Seller and the Depositor to the
      Certificate Insurer (a copy of which has been furnished to the Trustee) setting
      forth the payment arrangements for the Aggregate Premium Amount on the Financial
      Guaranty Insurance Policy and certain related expense payment
      arrangements

     

    “Compensating
      Interest Payment”:
      With
      respect to any Distribution Date, the
      amount specified to be paid by the Servicer pursuant to Section 11.04(ix) of
      the
      Servicing Addendum to the Servicing Agreement.

     

    “Component”:
      Any of
      the PO-1 Components.

     

    “Component
      Principal Balance”:
      As of
      any date of determination, the PO-1A1 Component Principal Balance or PO-1A2
      Component Principal Balance, as applicable, on such date.

     

    “Cooperative
      Corporation”:
      The
      entity that holds title (fee or an acceptable leasehold estate) to the real
      property and improvements constituting the Cooperative Property and which
      governs the Cooperative Property, which Cooperative Corporation must qualify
      as
      a Cooperative Housing Corporation under Section 216 of the Code.

     

    “Cooperative
      Loan”:
      Any
      Mortgage Loan secured by Cooperative Shares and a Proprietary
      Lease.

     

    “Cooperative
      Loan Documents”:
      As to
      any Cooperative Loan, (i) the Cooperative Shares, together with a stock power
      in
      blank; (ii) the original or a copy of the executed Security Agreement; (iii)
      the
      original or a copy of the executed Proprietary Lease and the original assignment
      of the Proprietary Lease endorsed in blank; (iv) the original executed
      Recognition Agreement and, if available, the original assignment of the
      Recognition Agreement (or a blanket assignment of all Recognition Agreements)
      endorsed in blank; (v) the executed UCC-1 financing statement with evidence
      of
      recording thereon, which has been filed in all places required to perfect the
      security interest in the Cooperative Shares and the Proprietary Lease; and
      (vi)
      executed UCC amendments (or copies thereof) or other appropriate UCC financing
      statements required by state law, evidencing a complete and unbroken line from
      the mortgagee to the Trustee with evidence of recording thereon (or in a form
      suitable for recordation).

     

    “Cooperative
      Property”:
      The
      real property and improvements owned by the Cooperative Corporation, that
      includes the allocation of individual dwelling units to the holders of the
      Cooperative Shares of the Cooperative Corporation.

     

    “Cooperative
      Shares”:
      Shares
      issued by a Cooperative Corporation.

     

    “Cooperative
      Unit”:
      A
      single family dwelling located in a Cooperative Property.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    “Corporate
      Trust Office”:
      With
      respect to the Trustee, the principal corporate trust office 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 One Federal Street, Boston, Massachusetts 02110,
      Attention: Corporate Trust, HarborView Mortgage Loan Trust 2006-1, or at such
      other address as the Trustee may designate from time to time by notice to the
      Certificateholders, the Depositor, and the Seller. With respect to the
      Certificate Registrar and presentment of Certificates for registration of
      transfer, exchange or final payment is located at 100 Wall Street,
      15th
      Floor,
      New York, New York 10004.

     

    “Corresponding
      Class”:
      With
      respect to each Middle-Tier Interest, the Class or Classes of Certificates
      so
      designated in the Preliminary Statement. 

     

    “Countrywide”:
      Countrywide Home Loans, Inc., and its successors and assigns, in its capacity
      as
      Originator of the Mortgage Loans.

     

    “Countrywide
      Servicing”:
      Countrywide Home Loans Servicing LP, as a servicer of the Mortgage Loans as
      set
      forth and as individually defined in the Mortgage Loan Schedule hereto and
      any
      successors thereto.

     

    “Custodial
      Fee”:
      The
      monthly fee payable to the Custodian for its services rendered under the BONY
      Custodial Agreement calculated at the Custodial Fee Rate of the outstanding
      Principal Balance of each Mortgage Loan as of the first day of the related
      Due
      Period.

     

    “Custodial
      Fee Rate”:
      0.0016% per annum.

     

    “Custodian”:
      The
      Bank of New York, and its successors acting as custodian of the Mortgage
      Files.

     

    “Cut-off
      Date”:
      With
      respect to any Mortgage Loan, the Close of Business in New York City on January
      1, 2006.

     

    “Cut-off
      Date Collateral Balance”:
      As to
      any Distribution Date, the aggregate Stated Principal Balance of all Mortgage
      Loans as of January 1, 2006.

     

    “Cut-off
      Date Principal Balance”:
      With
      respect to any Mortgage Loan, the principal balance thereof remaining to be
      paid, after application of all scheduled principal payments due on or before
      the
      Cut-off Date whether or not received as of the Cut-off Date (or as of the
      applicable date of substitution with respect to a Qualified Substitute Mortgage
      Loan).

     

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

     

    “Deferred
      Interest”:
      With
      respect to each Mortgage Loan and each related Due Date, will be the excess,
      if
      any, of the amount of interest accrued on such Mortgage Loan from the preceding
      Due Date to such due date over the portion of the Monthly Payment allocated
      to
      interest for such Due Date.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    “Deficiency
      Amount”:
      Means
      with respect to the Insured Certificates, (a) for any Distribution Date prior
      to
      the Final Distribution Date, the sum of (1) the excess, if any, of the Monthly
      Interest Distributable Amount on the Insured Certificates for such Distribution
      Date, net of any Net Interest Shortfalls, Basis Risk Shortfalls and Net Deferred
      Interest, over the amount of Available Funds to pay such net amount on the
      Insured Certificates on such Distribution Date and (2) the amount, if any,
      of
      any Realized Losses allocable to the Insured Certificates on such Distribution
      Date (after giving effect to all distributions to be made thereon on such
      Distribution Date, other than pursuant to a claim on the Policy) and (b) for
      the
      Final Distribution Date, the sum of (x) the amount set forth in clause (a)(1)
      above and (y) the aggregate outstanding Certificate Principal Balance of the
      Insured Certificates, after giving effect to all payments of principal on the
      Insured Certificates on such Final Distribution Date, other than pursuant to
      a
      claim on the Financial Guaranty Insurance Policy on that Distribution Date.
      Deficiency Amount shall not include (a) any portion of a Deficiency Amount
      due
      to holders of the Insured Certificates because a notice and certificate in
      proper form as required by the Financial Guaranty Insurance Policy was not
      timely received by the Certificate Insurer and (b) any portion of a Deficiency
      Amount due to holders of the Insured Certificates representing interest on
      any
      unpaid interest accrued from and including the date of payment by the
      Certificate Insurer of the amount of such unpaid interest.

     

    “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”:
      Any
      Certificate evidenced by a Physical Certificate and any Certificate issued
      in
      lieu of a Book-Entry Certificate pursuant to Section 6.02(c) or (d)
      hereof.

     

    “Deleted
      Mortgage Loan”:
      A
      Mortgage Loan replaced or to be replaced by one or more Qualified Substitute
      Mortgage Loans.

     

    “Delinquent”:
      Any
      Mortgage Loan with respect to which the Monthly Payment due on a Due Date is
      not
      made.

     

    “Depositor”:
      Greenwich Capital Acceptance, Inc., a Delaware corporation, or any successor
      in
      interest.

     

    “Depository”:
      The
      initial Depository shall be The Depository Trust Company, whose nominee is
      Cede
& Co., or any other organization registered as a “clearing agency” pursuant
      to Section 17A of the Exchange Act. The Depository shall initially be the
      registered Holder of the Book-Entry Certificates. The Depository shall at all
      times be a “clearing corporation” as defined in Section 8-102(3) of the Uniform
      Commercial Code of the State of New York.

     

    “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.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    “Determination
      Date”:
      For
      any Distribution Date and each Mortgage Loan, the date each month, as set forth
      in the Servicing Agreement, on which the Servicer determines the amount of
      all
      funds required to be remitted to the Trustee on the Servicer Remittance Date
      with respect to the Mortgage Loans. 

     

    “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 any REMIC formed hereby other than through an Independent
      Contractor; provided,
      however,
      that
      the Trustee (or the Servicer on behalf of the Trustee) shall not be considered
      to Directly Operate an REO Property solely because the Trustee (or the Servicer
      on behalf of the Trustee) establishes rental terms, chooses tenants, enters
      into
      or renews leases, deals with taxes and insurance, or makes decisions as to
      repairs or capital expenditures with respect to such REO Property.

     

    “Disqualified
      Organization”:
      A
“disqualified organization” defined in Section 860E(e)(5) of the Code, or any
      other Person so designated by the Trustee based upon an Opinion of Counsel
      provided to the Trustee by nationally recognized counsel acceptable to the
      Trustee that the holding of an ownership interest in a Residual Certificate
      by
      such Person may cause the Trust Fund or any Person having an ownership interest
      in any Class of Certificates (other than such Person) to incur liability for
      any
      federal tax imposed under the Code that would not otherwise be imposed but
      for
      the transfer of an ownership interest in the Residual Certificate to such
      Person.

     

    “Distribution
      Account”:
      The
      trust account or accounts created and maintained by the Trustee pursuant to
      Section 4.02 hereof for the benefit of the Certificate Insurer and the
      Certificateholders and designated “Distribution Account, U.S. Bank National
      Association, as Trustee, in trust for the registered Certificateholders of
      HarborView Mortgage Loan Trust 2006-1, Mortgage Loan Pass-Through Certificates,
      Series 2006-1” and which must be an Eligible Account.

     

    “Distribution
      Account Income”:
      As to
      any Distribution Date, any interest or other investment income earned on funds
      deposited in the Distribution Account during the month of such Distribution
      Date.

     

    “Distribution
      Date”:
      The
      19th
      day of
      each month, or, if such day is not a Business Day, the next Business Day,
      commencing in February 2006.

     

    “Distribution
      Date Statement”:
      As
      defined in Section 5.04(a) hereof.

     

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

     

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

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    “Eligible
      Account”:
      Any of

    
       

    

    (i)
an
      account or accounts maintained with a federal or state chartered depository
      institution or trust company the short-term unsecured debt obligations of which
      (or, in the case of a depository institution or trust company that is the
      principal subsidiary of a holding company, the short-term unsecured debt
      obligations of such holding company) are rated in the highest short term rating
      category of the Rating Agencies at the time any amounts are held on deposit
      therein;

     

    (ii) an
      account or accounts the deposits in which are fully insured by the FDIC (to
      the
      limits established by it), the uninsured deposits in which account are otherwise
      secured such that, as evidenced by an Opinion of Counsel delivered to the
      Trustee and to each Rating Agency, the Certificateholders will have a claim
      with
      respect to the funds in the account or a perfected first priority security
      interest against the collateral (which shall be limited to Permitted
      Investments) securing those funds that is superior to claims of any other
      depositors or creditors of the depository institution with which such account
      is
      maintained;

     

    (iii) a
      trust
      account or accounts maintained with the trust department of a federal or state
      chartered depository institution, national banking association or trust company
      acting in its fiduciary capacity; or 

     

    (iv) an
      account otherwise acceptable to each Rating Agency without reduction or
      withdrawal of its then current ratings of the Certificates as evidenced by
      a
      letter from each Rating Agency to the Trustee. Eligible Accounts may bear
      interest.

     

    “Endorsement”:
      As
      defined in the Financial Guaranty Insurance Policy.

     

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

     

    “ERISA-Restricted
      Certificates”:
      (i)
      the Class 1-A1B Certificates, the Subordinate Certificates and the Residual
      Certificates, (ii) any Class 1-A1A, Class PO-1 or Class X-1 Certificates that
      are not rated at least “AA-” (or its equivalent) by at least one nationally
      rated statistical rating organization (“Rating Agency”) upon acquisition, (iii)
      any Class 2-A1A, Class 2-A1B, Class 2-A1C, Class X-2A1B or Class PO-2A1B
      Certificates that are not rated at least “BBB-” by at least one Rating Agency
      upon acquisition or (iv) in general, any Certificate that does not satisfy
      the
      applicable rating requirement under the Underwriter's Exemption.

     

    “ERISA-Qualifying
      Underwriting”:
      A best
      efforts or firm commitment underwriting or private placement that meets the
      requirements of an Underwriter’s Exemption.

     

    “Event
      of Default”:
      As
      defined in the Servicing Agreement.

     

    “Exchange
      Act”:
      The
      Securities Exchange Act of 1934, as amended.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    “Expense
      Fee”
With
      respect to any Mortgage Loan, the sum of (i) the Servicing Fee, (ii) the Trustee
      Fee, (iii) with respect to any Lender-Paid Mortgage Insurance Loan, the
      Lender-Paid Mortgage Insurance Fee and (iv) the Custodial Fee.

     

    “Fannie
      Mae”:
      The
      Federal National Mortgage Association or any successor thereto.

     

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

     

    “Final
      Distribution Date”:
      With
      respect to the Certificates other than the Insured Certificates, the
      Distribution Date occurring in March 2036. With respect to the Insured
      Certificates, the Distribution Date occurring in March 2037.

     

    “Final
      Recovery Determination”:
      With
      respect to any defaulted Mortgage Loan or any REO Property (other than a
      Mortgage Loan or REO Property purchased by the Seller pursuant to or as
      contemplated by Sections 2.03 and 10.01), a determination made by the Servicer,
      and reported to the Trustee, that all Insurance Proceeds, Liquidation Proceeds
      and other payments or recoveries which the Servicer expects to be finally
      recoverable in respect thereof have been so recovered. 

     

    “Financial
      Guaranty Insurance Policy”:
      The
      Financial Guaranty Insurance Policy (No. 51713-N)
      with
      respect to the Insured Certificates, and all endorsements thereto dated the
      Closing Date, issued by the Certificate Insurer for the benefit of the Holders
      of the Insured Certificates, a copy of which is attached hereto as Exhibit
      O.

     

    “Freddie
      Mac”:
      The
      Federal Home Loan Mortgage Corporation or any successor thereto.

     

    “GCFP”:
      Greenwich Capital Financial Products, Inc., and its successors and
      assigns.

     

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

     

    “Group
      1 Adjusted Cap Rate”:
      For any
      Distribution Date and the Class 1-A1A and Class 1-A1B Certificates, the Group
      1
      Net WAC Cap for that Distribution Date, computed for this purpose by first
      reducing the Group 1 Net WAC by a per annum rate equal to the quotient of (i)
      the product of (a) the Net Deferred Interest, if any, on the Group 1 Mortgage
      Loans for that Distribution Date multiplied
      by
      (b) 12,
divided
      by
      (ii) the
      Pool Collateral Balance for Loan Group 1 as of the first day of the related
      Due
      Period (or in the case of the first Distribution Date, as of the Cut-off
      Date).

     

    “Group
      1 Adjusted Net WAC”:
      For
      any Distribution Date, the excess of (i) the Group 1 Net WAC for such
      Distribution Date over (ii) the quotient of (a) the product of (I) the Net
      Deferred Interest for Loan Group 1 for such Distribution Date multiplied
      by
      (II) 12,
divided
      by
      (b) the
      Pool Collateral Balance for Loan Group 1 for such Distribution Date.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    “Group
      1 Mortgage Loan”:
      Each
      Mortgage Loan that is identified as such on the Mortgage Loan
      Schedule.

     

    “Group
      1 Net WAC”:
      With
      respect to any Distribution Date, the weighted average of the Net Loan Rates
      of
      the Group 1 Mortgage Loans as of the first day of the related Due Period (or,
      in
      the case of the first Distribution Date, as of the Cut-off Date), weighted
      on
      the basis of the related Stated Principal Balances at the beginning of the
      related Due Period.

     

    “Group
      1 Net WAC Cap”:
      For
      any Distribution Date and the Class 1-A1A Certificates, the product of (i)
      the
      Group 1 Net WAC multiplied
      by
      (ii) the
      quotient of 30 divided
      by
      the
      actual number of days in the Accrual Period. For any Distribution Date and
      the
      Class 1-A1B Certificates, (a) the product of (i) the Group 1 Net WAC
multiplied
      by
      (ii) the
      quotient of 30 divided
      by
      the
      actual number of days in the Accrual Period less
      (b) the
      related insurance premium rate for such Distribution Date.

     

    For
      the
      Class 1-A1B Certificates and the related Group 1 Net WAC Cap and Pass-Through
      Rate, the per annum “insurance premium rate” for any Distribution Date is the
      product of (i)(a) the Premium Amount for the Class 1-A1B Certificates for such
      Distribution Date, divided
      by
      (b) the
      Class Principal Balance of such Class immediately prior to such Distribution
      Date, multiplied
      by
      (ii) the
      quotient obtained by dividing 360 by the actual number of days in the related
      Accrual Period for such Class.

     

    “Group
      2 Adjusted Cap Rate”:
      For
      any Distribution Date and the Class 2-A1A, Class 2-A1B and Class 2-A1C
      Certificates, the Group 2 Net WAC Cap for that Distribution Date, computed
      for
      this purpose by first reducing the Group 2 Net WAC by a per annum rate equal
      to
      the quotient of (i) the product of (a) the Net Deferred Interest, if any, on
      the
      Group 2 Mortgage Loans for the Distribution Date multiplied
      by
      (b) 12,
divided
      by
      (ii) the
      aggregate Pool Collateral Balance for Loan Group 2 as of the first day of the
      related Due Period (or in the case of the first Distribution Date, as of the
      Cut-off Date).

     

    “Group
      2-A1B Adjusted Middle-Tier Pay Rate”:
      For any
      Distribution Date (and the related Accrual Period), the product of (i) 2
multiplied
      by
      (ii) the
      weighted average of the interest rates on the MT2-A1B,
      MT2-QAIB, MT2-YAIB and MT2-ZAIB Interests, weighted on the basis of their
      principal balances as of the first day of the related Accrual Period and
      computed for this purpose by (a) first subjecting the interest rates on each
      of
      the MT2-QAIB, MT2-YAIB and MT2-ZAIB Interests to a cap of 0.00%, and (b) first
      subjecting the interest rate on the MT2-A1B Interest to a cap equal to the
      Pass-Through Rate for their Corresponding Class of Certificates multiplied
      by
      the
      quotient of (A) the actual number of days in the Accrual Period for the
      Corresponding Class of Certificates divided
      by
      (B) 30
      and a floor equal to the Group 2 Adjusted Net WAC.

     

    “Group
      2-A1B Adjusted Middle-Tier WAC”:
      For any
      Distribution Date (and the related Accrual Period), the product of (i) 2
multiplied
      by
      (ii) the
      weighted average of the interest rates on the MT2-A1B, MT2-QAIB, MT2-YAIB and
      MT2-ZAIB Interests, weighted on the basis of their principal balances as of
      the
      first day of the related Accrual Period and computed for this purpose by (a)
      first subjecting the interest rate on each of the MT2-QAIB, MT2-YAIB and
      MT2-ZAIB Interests to a cap of 0.00%, and (b) first subjecting the interest
      rate
      on the MT2-A1B Interest to a cap equal to the lesser of (I) the Pass-Through
      Rate for the Corresponding Class of Certificates multiplied
      by
      the
      quotient of (A) the actual number of days in the Accrual Period for the
      Corresponding Class of Certificates divided
      by
      (B) 30
      and (II) the Group 2 Adjusted Net WAC.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    “Group
      2 Adjusted Net WAC”:
      For
      any Distribution Date, the excess of (i) the Group 2 Net WAC for such
      Distribution Date over (ii) the quotient of (a) the product of (I) the Net
      Deferred Interest for Loan Group 2 for such Distribution Date multiplied
      by
      (II) 12,
divided
      by
      (b) the
      Pool Collateral Balance for Loan Group 2 for such Distribution
      Date.

     

    “Group
      2 Mortgage Loan”:
      Each
      Mortgage Loan that is identified as such on the Mortgage Loan
      Schedule.

     

    “Group
      2 Net WAC”:
      With
      respect to any Distribution Date, the weighted average of the Net Loan Rates
      of
      the Group 2 Mortgage Loans as of the first day of the related Due Period (or,
      in
      the case of the first Distribution Date, as of the Cut-off Date), weighted
      on
      the basis of the related Stated Principal Balances at the beginning of the
      related Due Period. 

     

    For
      the
      Class 2-A1C Certificates and the related Group 2 Net WAC Cap and Pass-Through
      Rate, the per annum “insurance premium rate” for any Distribution Date is the
      product of (i)(a) the Premium Amount for the Class 2-A1C Certificates for such
      Distribution Date, divided
      by
      (b) the
      Class Principal Balance of such Class immediately prior to such Distribution
      Date, multiplied
      by
      (ii) the
      quotient obtained by dividing 360 by the actual number of days in the related
      Accrual Period for such Class.

     

    “Group
      2 Net WAC Cap”:
      For
      any Distribution Date and the Class 2-A1A Certificates, the product of (i)
      the
      Group 2 Net WAC multiplied
      by
      (ii) the
      quotient of 30 divided
      by
      the
      actual number of days in the Accrual Period. For any Distribution Date and
      the
      Class 2-A1B Certificates, the Group 2 Net WAC. For any Distribution Date and
      the
      Class 2-A1C Certificates, (a) the product of (i) the Group 2 Net WAC
multiplied
      by
      (ii) the
      quotient of 30 divided
      by
      the
      actual number of days in the Accrual Period less
      (b) the
      related insurance premium rate for such Distribution Date.

     

    “Indemnification
      Agreement”:
      The
      Indemnification Agreement dated as of the Closing Date among the Depositor,
      the
      Seller, Greenwich Capital Markets, Inc. and the Certificate Insurer, including
      any amendments and supplements thereto.

     

    “Indemnified
      Parties”:
      The
      Trustee, the Depositor, the Custodian and the Certificate Insurer and their
      respective officers, directors, agents and employees and, with respect to the
      Trustee, any separate co-trustee and its officers, directors, agents and
      employees.

     

    “Independent”:
      When
      used with respect to any specified Person, any such Person who (a) is in fact
      independent of the Depositor and its Affiliates, (b) does not have any direct
      financial interest in or any material indirect financial interest in the
      Depositor or any Affiliate thereof, and (c) is not connected with the Depositor
      or any Affiliate thereof as an officer, employee, promoter, underwriter,
      trustee, partner, director or Person performing similar functions; provided,
      however,
      that a
      Person shall not fail to be Independent of the Depositor or any Affiliate
      thereof merely because such Person is the beneficial owner of 1% or less of
      any
      class of securities issued by the Depositor or any Affiliate
      thereof.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    “Independent
      Contractor”:
      Either
      (i) any Person that would be an “independent contractor” with respect to any
      REMIC formed hereby within the meaning of Section 856(d)(3) of the Code if
      such
      REMIC 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 no
      REMIC formed hereby receives or derives any income from such Person and provided
      that the relationship between such Person and the applicable REMIC is at arm’s
      length, all within the meaning of Treasury Regulation Section 1.856-4(b)(5),
      or
      (ii) any other Person 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”:
      With
      respect to each Mortgage Loan and each Adjustment Date, the index specified
      in
      the related Mortgage Note.

     

    “Initial
      Certificate Principal Balance”:
      With
      respect to any Certificate other than the Interest-Only Certificates and Class
      A-R-II Certificates, the amount designated “Initial Certificate Principal
      Balance” on the face thereof.

     

    “Initial
      Certificate Notional Balance”:
      With
      respect to any Interest-Only Certificate, the amount designated “Initial
      Certificate Notional Balance” on the face thereof.

     

    “Insurance
      Proceeds”:
      With
      respect to any Mortgage Loan, proceeds of any title policy, hazard policy or
      other insurance policy covering a Mortgage Loan, to the extent such proceeds
      are
      not to be applied to the restoration of the related Mortgaged Property or
      released to the related Mortgagor in accordance with the Servicing
      Agreement.

     

    “Insured
      Amount”:
      The
      meaning assigned to the term “Guaranteed Distributions” in the Financial
      Guaranty Insurance Policy.

     

    “Insured
      Certificate”:
      Any
      Class 1-A1B or Class 2-A1C Certificate.

     

    “Interest
      Distributable Amount”:
      With
      respect to any Distribution Date and each Class of Certificates (other than
      the
      Class PO Certificates and Class A-R-II Certificates), the sum of (i) the
      Monthly Interest Distributable Amount for that Class and (ii) the Unpaid
      Interest Shortfall Amount for that Class.

     

    “Interest-Only
      Certificate”:
      Any
      Class X-1 or Class X-2A1B Certificate.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    “Interest
      Shortfall”:
      With
      respect to any Distribution Date and each Mortgage Loan that during the related
      Prepayment Period was the subject of a Principal Prepayment or a reduction
      of
      its Monthly Payment under the Relief Act, an amount determined as
      follows:

     

    (a) Principal
      Prepayments in part received during the relevant Prepayment
      Period:
      the
      difference between (i) one month’s interest at the applicable Net Loan Rate for
      such Mortgage Loan on the amount of such prepayment and (ii) the amount of
      interest for the calendar month of such prepayment (adjusted to the applicable
      Net Loan Rate) actually received with respect to such prepayment at the time
      of
      such prepayment; and

     

    (b) Principal
      Prepayments in full received during the relevant Prepayment
      Period:
      the
      difference between (i) one month’s interest at the applicable Net Loan Rate on
      the Stated Principal Balance of such Mortgage Loan immediately prior to such
      prepayment and (ii) the amount of interest for the calendar month of such
      prepayment (adjusted to the applicable Net Loan Rate) actually received with
      respect to such prepayment at the time of such prepayment; and

     

    (c) the
      amount of any Relief Act Reductions for such Distribution Date.

     

    “Late
      Payment Rate”:
      For
      any Distribution Date, the lesser of (i) the greater of (a) the rate of
      interest, as it is publicly announced by Citibank, N.A. at its principal office
      in New York, New York as its prime rate (any change in such prime rate of
      interest to be effective on the date such change is announced by Citibank,
      N.A.)
plus
      3% and (b) the then applicable highest rate of interest on the Insured
      Certificates and (ii) the maximum rate permissible under applicable usury or
      similar laws limiting interest rates.  The Late Payment Rate shall be
      computed on the basis of the actual number of days elapsed over a year of 360
      days.

     

    “Latest
      Possible Maturity Date”:
      As
      determined as of the Cut-off Date, the Distribution Date following the third
      anniversary of the scheduled maturity date of the Mortgage Loan having the
      latest scheduled maturity date as of the Cut-off Date.

     

    “Lender-Paid
      Mortgage Insurance Loan”:
      Each
      Mortgage Loan identified as such in the Mortgage Loan Schedule.

     

    “Lender-Paid
      Mortgage Insurance Fee”:
      As to
      any Distribution Date and each Lender Paid Mortgage Insurance Mortgage Loan,
      an
      amount equal to the product of the Lender-Paid Mortgage Insurance Fee Rate
      and
      the outstanding Principal Balance of such Mortgage Loan as of the first day
      of
      the related Due Period. 

     

    “Lender-Paid
      Mortgage Insurance Fee Rate”:
      For
      each Lender-Paid Mortgage Insurance Loan and any Distribution Date, the per
      annum rate required to be paid in connection with the related lender-paid
      mortgage insurance policy for such Mortgage Loan on such Distribution
      Date.

     

    “LIBOR”:
      With
      respect to each Accrual Period, a per annum rate determined on the LIBOR
      Determination Date in the following manner by the Trustee on the basis of the
      “Interest Settlement Rate” set by the BBA for one-month United States dollar
      deposits, as such rates appear on the Telerate Page 3750, as of 11:00 a.m.
      (London time) on the related LIBOR Determination Date.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    (a) If
      on
      such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
      appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the
      Telerate Page 3750 is not available on such date, the Trustee will obtain such
      rate from Reuters’ “page LIBOR 01” or Bloomberg’s page “BBAM.” If such rate is
      not published for such LIBOR Determination Date, LIBOR for such date will be
      the
      most recently published Interest Settlement Rate. In the event that the BBA
      no
      longer sets an Interest Settlement Rate, the rate for such date will be
      determined on the basis of the rates at which one-month U.S. dollar deposits
      are
      offered by the Reference Banks at approximately 11:00 am (London time) on such
      date to prime banks in the London interbank market. In such event, the Trustee
      will request the principal London office of each of the Reference Banks to
      provide a quotation of its rate. If at least two such quotations are provided,
      the rate for that date will be the arithmetic mean of the quotations (rounded
      upwards if necessary to the nearest whole multiple of 1/16%). If fewer than
      two
      quotations are provided as requested, the rate for that date will be the
      arithmetic mean of the rates quoted by major banks in New York City, selected
      by
      the Trustee (after consultation with the Depositor), at approximately 11:00
      a.m.
      (New York City time) on such date for one-month U.S. dollar loan to leading
      European banks.

     

    (b) The
      establishment of LIBOR by the Trustee and the Trustee’s subsequent calculation
      of the Pass-Through Rate applicable to the LIBOR Certificates for the relevant
      Accrual Period, in the absence of manifest error, will be final and
      binding.

     

    “LIBOR
      Business Day”:
      Any
      day on which banks in London, England and The City of New York are open and
      conducting transactions in foreign currency and exchange.

     

    “LIBOR
      Certificates”:
      The
      Class 1-A1A, Class 1-A1B, Class 2-A1A, Class 2-A1C, Class B-1, Class B-2, Class
      B-3, Class B-4, Class B-5, Class B-6, Class B-7, Class
      B-8, Class B-9, Class B-10, Class B-11 and Class B-12 Certificates.

     

    “LIBOR
      Determination Date”:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period for the LIBOR Certificates.

     

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

     

    “Liquidation
      Event”:
      With
      respect to any Mortgage Loan, any of the following events: (i) such Mortgage
      Loan is paid in full; (ii) a Final Recovery Determination is made as to such
      Mortgage Loan; or (iii) such Mortgage Loan is removed from the Trust Fund by
      reason of its being purchased, sold or replaced pursuant to or as contemplated
      hereunder. 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 the Trust Fund by reason of its being sold or purchased
      pursuant to Section 10.01 hereof or the applicable provisions of the Servicing
      Agreement.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    “Liquidation
      Expenses”:
      With
      respect to a Mortgage Loan in liquidation, unreimbursed expenses paid or
      incurred by or for the account of the Servicer such expenses including (a)
      property protection expenses, (b) property sales expenses, (c) foreclosure
      and
      sale costs, including court costs and reasonable attorneys’ fees, and (d)
      similar expenses reasonably paid or incurred in connection with
      liquidation.

     

    “Liquidation
      Proceeds”:
      With
      respect to any Mortgage Loan, the amount (other than amounts received in respect
      of the rental of any REO Property prior to REO Disposition) received by the
      Servicer as proceeds from the liquidation of such Mortgage Loan, as determined
      in accordance with the applicable provisions of the Servicing Agreement, other
      than Recoveries; provided
      that
      with respect to any Mortgage Loan or REO Property repurchased, substituted
      or
      sold pursuant to or as contemplated hereunder, or pursuant to the applicable
      provisions of the Servicing Agreement, “Liquidation Proceeds” shall also include
      amounts realized in connection with such repurchase, substitution or
      sale.

     

    “Loan
      Group”:
      Either
      Loan Group 1 or Loan Group 2, as the context requires.

     

    “Loan
      Group Balance”:
      As to
      each Loan Group, the aggregate of the Stated Principal Balances of the Mortgage
      Loans in such Loan Group that were Outstanding Mortgage Loans at the time of
      determination.

     

    “Loan
      Group Collateral Balance”:
      With
      respect to each Loan Group and any date of determination, the applicable Loan
      Group Balance.

     

    “Loan
      Group 1”:
      At any
      time, the Group 1 Mortgage Loans in the aggregate and any REO Properties
      acquired in respect thereof.

     

    “Loan
      Group 2”:
      At any
      time, the Group 2 Mortgage Loans in the aggregate and any REO Properties
      acquired in respect thereof.

     

    “Loan
      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.

     

    “Loan-to-Value
      Ratio”:
      With
      respect to each Mortgage Loan and any date of determination, a fraction,
      expressed as a percentage, the numerator of which is the Principal Balance
      of
      the Mortgage Loan at such date of determination and the denominator of which
      is
      the Value of the related Mortgaged Property.

     

    “Lost
      Note Affidavit”:
      With
      respect to any Mortgage Loan as to which the original Mortgage Note has been
      permanently lost or destroyed and has not been replaced, an affidavit from
      the
      Seller certifying that the original Mortgage Note has been lost, misplaced
      or
      destroyed (together with a copy of the related Mortgage Note and indemnifying
      the Trust against any loss, cost or liability resulting from the failure to
      deliver the original Mortgage Note) in the form of Exhibit H
      hereto.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    “Lower-Tier
      Interest”:
      Any
      one of the interests in the Lower-Tier REMIC, as described in the Preliminary
      Statement.

     

    “Lower-Tier
      REMIC”:
      As
      described in the Preliminary Statement.

     

    “Majority
      Certificateholders”:
      The
      Holders of Certificates evidencing at least 51% of the Voting
      Rights.

    

    “Margin”:
      On
      each Distribution Date on or prior to the Call Option Date, (i) with respect
      to
      the Class 1-A1A Certificates, 0.260% per annum, and on each Distribution Date
      after the Call Option Date, 0.520% per annum, (ii) with respect to the Class
      1-A1B Certificates, 0.260% per annum, and on each Distribution Date after the
      Call Option Date, 0.520% per annum, (iii) with respect to the Class 2-A1A
      Certificates, 0.240% per annum, and on each Distribution Date after the Call
      Option Date, 0.480% per annum, (iv) with respect to the Class 2-A1B
      Certificates, 1.560% per annum, and on each Distribution Date after the Call
      Option Date, 3.120% per annum, (v) with respect to the Class 2-A1C Certificates,
      0.240% per annum, and on each Distribution Date after the Call Option Date,
      0.480% per annum, (vi) with respect to the Class B-1 Certificates, 0.600% per
      annum, and on each Distribution Date after the Call Option Date, 0.900% per
      annum, (vii) with respect to the Class B-2 Certificates, 0.630% per annum,
      and
      on each Distribution Date after the Call Option Date, 0.945% per annum, (viii)
      with respect to the Class B-3 Certificates, 0.660% per annum, and on each
      Distribution Date after the Call Option Date, 0.990% per annum, (ix) with
      respect to the Class B-4 Certificates, 1.000% per annum, and on each
      Distribution Date after the Call Option Date, 1.500% per annum, (x) with respect
      to the Class B-5 Certificates, 1.100% per annum, and on each Distribution Date
      after the Call Option Date, 1.650% per annum, (xi) with respect to the Class
      B-6
      Certificates, 1.300% per annum, and on each Distribution Date after the Call
      Option Date, 1.950% per annum and (xii) with respect to the Class B-7, Class
      B-8, Class B-9, Class B-10, Class B-11 and Class B-12 Certificates, 1.750%
      per
      annum, and on each Distribution Date after the Call Option Date, 2.625% per
      annum.

     

    “Maximum
      Loan Rate”:
      With
      respect to each Mortgage Loan, the percentage set forth in the related Mortgage
      Note as the maximum Loan 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
      Mortgage Loan”:
      Any
      Mortgage Loan registered with MERS on the MERS System.

     

    “MERS(R) System”:
      The
      system of recording transfers of mortgages electronically maintained by
      MERS.

     

    “Middle-Tier
      Interest”:
      Any one
      of the interests in the Middle-Tier REMIC, as described in the Preliminary
      Statement.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    “Middle-Tier
      REMIC”:
      As
      described in the Preliminary Statement.

     

    “MIN”:
      The
      Mortgage Identification Number for any MERS Mortgage Loan.

     

    “MOM
      Loan”:
      Any
      Mortgage Loan as to which MERS is acting as mortgagee, solely as nominee for
      the
      originator of such Mortgage Loan and its successors and assigns.

     

    “Monthly
      Interest Distributable Amount”:
      With
      respect to each Class of Certificates (other than the Class PO Certificates
      and
      Class A-R-II Certificates) and any Distribution Date, the amount of interest
      accrued during the related Accrual Period at the lesser of the related Adjusted
      Cap Rate and the related Pass-Through Rate on the Class Principal Balance or
      Class Notional Balance, as applicable, immediately prior to that Distribution
      Date; provided,
      however,
      that
      for purposes of compliance with the REMIC Provisions, (A) the Monthly Interest
      Distributable Amount for each Class of Subordinate Certificates shall be
      calculated by reducing the related Pass-Through Rate by a per annum rate equal
      to (i) 12 times the Subordinate Class Expense Share for such Class divided
      by
      (ii) the
      Class Principal Balance of such Class as of the beginning of the related Accrual
      Period and (B) such Class shall be deemed to bear interest at such Pass-Through
      Rate as so reduced for federal income tax purposes; provided,
      further,
      such
      Monthly Interest Distributable Amount shall be reduced if the Pass-Through
      Rate
      applicable to such Class for the related Accrual Period exceeds the Adjusted
      Cap
      Rate applicable to such Class for such Distribution Date, subject to the
      allocation priority set forth in Section 5.02 herein.

     

    “Monthly
      Payment”:
      With
      respect to any Mortgage Loan, the scheduled monthly payment of principal and
      interest on such Mortgage Loan that is payable by the related Mortgagor from
      time to time under the related Mortgage Note, determined, for the purposes
      of
      this Agreement: (a) after giving effect to any reduction in the amount of
      interest collectible from the related Mortgagor pursuant to the Relief Act;
      (b)
      without giving effect to any extension granted or agreed to by the Servicer
      pursuant to the applicable provisions of the Servicing 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. and its successors.

     

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

     

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

     

    “Mortgage
      Loan”:
      Each
      mortgage loan (including Cooperative Loans) transferred and assigned to the
      Trustee pursuant to Section 2.01 or Section 2.03(d) hereof as from time to
      time
      held as a part of the Trust Fund, the Mortgage Loans so held being identified
      in
      the Mortgage Loan Schedule.

     

    “Mortgage
      Loan Purchase Agreement”:
      The
      Mortgage Loan Purchase Agreement between the Seller and the Depositor, dated
      as
      of January 1, 2006, regarding the transfer of the Mortgage Loans by the Seller
      (including the Seller’s rights and interests in the Servicing Agreement) to or
      at the direction of the Depositor.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    “Mortgage
      Loan Schedule”:
      As of
      any date, the list of Mortgage Loans included in the Trust Fund on such date,
      attached hereto as Schedule I. The Mortgage Loan Schedule shall be prepared
      by
      the Seller and shall set forth the following information with respect to each
      Mortgage Loan:

     

    
      	 	
              (i)

            	
              the
                Mortgage Loan identifying number;

            

    

     

    
      	 	
              (ii)

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

            

    

     

    
      	 	
              (iii)

            	
              a
                code indicating whether the Residential Dwelling constituting the
                Mortgaged Property is (a) a detached single family dwelling, (b)
                a
                dwelling in a planned unit development, (c) a condominium unit, (d)
                a two-
                to four-unit residential property, (e) a townhouse or (f) other type
                of
                Residential Dwelling;

            

    

     

    
      	 	
              (iv)

            	
              if
                the related Mortgage Note permits the borrower to make Monthly Payments
                of
                interest only for a specified period of time, (a) the original number
                of
                such specified Monthly Payments and (b) the remaining number of such
                Monthly Payments as of the Cut-off
                Date;

            

    

     

    
      	 	
              (v)

            	
              the
                original months to maturity;

            

    

     

    
      	 	
              (vi)

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

            

    

     

    
      	 	
              (vii)

            	
              the
                Loan-to-Value Ratio at origination;

            

    

     

    
      	 	
              (viii)

            	
              the
                Loan Rate in effect immediately following the Cut-off
                Date;

            

    

     

    
      	 	
              (ix)

            	
              the
                date on which the first Monthly Payment is or was due on the Mortgage
                Loan;

            

    

     

    
      	 	
              (x)

            	
              the
                stated maturity date;

            

    

     

    
      	 	
              (xi)

            	
              the
                Servicing Fee Rate, if any;

            

    

     

    
      	 	
              (xii)

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

            

    

     

    
      	 	
              (xiii)

            	
              the
                original principal balance of the Mortgage
                Loan;

            

    

     

    
      	 	
              (xiv)

            	
              the
                Stated Principal Balance of the Mortgage Loan on the Cut-off Date,
                and a
                code indicating the purpose of the Mortgage Loan (i.e.,
                purchase financing, rate/term refinancing, cash-out
                refinancing);

            

    

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (xv)

            	
              the
                Index and Gross Margin specified in related Mortgage
                Note;

            

    

     

    
      	 	
              (xvi)

            	
              the
                next Adjustment Date, if
                applicable;

            

    

     

    
      	 	
              (xvii)

            	
              the
                Maximum Loan Rate, if applicable;

            

    

     

    
      	 	
              (xviii)

            	
              the
                Value of the Mortgaged Property;

            

    

     

    
      	 	
              (xix)

            	
              the
                sale price of the Mortgaged Property, if
                applicable;

            

    

     

    
      	 	
              (xx)

            	
              the
                product code;

            

    

     

    
      	 	
              (xxi)

            	
              whether
                the Mortgage Loan is a Lender-Paid Mortgage Insurance
                Loan;

            

    

     

    
      	 	
              (xxii)

            	
              the
                Servicer that is servicing each Mortgage Loan and the Originator
                of each
                Mortgage Loan;

            

    

     

    
      	 	
              (xxiii)

            	
              the
                respective Loan Group; and

            

    

     

    
      	 	
              (xxiv)

            	
              the
                Custodian’s name, if there is more than one
                Custodian.

            

    

     

    The
      Mortgage Loan Schedule, as in effect from time to time, shall also set forth
      the
      following information with respect to the Mortgage Loans in the aggregate and
      by
      Loan Group 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 Loan Rate of the Mortgage Loans; and (4) the weighted
      average remaining months to maturity of the Mortgage Loans. The Mortgage Loan
      Schedule shall be amended from time to time by the Seller in accordance with
      the
      provisions of this Agreement.

     

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

     

    “Mortgaged
      Property”:
      Either
      of (x) the fee simple or leasehold interest in real property, together with
      improvements thereto including any exterior improvements to be completed within
      120 days of disbursement of the related Mortgage Loan proceeds, or (y) in the
      case of a Cooperative Loan, the related Cooperative Shares and Proprietary
      Lease, securing the indebtedness of the Mortgagor under the related Mortgage
      Loan.

     

    “Mortgagor”:
      The
      obligor on a Mortgage Note.

     

    “MT1-Y
      Target Balance”:
      With
      respect to any Distribution Date, the excess, if any, of (i) the quotient of
      (a)
      the product of (I) the principal balance of the MT1-Z Interest immediately
      preceding such Distribution Date multiplied
      by
      (II) the
      Group 1 Net WAC for such Distribution Date multiplied
      by
      (III)
      two, divided
      by
      (b) the
      Group 1 Adjusted Cap Rate (computed assuming a 30-day accrual period) for such
      Distribution Date, over (ii) the principal balance of the MT1-Z Interest
      immediately preceding such Distribution Date.

    

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    “MT1-Z
      Target Balance”:
      With
      respect to any Distribution Date, the excess, if any, of (i) the quotient of
      (a)
      the principal balance of the MT1-Y Interest immediately preceding such
      Distribution Date divided
      by
      (b) the
      difference between (I) 100% minus (II) the quotient of (A) the Group 1 Adjusted
      Cap Rate (computed assuming a 30-day accrual period) for such Distribution
      Date
divided
      by
      (B) the
      product of (1) two multiplied
      by
      (2) the
      Group 1 Net WAC for such Distribution Date, over (ii) the principal balance
      of
      the MT1-Y Interest immediately preceding such Distribution Date. 

    

    “MT2-Y
      Target Balance”:
      With
      respect to any Distribution Date, the excess, if any, of (i) the quotient of
      (a)
      the product of (I) the principal balance of the MT2-Z Interest immediately
      preceding such Distribution Date multiplied
      by
      (II) the
      Group 2 Net WAC for such Distribution Date multiplied
      by
      (III)
      two, divided
      by
      (b) the
      Group 2 Adjusted Cap Rate (computed assuming a 30-day accrual period) for such
      Distribution Date, over (ii) the principal balance of the MT2-Z Interest
      immediately preceding such Distribution Date.

    

    “MT2-Z
      Target Balance”:
      With
      respect to any Distribution Date, the excess, if any, of (i) the quotient of
      (a)
      the principal balance of the MT2-Y Interest immediately preceding such
      Distribution Date divided
      by
      (b) the
      difference between (I) 100% minus (II) the quotient of (A) the Group 2 Adjusted
      Cap Rate (computed assuming a 30-day accrual period) for such Distribution
      Date
divided
      by
      (B) the
      product of (1) two multiplied
      by
      (2) the
      Group 2 Net WAC for such Distribution Date, over (ii) the principal balance
      of
      the MT2-Y Interest immediately preceding such Distribution Date. 

    

    “MTB-Y
      Target Balance”:
      With
      respect to any Distribution Date, the excess, if any, of (i) the quotient of
      (a)
      the product of (I) the principal balance of the MTB-Z Interest immediately
      preceding such Distribution Date multiplied
      by
      (II) the
      Net WAC Cap applicable to the Subordinate Certificates (computed assuming a
      30-day accrual period) for such Distribution Date multiplied
      by
      (III)
      two, divided
      by
      (b) the
      Subordinate Adjusted Cap Rate (computed assuming a 30-day accrual period) for
      such Distribution Date, over (ii) the principal balance of the MTB-Z Interest
      immediately preceding such Distribution Date.

    

    “MTB-Z
      Target Balance”:
      With
      respect to any Distribution Date, the excess, if any, of (i) the quotient of
      (a)
      the principal balance of the MTB-Y Interest immediately preceding such
      Distribution Date divided
      by
      (b) the
      difference between (I) 100% minus (II) the quotient of (A) the Subordinate
      Adjusted Cap Rate (computed assuming a 30-day accrual period) for such
      Distribution Date divided
      by
      (B) the
      product of (1) two multiplied
      by
      (2) the
      Net WAC Cap applicable to the Subordinate Certificates (computed assuming a
      30-day accrual period) for such Distribution Date, over (ii) the principal
      balance of the MTB-Y Interest immediately preceding such Distribution
      Date.

     

    “MT2-YA1B
      Target Balance”:
      With
      respect to any Distribution Date, the excess, if any, of (i) the quotient of
      (a)
      the product of (I) the principal balance of the MT2-ZA1B Interest immediately
      preceding such Distribution Date multiplied
      by
      (II) the
      Group 2 Net WAC for such Distribution Date multiplied
      by
      (III)
      two, divided
      by
      (b) the
      Group 2 Adjusted Cap Rate (computed assuming a 30-day accrual period) for such
      Distribution Date, over (ii) the principal balance of the MT2-ZA1B Interest
      immediately preceding such Distribution Date.

    

    “MT2-ZA1B
      Target Balance”:
      With
      respect to any Distribution Date, the excess, if any, of (i) the quotient of
      (a)
      the principal balance of the MT2-YA1B Interest immediately preceding such
      Distribution Date divided
      by
      (b) the
      difference between (I) 100% minus (II) the quotient of (A) the Group 2 Adjusted
      Cap Rate (computed assuming a 30-day accrual period) for such Distribution
      Date
divided
      by
      (B) the
      product of (1) two multiplied
      by
      (2) the
      Group 2 Net WAC for such Distribution Date, over (ii) the principal balance
      of
      the MT2-YA1B Interest immediately preceding such Distribution Date.

    

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    “MTA”:
      With
      respect to each Accrual Period, a per annum rate determined on each MTA
      Determination Date in the following manner by the Trustee on the basis of the
      twelve-month moving average monthly yield on United States Treasury Securities
      adjusted to a constant maturity of one year as published by the Federal Reserve
      Board in the Federal Reserve Statistical Release “Selected Interest Rates
      (H.15)”, determined by averaging the monthly yields for the most recently
      available twelve months.

     

    (a)
      If on
      any MTA Determination Date, MTA is no longer available, the Trustee shall select
      a new index for the MTA Certificates that is based on comparable information.
      When the Trustee selects a new index for the MTA Certificates, the Margin for
      the MTA Certificates will increase or decrease by the difference the average
      MTA
      for the final three years it was in effect and the average of the most recent
      three years for the replacement index. The Margin for the MTA Certificates
      will
      be increased by that difference if the average MTA is greater than the average
      replacement index and the Margin for the MTA Certificates will be decreased
      by
      that difference if the average replacement index is greater than the average
      MTA. The Trustee will have no liability for the selection of such alternative
      index (and shall be entitled to rely on such advice, if any, as it may deem
      appropriate in such selection), except that the Trustee will select a particular
      index as the alternative index only if it receives an Opinion of Counsel, which
      opinion shall be an expense reimbursed from the Distribution Account, that
      the
      selection of such index will not cause any REMIC created hereunder to lose
      its
      classification as a REMIC for federal income tax purposes.

     

    (b)
      The
      establishment of MTA by the Trustee and the Trustee’s subsequent calculation of
      the Pass-Through Rate applicable to the MTA Certificates for the relevant
      Accrual Period, in the absence of manifest error, will be final and
      binding.

     

    “MTA
      Certificates”:
      The
      Class 2-A1B Certificates.

     

    “MTA
      Determination Date”:
      The
      fifteenth day immediately prior the commencement of each Accrual Period for
      the
      MTA Certificates.

     

    “Net
      Deferred Interest”:
      With
      respect to each Loan Group and any Distribution Date, the greater of (i) the
      excess, if any, of the Deferred Interest for the related Due Date over the
      aggregate amount of any principal prepayments in part or in full received during
      the related Prepayment Period and (ii) zero.

     

    “Net
      Interest Shortfall”:
      With
      respect to any Distribution Date, the excess of Interest Shortfalls, if any,
      for
      such Distribution Date over the sum of (i) Interest Shortfalls paid by the
      Servicer under the Servicing Agreement with respect to such Distribution Date
      and (ii) Compensating Interest Payments made with respect to such Distribution
      Date.

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    “Net
      Liquidation Proceeds”:
      With
      respect to any Liquidated Mortgage Loan or any other disposition of related
      Mortgaged Property (including REO Property) the related Liquidation Proceeds
      net
      of Advances, Servicing Advances, the Expense Fee, and any other accrued and
      unpaid fees received and retained in connection with the liquidation of such
      Mortgage Loan or Mortgaged Property.

     

    “Net
      Loan 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 Loan
      Rate for such Mortgage Loan minus the related Servicing Fee Rate, Trustee Fee
      Rate, Custodial Fee Rate and, if applicable, the Lender Paid Mortgage Insurance
      Rate. 

     

    “Net
      Maximum Loan 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 Maximum
      Loan Rate for such Mortgage Loan minus the related Servicing Fee Rate, Trustee
      Fee Rate, Custodial Fee Rate and, if applicable, the Lender Paid Mortgage
      Insurance Rate.

     

    “Net
      Maximum Rate Cap”:
      For
      any Distribution Date and the Class 1-A1A and Class 1-A1B Certificates, the
      Group 1 Net WAC Cap, computed by assuming that each Group 1 Mortgage Loan
      accrued interest at its Net Maximum Loan Rate.

     

    For
      any
      Distribution Date and the Class 2-A1A, Class 2-A1B and Class 2-A1C Certificates,
      the Group 2 Net WAC Cap, computed by assuming that each Group 2 Mortgage Loan
      accrued interest at its Net Maximum Loan Rate.

     

    For
      any
      Distribution Date and the Subordinate Certificates, the Net WAC Cap for the
      Subordinate Certificates, computed by assuming that each Mortgage Loan accrued
      interest at its Net Maximum Loan Rate. 

     

    “Net
      Realized Losses”:
      For
      any Class of Certificates and any Distribution Date, the excess of (i) the
      amount of Realized Losses previously allocated to that Class or PO Component
      over (ii) the amount of any increases to the Class Principal Balance of that
      Class or Component Principal Balance pursuant to Section 5.08 due to
      Recoveries.

     

    “Net
      WAC”:
      With
      respect to any Distribution Date and each Loan Group, the Group 1 Net WAC or
      the
      Group 2 Net WAC, as applicable.

     

    “Net
      WAC Cap”:
      For
      any Distribution Date and the Class 1-A1A Certificates, the product of (i)
      the
      Group 1 Net WAC and (ii) a fraction, the numerator of which is 30 and the
      denominator of which is the actual number of days in the related Accrual
      Period.

     

    With
      respect to any Distribution Date and the Class 1-A1B Certificates, (a) the
      product of (i) the Group 1 Net WAC and (ii) a fraction, the numerator of which
      is 30 and the denominator of which is the actual number of days in the related
      Accrual Period minus
      (b) the
      related Premium Rate for such Distribution Date.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    With
      respect to any Distribution Date and the Class 2-A1A Certificates, the product
      of (i) the Group 2 Net WAC and (ii) a fraction, the numerator of which is 30
      and
      the denominator of which is the actual number of days in the related Accrual
      Period. 

     

    With
      respect to any Distribution Date and the Class 2-A1B Certificates, the Group
      2
      Net WAC.

     

    With
      respect to any Distribution Date and the Class 2-A1C Certificates, (a) the
      product of (i) the Group 2 Net WAC and (ii) a fraction, the numerator of which
      is 30 and the denominator of which is the actual number of days in the related
      Accrual Period minus
      (b) the
      related Premium Rate for such Distribution Date.

     

    With
      respect to any Distribution Date and the Subordinate Certificates, the product
      of (i) the Subordinate Net WAC and (ii) a fraction, the numerator of which
      is 30
      and the denominator of which is the actual number of days in the related Accrual
      Period.

     

    “Nonrecoverable”:
      A
      determination by the Servicer in respect of a delinquent Mortgage Loan that
      if
      it were to make an Advance or an advance of a delinquent Monthly Payment,
      respectively, in respect thereof, such amount would not be recoverable from
      any
      collections or other recoveries (including Liquidation Proceeds) on such
      Mortgage Loan.

     

    “Notice”:
      As
      defined in the Financial Guaranty Insurance Policy.

     

    “Officers’
      Certificate”:
      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
      the Seller or the Depositor, as applicable.

     

    “One-Month
      MTA”:
      The
      twelve-month average yields on United States Treasury securities adjusted to
      a
      constant maturity of one year as published by the Federal Reserve Board in
      Statistical Release H.15(519).

     

    “One-Month
      MTA Indexed”:
      Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on the
      basis of the MTA index.

     

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

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    “Original
      Applicable Credit Support Percentage”:
      With
      respect to each Class of Subordinate Certificates, the corresponding percentage
      set forth below opposite its Class designation:

     

    
      	
              Class
                B-1

            	 	 	
              10.50

            	
              %

            
	
              Class
                B-2

            	 	 	
              8.50

            	
              %

            
	
              Class
                B-3

            	 	 	
              7.10

            	
              %

            
	
              Class
                B-4

            	 	 	
              6.25

            	
              %

            
	
              Class
                B-5

            	 	 	
              5.45

            	
              %

            
	
              Class
                B-6

            	 	 	
              4.75

            	
              %

            
	
              Class
                B-7

            	 	 	
              4.10

            	
              %

            
	
              Class
                B-8

            	 	 	
              3.55

            	
              %

            
	
              Class
                B-9

            	 	 	
              3.05

            	
              %

            
	
              Class
                B-10

            	 	 	
              2.60

            	
              %

            
	
              Class
                B-11

            	 	 	
              1.80

            	
              %

            
	
              Class
                B-12

            	 	 	
              0.80

            	
              %

            
	 	 	 	 	 

    

    “Original
      Class Notional Balance”:
      With
      respect to the Class X-1 Certificates, $1,483,848,897.20. With respect to the
      Class X-2A1B Certificates, $259,961,100.00.

     

    “Original
      Class Principal Balance”:
      With
      respect to each Class of Certificates, other than the Interest-Only
      Certificates, Class PO Certificates and the Class A-R-II Certificates, the
      corresponding aggregate amount set forth opposite the Class designation of
      such
      Class in the Preliminary Statement.

     

    “Original
      Subordinated Principal Balance”:
      The
      aggregate of the Original Class Principal Balances of the Classes of Subordinate
      Certificates.

     

    “Originator”:
      Countrywide or any other originator contemplated by Item
      1110 (Sec.
      229.1110) of
      Regulation AB.

     

    “OTS”:
      The
      Office of Thrift Supervision.

     

    “Outstanding
      Mortgage Loan”:
      As of
      any Due Date, a Mortgage Loan with a Stated Principal Balance greater than
      zero,
      that was not the subject of a prepayment in full prior to such Due Date and
      that
      did not become a Liquidated Mortgage Loan prior to such Due Date.

     

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

     

    “Pass-Through
      Rate”:
      With
      respect to each Class of Certificates (other than the Class PO and Class A-R-II
      Certificates) and any Distribution Date, the rate set forth below:

     

    (i) The
      Pass-Through Rate for the Class 1-A1A Certificates shall be equal to the least
      of (a) LIBOR plus the applicable Margin, (b) the Group 1 Net WAC Cap for that
      Distribution Date and (c) the applicable Net Maximum Rate Cap;

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

    (ii) The
      Pass-Through Rate for the Class 1-A1B Certificates shall be equal to the least
      of (a) LIBOR plus the applicable Margin, (b) the Group 1 Net WAC Cap for that
      Distribution Date and (c) the applicable Net Maximum Rate Cap;

     

    (iii) The
      Pass-Through Rate for the Class A-R Certificate shall be equal to the Group
      1
      Net WAC for that Distribution Date;

     

    (iv) The
      Pass-Through Rate for the Class 2-A1A Certificates shall be equal to the least
      of (a) LIBOR plus the applicable Margin, (b) the Group 2 Net WAC Cap for that
      Distribution Date and (c) the applicable Net Maximum Rate Cap;

     

    (v) The
      Pass-Through Rate for the Class 2-A1B Certificates shall be equal to the least
      of (a) MTA plus the applicable Margin, (b) the Group 2 Net WAC Cap for that
      Distribution Date and (c) the applicable Net Maximum Rate Cap;

     

    (vi) The
      Pass-Through Rate for the Class 2-A1C Certificates shall be equal to the least
      of (a) LIBOR plus the applicable Margin, (b) the Group 2 Net WAC Cap for that
      Distribution Date and (c) the applicable Net Maximum Rate Cap;

     

    (vii) The
      Pass-Through Rate for the Class X-1 Certificates on any Distribution Date shall
      be equal to the quotient of (a) the product of (1) the excess, if any, of (i)
      the interest accrued on the Mortgage Loans for the related Due Period (net
      of Expense Fees) minus (ii) the interest accrued for the related Accrual
      Period on the Certificates (other than the Class X-1 Certificates) multiplied
      by
      (2) 12,
divided
      by
      (b) the
      Class X-1 Notional Balance for such Distribution Date;
      

     

    (viii) The
      Pass-Through Rate for the Class X-2A1B Certificates on any Distribution Date
      shall be equal to the excess, if any, of (a) the
      Group 2 Net WAC minus (b) a rate equal to the quotient of (1) the product of
      (x)
      the interest accrued at the applicable Pass-Through Rates on the Class 2-A1B
      Certificates for such Distribution Date and (y) 12 divided
      by
      (2) the aggregate Class Principal Balance of the Class 2-A1B and Class PO-2A1B
      Certificates as of the first day of the month immediately preceding such
      Distribution Date; 

     

    (ix) The
      Pass-Through Rate for the Class B-1, Class B-2, Class B-3, Class B-4, Class
      B-5,
      Class B-6, Class B-7, Class B-8, Class B-9, Class B-10, Class B-11 and Class
      B-12 Certificates shall be equal to the least of (a) LIBOR plus the
      applicable Margin, (b) the Subordinate Net WAC Cap for that Distribution
      Date and (c) the applicable Net Maximum Rate Cap for that Distribution
      Date.

     

    “Percentage
      Interest”:
      With
      respect to any Certificate other than a Class A-R or Class A-R-II Certificate,
      a
      fraction, expressed as a percentage, the numerator of which is the Initial
      Certificate Principal Balance or Initial Certificate Notional Balance, as
      applicable, represented by such Certificate and the denominator of which is
      the
      Original Class Principal Balance or Original Class Notional Balance, as
      applicable, of the related Class. With respect to the Class A-R and Class A-R-II
      Certificates, 100%.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    (ii) (A)
      demand and time deposits in, certificates of deposit of, bankers’ acceptances
      issued by or federal funds sold by any depository institution or trust company
      (including the Trustee, or its agents 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 its ultimate parent has a short-term uninsured debt rating in one
      of
      the two highest available rating categories of each Rating Agency and (B) any
      other demand or time deposit or deposit which is fully insured by the
      FDIC;

     

    (iii) repurchase
      obligations 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 or higher by each Rating Agency;

     

    (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, the District of
      Columbia or any State thereof and that are rated by each Rating Agency 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) that is rated by each Rating Agency in its highest
      short-term unsecured debt rating available at the time of such
      investment;

     

    (vi) units
      of
      money market funds (which may be 12b-1 funds, as contemplated by the Commission
      under the Investment Company Act of 1940) registered under the Investment
      Company Act of 1940 including funds managed or advised by the Trustee or an
      affiliate thereof having the highest applicable rating from each Rating Agency;
      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 each Rating Agency in writing as a permitted investment of funds
      backing securities having ratings equivalent to its highest initial ratings
      of
      the Senior 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.

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

    “Permitted
      Transferee”:
      Any
      Transferee of a Residual Certificate other than a Disqualified Organization
      or a
      non-U.S. Person.

     

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

     

    “Physical
      Certificates”:
      The
      Class A-R and Class A-R-II Certificates.

     

    “PO
      Component”:
      Each
      of the PO-1A1 Component and the Class PO-1A2 Component, as
      applicable.

     

    “PO-1A1
      Component”:
      The
      Principal-Only Component of the Class PO-1 Certificates that relates to the
      Group 1 Mortgage Loans.

     

    “PO-1A1
      Component Principal Balance”:
      As of
      the Closing Date, $50; thereafter, as increased by amounts of Net Deferred
      Interest allocated to the Class X-1 Certificates in respect of the Group 1
      Mortgage Loan as set forth in Section 5.02 herein.

     

    “PO-1A2
      Component”:
      The
      Principal-Only Component of the Class PO-1 Certificates that relates to the
      Group 2 Mortgage Loans.

     

    “PO-1A2
      Component Principal Balance”:
      As of
      the Closing Date, $50; thereafter, as increased by amounts of Net Deferred
      Interest allocated to the Class X-1 Certificates in respect of the Group 2
      Mortgage Loan as set forth in Section 5.02 herein.

     

    “Policy
      Account”:
      The
      trust account or accounts created and maintained by the Trustee pursuant to
      Section 4.05 hereof in the name of the Trustee for the benefit of the Class
      1-A1B and Class 2-A1C Certificateholders and designated “Policy Account, U.S.
      Bank National Association, as Trustee, in trust for the registered
      Certificateholders of HarborView Mortgage Loan Trust 2006-1, Mortgage
      Pass-Through Certificates, Series 2006-1, Class 1-A1B and Class 2-A1C
      Certificates.”

     

    “Pool
      Balance”:
      With
      respect to any Distribution Date, the aggregate of the Stated Principal
      Balances, as of the first day of the related Due Period, of the Mortgage Loans
      that were Outstanding Mortgage Loans on that day.

     

    “Pool
      Collateral Balance”:
      As of
      any date of determination, the Pool Balance.

     

    “Premium
      Amount”:
      Each
      of the Class 1-A1B Premium Amount or Class 2-A1C Premium Amount, as
      applicable.

     

    “Premium
      Proceeds”:
      The
      amount by which the Termination Price paid in connection with the termination
      pursuant to Section 10.01 exceeds the sum of (i) unpaid principal and accrued
      and unpaid interest on the Certificates (excluding any Basis Risk Shortfalls
      that remain unpaid), (ii) unreimbursed Advances and Servicing Advances and
      (iii)
      all amounts, if any, then due and owing to the Trustee and the Certificate
      Insurer under this Agreement.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

     

    “Premium
      Rate”:
      0.09%
      of the outstanding aggregate Class Principal Balances of the Class 1-A1B and
      Class 2-A1C Certificates.

     

    “Prepayment
      Penalty Amount”:
      With
      respect to any Mortgage Loan and each Distribution Date, all premiums or
      charges, if any, paid by Mortgagors under the related Mortgage Notes as a result
      of full or partial Principal Prepayments collected and deposited into the
      Distribution Account during the immediately preceding Prepayment Period, under
      the terms of the Servicing Agreement.

     

    “Prepayment
      Period”:
      With
      respect to any Distribution Date the calendar month preceding the month in
      which
      such Distribution Date occurs.

     

    “Primary
      Insurance Policy”:
      Mortgage guaranty insurance, if any, on an individual Mortgage Loan, as
      evidenced by a policy or certificate.

     

    “Principal
      Balance”:
      As to
      any Mortgage Loan, other than a Liquidated Mortgage Loan, and any day, the
      related Cut-off Date Principal Balance, minus
      all
      collections credited against the Principal Balance of such Mortgage Loan after
      the applicable Cut-off Date, as increased by the amount of any Deferred Interest
      added to the outstanding Principal Balance of such Mortgage Loan pursuant to
      the
      terms of the related Mortgage Note. For purposes of this definition, a
      Liquidated Mortgage Loan shall be deemed to have a Principal Balance equal
      to
      the Principal Balance of the related Mortgage Loan as of the final recovery
      of
      related Liquidation Proceeds and a Principal Balance of zero thereafter. As
      to
      any REO Property and any day, the Principal Balance of the related Mortgage
      Loan
      immediately prior to such Mortgage Loan becoming REO Property.

     

    “Principal
      Deficiency Amount”:
      For
      any Distribution Date and for any Undercollateralized Group, the excess, if
      any,
      of the aggregate Class Principal Balance and Component Principal Balance of
      such
      Undercollateralized Group immediately prior to such Distribution Date over
      the
      sum of the Principal Balances of the Mortgage Loans in the related Loan Group
      immediately prior to such Distribution Date.

     

    “Principal
      Distribution Amount”:
      With
      respect to each Loan Group and any Distribution Date, the sum of (a) each
      scheduled payment of principal collected or advanced on the related Mortgage
      Loans (before taking into account any Deficient Valuations or Debt Service
      Reductions) by the Servicer in respect of the related Due Period, (b) that
      portion of the Purchase Price, representing principal of any repurchased
      Mortgage Loan in that Loan Group, deposited to the Distribution Account during
      the related Prepayment Period, (c) the principal portion of any related
      Substitution Adjustments with respect to that Loan Group deposited in the
      Distribution Account during the related Prepayment Period, (d) the
      principal portion of all Insurance Proceeds received during the related
      Prepayment Period with respect to Mortgage Loans in that Loan Group that are
      not
      yet Liquidated Mortgage Loans, (e) the principal portion of all Net
      Liquidation Proceeds received during the related Prepayment Period with respect
      to Liquidated Mortgage Loans other than Recoveries in that Loan Group,
      (f) all Principal Prepayments (net of Deferred Interest) in part or in full
      on Mortgage Loans in that Loan Group applied by the Servicer during the related
      Prepayment Period, (g) all Recoveries related to that Loan Group received during
      the calendar month preceding the month of that Distribution Date and (h) on
      the Distribution Date on which the Trust is to be terminated pursuant to Section
      10.01 hereof, that portion of the Termination Price in respect of principal
      for
      that Loan Group.

     

    
      
        
        

      

      
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    “Principal-Only
      Component”:
      Any PO
      Component, as applicable.

     

    “Principal
      Prepayment”:
      Any
      payment of principal made by the Mortgagor on a Mortgage Loan that is received
      in advance of its scheduled Due Date and that 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.

     

    “Private
      Certificates”:
      The
      Class B-10, Class B-11, Class B-12 and Class A-R-II Certificates.

     

    “Private
      Placement Memorandum”:
      The
      Private Placement Memorandum dated January 25, 2006 relating to the initial
      sale
      of the Class B-10, Class B-11 and Class B-12 Certificates.

     

    “Pro
      Rata Share”:
      With
      respect to any Distribution Date and any Class of Subordinate Certificates,
      the
      portion of the Subordinate Principal Distribution Amount allocable to such
      Class, equal to the product of the (a) Subordinate Principal Distribution Amount
      on such date and (b) a fraction, the numerator of which is the related Class
      Principal Balance of that Class and the denominator of which is the aggregate
      of
      the Class Principal Balances of all the Classes of Subordinate
      Certificates.

     

    “Proprietary
      Lease”:
      With
      respect to any Cooperative Unit, a lease or occupancy agreement between a
      Cooperative Corporation and a holder of related Cooperative Shares.

     

    “Prospectus”:
      The
      Prospectus Supplement, together with the accompanying prospectus dated September
      26, 2005, relating to the Senior Certificates and the Class B-1, Class B-2,
      Class B-3, Class B-4, Class B-5, Class B-6, Class B-7, Class B-8 and Class
      B-9
      Certificates.

     

    “Prospectus
      Supplement”:
      The
      Prospectus Supplement dated January 25, 2006 relating to the offering of the
      Senior Certificates and the Class B-1, Class B-2, Class B-3, Class B-4, Class
      B-5, Class B-6, Class B-7, Class B-8 and Class B-9 Certificates.

     

    “Purchase
      Agreement”:
      The
      Master Mortgage Loan Purchase and Servicing Agreement dated as of April 1,
      2003,
      as amended by that certain Amendment Number One dated November 1, 2004, and
      as
      further amended by that certain Amendment Reg AB dated December 1, 2005, between
      GCFP, as purchaser, and Countrywide, as seller, as reconstituted by the
      Reconstitution Agreement, and as supplemented by the Representation Letter,
      as
      the same may be amended from time to time, and any assignments and conveyances
      related to the Mortgage Loans.

     

    “Purchase
      Price”:
      With
      respect to any Mortgage Loan or REO Property to be purchased pursuant to or
      as
      contemplated by Section 2.03 hereof, and as confirmed by an Officers’
Certificate from the Seller to the Trustee, an amount equal to the sum of
      (i) 100% of the Principal Balance thereof as of the date of purchase (or
      such other price as provided in Section 10.01), plus (ii) in the case of
      (x) a Mortgage Loan, accrued interest on such Principal Balance at the
      applicable Loan Rate (or if the servicer is repurchasing such Mortgage Loan,
      the
      Loan Rate minus the Servicing Fee Rate) from the Due Date as to which interest
      was last covered by a payment by the Mortgagor 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 Principal Balance at the applicable
      Loan Rate (or if the servicer is repurchasing such Mortgage Loan, the Loan
      Rate
      minus the Servicing Fee Rate) from the Due Date as to which interest was last
      covered by a payment by the Mortgagor 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 and Liquidation Proceeds that as of the date of purchase had been
      distributed as or to cover REO Imputed Interest, plus (iii) any
      unreimbursed Servicing Advances and any unpaid Expense Fees allocable to such
      Mortgage Loan or REO Property, plus (iv) in the case of a Mortgage Loan
      required to be purchased pursuant to Section 2.03 hereof, expenses reasonably
      incurred or to be incurred by the Trustee in respect of the breach or defect
      giving rise to the purchase obligation and plus (v) any costs and damages
      incurred by the Trust in connection with any violation by such Mortgage Loan
      of
      any predatory- or abusive-lending laws.

     

    
      
        
        

      

      
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    “Qualified
      Insurer”:
      A
      mortgage guaranty insurance company duly qualified as such under the laws of
      the
      state of its principal place of business and each state having jurisdiction
      over
      such insurer in connection with the insurance policy issued by such insurer,
      duly authorized and licensed in such states to transact a mortgage guaranty
      insurance business in such states and to write the insurance provided by the
      insurance policy issued by it, approved as a Fannie Mae-approved mortgage
      insurer and having a claims paying ability rating of at least “AA” or equivalent
      rating by a nationally recognized statistical rating organization. Any
      replacement insurer with respect to a Mortgage Loan must have at least as high
      a
      claims paying ability rating as the insurer it replaces had on the Closing
      Date.

     

    “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, and not more than 5% less than, the Principal Balance of the Deleted
      Mortgage Loan as of the Due Date in the calendar month during which the
      substitution occurs, (ii) have a maximum loan rate not less than the
      Maximum Loan Rate of the Deleted Mortgage Loan, (iii)  have a gross margin
      equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (iv)
      have the same Index as the Deleted Mortgage Loan, (v) have its next adjustment
      date not more than two months after the next Adjustment Date of the Deleted
      Mortgage Loan, (vi) have a remaining term to maturity not greater than (and
      not
      more than one year less than) that of the Deleted Mortgage Loan, (vii) be
      current as of the date of substitution, (viii) 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, (ix) have been underwritten or
      re-underwritten in accordance with the same or substantially similar
      underwriting criteria and guidelines as the Deleted Mortgage Loan, (x) is of
      the
      same or better credit quality as the Deleted Mortgage Loan and (xi) conform
      to each representation and warranty set forth in Section 2.04 hereof 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 terms described in clause (vi) hereof shall be determined on
      the basis of weighted average remaining term to maturity and the Loan-to-Value
      Ratio described in clause (viii) 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 (x) hereof must be
      satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate,
      as
      the case may be.

     

    
      
        
        

      

      
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    “Rating
      Agency”:
      Each
      of S&P and Moody’s. If any rating agency or its successor shall no longer be
      in existence, “Rating Agency” shall include such nationally recognized
      statistical rating agency, or other comparable Person, as shall have been
      designated by the Depositor, notice of which designation shall be given to
      the
      Trustee.

     

    “Realized
      Loss”:
      With
      respect to any Liquidated Mortgage Loan, the amount of loss realized equal
      to
      the portion of the Principal Balance remaining unpaid after application of
      all
      Net Liquidation Proceeds in respect of such Liquidated Mortgage
      Loan.

     

    “Recognition
      Agreement”:
      With
      respect to any Cooperative Loan, an agreement between the related Cooperative
      Corporation and the originator of such Mortgage Loan to establish the rights
      of
      such originator in the related Cooperative Property.

     

    “Reconstitution
      Agreement”:
      The
      reconstituted servicing agreement dated as of January 1, 2006 among the Seller,
      Countrywide and the Servicer and acknowledged by the Trustee.

     

    “Record
      Date”:
      With
      respect to each Distribution Date (other than the initial Distribution Date)
      and
      the MTA Certificates, the Interest-Only Certificates and the Class A-R
      Certificates, the last Business Day of the calendar month immediately preceding
      the month in which that Distribution Date occurs. With respect to each
      Distribution Date (other than the initial Distribution Date) and the LIBOR
      Certificates, the last Business Day immediately preceding that Distribution
      Date, unless any LIBOR Certificates are no longer Book-Entry Certificates,
      in
      which case the Record Date for the related Class of LIBOR Certificates shall
      be
      the last Business Day of the calendar month immediately preceding the month
      in
      which that Distribution Date occurs. With respect to the initial Distribution
      Date and all Classes of Certificates, the Closing Date.

     

    “Recovery”:
      With
      respect to any Distribution Date and Mortgage Loan that became a Liquidated
      Mortgage Loan in a month preceding the month prior to that Distribution Date
      and
      with respect to which the related Realized Loss was allocated to one or more
      Classes of Certificates or Principal-Only Components, an amount received in
      respect of such Liquidated Mortgage Loan during the prior calendar month, net
      of
      any reimbursable expenses.

     

    “Reference
      Bank”
shall
      be a leading bank engaged in transactions in Eurodollar deposits in the
      international Eurocurrency market, which shall not control, be controlled by,
      or
      be under common control with, the Trustee and shall have an established place
      of
      business in London. Until all of the LIBOR Certificates are paid in full, the
      Trustee will at all times retain at least four Reference Banks for the purpose
      of determining LIBOR with respect to each LIBOR Determination Date. The Trustee
      initially shall designate the Reference Banks (after consultation with the
      Depositor). If any such Reference Bank should be unwilling or unable to act
      as
      such or if the Trustee should terminate its appointment as Reference Bank,
      the
      Trustee shall promptly appoint or cause to be appointed another Reference Bank
      (after consultation with the Depositor). The Trustee shall have no liability
      or
      responsibility to any Person for (i) the selection of any Reference Bank
      for purposes of determining LIBOR or (ii) any inability to retain at least
      four Reference Banks which is caused by circumstances beyond its reasonable
      control.

     

    
      
        
        

      

      
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    “Refinancing
      Mortgage Loan”:
      Any
      Mortgage Loan originated in connection with the refinancing of an existing
      mortgage loan.

     

    “Regular
      Certificate”:
      Any
      Class 1-A1A, Class 1-A1B, Class 2-A1A, Class 2-A1B, Class 2-A1C, Class X-1,
      Class X-2A1B, Class PO-1, Class PO-2A1B, Class B-1, Class B-2, Class B-3, Class
      B-4, Class B-5, Class B-6, Class B-7, Class B-8, Class B-9, Class B-10, Class
      B-11 or Class B-12 Certificate.

     

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

     

    “Regulation S”:
      Regulation S promulgated under the Securities Act or any successor
      provision thereto, in each case as the same may be amended from time to time;
      and all references to any rule, section or subsection of, or definition or
      term
      contained in, Regulation S means such rule, section, subsection, definition
      or term, as the case may be, or any successor thereto, in each case as the
      same
      may be amended from time to time.

     

    “Regulation
      S Global Security”:
      The
      meaning specified in Section 6.01.

     

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

     

    “Relief
      Act Reductions”:
      With
      respect to any Distribution Date and any Mortgage Loan as to which there has
      been a reduction in the amount of interest collectible thereon for the most
      recently ended Due Period as a result of the application of the Relief Act,
      the
      amount, if any, by which (i) interest collectible on that Mortgage Loan during
      such Due Period is less than (ii) one month’s interest on the Stated Principal
      Balance of such Mortgage Loan at the Loan Rate for such Mortgage Loan before
      giving effect to the application of the Relief Act.

     

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

     

    
      
        
        

      

      
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    “REMIC
      Opinion”:
      An
      Independent Opinion of Counsel, to the effect that the proposed action described
      therein would not, under the REMIC Provisions, (i) cause any REMIC created
      hereunder to fail to qualify as a REMIC while any regular interest in such
      REMIC
      is outstanding, (ii) result in a tax on prohibited transactions with respect
      to
      any REMIC created hereunder or (iii) constitute a taxable contribution to any
      REMIC created hereunder after the Startup Day.

     

    “REMIC
      Provisions”:
      Provisions of the federal income tax law relating to real estate mortgage
      investment conduits which appear at Section 860A through 860G of Subchapter
      M of
      Chapter 1 of the Code, and related provisions, and regulations and rulings
      promulgated thereunder, as the foregoing may be in effect from time to
      time.

     

    “Remittance
      Report”:
      The
      Servicer’s Remittance Report to the Trustee pursuant to the Servicing Agreement
      providing information with respect to each Mortgage Loan which is provided
      no
      later than the 10th
      calendar
      day of each month and which shall contain such information as may be agreed
      upon
      by the Trustee and which shall be sufficient to enable the Trustee to prepare
      the related Distribution Date Statement.

     

    “Rents
      from Real Property”:
      With
      respect to any REO Property, gross income of the character described in Section
      856(d) of the Code.

     

    “REO
      Account”:
      The
      account or accounts maintained by the Servicer in respect of an REO Property
      pursuant to the Servicing Agreement.

     

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

     

    “REO
      Imputed Interest”:
      As to
      any REO Property, for any calendar month during which such REO Property was
      at
      any time part of the Trust Fund, one month’s interest at the applicable Net Loan
      Rate for such REO Property on the 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 Due 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 hereof that is allocable to such REO Property) or
      otherwise, net of any portion of such amounts (i) payable pursuant to the
      applicable provisions of the Servicing Agreement in respect of the proper
      operation, management and maintenance of such REO Property or (ii) payable
      or
      reimbursable to the Servicer pursuant to the applicable provisions of the
      Servicing Agreement for unpaid Servicing Fees in respect of the related Mortgage
      Loan and unreimbursed Servicing Advances and 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.

     

    
      
        
        

      

      
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    “REO
      Property”:
      A
      Mortgaged Property acquired by the Servicer on behalf of the Trust Fund through
      foreclosure or deed-in-lieu of foreclosure in accordance with the applicable
      provisions of the Servicing Agreement.

     

    “Representation
      Letter”:
      The
      letter from Countrywide to GCFP dated as of the Closing Date, pursuant to which
      Countrywide, under the terms of the Purchase Agreement, makes additional
      representations and warranties as agreed upon by GCFP and Countrywide.

     

    “Request
      for Release”:
      A
      release signed by a Servicing Officer, in the form of Exhibit F attached
      hereto.

     

    “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 condominium project, (iv) a manufactured home, (v) a cooperative unit or
      (vi)
      a detached one-family dwelling in a planned unit development, none of which
      is a
      mobile home.

     

    “Residual
      Certificate”:
      Each
      of the Class A-R and Class A-R-II Certificates.

     

    “Responsible
      Officer”:
      When
      used with respect to the Trustee or any director, the President, any vice
      president, any assistant vice president, any associate or any other officer
      of
      the Trustee customarily performing functions similar to those performed by
      any
      of the above designated officers 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.

     

    “Restricted
      Classes”:
      As
      defined in Section 5.01(d).

     

    “Restricted
      Global Security”:
      As
      defined in Section 6.01.

     

    “Sarbanes-Oxley
      Certification”:
      A
      written certification covering, among other things, servicing of the Mortgage
      Loans by the Servicer and signed by an officer of the Depositor that complies
      with (i) the Sarbanes-Oxley Act of 2002, as amended from time to time, and
      (ii)
      the February 21, 2003 Statement by the Staff of the Division of Corporation
      Finance of the Securities and Exchange Commission Regarding Compliance by
      Asset-Backed Issuers with Exchange Act Rules 13a-14 and 15d-14, 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 Statement referred to in clause
      (ii) is modified or superseded by any subsequent statement, rule or regulation
      of the Securities and Exchange Commission or any statement of a division
      thereof, or (c) any future releases, rules and regulations are published by
      the
      Securities and Exchange 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 Depositor, materially more onerous than the
      form of the required certification as of the Closing Date, the Sarbanes-Oxley
      Certification shall be as agreed to by the Depositor and the Seller following
      a
      negotiation in good faith to determine how to comply with any such new
      requirements.

     

    “S&P”:
      Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
      Inc., and any successor thereto. 

     

    
      
        
        

      

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

     

    “Security
      Agreement”:
      With
      respect to any Cooperative Loan, the agreement between the owner of the related
      Cooperative Shares and the originator of the related Mortgage Note that defines
      the terms of the security interest in such Cooperative Shares and the related
      Proprietary Lease.

     

    “Seller”:
      GCFP,
      in its capacity as seller under this Agreement.

     

    “Senior
      Certificate”:
      Any of
      the Class 1-A1A, Class 1-A1B, Class 2-A1A, Class 2-A1B, Class 2-A1C, Class
      X-1,
      Class PO-1, Class A-R or Class A-R-II Certificates.

     

    “Senior
      Certificate Group”:
      Any of
      (a) the Class 1-A1A, Class 1-A1B and Class A-R, with respect to Loan Group
      1,
      (b) the Class 2-A1A, Class 2-A1B, Class 2-A1C, Class X-2A1B and Class PO-2A1B
      Certificates with respect to Loan Group 2 and (c) the Class PO-1 and Class
      X-1
      Certificates with respect to both Loan Groups.

     

    “Senior
      Certificateholder”:
      Any
      Holder of a Senior Certificate.

     

    “Senior
      Credit Support Depletion Date”:
      The
      first Distribution Date on which the Class Principal Balance of each Class
      of
      Subordinate Certificates has been reduced to zero.

     

    “Senior
      Percentage”:
      With
      respect to each Loan Group and any Distribution Date, the percentage equivalent
      of a fraction the numerator of which is the aggregate of the Class Principal
      Balances and Component Principal Balances of the Classes of Senior Certificates
      and Principal-Only Components relating to that Loan Group immediately prior
      to
      such Distribution Date and the denominator of which is the Loan Group Balance
      in
      the related Loan Group for such Distribution Date; provided,
      however,
      that on
      any Distribution Date after a Senior Termination Date has occurred with respect
      to the Senior Certificates and Principal-Only Component related to a Loan Group,
      the Senior Percentage for the related Loan Group will be equal to 0% and;
provided,
      further, that
      on
      any Distribution Date after a Senior Termination Date has occurred with respect
      to the Senior Certificates and Principal-Only Component related to a Loan Group,
      the Senior Percentage of the Loan Group related to the remaining Senior
      Certificates and Principal-Only Component is the percentage equivalent of a
      fraction, the numerator of which is the aggregate of the Certificate Principal
      Balances of each remaining Class of Senior Certificates and Principal-Only
      Component immediately prior to such date and the denominator of which is the
      aggregate of the Certificate Principal Balances of all Classes of Certificates,
      immediately prior to such date.

     

    “Senior
      Prepayment Percentage”:
      With
      respect to each Loan Group and any Distribution Date before the Distribution
      Date in February 2016, 100%. Except as provided herein, the Senior Prepayment
      Percentage for each Loan Group for any Distribution Date occurring on or after
      the tenth anniversary of the first Distribution Date will be as follows:
      (i) from February 2016 through January 2017, the related Senior Percentage
      plus 70% of the related Subordinate Percentage for that Distribution Date;
      (ii) from February 2017 through
      January 2018, the related Senior Percentage plus 60% of the related Subordinate
      Percentage for that Distribution Date; (iii) from February 2018 through
      January 2019, the related Senior Percentage plus 40% of the related Subordinate
      Percentage for that Distribution Date; (iv) from February 2019 through
      January 2020, the related Senior Percentage plus 20% of the related Subordinate
      Percentage for that Distribution Date; and (v) from and after February
      2020, the related Senior Percentage for that Distribution Date; provided,
      however, that
      there shall be no reduction in the Senior Prepayment Percentage for any Loan
      Group unless the Step Down Conditions are satisfied on that Distribution Date;
      and provided,
      further,
      that if
      on any Distribution Date occurring on or after the Distribution Date in February
      2016, the Senior Percentage for any Loan Group exceeds the initial Senior
      Percentage for such Loan Group, the related Senior Prepayment Percentage for
      that Distribution Date will again equal 100%.

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

     

    Notwithstanding
      the above, (i) if on any Distribution Date prior to the Distribution Date in
      February 2009 the Two Times Test is satisfied, the Senior Prepayment Percentage
      for each Loan Group will equal the related Senior Percentage for such
      Distribution Date plus 50% of an amount equal to 100% minus the related Senior
      Percentage for such Distribution Date and (ii) if
      on any
      Distribution Date on or after the Distribution Date in February 2009 the Two
      Times Test is satisfied, the Senior Prepayment Percentage for each Loan Group
      will equal the related Senior Percentage for such Distribution
      Date.

     

    “Senior
      Principal Distribution Amount”:
      With
      respect to each Loan Group and any Distribution Date, the sum of: 

     

    (1) the
      related Senior Percentage of all amounts described in clauses (a) through (d)
      of
      the definition of “Principal Distribution Amount” with respect to such Loan
      Group for that Distribution Date; plus

     

    (2) with
      respect to each Mortgage Loan in that Loan Group which became a Liquidated
      Mortgage Loan during the related Prepayment Period, the lesser of

     

    
      	 	
              (x)

            	
              the
                related Senior Percentage of the Stated Principal Balance of that
                Mortgage
                Loan; and

            

    

     

    
      	 	
              (y)

            	
              the
                related Senior Prepayment Percentage of the amount of the Net Liquidation
                Proceeds allocable to principal received with respect to that Mortgage
                Loan; plus 

            

    

     

    (3) the
      related Senior Prepayment Percentage of the amounts described in clauses (f)
      and
      (g) of the definition of “Principal Distribution Amount” with respect to
such
      Loan
      Group.

     

    “Senior
      Termination Date”:
      For
      each Senior Certificate Group and Principal-Only Component, the Distribution
      Date on which the aggregate of the Class Principal Balances and related
      Component Principal Balance of the related Senior Certificates and
      Principal-Only Component is reduced to zero.

     

    “Servicer”:
      Countrywide Home Loans Servicing LP, as primary servicer of the Mortgage Loans
      as set forth and as individually defined in the Mortgage Loan Schedule hereto
      and any successors thereto.

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

     

    “Servicer
      Remittance Date”:
      The
“Remittance Date” defined in the Servicing Agreement.

     

    “Servicing
      Account”:
      Any
      account established and maintained by the Servicer with respect to the related
      Mortgage Loans and any REO Property, pursuant to the terms of the Servicing
      Agreement.

     

    “Servicing
      Addendum”:
      As
      defined in the Servicing Agreement.

     

    “Servicing
      Advances”:
      With
      respect to the Servicer, all customary, reasonable and necessary “out of pocket”
costs and expenses (including reasonable attorneys’ fees and expenses) incurred
      by the Servicer in the performance of its servicing obligations hereunder,
      including, but not limited to, the cost of (i) the preservation, restoration,
      inspection and protection of the Mortgaged Property, (ii) any enforcement or
      judicial proceedings, including foreclosures, (iii) the management and
      liquidation of the REO Property and (iv) compliance with the obligations under
      Article III hereof or the Servicing Agreement.

     

    “Servicing
      Agreement”:
      The
      Master Mortgage Loan Purchase and Servicing Agreement dated as of April 1,
      2003,
      as amended by that certain Amendment Number One dated November 1, 2004, and
      as
      further amended by that certain Amendment Reg AB dated December 1, 2005, between
      GCFP, as purchaser, and Countrywide, as seller, as reconstituted by the
      Reconstitution Agreement, as the same may be amended from time to time, and
      any
      assignments and conveyances related to the Mortgage Loans.

     

    “Servicing
      Fee”:
      With
      respect to the Servicer and each Mortgage Loan and for any calendar month,
      the
      fee payable to the Servicer determined pursuant to the Servicing
      Agreement.

     

    “Servicing
      Fee Rate”:
      With
      respect to each Mortgage Loan, the per annum servicing fee rate set forth on
      the
      Mortgage Loan Schedule.

     

    “Servicing
      Officer”:
      Any
      officer of the 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 to the Trustee and the Depositor on the Closing
      Date, as such list may from time to time be amended.

     

    “Sponsor”:
      Greenwich Capital Financial Products, Inc.

     

    “Startup
      Day”:
      As
      defined in Section 9.01(b) hereof.

     

    “Stated
      Principal Balance”:
      With
      respect to any Mortgage Loan: (a) as of any date of determination up to and
      including the Distribution Date on which the proceeds, if any, of a Liquidation
      Event with respect to such Mortgage Loan would be distributed, the Cut-off
      Date
      Principal Balance of such Mortgage Loan minus,
      in the
      case of each Mortgage Loan, the sum of (i) the principal portion of each
      Monthly Payment due on a Due Date subsequent to the applicable Cut-off Date
      and
      on or before the Due Date in the related Due Period, whether or not received,
      (ii) all Principal Prepayments received after the applicable Cut-off Date,
      to the extent distributed pursuant to Section 5.01 before such date of
      determination and (iii) all Liquidation Proceeds and Insurance Proceeds
      applied by the Servicer as recoveries of principal in accordance with the
      applicable provisions of the Servicing Agreement, to the extent distributed
      pursuant to Section 5.01 such date of determination and (b) as of any date
      of determination 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; provided
      that,
      such
      Stated Principal Balance shall be increased by the amount of any Deferred
      Interest added to the outstanding Principal Balance of such Mortgage Loan
      pursuant to the terms of the related Mortgage Note. With respect to any REO
      Property: (x) as of any date of determination up to and 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 the Trust, minus
      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 5.01 before such date of determination; and (y) as
      of any date of determination 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.

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

     

    “Step
      Down Conditions”:
      As of
      the first Distribution Date as to which any decrease in any Senior Prepayment
      Percentage applies and each Loan Group, (i) the outstanding Principal Balance
      of
      all Mortgage Loans in such Loan Group 60 days or more Delinquent (including
      related Mortgage Loans in REO and foreclosure) (averaged over the preceding
      six
      month period), as a percentage of the aggregate of the Class Principal Balances
      of the Classes of Subordinate Certificates related to such Loan Group on such
      Distribution Date, does not equal or exceed 50% and (ii) cumulative
      Realized Losses with respect to all of the Mortgage Loans in such Loan Group
      do
      not exceed:

     

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the tenth anniversary of the first
                Distribution Date, 30% of the aggregate Class Principal Balance of
                the
                related Subordinate Certificates as of the Closing
                Date,

            

    

     

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the eleventh anniversary of the
                first
                Distribution Date, 35% of the aggregate Class Principal Balance of
                the
                related Subordinate Certificates as of the Closing
                Date,

            

    

     

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the twelfth anniversary of the
                first
                Distribution Date, 40% of the aggregate Class Principal Balance of
                the
                related Subordinate Certificates as of the Closing
                Date,

            

    

     

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the thirteenth anniversary of the
                first
                Distribution Date, 45% of the aggregate Class Principal Balance of
                the
                related Subordinate Certificates as of the Closing Date,
                and

            

    

     

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the fourteenth anniversary of the
                first
                Distribution Date, 50% of the aggregate Class Principal Balance of
                the
                related Subordinate Certificates as of the Closing
                Date.

            

    

     

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

     

    “Subcontractor”:
      Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing (as “servicing” is commonly understood by participants in the
      mortgage-backed securities market) of Mortgage Loans but performs one or more
      discrete functions identified in Item 1122(d) or Regulation AB with respect
      to
      Mortgage Loans under the direction or authority of a Servicer or related
      Subservicer.

     

    “Subordinate
      Adjusted Cap Rate”:
      With
      respect to any Distribution Date and the Class B-1, Class B-2, Class B-3, Class
      B-4, Class B-5, Class B-6, Class B-7, Class B-8 and Class B-9 Certificates,
      the
      weighted average of the Group 1 Adjusted Cap Rate and the Group 2 Adjusted
      Cap
      Rate (computed for this purpose without regard to the adjustment applicable
      to
      the Insured Certificates),
      weighted on the basis of the Subordinate Components for Loan Group 1 and Loan
      Group 2.

    

    “Subordinate
      Adjusted Net WAC”:
      With
      respect to any Distribution Date, the weighted average of the Group 1 Adjusted
      Net WAC and Group 2 Adjusted Net WAC for such Distribution Date, weighted on
      the
      basis of the Subordinate Component for Loan Group 1 and Loan Group 2 for such
      Distribution Date.

    

    “Subordinate
      Certificate”:
      Any of
      the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class
      B-7,
      Class B-8, Class B-9, Class B-10, Class B-11 or Class B-12
      Certificates.

    

    “Subordinate
      Class Expense Share”:
      For
      each Class of Subordinate Certificates and each Accrual Period, the Subordinate
      Class Expense Share shall be allocated in reverse order of their respective
      numerical Class designations (beginning with the Class of Subordinate
      Certificates with the highest numerical Class designation) and will be an amount
      equal to (i) the sum of, without duplication, (a) the amounts paid to the
      Trustee from the Trust Fund during such Accrual Period pursuant to Section
      8.05
      hereof to the extent such amounts were paid for ordinary or routine expenses
      and
      were not taken into account in computing the Net Loan Rate of any Mortgage
      Loan
      and (b) amounts described in clause (y) of the definition of Available Funds
      herein to the extent such amounts were paid for ordinary or routine expenses
      and
      were not taken into account in computing the Net Mortgage Rate of any Mortgage
      Loan minus
      (ii)
      amounts taken into account under clause (i) of this definition in determining
      the Subordinate Class Expense Share of any Class of Subordinate Certificates
      having a higher numeric designation. In no event, however, shall the Subordinate
      Class Expense Share for any Class of Subordinate Certificates and any Accrual
      Period exceed the product of (i) (a) the lesser of the Pass-Through Rate for
      such Class or the applicable Adjusted Cap Rate, divided
      by
      (b) 12
      and (ii) the Class Certificate Principal Amount of such Class of Subordinate
      Certificates as of the beginning of the related Accrual Period.

     

    “Subordinate
      Component”:
      With
      respect to each Loan Group and any Distribution Date, the excess of the sum
      of
      the related Pool Collateral Balance for such Distribution Date over the
      aggregate Class Principal Balance and Component Principal Balance of the related
      Senior Certificate Group and Principal-Only Component immediately preceding
      such
      Distribution Date. 

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

     

    “Subordinate
      Net WAC”:
      With
      respect to any Distribution Date, the weighted average of the Group 1 Net WAC
      and the Group 2 Net WAC for such Distribution Date, calculated without regard
      to
      any insurance premium rate and weighted on the basis of the Subordinate
      Components for Loan Group 1 and Loan Group 2 for such Distribution
      Date.

     

    “Subordinate
      Net WAC Cap”:
      With
      respect to the Subordinate Certificates and any Distribution Date, the product
      of (i) the Subordinate Net WAC for such Distribution Date multiplied
      by
      (ii) the
      quotient of 30 divided
      by
      the
      actual number of days in the Accrual Period.

    

    “Subordinate
      Percentage”:
      With
      respect to each Loan Group and any Distribution Date, the difference between
      100% and the related Senior Percentage for such Loan Group on such Distribution
      Date; provided,
      however,
      that on
      any Distribution Date occurring after a Senior Termination Date has occurred
      with respect to the Senior Certificates and Principal-Only Components related
      to
      a Loan Group, the Subordinate Percentage will represent the entire interest
      of
      the Subordinate Certificates in the Mortgage Loans and will equal the difference
      between 100% and the related Senior Percentage for such Distribution
      Date.

    

    “Subordinate
      Prepayment Percentage”:
      With
      respect to each Loan Group and any Distribution Date, the difference between
      100% and the related Senior Prepayment Percentage for such Distribution
      Date.

     

    “Subordinate
      Principal Distribution Amount”:
      With
      respect to each Loan Group and any Distribution Date, an amount equal to the
      sum
      of:

     

    (1) the
      related Subordinate Percentage of all amounts described in clauses (a) through
      (d) of the definition of “Principal Distribution Amount” for that Loan Group and
      Distribution Date;

     

    (2) with
      respect to each Mortgage Loan in such Loan Group that became a Liquidated
      Mortgage Loan during the related Prepayment Period, the amount of the Net
      Liquidation Proceeds allocable to principal received with respect thereto
      remaining after application thereof pursuant to clause (2) of the definition
      of
“Senior Principal Distribution Amount” for that Loan Group and Distribution
      Date, up to the related Subordinate Percentage of the Stated Principal Balance
      of such Mortgage Loan; and

     

    (3) the
      related Subordinated Prepayment Percentage of all amounts described in clause
      (f) and (g) of the definition of “Principal Distribution Amount” for such Loan
      Group and Distribution Date;

     

    provided,
      however,
      that on
      any Distribution Date occurring after a Senior Termination Date has occurred
      with respect to the Senior Certificates and Principal-Only Component related
      to
      one Loan Group, the Subordinate Principal Distribution Amount will not be
      calculated by that Loan Group but will equal the amount calculated pursuant
      to
      the formula set forth above based on the Subordinate Percentage or Subordinate
      Prepayment Percentage, as applicable, for such Distribution Date with respect
      to
      all the Mortgage Loans rather than the Mortgage Loans in the related Loan
      Group.

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

     

    “Subservicer”:
      Any
      Person that services Mortgage Loans on behalf of a Servicer or any Subservicer
      and is responsible for the performance (whether directly or through Subservicers
      or Subcontractors) of a substantial portion of the material servicing functions
      require to be performed by a Servicer under the applicable Servicing Agreement
      that are identified in Item 1122(d) of Regulation AB.

     

    “Substitution
      Adjustment”:
      As
      defined in Section 2.03(d) hereof.

     

    “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 the REMIC Taxable
      Income or Net Loss Allocation, or any successor forms, to be filed on behalf
      of
      every REMIC created hereunder 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.

     

    “Termination
      Price”:
      As
      defined in Section 10.01(a) hereof. 

     

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

     

    “Transfer
      Affidavit”:
      As
      defined in Section 6.02(e)(ii) hereof.

     

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

     

    “Trust”:
      HarborView Mortgage Loan Trust 2006-1, the trust created hereunder.

     

    “Trust
      Fund”:
      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, such Trust Fund consisting of: (i) such Mortgage Loans 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, excluding Prepayment Penalty Amounts in respect of Group 1 and Group
      2
      Mortgage Loans, (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); (v) the Distribution Account (subject to the
      last sentence of this definition), 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; (vi) all
      right, title and interest of the Seller in and to the Servicing Agreement;
      (vii) the Basis Risk Reserve Fund; (viii) the Financial Guaranty
      Insurance Policy and (ix) all proceeds of the foregoing. Notwithstanding the
      foregoing, however, the Trust Fund specifically excludes (1) all payments
      and other collections of interest and principal due on the Mortgage Loans on
      or
      before the applicable Cut-off Date and principal received before the applicable
      Cut-off Date (except any principal collected as part of a payment due after
      the
      applicable Cut-off Date) and (2) all income and gain realized from
      Permitted Investments of funds on deposit in the Distribution
      Account.

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

     

    “Trustee”:
      U.S.
      Bank National Association, its successors and assigns, or any successor trustee
      appointed as provided herein.

     

    “Trustee
      Certification”:
      A
      certification of the Trustee substantially in the form of Exhibit
      P.

     

    “Trustee
      Fee”:
      The
      monthly fee payable to the Trustee for its services rendered under this
      Agreement calculated at the Trustee Fee Rate of the outstanding Principal
      Balance of each Mortgage Loan as of the first day of the related Due
      Period.

     

    “Trustee
      Fee Rate”:
      0.0005% per annum. 

     

    “Two
      Times Test”:
      As to
      any Distribution Date, a test that will be satisfied if all of the following
      conditions are satisfied: (i) the Aggregate Subordinate Percentage is at least
      two times the Aggregate Subordinate Percentage as of the Closing Date; (ii)
      the
      outstanding Principal Balance of all Mortgage Loans in such Loan Group 60 days
      or more Delinquent (including related Mortgage Loans in REO and foreclosure)
      (averaged over the preceding six month period), as a percentage of the aggregate
      of the Class Principal Balances of the Classes of Subordinate Certificates
      related to such Loan Group on such Distribution Date, does not equal or exceed
      50%; and (iii) on or after the Distribution Date in February 2009, cumulative
      Realized Losses do not exceed 30% of the Original Subordinated Principal Balance
      or prior to the Distribution Date in February 2009, cumulative Realized Losses
      do not exceed 20% of the Original Subordinated Principal Balance.

     

    “Undercollateralized
      Group”:
      With
      respect to any Distribution Date and any Loan Group, as to which the aggregate
      Class Principal Balance and Component Principal Balance of the related classes
      of Senior Certificates and Principal-Only Component, after giving effect to
      distributions pursuant to Section 5.01(a) on such date, is greater than the
      Loan
      Group Balance of the related Loan Group for such Distribution Date.

     

    “Underwriter”:
      Greenwich Capital Markets, Inc.

     

    “Underwriter’s
      Exemption”:
      Prohibited Transaction Exemption 90-59 (Exemption Application No. D-8374),
      as
      amended by Prohibited Transaction Exemption 97-34 (Exemption Application Nos.
      D-10245 and D-10246), as amended by Prohibited Transaction Exemption 2000-58
      (Exemption Application No. D-10829) and as amended by Prohibited Transaction
      Exemption 2002-41 (Exemption Application No. D-11077) (or any successor
      thereto), or any substantially similar administrative exemption granted by
      the
      U.S. Department of Labor.

     

    “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 on such Mortgaged Property.

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

     

    “United
      States Person”
or
      “U.S.
      Person”:
      A
“United States person” within the meaning set forth in Section 7701(a)(30)
      of the Code or successor provisions.

     

    “Unpaid
      Interest Shortfall Amount”:
      With
      respect to each Class of Certificates (other than the Class PO Certificates
      and
      Class A-R-II Certificate) and (i) the first Distribution Date, zero, and
      (ii) any Distribution Date after the first Distribution Date, the amount, if
      any, by which (1)(a) the Monthly Interest Distributable Amount for that Class
      for the immediately preceding Distribution Date exceeds (b) the aggregate amount
      distributed on that Class in respect of such Monthly Interest Distributable
      Amount on the preceding Distribution Date plus (2) any such shortfalls remaining
      unpaid from prior Distribution Dates.

     

    “Upper
      Tier REMIC”:
      As
      described in the Preliminary Statement.

     

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

     

    (i) the
      value
      of such Mortgaged Property as determined by an appraisal made for the originator
      of the Mortgage Loan at the time of origination of the Mortgage Loan by an
      appraiser who met the minimum requirements of Fannie Mae and Freddie Mac; and
      

     

    (ii) the
      purchase price paid for the related Mortgaged Property by the Mortgagor with
      the
      proceeds of the Mortgage Loan; 

     

    provided,
      however,
      that in
      the case of a Refinancing Mortgage Loan, such value of the Mortgaged Property
      is
      based solely upon the value determined by an appraisal made for the originator
      of such Refinancing Mortgage Loan at the time of origination by an appraiser
      who
      met the minimum requirements of Fannie Mae and Freddie Mac.

     

    “Voting
      Rights”:
      The
      portion of the voting rights of all of the Certificates which is allocated
      to
      any Certificate. 97% of the voting rights shall be allocated among the Classes
      of Regular Certificates (other than the Interest-Only Certificates and the
      Class
      A-R Certificate), pro
      rata,
      based
      on a fraction, expressed as a percentage, the numerator of which is the Class
      Principal Balance of such Class and the denominator of which is the aggregate
      of
      the Class Principal Balances then outstanding, 1% of the voting rights shall
      be
      allocated to the Class X-1 Certificates, 1% of the voting rights shall be
      allocated to the Class X-2A1B Certificates and 1% of the voting rights shall
      be
      allocated to the Class A-R Certificate; provided,
      however,
      that
      when none of the Regular Certificates is outstanding, 100% of the voting rights
      shall be allocated to the Holder of the Class A-R Certificate. The voting rights
      allocated to a Class of Certificates shall be allocated among all Holders of
      such Class, pro
      rata,
      based
      on a fraction the numerator of which is the Certificate Principal Balance or
      Certificate Notional Balance, as applicable, of each Certificate of such Class
      and the denominator of which is the Class Principal Balance or Class Notional
      Balance, as applicable, of such Class; provided,
      however,
      that
      any Certificate registered in the name of the Trustee or any of its affiliates
      shall not be included in the calculation of Voting Rights. No voting rights
      shall be allocated to the Class A-R-II Certificate.

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

     

    “Writedown
      Amount”:
      The
      reduction described in Section 5.03(c).

     

    “X-1
      Required Reserve Fund Deposit”:
      With
      respect to the Class X-1 Certificates and any Distribution Date, an amount
      equal
      to the lesser of (i) the Interest Distributable Amount for the Class X-1
      Certificates for such Distribution Date (after giving effect to such
      Certificate’s share of any Net Deferred Interest and after any reduction in the
      Interest Distributable Amount due to Net Interest Shortfalls on such
      Distribution Date) and (ii) the amount required to bring the balance on deposit
      in the Basis Risk Reserve Fund X-1 Subaccount up to an amount equal to the
      Basis
      Risk Shortfalls for such Distribution Date with respect to the Class 1-A1A,
      Class 1-A1B, Class 2-A1A and Class 2-A1C Certificates and the Subordinate
      Certificates.

     

    “X-2A1B
      Required Reserve Fund Deposit”:
      With
      respect to the Class X-2A1B Certificates and any Distribution Date, an amount
      equal to the lesser of (i) the Interest Distributable Amount for the Class
      X-2A1B Certificates for such Distribution Date (after giving effect to such
      Certificate’s share of any Net Deferred Interest and after any reduction in the
      Interest Distributable Amount due to Net Interest Shortfalls on such
      Distribution Date) and (ii) the amount required to bring the balance on deposit
      in the Basis Risk Reserve Fund X-2A1B Subaccount up to an amount equal to the
      Basis Risk Shortfalls for such Distribution Date with respect to the Class
      2-A1B
      Certificates.

     

     

    SECTION
      1.02. Accounting.

     

    Unless
      otherwise specified herein, for the purpose of any definition or calculation,
      whenever amounts are required to be netted, subtracted or added or any
      distributions are taken into account such definition or calculation and any
      related definitions or calculations shall be determined without duplication
      of
      such functions.

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    SECTION
      2.01. Conveyance
      of Mortgage Loans.

     

    (a) The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee without recourse
      for the benefit of the Certificateholders and the Certificate Insurer all the
      right, title and interest of the Depositor, including any security interest
      therein for the benefit of the Depositor, in and to (i) each Mortgage Loan
      identified on the Mortgage Loan Schedule, including the related Cut-off Date
      Principal Balance, all interest due thereon after the Cut-off Date and all
      collections in respect of interest and principal due after the Cut-off Date;
      (ii) all the Depositor’s right, title and interest in and to the Distribution
      Account and all amounts from time to time credited to and the proceeds of the
      Distribution Account; (iii) any real property that secured each such Mortgage
      Loan and that has been acquired by foreclosure or deed in lieu of foreclosure;
      (iv) the Depositor’s interest in any insurance policies in respect of the
      Mortgage Loans; (v) all proceeds of any of the foregoing and (vi) all other
      assets included or to be included in the Trust Fund. Such assignment includes
      all interest and principal due to the Depositor after the Cut-off Date with
      respect to the Mortgage Loans. In exchange for such transfer and assignment,
      the
      Depositor shall receive the Certificates.

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

     

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

     

    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Mortgage Loan
      Purchase Agreement, including all rights of the Seller under the Servicing
      Agreement to the extent assigned in the Mortgage Loan Purchase Agreement. The
      Trustee hereby accepts such assignment, and shall be entitled to exercise all
      rights of the Depositor under the Mortgage Loan Purchase Agreement and all
      rights of the Seller under the Servicing Agreement as if, for such purpose,
      it
      were the Depositor or the Seller, as applicable, including the Seller’s right to
      enforce remedies for breaches of representations and warranties and delivery
      of
      Mortgage Loan documents. The foregoing sale, transfer, assignment, set-over,
      deposit and conveyance does not and is not intended to result in creation or
      assumption by the Trustee of any obligation of the Depositor, the Seller or
      any
      other Person in connection with the Mortgage Loans or any other agreement or
      instrument relating thereto except as specifically set forth
      herein.

     

    In
      connection with such transfer and assignment, (i) the Depositor directs the
      Trustee to appoint The Bank of New York as Custodian, and (ii) the Seller,
      on
      behalf of the Depositor, does hereby deliver on the Closing Date, unless
      otherwise specified in this Section 2.01 or the BONY Custodial Agreement, to,
      and deposit with the Trustee, or the Custodian as its designated agent, the
      following documents or instruments with respect to each Mortgage Loan (a
“Mortgage
      File”)
      so
      transferred and assigned:

     

    
      	 	
              (i)

            	
              the
                original Mortgage Note, endorsed either on its face or by allonge
                attached
                thereto in blank or in the following form: “Pay to the order of U.S. Bank
                National Association, as Trustee for HarborView Mortgage Loan Trust
                2006-1, Mortgage Loan Pass-Through Certificates, Series 2006-1, without
                recourse”, or with respect to any lost Mortgage Note, an original Lost
                Note Affidavit stating that the original mortgage note was lost,
                misplaced
                or destroyed, together with a copy of the related Mortgage Note;
                provided,
                however,
                that such substitutions of Lost Note Affidavits for original Mortgage
                Notes may occur only with respect to Mortgage Loans the aggregate
                Cut-off
                Date Principal Balance of which is less than or equal to 2% of the
                Cut-off
                Date Collateral Balance;

            

    

     

    
      	 	
              (ii)

            	
              except
                as provided below, for each Mortgage Loan that is not a MERS Mortgage
                Loan, the original Mortgage, and in the case of each MERS Mortgage
                Loan,
                the original Mortgage, noting the presence of the MIN for that Mortgage
                Loan and either language indicating that the Mortgage Loan is a MOM
                Loan
                if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was
                not a MOM
                Loan at origination, the original Mortgage and the assignment to
                MERS, in
                each case 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 or, if such Mortgage
                or power
                of attorney has been submitted for recording but has not been returned
                from the applicable public recording office, has been lost or is
                not
                otherwise available, a copy of such Mortgage or power of attorney,
                as the
                case may be, together with an Officer’s Certificate of the Seller
                certifying that the copy of such Mortgage delivered to the Trustee
                (or its
                Custodian) is a true copy and that the original of such Mortgage
                has been
                forwarded to the public recording office, or, in the case of a Mortgage
                that has been lost, a copy thereof (certified as provided for under
                the
                laws of the appropriate jurisdiction) and a written Opinion of Counsel
                (delivered at the Seller’s expense) acceptable to the Trustee and the
                Depositor that an original recorded Mortgage is not required to enforce
                the Trustee’s interest in the Mortgage
                Loan;

            

    

     

    
      
        
        

      

      
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              (iii)

            	
              the
                original of each assumption, modification or substitution agreement,
                if
                any, relating to the Mortgage Loans, or, as to any assumption,
                modification or substitution agreement which cannot be delivered
                on or
                prior to the Closing Date because of a delay caused by the public
                recording office where such assumption, modification or substitution
                agreement has been delivered for recordation, a photocopy of such
                assumption, modification or substitution agreement, pending delivery
                of
                the original thereof, together with an Officer’s Certificate of the
                Seller, title company, escrow agent or closing attorney certifying
                that
                the copy of such assumption, modification or substitution agreement
                delivered to the Trustee (or its Custodian) on behalf of the Trust
                is a
                true copy and that the original of such agreement has been forwarded
                to
                the public recording office;

            

    

     

    
      	 	
              (iv)

            	
              in
                the case of each Mortgage Loan that is not a MERS Mortgage Loan,
                an
                original Assignment of Mortgage, in form and substance acceptable
                for
                recording. The Mortgage shall be assigned to “U.S. Bank National
                Association, as Trustee for HarborView Mortgage Loan Trust 2006-1,
                Mortgage Loan Pass-Through Certificates, Series 2006-1, without
                recourse;”

            

    

     

    
      	 	
              (v)

            	
              in
                the case of each Mortgage Loan that is not a MERS Mortgage Loan,
                an
                original copy of any intervening Assignment of Mortgage showing a
                complete
                chain of assignments, or, in the case of an intervening Assignment
                of
                Mortgage that has been lost, a written Opinion of Counsel (delivered
                at
                the Seller’s expense) acceptable to the Trustee that such original
                intervening Assignment of Mortgage is not required to enforce the
                Trustee’s interest in the Mortgage
                Loans;

            

    

     

    
      	 	
              (vi)

            	
              the
                original Primary Insurance Policy, if any, or certificate, if
                any;

            

    

     

    
      	 	
              (vii)

            	
              the
                original or a certified copy of lender’s title insurance policy;
                and

            

    

     

    
      	 	
              (viii)

            	
              with
                respect to any Cooperative Loan, the Cooperative Loan
                Documents.

            

    

     

    
      
        
        

      

      
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    In
      connection with the assignment of any MERS Mortgage Loan, the Seller agrees
      that
      it will take (or shall cause the Servicer to take), at the expense of the Seller
      (with the cooperation of the Depositor and the Trustee, such actions as are
      necessary to cause the MERS(R)
      System
      to indicate that such Mortgage Loans have been assigned by the Seller to the
      Trustee in accordance with this Agreement for the benefit of the
      Certificateholders by including (or deleting, in the case of Mortgage Loans
      that
      are repurchased in accordance with this Agreement) in such computer files the
      information required by the MERS(R) System to identify the series of the
      Certificates issued in connection with the transfer of such Mortgage Loans
      to
      the HarborView Mortgage Loan Trust 2006-1.

     

    With
      respect to each Cooperative Loan the Seller, on behalf of the Depositor does
      hereby deliver to the Trustee the related Cooperative Loan Documents and the
      Seller will take (or cause the Servicer to take), at the expense of the Seller
      (with the cooperation of the Depositor and the Trustee, such actions as are
      necessary under applicable law (including but not limited to the relevant UCC)
      in order to perfect the interest of the Trustee in the related Mortgaged
      Property.

     

    Assignments
      of each Mortgage with respect to each Mortgage Loan that is not a MERS Mortgage
      Loan (other than a Cooperative Loan) shall be recorded; provided,
      however,
      that
      such assignments need not be recorded if, in the Opinion of Counsel (which
      must
      be from Independent Counsel and not at the expense of the Trust or the Trustee)
      acceptable to the Trustee and each Rating Agency, recording in such states
      is
      not required to protect the Trustee’s interest in the related Mortgage Loans;
provided,
      further,
      notwithstanding the delivery of any Opinion of Counsel, each assignment of
      Mortgage shall be submitted for recording by the Seller (or the Seller will
      cause the Servicer to submit each such assignment for recording), at the cost
      and expense of the Seller, in the manner described above, at no expense to
      the
      Trust or Trustee, upon the earliest to occur of (1) reasonable direction by
      the
      Majority Certificateholders, (2) the occurrence of a bankruptcy or insolvency
      relating to the Seller or the Depositor, or (3) with respect to any one
      Assignment of Mortgage, the occurrence of a bankruptcy, insolvency or
      foreclosure relating to the Mortgagor under the related Mortgage. Subject to
      the
      preceding sentence, as soon as practicable after the Closing Date (but in no
      event more than three months thereafter except to the extent delays are caused
      by the applicable recording office), the Seller shall properly record (or the
      Seller will cause the Servicer to properly record), at the expense of the Seller
      (with the cooperation of the Depositor and the Trustee (or the Custodian on
      behalf of the Trustee)), in each public recording office where the related
      Mortgages are recorded, each assignment referred to in Section 2.01(v) above
      with respect to a Mortgage Loan that is not a MERS Mortgage Loan.

     

    If
      the
      original lender’s title insurance policy, or a certified copy thereof, was not
      delivered pursuant to Section 2.01(x) above, the Seller shall deliver or cause
      to be delivered to the Trustee the original or a copy of a written commitment
      or
      interim binder or preliminary report of title issued by the title insurance
      or
      escrow company, with the original or a certified copy thereof to be delivered
      to
      the Trustee, promptly upon receipt thereof, but in any case within 175 days
      of
      the Closing Date. The Seller shall deliver or cause to be delivered to the
      Trustee, promptly upon receipt thereof, any other documents constituting a
      part
      of a Mortgage File received with respect to any Mortgage Loan sold to the
      Depositor by the Seller, including, but not limited to, any original documents
      evidencing an assumption or modification of any Mortgage Loan.

     

    
      
        
        

      

      
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    For
      Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date
      and prior to the Closing Date, in lieu of the Seller delivering the above
      documents, the Servicer shall deliver to the Trustee, or to the Custodian on
      behalf of the Trustee, prior to the first Distribution Date, an Officer’s
      Certificate, which shall include a statement to the effect that all amounts
      received in connection with such prepayment that are required to be deposited
      in
      the Distribution Account have been so deposited. All original documents that
      are
      not delivered to the Trustee on behalf of the Trust shall be held by the
      Servicer in trust for the Trustee, for the benefit of the Trust and the
      Certificateholders.

     

    All
      original documents that are not delivered to the Custodian on behalf of the
      Trust shall be held by the Servicer in trust for the Trustee, for the benefit
      of
      the Trust and the Certificateholders.

     

    The
      Depositor herewith delivers to the Trustee an executed copy of the Mortgage
      Loan
      Purchase Agreement.

     

    SECTION
      2.02. Acceptance
      by Trustee.

     

    The
      Trustee, by execution and delivery hereof, acknowledges receipt by it or by
      the
      Custodian on its behalf of the Mortgage Files pertaining to the Mortgage Loans
      listed on the Mortgage Loan Schedule, subject to review thereof by the Custodian
      on behalf of the Trustee and declares that it holds or will hold all other
      assets included in the definition of “Trust Fund” in trust for the exclusive use
      and benefit of all present and future Certificateholders and the Certificate
      Insurer.

     

    The
      Trustee (or the Custodian, on behalf of the Trustee) shall execute and deliver
      to the Depositor on or prior to the Closing Date an acknowledgment of receipt
      of
      the original Mortgage Note (with any exceptions noted), substantially in the
      form attached as Exhibit G-1 hereto.

     

    The
      Trustee (or the Custodian on behalf of the Trustee) shall, for the benefit
      of
      the Certificateholders and the Certificate Insurer, review each Mortgage File
      delivered to it and to certify and deliver to the Depositor, the Seller and
      each
      Rating Agency an interim certification in substantially the form attached hereto
      as Exhibit G-2, within 90 days after the Closing Date (or, with respect to
      any
      document delivered after the Startup Day, within 45 days of receipt and with
      respect to any Qualified Substitute Mortgage, within five Business Days after
      the assignment thereof) that, as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan
      specifically identified in the exception report annexed thereto as not being
      covered by such certification), (i) all documents required to be delivered
      to it pursuant to Section 2.01 of this Agreement are in its possession,
      (ii) such documents have been reviewed by it and have not been mutilated,
      damaged or torn and relate to such Mortgage Loan and (iii) based on its
      examination and only as to the foregoing, the information set forth in the
      Mortgage Loan Schedule that corresponds to items (i), (ii) and (iii) of the
      Mortgage Loan Schedule accurately reflects information set forth in the Mortgage
      File. It is herein acknowledged that, in conducting such review, the Trustee
      and
      the Custodian on its behalf are under no duty or obligation to inspect, review
      or examine any such documents, instruments, certificates or other papers to
      determine that they are genuine, enforceable, or appropriate for the represented
      purpose or that they have actually been recorded or that they are other than
      what they purport to be on their face.

     

    
      
        
        

      

      
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    No
      later
      than 180 days after the Closing Date, the Trustee (or the Custodian on behalf
      of
      the Trustee) shall deliver to the Depositor and the Seller a final certification
      in the form annexed hereto as Exhibit G-3 evidencing the completeness of the
      Mortgage Files, with any applicable exceptions noted thereon.

     

    Upon
      the
      discovery by the Seller or the Depositor (or upon receipt by the Trustee of
      written notification of such breach) of a breach of any of the representations
      and warranties made by the Seller in the Mortgage Loan Purchase Agreement in
      respect of any Mortgage Loan that materially adversely affects such Mortgage
      Loan or the interests of the related Certificateholders or the Certificate
      Insurer in such Mortgage Loan, the party discovering such breach shall give
      prompt written notice to the other parties to this Agreement.

     

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

     

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

     

    (a) Upon
      its
      discovery or receipt of written notice of any materially defective document
      in,
      or that a document is missing from, a Mortgage File or of the breach by the
      Originator of any representation, warranty or covenant under the Purchase
      Agreement in respect of any Mortgage Loan which materially adversely affects
      the
      value of that Mortgage Loan or the interest therein of the Certificateholders
      or
      the Certificate Insurer, the Trustee shall promptly notify the Originator of
      such defect, missing document or breach and request that the Originator deliver
      such missing document or cure such defect or breach within 90 days from the
      date
      that the Originator was notified of such missing document, defect or breach,
      and
      if the Originator does not deliver such missing document or cure such defect
      or
      breach in all material respects during such period, the Trustee shall enforce
      the Originator’s obligation under the Purchase Agreement and cause the
      Originator to repurchase that Mortgage Loan from the Trust Fund at the
      Repurchase Price (as defined in the Purchase Agreement) on or prior to the
      Determination Date following the expiration of such 90 day period. It is
      understood and agreed that the obligation of the Originator to cure or to
      repurchase or to substitute for (or, with respect to any costs and damages
      incurred by the Trust Fund in connection with any violation of any
      anti-predatory or anti-abusive lending laws, indemnify 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 against the Originator respecting such omission,
      defect or breach available to the Trustee on behalf of the
      Certificateholders.

     

    
      
        
        

      

      
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    (b) Upon
      discovery or receipt of written notice of the breach by the Seller of any
      representation, warranty or covenant under the Mortgage Loan Purchase Agreement
      or in Section 2.04 or Section 2.08 hereof in respect of any Mortgage Loan
      which materially adversely affects the value of that Mortgage Loan or the
      interest therein of the Certificateholders or the Certificate Insurer, the
      Trustee (or the Custodian on behalf of the Trustee) shall promptly notify the
      Seller of such breach and request that the Seller cure such breach within 90
      days from the date that the Seller was notified of such breach, and if the
      Seller does not cure such breach in all material respects during such period,
      the Trustee shall enforce the Seller’s obligation under the Mortgage Loan
      Purchase Agreement and cause the Seller to repurchase that Mortgage Loan from
      the Trust Fund at the Purchase Price on or prior to the Determination Date
      following the expiration of such 90 day period (subject to Section 2.03(e)
      below); provided,
      however,
      that, in
      connection with any such breach that could not reasonably have been cured within
      such 90 day period, if the Seller shall have commenced to cure such breach
      within such 90 day period, the Seller shall be permitted to proceed thereafter
      diligently and expeditiously to cure the same within the additional period
      provided under the Mortgage Loan Purchase Agreement; and, provided
      further,
      that,
      in the case of the breach of any representation, warranty or covenant made
      by
      the Seller in Section 2.04 hereof, the Seller shall be obligated to cure such
      breach or purchase the affected Mortgage Loans for the Purchase Price or, if
      the
      Mortgage Loan or the related Mortgaged Property acquired with respect thereto
      has been sold, then the Seller shall pay, in lieu of the Purchase Price, any
      excess of the Purchase Price over the Net Liquidation Proceeds received upon
      such sale. 

     

    (c) The
      Purchase Price or Repurchase Price (as defined in the Servicing Agreement)
      for a
      Mortgage Loan purchased or repurchased under this Section 2.03 or such other
      amount due shall be deposited in the Distribution Account on or prior to the
      next Determination Date after the Originator’s or Seller’s obligation to
      repurchase such Mortgage Loan arises. Upon receipt of the related deposit in
      the
      Distribution Account, the Trustee shall cause the Custodian to release to the
      Originator or Seller, as applicable, the related Mortgage File and shall execute
      and deliver such instruments of transfer or assignment, in each case without
      recourse, representation or warranty, as the Originator or Seller, as
      applicable, shall furnish to it and as shall be necessary to vest in the
      Originator or Seller, as applicable, any Mortgage Loan released pursuant hereto
      and the Trustee and the Custodian shall have no further responsibility with
      regard to such Mortgage File (it being understood that the Trustee and Custodian
      shall have no responsibility for determining the sufficiency of such assignment
      for its intended purpose). In lieu of repurchasing any such Mortgage Loan as
      provided above, the Seller may cause such Mortgage Loan to be removed from
      the
      Trust Fund (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(d) below. It is understood
      and agreed that the obligation of the Seller to cure or to repurchase or to
      substitute for (or, with respect to any costs and damages incurred by the Trust
      Fund in connection with any violation of any anti-predatory or anti-abusive
      lending laws, indemnify 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 against
      the Seller respecting such omission, defect or breach available to the Trustee
      on behalf of the Certificateholders.

     

    
      
        
        

      

      
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    (d) Notwithstanding
      anything to the contrary set forth above, with respect to any breach by the
      Seller of a representation or warranty made by the Seller herein or in the
      Mortgage Loan Purchase Agreement that materially and adversely affects the
      value
      of a Mortgage Loan or the Mortgage Loans or the interest therein of the
      Certificateholders or the Certificate Insurer, if the Seller would not be in
      breach of such representation or warranty but for a breach by the Originator
      of
      a representation and warranty made by the Originator in the Servicing Agreement,
      then the Originator thereunder, in the manner and to the extent set forth
      therein, and not the Seller, shall be required to remedy such breach.
In
      addition to such repurchase or substitution obligation, the Seller shall
      indemnify the Trust Fund and hold it harmless against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments, and other costs and expenses resulting from any claim, demand,
      defense or assertion based on or grounded upon, or resulting from, a breach
      of
      the Seller’s representations and warranties contained in Section
      2.04.

     

    The
      Trustee shall enforce the obligations of the Seller under the Mortgage Loan
      Purchase Agreement including, without limitation, any obligation of the Seller
      to purchase a Mortgage Loan on account of a breach of a representation, warranty
      or covenant as described in this Section 2.03(d) and its obligation to indemnify
      the Trust Fund with respect to any such breach. 

     

    (e) If
      pursuant to the provisions of Section 2.03(b), the Seller repurchases or
      otherwise removes from the Trust Fund a Mortgage Loan that is a MERS Mortgage
      Loan, the Seller shall take (or shall cause the Servicer to take), at the
      expense of the Seller (with the cooperation of the Depositor and the Trustee),
      such actions as are necessary either (i) cause MERS to execute and deliver
      an
      Assignment of Mortgage in recordable form to transfer the Mortgage from MERS
      to
      the Seller and shall cause such Mortgage to be removed from registration on
      the
      MERS(R)
      System
      in accordance with MERS’ rules and regulations or (ii) cause MERS to designate
      on the MERS(R)
      System
      the Seller or its designee as the beneficial holder of such Mortgage
      Loan.

     

    (f) [Reserved]

     

    (g) Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) above must be effected prior to the last
      Business Day that is within two years after the Closing Date. As to any Deleted
      Mortgage Loan for which the Seller substitutes a Qualified Substitute Mortgage
      Loan or Loans, such substitution shall be effected by the Seller delivering
      to
      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 2.01 hereof, together with an Officers’
Certificate stating that each such Qualified Substitute Mortgage Loan satisfies
      the definition thereof and specifying the Substitution Adjustment (as described
      below), if any, in connection with such substitution; provided,
      however,
      that, in
      the case of any Qualified Substitute Mortgage Loan that is a MERS Mortgage
      Loan,
      the Seller shall provide such documents and take such other action with respect
      to such Qualified Substitute Mortgage Loans as are required pursuant to Section
      2.01 hereof. The Custodian, on behalf of the Trustee, shall acknowledge receipt
      for such Qualified Substitute Mortgage Loan or Loans and, within five Business
      Days thereafter, shall review such documents as specified in Section 2.02 hereof
      and deliver to the Servicer, with respect to such Qualified Substitute Mortgage
      Loan or Loans, a certification substantially in the form attached hereto as
      Exhibit G-2, with any exceptions noted thereon. Within 180 days of the date
      of
      substitution, the Custodian, on behalf of the Trustee, shall deliver to the
      Seller a certification substantially in the form of Exhibit G-3 hereto with
      respect to such Qualified Substitute Mortgage Loan or Loans, with any exceptions
      noted thereon. Monthly Payments due with respect to Qualified Substitute
      Mortgage Loans in the month of substitution are not part of the Trust Fund
      and
      will be retained by the Seller. For the month of substitution, distributions
      to
      Certificateholders will reflect the collections and recoveries in respect of
      such Deleted Mortgage Loan in the Due Period preceding the month of substitution
      and the Depositor or the Seller, as the case may be, shall thereafter be
      entitled to retain all amounts subsequently received in respect of such Deleted
      Mortgage Loan. The Seller 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. 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, in the case of
      a
      substitution effected by the Seller, the Mortgage Loan Purchase Agreement,
      including, in the case of a substitution effected by the Seller all
      representations and warranties thereof included in the Mortgage Loan Purchase
      Agreement and all representations and warranties thereof set forth in Section
      2.04 hereof, in each case as of the date of substitution.

     

    
      
        
        

      

      
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    For
      any
      month in which the Seller substitutes one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Seller shall determine, and
      provide written certification to the Trustee and the Seller as to the amount
      (each, a “Substitution
      Adjustment”),
      if
      any, by which the aggregate Purchase Price of all such Deleted Mortgage Loans
      exceeds the aggregate, as to each such Qualified Substitute Mortgage Loan,
      of
      the principal balance thereof as of the date of substitution, together with
      one
      month’s interest on such principal balance at the applicable Net Loan Rate. On
      or prior to the next Determination Date after the Seller’s obligation to
      repurchase the related Deleted Mortgage Loan arises, the Seller will deliver
      or
      cause to be delivered to the Trustee for deposit in the Distribution Account
      an
      amount equal to the related Substitution Adjustment, if any, and the Custodian,
      on behalf of the Trustee, upon receipt of the related Qualified Substitute
      Mortgage Loan or Loans, shall release to the Seller the related Mortgage File
      or
      Files and shall execute and deliver such instruments of transfer or assignment,
      in each case without recourse, as the Seller shall deliver to it and as shall
      be
      necessary to vest therein any Deleted Mortgage Loan released pursuant
      hereto.

     

    In
      addition, the Seller shall obtain at its own expense and deliver to the Trustee
      an Opinion of Counsel to the effect that such substitution (either specifically
      or as a class of transactions) will not cause an Adverse REMIC Event. If such
      Opinion of Counsel cannot be delivered, then such substitution may only be
      effected at such time as the required Opinion of Counsel can be
      given.

     

    
      
        
        

      

      
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    (h) Upon
      discovery by the Seller, the Depositor 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
      Business Days give written notice thereof to the other parties. In connection
      therewith, the Seller shall repurchase or, subject to the limitations set forth
      in Section 2.03(e), substitute one or more Qualified Substitute Mortgage Loans
      for the affected Mortgage Loan within 90 days of the earlier of discovery or
      receipt of such notice with respect to such affected Mortgage Loan. Any such
      repurchase or substitution shall be made in the same manner as set forth in
      Section 2.03(b) above, if made by the Seller. The Trustee shall reconvey to
      the
      Seller 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.

     

    (i) Notwithstanding
      the foregoing, to the extent that any fact, condition or event with respect
      to a
      Mortgage Loan constitutes a breach of both (i) a representation or warranty
      of
      the Originator under the applicable Purchase Agreement and (ii) a representation
      or warranty of the Seller under this Agreement, in each case, which materially
      adversely affects the value of such Mortgage Loan or the interest therein of
      the
      Certificateholders or the Certificate Insurer, the Trustee shall first request
      that the Originator cure such breach or repurchase such Mortgage Loan and if
      the
      Originator fails to cure such breach or repurchase such Mortgage Loan within
      60
      days of receipt of such request from the Trustee, the Trustee shall then request
      that the Seller cure such breach or repurchase such Mortgage Loans.

     

    SECTION
      2.04. Representations
      and Warranties of the Seller with Respect to the Mortgage Loans.

     

    The
      Seller hereby makes the following representations and warranties to the Trustee
      on behalf of the Certificateholders and the Certificate Insurer as of the
      Closing Date with respect to the Mortgage Loans:

     

    (i) Each
      Mortgage Loan at the time it was made complied in all material respects with
      applicable local, state, and federal laws, including, but not limited to, all
      applicable predatory and abusive lending laws.

     

    (ii) No
      Mortgage Loan is a “High Cost Loan” or “Covered Loan,” as applicable, (as such
      terms are defined in the then current Standard & Poor’s LEVELS(R)
      Glossary, Appendix E, in effect as of the Closing Date) and
      no Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
      is
      governed by the Georgia Fair Lending Act;
      

     

    (iii) With
      respect to each representation and warranty with respect to any Mortgage Loan
      made by the Originator in the Purchase Agreement that is made as of the related
      Closing Date (as defined in the Purchase Agreement), to the best of the Seller’s
      knowledge, no event has occurred since the related Closing Date (as defined
      in
      the Purchase Agreement) that would render such representations and warranties
      to
      be untrue in any material respect as of the Closing Date; and

     

    
      
        
        

      

      
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    (iv) Each
      Group 1 Mortgage Loan has an original principal balance that conforms to Freddie
      Mac and Fannie Mae guidelines in effect as of the Closing Date.

     

    With
      respect to the representations and warranties in this Section 2.04 that are
      made
      to the best of the Seller’s knowledge or as to which the Seller has no
      knowledge, if it is discovered by the Depositor, the Seller, the Certificate
      Insurer or the Trustee that the substance of such representation and warranty
      is
      inaccurate and such inaccuracy materially and adversely affects the value of
      the
      related Mortgage Loan or the interest therein of the Certificateholders or
      the
      Certificate Insurer then, notwithstanding the Seller’s lack of knowledge with
      respect to the substance of such representation and warranty being inaccurate
      at
      the time the representation or warranty was made, such inaccuracy shall be
      deemed a breach of the applicable representation or warranty.

     

    It
      is
      understood and agreed that the representations and warranties in this Section
      2.04 shall survive delivery of the Mortgage Files to the Trustee and shall
      inure
      to the benefit of the Certificateholders and the Certificate Insurer
      notwithstanding any restrictive or qualified endorsement or assignment. Upon
      discovery by any of the Depositor, the Seller, the Certificate Insurer or the
      Trustee of a breach of any of the foregoing representations and warranties
      which
      materially and adversely affects the value of any Mortgage Loan or the interests
      therein of the Certificateholders or the Certificate Insurer, the party
      discovering such breach shall give prompt written notice to the other parties,
      and in no event later than two Business Days from the date of such discovery.
      It
      is understood and agreed that the obligations of the Seller set forth in Section
      2.03(b) hereof to cure, substitute for or repurchase (or, with respect to any
      costs and damages incurred by the trust fund in connection with any violation
      of
      any anti-predatory or anti-abusive lending laws, indemnify for) a related
      Mortgage Loan pursuant to the Mortgage Loan Purchase Agreement constitute the
      sole remedies available to the Certificateholders or to the Trustee on their
      behalf respecting a breach of the representations and warranties incorporated
      in
      this Section 2.04.

     

    SECTION
      2.05. [Reserved]

     

    SECTION
      2.06. Representations
      and Warranties of the Depositor.

     

    The
      Depositor represents and warrants to the Trustee on behalf of the
      Certificateholders and the Certificate Insurer as follows:

     

    (i) this
      agreement constitutes a legal, valid and binding obligation of the Depositor,
      enforceable against the Depositor in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in effect
      affecting the enforcement of creditors’ rights in general an except as such
      enforceability may be limited by general principles of equity (whether
      considered in a proceeding at law or in equity);

     

    (ii) immediately
      prior to the sale and assignment by the Depositor to the Trustee on behalf
      of
      the Trust of each Mortgage Loan, the Depositor had good and marketable title
      to
      each Mortgage Loan (insofar as such title was conveyed to it by the Seller)
      subject to no prior lien, claim, participation interest, mortgage, security
      interest, pledge, charge or other encumbrance or other interest of any
      nature;

     

    
      
        
        

      

      
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    (iii) as
      of the
      Closing Date, the Depositor has transferred all right, title and interest in
      the
      Mortgage Loans to the Trustee on behalf of the Trust;

     

    (iv) the
      Depositor has not transferred the Mortgage Loans to the Trustee on behalf of
      the
      Trust with any intent to hinder, delay or defraud any of its creditors;

     

    (v) the
      Depositor has been duly incorporated and is validly existing as a corporation
      in
      good standing under the laws of Delaware, with full corporate power and
      authority to own its assets and conduct its business as presently being
      conducted;

     

    (vi) the
      Depositor is not in violation of its certificate of incorporation or by-laws
      or
      in default in the performance or observance of any material obligation,
      agreement, covenant or condition contained in any contract, indenture, mortgage,
      loan agreement, note, lease or other instrument to which the Depositor is a
      party or by which it or its properties may be bound, which default might result
      in any material adverse changes in the financial condition, earnings, affairs
      or
      business of the Depositor or which might materially and adversely affect the
      properties or assets, taken as a whole, of the Depositor;

     

    (vii) the
      execution, delivery and performance of this Agreement by the Depositor, and
      the
      consummation of the transactions contemplated hereby, do not and will not result
      in a material breach or violation of any of the terms or provisions of, or,
      to
      the knowledge of the Depositor, constitute a default under, any indenture,
      mortgage, deed of trust, loan agreement or other agreement or instrument to
      which the Depositor is a party or by which the Depositor is bound or to which
      any of the property or assets of the Depositor is subject, nor will such actions
      result in any violation of the provisions of the certificate of incorporation
      or
      by-laws of the Depositor or, to the best of the Depositor’s knowledge without
      independent investigation, any statute or any order, rule or regulation of
      any
      court or governmental agency or body having jurisdiction over the Depositor
      or
      any of its properties or assets (except for such conflicts, breaches, violations
      and defaults as would not have a material adverse effect on the ability of
      the
      Depositor to perform its obligations under this Agreement);

     

    (viii) to
      the
      best of the Depositor’s knowledge without any independent investigation, no
      consent, approval, authorization, order, registration or qualification of or
      with any court or governmental agency or body of the United States or any other
      jurisdiction is required for the issuance of the Certificates, or the
      consummation by the Depositor of the other transactions contemplated by this
      Agreement, except such consents, approvals, authorizations, registrations or
      qualifications as (a) may be required under State securities or “blue sky” laws,
      (b) have been previously obtained or (c) the failure of which to obtain would
      not have a material adverse effect on the performance by the Depositor of its
      obligations under, or the validity or enforceability of, this Agreement;
      and

     

    
      
        
        

      

      
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    (ix) there
      are
      no actions, proceedings or investigations pending before or, to the Depositor’s
      knowledge, threatened by any court, administrative agency or other tribunal
      to
      which the Depositor is a party or of which any of its properties is the subject:
      (a) which if determined adversely to the Depositor would have a material adverse
      effect on the business, results of operations or financial condition of the
      Depositor; (b) asserting the invalidity of this Agreement or the Certificates;
      (c) seeking to prevent the issuance of the Certificates or the consummation
      by
      the Depositor of any of the transactions contemplated by this Agreement, as
      the
      case may be; or (d) which might materially and adversely affect the performance
      by the Depositor of its obligations under, or the validity or enforceability
      of,
      this Agreement.

     

    SECTION
      2.07. Issuance
      of Certificates.

     

    The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to it or to the Custodian of the Mortgage Files, subject to the provisions
      of
      Sections 2.01 and 2.02 hereof, together with the assignment to it of all
      other assets included in the Trust Fund, receipt of which is hereby
      acknowledged. Concurrently with such assignment and delivery and in exchange
      therefor, the Trustee, pursuant to the written request of the Depositor executed
      by an officer of the Depositor, has caused to be executed, authenticated and
      delivered to or upon the order of the Depositor, the Certificates in authorized
      denominations. The interests evidenced by the Certificates constitute the entire
      beneficial ownership interest in the Trust Fund.

     

    SECTION
      2.08. Representations
      and Warranties of the Seller.

     

    The
      Seller hereby represents and warrants to the Trustee on behalf of the
      Certificateholders and the Certificate Insurer that, as of the Closing Date
      or
      as of such date specifically provided herein:

     

    (i) The
      Seller is duly organized, validly existing and in good standing and has the
      power and authority to own its assets and to transact the business in which
      it
      is currently engaged. The Seller is duly qualified to do business and is in
      good
      standing in each jurisdiction in which the character of the business transacted
      by it or properties owned or leased by it requires such qualification and in
      which the failure to so qualify would have a material adverse effect on (a)
      its
      business, properties, assets or condition (financial or other), (b) the
      performance of its obligations under this Agreement, or (c) the value or
      marketability of the Mortgage Loans.

     

    (ii) The
      Seller has the power and authority to make, execute, deliver and perform this
      Agreement and to consummate all of the transactions contemplated hereunder
      and
      has taken all necessary action to authorize the execution, delivery and
      performance of this Agreement which is part of its official records. When
      executed and delivered, this Agreement will constitute the Seller’s legal, valid
      and binding obligations enforceable in accordance with its terms, except as
      enforcement of such terms may be limited by (1) bankruptcy, insolvency,
      reorganization, receivership, moratorium or similar laws affecting the
      enforcement of creditors’ rights generally and the rights of creditors of
      federally insured financial institutions and by the availability of equitable
      remedies, (2) general equity principles (regardless of whether such enforcement
      is considered in a proceeding in equity or at law) or (3) public policy
      considerations underlying the securities laws, to the extent that such policy
      considerations limit the enforceability of the provisions of this Agreement
      which purport to provide indemnification from securities laws
      liabilities.

     

    
      
        
        

      

      
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    (iii) The
      Seller holds all necessary licenses, certificates and permits from all
      governmental authorities necessary for conducting its business as it is
      currently conducted. It is not required to obtain the consent of any other
      party
      or any consent, license, approval or authorization from, or registration or
      declaration with, any governmental authority, bureau or agency in connection
      with the execution, delivery, performance, validity or enforceability of this
      Agreement, except for such consents, licenses, approvals or authorizations,
      or
      registrations or declarations as shall have been obtained or filed, as the
      case
      may be, prior to the Closing Date.

     

    (iv) The
      execution, delivery and performance of this Agreement by the Seller will not
      conflict with or result in a breach of, or constitute a default under, any
      provision of any existing law or regulation or any order or decree of any court
      applicable to the Seller or any of its properties or any provision of its
      articles of incorporation, charter or by-laws, or constitute a material breach
      of, or result in the creation or imposition of any lien, charge or encumbrance
      upon any of its properties pursuant to any mortgage, indenture, contract or
      other agreement to which it is a party or by which it may be bound.

     

    (v) No
      certificate of an officer, written statement or written report delivered
      pursuant to the terms hereof of the Seller contains any untrue statement of
      a
      material fact or omits to state any material fact necessary to make the
      certificate, statement or report not misleading.

     

    (vi) The
      transactions contemplated by this Agreement are in the ordinary course of the
      Seller’s business.

     

    (vii) The
      Seller is not insolvent, nor will the Seller be made insolvent by the transfer
      of the Mortgage Loans to the Depositor, nor is the Seller aware of any pending
      insolvency of the Seller.

     

    (viii) 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, which violation would materially and
      adversely affect the Seller’s financial condition (financial or otherwise) or
      operations, or materially and adversely affect the performance of any of its
      duties hereunder.

     

    (ix) There
      are
      no actions or proceedings against the Seller, or pending or, to its knowledge,
      threatened, before any court, administrative agency or other tribunal; nor,
      to
      the Seller’s knowledge, are there any investigations (i) that, if determined
      adversely, would prohibit the Seller from entering into this Agreement, (ii)
      seeking to prevent the consummation of any of the transactions contemplated
      by
      this Agreement or (iii) that, if determined adversely, would prohibit or
      materially and adversely affect the Seller’s ability to perform any of its
      respective obligations under, or the validity or enforceability of, this
      Agreement.

     

    
      
        
        

      

      
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    (x) The
      Seller did not transfer the Mortgage Loans to the Depositor with any intent
      to
      hinder, delay or defraud any of its creditors.

     

    (xi) The
      Seller acquired title to the Mortgage Loans in good faith, without notice of
      any
      adverse claims.

     

    (xii) The
      transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
      by
      the Seller to the Depositor are not subject to the bulk transfer laws or any
      similar statutory provisions in effect in any applicable
      jurisdiction.

     

    SECTION
      2.09. Covenants
      of the Seller.  

     

    The
      Seller hereby covenants that, except for the transfer hereunder, the Seller
      will
      not sell, pledge, assign or transfer to any other Person, or grant, create,
      incur, assume or suffer to exist any lien on any Mortgage Loan, or any interest
      therein; the Seller will notify the Trustee, as assignee of the Depositor and
      the Certificate Insurer, of the existence of any lien on any Mortgage Loan
      immediately upon discovery thereof, and the Seller will defend the right, title
      and interest of the Trustee, as assignee of the Depositor, in, to and under
      the
      Mortgage Loans, against all claims of third parties claiming through or under
      the Seller; provided,
      however,
      that
      nothing in this Section 2.09 shall prevent or be deemed to prohibit the Seller
      from suffering to exist upon any of the Mortgage Loans any liens for municipal
      or other local taxes and other governmental charges if such taxes or
      governmental charges shall not at the time be due and payable or if the Seller
      shall currently be contesting the validity thereof in good faith by appropriate
      proceedings and shall have set aside on its books adequate reserves with respect
      thereto.

     

    ARTICLE
      III

     

    ADMINISTRATION
      OF
      THE MORTGAGE LOANS

     

    SECTION
      3.01. Servicing
      of the Mortgage Loans.

     

    The
      Servicer will service the Mortgage Loans pursuant to the terms of the Servicing
      Agreement. The Trustee shall enforce the provisions of the Servicing Agreement
      in respect of the Servicer (including any reference to any obligation of the
      Servicer in this Agreement that is incorporated into or by which the Servicer
      is
      bound under the Servicing Agreement).

     

     

    SECTION
      3.02. REMIC-Related
      Covenants. 

     

    For
      as
      long as any REMIC created hereunder shall exist, the Trustee shall act in
      accordance herewith to assure continuing treatment of such REMIC as a REMIC,
      and
      the Trustee shall comply with any directions of the Depositor or the 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; and (b) other
      than with respect to a substitution pursuant to the Mortgage Loan Purchase
      Agreement or Section 2.04 of this Agreement, as applicable, accept any
      contribution to any REMIC after the Startup Day without receipt of a REMIC
      Opinion.

     

    
      
        
        

      

      
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    SECTION
      3.03. 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, if required under the Servicing Agreement,
      promptly furnish to the Custodian, on behalf of the Trustee, two copies of
      a
      certification substantially in the form of Exhibit F hereto signed by a
      Servicing Officer or in a mutually agreeable electronic format which will,
      in
      lieu of a signature on its face, originate from a Servicing Officer (which
      certification shall include a statement to the effect that all amounts received
      in connection with such payment that are required to be deposited in the
      Servicing Account maintained by the Servicer the Servicing Agreement have been
      or will be so deposited) and shall request that the Trustee or the Custodian
      on
      behalf of the Trustee deliver to the Servicer the related Mortgage File. Upon
      receipt of such certification and request, the Trustee shall cause the Custodian
      to promptly 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 Servicing Account.

     

    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with the Servicing Agreement, 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 Trustee shall cause the Custodian,
      upon
      the request of the Servicer, and upon delivery to the Trustee (or the Custodian,
      on behalf of the Trustee) of two copies of a request for release signed by
      a
      Servicing Officer substantially in the form of Exhibit F (or in a mutually
      agreeable electronic format which will, in lieu of a signature on its face,
      originate from a Servicing Officer), release the related Mortgage File held
      in
      its possession or control to the Servicer. Such trust receipt shall obligate
      the
      Servicer to return the Mortgage File to the Custodian 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,
      to
      the Servicer.

     

    
      
        
        

      

      
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    SECTION
      3.04. REO
      Property.

     

    (a) In
      the
      event the Trust (or the Trustee, on behalf of the Trust), acquires ownership
      of
      any REO Property in respect of any related Mortgage Loan, the deed or
      certificate of sale shall be issued to the Trust, or if required under
      applicable law, to the Trustee, or to its nominee, on behalf of the Trust.
      The
      Servicer shall, to the extent provided in the Servicing Agreement, sell any
      REO
      Property as expeditiously as possible (and in no event later than three years
      after acquisition) and in accordance with the provisions of this Agreement
      and
      the Servicing Agreement, as applicable. Pursuant to its efforts to sell such
      REO
      Property, the Servicer shall protect and conserve such REO Property in the
      manner and to the extent required by the Servicing Agreement, in accordance
      with
      the REMIC Provisions and in a manner that does not result in a tax on “net
      income from foreclosure property” or cause such REO Property to fail to qualify
      as “foreclosure property” within the meaning of Section 860G(a)(8) of the
      Code.

     

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

     

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

     

    SECTION
      3.05. Reports
      Filed with Securities and Exchange Commission. 

     

    (a) The
      Depositor shall prepare or cause to be prepared the initial current report
      on
      Form 8-K. The Trustee will prepare and file Current Reports on Form 8-K in
      respect of the Trust at the direction and expense of the Depositor, provided
      that, the Depositor, the Seller or the Servicer shall have timely notified
      the
      Trustee of an item reportable on Form 8-K (unless such item is specific to
      the
      Trustee, in which case the Trustee will be deemed to have notice) and shall
      have
      delivered to the Trustee not later than three (3) Business Days prior to the
      filing deadline for such Form 8-K, all information, signatures, data and
      exhibits required to be provided or filed with such Form 8-K. The Trustee shall
      not be responsible for determining what information is required to be filed
      on a
      Form 8-K in connection with the transactions contemplated by this Agreement
      (unless such event is specific to the Trustee, in which case the Trustee will
      be
      responsible for causing such Form 8-K to be filed) and shall not be liable
      for
      any late filing of a Form 8-K in the event that it does not receive all
      information, data, signatures and exhibits required to be provided or filed
      on
      or prior to the third Business Day prior to the applicable filing deadline.
      

     

    (b) Within
      10
      days (or, if applicable, within such shorter period of time as is required
      under
      the rules of the Commission as in effect from time to time (the “Rules”))
      following each Distribution Date, the Trustee shall, in accordance with industry
      standards and the Rules, prepare and file with the Commission via the Electronic
      Data Gathering and Retrieval System (“EDGAR”)
      a Form
      10-D that includes (i) a Distribution Date Statement, (ii) such other
      information provided to the Trustee as is required by Form 10-D, including,
      but
      not limited to, the information required by Item 1121 of Regulation AB and
      (iii)
      such other information required to be included on Form 10-D furnished to the
      Trustee by the Depositor or any other party , provided
      that
      such information is furnished to the Trustee no later than three (3) Business
      Days prior to the date on which the such Form 10-D is required to be filed
      (the
      related “Filing Date”) pursuant to the Rules. The Trustee shall have no
      responsibility for determining what information is required to be filed on
      Form
      10-D (unless such information is specific to the Trustee, in which case the
      Trustee will be responsible for making such determination) nor for including
      any
      information in such Form 10-D that is not furnished to the Trustee no later
      than
      three (3) Business Days prior to the Filing Date. 

     

    
      
        
        

      

      
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    (c) No
      later
      than January 30, 2007, the Trustee shall, in accordance with industry standards,
      file a Form 15 Suspension Notice with respect to the Trust, if applicable.
      

     

    (d) Prior
      to
      (i) March 30, 2007, or such earlier date as such filing may be required to
      be
      made under the rules of the Commission and (ii) unless and until a Form 15
      Suspension Notice shall have been filed, March 30, or such earlier date as
      such
      filing may be required to be made under the rules of the Commission, of each
      year thereafter, the Trustee shall file a Form 10-K, in substance conforming
      to
      industry standards, with respect to the Trust. Such Form 10-K shall include
      (w)
      the Sarbanes-Oxley Certification and any other documentation provided by the
      Servicer pursuant to the Servicing Agreement which is required to be filed
      with
      such Form 10-K, to the extent they have been timely delivered to the Trustee
      and
      the Depositor, (x) the annual certifications and assessments of compliance
      delivered by the Trustee, the Servicer and the Custodian, or any Subservicer
      or
      Subcontractor thereof, pursuant to this Agreement, the Servicing Agreement
      and
      the Custodial Agreement, (y) the related public accounting firm attestation
      reports and (z) such other information as is required by the Rules and
      Regulation AB. The Trustee shall not be responsible for determining what
      information is required to be filed on a Form 10-K in connection with the
      transactions contemplated by this Agreement and shall not be liable for the
      late
      filing of a Form 10-K or for the expenses for filing an amendment to a Form
      10-K
      in the event that it does not receive (i) the documents required to be delivered
      to it in accordance with clauses (x)-(z) above or (ii) an executed copy of
      the
      Form 10-K from the Depositor within the time period described herein. In the
      event that the Trustee is unable to include any report required by either clause
      (x) or (y) in the immediately preceding sentence in the Form 10-K, the Trustee
      shall disclose such fact in the Form 10-K together with an explanation as to
      why
      such report is not included as an exhibit to the Form 10-K.

     

    (e) The
      Trustee shall promptly send copies of each periodic report filed on Form 10-D
      or
      other applicable form, each annual report on Form 10-K, and each Form 15
      Suspension Notification, together in each case with the acceptance confirmation
      receipt from EDGAR, to the Certificate Insurer, to McKee Nelson LLP and to
      the
      Depositor (i) by e-mail to the e-mail addresses provided in writing by each
      of
      McKee Nelson LLP and the Depositor, respectively and (ii) to McKee Nelson LLP
      at
      1919 M Street, N.W., Washington, D.C. 20036, and to the Depositor at the address
      specified in Section 12.05, in each case to the attention of a designated
      contact specified by each of McKee Nelson LLP and the Depositor, respectively.
      Notwithstanding any term to the contrary, an appropriate officer of the
      Depositor shall be responsible for signing, and shall sign, any such Form 10-K
      and the related Sarbanes-Oxley Certification that may be required to be filed
      with the Commission in connection therewith. The Trustee shall prepare such
      Form
      10-K and provide the Depositor with such Form 10-K not later than March
      20th
      of the
      applicable year. Following its receipt thereof, the Depositor shall execute
      such
      Form 10-K and all related certifications to be signed by it and provide the
      original of such Form 10-K and all related certifications to the Trustee not
      later than March 25th
      of that
      year (or if March 25th
      is not a
      Business Day, then the next succeeding Business Day); provided,
      however,
      that if
      the filing of such Form 10-K shall be required to occur on a date earlier than
      March 30th
      of the
      applicable year as may be required by the Exchange Act, and Rules and
      Regulations of the Commission, then the time periods for preparation and
      execution of such Form 10-K set forth in this section shall be adjusted
      accordingly. The Depositor agrees to promptly furnish to the Trustee, from
      time
      to time upon request, such further information, reports and financial statements
      within its control related to this Agreement and the Mortgage Loans as the
      Trustee reasonably deems appropriate to prepare and file all necessary reports
      with the Commission. The Trustee shall have no liability with respect to any
      failure to properly prepare or file such periodic reports resulting from or
      relating to the Trustee’s inability or failure to obtain any information not
      resulting from the Trustee’s own negligence or willful misconduct. The Trustee
      shall have no responsibility to execute any Form 15 Suspension Notice, Form
      8-K,
      Form 10-D or Form 10-K described herein or to execute any Depositor
      Certification described herein, or to file any items other than those specified
      in this Section 3.05; provided,
      however,
      the
      Trustee will cooperate with the Depositor in connection with any additional
      filings with respect to the Trust as the Depositor deems necessary under the
      Exchange Act. Copies of all reports filed by the Trustee under Regulation AB,
      the Exchange Act or otherwise shall be sent to the Depositor. Fees and expenses
      incurred by the Trustee in connection with this Section 3.05 shall not be
      reimbursable from the Trust.

     

    
      
        
        

      

      
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    (f) Not
      later
      than March 15 of each year (beginning in 2007) (or, if such day is not a
      Business Day, the immediately preceding Business Day), the Trustee shall sign
      the Trustee Certification for the benefit of the Depositor and its officers,
      directors and affiliates.

     

    SECTION
      3.06. [Reserved]

     

    SECTION
      3.07. Indemnification
      by the Trustee.

     

    (a) The
      Trustee agrees to indemnify the Depositor, its officers, directors, agents
      and
      employees for, and to hold them harmless against, any losses, damages,
      penalties, fines, forfeitures, legal fees and expenses and related costs,
      judgments, and any other costs, fees and expenses (except as otherwise provided
      herein with respect to expenses) (including reasonable legal fees and
      disbursements of counsel) incurred on their part (i) in connection with, arising
      out of, or relating to the Trustee’s failure to file a Form 8-K, Form 10-D or
      Form 10-K in accordance with Section 3.05 or any failure by the Trustee to
      deliver any information, report or certification, when and as required under
      Section 8.01(b) or (e), (ii) by reason of the Trustee’s willful misfeasance, bad
      faith or negligence in the performance of such obligations pursuant to Section
      3.05, (iii) by reason of the Trustee’s reckless disregard of such obligations
      pursuant to Section 3.05 or (iv) any material misstatement or omission made
      in
      the Trustee Certification; provided,
      in each
      case, that with respect to any such claim or legal action (or pending or
      threatened claim or legal action), such indemnified Person shall have given
      the
      Trustee written notice thereof promptly after such indemnified Person shall
      have
      with respect to such claim or legal action knowledge thereof; provided,
      however,
      that
      such agreement by the Trustee to indemnify and hold harmless such Person shall
      not include or apply to any such losses, damages, penalties, fines, forfeitures,
      legal fees or expenses or related costs, judgments, or any other costs, fees
      or
      expenses arising from, caused by or resulting from the actions or omissions
      of
      any Person other than the Trustee, including without limitation the negligence,
      willful misfeasance, bad faith or reckless disregard of duties or obligations
      under or pursuant to this Agreement, the Servicing Agreement or other applicable
      agreement by the Depositor or the Servicer, including without limitation any
      erroneous, inaccurate or incomplete information or certification provided to
      the
      Trustee by the Depositor or the Servicer in connection with, or any failure
      or
      delay on the part of the Depositor or the Servicer to provide any information
      or
      certification necessary to, the Trustee’s performance under Section 3.05. If the
      indemnification provided for in this Section 3.07 is unavailable or insufficient
      to hold harmless such indemnified Persons, then the Trustee shall contribute
      to
      the amount paid or payable by such indemnified Persons as a result of the
      losses, claims, damages or liabilities of such indemnified Persons in such
      proportion as is appropriate to reflect the relative fault of the Depositor
      on
      the one hand and the Trustee on the other. This indemnity shall survive the
      resignation or removal of the Trustee and the termination of this Agreement.
      Notwithstanding the foregoing, in no event shall the Trustee be liable for
      any
      consequential, indirect or punitive damages.

     

    
      
        
        

      

      
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    (b) The
      Trust
      Fund will indemnify any Indemnified Person for any loss, liability or expense
      of
      any Indemnified Person not otherwise referred to in Subsection (a)
      above.

     

    ARTICLE
      IV

     

    ACCOUNTS

     

    SECTION
      4.01. Servicing
      Accounts

     

    (a) The
      Servicer will establish and maintain one or more custodial accounts (the
“Servicing
      Accounts”)
      in
      accordance with the Servicing Agreement, with records to be kept with respect
      thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall
      be
      deposited within 48 hours (or as of such other time specified in the Servicing
      Agreement) of receipt all collections of principal and interest on any Mortgage
      Loan and with respect to any REO Property received by the Servicer, including
      Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries
      and
      advances made from the Servicer’s own funds (less, in the case of the Servicer,
      the Servicing compensation, in whatever form and amounts as permitted by the
      Servicing Agreement) and all other amounts to be deposited in the Servicing
      Account. The Servicer is hereby authorized to make withdrawals from and deposits
      to the Servicing Account for purposes required or permitted by this Agreement
      and the Servicing Agreement. For the purposes of this Agreement, Servicing
      Accounts shall also include such other accounts as the Servicer maintains for
      the escrow of certain payments, such as taxes and insurance, with respect to
      certain Mortgaged Properties. The Servicing Agreement sets forth the criteria
      for the segregation, maintenance and investment of each related Servicing
      Account, the contents of which are acceptable to the parties hereto as of the
      date hereof and changes to which shall not be made unless such changes are
      made
      in accordance with the provisions of Section 12.01 hereof. 

     

    
      
        
        

      

      
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    (b) [Reserved];

     

    (c) To
      the
      extent provided in the Servicing Agreement and subject to this Article IV,
      on or
      before each Servicer Remittance Date, the Servicer shall withdraw or shall
      cause
      to be withdrawn from the related Servicing Account and shall immediately remit
      or cause to be remitted to the Trustee for deposit into the Distribution
      Account, amounts representing the following collections and payments (other
      than
      with respect to principal of or interest on the Mortgage Loans due on or before
      the Cut-off Date) with respect to each of the Mortgage Loans it is
      servicing:

     

    (i) Monthly
      Payments on the Mortgage Loans received or any related portion thereof advanced
      by the Servicer pursuant to the Servicing Agreement which were due on or before
      the related Due Date, net of the amount thereof comprising the Servicing Fees
      and Lender-Paid Mortgage Insurance Fees, if any;

     

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

     

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

     

    (iv) Recoveries
      received by the Servicer with respect to such Mortgage Loans; and

     

    (v) any
      amount to be used as a delinquency advance or to pay any Interest Shortfalls,
      in
      each case, as required to be paid under the Servicing Agreement. 

     

    (d) Withdrawals
      may be made from a Servicing Account only to make remittances as provided in
      Section 4.01(c), to reimburse the Servicer for advances which have been
      recovered by subsequent collection from the related Mortgagor, to remove amounts
      deposited in error, to remove fees, charges or other such amounts deposited
      on a
      temporary basis, or to clear and terminate the account at the termination of
      this Agreement in accordance with Section 10.01. As provided in Section 4.01(c),
      certain amounts otherwise due to the Servicer may be retained by them and need
      not be remitted to the Trustee.

     

    SECTION
      4.02. Distribution
      Account.

     

    (a) The
      Trustee shall establish and maintain an account, for the benefit of the
      Certificateholders and the Certificate Insurer, as a segregated account which
      shall be an Eligible Account (the “Distribution
      Account”).
      The
      Trustee shall, promptly upon receipt from the Servicer on the Servicer
      Remittance Date deposit into the Distribution Account and retain on deposit
      until the related Distribution Date, the following amounts:

     

    
      
        
        

      

      
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    (i) any
      amounts withdrawn from a Servicing Account pursuant to Section
      4.01(c);

     

    (ii) any
      amounts required to be deposited by the Trustee with respect to the Mortgage
      Loans pursuant to this Agreement; 

     

    (iii) the
      Purchase Price with respect to any Mortgage Loans purchased by the Seller or
      the
      Originator under this Agreement or the Purchase Agreement, as applicable, any
      Substitution Adjustments pursuant to Section 2.03 of this Agreement and all
      proceeds of any Mortgage Loans or property acquired with respect thereto
      repurchased by the Servicer pursuant to Section 10.01 and the Servicing
      Agreement;

     

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

     

    (v) any
      other
      amounts so required to be deposited in the Distribution Account pursuant to
      this
      Agreement.

     

    (b) All
      amounts deposited to the Distribution Account shall be held by the Trustee
      in
      trust for the benefit of the Certificateholders and the Certificate Insurer
      in
      accordance with the terms and provisions of this Agreement. The requirements
      for
      crediting the Distribution Account shall be exclusive, it being understood
      and
      agreed that, without limiting the generality of the foregoing, payments in
      the
      nature of (i) late payment charges or assumption fees, tax service fees,
      statement account charges or payoff charges, substitution, satisfaction, release
      and other like fees and charges and (ii) the items enumerated in Subsections
      4.03(a)(i), (ii), (iii), (iv), (vi), (vii), (x) and (xi) with respect to the
      Servicer, need not be remitted by the Servicer to the Trustee. In the event
      that
      the Servicer has remitted to the Trustee any amount not required to be credited
      to the Distribution Account, the Servicer may at any time, by delivery of a
      written request signed by a Servicing Officer of the deposited in error, direct
      the Trustee to withdraw such amount from the Distribution Account for repayment
      to the Servicer. In the event that the Trustee has deposited to the Distribution
      Account any amount not required to be credited thereto, it may at any time,
      withdraw such amount from the Distribution Account.

     

    (c) Funds
      in
      the Distribution Account shall, if invested, be invested in Permitted
      Investments; provided,
      however,
      that
      the Trustee shall be under no obligation or duty to invest (or otherwise pay
      interest on) amounts held in the Distribution Account. All Permitted Investments
      shall mature or be subject to redemption or withdrawal no later than one
      Business Day prior to the next succeeding Distribution Date (except that if
      such
      Permitted Investment is an obligation of the Trustee, then such Permitted
      Investment shall mature not later than such applicable Distribution Date).
      Any
      and all investment earnings from any such Permitted Investment shall be for
      the
      benefit of the Trustee and shall be subject to its withdrawal or order from
      time
      to time, and shall not be part of the Trust Fund. The risk of loss of moneys
      required to be distributed to the Certificateholders resulting from such
      investments shall be borne by and be the risk of the Trustee. The Trustee shall
      deposit the amount of any such loss in the Distribution Account immediately
      as
      realized, but in no event later than the related Distribution Date.

     

    
      
        
        

      

      
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    SECTION
      4.03. Permitted
      Withdrawals and Transfers from the Distribution Account.  

     

    (a) The
      Trustee shall, from time to time, withdraw or transfer funds from the
      Distribution Account to the Servicer, to the Certificate Insurer or to itself
      for the following purposes:

     

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

     

    (ii) to
      reimburse the Servicer from Insurance Proceeds or Liquidation Proceeds relating
      to a particular Mortgage Loan for amounts expended by the Servicer in good
      faith
      in connection with the restoration of the related Mortgaged Property which
      was
      damaged by an Uninsured Cause or in connection with the liquidation of such
      Mortgage Loan;

     

    (iii) to
      reimburse the Servicer from Insurance Proceeds relating to a particular Mortgage
      Loan for insured expenses incurred with respect to such Mortgage Loan and to
      reimburse the Servicer from Liquidation Proceeds from a particular Mortgage
      Loan
      for Liquidation Expenses incurred with respect to such Mortgage Loan;

     

    (iv) to
      pay
      the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds
      received in connection with the liquidation of any Mortgage Loan, the amount
      which the Servicer would have been entitled to receive under subclause (xii)
      of
      this Subsection 4.03(a) as servicing compensation on account of each defaulted
      scheduled payment on such Mortgage Loan if paid in a timely manner by the
      related Mortgagor;

     

    (v) to
      pay
      the Servicer from the Purchase Price for any Mortgage Loan, the amount which
      the
      Servicer would have been entitled to receive under subclause (xii) of this
      Subsection 4.03(a) as servicing compensation;

     

    (vi) to
      reimburse the Servicer for servicing related advances of funds, the right to
      reimbursement pursuant to this subclause being limited to amounts received
      on
      the related Mortgage Loan (including, for this purpose, the Purchase Price
      therefor, Insurance Proceeds and Liquidation Proceeds) which represent late
      recoveries of the payments for which such servicing advances were
      made;

     

    (vii) to
      reimburse the Servicer for any Advance after a Realized Loss has been allocated
      with respect to the related Mortgage Loan if the Advance has not been reimbursed
      pursuant to clauses (i) and (vi);

     

    (viii) to
      pay
      the Servicer its monthly Servicing Fee and any other servicing compensation
      payable pursuant to the Servicing Agreement;

     

    (ix) to
      pay
      the Trustee any investment income;

     

    
      
        
        

      

      
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    (x) [reserved];

     

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

     

    (xii) to
      reimburse the Trustee for expenses, costs and liabilities incurred by or
      reimbursable to it pursuant to Sections 7.02(d), 8.05, 8.10 or 8.17 (including
      those related the BONY Custodial Agreement, to pay any fees, expenses or other
      amounts payable to the Bank of New York as Custodian);

     

    (xiii) to
      pay
      the Certificate Insurer its Aggregate Premium Amount; 

     

    (xiv) to
      remove
      amounts deposited in error; and

     

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

     

    (b) The
      Trustee shall keep and maintain separate accounting, for the purpose of
      accounting for any payments or reimbursements from the Distribution Account
      pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with
      respect to any such amounts which would have been covered by such subclauses
      had
      the amounts not been retained by the Trustee without being deposited in the
      Distribution Account under Section 4.02(b).

     

    (c) On
      each
      Distribution Date, the Trustee shall withdraw funds on deposit in the
      Distribution Account to the extent of the aggregate Available Funds and
      distribute such funds to the Holders of the Certificates and any other parties
      entitled thereto, in accordance with Section 5.01.

     

    SECTION
      4.04. [Reserved]

     

    SECTION
      4.05. Financial
      Guaranty Insurance Policy.

     

    (a) On
      or
      prior to the Closing Date, the Trustee shall cause to be established and
      maintained the Policy Account, into which amounts received by the Trustee
      pursuant to the Financial Guaranty Insurance Policy shall be deposited for
      the
      benefit of the Insured Certificates. Amounts on deposit in the Policy Account
      shall not be invested and shall not be held in an interest-bearing
      account.

     

    (b) As
      soon
      as possible, and in no event later than 12:00 noon New York time on the second
      Business Day immediately preceding any Distribution Date, the Trustee shall
      furnish the Certificate Insurer and the Servicer with a completed Notice in
      the
      form set forth as Exhibit A to the Endorsement to the Financial Guaranty
      Insurance Policy in the event that there is a Deficiency Amount with respect
      to
      the Holders of the Insured Certificates, on such Distribution Date; provided,
      however,
      that if
      such Distribution Date is the Final Distribution Date, the Notice shall also
      include the outstanding Class Principal Balances of the Insured Certificates,
      after giving effect to all payments of principal on each Class of Insured
      Certificates on such Final Distribution Date, other than pursuant to the
      Financial Guaranty Insurance Policy. The Notice shall specify the amount of
      Insured Amounts for the each Class of Insured Certificate and shall constitute
      a
      claim for an Insured Amount pursuant to the Financial Guaranty Insurance Policy.
      

     

    
      
        
        

      

      
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    (c) Upon
      receipt of an Insured Amount from the Certificate Insurer on behalf of the
      Holders of the Insured Certificates, the Trustee shall deposit such Insured
      Amount into the Policy Account. All such amounts on deposit in the Policy
      Account shall remain uninvested. 

     

    The
      Trustee shall include on each Distribution Date any Insured Amounts received
      by
      it from or on behalf of the Certificate Insurer for such Distribution Date
      (i)
      in the amount distributed to the Holders of the Insured Certificates pursuant
      to
      Section 5.01 and (ii) in the amount deemed to have been distributed to the
      Class
      1-A1B and Class 2-A1C regular interests and deposited for their benefit into
      the
      Distribution Account. If on any Distribution Date the Trustee determines that
      the Certificate Insurer has paid more under the Financial Guaranty Insurance
      Policy than is required by the terms thereof, the Trustee shall promptly return
      the excess amount to the Certificate Insurer.

     

    (d) The
      Trustee shall (i) receive as attorney-in-fact of the Holders of the Insured
      Certificates any Insured Amount delivered to it by the Certificate Insurer
      for
      payment to such Holders and (ii) distribute such Insured Amount to such Holders
      as set forth in Section 5.01. Insured Amounts disbursed by the Trustee from
      proceeds of the Financial Guaranty Insurance Policy shall not be considered
      payment by the Trust Fund with respect to the Insured Certificates, nor shall
      such disbursement of Insured Amounts discharge the obligations of the Trust
      Fund
      with respect to the amounts thereof, and the Certificate Insurer shall become
      owner of such amounts to the extent covered by such Insured Amounts as the
      deemed assignee of such Holders. The Trustee hereby agrees on behalf of the
      Holders of the Insured Certificates (and each such Holder, by its acceptance
      of
      its Insured Certificates, hereby agrees) for the benefit of the Certificate
      Insurer that, to the extent the Certificate Insurer pays any Insured Amount,
      either directly or indirectly (as by paying through the Trustee), to any Holder
      of an Insured Certificates, the Certificate Insurer will be entitled to be
      subrogated to any rights of such Holder to receive the amounts for which such
      Insured Amount was paid, to the extent of such payment, and will be entitled
      to
      receive the Certificate Insurer Reimbursement Amount as set forth in Section
      5.01. The Trustee as attorney-in-fact of the Holders of the Insured Certificates
      shall assign to the Certificate Insurer the rights of such Holder with respect
      to the Class 1-A1B and Class 2-A1C Certificates to the extent of such Insured
      Amount until the Certificate Insurer has been fully reimbursed therefore in
      accordance with the terms of the Financial Guaranty Insurance Policy. To
      evidence such subrogation, the Trustee shall note the Certificate Insurer’s
      rights as subrogee upon the register of Certificateholders upon receipt from
      the
      Certificate Insurer of proof of payment of any Insured Amount.

     

    (e) At
      the
      end of the Term of the Financial Guaranty Insurance Policy (as defined in the
      Financial Guaranty Insurance Policy), the Trustee shall return the Financial
      Guaranty Insurance Policy to the Certificate Insurer for
      cancellation.

     

     

    
      
        
        

      

      
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    ARTICLE
      V

     

    FLOW
      OF FUNDS

     

    SECTION
      5.01. Distributions. 

     

    (a) On
      each
      Distribution Date and after making any withdrawals from the Distribution Account
      pursuant to Section 4.03(a), the Trustee shall withdraw funds on deposit in
      the
      Distribution Account to the extent of Available Funds for each Loan Group for
      such Distribution Date and, make the following disbursements and transfers
      as
      set forth below:

     

    (i) the
      Available Funds for Loan Group 1 shall be distributed on each Distribution
      Date
      (other than on the Distribution Date following the optional purchase of the
      Mortgage Loans by the Servicer) in the following order of priority:

     

    
      	 	
              (A)

            	
              
                to
                  the Class A-R, Class 1-A1A and Class 1-A1B Certificates, the related
                  Interest Distributable Amounts for that date and to the Class X-1
                  Certificates, the portion of its Interest Distributable Amount
                  allocable
                  to Loan Group 1 based on the Class X-1 Loan Group 1 Percentage,
                  pro
                  rata
                  (based on the Interest Distributable Amount to which each such
                  Class is
                  entitled); provided,
                  however,
                  that on each Distribution Date, the related Interest Distributable
                  Amount
                  for the Class X-1 Certificates up to the X-1 Required Reserve Fund
                  Deposit
                  shall be deposited in the Basis Risk Reserve Fund X-1 Subaccount
                  and shall
                  not be distributed to the Class X-1 Certificates;
                  and

              

            

    

     

    
      	 	
              (B)

            	
              an
                amount equal to the Senior Principal Distribution Amount for Loan
                Group 1
                for that date, as follows:

            

    

     

    first,
      to the
      Class A-R Certificate, until the Class Principal Balance of such Class is
      reduced to zero;

     

    second,
      to the
      Class 1-A1A and Class 1-A1B Certificates, pro
      rata based
      on
      their respective Class Principal Balances, until the Class Principal Balances
      of
      such Classes are reduced to zero; and

     

    third,
      to the
      Class PO-1 Certificates and PO-1A1 Component, pro
      rata based
      on
      their Class Principal Balance and Component Principal Balance, respectively,
      until the Class Principal Balance or Component Principal Balance, respectively,
      of such Class or Component is reduced to zero;

    

    (ii) the
      Available Funds for Loan Group 2 shall be distributed on each Distribution
      Date
      (other than on the Distribution Date following the optional purchase of the
      Mortgage Loans by the Servicer) in the following order of priority:

     

    
      
        
        

      

      
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              (A)

            	
              
                to
                  the Class 2-A1A, Class 2-A1B, Class 2-A1C and Class X-2A1B Certificates,
                  the related Interest Distributable Amounts for that date and to
                  the Class
                  X-1 Certificates, the portion of its Interest Distributable Amount
                  allocable to Loan Group 2 based on the Class X-1 Loan Group 2 Percentage,
                  pro
                  rata
                  (based on the Interest Distributable Amount to which each such
                  Class is
                  entitled); provided,
                  however,
                  that on each Distribution Date, the related Interest Distributable
                  Amount
                  for the Class X-1 Certificates up to the X-1 Required Reserve Fund
                  Deposit
                  shall be deposited in the Basis Risk Reserve Fund X-1 Subaccount
                  and shall
                  not be distributed to the Class X-1 Certificates and the related
                  Interest
                  Distributable Amount for the Class X-2A1B Certificates up to the
                  X-2A1B
                  Required Reserve Fund Deposit shall be deposited in the Basis Risk
                  Reserve
                  Fund X-2A1B Subaccount and shall not be distributed to the Class
                  X-2A1B
                  Certificates; and

              

            

    

     

    
      	 	
              (B)

            	
              an
                amount equal to the Senior Principal Distribution Amount for Loan
                Group 2
                for that date, as follows:

            

    

     

    first,
      to the
      Class 2-A1A, Class 2-A1B and Class 2-A1C Certificates, pro
      rata
      based on
      their respective Class Principal Balances, until the Class Principal Balances
      of
      such Classes are reduced to zero; and

     

    second,
      to the
      Class PO-1 and Class PO-2A1B Certificates and PO-1A2 Component, pro
      rata based
      on
      their Class Principal Balance and Component Principal Balance, respectively,
      until the Class Principal Balance or Component Principal Balance, respectively,
      of such Class or Component is reduced to zero;

     

    
      On
        any
        Distribution Date, if the aggregate amount distributed with respect to the
        Class
        X-1 Certificates from both Loan Groups in accordance with the provisions
        of
        Sections 5.01(a)(i)(A) or 5.01(a)(ii)(A) above is less than the Class X-1
        Certificates’ Interest Distributable Amount, then Available Funds from both Loan
        Groups remaining after making the distributions in either Section 5.01(a)(i)(A)
        or 5.01(a)(ii)(A) above shall be distributed to the Class X-1 Certificates
        to
        cover that shortfall.

    

    

    (iii) concurrently,
      from (a) the Basis Risk Reserve Fund X-1 Subaccount, to the Class 1-A1A, Class
      1-A1B, Class 2-A1A and Class 2-A1C Certificates, pro
      rata,
      based
      on amounts due and (b) the Basis Risk Reserve Fund X-2A1B Subaccount, to the
      Class 2-A1B Certificates based on amounts due, any related Basis Risk Shortfall
      for each such Class and such Distribution Date remaining unpaid after giving
      effect to the distributions specified in subsections (i) and (ii) above in
      the
      order and priority set forth in Section 5.07 below;

     

    
      
        
        

      

      
        82

        
          

        

      

      
        
        

      

    

     

    (iv) the
      Available Funds for each Loan Group remaining after giving effect to the
      distributions specified in subsections (i), (ii) and (iii) above shall be
      distributed to the Certificate Insurer and the Certificateholders in the
      following order of priority:

     

    
      	 	
              (A)

            	
              to
                the Certificate Insurer, any Certificate Insurer Reimbursement Amounts
                due
                and unpaid;

            

    

     

    
      	 	
              (B)

            	
              to
                the Class B-1 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      	 	
              (C)

            	
              to
                the Class B-1 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (D)

            	
              to
                the Class B-2 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      	 	
              (E)

            	
              to
                the Class B-2 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (F)

            	
              to
                the Class B-3 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      	 	
              (G)

            	
              to
                the Class B-3 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (H)

            	
              to
                the Class B-4 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      	 	
              (I)

            	
              to
                the Class B-4 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (J)

            	
              to
                the Class B-5 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      	 	
              (K)

            	
              to
                the Class B-5 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (L)

            	
              to
                the Class B-6 Certificates, the related Interest Distributable Amount
                for
                that date; 

            

    

     

    
      
        
        

      

      
        83

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (M)

            	
              to
                the Class B-6 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (N)

            	
              to
                the Class B-7 Certificates, the related Interest Distributable Amount
                for
                that date; and

            

    

     

    
      	 	
              (O)

            	
              to
                the Class B-7 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to zero;
                and

            

    

     

    
      	 	
              (P)

            	
              to
                the Class B-8 Certificates, the related Interest Distributable Amount
                for
                that date; and

            

    

     

    
      	 	
              (Q)

            	
              to
                the Class B-8 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to zero;
                and

            

    

     

    
      	 	
              (R)

            	
              to
                the Class B-9 Certificates, the related Interest Distributable Amount
                for
                that date; and

            

    

     

    
      	 	
              (S)

            	
              to
                the Class B-9 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to zero;
                and

            

    

     

    
      	 	
              (T)

            	
              to
                the Class B-10 Certificates, the related Interest Distributable Amount
                for
                that date; and

            

    

     

    
      	 	
              (U)

            	
              to
                the Class B-10 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to zero;
                and

            

    

     

    
      	 	
              (V)

            	
              to
                the Class B-11 Certificates, the related Interest Distributable Amount
                for
                that date; and

            

    

     

    
      	 	
              (W)

            	
              to
                the Class B-11 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to zero;
                and

            

    

     

    
      	 	
              (X)

            	
              to
                the Class B-12 Certificates, the related Interest Distributable Amount
                for
                that date; and

            

    

     

    
      	 	
              (Y)

            	
              to
                the Class B-12 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to zero;
                and

            

    

     

    (v) from
      the
      Basis Risk Reserve Fund X-1 Subaccount, to the Class B-1, Class B-2, Class
      B-3,
      Class B-4, Class B-5, Class B-6, Class B-7, Class B-8, Class B-9, Class B-10,
      Class B-11 and Class B-12 Certificates, any related Basis Risk Shortfall for
      such Distribution Date in the order and priority set forth in Section 5.07
      below; and

     

    
      
        
        

      

      
        84

        
          

        

      

      
        
        

      

    

     

    (vi) the
      Available Funds (other than amounts to which the Class A-R-II Certificate is
      entitled as a result of early termination of the Trust pursuant to Section
      10.01(a)) for each Loan Group remaining after giving effect to the distributions
      specified in subsections (i), (ii), (iii), (iv) and (v) above will be
      distributed to the Certificateholders in the following order of
      priority:

     

    
      	 	
              (A)

            	
              to
                the Holder of the Class A-R Certificate, any Available Funds for
                Loan
                Group 1 and Loan Group 2, other than any portion thereof in respect
                of
                Premium Proceeds, then remaining;
                and

            

    

    

    
      	 	
              (B)

            	
              on
                the final Distribution Date, to the Holder of the Class A-R-II
                Certificate, the Premium Proceeds.

            

    

    

    On
      the
      Distribution Date following the optional purchase of the Mortgage Loans by
      the
      Servicer, Available Funds for Loan Group 1 and Loan Group 2 shall be applied
      in
      the amounts and in the order specified above, except that no amounts will be
      distributed pursuant to Sections 5.01(a)(iii) and (a)(iv) above and the portion
      of Available Funds remaining after the distribution pursuant to Sections
      5.01(a)(i) and (a)(ii) will be applied in the order specified in Section
      5.01(a)(iv).

    

    With
      respect to any Distribution Date and any Insured Amount, the Trustee shall
      make
      distributions pursuant to Section 5.01(a)(i), with respect to the Class 1-A1B
      Certificates and Section 5.01(a)(ii), with respect to the Class 2-A1C
      Certificates, from the amount drawn under the Financial Guaranty Insurance
      Policy for such Distribution Date in respect of such Classes pursuant to Section
      4.02 and 4.05(d). Funds received by the Trustee as a result of any claim under
      the Financial Guaranty Insurance Policy shall be applied solely to distributions
      to the Class 1-A1B and Class 2-A1C Certificateholders, as applicable, and may
      not be applied to satisfy any other Classes of Certificates or costs, expenses
      or liabilities of the Trustee, the Servicer or the Trust Fund.

     

    (b) Amounts
      to be paid to the Holders of a Class of Certificates shall be payable with
      respect to all Certificates of that Class, pro
      rata,
      based
      on the Certificate Principal Balance or Certificate Notional Balance, as
      applicable, of each Certificate of that Class.

     

    (c) On
      each
      Distribution Date, the Monthly Interest Distributable Amounts for the Classes
      of
      Senior Certificates (other than the Class PO Certificates) and Subordinate
      Certificates on such Distribution Date shall be reduced proportionately, based
      on (A) in the case of the Senior Certificates (other than the Class PO
      Certificates), the Monthly Interest Distributable Amount to which they would
      otherwise be entitled and (B) in the case of the Subordinate Certificates,
      interest accrued at the related Pass-Through Rate on the related Apportioned
      Principal Balance of each such Class, by Net Interest Shortfalls with respect
      to
      the related Loan Group.

     

    
      
        
        

      

      
        85

        
          

        

      

      
        
        

      

    

     

    (d) Notwithstanding
      the priority and allocation set forth in Section 5.01(a)(iv) above, if with
      respect to any Class of Subordinate Certificates on any Distribution Date the
      sum of the related Class Subordination Percentages of such Class and of all
      other Classes of Subordinate Certificates which have a higher numerical Class
      designation than such Class (the “Applicable
      Credit Support Percentage”)
      is
      less than the Original Applicable Credit Support Percentage for such Class,
      no
      distribution of Principal Prepayments will be made to any such Classes (the
      “Restricted
      Classes”)
      and
      the amount of such Principal Prepayment otherwise distributable to the
      Restricted Classes shall be distributed to any Classes of Subordinate
      Certificates having lower numerical Class designations than such Class,
pro
      rata,
      based
      on the Class Principal Balances of the respective Classes immediately prior
      to
      such Distribution Date and shall be distributed in the sequential order provided
      in Section 5.01(a)(iv) above.

     

    (e) On
      each
      Distribution Date, the Trustee shall distribute to the Holder of the Class
      X-1
      Certificates, the Class X-1 Distributable Amount.

     

    (f)  
      Notwithstanding the priority and allocation set forth in Section 5.01(a)(iv),
      with respect to any Loan Group, on each Distribution Date prior to the Senior
      Credit Support Depletion Date but after the date on which the aggregate Class
      Principal Balance of each Class of the Senior Certificates and PO Components
      related to a Loan Group have been reduced to zero, 100% of the Principal
      Prepayments on the Mortgage Loans (net of Deferred Interest) in that Loan Group
      otherwise distributable on each Class of Subordinate Certificates pursuant
      to
      Section 5.01(a)(iv), in reverse order of priority, shall be distributed as
      principal to the Senior Certificates (other than the Interest-Only Certificates)
      related to the other Loan Group remaining outstanding in the amounts provided
      in
      the next succeeding sentence, provided that on such Distribution Date either
      clause (i) or (ii) in the definition of the Two Times Test has not been met.
      Such amount shall be allocated among the other Loan Groups, pro
      rata
      based on
      aggregate Class Principal Balance of the related Senior Certificates, and paid
      to the Senior Certificates in such Group or Groups in the same priority as
      such
      Certificates would receive other distributions of principal pursuant to Section
      5.01(a).

     

    (ii) On
      any
      Distribution Date on which the Senior Certificates and Principal-Only Component
      related to a Loan Group constitute an Undercollateralized Group, all amounts
      otherwise distributable as Available Funds on the Subordinate Certificates,
      in
      reverse order of priority (or, following the Senior Credit Support Depletion
      Date, such other amounts described in the immediately following sentence),
      will
      be distributed as principal to the Senior Certificates and Principal-Only
      Component of such Undercollateralized Group pursuant to Section 5.01(a), first,
      up to the sum of the Accrued Interest Amount and the Principal Deficiency Amount
      for the related Undercollateralized Group (such distribution, an
“Undercollateralization Distribution”) and second, to pay to the Subordinate
      Certificates and the Class A-R Certificate in the same order and priority as
      provided in Section 5.01(a)(iv). In the event that the Senior Certificates
      and
      Principal-Only Component related to a Loan Group constitute an
      Undercollateralized Group on any Distribution Date following the Senior Credit
      Support Depletion Date, Undercollateralization Distributions will be made from
      any Available Funds for a Loan Group not related to an Undercollateralized
      Group
      remaining after all required amounts have been distributed to the related Class
      of Senior Certificates and Principal-Only Component. Undercollateralization
      Distributions will be applied first to pay accrued but unpaid interest, if
      any,
      and second to pay principal in the same priority and allocation provided in
      Section 5.01(a).

     

    
      
        
        

      

      
        86

        
          

        

      

      
        
        

      

    

     

    (g) Distributions
      on Physical Certificates.
      The
      Trustee shall make distributions in respect of a Distribution Date to each
      Certificateholder of record on the related Record Date (other than as provided
      in Section 10.01 hereof respecting the final distribution), in the case of
      Certificateholders of the Physical Certificates, by check or money order mailed
      to such Certificateholder at the address appearing in the Certificate Register,
      or by wire transfer. Distributions among Certificateholders of a Class shall
      be
      made in proportion to the Percentage Interests evidenced by the Certificates
      of
      that Class held by such Certificateholders.

     

    (h) Distributions
      on Book-Entry Certificates.
      Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, which shall credit 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. All such credits and disbursements
      with respect to a Book-Entry Certificate are to be made by the Depository and
      the Depository Participants in accordance with the provisions of the
      Certificates. None of the Trustee, the Depositor or the Seller shall have any
      responsibility therefor.

     

    SECTION
      5.02. Allocation
      of Net Deferred Interest.

     

    For
      any
      Distribution Date, the Net Deferred Interest on the Mortgage Loans will be
      allocated among the Classes of Certificates (or, with respect to the Class
      X
      Certificates, the PO Components) in proportion to the excess, if any, for each
      such Class of (i) the Monthly Interest Distributable Amount accrued at the
      Pass-Through Rate for such Class, over (ii) the amount of the Monthly Interest
      Distributable Amount for such Class calculated at the applicable Adjusted Cap
      Rate for such Class.

     

    On
      each
      Distribution Date, any amount of Net Deferred Interest allocable to a Class
      of
      Certificates (other than the Interest-Only Certificates) on such Distribution
      Date will be added as principal to the outstanding Class Principal Balance
      of
      such Class of Certificates. With respect to the Class X-1 Certificates and
      each
      Distribution Date, any amount of Net Deferred Interest added to the Principal
      Balances of the related Mortgage Loans that is allocated to the Class X-1
      Certificates on such Distribution Date will be added as principal to the
      outstanding Component Principal Balances of the Class PO-1A1 and Class PO-1A2
      Components, as applicable, based upon the amount of Deferred Interest
      attributable to the Mortgage Loans in the related Loan Group. With respect
      to
      the Class X-2A1B Certificates and each Distribution Date, any amount of Net
      Deferred Interest added to the Principal Balances of the related Mortgage Loans
      that is allocated to the Class X-2A1B Certificates on such Distribution Date
      will be added as principal to the outstanding Class Principal Balance of the
      Class PO-2A1B Certificates.

     

    
      
        
        

      

      
        87

        
          

        

      

      
        
        

      

    

     

    SECTION
      5.03. Allocation
      of Realized Losses.

     

    (a) On
      or
      prior to each Distribution Date, the Trustee shall aggregate the loan-level
      information provided by the Servicer with respect to the total amount of
      Realized Losses with respect to the Mortgage Loans in each Loan Group for the
      related Distribution Date and include such information in the Distribution
      Date
      Statement.

     

    (b) On
      each
      Distribution Date, Realized Losses that occurred during the related prepayment
      period shall be allocated as follows:

     

    first,
      to the
      Subordinate Certificates in reverse order of their respective numerical Class
      designations (beginning with the Class of Subordinate Certificates with the
      highest numerical Class designation) until the Class Principal Balance of each
      such Class is reduced to zero; and

     

    second, 

     

    
      	 	
              (A)

            	
              with
                respect to such losses related to the Group 1 Mortgage Loans, to
                the Class
                1-A1A, Class 1-A1B, Class PO-1 and Class A-R Certificates and the
                PO-1A1
                Component, pro
                rata,
                until the Class Principal Balance or Component Principal Balance
                of each
                such Class or Component is reduced to zero; provided,
                however,
                the Class 1-A1B Certificates will bear the principal portion of all
                Realized Losses allocable to the Class 1-A1A Certificates for so
                long as
                the Class 1-A1B Certificates are outstanding;
                and

            

    

     

    
      	 	
              (B)

            	
              with
                respect such losses related to the Group 2 Mortgage Loans, to the
                Class
                2-A1A, Class 2-A1B, Class 2-A1C and Class PO-2 Certificates and the
                PO-1A2
                Component, pro
                rata,
                until the Class Principal Balance or Component Principal Balance
                of such
                Class or Component is reduced to zero; provided,
                however,
                the Class 2-A1C Certificates will bear the principal portion of all
                Realized Losses allocable to the Class 2-A1A and Class 2-A1B Certificates
                for so long as the Class 2-A1A and Class 2-A1B Certificates are
                outstanding; provided,
                further,
                the Class 2-A1B Certificates will bear the principal portion of all
                Realized Losses allocable to the Class 2-A1A Certificates for so
                long as
                the Class 2-A1A Certificates are outstanding;
                and

            

    

     

    (c) The
      Class
      Principal Balance of the Class of Subordinate Certificates then outstanding
      with
      the highest numerical Class designation shall be reduced on each Distribution
      Date by the amount, if any, by which the aggregate of the Class Principal
      Balances of all outstanding Classes of Certificates (after giving effect to
      the
      distribution of principal and the allocation of Realized Losses on such
      Distribution Date) exceeds the aggregate of the Stated Principal Balances of
      all
      the Mortgage Loans for the following Distribution Date.

     

    
      
        
        

      

      
        88

        
          

        

      

      
        
        

      

    

     

    (d) Any
      Realized Loss allocated to a Class of Certificates or any reduction in the
      Class
      Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or
      (c)
      shall be allocated among the Certificates of such Class, pro
      rata,
      in
      proportion to their respective Certificate Principal Balances.

     

    (e) Any
      allocation of Realized Losses to a Certificate or any reduction in the
      Certificate Principal Balance of a Certificate pursuant to Section 5.03(b)
      or
      (c) shall be accomplished by reducing the Certificate Principal Balance thereof
      immediately following the distributions made on the related Distribution Date
      in
      accordance with the definition of “Certificate Principal Balance.”

     

    SECTION
      5.04. Statements.

     

    (a) On
      each
      Distribution Date, the Trustee shall make available to each Certificateholder,
      the Certificate Insurer, the Seller, and each Rating Agency, a statement based,
      as applicable, on loan-level information obtained from and the Servicer (the
      “Distribution
      Date Statement”)
      as to
      the distributions to be made or made, as applicable, on such Distribution
      Date:

     

    (i) the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Certificates allocable to principal;

     

    (ii) the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Certificates allocable to interest;

     

    (iii) the
      Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and
      Subordinate Prepayment Percentage with respect to each Loan Group for the
      following Distribution Date;

     

    (iv) the
      aggregate amount of servicing compensation received by the Servicer during
      the
      related Due Period, the Custodial Fee paid to the Custodian during the related
      Due Period and such other customary information as the Trustee deems necessary
      or desirable, or which a Certificateholder reasonably requests, to enable
      Certificateholders to prepare their tax returns;

     

    (v) the
      aggregate amount of Advances for the related Due Period and the amount of
      unreimbursed Advances;

     

    (vi) the
      Pool
      Collateral Balance and the Loan Group Collateral Balance for such Distribution
      Date; 

     

    (vii) the
      Loan
      Group Balance and related Net WAC and applicable Net WAC Cap for each Loan
      Group
      at the Close of Business at the end of the related Due Period;

     

    (viii) for
      each
      Loan Group, the aggregate Principal Balance of the One-Month MTA Indexed
      Mortgage Loans at the Close of Business at the end of the related Due
      Period;

     

    
      
        
        

      

      
        89

        
          

        

      

      
        
        

      

    

     

    (ix) [Reserved];

     

    (x) [Reserved];

     

    (xi) for
      each
      Loan Group, the number, weighted average remaining term to maturity and weighted
      average Loan Rate of the related Mortgage Loans as of the related Due
      Date;

     

    (xii) the
      number and aggregate unpaid principal balance of Mortgage Loans, in the
      aggregate and for each Loan Group, (a) 30 to 59 days Delinquent, (b) 60 to
      89 days Delinquent, (c) 90 or more days Delinquent, (d) as to which foreclosure
      proceedings have been commenced and (e) in bankruptcy, in each case as of the
      close of business on the last day of the preceding calendar month;

     

    (xiii) the
      book
      value of any REO Property as of the Close of Business on the last Business
      Day
      of the calendar month preceding the Distribution Date, and, cumulatively, the
      total number and cumulative principal balance of all REO Properties in each
      Loan
      Group as of the Close of Business of the last day of the preceding Due
      Period;

     

    (xiv) the
      aggregate amount of Principal Prepayments with respect to each Loan Group made
      during the related Prepayment Period;

     

    (xv) the
      aggregate amount of Realized Losses incurred during the related Due Period
      for
      each Loan Group and the cumulative amount of Realized Losses and the amount
      of
      Realized Losses, if any, allocated to each Class of Certificates or
      Principal-Only Components;

     

    (xvi) the
      Class
      Principal Balance or Class Notional Balance, as applicable, of each Class of
      Certificates and the Apportioned Principal Balances of the Subordinate
      Certificates after giving effect to any distributions made thereon, on such
      Distribution Date;

     

    (xvii) the
      Monthly Interest Distributable Amount and the Interest Distributable Amount
      in
      respect of each Class of Certificates, for such Distribution Date and the
      respective portions thereof, if any, remaining unpaid following the
      distributions made in respect of such Certificates on such Distribution
      Date;

     

    (xviii) the
      aggregate amount of any Net Interest Shortfalls and the Unpaid Interest
      Shortfall Amount for such Distribution Date;

     

    (xix) the
      Available Funds with respect to each Loan Group;

     

    (xx) the
      Pass-Through Rate and Adjusted Cap Rate for each Class of Certificates for
      such
      Distribution Date; 

     

    (xxi) the
      aggregate Principal Balance of Mortgage Loans purchased hereunder by the Seller
      during the related Due Period, and indicating the relevant section of the
      Servicing Agreement, or the Section of this Agreement, as applicable, requiring
      or allowing the purchase of each such Mortgage Loan;

     

    
      
        
        

      

      
        90

        
          

        

      

      
        
        

      

    

     

    (xxii) the
      amount of any Principal Deficiency Amounts or Accrued Interest Amounts paid
      to
      an Undercollateralized Group or amounts paid pursuant to Section 5.01(e)(i);
      

     

    (xxiii) current
      Recoveries allocable to each Loan Group;

     

    (xxiv) cumulative
      Recoveries allocable to each Loan Group;

     

    (xxv) the
      amount of any Basis Risk Shortfall, if any, and the related accrued interest
      thereon;

     

    (xxvi) for
      each
      Loan Group, the amount of Deferred Interest and Net Deferred Interest, if any,
      for such Loan Group; 

     

    (xxvii) the
      amount of Net Deferred Interest, if any, added to the Class Principal Balance
      of
      the related Certificates;

     

    (xxviii) the
      amount of the Certificate Insurer Reimbursement Amount, if any; 

     

    (xxix) the
      Deficiency Amount, if any, to be paid by the Certificate Insurer; 

     

    (xxxi) the
      number of mortgage loans and the aggregate principal balance of the mortgage
      loans that have negatively amortized in each Loan Group; 

     

    (xxxii) the
      amount of any payment to the Class X-1 Certificate of any Class X-1 Amortization
      Shortfall after any such payment; and

     

    (xxxiii) the
      amount of any Class X-1 Distributable Amount.

    

    The
      Trustee shall make the Distribution Date Statement (and, at its option, any
      additional files containing the same information in an alternative format)
      available each month to Certificateholders and the other parties to this
      Agreement via the Trustee’s Internet website. The Trustee’s Internet website
      shall initially be located at “https://trustinvestorreporting.usbank.com.”
      Assistance in using the website can be obtained by calling the Trustee customer
      service desk at (800) 934-6802. Parties that are unable to use the above
      distribution option are entitled to have a paper copy mailed to them via first
      class mail by calling the customer service desk and indicating such. The Trustee
      shall have the right to change the way such reports are distributed in order
      to
      make such distribution more convenient and/or more accessible to the parties,
      and the Trustee shall provide timely and adequate notification to all parties
      regarding any such change.

     

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall be expressed in a separate section of the report as a dollar
      amount for each Class for each $1,000 original dollar amount as of the Cut-off
      Date.

     

    
      
        
        

      

      
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    In
      addition to the information listed above, such Distribution Date Statement
      shall
      also include such
      other information as is required by Form 10-D, including, but not limited to,
      the information required by Item 1121 (Sec. 229.1121) of Regulation
      AB.

     

    (b) Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall, upon written request, furnish to the Certificate Insurer and each Person
      who at any time during the calendar year was a Certificateholder of a Regular
      Certificate, if requested in writing by such Person, such information as is
      reasonably necessary to provide to such Person a statement containing the
      information set forth in subclauses (i) and (ii) above, aggregated for such
      calendar year or applicable portion thereof during which such Person was a
      Certificateholder. Such obligation of the Trustee shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      prepared and furnished by the Trustee to Certificateholders pursuant to any
      requirements of the Code as are in force from time to time.

     

    (c) On
      each
      Distribution Date, the Trustee shall supply an electronic tape to Bloomberg
      Financial Markets, Inc. in a format acceptable to Bloomberg Financial Markets,
      Inc. on a monthly basis, and shall supply an electronic tape to Loan Performance
      and Intex Solutions in a format acceptable to Loan Performance and Intex
      Solutions on a monthly basis.

     

    SECTION
      5.05. Remittance
      Reports; Advances.

     

    (a) No
      later
      than the 10th
      calendar
      day of each month, the Servicer shall deliver to the Trustee and the Certificate
      Insurer by telecopy or electronic mail (or by such other means as the Servicer
      and the Trustee may agree from time to time) the Remittance Report with respect
      to the Distribution Date. No later than the Close of Business New York time
      on
      the fifth Business Day prior to such Distribution Date, the Servicer shall
      deliver or cause to be delivered to the Trustee in addition to the information
      provided on the Remittance Report, such other loan-level information reasonably
      available to it with respect to the Mortgage Loans as the Trustee may reasonably
      require to perform the calculations necessary to make the distributions
      contemplated by Section 5.01. The Trustee shall have no duty or obligation
      to
      calculate, recompute or verify any information in the Remittance Report or
      other
      loan level information that it receives from the Servicer. 

     

    (b) If
      the
      Monthly Payment on a Mortgage Loan that was due on a related Due Date and is
      delinquent, other than as a result of application of the Relief Act, and for
      which the Servicer was required to make an advance pursuant to the Servicing
      Agreement, exceeds the amount on deposit in the Distribution Account which
      will
      be used for an advance with respect to such Mortgage Loan, the Servicer shall,
      on the Business Day preceding the Distribution Date, deposit in the Distribution
      Account an amount equal to such deficiency, net of the Servicing Fee, for such
      Mortgage Loan except to the extent the Servicer determines any such Advance
      to
      be Nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future
      payments on the Mortgage Loan for which such Advance was made. Subject to the
      foregoing, the Servicer shall continue to make such Advances through the date
      that the Servicer is required to do so under the Servicing Agreement. If the
      Servicer determines that an Advance is Nonrecoverable, it shall, on or prior
      to
      the related Distribution Date, present an Officer’s Certificate to the Trustee
      (i) stating that the Servicer elects not to make a Advance in a stated amount
      and (ii) detailing the reason it deems the advance to be
      Nonrecoverable.

     

    
      
        
        

      

      
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    SECTION
      5.06. [Reserved] 

     

    SECTION
      5.07. Basis
      Risk Reserve Fund.

     

    (a) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the holders of the MTA and LIBOR Certificates, a Basis Risk
      Reserve Fund, into which the Depositor shall deposit $554,517.71,
      which
      amount is intended to cover the amount of Basis Risk Shortfalls, if any, on
      the
      first, second and third Distribution Dates. On the third Distribution Date
      after
      the Closing Date, any interest accrued on such initial deposit and any amounts
      remaining from such initial deposit will be distributed to the
      Seller.

     

    The
      Basis
      Risk Reserve Fund will be comprised of two subaccounts: the “Basis Risk Reserve
      Fund X-1 Subaccount” and the “Basis Risk Reserve Fund X-2A1B Subaccount” (each,
      a “Subaccount”). The Basis Risk Reserve Fund X-1 Subaccount will be held in
      trust by the Trustee on behalf of the holders of the Class 1-A1A, Class 1-A1B,
      Class 2-A1A and Class 2-A1C Certificates and the Subordinate Certificates.
      The
      Basis Risk Reserve Fund X-2A1B Subaccount will be held in trust by the Trustee
      on behalf of the holders of the Class X-2A1B Certificates. The Basis Risk
      Reserve Fund 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 held pursuant
      to this Agreement. The Basis Risk Reserve Fund shall not be an asset of any
      REMIC established hereby.

     

    (b) On
      each
      Distribution Date, (i) Monthly Interest Distributable Amounts that would
      otherwise be distributable with respect to the Class X-1 Certificates shall
      instead be deposited in the Basis Risk Reserve Fund X-1 Subaccount to the extent
      of the X-1 Required Reserve Fund Deposit and (ii) Monthly Interest Distributable
      Amounts that would otherwise be distributable with respect to the Class X-2A1B
      Certificates shall instead be deposited in the Basis Risk Reserve Fund X-2A1B
      Subaccount to the extent of the X-1 Required Reserve Fund Deposit.

     

    (c) On
      any
      Distribution Date for which a Basis Risk Shortfall exists with respect to the
      Class 1-A1A, Class 1-A1B, Class 2-A1A, Class 2-A1B and Class 2-A1C Certificates,
      the Trustee, shall withdraw from the related Subaccount of the Basis Risk
      Reserve Fund the amount of any remaining Basis Risk Shortfall for such Classes
      of Certificates, pursuant to Section 5.01(a)(iii). If on any Distribution Date
      the amount on deposit in the Basis Risk Reserve Fund is not sufficient to make
      a
      full distribution of the Basis Risk Shortfall, the Trustee shall withdraw the
      entire amount on deposit in the Basis Risk Reserve Fund and distribute such
      amount to such Classes of Certificates on a pro
      rata
      basis
      based on the amount of Basis Risk Shortfall due each such Class.

     

    On
      any
      Distribution Date for which a Basis Risk Shortfall exists with respect to the
      Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class B-7,
      Class B-8, Class B-9, Class B-10, Class B-11 and Class B-12 Certificates, the
      Trustee, after making the distributions described in the immediately preceding
      paragraph to the Class 1-A1A, Class 1-A1B, Class 2-A1A, Class 2-A1B and Class
      2-A1C Certificates, shall distribute the lesser of any amounts remaining on
      deposit in the Basis Risk Reserve Fund X-1 Subaccount and such Basis Risk
      Shortfall to the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class
      B-6, Class B-7, Class B-8, Class B-9, Class B-10, Class B-11 and Class B-12
      Certificates, sequentially, in that order.

     

    
      
        
        

      

      
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    Funds
      remaining in the applicable Subaccount of the Basis Risk Reserve Fund on any
      Distribution Date after funding the payment of Basis Risk Shortfalls for such
      Distribution Date will be remitted to the Interest-Only Certificates, up to
      the
      amount of the X-1 Required Reserve Fund Deposit. 

     

    (d) Funds
      in
      the Basis Risk Reserve Fund shall be invested in Permitted Investments. Any
      earnings on amounts in the Basis Risk Reserve Fund shall be for the benefit
      of
      the Class X-1 and Class X-2A1B Certificateholders. The Interest-Only
      Certificates shall evidence ownership of the Basis Risk Reserve Fund for federal
      income tax purposes and the Holders thereof shall direct the Trustee, in
      writing, as to investment of amounts on deposit therein. The Class X-1 and
      Class
      X-2A1B Certificateholder(s) shall be liable for any losses incurred on such
      investments. In the absence of written instructions from the Class X-1 and
      Class
      X-2A1B Certificateholder(s) as to investment of funds on deposit in the Basis
      Risk Reserve Fund, such funds shall be invested in money market funds as
      specified by the Depositor and as described in clause (vi) of the definition
      of
      Permitted Investments in Article I. For all federal income tax purposes, amounts
      transferred by the Upper-Tier REMIC to the Basis Risk Reserve Fund shall be
      treated as amounts distributed by the Upper-Tier REMIC to the Class X-1 and
      Class X-2A1B Certificateholders.

     

    (e) Except
      as
      expressly provided hereunder, the Trustee shall have no obligation to invest
      cash held in the Basis Risk Reserve Fund in the absence of timely and specific
      written investment direction from the Depositor. In no event shall the Trustee
      be liable for the selection of investments or for investment losses incurred
      thereon. The Trustee shall have no liability in respect of losses incurred
      as a
      result of the liquidation of any investment prior to its stated maturity or
      the
      failure of the Depositor to provide timely written investment
      direction.

     

    (f) The
      Trustee or its Affiliates are permitted to receive additional compensation
      that
      could be deemed to be in the Trustee’s economic self interest for (i) serving as
      investment advisor, administrator, shareholder servicing agent, custodian or
      sub-custodian with respect to certain Permitted Investments, (ii) using
      Affiliates to effect transactions in certain Permitted Investments and (iii)
      effecting transactions in certain Permitted Investments. The Trustee does not
      guarantee the performance of any Permitted Investment.

     

    (g)
      Upon
      termination of the Trust Fund any amounts remaining in the Basis Risk Reserve
      Fund shall be distributed to the Class X-1 Certificateholders.

     

    SECTION
      5.08. Recoveries.

     

    (a) With
      respect to any Class of Certificates or Principal-Only Component to which a
      Realized Loss has been allocated (including any such Class or Principal-Only
      Component for which the related Class Principal Balance or Component Principal
      Balance has been reduced to zero), the Class Principal Balance or Component
      Principal Balance of such Class or Component, as applicable, will be increased,
      up to the amount of related Recoveries for such Distribution Date as
      follows:

     

    
      
        
        

      

      
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    (i) first,
      the Class Principal Balance of each Class of Senior Certificates or Component
      Principal Balance of the Principal-Only Component related to the Loan Group
      from
      which the Recovery was collected, will be increased pro
      rata,
      based
      on Realized Losses borne by such Class or Component up to the lesser of (i)
      (x)
      the excess amount by which Net Realized Losses previously borne by such Class
      or
      Component over (y) the amount of payments received under the Financial Guaranty
      Insurance Policy (that remain unreimbursed) with respect to such Realized Losses
      and (ii) Recoveries for such Distribution Date, and 

     

    (ii) second,
      the Class Principal Balance of each Class of Subordinate Certificates will
      be
      increased in order of seniority, up to the amount by which Net Realized Losses
      previously allocated to each such Class exceeds the amount of Recoveries for
      such Distribution Date previously distributed to such Class.

     

    (b) Any
      increase to the Class Principal Balance of a Class of Certificates or Component
      Principal Balance of a Principal-Only Component shall increase the Certificate
      Principal Balance of each Certificate of the related Class or the Component
      Principal Balance of each PO Component pro
      rata
      in
      accordance with each Percentage Interest.

     

    To
      the
      extent that the Certificate Insurer has made a payment in respect of Realized
      Losses and such amount has not previously been reimbursed pursuant to Section
      5.01(a)(iv), the Certificate Insurer will be subrogated to the rights of the
      Holders of the Insured Certificates and will be entitled to the amount of any
      such Realized Losses paid by it to the Insured Certificates that remains
      unreimbursed prior to any Recoveries being allocated to the Holders of the
      Insured Certificates.

     

    SECTION
      5.09. [Reserved]

     

    ARTICLE
      VI

     

    THE
      CERTIFICATES

     

    SECTION
      6.01. The
      Certificates.

     

    The
      Certificates shall be substantially in the form annexed hereto as Exhibit A-1
      through E. Each of the Certificates shall, on original issue, be executed by
      the
      Trustee and authenticated and delivered by the Certificate Registrar upon the
      written order of the Depositor concurrently with the sale and assignment to
      the
      Trustee of the Trust Fund. Each Class of the Regular Certificates shall be
      initially evidenced by one or more Certificates representing a Percentage
      Interest with a minimum dollar denomination of $25,000 and integral dollar
      multiples of $1 in excess thereof, in the case of the Class X-1 and Class X-2A1B
      Certificates, a minimum notional amount of $100,000 and integral dollar
      multiples of $1 in excess thereof, and in the case of the Class PO-1 and Class
      PO-2A1B Certificates, which will be issued in minimum percentage interests
      of
      0.01%, provided,
      that,
      such certificates must be purchased in minimum total investments of at least
      $100,000. The Class A-R and Class A-R-II Certificates will each be issued as
      a
      single certificate in physical form. 

     

    
      
        
        

      

      
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    The
      Certificates shall be executed on behalf of the Trust by manual or facsimile
      signature on behalf of the Trustee by a Responsible Officer. Certificates
      bearing the manual or facsimile signatures of individuals who were, at the
      time
      when such signatures were affixed, authorized to sign on behalf of the Trustee
      shall be binding, notwithstanding that such individuals or any of them have
      ceased to be so authorized prior to the authentication and delivery of such
      Certificates or did not hold such offices at the date of such Certificate.
      Each
      Certificate shall, on original issue, be authenticated by the Certificate
      Registrar upon the order of the Depositor. No Certificate shall be entitled
      to
      any benefit under this Agreement or be valid for any purpose, unless such
      Certificate shall have been manually authenticated by the Certificate Registrar
      substantially in the form provided for herein, and such authentication upon
      any
      Certificate 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. At any time and
      from time to time after the execution and delivery of this Agreement, the
      Depositor may deliver Certificates executed by the Trustee to the Certificate
      Registrar for authentication and the Certificate Registrar shall authenticate
      and deliver such Certificates as provided in this Agreement and not otherwise.
      Subject to Section 6.02(c), the Senior Certificates (other than the Residual
      Certificates) and the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5,
      Class B-6, Class B-7, Class B-8, Class B-9, Class B-10, Class B-11 and Class
      B-12 Certificates shall be Book-Entry Certificates. The Residual Certificates
      shall be Physical Certificates.

     

    The
      Private Certificates shall be offered and sold in reliance either on (i) the
      exemption from registration under Rule 144A of the Securities Act and shall
      be
      issued initially in the form of one or more permanent global Certificates in
      definitive, fully registered form with the applicable legends set forth in
      Exhibit C (each, a “Restricted
      Global Security”)
      or
      (ii) Regulation S and shall be issued initially in the form of one or more
      permanent global Certificates in definitive, fully registered form without
      interest coupons with the applicable legends set forth in Exhibit C hereto
      (each, a “Regulation
      S Global Security”),
      which
      shall be deposited on behalf of the subscribers for such Certificates
      represented thereby with the Trustee, as custodian for DTC and registered in
      the
      name of a nominee of DTC, duly executed by the Trustee and authenticated by
      the
      Certificate Registrar as hereinafter provided. The aggregate principal amounts
      of the Restricted Global Securities or Regulation S Global Securities, as
      applicable, may from time to time be increased or decreased by adjustments
      made
      on the records of the Certificate Registrar and DTC or its nominee, as the
      case
      may be, as hereinafter provided.

     

    SECTION
      6.02. Registration
      of Transfer and Exchange of Certificates. 

     

    (a) The
      Certificate Registrar shall cause to be kept a Certificate Register in which,
      subject to such reasonable regulations as it may prescribe, the Certificate
      Registrar shall provide for the registration of Certificates and of transfers
      and exchanges of Certificates as herein provided. The Trustee is hereby
      appointed, and the Trustee hereby accepts its appointment as, initial
      Certificate Registrar, for the purpose of registering Certificates and transfers
      and exchanges of Certificates as herein provided.

     

    Upon
      surrender for registration of transfer of any Certificate at the Corporate
      Trust
      Office of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph, the Trustee on behalf of the Trust shall execute, and
      the
      Certificate Registrar shall authenticate and deliver, in the name of the
      designated transferee or transferees, one or more new Certificates of the same
      aggregate Percentage Interest.

     

    
      
        
        

      

      
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    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the
      Trustee shall execute on behalf of the Trust, and the Certificate Registrar
      shall authenticate and deliver the Certificates which the Certificateholder
      making the exchange is entitled to receive. Every Certificate presented or
      surrendered for registration of transfer or exchange shall (if so required
      by
      the Certificate Registrar) be duly endorsed by, or be accompanied by a written
      instrument of transfer satisfactory to the Certificate Registrar duly executed
      by, the Holder thereof or his attorney duly authorized in writing.

     

    (b) Except
      as
      provided in paragraph (c) or (d) below, the Book-Entry Certificates shall at
      all
      times remain registered in the name of the Depository or its nominee and at
      all
      times: (i) registration of such Certificates may not be transferred by the
      Trustee or the Certificate Registrar except to another Depository; (ii) the
      Depository shall maintain book-entry records with respect to the Certificate
      Owners and with respect to ownership and transfers of such Certificates; (iii)
      ownership and transfers of registration of such Certificates on the books of
      the
      Depository shall be governed by applicable rules established by the Depository;
      (iv) the Depository may collect its usual and customary fees, charges and
      expenses from its Depository Participants; (v) the Certificate Registrar and
      the
      Trustee shall for all purposes deal with the Depository as representative of
      the
      Certificate Owners of the Certificates for purposes of exercising the rights
      of
      Holders under this Agreement, and requests and directions for and votes of
      such
      representative shall not be deemed to be inconsistent if they are made with
      respect to different Certificate Owners; (vi) the Trustee and the Certificate
      Registrar may rely and shall be fully protected in relying upon information
      furnished by the Depository with respect to its Depository Participants and
      furnished by the Depository Participants with respect to indirect participating
      firms and Persons shown on the books of such indirect participating firms as
      direct or indirect Certificate Owners; and (vii) the direct participants of
      the Depository shall have no rights under this Agreement under or with respect
      to any of the Certificates held on their behalf by the Depository, and the
      Depository may be treated by the Trustee, the Certificate Registrar and their
      respective agents, employees, officers and directors as the absolute owner
      of
      the Certificates for all purposes whatsoever.

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owners. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners that it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures. The parties hereto are hereby authorized to
      execute one or more Letter of Representations with the Depository or take such
      other action as may be necessary or desirable to register a Book-Entry
      Certificate to the Depository. In the event of any conflict between the terms
      of
      any such Letter of Representation and this Agreement, the terms of this
      Agreement shall control.

     

    
      
        
        

      

      
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    (c) If
      (x)
      the Depository or the Depositor advises the Certificate Registrar in writing
      that the Depository is no longer willing or able to discharge properly its
      responsibilities as Depository and (y) the Certificate Registrar or the
      Depositor is unable to locate a qualified successor, upon surrender to the
      Certificate Registrar of the Book-Entry Certificates by the Depository,
      accompanied by registration instructions from the Depository for registration,
      the Trustee shall at the Seller’s expense execute on behalf of the Trust and
      authenticate definitive, fully registered certificates (the “Definitive
      Certificates”).
      Neither the Depositor nor the Certificate Registrar shall be liable for any
      delay in delivery of such instructions and may conclusively rely on, and shall
      be protected in relying on, such instructions. Upon the issuance of Definitive
      Certificates, the Trustee, the Certificate Registrar and the Depositor shall
      recognize the Holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    (d) No
      transfer, sale, pledge or other disposition of any Private Certificate, other
      than a Private Certificate sold in an offshore transaction in reliance on
      Regulation S, shall be made unless such disposition is exempt from the
      registration requirements of the Securities Act, and any applicable state
      securities laws or is made in accordance with the Securities Act and laws.
      Any
      Private Certificates sold to an “accredited investor” under Rule 501(a)(1), (2),
      (3) or (7) under the Securities Act shall be issued only in the form of one
      or
      more Definitive Certificates and the records of the Certificate Registrar and
      DTC or its nominee shall be adjusted to reflect the transfer of such Definitive
      Certificates. In the event of any transfer of any Private Certificate in the
      form of a Definitive Certificate, (i) the transferee shall certify (A) such
      transfer is made to a Qualified Institutional Buyer in reliance upon Rule 144A
      (as evidenced by an investment letter delivered to the Certificate Registrar,
      in
      substantially the form attached hereto as Exhibit J-2) under the Securities
      Act,
      or (B) such transfer is made to an “accredited investor” under Rule 501(c)(1),
      (2), (3) or (7) under the Securities Act (as evidenced by an investment letter
      delivered to the Certificate Registrar, in substantially the form attached
      hereto as Exhibit J-1, and, if so required by the Certificate Registrar and
      the
      Depositor, a written Opinion of Counsel (which may be in-house counsel)
      acceptable to and in form and substance reasonably satisfactory to the
      Certificate Registrar and the Depositor, delivered to the Certificate Registrar
      and the Depositor stating that such transfer may be made pursuant to an
      exemption, including a description of the applicable exemption and the basis
      therefor, from the Securities Act or is being made pursuant to the Securities
      Act, which Opinion of Counsel shall not be an expense of the Trust, the Trustee,
      the Certificate Registrar or the Depositor) or (ii) the Certificate Registrar
      shall require the transferor to execute a transferor certificate and the
      transferee to execute an investment letter acceptable to and in form and
      substance reasonably satisfactory to the Depositor and the Certificate Registrar
      certifying to the Depositor and the Certificate Registrar the facts surrounding
      such transfer, which investment letter shall not be an expense of the Trust,
      the
      Trustee, the Certificate Registrar or the Depositor. Each Holder of a Private
      Certificate desiring to effect such transfer shall, and does hereby agree to,
      indemnify the Trustee, the Certificate Registrar, the Seller and the Depositor
      against any liability that may result if the transfer is not so exempt or is
      not
      made in accordance with such federal and state laws.

     

    In
      the
      case of a Private Certificate that is a Book-Entry Certificate, for purposes
      of
      the preceding paragraph, the representations set forth in the investment letter
      in clause (i) shall be deemed to have been made to the Certificate Registrar
      by
      the transferee’s acceptance of such Private Certificate that is also a
      Book-Entry Certificate (or the acceptance by a Certificate Owner of the
      beneficial interest in such Certificate).

     

    
      
        
        

      

      
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    If
      any
      Certificate Owner that is required under this Section 6.02(d) to transfer its
      Class B-10, Class B-11 or Class B-12 Certificates that are Book-Entry
      Certificates in the form of Definitive Certificates, (i) notifies the
      Trustee of such transfer or exchange and (ii) transfers such Book-Entry
      Certificates to the Trustee, in its capacity as such, through the book-entry
      facilities of the Depository, then the Trustee, on behalf of the Trust, shall
      decrease the balance of such Book-Entry Certificates, or the Trustee shall
      use
      reasonable efforts to cause the surrender to the Certificate Registrar of such
      Book-Entry Certificates by the Depository, and thereupon, the Trustee shall
      execute, authenticate and deliver to such Certificate Owner or its designee
      one
      or more Definitive Certificates in authorized denominations and with a like
      aggregate Certificate Principal Balance.

     

    Subject
      to the provisions of this Section 6.02(d) governing registration of transfer
      and
      exchange Class B-10, Class B-11 or Class B-12 Certificates (i) held as
      Definitive Certificates may be transferred in the form of Book-Entry
      Certificates in reliance on Rule 144A (to one or more Qualified Institutional
      Buyers) or Regulation S under the Securities Act that are acquiring such
      Definitive Certificates, their own accounts for or for the accounts of other
      Qualified Institutional Buyers and (ii) held as Definitive Certificates by
      a Qualified Institutional Buyer or an investor under Regulation S for its own
      account or for the account of another Qualified Institutional Buyer or
      Regulation S investor may be exchanged for Book-Entry Certificates, in each
      case
      upon surrender of such Certificates for registration of transfer or exchange
      at
      the offices of the Trustee maintained for such purpose. Whenever any such
      Certificates are so surrendered for transfer or exchange, either the Trustee
      shall increase the balance of the related Book-Entry Certificates or the Trustee
      shall execute, authenticate and deliver the Book-Entry Certificates for which
      such Certificates were transferred or exchanged, as necessary and appropriate.
      No Holder of any such Definitive Certificates other than a Qualified
      Institutional Buyer or a Regulation S investor holding such Certificates for
      its
      own account or for the account of another Qualified Institutional Buyer or
      Regulation S investor may exchange such Certificates for Book-Entry
      Certificates. Further, any Certificate Owner of such Book-Entry Certificates
      other than any such Qualified Institutional Buyers or Regulation S investors
      shall notify the Trustee of its status as such and shall transfer such
      Book-Entry Certificate to the Trustee, through the book-entry facilities of
      the
      Depository, whereupon, and also upon surrender to the Trustee of such Book-Entry
      Certificates by the Depository, (which surrender the Trustee shall use
      reasonable efforts to cause to occur), the Trustee shall execute, authenticate
      and deliver to such Certificate Owner or such Certificate Owner’s nominee one or
      more Definitive Certificates in authorized denominations and with a like
      aggregate Certificate Principal Balance.

     

    None
      of
      the Depositor, the Seller, the Certificate Registrar or the Trustee is obligated
      to register or qualify the Private 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 a
      Private Certificate shall, and does hereby agree to, indemnify the Trustee,
      the
      Seller, the Depositor and the Certificate Registrar 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.

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

     

    No
      transfer of an ERISA-Restricted Certificate in the form of a Definitive
      Certificate shall be made unless the Certificate Registrar shall have received
      either (i) a representation from the transferee of such Certificate, acceptable
      to and in form and substance satisfactory to the Certificate Registrar and
      the
      Depositor (such requirement is satisfied only by the Certificate Registrar’s
      receipt of a representation letter from the transferee substantially in the
      form
      of Exhibit I-1 or I-2, as applicable, hereto), to the effect that such
      transferee is not an employee benefit plan subject to Section 406 of ERISA
      or a
      plan or arrangement subject to Section 4975 of the Code, nor a person acting
      on
      behalf of any such plan or arrangement nor using the assets of any such plan
      or
      arrangement to effect such transfer or (ii) if such Certificate has been the
      subject of an ERISA-Qualifying Underwriting, and the purchaser is an insurance
      company, a representation that the purchaser is an insurance company which
      is
      purchasing such Certificates with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE
      95-60”)
      and
      that the purchase and holding of such Certificates are covered under Sections
      I
      and III of PTCE 95-60 or (iii) an Opinion of Counsel satisfactory to the
      Certificate Registrar, which Opinion of Counsel shall not be an expense of
      the
      Trustee, the Certificate Registrar, the Servicer, the Depositor or the Trust,
      addressed to the Certificate Registrar, to the effect that the purchase and
      holding of such ERISA-Restricted Certificate in the form of a Definitive
      Certificate will not result in a non-exempt prohibited transaction under Section
      406 of ERISA or Section 4975 of the Code and will not subject the Trustee,
      the
      Certificate Registrar, the Servicer, or the Depositor to any obligation in
      addition to those expressly undertaken in this Agreement or to any liability.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      an ERISA-Restricted Certificate in the form of a Definitive Certificate to
      an
      employee benefit plan subject to ERISA or Section 4975 of the Code without
      the
      delivery to the Certificate Registrar of an Opinion of Counsel satisfactory
      to
      the Certificate Registrar as described above shall be void and of no
      effect.

     

    In
      the
      case of an ERISA-Restricted Certificate that is a Book-Entry Certificate, for
      purposes of clauses (i) or (ii) of the first sentence of the preceding
      paragraph, such representations shall be deemed to have been made to the
      Certificate Registrar by the transferee’s acceptance of such ERISA-Restricted
      Certificate that is also a Book-Entry Certificate (or the acceptance by a
      Certificate Owner of the beneficial interest in such Certificate).

     

    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      none of the Trustee, the Certificate Registrar or the Depositor shall have
      any
      liability to any Person for any registration of transfer of any ERISA-Restricted
      Certificate that is in fact not permitted by this Section 6.02(d) so long as
      the
      transfer was registered by the Certificate Registrar in accordance with the
      foregoing requirements. In addition, none of the Trustee, the Certificate
      Registrar or the Depositor shall be required to monitor, determine or inquire
      as
      to compliance with the transfer restrictions with respect to any
      ERISA-Restricted Certificate in the form of a Book-Entry Certificate, and none
      of the Trustee, the Certificate Registrar or the Depositor shall have any
      liability for transfers of Book-Entry Certificates or any interests therein
      made
      in violation of the restrictions on transfer described in the Prospectus
      Supplement and this Agreement.

     

    (e) 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
      appointed the Depositor or its designee as its attorney-in-fact to negotiate
      the
      terms of any mandatory sale under clause (v) below and to execute all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale, and the rights of each Person acquiring any Ownership Interest
      in
      a Residual Certificate are expressly subject to the following
      provisions:

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

     

    (i) Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee who acquires such Ownership Interest in a
      Residual Certificate for its own account and not in the capacity as trustee,
      nominee or agent for another Person and shall promptly notify the Certificate
      Registrar and the Trustee of any change or impending change in its status as
      such a Permitted Transferee.

     

    (ii) No
      Ownership Interest in a Residual Certificate may be registered on the Closing
      Date and no Ownership Interest in a Residual Certificate may thereafter be
      transferred, and the Certificate Registrar shall not register the Transfer
      of a
      Residual Certificate unless, in addition to the certificates required to be
      delivered under subsection (d) above, the Trustee and the Certificate Registrar
      shall have been furnished with an affidavit (“Transfer
      Affidavit”)
      of the
      initial owner of such Residual Certificate or proposed transferee of a Residual
      Certificate in the form attached hereto as Exhibit L.

     

    (iii) In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Trustee and the Certificate Registrar shall as a condition
      to
      registration of the transfer, require delivery to them of a Transferor
      Certificate in the form of Exhibit K hereto from the proposed transferor to
      the
      effect that the transferor (a) has no knowledge the proposed Transferee is
      not a
      Permitted Transferee acquiring an Ownership Interest in such Residual
      Certificate for its own account and not in a capacity as trustee, nominee,
      or
      agent for another Person, and (b) has not undertaken the proposed transfer
      in
      whole or in part to impede the assessment or collection of tax.

     

    (iv) Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of such Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of Transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. None of the Trustee, the Certificate Registrar or the Depositor
      shall have any liability to any Person for any registration of Transfer of
      a
      Residual Certificate that is in fact not permitted by this Section so long
      as
      the Trustee and the Certificate Registrar received the documents specified
      in
      clause (iii). The Certificate Registrar shall be entitled to recover from any
      Holder of such Residual Certificate that was in fact not a Permitted Transferee
      at the time such distributions were made all distributions made on such Residual
      Certificate. Any such distributions so recovered by the Certificate Registrar
      shall be distributed and delivered by the Certificate Registrar to the last
      Holder of such Residual Certificate that is a Permitted Transferee.

     

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

     

    (v) If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee shall have the right but not the obligation, without notice to the
      Holder of such Residual Certificate or any other Person having an Ownership
      Interest therein, to notify the Depositor to arrange for the sale of such
      Residual Certificate. The proceeds of such sale, net of commissions (which
      may
      include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the
      Certificate Registrar to the previous Holder of such Residual Certificate that
      is a Permitted Transferee, except that in the event that the Certificate
      Registrar determines that the Holder of such Residual Certificate may be liable
      for any amount due under this Section or any other provisions of this Agreement,
      the Certificate Registrar may withhold a corresponding amount from such
      remittance as security for such claim. The terms and conditions of any sale
      under this clause (v) shall be determined in the sole discretion of the Trustee
      and the Certificate Registrar and they shall not be liable to any Person having
      an Ownership Interest in such Residual Certificate as a result of its exercise
      of such discretion.

     

    (vi) If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee upon receipt of reasonable compensation will provide to the Internal
      Revenue Service, and to the persons specified in Sections 860E(e)(3) and (6)
      of
      the Code, information needed to compute the tax imposed under Section 860E(e)(5)
      of the Code on transfers of residual interests to disqualified
      organizations.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Certificate
      Registrar and the Servicer, in form and substance satisfactory to the
      Certificate Registrar, (i) written notification from each Rating Agency that
      the
      removal of the restrictions on Transfer set forth in this Section will not
      cause
      such Rating Agency to downgrade its ratings of the Certificates (determined
      in
      the case of the Insured Certificates, without giving effect to the Financial
      Guaranty Insurance Policy) and (ii) an Opinion of Counsel to the effect that
      such removal will not cause the REMIC created hereunder to fail to qualify
      as a
      REMIC.

     

    (f) Notwithstanding
      any provision to the contrary herein, so long as a Restricted Global Security
      or
      Regulation S Global Security, as applicable, representing the Certificates
      remains outstanding and is held by or on behalf of the Depository, transfers
      of
      a Restricted Global Security or Regulation S Global Security, as applicable,
      representing the Certificates, in whole or in part, shall only be made in
      accordance with Section 6.01 and this Section 6.02(f).

     

    (i) Subject
      to clauses (ii) and (iii) of this Section 6.02(f), transfers of a Restricted
      Global Security or Regulation S Global Security, as applicable, representing
      the
      Certificates shall be limited to transfers of such a Restricted Global Security
      or Regulation S Global Security, as applicable, in whole, but not in part,
      to
      nominees of the Depository or to a successor of the Depository or such
      successor’s nominee.

     

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

     

    (ii) Restricted
      Global Security to Regulation S Global Security.
      If a
      holder of a beneficial interest in a Restricted Global Security deposited with
      or on behalf of the Depository wishes at any time to exchange its interest
      in
      such Restricted Global Security for an interest in a Regulation S Global
      Security, or to transfer its interest in such Restricted Global Security to
      a
      Person who wishes to take delivery thereof in the form of an interest in a
      Regulation S Global Security, such holder, provided such holder is not a U.S.
      Person, may, subject to the rules and procedures of the Depository, exchange
      or
      cause the exchange of such interest for an equivalent beneficial interest in
      the
      Regulation S Global Security. Upon receipt by the Trustee, as Certificate
      Registrar, of (A) instructions from the Depository directing the Trustee, as
      Certificate Registrar, to cause to be credited a beneficial interest in a
      Regulation S Global Security in an amount equal to the beneficial interest
      in
      such Restricted Global Security to be exchanged but not less than the minimum
      denomination applicable to such Certificateholders’ held through a Regulation S
      Global Security, (B) a written order given in accordance with the Depository’s
      procedures containing information regarding the participant account of the
      Depository and, in the case of a transfer pursuant to and in accordance with
      Regulation S, the Euroclear or Clearstream account to be credited with such
      increase and (C) a certificate in the form of Exhibit N-1 hereto given by the
      holder of such beneficial interest stating that the exchange or transfer of
      such
      interest has been made in compliance with the transfer restrictions applicable
      to the Global Securities, including that the holder is not a U.S. Person and
      pursuant to and in accordance with Regulation S, the Trustee, as Certificate
      Registrar, shall reduce the principal amount of the Restricted Global Security
      and increase the principal amount of the Regulation S Global Security by the
      aggregate principal amount of the beneficial interest in the Restricted Global
      Security to be exchanged, and shall instruct Euroclear or Clearstream, as
      applicable, concurrently with such reduction, to credit or cause to be credited
      to the account of the Person specified in such instructions a beneficial
      interest in the Regulation S Global Security equal to the reduction in the
      principal amount of the Restricted Global Security.

     

    (iii) Regulation
      S Global Security to Restricted Global Security.
      If a
      holder of a beneficial interest in a Regulation S Global Security deposited
      with
      or on behalf of the Depository wishes at any time to transfer its interest
      in
      such Regulation S Global Security to a Person who wishes to take delivery
      thereof in the form of an interest in a Restricted Global Security, such holder
      may, subject to the rules and procedures of the Depository, exchange or cause
      the exchange of such interest for an equivalent beneficial interest in a
      Restricted Global Security. Upon receipt by the Trustee, as Certificate
      Registrar, of (A) instructions from the Depository directing the Trustee, as
      Certificate Registrar, to cause to be credited a beneficial interest in a
      Restricted Global Security in an amount equal to the beneficial interest in
      such
      Regulation S Global Security to be exchanged but not less than the minimum
      denomination applicable to such Certificateholder’s Certificates held through a
      Restricted Global Security, to be exchanged, such instructions to contain
      information regarding the participant account with the Depository to be credited
      with such increase, and (B) a certificate in the form of Exhibit N-2 hereto
      given by the holder of such beneficial interest and stating, among other things,
      that the Person transferring such interest in such Regulation S Global Security
      reasonably believes that the Person acquiring such interest in a Restricted
      Global Security is a qualified institutional buyer within the meaning of Rule
      144A, is obtaining such beneficial interest in a transaction meeting the
      requirements of Rule 144A and in accordance with any applicable securities
      laws
      of any State of the United States or any other jurisdiction, then the Trustee,
      as Certificate Registrar, will reduce the principal amount of the Regulation
      S
      Global Security and increase the principal amount of the Restricted Global
      Security by the aggregate principal amount of the beneficial interest in the
      Regulation S Global Security to be transferred and the Trustee, as Certificate
      Registrar, shall instruct the Depository, concurrently with such reduction,
      to
      credit or cause to be credited to the account of the Person specified in such
      instructions a beneficial interest in the Restricted Global Security equal
      to
      the reduction in the principal amount of the Regulation S Global
      Security.

     

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

    

     

    (iv) Other
      Exchanges.
      In the
      event that a Restricted Global Security or Regulation S Global Security, as
      applicable, is exchanged for Certificates in definitive registered form without
      interest coupons, such Certificates may be exchanged for one another only in
      accordance with such procedures as are substantially consistent with the
      provisions above (including certification requirements intended to insure that
      such transfers comply with Rule 144A or are to non-U.S. Persons, or otherwise
      comply with Regulation S under the Securities Act, as the case may be, and
      as
      may be from time to time adopted by the Depositor and the Trustee.

     

    (v) Restrictions
      on U.S. Transfers.
      Transfers of interests in the Regulation S Global Security to U.S. persons
      (as
      defined in Regulation S) shall be limited to transfers made pursuant to the
      provisions of Section 6.02(f)(iii).

     

    (g) No
      service charge shall be made for any registration of transfer or exchange of
      Certificates of any Class, but the Certificate Registrar 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.

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      cancelled by the Certificate Registrar and disposed of pursuant to its standard
      procedures.

     

    SECTION
      6.03. Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (i)
      any mutilated Certificate is surrendered to the Trustee or the Certificate
      Registrar or the Trustee or the Certificate Registrar receives evidence to
      its
      satisfaction of the destruction, loss or theft of any Certificate and (ii)
      there
      is delivered to the Trustee and the Depositor (and with respect to the Insured
      Certificates, the Certificate Insurer) such security or indemnity as may be
      required by them to save each of them harmless, then, in the absence of notice
      to the Trustee, the Depositor or the Certificate Registrar (and, with respect
      to
      the Insured Certificates, the Certificate Insurer) that such Certificate has
      been acquired by a bona fide purchaser, the Trustee shall execute on behalf
      of
      the Trust and the Certificate Registrar shall authenticate and deliver, in
      exchange for or in lieu of any such mutilated, destroyed, lost or stolen
      Certificate, a new Certificate of like tenor and Percentage Interest. Upon
      the
      issuance of any new Certificate under this Section, the Trustee, the Depositor
      or the Certificate Registrar may require the payment of a sum sufficient to
      cover any tax or other governmental charge that may be imposed in relation
      thereto and any other expenses (including the fees and expenses of the Trustee,
      the Depositor and the Certificate Registrar) in connection therewith. Any
      duplicate Certificate issued pursuant to this Section, shall constitute complete
      and indefeasible evidence of ownership in the Trust Fund, as if originally
      issued, whether or not the lost, stolen or destroyed Certificate shall be found
      at any time.

     

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

     

    SECTION
      6.04. Persons
      Deemed Owners.

     

    The
      Depositor, the Trustee, the Certificate Registrar, the Certificate Insurer
      (with
      respect to the Insured Certificates) and any agent of the Depositor, the
      Trustee, Certificate Registrar or Certificate Insurer may treat the Person,
      including a Depository, in whose name any Certificate is registered as the
      owner
      of such Certificate for the purpose of receiving distributions pursuant to
      Section 5.01 hereof and for all other purposes whatsoever, and none of the
      Trust, the Depositor, the Trustee, the Certificate Registrar, the Certificate
      Insurer or any agent of any of them shall be affected by notice to the
      contrary.

     

    ARTICLE
      VII

     

    DEFAULT

     

    SECTION
      7.01. Events
      of Default. 

     

    If
      an
      Event of Default described in a Servicing Agreement shall occur and be
      continuing, then, and in each and every such case, so long as an Event of
      Default shall not have been remedied within the applicable grace period, the
      Trustee may, and at the written direction of the Holders of Certificates
      evidencing Voting Rights aggregating not less than 51%, shall, by notice then
      given in writing to the Servicer, terminate all of the rights and obligations
      of
      the Servicer as servicer under this Agreement. Any such notice to the Servicer
      shall also be given to the Rating Agencies, the Depositor, the Certificate
      Insurer and the Seller. The Trustee, upon a Responsible Officer having actual
      knowledge of such default, shall deliver a written notice to the Servicer of
      the
      Event of Default on any Servicer Remittance Date on which the Servicer fails
      to
      make any deposit or payment required pursuant to the Servicing Agreement
      (including but not limited to Advances to the extent required pursuant to the
      Servicing Agreement). Pursuant to the Servicing Agreement, on or after the
      receipt by the Servicer (and by the Trustee if such notice is given by the
      Certificate Insurer or the Holders) of such written notice, all authority and
      power of the Servicer under the Servicing Agreement, with respect to the
      Mortgage Loans or otherwise, shall pass to and be vested in the Trustee and
      the
      Trustee is hereby authorized and empowered to execute and deliver, on behalf
      of
      the Servicer, as attorney-in-fact or otherwise, any and all documents and other
      instruments, and to do or accomplish all other acts or things necessary or
      appropriate to effect the purposes of such notice of termination, whether to
      complete the transfer and endorsement of each Mortgage Loan and related
      documents or otherwise. 

     

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

     

    SECTION
      7.02. Trustee
      to Act.

     

    (a) From
      and
      after the date the Servicer (and the Trustee, if notice is sent by the
      Certificate Insurer or the Holders) receives a notice of termination pursuant
      to
      Section 7.01, the Trustee immediately shall be the successor in all respects
      to
      the Servicer in its capacity as servicer under the Servicing Agreement and
      the
      transactions set forth or provided for herein and shall be subject to all the
      responsibilities, duties and liabilities relating thereto placed on the Servicer
      by the terms and provisions hereof arising on and after its succession,
      including the immediate obligation to make Advances. As compensation therefor,
      the Trustee shall be entitled to such compensation as the Servicer would have
      been entitled to under the Servicing Agreement if no such notice of termination
      had been given. Notwithstanding the above, (i) if the Trustee is unwilling
      to
      act as successor Servicer or (ii) if the Trustee is legally unable so to act,
      the Trustee shall appoint or petition a court of competent jurisdiction to
      appoint, any established housing and home finance institution, bank or other
      mortgage loan or home equity loan servicer having a net worth of not less than
      $15,000,000 as the successor to the Servicer under the Servicing Agreement
      in
      the assumption of all or any part of the responsibilities, duties or liabilities
      of the Servicer under the Servicing Agreement; provided,
      that
      the
      appointment of any such successor Servicer shall not result in the
      qualification, reduction or withdrawal of the ratings assigned to the
      Certificates by each Rating Agency as evidenced by a letter to such effect
      from
      such Rating Agency. Pending appointment of a successor to the Servicer under
      the
      Servicing Agreement, unless the Trustee is prohibited by law from so acting,
      the
      Trustee shall act in such capacity as hereinabove provided. In connection with
      such appointment and assumption, the successor shall be entitled to receive
      compensation out of payments on Mortgage Loans in an amount equal to the
      compensation which the Servicer would otherwise have received hereunder. Except
      with respect to the making of Advances the defaulting Servicer was required
      to
      make but did not make, the successor Servicer, including the Trustee in such
      capacity, shall not be liable for any acts or omissions of the predecessor
      Servicer or for any breach by such Servicer of any of its representations or
      warranties made by it in the Servicing Agreement or in any related document
      or
      agreement. The Trustee and such successor shall take such action, consistent
      with this Agreement, as shall be necessary to effectuate any such succession.
      

     

    (b) Any
      successor, including the Trustee, to the Servicer under the Servicing Agreement
      shall during the term of its service as Servicer continue to service and
      administer the Mortgage Loans for the benefit of Certificateholders pursuant
      to
      the terms and conditions of the Servicing Agreement, and maintain in force
      a
      policy or policies of insurance covering errors and omissions in the performance
      of its obligations as Servicer under the Servicing Agreement.

     

    (c) Notwithstanding
      anything else herein to the contrary, in no event shall the Trustee 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.

     

    (d) The
      Trustee shall be entitled to be reimbursed by the Trust Fund (pursuant to
      Section 4.03(a)(xii)), in the event that the Servicer does not reimburse the
      Trustee under the Servicing Agreement, for all costs associated with the
      transfer of servicing from the predecessor Servicer, including, without
      limitation, any costs or expenses associated with the termination of the
      predecessor Servicer, the appointment of a successor servicer, the complete
      transfer of all servicing data and the completion, correction or manipulation
      of
      such servicing data as may be required by the Trustee or any successor servicer
      to correct any errors or insufficiencies in the servicing data or otherwise
      to
      enable the Trustee or successor servicer to service the Mortgage Loans property
      and effectively.

     

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

    

     

    SECTION
      7.03. Waiver
      of Event of Default.

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders, by notice
      in writing to the Trustee, direct the Trustee to waive any events permitting
      removal of the Servicer under this Agreement, provided,
      however,
      that
      the Majority Certificateholders may not waive an event that results in a failure
      to make any required distribution on a Certificate without the consent of the
      Holder of such Certificate. Upon any waiver of an Event of Default, such event
      shall cease to exist and any Event of Default arising therefrom shall be deemed
      to have been remedied for every purpose of this Agreement. No such waiver shall
      extend to any subsequent or other event or impair any right consequent thereto
      except to the extent expressly so waived. Notice of any such waiver shall be
      given by the Trustee to the Rating Agencies and the Certificate
      Insurer.

     

    SECTION
      7.04. Notification
      to Certificateholders.

     

    (a) Upon
      any
      termination or appointment of a successor to the Servicer pursuant to this
      Article VII, the Trustee shall give prompt written notice thereof to the
      Certificate Insurer, the Certificateholders and each Rating Agency.

     

    (b) No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute an Event of Default of
      which
      a Responsible Officer of the Trustee becomes aware of the occurrence of such
      an
      event, the Trustee shall transmit by mail to the Certificate Insurer and all
      Certificateholders notice of such occurrence unless such Event of Default shall
      have been waived or cured.

     

    ARTICLE
      VIII

     

    THE
      TRUSTEE 

     

    SECTION
      8.01. Duties
      of the Trustee

     

    (a) The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      or
      waiver of all Events of Default which may have occurred, undertakes to perform
      such duties and only such duties as are specifically set forth in this
      Agreement. If an Event of Default has occurred (which has not been cured or
      waived) of which a Responsible Officer has actual knowledge, the Trustee shall
      exercise such of the rights and powers vested in it by this Agreement, and
      use
      the same degree of care and skill in their exercise, as a prudent man would
      exercise or use under the circumstances in the conduct of his own
      affairs.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee, which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform to the
      requirements of this Agreement; provided,
      however,
      that
      the Trustee will not be responsible for the accuracy or content of any such
      resolutions, certificates, statements, opinions, reports, documents or other
      instruments. If any such instrument is found not to conform to the requirements
      of this Agreement in a material manner, the Trustee shall take such action
      as it
      deems appropriate to have the instrument corrected.

     

    
      
        
        

      

      
        107

        
          

        

      

      
        
        

      

    

     

    On
      each
      Distribution Date, the Trustee, shall make monthly distributions and the final
      distribution to the Certificateholders from funds in the Distribution Account
      as
      provided in Sections 5.01 and 10.01 herein.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act or
      its
      own willful misconduct; provided,
      however,
      that:

     

    (i) prior
      to
      the occurrence of an Event of Default, and after the curing of all such Events
      of Default which may have occurred, the duties and obligations of the Trustee
      shall be determined solely by the express provisions of this Agreement, the
      Trustee shall not be liable except for the performance of such duties and
      obligations as are specifically set forth in this Agreement, no implied
      covenants or obligations shall be read into this Agreement against the Trustee
      and, in the absence of bad faith on the part of the Trustee, the Trustee may
      conclusively rely, as to the truth of the statements and the correctness of
      the
      opinions expressed therein, upon any certificates or opinions furnished to
      the
      Trustee and conforming to the requirements of this Agreement;

     

    (ii) the
      Trustee shall not be liable for an error of judgment made in good faith by
      a
      Responsible Officer of the Trustee unless it shall be proved that the Trustee
      was negligent in ascertaining or investigating the facts related
      thereto;

     

    (iii) the
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      consent or at the direction of Holders of Certificates as provided herein
      relating to the time, method and place of conducting any remedy pursuant to
      this
      Agreement, or exercising or omitting to exercise any trust or power conferred
      upon the Trustee under this Agreement;

     

    (iv) the
      Trustee shall not be responsible for any act or omission of the Servicer (except
      in its capacity as successor servicer to the extent provided in Section
      7.02(a)), the Depositor, the Seller or the Custodian, or any successor
      Custodian; and

     

    (v) the
      Trustee shall not be charged with knowledge of any Event of Default unless
      a
      Responsible Officer of the Trustee at the Corporate Trust Office obtains actual
      knowledge of such failure or the Trustee receives written notice at the
      Corporate Trust Office of such Event of Default.

     

    The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial or other liability in the performance of any of its duties hereunder,
      or in the exercise of any of its rights or powers, if there is reasonable ground
      for believing that the repayment of such funds or indemnity satisfactory to
      it
      against such risk or liability is not assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to perform,
      or be responsible for the manner of performance of, any of the obligations
      of
      the Servicer under the Servicing Agreement, except during such time, if any,
      as
      the Trustee shall be the successor to, and be vested with the rights, duties,
      powers and privileges of, the Servicer in accordance with the terms of the
      Servicing Agreement.

     

    
      
        
        

      

      
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    (b) On
      or
      prior to the Closing Date, the Trustee shall deliver to the Sponsor and the
      Depositor a certification in the form of Exhibit R attached hereto specifying
      the items it will address in its assessment of compliance with the servicing
      criteria under this Section 8.01. On or before March 1 of each calendar year,
      beginning with March 1, 2007 (but in no event later than March 15th)
      unless
      and until a Form 15 Suspension Notice has been filed by the Trustee, the Trustee
      shall deliver to the Sponsor and the Depositor a report regarding its assessment
      of compliance with the servicing criteria that it has identified in its
      certification in the form of Exhibit R, as of and for the period ending the
      end
      of the fiscal year ending no later than December 31 of the year prior to the
      year of delivery of the report, with respect to asset-backed security
      transactions taken as a whole in which the Trustee is performing any activities
      that address any of the servicing criteria identified by it in such
      certification and that are backed by the same asset type backing such
      asset-backed securities. Each such report shall include (a) a statement of
      the
      party’s responsibility for assessing compliance with the servicing criteria
      applicable to such party, (b) a statement that such party used the criteria
      identified in Item 1122(d) of Regulation AB (Sec. 229.1122(d)) to assess
      compliance with the applicable servicing criteria, (c) disclosure of any
      material instance of noncompliance identified by such party and (d) a statement
      that a registered public accounting firm has issued an attestation report on
      such party’s assessment of compliance with the applicable servicing criteria,
      which report shall be delivered by the Trustee as provided in section 8.01(c).
      

     

    (c) On
      or
      before March 1st of each calendar year, beginning with March 1, 2007 (but in
      no
      event later than March 15th)
      unless
      and until a Form 15 Suspension Notice has been filed by the Trustee, the Trustee
      shall, at its own expense, cause a firm of independent public accountants (who
      may also render other services to Trustee), which is a member of the American
      Institute of Certified Public Accountants, to furnish to the Sponsor and the
      Depositor a report to the effect that such firm that attests to, and reports
      on,
      the assessment made by such asserting party pursuant to Section 8.01(b) above,
      which report shall be made in accordance with standards for attestation
      engagements issued or adopted by the Public Company Accounting Oversight Board.
      Notwithstanding the foregoing, the Trustee may provide a copy of the above
      to
      the Depositor.

     

    (d) The
      Trustee shall not appoint any Subcontractor without receiving the prior written
      consent of the Sponsor and the Depositor to appoint any Subcontractor, which
      consent shall not be unreasonably withheld. If the Trustee appoints a
      Subcontractor without receiving such prior written consent, the Trustee shall
      be
      deemed to be in breach of this Agreement and may be removed by the
      Depositor.

     

    (e) The
      Trustee shall notify the Depositor and the Sponsor within five (5) days of
      knowledge thereof (i) of any legal proceedings pending against the Trustee
      of
      the type described in Item 1117 (Sec. 229.1117) of Regulation AB, (ii) of any
      merger, consolidation or sale of substantially all of the assets of the Trustee
      and (iii) if the Trustee shall become (but only to the extent not previously
      disclosed) at any time an affiliate of any of the parties listed on Exhibit
      S.
      On or before March 1 of each year, the Depositor shall distribute the
      information on Exhibit S to the Trustee.

     

    (f) Each
      of
      the parties hereto acknowledges and agrees that the purpose of this Section
      8.01(b)-(e) is to facilitate compliance by the Seller and the Depositor with
      the
      provisions of Regulation AB, as such may be amended or clarified from time
      to
      time. Therefore, each of the parties agrees that 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 the
      parties shall comply, to the extent practicable from a timing and information
      systems perspective, with requests made by the Seller or the Depositor for
      delivery of additional or different information as the Sponsor or the Depositor
      may determine in good faith is necessary to comply with the provisions of
      Regulation AB.

     

    
      
        
        

      

      
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    (g) The
      Trustee’s obligation to provide assessments of compliance and attestations under
      this Section 8.01 shall terminate upon the filing of a Form 15 suspension notice
      on behalf of the Trust Fund. Notwithstanding the foregoing, after the occurrence
      of such event, and provided the Depositor is not otherwise provided with such
      reports or copies of such reports, the Trustee shall be obligated to provide
      a
      copy of such reports, by March 15 of each year, to the Depositor.

     

    SECTION
      8.02. Certain
      Matters Affecting the Trustee

     

    Except
      as
      otherwise provided in Section 8.01 hereof:

     

    (i) the
      Trustee may request and conclusively rely upon, and shall be fully protected
      in
      acting or refraining from acting upon, any resolution, Officers’ Certificate,
      certificate of auditors or any other certificate, statement, instrument,
      opinion, report, notice, request, consent, order, appraisal, bond or other
      paper
      or document reasonably believed by it to be genuine and to have been signed
      or
      presented by the proper party or parties, and the manner of obtaining consents
      and of evidencing the authorization of the execution thereof by
      Certificateholders shall be subject to such reasonable regulations as the
      Trustee may prescribe;

     

    (ii) the
      Trustee may consult with counsel and any advice of its 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) the
      Trustee shall not be under any obligation to exercise any of the rights or
      powers vested in it by this Agreement, or to institute, conduct or defend any
      litigation hereunder or in relation hereto, at the request, order or direction
      of any of the Certificateholders, pursuant to the provisions of this Agreement,
      unless such Certificateholders shall have offered to the Trustee reasonable
      security or indemnity satisfactory to it against the costs, expenses and
      liabilities which may be incurred therein or thereby; the right of the Trustee
      to perform any discretionary act enumerated in this Agreement shall not be
      construed as a duty, and the Trustee shall not be answerable for other than
      its
      negligence or willful misconduct in the performance of any such
      act;

     

    (iv) the
      Trustee shall not be personally liable for any action taken, suffered or omitted
      by it in good faith and believed by it to be authorized or within the discretion
      or rights or powers conferred upon it by this Agreement;

     

    
      
        
        

      

      
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    (v) prior
      to
      the occurrence of an Event of Default and after the curing or waiver of all
      Events of Default which may have occurred, the Trustee shall be bound to make
      any investigation into the facts or matters stated in any resolution,
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, approval, bond or other paper or documents, unless requested in writing
      to do so by the Majority Certificateholder; provided,
      however,
      that if
      the payment within a reasonable time to the Trustee of the costs, expenses
      or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee not reasonably assured to the Trustee by the
      security afforded to it by the terms of this Agreement, the Trustee may require
      reasonable indemnity against such cost, expense or liability as a condition
      to
      such proceeding; 

     

    (vi) the
      Trustee shall not be accountable, shall have no liability and makes no
      representation as to any acts or omissions hereunder of the Servicer until
      such
      time as the Trustee may be required to act as the Servicer pursuant to Section
      7.02 hereof and thereupon only for the acts or omissions of the Trustee as
      a
      successor Servicer;

     

    (vii) the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, nominees, attorneys or a
      custodian, and shall not be responsible for any willful misconduct or negligence
      on the part of any agent, nominee, attorney or custodian appointed by the
      Trustee in good faith; and

     

    (viii) the
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be answerable for
      other than its negligence or willful misconduct in the performance of such
      act.

     

    SECTION
      8.03. Trustee
      Not Liable for Certificates or Mortgage Loans.

     

    The
      recitals contained herein and in the Certificates (other than the authentication
      and countersignature on the Certificates) shall be taken as the statements
      of
      the Seller, and the Trustee assumes no responsibility for the correctness of
      the
      same. The Trustee makes no representation or warranty as to the validity or
      sufficiency of this Agreement or of the Certificates (other than the signature
      and countersignature on the Certificates) or of any Mortgage Loan or related
      document or of MERS or the MERS System. The Trustee shall not at any time have
      any responsibility or liability for or with respect to the legality, validity
      and enforceability of the Financial Guaranty Insurance Policy, any Mortgage
      or
      any Mortgage Loan, or the perfection and priority of any Mortgage or the
      maintenance of any such perfection and priority, or for or with respect to
      the
      sufficiency of the Trust or the ability to generate the payments to be
      distributed to Certificateholders under this Agreement, including, without
      limitation: the existence, condition and ownership of any Mortgaged Property;
      the existence and enforceability of any hazard insurance thereon (other than
      if
      the Trustee shall assume the duties of the Servicer pursuant to Section 7.02
      hereof); the validity of the assignment of any Mortgage Loan to the Trustee
      or
      of any intervening assignment; the completeness of any Mortgage Loan; the
      performance or enforcement of any Mortgage Loan (other than if the Trustee
      shall
      assume the duties of the Servicer pursuant to Section 7.02 hereof); the
      compliance by the Depositor or the Seller with any warranty or representation
      made under this Agreement or in any related document or the accuracy of any
      such
      warranty or representation prior to the Trustee’s receipt of notice or other
      discovery of any non-compliance therewith or any breach thereof; the acts or
      omissions of the Servicer (other than if the Trustee shall assume the duties
      of
      the Servicer pursuant to Section 7.02 hereof, and then only for the acts or
      omissions of the Trustee as the successor Servicer), any Mortgagor; or any
      action by the Trustee taken at the instruction of the Servicer (other than
      if
      the Trustee shall assume the duties of the Servicer pursuant to Section 7.02
      hereof, and then only for the actions of the Trustee as the successor Servicer);
      provided,
      however,
      that
      the foregoing shall not relieve the Trustee of its obligation to perform its
      duties under this Agreement, including, without limitation, the Trustee’s duty
      to review the Mortgage Files, if so required pursuant to Section 2.01 of this
      Agreement. 

     

    
      
        
        

      

      
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    SECTION
      8.04. Trustee
      and Custodian May Own Certificates.

     

    The
      Trustee, and the Custodian in their respective individual capacities, or in
      any
      capacity other than as Trustee, or Custodian, hereunder, may become the owner
      or
      pledgee of any Certificates with the same rights as they would have if they
      were
      not Trustee or Custodian, as applicable, and may otherwise deal with the parties
      hereto.

     

    SECTION
      8.05. Trustee’s
      Fees and Expenses.

     

    The
      Trustee shall be compensated by the Trustee Fee as compensation for its services
      hereunder. In addition, the Trustee will be entitled to recover from the
      Distribution Account pursuant to Section 4.03(a) all reasonable out-of-pocket
      expenses, disbursements and advances, including without limitation, in
      connection with any filing that the Trustee is required to make under Section
      3.06 hereof, any Event of Default, any breach of this Agreement or any claim
      or
      legal action (including any pending or threatened claim or legal action)
      incurred or made by the Trustee in the performance of its duties or the
      administration of the trusts hereunder (including, but not limited to, the
      performance of its duties under Section 2.03 hereof) or under the Financial
      Guaranty Insurance Policy (including the reasonable compensation, expenses
      and
      disbursements of its counsel) except any such expense, disbursement or advance
      as may arise from its negligence or intentional misconduct or which is
      specifically designated herein as the responsibility of the Depositor, the
      Seller, or the Certificateholders hereunder. If funds in the Distribution
      Account are insufficient therefor, the Trustee shall recover such expenses
      from
      future collections on the Mortgage Loans or as otherwise agreed by the
      Certificateholders. Such compensation and reimbursement obligation shall not
      be
      limited by any provision of law in regard to the compensation of a trustee
      of an
      express trust. 

     

    SECTION
      8.06. Eligibility
      Requirements for Trustee

     

    The
      Trustee hereunder shall each at all times be an entity duly organized and
      validly existing under the laws of the United States of America or any state
      thereof, authorized under such laws to exercise corporate trust powers, and
      shall each have a combined capital and surplus of at least $50,000,000, a
      minimum long-term debt rating in the third highest rating category by each
      Rating Agency, a minimum short-term debt rating in the second highest rating
      category by each Rating Agency, and shall each be subject to supervision or
      examination by federal or state authority. If such entity publishes reports
      of
      condition at least annually, pursuant to law or to the requirements of the
      aforesaid supervising or examining authority, then for the purposes of this
      Section 8.06, the combined capital and surplus of such entity shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. The principal office of the Trustee (other than the
      initial Trustee) shall be in a state with respect to which an Opinion of Counsel
      has been delivered to such Trustee at the time such Trustee is appointed Trustee
      to the effect that the Trust will not be a taxable entity under the laws of
      such
      state. In case at any time the Trustee shall cease to be eligible in accordance
      with the provisions of this Section 8.06, the Trustee shall resign immediately
      in the manner and with the effect specified in Section 8.07 hereof.

     

    
      
        
        

      

      
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    SECTION
      8.07. Resignation
      or Removal of Trustee 

     

    The
      Trustee (including the Trustee as Certificate Registrar) may at any time resign
      and be discharged from the trust hereby created by giving written notice thereof
      to the Trustee, the Depositor, the Seller, the Certificate Insurer and the
      Rating Agencies. Upon receiving such notice of resignation of the Trustee,
      the
      Depositor shall promptly appoint a successor Trustee that meets the requirements
      in Section 8.06 by written instrument, in duplicate, one copy of which
      instrument shall be delivered to the resigning Trustee and one copy to the
      successor Trustee. If no successor Trustee shall have been so appointed and
      having accepted appointment within 30 days after the giving of such notice
      of
      resignation, the resigning Trustee may petition any court of competent
      jurisdiction for the appointment of a successor Trustee.

     

    If
      at any
      time the Trustee (a) shall cease to be eligible in accordance with the
      provisions of Section 8.06 hereof, (b) shall be legally unable to act, or shall
      be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its
      property shall be appointed, or any public officer shall take charge or control
      of the Trustee or of its property or affairs for the purpose of rehabilitation,
      conservation or liquidation or (c) shall fail to deliver to the Depositor and
      the Sponsor the information, attestations or reports required pursuant to
      Section 8.01(b) through (d) hereto, then the Depositor may remove the Trustee.
      If the Depositor removes the Trustee under the authority of the immediately
      preceding sentence, the Depositor shall promptly appoint a successor Trustee
      that meets the requirements of Section 8.06, by written instrument, in
      triplicate, one copy of which instrument shall be delivered to the Trustee
      so
      removed, and one copy to the successor Trustee and one copy to the Certificate
      Insurer.

     

    The
      Majority Certificateholders may at any time remove the Trustee by written
      instrument or instruments delivered to the Depositor and the Trustee; the
      Depositor or the Trustee shall thereupon use its best efforts to appoint a
      successor Trustee in accordance with this Section.

     

    Any
      resignation or removal of the Trustee and appointment of a successor Trustee
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee as provided
      in Section 8.08 hereof. As long as the Financial Guaranty Insurance Policy
      is in
      effect, the Trustee will send a written notice to the Certificate Insurer of
      any
      such resignation, removal or appointment.

     

    
      
        
        

      

      
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    SECTION
      8.08. Successor
      Trustee 

     

    Any
      successor Trustee appointed as provided in Section 8.07 hereof shall execute,
      acknowledge and deliver to the Depositor and the Seller and to its predecessor
      Trustee (i) an instrument accepting such appointment hereunder and (ii) the
      certification required pursuant to the first sentence of Section 8.02(b) hereof,
      and thereupon the resignation or removal of the predecessor Trustee shall become
      effective, and such successor Trustee without any further act, deed or
      conveyance, shall become fully vested with all the rights, powers, duties and
      obligations of its predecessor hereunder, with like effect as if originally
      named as Trustee. The Depositor, the Seller, and the predecessor Trustee shall
      execute and deliver such instruments and do such other things as may reasonably
      be required for fully and certainly vesting and confirming in the successor
      Trustee, as applicable, all such rights, powers, duties and
      obligations.

     

    No
      successor Trustee shall accept appointment as provided in this Section 8.08
      unless at the time of such acceptance such successor Trustee shall be eligible
      under the provisions of Section 8.06 hereof and the appointment of such
      successor Trustee shall not result in a downgrading of the Senior Certificates
      by each Rating Agency, as evidenced by a letter from such Rating
      Agency.

     

    Upon
      acceptance of appointment by a successor Trustee as provided in this Section
      8.08, the successor Trustee shall mail notice of such appointment hereunder
      to
      all Holders of Certificates at their addresses as shown in the Certificate
      Register, to the Certificate Insurer and to each Rating Agency.

     

    SECTION
      8.09. Merger
      or Consolidation of Trustee

     

    Any
      entity into which the Trustee may be merged or converted or with which it may
      be
      consolidated, or any entity resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any entity succeeding
      to
      all or substantially all of the business of the Trustee shall be the successor
      of the Trustee hereunder, provided such entity shall be eligible under the
      provisions of Section 8.06 and 8.08 hereof, without the execution or filing
      of
      any paper or any further act on the part of any of the parties hereto, anything
      herein to the contrary notwithstanding.

     

    SECTION
      8.10. Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust or
      any
      Mortgaged Property may at the time be located, the Depositor and the Trustee
      acting jointly shall have the power, and the Trustee shall, and shall instruct
      the Depositor to, at the expense of the Trust Fund, execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee to act as
      co-trustee or co-trustees, jointly with the Trustee, or separate trustee or
      separate trustees, of all or any part of the Trust, and to vest in such Person
      or Persons, in such capacity and for the benefit of the Certificateholders
      and
      the Certificate Insurer, such title to the Trust, or any part thereof, and,
      subject to the other provisions of this Section 8.10, such powers, duties,
      obligations, rights and trusts as the Depositor and 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
      8.06 hereof, and no notice to Certificateholders of the appointment of any
      co-trustee or separate trustee shall be required under Section 8.08
      hereof.

     

    
      
        
        

      

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

     

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

     

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

     

    (iii) the
      Depositor and the Trustee, acting jointly may at any time accept the resignation
      of or remove any separate trustee or co-trustee.

     

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

     

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

     

    SECTION
      8.11. Limitation
      of Liability.

     

    The
      Certificates are executed by the Trustee, not in its individual capacity but
      solely as Trustee of the Trust, in the exercise of the powers and authority
      conferred and vested in it by this Agreement. Each of the undertakings and
      agreements made on the part of the Trustee in the Certificates is made and
      intended not as a personal undertaking or agreement by the Trustee but is made
      and intended for the purpose of binding only the Trust.

     

    
      
        
        

      

      
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    SECTION
      8.12. Trustee
      May Enforce Claims Without Possession of Certificates.

     

    (a) All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates,
      subject to the provisions of this Agreement. Any recovery of judgment shall,
      after provision for the payment of the reasonable compensation, expenses,
      disbursement and advances of the Trustee, its agents and counsel, be for the
      ratable benefit or the Certificateholders in respect of which such judgment
      has
      been recovered.

     

    (b) The
      Trustee shall afford the Seller, the Depositor, the Certificate Insurer and
      each
      Certificateholder upon reasonable notice during normal business hours at its
      Corporate Trust Office or other office designated by the Trustee, access to
      all
      records maintained by the Trustee in respect of its duties hereunder and access
      to officers of the Trustee responsible for performing such duties. Upon request,
      the Trustee shall furnish the Depositor, the Certificate Insurer and any
      requesting Certificateholder with its most recent audited financial statements.
      The Trustee shall cooperate fully with the Seller, the Depositor, the
      Certificate Insurer and such Certificateholder and shall, subject to the first
      sentence of this Section 8.12(b), make available to the Seller, the Depositor,
      the Certificate Insurer and such Certificateholder for review and copying such
      books, documents or records as may be requested with respect to the Trustee’s
      duties hereunder. The Seller, the Depositor, the Certificate Insurer and the
      Certificateholders shall not have any responsibility or liability for any action
      or failure to act by the Trustee and are not obligated to supervise the
      performance of the Trustee under this Agreement or otherwise.

     

    SECTION
      8.13. Suits
      for Enforcement.

     

    In
      case
      an Event of Default or a default by the Depositor hereunder shall occur and
      be
      continuing, the Trustee may proceed to protect and enforce its rights and the
      rights of the Certificateholders under this Agreement, as the case may be,
      by a
      suit, action or proceeding in equity or at law or otherwise, whether for the
      specific performance of any covenant or agreement contained in this Agreement
      or
      in aid of the execution of any power granted in this Agreement or for the
      enforcement of any other legal, equitable or other remedy, as the Trustee,
      being
      advised by counsel, and subject to the foregoing, shall deem most effectual
      to
      protect and enforce any of the rights of the Trustee, the Certificate Insurer
      and the Certificateholders.

     

    SECTION
      8.14. Waiver
      of Bond Requirement.

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee post a bond or other surety with any court, agency
      or
      body whatsoever.

     

    
      
        
        

      

      
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    SECTION
      8.15. Waiver
      of Inventory, Accounting and Appraisal Requirement.

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee file any inventory, accounting or appraisal of the
      Trust with any court, agency or body at any time or in any manner
      whatsoever.

     

    SECTION
      8.16. Appointment
      of Custodians.

     

    The
      Trustee may, and at the direction of the Depositor shall, appoint one or more
      custodians to hold all or a portion of the related Mortgage Files as agent
      for
      the Trustee, by entering into a custodial agreement. The custodian may at any
      time be terminated and a substitute custodian appointed therefor by the Trustee.
      Subject to this Article VIII, the Trustee agrees to comply with the terms of
      each custodial agreement and to enforce the terms and provisions thereof against
      the custodian for the benefit of the Certificateholders and the Certificate
      Insurer having an interest in any Mortgage File held by such custodian. Each
      custodian shall be a depository institution or trust company subject to
      supervision by federal or state authority, shall have combined capital and
      surplus of at least $15,000,000 and shall be qualified to do business in the
      jurisdiction in which it holds any Mortgage File. The initial custodian of
      the
      Mortgage Loans shall be The Bank of New York. The Bank of New York shall be
      compensated by the Trust Fund for its services as custodian.

     

    SECTION
      8.17. Indemnification

     

    The
      Trustee and its respective directors, officers, employees and agents shall
      be
      entitled to indemnification from the Trust Fund incurred hereunder or under
      or
      with respect to any Certificate, the Custodial Agreement, the Servicing
      Agreement or under or pursuant to the Mortgage Loan Purchase Agreement, without
      negligence or willful misconduct on the Trustee’s part, arising out of, or in
      connection with, the acceptance or administration of the trusts created
      hereunder or in connection with the performance of the Trustee’s duties
      hereunder including the costs and expenses of defending themselves against
      any
      claim in connection with the exercise or performance of any of their powers
      or
      duties hereunder, provided
      that:

     

    (i) with
      respect to any such claim, the Trustee shall have given the Depositor written
      notice thereof promptly after the Trustee shall have knowledge thereof;
      and

     

    (ii) notwithstanding
      anything to the contrary in this Section 8.17, the Trust Fund shall not be
      liable for settlement of any such claim by the Trustee entered into without
      the
      prior consent of the Depositor, which consent shall not be unreasonably
      withheld.

     

    The
      provisions of this Section 8.17 shall survive any termination of this Agreement
      and the resignation or removal of the Trustee and shall be construed to include,
      but not be limited to any loss, liability or expense under any environmental
      law. 

     

    
      
        
        

      

      
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    ARTICLE
      IX

     

    REMIC
      ADMINISTRATION

     

    SECTION
      9.01. REMIC
      Administration.

     

    (a) As
      set
      forth in the Preliminary Statement to this Agreement, the Trustee shall elect
      to
      treat each REMIC created hereby as a REMIC for federal tax purposes. The Trustee
      shall sign and file such elections on Form 1066 or other appropriate federal
      tax
      or information return for the taxable year ending on the last day of the
      calendar year in which the Certificates are issued. The regular interests in
      each REMIC created hereunder and the related residual interest shall be as
      designated in the Preliminary Statement. Following the Closing Date, the Trustee
      shall apply to the Internal Revenue Service for an employer identification
      number for each REMIC created hereunder by means of a Form SS-4 or other
      acceptable method and shall file a Form 8811 with the Internal Revenue
      Service.

     

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each REMIC created
      hereunder within the meaning of section 860G(a)(9) of the Code. The latest
      possible maturity date for purposes of Treasury Regulation 1.860G-1(a)(4) will
      be the Latest Possible Maturity Date.

     

    (c) Except
      as
      provided in subsection (d) of this Section 9.01, the Seller shall pay any and
      all tax related expenses (not including taxes) of each REMIC created hereunder,
      including but not limited to any professional fees or expenses related to audits
      or any administrative or judicial proceedings with respect to any such REMIC
      that involve the Internal Revenue Service or state tax authorities, but only
      to
      the extent that (i) such expenses are ordinary or routine expenses, including
      expenses of a routine audit but not expenses of litigation (except as described
      in (ii)); or (ii) such expenses or liabilities (including taxes and penalties)
      are attributable to the negligence or willful misconduct of the Trustee in
      fulfilling its respective duties hereunder (including the Trustee’s duties as
      tax return preparer).

     

    (d) The
      Trustee shall prepare and file, and the Trustee shall sign all of the federal
      and state tax and information returns of each REMIC created hereunder
      (collectively, the “Tax
      Returns”)
      as the
      direct representative. The expenses of preparing and filing such Tax Returns
      shall be borne by the Trustee. Notwithstanding the foregoing, the Trustee shall
      have no obligation to prepare, file or otherwise deal with partnership tax
      information or returns. In the event that partnership tax information or returns
      are required by the Internal Revenue Service, the Seller, at its own cost and
      expense, will prepare and file all necessary returns. 

     

    (e) The
      Trustee shall perform on behalf of each REMIC created hereunder all reporting
      and other tax compliance duties that are the responsibility of each 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, if required by the Code, the REMIC Provisions or other such guidance,
      the Trustee, shall provide (i) to the Treasury or other governmental authority
      such information as is necessary for the application of any tax relating to
      the
      transfer of a Residual Certificate to any disqualified organization and (ii)
      to
      the Certificateholders such information or reports as are required by the Code
      or REMIC Provisions.

     

    
      
        
        

      

      
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    (f) The
      Trustee (to the extent that the affairs of the REMICs are within such Person’s
      control and the scope of its specific responsibilities under the Agreement)
      and
      the Holders of Certificates shall take any action or cause any REMIC created
      hereunder to take any action necessary to create or maintain the status of
      any
      REMIC created hereunder as a REMIC under the REMIC Provisions and shall assist
      each other as necessary to create or maintain such status. None of the Trustee,
      or the Holder a Residual Certificate shall take any action, cause any REMIC
      created hereunder 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 result in an Adverse REMIC Event unless the Trustee
      has
      received an Opinion of Counsel (at the expense of the party seeking to take
      such
      action) to the effect that the contemplated action will not result in an Adverse
      REMIC Event. In addition, prior to taking any action with respect to any REMIC
      created hereunder or the assets therein, or causing any such REMIC to take
      any
      action which is not expressly permitted under the terms of this Agreement,
      any
      Holder of a Residual Certificate 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 such REMIC, and no such Person shall take
      any
      such action or cause any REMIC created hereunder to take any such action as
      to
      which the Trustee has advised it in writing that an Adverse REMIC Event could
      occur. 

     

    (g) Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      any REMIC created hereunder in which it owns the residual interest by federal
      or
      state governmental authorities. To the extent that such Trust taxes are not
      paid
      by such Residual Certificateholder, the Trustee shall pay any remaining REMIC
      taxes out of current or future amounts otherwise distributable to such Holder
      or, if no such amounts are available, out of other amounts held in the
      Distribution Account, and shall reduce amounts otherwise payable to holders
      of
      regular interests in such REMIC, as the case may be.

     

    (h) The
      Trustee shall, for federal income tax purposes, maintain books and records
      with
      respect to each REMIC created hereunder on a calendar year and on an accrual
      basis.

     

    (i) No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to eligible
      substitute mortgage loans.

     

    (j) The
      Trustee, shall not enter into any arrangement by which REMIC created hereunder
      will receive a fee or other compensation for services.

     

    (k) The
      Trustee shall treat the Basis Risk Reserve Fund as outside reserve funds within
      the meaning of Treasury Regulation Section 1.860G-2(h). The Basis Risk Reserve
      Fund X-1 Subaccount and the Basis Risk Reserve Fund X-2A1B Subaccount shall
      be
      treated as being beneficially owned by the holders of the Class X-1 Certificates
      and the Class X-2A1B Certificates, respectively. The Trustee shall treat the
      rights of the Holders of the MTA and LIBOR Certificates to receive distributions
      from the related Subaccount of the Basis Risk Reserve Fund to cover Basis Risk
      Shortfalls as payments under a cap contract written by the Holders of the Class
      X-1 Certificates, in the case of the Class 1-A1A, Class 1-A1B, Class 2-A1A
      and
      Class 2-A1C Certificates and the Subordinate Certificates, and the Class X-2A1B
      Certificates, in the case of the Class 2-A1B Certificates. Amounts deposited
      into the Basis Risk Reserve Fund X-1 Subaccount shall be treated for federal
      income tax purposes as amounts distributed on the Class X-1 Certificates,
      respectively. Thus, the Class 1-A1A, Class 1-A1B, Class 2-A1A, Class 2-A1B,
      Class 2-A1C, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6,
      Class B-7, Class B-8, Class B-9, Class B-10, Class B-11 and Class B-12
      Certificates shall be treated as representing not only ownership of regular
      interests in a REMIC, but also ownership of an interest in an interest rate
      cap
      contract. For purposes of determining the issue prices of the Certificates,
      the
      interest rate cap contracts shall be assumed to have a zero value unless and
      until required otherwise by an applicable taxing authority.

     

    
      
        
        

      

      
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    (l) For
      federal income tax purposes, and with respect to any of the first three
      Distribution Dates, amounts distributed with respect to the MT-1-X Interest
      shall be deemed to have been distributed in respect of the Class X-1
      Certificates and then deposited in the Basis Risk Reserve Fund X-1 Subaccount.
      The amount so deposited shall be deemed to have then been distributed in the
      following order of priority: (i) first, to the Class 1-A1A, Class 1-A1B, Class
      2-A1A and Class 2-A1C Certificates, an amount equal to the excess, if any,
      of
      the interest accrued thereon at the stated Pass-Through Rates over the interest
      that would have accrued thereon had the Pass-Through Rate on each such Class
      equaled the interest rate on the MT-1A1A Interest for such Distribution Date;
      (ii) second, to the Class X-1 Certificate, in an amount equal to the excess,
      if
      any, of the interest accrued thereon at the stated Pass-Through Rate over the
      amount of interest that would have accrued thereon if the reference to “Group 1
      Net WAC Cap” in the definition of “Pass-Through Rate” were replaced with a
      reference to the interest rate on the MT-1A1A Interest for such Distribution
      Date; and (iii) finally, (A) first to the Class X-1 Certificate, in an amount
      equal to the excess, if any, of the interest accrued thereon at the stated
      Pass-Through Rate over the amount of interest that would have accrued thereon
      if
      the reference to “Subordinate Net WAC” in the definition of “Pass-Through Rate”
were replaced with a reference to the interest rate on the MT-B1 Interest for
      such Distribution date, and then (B) to each Class of Subordinate Certificates,
      in order of their seniority, an amount equal to the excess, if any, of the
      interest accrued thereon at the stated Pass-Through Rate over the interest
      that
      would have accrued thereon had the Pass-Through Rate on each such Class equaled
      the interest rate for the MT-B1 Interest for such Distribution
      Date.

     

    (m) For
      federal income tax purposes, and with respect to any of the first three
      Distribution Dates, amounts distributed with respect to the MT-1-X Interest
      shall be deemed to have been distributed in respect of the Class X-2A1B
      Certificates and then deposited in the Basis Risk Reserve Fund X-2A1B
      Subaccount. The amount so deposited shall be deemed to have then been
      distributed in the following order of priority: (i) first, to the Class 2-A1B
      Certificates, an amount equal to the excess, if any, of the interest accrued
      thereon at the stated Pass-Through Rates over the interest that would have
      accrued thereon had the Pass-Through Rate on each such Class equaled the
      interest rate on the MT-1A1A Interest for such Distribution Date and (ii)
      second, to the Class X-2A1B Certificate, in an amount equal to the excess,
      if
      any, of the interest accrued thereon at the stated Pass-Through Rate over the
      amount of interest that would have accrued thereon if the reference to “Group 2
      Net WAC Cap” in the definition of “Pass-Through Rate” were replaced with a
      reference to the interest rate on the MT-1A1A Interest for such Distribution
      Date.

     

    
      
        
        

      

      
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    SECTION
      9.02. Prohibited
      Transactions and Activities.

     

    None
      of
      the Depositor, the Servicer or the Trustee shall sell, dispose of, or substitute
      for any of the Mortgage Loans, except in a disposition pursuant to (i) the
      foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of the REMICs created hereunder pursuant to Article X
      of
      this Agreement, (iv) a substitution pursuant to Article II hereof or (v) a
      repurchase of Mortgage Loans as contemplated hereunder, nor acquire any assets
      for any REMIC created hereunder, nor sell or dispose of any investments in
      the
      Distribution Account for gain, nor accept any contributions to any REMIC created
      hereunder after the Closing Date, unless it has received an Opinion of Counsel
      (at the expense of the party causing such sale, disposition, or substitution)
      that such disposition, acquisition, substitution, or acceptance will not (a)
      affect adversely the status of any REMIC created hereunder as a REMIC or of
      the
      interests therein other than a Residual Certificate as the “residual interest”
therein, (b) affect the distribution of interest or principal on the
      Certificates, (c) result in the encumbrance of the assets transferred or
      assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
      or (d) cause any REMIC created hereunder to be subject to a tax on prohibited
      transactions or prohibited contributions pursuant to the REMIC
      Provisions.

     

    ARTICLE
      X

     

    TERMINATION

     

    SECTION
      10.01. Termination.

     

    (a) The
      respective obligations and responsibilities of the Seller, the Depositor, and
      the Trustee created hereby (other than the obligation of the Trustee to make
      certain payments to Certificateholders after the final Distribution Date and
      the
      obligation of the Servicer to send certain notices as hereinafter set forth)
      shall terminate upon the earliest of (i) the Distribution Date on which the
      Class Principal Balance of each Class of Certificates has been reduced to zero
      and no Certificate Insurer Reimbursement Amounts are owed to the Certificate
      Insurer, (ii) the final payment or other liquidation of the last Mortgage
      Loan, (iii) the optional purchase of the Mortgage Loans as described in the
      following paragraph and (iv) the Latest Possible Maturity Date.
      Notwithstanding the foregoing, in no event shall the trust created hereby
      continue beyond the expiration of 21 years from the death of the last
      survivor of the descendants of Joseph P. Kennedy, the late ambassador of
      the United States to the Court of St. James’s, living on the date
      hereof.

     

    
      
        
        

      

      
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    Following
      the date on which the aggregate of the Stated Principal Balances of the Mortgage
      Loans (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) on
      such
      date is equal to or less than 10% of the Cut-off Date Collateral Balance (the
      “Call
      Option Date”),
      the
      Servicer may, at its option, terminate this Agreement with regard to such
      Mortgage Loans by purchasing, on the next succeeding Distribution Date, all
      of
      the outstanding Mortgage Loans and related REO Properties at a price equal
      to
      (A) the greater of (i) the aggregate Stated Principal Balance of the Mortgage
      Loans, as applicable, (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and the appraised value of the REO Properties and (ii) the fair market
      value of the Mortgage Loans and REO Properties (as determined and as agreed
      upon
      by (x) the Servicer and (y) the Holders of a majority in Percentage Interest
      of
      the Class A-R-II Certificates in their good faith business judgment 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 the Certificateholders pursuant
      to Section 10.01(b)), plus, (B) in each case, accrued and unpaid interest
      thereon at the weighted average of the Mortgage Rates of the Mortgage Loans
      through the end of the Due Period preceding the final Distribution Date, plus
      any unreimbursed Servicing Advances and Advances and any unpaid Servicing Fees
      allocable to such Mortgage Loans and REO Properties and all amounts, if any,
      then due and owing to the Trustee and the Certificate Insurer under this
      Agreement (the “Termination
      Price”);
      provided,
      however,
      such
      option may only be exercised if the Termination Price is sufficient to result
      in
      the payment of all interest accrued on, as well as amounts necessary to retire
      the Class Principal Balance of each Class of Certificates issued pursuant to
      this Agreement. The fair market value of the Mortgage Loans and REO Properties
      shall be required to be made and agreed upon by the Servicer and the Holders
      of
      a majority in Percentage Interest of the Class A-R-II Certificates as provided
      in (ii) above in their good faith business judgment, and such determination
      shall take into consideration an appraisal of the value of the Mortgage Loans
      and REO Properties conducted by an independent appraiser mutually agreed upon
      by
      the Servicer and the Holders of a majority in Percentage Interest of the Class
      A-R-II Certificates in their reasonable discretion, such appraisal to be
      obtained by the Holders of a majority in Percentage Interest of the Class A-R-II
      Certificates at their expense, and (A) such appraisal shall be obtained at
      no
      expense to the Trustee and (B) the Trustee may conclusively rely on, and shall
      be protected in relying on, such fair market value determination.

     

    In
      connection with any such purchase pursuant to the preceding paragraph, the
      Servicer shall remit to the Trustee for deposit in the Distribution Account
      all
      amounts then on deposit in the Collection Account, which deposit shall be deemed
      to have occurred immediately preceding such purchase.

     

    No
      such purchase by the Servicer will be permitted without the consent of the
      Certificate Insurer if a draw on the Financial Guaranty Insurance Policy will
      be
      made or if any amounts due to the Certificate Insurer would remain unreimbursed
      on the final Distribution Date.

     

    (b) Notice
      of
      any termination pursuant to the second paragraph of Section 10.01(a), specifying
      the Distribution Date (which shall be a date that would otherwise be a
      Distribution Date) upon which the Certificateholders may surrender their
      Certificates to the Certificate Registrar for payment of the final distribution
      and cancellation, shall be given promptly by the Trustee upon the Trustee
      receiving notice of such date from the Servicer by letter to the
      Certificateholders mailed not earlier than the 10th
      day and
      not later than the 19th
      day of
      the month immediately preceding the month of such final distribution specifying
      (1) the Distribution Date upon which final distribution of the Certificates
      will be made upon presentation and surrender of such Certificates at the office
      or agency of the Certificate Registrar therein designated, (2) the amount
      of any such final distribution and (3) that the Record Date otherwise
      applicable to such Distribution Date is not applicable, distributions being
      made
      only upon presentation and surrender of the Certificates at the office or agency
      of the Certificate Registrar therein specified. The Trustee shall give such
      notice to the Certificate Insurer and the Certificate Registrar at the time
      such
      notice is given to Holders of the Certificates. Upon any such termination,
      the
      duties of the Certificate Registrar with respect to the Certificates shall
      terminate and the Trustee shall terminate the Distribution Account and any
      other
      account or fund maintained with respect to the Certificates, subject to the
      Trustee’s obligation hereunder to hold all amounts payable to Certificateholders
      in trust without interest pending such payment.

     

    
      
        
        

      

      
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    (c) Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to the Holders of the Certificates on the Distribution Date for
      such
      final distribution, in proportion to the Percentage Interests of their
      respective Class and to the extent that funds are available for such purpose,
      an
      amount equal to the amount required to be distributed to such Holders in
      accordance with the provisions of Section 5.01 hereof for such Distribution
      Date.

     

    (d) In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Trustee shall promptly following such date cause all funds in the Distribution
      Account not distributed in final distribution to Certificateholders to be
      withdrawn therefrom and credited to the remaining Certificateholders by
      depositing such funds in a separate account for the benefit of such
      Certificateholders, and the Trustee shall give a second written notice to the
      remaining Certificateholders to surrender their Certificates for cancellation
      and receive the final distribution with respect thereto. If within nine months
      after the second notice all the Certificates shall not have been surrendered
      for
      cancellation, the Servicer shall be entitled to all unclaimed funds and other
      assets which remain subject hereto, and the Trustee upon transfer of such funds
      shall be discharged of any responsibility for such funds, and the
      Certificateholders shall look to the Servicer for payment.

     

    SECTION
      10.02. Additional
      Termination Requirements.

     

    (a) In
      the
      event the purchase option provided in Section 10.01 is exercised, the Trust
      shall be terminated in accordance with the following additional
      requirements:

     

    (i) The
      Trustee shall sell any remaining assets of the Trust Fund for cash and, within
      90 days of such sale, shall distribute to (or credit to the account of) the
      Certificateholders the proceeds of such sale together with any cash on hand
      (less amounts retained to meet claims) in complete liquidation of the Trust
      Fund
      and any REMIC created hereunder; and

     

    (ii) The
      Trustee shall attach a statement to the final federal income tax return for
      each
      REMIC created hereunder stating that pursuant to Treasury Regulation
      Sec.1.860F-1, the first day of the 90-day liquidation period for such REMIC
      was
      the date on which the Trustee sold the assets of the Trust Fund 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
      delivered to the Trustee and the Certificate Insurer obtained at the expense
      of
      the Seller.

     

    (b) By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee as their attorneys in fact to undertake the foregoing
      steps.

     

     

    
      
        
        

      

      
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    ARTICLE
      XI

     

    [RESERVED]

     

     

    ARTICLE
      XII

     

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      12.01. Amendment.

     

    This
      Agreement may be amended from time to time by the Seller, the Depositor, and
      the
      Trustee without the consent of the Certificateholders and, with respect to
      any
      amendment that adversely affects the interests of any of the Certificate Insurer
      or the Holders of the Insured Certificates, with the prior written consent
      of
      the Certificate Insurer, (i) to cure any ambiguity, (ii) to correct or
      supplement any provisions herein which may be defective or inconsistent with
      any
      other provisions herein, (iii) to make any other provisions with respect to
      matters or questions arising under this Agreement, which shall not be
      inconsistent with the provisions of this Agreement, or (iv) to conform the
      terms
      hereof to the description thereof provided in the Prospectus; provided,
      however,
      that
      any such action listed in clause (i) through (iii) above shall not
      adversely affect in any material respect the interests of any Certificateholder;
      provided,
      further,
      that
      any such action listed in (i) through (ii) above shall be deemed not to
      adversely affect in any material respect the interests of any Certificateholder,
      if evidenced by (i) written notice to the Depositor, the Seller, the
      Certificate Insurer and the Trustee from each Rating Agency that such action
      will not result in the reduction or withdrawal of the rating of any outstanding
      Class of Certificates with respect to which it is a Rating Agency (without
      regard to the Financial Guaranty Insurance Policy) or (ii) an Opinion of
      Counsel stating that such amendment shall not adversely affect in any material
      respect the interests of any Certificateholder (without taking into account
      the
      benefits under the Financial Guaranty Insurance Policy), is permitted by the
      Agreement and all the conditions precedent, if any have been complied with,
      delivered to the Trustee and the Certificate Insurer.

     

    In
      addition, this Agreement may be amended from time to time by Seller, the
      Depositor, and the Trustee with the consent of the Majority Certificateholders
      and the Certificate Insurer (if the proposed amendment adversely affects in
      any
      respect the rights and interest of the Certificate Insurer) 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; and subject, in the case of any amendment or
      modification to Section 5.01(a) hereof, to the consent of the Bank of New York,
      as Custodian; provided,
      however,
      that no
      such amendment or waiver shall (x) reduce in any manner the amount of, or
      delay the timing of, payments on the Certificates that are required to be made
      on any Certificate without the consent of the Holder of such Certificate,
      (y) adversely affect in any material respect the interests of the Holders
      of any Class of Certificates in a manner other than as described in clause
      (x)
      above, without the consent of the Holders of Certificates of such Class
      evidencing at least a 662⁄3% Percentage Interest in such Class, or (z) reduce
      the percentage of Voting Rights required by clause (y) above without the
      consent of the Holders of all Certificates of such Class then outstanding.
      Upon
      approval of an amendment, a copy of such amendment shall be sent to each Rating
      Agency.

     

    
      
        
        

      

      
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      Notwithstanding
        any provision of this Agreement to the contrary, the Trustee shall not consent
        to any amendment to (1) this Agreement unless it shall have first received
        an
        Opinion of Counsel, delivered by and at the expense of the Person seeking
        such
        Amendment (unless such Person is the Trustee, in which case the Trustee shall
        be
        entitled to be reimbursed for such expenses by the Trust pursuant to Section
        8.05 hereof), to the effect that such amendment will not result in an Adverse
        REMIC Event and that the amendment is being made in accordance with the terms
        hereof, such amendment is permitted by this Agreement and all conditions
        precedent, if any, have been complied with and (2) the Reconstitution Agreement
        unless it shall first have received the consent of the Certificate
        Insurer. 

       

    

    Promptly
      after the execution of any such amendment the Trustee shall furnish, at the
      expense of the Person that requested the amendment if such Person is the Seller
      (but in no event at the expense of the Trustee), otherwise at the expense of
      the
      Trust, a copy of such amendment and the Opinion of Counsel referred to in the
      immediately preceding paragraph to the Servicer, the Certificate Insurer and
      each Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 12.01 to approve the particular form of any proposed amendment;
      instead it shall be sufficient if such consent shall approve the substance
      thereof. The manner of obtaining such consents and of evidencing the
      authorization of the execution thereof by Certificateholders shall be subject
      to
      such reasonable regulations as the Trustee may prescribe.

     

    The
      Trustee may, but shall not be obligated to, enter into any amendment pursuant
      to
      this 12.01 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 Mortgaged Properties
      are situated, and in any other appropriate public recording office or elsewhere,
      such recordation to be effected by the Trustee at the expense of the Trust,
      but
      only upon direction of Certificateholders accompanied by an Opinion of Counsel
      to the effect that such recordation materially and beneficially affects the
      interests of the Certificateholders and the Certificate Insurer.

     

    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 together constitute but one and the same
      instrument.

     

    SECTION
      12.03. Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate
      this Agreement or the Trust, (ii) 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 or
      (iii) otherwise affect the rights, obligations and liabilities of the
      parties hereto or any of them.

     

    
      
        
        

      

      
        125

        
          

        

      

      
        
        

      

    

     

    Except
      as
      expressly provided for herein, no Certificateholder shall have any right to
      vote
      or in any manner otherwise control the operation and management of the Trust,
      or
      the obligations of the parties hereto, nor shall anything herein set forth
      or
      contained in the terms of the Certificates be construed so as to 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 whatever 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, which priority or preference is not otherwise provided
      for herein, 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 12.03, each and every Certificateholder and the Trustee shall be
      entitled to such relief as can be given either at law or in equity.

     

    By
      accepting its Insured Certificate, each Holder of an Insured Certificate agrees
      that, unless a Certificate Insurer Default exists and is continuing, the
      Certificate Insurer shall have the right to exercise all rights of the Holders
      of the Insured Certificates under this Agreement (other than the right to
      receive distributions on the Insured Certificates) without any further consent
      of the Holders of the Insured Certificates and the Holders of the Insured
      Certificates shall exercise any such rights only upon the written consent of
      the
      Certificate Insurer; provided,
      however,
      each
      Holder of an Insured Certificate and the Certificate Insurer will have the
      right
      to receive statements and reports hereunder. Notwithstanding the foregoing,
      the
      Certificate Insurer shall have no power without the consent of the Owner of
      each
      Insured Certificate affected thereby to: (i) reduce in any manner the amount
      of,
      or delay the timing of, distributions of principal or interest required to
      be
      made hereunder or reduce the Percentage Interest of the Holders of the Insured
      Certificates, the Certificate Interest Rate or the Termination Payment with
      respect to any of the Insured Certificates; (ii) reduce the percentage of
      Percentage Interests specified in Section 12.01 which are required to amend
      this
      Agreement; (iii) create or permit the creation of any lien against any part
      of
      the Trust Fund; (iv) modify any provision in any way which would permit an
      earlier retirement of the Insured Certificates; or (v) amend this
      sentence.

     

     

    
      
        
        

      

      
        126

        
          

        

      

      
        
        

      

    

     

    SECTION
      12.04. Governing
      Law; Jurisdiction.

     

    THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
      THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
      AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
      SUCH LAWS. 

     

    SECTION
      12.05. Notices.

     

    All
      directions, demands and notices hereunder 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 (a) in the
      case of the Seller and the Sponsor, to Greenwich Capital Financial Products,
      Inc., 600 Steamboat Road, Greenwich, Connecticut 06830, Attention: General
      Counsel (telecopy number (203) 618-2132), or such other address or telecopy
      number as may hereafter be furnished to the Depositor and the Trustee in writing
      by the Seller and the Sponsor, (b) in the case of the Trustee, to U.S. Bank
      National Association, One Federal Street, Boston Massachusetts, Attention:
      HarborView 2006-1 (telecopy number (617) 603-6637), with a copy to the Corporate
      Trust Office or such other address or telecopy number as may hereafter be
      furnished to the Depositor and the Seller in writing by the Trustee, (c) in
      the case of the Depositor, to Greenwich Capital Acceptance, Inc.,
      600 Steamboat Road, Greenwich, Connecticut 06830, Attention: Legal
      (telecopy number (203) 618-2132), or such other address or telecopy number
      as may be furnished to the Seller and the Trustee in writing by the Depositor
      and (d) in the case of the Certificate Insurer, to Financial Security Assurance
      Inc., 31 West 52nd
      Street,
      New York, New York 10019, Attention: Surveillance Department (telecopy number
      (212) 339-3518),
      or such other address or telecopy number as may be furnished to the Depositor,
      the Seller and the Trustee in writing by the Certificate Insurer.
      Any
      notice required or permitted to be mailed to a Certificateholder shall be given
      by first class mail, postage prepaid, at the address of such Holder as shown
      in
      the Certificate Register. Notice of any Event of Default shall be given by
      telecopy and by certified mail. Any notice so mailed within the time prescribed
      in this Agreement shall be conclusively presumed to have duly been given when
      mailed, whether or not the Certificateholder receives such notice. A copy of
      any
      notice required to be telecopied hereunder shall also 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 for any reason whatsoever be 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.

     

    
      
        
        

      

      
        127

        
          

        

      

      
        
        

      

    

     

    SECTION
      12.07. 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
      12.08. Notices
      to each Rating Agencies.

     

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

     

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

     

    (ii) the
      occurrence of any Event of Default that has not been cured or
      waived;

     

    (iii) the
      resignation or termination of the Servicer or the Trustee;

     

    (iv) the
      final
      payment to Holders of the Certificates of any Class;

     

    (v) any
      change in the location of any Account; and

     

    (vi) if
      the
      Trustee is acting as a successor Servicer pursuant to Section 7.02 hereof,
      any
      event that would result in the inability of the Trustee to make
      Advances.

     

    (b) The
      Trustee shall promptly furnish or make available to each Rating Agency copies
      of
      each Distribution Date Statement described in Section 5.04 hereof.

     

    (c) All
      notices to the Rating Agencies provided for in this Agreement shall be in
      writing and sent by first class mail, telecopy or overnight courier, as
      follows:

     

    If
      to
      S&P, to:

    

    Standard
      & Poor’s Ratings Services,

    a
      division of The McGraw-Hill Companies, Inc.

    55
      Water
      Street

    New
      York,
      New York 10041

    Attention:
      Residential Mortgages

     

    If
      to
      Moody’s, to:

     

    Moody’s
      Investors Service, Inc.

    99
      Church
      Street 

    New
      York,
      New York 10007

    Attention:
      Residential Mortgages

     

    
      
        
        

      

      
        128

        
          

        

      

      
        
        

      

    

     

    SECTION
      12.09. Further
      Assurances.

     

    Notwithstanding
      any other provision of this Agreement, neither the Regular Certificateholders
      nor the Trustee shall have any obligation to consent to any amendment or
      modification of this Agreement unless they have been provided reasonable
      security or indemnity against their out-of-pocket expenses (including reasonable
      attorneys’ fees) to be incurred in connection therewith.

     

    SECTION
      12.10. Benefits
      of Agreement.

     

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders and the parties hereto and their
      successors hereunder, any benefit or any legal or equitable right, remedy or
      claim under this Agreement.

     

    The
      Certificate Insurer is an intended third-party beneficiary of this Agreement.
      Any right conferred to the Certificate Insurer, other than the rights to receive
      notices or documentation, shall be suspended after the occurrence and during
      the
      continuation of a Certificate Insurer Default. During any period of suspension,
      the Certificate Insurer’s rights hereunder shall vest in the Holders of the
      Insured Certificates (to the extent such Holders otherwise has such rights
      hereunder). At such time as the Class Principal Balance of the Insured
      Certificates has been reduced to zero and the Certificate Insurer has been
      reimbursed for all amounts to which it is entitled hereunder, the Certificate
      Insurer’s rights hereunder shall terminate.

     

    SECTION
      12.11. Acts
      of Certificateholders.

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing, and such action shall become effective when such
      instrument or instruments are delivered to the Trustee. Such instrument or
      instruments (and the action embodied therein and evidenced thereby) are herein
      sometimes referred to as the “act” of the Certificateholders signing such
      instrument or instruments. Proof of execution of any such instrument or of
      a
      writing appointing any such agent shall be sufficient for any purpose of this
      Agreement and conclusive in favor of the Trustee, if made in the manner provided
      in this Section 12.11.

     

    (b) The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

    (c) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate issued upon the registration
      of
      transfer thereof or in exchange therefor or in lieu thereof, in respect of
      anything done, omitted or suffered to be done by the Trustee Servicer in
      reliance thereon, whether or not notation of such action is made upon such
      Certificate.

     

    
      
        
        

      

      
        129

        
          

        

      

      
        
        

      

    

     

    SECTION
      12.12. Successors
      and Assigns.

     

    The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the respective successors and assigns of the parties hereto.

     

    SECTION
      12.13. Provision
      of Information.

     

    For
      so
      long as any of the Certificates of any Class are “restricted securities” within
      the meaning of Rule 144(a)(3) under the Securities Act, the Depositor agrees
      to
      provide to any Certificateholders and to any prospective purchaser of
      Certificates designated by such holder, upon the request of such holder or
      prospective purchaser, any information required to be provided to such holder
      or
      prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
      under the Securities Act. 

     

    The
      Trustee shall provide to any person to whom a Prospectus was delivered by
      Greenwich Capital Markets, Inc. (as identified by Greenwich Capital Markets,
      Inc.), upon the request of such person specifying the document or documents
      requested (and certifying that it is a Person entitled hereunder), (i) a
      copy (excluding exhibits) of any report on Form 8-K or Form 10-K filed with
      the
      Securities and Exchange Commission pursuant to Section 3.05 and (ii) a copy
      of any other document incorporated by reference in the Prospectus (to the extent
      in the Trustee’s possession). Any reasonable out-of-pocket expenses incurred by
      the Trustee in providing copies of such documents shall be reimbursed by the
      Depositor. 

     

     

    [SIGNATURE
      PAGE IMMEDIATELY FOLLOWS]

     

    

    
      
        
        

      

      
        130

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Depositor, the Seller and the Trustee have caused their
      names to be signed hereto by their respective officers thereunto duly
      authorized, all as of the day and year first above written.

    
      	 	 	 
	 	
              GREENWICH
                CAPITAL
                ACCEPTANCE, INC.,

              as
                Depositor

            
	 
 	 
 	 
 
	 	By:  	/s/ Shakti Radhakishun
	 	
              
Name:
              Shakti Radhakishun
	 	Title: Senior
              Vice President

    

    
      
        	 	 	 
	 	
                GREENWICH
                  CAPITAL
                  FINANCIAL PRODUCTS, INC.,

                as
                  Seller

              
	 
 	 
 	 
 
	 	By:  	/s/ Shakti Radhakishun
	 	
                
Name:
                Shakti Radhakishun
	 	Title: Senior
                Vice President

      

      
        
          	 	 	 
	 	
                  U.S.
                    BANK NATIONAL ASSOCIATION, as Trustee

                
	 
 	 
 	 
 
	 	By:  	/s/ James H. Byrnes
	 	
                  
Name:
                  James H. Byrnes
	 	Title: Vice
                  President

        

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	
                STATE
                  OF CONNECTICUT

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF FAIRFIELD

              	
                )

              

      

    

     

    On
      the
      1st day of February 2006, before me, a notary public in and for said State,
      personally appeared Shakti Radhakishun known to me to be a SVP of Greenwich
      Capital Acceptance, Inc., a Delaware corporation that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation, and acknowledged to me that such corporation executed the
      within instrument.

     

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

    
      	 	 	 	 
	 	 	 	/s/ Kimberly J. Donnelly
	
            	 	 	
              
                
Notary
                Public

            
	 	 	 	 
	 	 	 	My Commission Expires on 6/30/09
	 	 	 	 
	 	 	 	 
	 	 	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	
                STATE
                  OF CONNECTICUT

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF FAIRFIELD

              	
                )

              

      

       

    

     

    On
      the
      1st day of February 2006, before me, a notary public in and for said State,
      personally appeared Kimberly J. Donnelly known to me to be a SVP of Greenwich
      Capital Financial Products, Inc., a Delaware corporation that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

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

    
      
        	 	 	 	 
	 	 	 	/s/ Kimberly J. Donnelly
	
              	 	 	
                
                  
Notary
                  Public

              
	 	 	 	 
	 	 	 	My Commission Expires on
                6/30/09

      

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
          	
                  STATE
                    OF MASSACHUSETTS

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF SUFFOLK

                	
                  )

                

        

         

      

    

     

    On
      the
      1st day of February 2006, before me, a notary public in and for said State,
      personally appeared James H. Byrnes known to me to be an V.P. of U.S. Bank
      National Association, a national banking association that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation, and acknowledged to me that such corporation executed the
      within instrument.

     

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

    
      
        
          	 	 	 	 
	 	 	 	 
	
                	 	 	
                  
                    
Notary
                    Public

                
	 	 	 	 

        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
      A-1

     

    FORM
      OF CLASS A CERTIFICATE

     

    CLASS
      [__]-A-[__] CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    IF
      THE
      RATING OF THIS CERTIFICATE IS BELOW “AA-” OR ITS EQUIVALENT WHEN IT IS ACQUIRED,
      THE HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO HAVE
      REPRESENTED AND WARRANTED THAT (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
      OF
      1974, AS AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF
      THE CODE (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN
      OR ARRANGEMENT NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN TO EFFECT THE
      TRANSFER OR (B) IF THIS CERTIFICATE HAS BEEN THE OBJECT OF AN ERISA-QUALIFYING
      UNDERWRITING, THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS CERTIFICATE
      WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN
      SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND THAT
      THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND
      III OF PTCE 95-60.

     

    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”).

     

    Certificate
      No.:                
[     ]

     

    Cut-Off
      Date:                                                   
January
      1, 2006 

     

    First
      Distribution
      Date:                                  
February
      20, 2006 

     

    Initial
      Certificate Principal

     

    Balance
      of this Certificate

     

    
      
        
        

      

      
        A-1-1

        
          

        

      

      
        
        

      

    

     

    
      
        (“Denomination”):             $[     ]

      

    

     

    Original
      Class Certificate

    Principal
      Balance of this

    Class:                
      $[     ]

     

    Percentage
      Interest:           [     ]%

     

    
      	
              Pass-Through
                Rate:

            	 	
              Variable

            

    

     

    CUSIP:                 
[___________]

     

    Class:                    [___]-A-[____]

     

    Assumed
      Final Distribution Date:     March
      19,
      2036

     

    
      
        
        

      

      
        A-1-2

        
          

        

      

      
        
        

      

    

     

    HarborView
      Mortgage Loan Trust 2006-1,

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1

    Class
      [__]-A-[____]

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust Fund consisting primarily
      of adjustable rate, first lien mortgage loans (the “Mortgage Loans”) purchased
      from others by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein
      and
      in the Agreement. Accordingly, the Certificate Principal Balance of this
      Certificate at any time may be less than the Initial Certificate Principal
      Balance set forth on the face hereof, as described herein. This Certificate
      does
      not evidence an obligation of, or an interest in, and is not guaranteed by
      the
      Depositor, the Seller, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the Original Class Certificate Principal Balance) in certain
      monthly distributions with respect to a Trust Fund consisting primarily of
      (a)
      the Mortgage Loans deposited by Greenwich Capital Acceptance, Inc. (the
“Depositor”) and (b) amounts on deposit in the Prefunding Account. The Trust
      Fund was created pursuant to a Pooling Agreement dated as of January 1, 2006
      (the “Agreement”) among the Depositor, Greenwich Capital Financial Products,
      Inc., as seller (the “Seller”) and U.S. Bank National Association, as trustee
      (the “Trustee”). 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.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Certificate Registrar.

     

    
      
        
        

      

      
        A-1-3

        
          

        

      

      
        
        

      

    

     

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

     

    Date: 
January
      ___, 2006

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

              not
                in its individual capacity,

              but
                solely as Trustee

            
	 
 	 
 	 
 
	 	By  	 
	 	
              

            
	 	 

    

     

    
 

    This
      is
      one of the Certificates

    referenced
      in the within-mentioned Agreement

     

    

    

    By
      ________________________________________

    Authorized
      Signatory of

    U.S.
      Bank
      National Association,

    as
      Certificate Registrar

     

    
      
        
        

      

      
        A-1-4

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A-2

     

    FORM
      OF CLASS X CERTIFICATE

     

    CLASS
      X-[____] CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    IF
      THE
      RATING OF THIS CERTIFICATE IS BELOW “AA-” OR ITS EQUIVALENT WHEN IT IS ACQUIRED,
      THE HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO HAVE
      REPRESENTED AND WARRANTED THAT (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
      OF
      1974, AS AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF
      THE CODE (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN
      OR ARRANGEMENT NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN TO EFFECT THE
      TRANSFER OR (B) IF THIS CERTIFICATE HAS BEEN THE OBJECT OF AN ERISA-QUALIFYING
      UNDERWRITING, THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS CERTIFICATE
      WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN
      SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND THAT
      THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND
      III OF PTCE 95-60.

     

    PRINCIPAL
      WILL NOT BE DISTRIBUTABLE IN RESPECT OF THIS CERTIFICATE. INTEREST IS CALCULATED
      ON THIS CERTIFICATE BASED ON A NOTIONAL AMOUNT DETERMINED AS DESCRIBED IN THE
      POOLING AGREEMENT. THE CERTIFICATE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY
      TIME MAY BE LESS THAN THE INITIAL CERTIFICATE NOTIONAL AMOUNT OF THIS
      CERTIFICATE AS SET FORTH HEREON.

    

    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”).

     

    
      
        
        

      

      
        A-2-1

        
          

        

      

      
        
        

      

    

     

    Certificate
      No.:              [     ]

     

    
      	
              Cut-off
                Date:

            	 	
              January
                1, 2006

            

    

     

    First
      Distribution Date:         February
      20, 2006

     

    Initial
      Certificate Notional

    Amount
      of
      this Certificate

    (“Denomination”):            $[     ]

     

    Original
      Class Certificate

    Notional
      Amount of this

    Class:                  $[    
 ]

     

    Percentage
      Interest:         
[     ]%

     

    
      	
              Pass-Through
                Rate: 

            	 	
              Variable

            

    

     

    CUSIP:                  [___________]

     

    Class:               
      X-[___]

     

    Assumed
      Final Distribution Date:    March
      19,
      2036

    

    
      
        
        

      

      
        A-2-2

        
          

        

      

      
        
        

      

    

     

    HarborView
      Mortgage Loan Trust 2006-1,

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1

    Class
      X-[____]

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust Fund consisting primarily
      of adjustable rate, first lien mortgage loans (the “Mortgage Loans”) purchased
      from others by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Seller, or the Trustee referred to below or
      any
      of their respective affiliates.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the Original Class Certificate Principal Balance) in certain
      monthly distributions with respect to a Trust Fund consisting primarily of
      (a)
      the Mortgage Loans deposited by Greenwich Capital Acceptance, Inc. (the
“Depositor”) and (b) amounts on deposit in the Prefunding Account. The Trust
      Fund was created pursuant to a Pooling Agreement dated as of January 1, 2006
      (the “Agreement”) among the Depositor, Greenwich Capital Financial Products,
      Inc., as seller (the “Seller”) and U.S. Bank National Association, as trustee
      (the “Trustee”). 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.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Certificate Registrar.

    

    
      
        
        

      

      
        A-2-3

        
          

        

      

      
        
        

      

    

     

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

     

    Date: January
      ___, 2006

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

              not
                in its individual capacity,

              but
                solely as Trustee

            
	 
 	 
 	 
 
	 	By  	 
	 	
              

            
	 	 

    

     

    

    This
      is
      one of the Certificates

    referenced
      in the within-mentioned Agreement

     

    

    

    By
      ________________________________________

    Authorized
      Signatory of

    U.S.
      Bank
      National Association,

    as
      Certificate Registrar

     

    
      
        
        

      

      
        A-2-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-3

     

    FORM
      OF CLASS PO CERTIFICATE

     

    CLASS
      PO-[____] CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO HAVE
      REPRESENTED AND WARRANTED THAT (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
      OF
      1974, AS AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF
      THE CODE (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN
      OR ARRANGEMENT NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN TO EFFECT THE
      TRANSFER OR (B) IF THIS CERTIFICATE HAS BEEN THE OBJECT OF AN ERISA-QUALIFYING
      UNDERWRITING, THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS CERTIFICATE
      WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN
      SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND THAT
      THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND
      III OF PTCE 95-60.

     

    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”).

     

     

    Certificate
      No.:                                        
[     ]

     

    
      	
              Cut-Off
                Date:

            	 	
              January
                1, 2006

            

    

     

    First
      Distribution Date:          
      December
      19, 2006

     

    
      
        
        

      

      
        A-3-1

        
          

        

      

      
        
        

      

    

     

    Initial
      Certificate Principal

    Balance
      of this Certificate

    (“Denomination”):            $[    ]

     

    Original
      Class Certificate

    Principal
      Balance of this

    Class:                  
$[    ]

     

    Percentage
      Interest:            [    ]%

     

    
      	
              Pass-Through
                Rate:

            	 	
              0.000%

            

    

     

    CUSIP:                   [___________]

     

    Class:                    
PO-[___]

     

    Assumed
      Final Distribution Date:    March
      19,
      2036

    

    
      
        
        

      

      
        A-3-2

        
          

        

      

      
        
        

      

    

     

    HarborView
      Mortgage Loan Trust 2006-1,

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1

    Class
      PO-[___]

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust Fund consisting primarily
      of adjustable rate, first lien mortgage loans (the “Mortgage Loans”) purchased
      from others by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein
      and
      in the Agreement. Accordingly, the Certificate Principal Balance of this
      Certificate at any time may be less than the Initial Certificate Principal
      Balance set forth on the face hereof, as described herein. This Certificate
      does
      not evidence an obligation of, or an interest in, and is not guaranteed by
      the
      Depositor, the Seller or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the Original Class Certificate Principal Balance) in certain
      monthly distributions with respect to a Trust Fund consisting primarily of
      (a)
      the Mortgage Loans deposited by Greenwich Capital Acceptance, Inc. (the
“Depositor”) and (b) amounts on deposit in the Prefunding Account. The Trust
      Fund was created pursuant to a Pooling Agreement dated as of January 1, 2006
      (the “Agreement”) among the Depositor, Greenwich Capital Financial Products,
      Inc., as seller (the “Seller”) and U.S. Bank National Association, as trustee
      (the “Trustee”). 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.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Certificate Registrar.

    

    
      
        
        

      

      
        A-3-3

        
          

        

      

      
        
        

      

    

     

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

     

    Date: January
      ___, 2006

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

              not
                in its individual capacity,

              but
                solely as Trustee

            
	 
 	 
 	 
 
	 	By  	 
	 	
              

            
	 	 

    

     

     

    This
      is
      one of the Certificates

    referenced
      in the within-mentioned Agreement

     

    

    

    By
      ________________________________________

    Authorized
      Signatory of

    U.S.
      Bank
      National Association,

    as
      Certificate Registrar

     

    
      
        
        

      

      
        A-3-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

    

    FORM
      OF RESIDUAL CERTIFICATE

     

    CLASS
      [A-R] [A-R-II] CERTIFICATE

     

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

     

    [For
      Class A-R-II Only:]
      THIS
      CERTIFICATE IS NOT ENTITLED TO DISTRIBUTIONS OF PRINCIPAL AND WILL NOT ACCRUE
      INTEREST. THE HOLDER OF THIS CERTIFICATE WILL BE ENTITLED TO CERTAIN
      DISTRIBUTIONS AS PROVIDED IN THE AGREEMENT. 

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE TRUSTEE AND THE CERTIFICATE REGISTRAR A TRANSFER
      AFFIDAVIT IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE CERTIFICATE REGISTRAR EITHER (A) A REPRESENTATION
      LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
      SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE
      CODE (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR
      ARRANGEMENT NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN TO EFFECT THE
      TRANSFER, OR (B) A REPRESENTATION THAT THE PURCHASER IS AN INSURANCE COMPANY
      PURCHASING THIS CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY
      GENERAL ACCOUNT” AS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS
      EXEMPTION 95-60 (“PTCE 95-60”) AND THAT THE PURCHASE AND HOLDING OF THIS
      CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE-95-60, OR (C) AN
      OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED
      TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY PURPORTED
      TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT PLAN SUBJECT
      TO ERISA OR TO THE CODE WITHOUT AN OPINION OF COUNSEL SATISFACTORY TO THE
      CERTIFICATE REGISTRAR AS DESCRIBED ABOVE SHALL BE VOID AND OF NO
      EFFECT.

    

    Certificate
      No.:                  
1

     

    Cut-Off
      Date:                    
January
      1, 2006

     

    First
      Distribution
      Date:                                            December
      19, 2006

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

     

    Initial
      Certificate Principal 

    Balance
      of this Certificate:             $100
      [N/A
      for A-R-II]

     

    Original
      Class Certificate 

    Principal
      Balance of this 

    Class:                        $100
      [N/A
      for A-R-II]

     

    

    Percentage
      Interest:                100%
      [N/A
      for A-R-II]

    

    Pass-Through
      Rate:                Net
      WAC
      [N/A for A-R-II]

    

    CUSIP:                       [________________]

    

    Class:                        
[A-R]
      [A-R-II]

    

    Assumed
      Final Distribution Date:        March
      19,
      2036

     

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

     

    HarborView
      Mortgage Loan Trust 2006-1

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1

    Class
      [A-R] [A-R-II]

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust Fund consisting primarily
      of adjustable rate, first lien mortgage loans (the “Mortgage Loans”) purchased
      from others by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Seller or the Trustee referred to below or
      any
      of their respective affiliates. Neither this Certificate nor the Mortgage Loans
      are guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of the
      Percentage Interest evidenced by this Certificate specified above in the
      interest represented by all Certificates of the Class to which this Certificate
      belongs in a Trust Fund consisting primarily of (a) the Mortgage Loans deposited
      by Greenwich Capital Acceptance, Inc. (the “Depositor”) and (b) amounts on
      deposit in the Prefunding Account. The Trust Fund was created pursuant to a
      Pooling Agreement dated as of January 1, 2006 (the “Agreement”) among the
      Depositor, Greenwich Capital Financial Products, Inc., as seller (the “Seller”)
      and U.S. Bank National Association, as trustee (the “Trustee”). 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.

     

    Any
      distribution of the proceeds of any remaining assets of the Trust Fund will
      be
      made only upon presentment and surrender of this Certificate at the Corporate
      Trust Office of the Certificate Registrar or the office or agency maintained
      by
      the Certificate Registrar.

     

    No
      transfer of this Certificate shall be made unless the Certificate Registrar
      shall have received either (i) a representation letter from the transferee
      of
      such Certificate, acceptable to and in form and substance satisfactory to the
      Certificate Registrar and the Depositor and in substantially the form attached
      to the Agreement, to the effect that such transferee is not an employee benefit
      or other plan or arrangement subject to Section 406 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”), nor a person acting on
      behalf or investing plan assets of any such plan or arrangement, which
      representation letter shall not be an expense of the Certificate Registrar
      or
      the Trustee, or (ii) a representation that the purchaser is an insurance company
      which is purchasing such Certificate with funds contained in an “insurance
      company general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that the purchase and
      holding of such Certificate are covered under Sections I and III of PTCE 95-60,
      or (iii) an Opinion of Counsel in accordance with the provisions of the
      Agreement. Notwithstanding anything else to the contrary herein, any purported
      transfer of this Certificate to or on behalf of an employee benefit plan subject
      to ERISA or to the Code without the opinion of counsel satisfactory to the
      Certificate Registrar as described above shall be void and of no
      effect.

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee, (ii) no Ownership Interest in this
      Certificate may be transferred without delivery to the Trustee and the
      Certificate Registrar of (a) a transfer affidavit of the proposed transferee
      and
      (b) a transfer certificate of the transferor, each of such documents to be
      in
      the form described in the Agreement, (iii) each person holding or acquiring
      any
      Ownership Interest in this Certificate must agree to require a transfer
      affidavit and to deliver a transfer certificate to the Trustee and the
      Certificate Registrar as required pursuant to the Agreement, (iv) each person
      holding or acquiring an Ownership Interest in this Certificate must agree not
      to
      transfer an Ownership Interest in this Certificate if it has actual knowledge
      that the proposed transferee is not a Permitted Transferee and (v) any attempted
      or purported transfer of any Ownership Interest in this Certificate in violation
      of such restrictions will be absolutely null and void and will vest no rights
      in
      the purported transferee. The Trustee will provide the Internal Revenue Service
      and any pertinent persons with the information needed to compute the tax imposed
      under the applicable tax laws on transfers of residual interests to disqualified
      organizations, if any person other than a Permitted Transferee acquires an
      Ownership Interest in this Certificate in violation of the restrictions
      mentioned above.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized officer of the
      Certificate Registrar.

    

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

     

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

     

    Date: January
      ___, 2006

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

              not
                in its individual capacity,

              but
                solely as Trustee

            
	 
 	 
 	 
 
	 	By  	 
	 	
              

            
	 	 

    

    
 

    This
      is
      one of the Certificates

    referenced
      in the within-mentioned Agreement

     

    

    

    By
      ________________________________________

    Authorized
      Signatory of

    U.S.
      Bank
      National Association,

    as
      Certificate Registrar

    

    
      
        
        

      

      
        B-5

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C

     

    FORM
      OF SUBORDINATE CERTIFICATE

     

    CLASS
      B-[
      ] CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

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

     

    THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO HAVE
      REPRESENTED AND WARRANTED THAT (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT
      PLAN SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
      OF
      1974, AS AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF
      THE CODE (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN
      OR ARRANGEMENT NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN TO EFFECT THE
      TRANSFER OR (B) IF THIS CERTIFICATE HAS BEEN THE OBJECT OF AN ERISA-QUALIFYING
      UNDERWRITING, THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS CERTIFICATE
      WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN
      SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND THAT
      THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND
      III OF PTCE 95-60.

     

    THIS
      CERTIFICATE IS SUBORDINATE IN RIGHT AND PAYMENT AS DESCRIBED IN THE AGREEMENT
      REFERRED TO HEREIN.

     

    Certificate
      No.:                 [    ]

     

    
      	
              Cut-Off
                Date:

            	
            	
                 
                January 1, 2006

            

    

     

    First
      Distribution Date:           December
      19, 2006

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

     

    Initial
      Certificate Principal

    Balance
      of this Certificate

    (“Denomination”):              $[    ]

     

    Original
      Class Certificate

    Principal
      Balance of this

    Class:                                                                
      $[   ]

     

    Percentage
      Interest:             [    ]%

     

    
      	
              Pass-Through
                Rate:

            	 	
              Variable

            

    

     

    CUSIP:                                                              
      [______________]

     

    
      	
              Class:

            	 	
              B-[  ]

            

    

     

    Assumed
      Final Distribution Date:       
March
      19,
      2036

    

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

     

    HarborView
      Mortgage Loan Trust 2006-1,

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1

    Class
      B-[
      ]

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust Fund consisting primarily
      of adjustable rate, first lien mortgage loans (the “Mortgage Loans”) purchased
      from others by 

     

    GREENWICH
      CAPITAL ACCEPTANCE INC., as Depositor.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein
      and
      in the Agreement. Accordingly, the Certificate Principal Balance of this
      Certificate at any time may be less than the Initial Certificate Principal
      Balance set forth on the face hereof, as described herein. This Certificate
      does
      not evidence an obligation of, or an interest in, and is not guaranteed by
      the
      Depositor, the Seller or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the Original Class Certificate Principal Balance) in certain
      monthly distributions with respect to a Trust Fund consisting primarily of
      (a)
      the Mortgage Loans deposited by Greenwich Capital Acceptance, Inc. (the
“Depositor”) and (b) amounts on deposit in the Prefunding Account. The Trust
      Fund was created pursuant to a Pooling Agreement dated as of January 1, 2006
      (the “Agreement”) among the Depositor, Greenwich Capital Financial Products,
      Inc., as seller (the “Seller”) and U.S. Bank National Association, as trustee
      (the “Trustee”). 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.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Certificate Registrar.

    

    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    

     

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

     

    Date: January
      ___, 2006

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

              not
                in its individual capacity,

              but
                solely as Trustee

            
	 
 	 
 	 
 
	 	By  	 
	 	
              

            
	 	 

    

     

     

    This
      is
      one of the Certificates

    referenced
      in the within-mentioned Agreement

     

    

    

    By
      ________________________________________

    Authorized
      Signatory of

    U.S.
      Bank
      National Association,

    as
      Certificate Registrar

     

    
      
        
        

      

      
        C-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D

     

    [RESERVED]

     

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      E

     

    FORM
      OF REVERSE OF THE CERTIFICATES

     

    HARBORVIEW
      MORTGAGE LOAN TRUST 2006-1

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1

    Reverse
      Certificate

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      HarborView Mortgage Loan Trust 2006-1, Mortgage Loan Pass-Through Certificates,
      Series 2006-1 (herein collectively called the “Certificates”), and representing
      a beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 19th
      day of
      each month, or if the 19th
      day is
      not a Business Day, then on the next succeeding Business Day (the “Distribution
      Date”), commencing on the Distribution Date in February 2006, to the Person in
      whose name this Certificate is registered at the close of business on the
      applicable 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 Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made, (i) in the case of a Physical Certificate,
      by
      check or money order mailed to the address of the person entitled thereto as
      it
      appears on the Certificate Register or, upon the request of a Certificateholder,
      by wire transfer as set forth in the Agreement and (ii) in the case of a
      Book-Entry Certificate, to the Depository, which shall credit the amounts of
      such distributions to the accounts of its Depository Participants in accordance
      with its normal procedures. The final distribution on each Certificate shall
      be
      made in like manner, but only upon presentment and surrender of such Certificate
      at the office or agency of the Certificate Registrar specified in the notice
      to
      Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights of the Certificateholders under
      the
      Agreement at any time, by the Depositor, the Seller, the Trustee and Holders
      of
      the requisite percentage of the Percentage Interests of each Class of
      Certificates affected by such amendment, as specified in the Agreement. Any
      such
      consent by the Holder of this Certificate shall be conclusive and binding on
      such Holder and upon all future Holders of this Certificate and of any
      Certificate issued upon the transfer hereof or in exchange therefor 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.

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the office or agency maintained by the Certificate Registrar
      accompanied by a written instrument of transfer in form satisfactory to the
      Certificate Registrar 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 and evidencing the same aggregate
      Percentage Interest in the Trust Fund will be issued to the designated
      transferee or transferees.

     

    [Each
      of
      the Class A-R and Class A-R-II Certificates is issuable as a single certificate
      in physical form only in a Percentage Interest of 100%.] [Applicable
      to Class A-R and Class A-R-II Certificates only.]

     

    [The
      Certificates are issuable only as registered Certificates without coupons in
      denominations 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 and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.] [Applicable
      to Class A-R and Class A-R-II Certificates only.]

     

    [Subject
      to the terms of the Agreement, each Class of Book-Entry Certificates will be
      registered as being held by the Depository or its nominee and beneficial
      interests will be held by Certificate Owners through the book-entry facilities
      of the Depository or its nominee in minimum denominations of $25,000 and
      integral dollar multiples of $1 in excess thereof, provided, that, such
      certificates must be purchased in minimum total investments of at least
      $100,000, in the case of the Class 1-A1A, Class 1-A1B, Class 2-A1A, Class 2-A1B,
      Class 2-A1C, Class X-1, Class X-2A1B, Class B-1, Class B-2, Class B-3, Class
      B-4, Class B-5, Class B-6, Class B-7, Class B-8 and Class B-9 Certificates;
      0.01% minimum percentage interests in the case of the Class PO-1 and Class
      PO-2A1B Certificates, provided, that, such certificates must be purchased in
      minimum total investments of at least $100,000; and $100,000 and integral dollar
      multiples of $1 in excess thereof, in the case of the Class B-10, Class B-11,
      and Class B-12 Certificates, except that one Certificate of each such Class
      of
      Certificates may be in a different denomination.] [Not
      applicable to Class A-R and Class A-R-II Certificates.]

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection
      therewith.

     

    The
      Depositor, the Seller, the Trustee, the Certificate Registrar and any agent
      of
      the Depositor, the Seller, the Trustee or the Certificate Registrar may treat
      the Person in whose name this Certificate is registered as the owner hereof
      for
      all purposes, and none of the Depositor, the Seller, the Trustee and the
      Certificate Registrar or any agent of any of them shall be affected by any
      notice to the contrary.

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

     

    On
      any
      Distribution Date on which the aggregate of the Stated Principal Balances of
      the
      Mortgage Loans immediately after such date is equal to or less than 10% of
      the
      Cut-Off Date Aggregate Principal Balance, the Call Option Holder may, at its
      option, terminate the Agreement by purchasing, on such Distribution Date, all
      of
      the outstanding Mortgage Loans and REO Properties at the Termination Price
      as
      provided in the Pooling Agreement. In the event that the Call Option Holder
      does
      not exercise its right of optional termination, the obligations and
      responsibilities created by the Agreement will terminate upon the earliest
      of
      (i) the Distribution Date on which the Class Certificate Principal Balance
      of
      each Class of Certificates has been reduced to zero, (ii) the final payment
      or
      other liquidation of the last Mortgage Loan and (iii) the Latest Possible
      Maturity Date.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        E-3

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

    
       

      
        

      

       

        
          

        

      

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:
      _____________________________________________________________________________.

     

    Dated:
      _____________

     

                          
                      ____________

    Signature
      by or on behalf of assignor

     

    
      
        
        

      

      
        E-4

        
          

        

      

      
        
        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to_________________________________________ for
      the
      account of___________________________________________, account
      number ________________________, or, if mailed by check, to _____________________________________________
      Applicable statements should be mailed to
      ______________________________________.

     

    This
      information is provided by _____________________________________________,
the
      assignee named above, or _____________________________________________________,
      as
      its
      agent.

    

    
      
        
        

      

      
        E-5

        
          

        

      

      
        
        

      

    

    
EXHIBIT
      F

    

    REQUEST
      FOR RELEASE 

     

                                   

    Date

     

    [Addressed
      to Trustee

    or,
      if
      applicable, custodian]

     

    In
      connection with the administration of the mortgages held by you as [Trustee]
      [Custodian, on behalf of the Trustee] under a certain Pooling Agreement dated
      as
      of January 1, 2006 among Greenwich Capital Acceptance, Inc., as Depositor,
      Greenwich Capital Financial Products, Inc., as Seller, U.S. Bank National
      Association, as Trustee (the “Pooling Agreement”), the undersigned [Servicer]
      hereby requests a release of the Mortgage File held by you as [Trustee]
      [Custodian, on behalf of the Trustee] with respect to the following described
      Mortgage Loan for the reason indicated below.

     

    Mortgagor’s
      Name:

     

    Address:

     

    Loan
      No.:

     

    Reason
      for requesting file:

     

    1.  Mortgage
      Loan paid in full. (The [Servicer] hereby certifies that all amounts received
      in
      connection with the loan have been or will be credited to the Distribution
      Account pursuant to the Pooling Agreement.)

     

    2.  The
      Mortgage Loan is being foreclosed.

     

    3.  Mortgage
      Loan substituted. (The [Servicer] hereby certifies that a Qualified Substitute
      Mortgage Loan has been assigned and delivered to you along with the related
      Mortgage File pursuant to the Pooling Agreement.)

     

    4.  Mortgage
      Loan repurchased. (The [Servicer] hereby certifies that the Purchase Price
      has
      been credited to the Distribution Account pursuant to the Pooling
      Agreement.)

     

    5.  Other.
      (Describe)

     

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Pooling Agreement and
      will
      be returned to you within ten (10) days of our receipt of the Mortgage File,
      except if the Mortgage Loan has been paid in full, or repurchased or substituted
      for a Qualified Substitute Mortgage Loan (in which case the Mortgage File will
      be retained by us without obligation to return to you).

     

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

     

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Pooling
      Agreement.

     

     

    _____________________________________

    [Name
      of
      Servicer]

     

    By:__________________________________

    Name:

    Title:
      Servicing Officer

    

    
      
        
        

      

      
        F-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      G-1

     

    FORM
      OF RECEIPT OF MORTGAGE NOTE

     

    RECEIPT
      OF MORTGAGE NOTE

     

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    

    Re:  HarborView
      Mortgage Loan Trust 2006-1 

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1 

     

    

     

    Ladies
      and Gentlemen:

     

    Pursuant
      to Section 2.01 of the Pooling Agreement, dated as of January 1, 2006, among
      Greenwich Capital Acceptance, Inc., as Depositor, Greenwich Capital Financial
      Products, Inc., as Seller and U.S. Bank National Association, as Trustee, we
      hereby acknowledge receipt of an original Mortgage Note with respect to each
      Mortgage Loan listed on Exhibit 1, with any exceptions thereto listed on Exhibit
      2.

     

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

              as Trustee

            
	 
 	 
 	 
 
	Date: 	By:  	 
	 	
              
Name:
	 	Title 

    

     

    
      
        
        

      

      
        G-1-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      1

     

    MORTGAGE
      LOAN SCHEDULE

     

    
      
        
        

      

      
        G-1-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      2

     

    EXCEPTIONS
      REPORT

     

    
      
        
        

      

      
        G-1-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      G-2

     

    FORM
      OF INTERIM CERTIFICATION OF TRUSTEE

     

    INTERIM
      CERTIFICATION OF TRUSTEE

     

    [Date]

     

    
      	
              Greenwich
                Capital Acceptance, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

               

            	 
	
              Greenwich
                Capital Financial Products, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	 

    

    

    
       

      
        	 	
                Re:

              	
                HarborView
                  Mortgage Loan Trust 2006-1

                Mortgage
                  Loan Pass-Through Certificates, Series
                  2006-1

              

      

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling Agreement dated as of January 1,
      2006 (the “Pooling Agreement”), among Greenwich Capital Acceptance, Inc., as
      Depositor, Greenwich Capital Financial Products, Inc., as Seller and U.S. Bank
      National Association, as Trustee, the undersigned, as Trustee, hereby certifies
      that, as to each Mortgage Loan listed in the Mortgage Loan Schedule (other
      than
      any Mortgage Loan paid in full or listed on the attached schedule):

     

    
      	 	
              (i)

            	
              all
                documents required to be delivered to the Trustee (or to the Custodian,
                on
                behalf of the Trustee) pursuant to Section 2.01 of the Pooling
                Agreement are in its possession;

            

    

     

    
      	 	
              (ii)

            	
              such
                documents have been reviewed by the Trustee and have not been mutilated,
                damaged or torn and relate to such Mortgage Loan;
                and

            

    

     

    
      	 	
              (iii)

            	
              based
                on the Trustee’s examination and only as to the foregoing, the information
                set forth in the Mortgage Loan Schedule that corresponds to items
                (i),
                (ii) and (iii) of the Mortgage Loan Schedule accurately reflects
                information set forth in the Mortgage
                File.

            

    

     

    Based
      on
      its review and examination and only as to the foregoing documents, such
      documents appear regular on their face and relate to such Mortgage
      Loan.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling Agreement.
      The Trustee makes no representations as to: (i) the validity, legality,
      sufficiency, enforceability or genuineness of any of the documents contained
      in
      each Mortgage File of any of the Mortgage Loans identified on the Mortgage
      Loan
      Schedule, or (ii) the collectibility, insurability, effectiveness or suitability
      of any such Mortgage Loan.

     

    
      
        
        

      

      
        G-2-1

        
          

        

      

      
        
        

      

    

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling Agreement.

     

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

              as Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:

	 	Title 

    

     

    
      
        
        

      

      
        G-2-2

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      G-3

     

    FORM
      OF FINAL CERTIFICATION OF TRUSTEE

     

    FINAL
      CERTIFICATION OF TRUSTEE

     

    [Date]

     

    
      	
              Greenwich
                Capital Acceptance, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

               

            	 
	
              Greenwich
                Capital Financial Products, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	 

    

    

    
      
         

        
          	 	
                  Re:

                	
                  HarborView
                    Mortgage Loan Trust 2006-1

                  Mortgage
                    Loan Pass-Through Certificates, Series
                    2006-1

                

        

      

       

      Ladies
        and Gentlemen:

    

     

    In
      accordance with Section 2.02 of the Pooling Agreement dated as of January 1,
      2006 (the “Pooling Agreement”), among Greenwich Capital Acceptance, Inc., as
      Depositor, Greenwich Capital Financial Products, Inc., as Seller and U.S. Bank
      National Association, as Trustee, the undersigned, as Trustee, hereby certifies
      that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than
      any Mortgage Loan paid in full or listed in the attached schedule) it has
      received all documents required to be delivered to the Trustee pursuant to
      Section 2.01 of the Pooling Agreement.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (a) such
      documents appear regular on their face and related to such Mortgage Loan, and
      (b) the information set forth in items (i), (ii) and (iii) of the definition
      of
“Mortgage Loan Schedule” in the Pooling Agreement accurately reflects the
      information set forth in each Mortgage File.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling Agreement.
      The Trustee makes no representations as to: (i) the validity, legality,
      sufficiency, enforceability or genuineness of any of the documents contained
      in
      each Mortgage File of any of the Mortgage Loans identified on the Mortgage
      Loan
      Schedule, or (ii) the collectibility, insurability, effectiveness or suitability
      of any such Mortgage Loan.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling Agreement.

     

    
      
        
        

      

      
        G-3-1

        
          

        

      

      
        
        

      

    

    
       

      
        	 	 	 
	 	
                U.S.
                  BANK NATIONAL ASSOCIATION,

                as Trustee

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:

	 	Title 

      

    

    

    
      
        
        

      

      
        G-3-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      H

     

    FORM
      OF LOST NOTE AFFIDAVIT

     

    Personally
      appeared before me the undersigned authority to administer oaths,
      ______________________ who first being duly sworn deposes and says: Deponent
      is
      ______________________ of Greenwich Capital Financial Products, Inc. (the
“Seller”) and who has personal knowledge of the facts set out in this
      affidavit.

     

    On
      _______________, 200__, _________________________ did execute and deliver a
      promissory note in the principal amount of $__________.

     

    That
      said
      note has been misplaced or lost through causes unknown and is currently lost
      and
      unavailable after diligent search has been made. The Seller’s records show that
      an amount of principal and interest on said note is still presently outstanding,
      due, and unpaid, and such Seller is still owner and holder in due course of
      said
      lost note.

     

    The
      Seller executes this Affidavit for the purpose of inducing U.S. Bank National
      Association, as trustee on behalf of HarborView Mortgage Loan Trust 2006-1,
      Mortgage Loan Pass-Through Certificates, Series 2006-1, to accept the transfer
      of the above-described mortgage loan from the Seller.

     

    The
      Seller agrees to indemnify U.S. Bank National Association and Greenwich Capital
      Acceptance, Inc. and hold each of them harmless for any losses incurred by
      such
      parties resulting from the fact that the above described Note has been lost
      or
      misplaced.

     

    

    By:
      __________________________________

    __________________________________

     

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss:

            
	
              COUNTY
                OF

            	
              )

            	 

    

    

    

    On
      this
      ____ day of ___________ 20__, before me, a Notary Public, in and for said County
      and State, appeared ________________________, who acknowledged the extension
      of
      the foregoing and who, having been duly sworn, states that any representations
      therein contained are true.

     

    Witness
      my hand and Notarial Seal this ____ day of _______ 20__.

     

    _______________________________

    _______________________________

     

    My
      commission expires _______________.

    

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      I-1

     

    FORM
      OF ERISA REPRESENTATION FOR RESIDUAL CERTIFICATES

    

     

    [Date]

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      MA 02110

    

     

    Re: 
      HarborView Mortgage Loan Trust 2006-1 

    Mortgage
      Loan Pass-Through Certificates, Series 

    2006-1,
      Class [A-R], [A-R-II]

     

     

    Ladies
      and Gentlemen:

     

    1. The
      undersigned is the ______________________ of _________________ (the
“Transferee”), a [corporation duly organized] and existing under the laws of
      __________, on behalf of which she makes this affidavit.

     

    2.  The
      Transferee either (x) is not an employee benefit plan subject to Section 406
      of
      the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or a
      plan or arrangement subject to Section 4975 of the Internal Revenue Code of
      1986, as amended (the “Code”) (collectively, a “Plan”) nor a person acting on
      behalf of any such Plan nor using the assets of any such Plan to effect the
      transfer; (y) if the Certificate has been the subject of a best efforts or
      firm
      commitment underwriting or private placement that meets the requirements of
      Prohibited Transaction Exemption 2002-41, and is an insurance company which
      is
      purchasing such Certificates with funds contained in an “insurance company
      general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”) and that the purchase and
      holding of such Certificates are covered under Section I and III of PTCE 95-60;
      or (z) shall deliver to the Certificate Registrar an opinion of counsel (a
      “Benefit Plan Opinion”) satisfactory to the Certificate Registrar, and upon
      which the Certificate Registrar shall be entitled to rely, to the effect that
      the purchase or holding of such Certificate by the Transferee will not result
      in
      a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of the Code and will not subject the Trustee, the Certificate Registrar, the
      Servicer or the Depositor to any obligation in addition to those undertaken
      by
      such entities in the Pooling Agreement, which opinion of counsel shall not
      be an
      expense of the Trustee, the Certificate Registrar the Depositor or the
      Trust.

     

    
      
        
        

      

      
        I-1-1

        
          

        

      

      
        
        

      

    

     

    3. The
      Transferee hereby acknowledges that under the terms of the Pooling Agreement
      dated as of January 1, 2006 (the “Agreement”) among Greenwich Capital
      Acceptance, Inc., as Depositor, Greenwich Capital Financial Products, Inc.,
      as
      Seller and U.S. Bank National Association, as Trustee, no transfer of any
      ERISA-Restricted Certificate in the form of a Definitive Certificate shall
      be
      permitted to be made to any person unless the Depositor and Trustee have
      received a certificate from such transferee in the form hereof.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling Agreement.

     

    IN
      WITNESS WHEREOF, the Transferee has executed this certificate.

     

     

    _________________________________

    [Transferee]

     

    By:______________________________

    Name:

    Title:

     

    
      
        
        

      

      
        I-1-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      I-2

     

    FORM
      OF ERISA REPRESENTATION

    FOR
      ERISA-RESTRICTED CERTIFICATES

     

    [Date]

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      MA 02110

    

     

    Re:  HarborView
      Mortgage Loan Trust 2006-1 

    Mortgage
      Loan Pass-Through Certificates, 

    Series
      2006-1, ERISA-Restricted Certificates

     

    Ladies
      and Gentlemen:

     

    1. The
      undersigned is the ______________________ of _________________ (the
“Transferee”), a [corporation duly organized] and existing under the laws of
      __________, on behalf of which s/he makes this affidavit.

     

    2. The
      Transferee either (x) is not an employee benefit plan subject to Section 406
      of
      the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or a
      plan or arrangement subject to Section 4975 of the Internal Revenue Code of
      1986, as amended (the “Code”) (collectively, a “Plan”) nor a person acting on
      behalf of any such Plan nor using the assets of any such Plan to effect the
      transfer; (y) if a Certificate, other than the Class Y Certificate, has been
      the
      subject of a best efforts or firm commitment underwriting or private placement
      that meets the requirements of Prohibited Transaction Exemption 2002-41, is
      an
      insurance company which is purchasing such Certificates with funds contained
      in
      an “insurance company general account” (as such term is defined in Section V(e)
      of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”) and that the
      purchase and holding of such Certificates are covered under Section I and III
      of
      PTCE 95-60; or (z) in the case of a Certificate, other than the Class Y
      Certificate, shall deliver to the Certificate Registrar an opinion of counsel
      (a
“Benefit Plan Opinion”) satisfactory to the Certificate Registrar, and upon
      which the Certificate Registrar shall be entitled to rely, to the effect that
      the purchase or holding of such Certificate by the Transferee will not result
      in
      a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of the Code and will not subject the Trustee, the Certificate Registrar, the
      Servicer or the Depositor to any obligation in addition to those undertaken
      by
      such entities in the Pooling Agreement, which opinion of counsel shall not
      be an
      expense of the Trustee, the Certificate Registrar the Depositor or the
      Trust.

     

    
      
        
        

      

      
        I-2-1

        
          

        

      

      
        
        

      

    

     

    3. The
      Transferee hereby acknowledges that under the terms of the Pooling Agreement
      dated as of January 1, 2006 (the “Agreement”) among Greenwich Capital
      Acceptance, Inc., as Depositor, Greenwich Capital Financial Products, Inc.,
      as
      Seller and U.S. Bank National Association, as Trustee, no transfer of any
      ERISA-Restricted Certificate in the form of a Definitive Certificate shall
      be
      permitted to be made to any person unless the Depositor and Trustee have
      received a certificate from such transferee in the form hereof.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling Agreement.

     

    IN
      WITNESS WHEREOF, the Transferee has executed this certificate.

     

    _________________________________

    [Transferee]

     

    By:______________________________

    Name:

    Title:

     

    
      
        
        

      

      
        I-2-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      J-1

     

    FORM
      OF INVESTMENT LETTER [NON-RULE 144A]

     

    [Date]

     

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      MA 02110

    

     

    
      	 	
              Re:
                

            	
              HarborView
                Mortgage Loan Trust 2006-1 

            

    

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Certificates, we certify
      that (a) we understand that the Certificates are not being registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we are an
“accredited investor,” as defined in Regulation D under the Act, and have such
      knowledge and experience in financial and business matters that we are capable
      of evaluating the merits and risks of investments in the Certificates, (c)
      we
      have had the opportunity to ask questions of and receive answers from the
      Depositor concerning the purchase of the Certificates and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Certificates, (d) we are acquiring the Certificates for investment
      for our own account and not with a view to any distribution of such Certificates
      (but without prejudice to our right at all times to sell or otherwise dispose
      of
      the Certificates in accordance with clause (f) below), (e) we have not offered
      or sold any Certificates to, or solicited offers to buy any Certificates from,
      any person, or otherwise approached or negotiated with any person with respect
      thereto, or taken any other action which would result in a violation of Section
      5 of the Act, and (f) we will not sell, transfer or otherwise dispose of any
      Certificates unless (1) such sale, transfer or other disposition is made
      pursuant to an effective registration statement under the Act or is exempt
      from
      such registration requirements, and if requested, we will at our expense provide
      an opinion of counsel satisfactory to the addressees of this Certificate that
      such sale, transfer or other disposition may be made pursuant to an exemption
      from the Act, (2) the purchaser or transferee of such Certificate has executed
      and delivered to you a certificate to substantially the same effect as this
      certificate, and (3) the purchaser or transferee has otherwise complied with
      any
      conditions for transfer set forth in the Pooling Agreement.

     

    
      
        
        

      

      
        J-1-1

        
          

        

      

      
        
        

      

    

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling Agreement.

     

    Very
      truly yours,

     

    [NAME
      OF TRANSFEREE]

     

    By:
                  
                    

    Authorized
      Officer

    

    
      
        
        

      

      
        J-1-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      J-2

    

    FORM
      OF RULE 144A INVESTMENT LETTER

    

     

    [Date]

     

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      MA 02110

    

     

    
      	 	
              Re:
                

            	
              HarborView
                Mortgage Loan Trust 2006-1 

            

    

    Mortgage
      Loan Pass-Through Certificates, Series 2006-1

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates we certify that (a)
      we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we have had the opportunity
      to
      ask questions of and receive answers from the Depositor concerning the purchase
      of the Certificates and all matters relating thereto or any additional
      information deemed necessary to our decision to purchase the Certificates,
      (c)
      we have not, nor has anyone acting on our behalf offered, transferred, pledged,
      sold or otherwise disposed of the Certificates, any interest in the Certificates
      or any other similar security to, or solicited any offer to buy or accept a
      transfer, pledge or other disposition of the Certificates, any interest in
      the
      Certificates or any other similar security from, or otherwise approached or
      negotiated with respect to the Certificates, any interest in the Certificates
      or
      any other similar security with, any person in any manner, or made any general
      solicitation by means of general advertising or in any other manner, or taken
      any other action, that would constitute a distribution of the Certificates
      under
      the Securities Act or that would render the disposition of the Certificates
      a
      violation of Section 5 of the Securities Act or require registration pursuant
      thereto, nor will act, nor has authorized or will authorize any person to act,
      in such manner with respect to the Certificates, and (d) we are a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act and have completed either of the forms of certification to that effect
      attached hereto as Annex 1 or Annex 2. We are aware that the sale to us is
      being
      made in reliance on Rule 144A. We are acquiring the Certificates for our own
      account or for resale pursuant to Rule 144A and further, understand that such
      Certificates 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
      Securities Act.

     

    
      
        
        

      

      
        J-2-1

        
          

        

      

      
        
        

      

    

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling Agreement.

     

    Very
      truly yours,

     

    [NAME
      OF TRANSFEREE]

     

    

    By:
                  
                    

    Authorized
      Officer

     

    
      
        
        

      

      
        J-2-2

        
          

        

      

      
        
        

      

    

     

    ANNEX
      1 TO EXHIBIT J

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    i. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    ii. In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
      amended (“Rule 144A”) because (i) the Buyer 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 Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
      category marked below.

     

    ___ Corporation,
      etc.
      The
      Buyer is a corporation (other than a bank, savings and loan association or
      similar institution), Massachusetts or similar business trust, partnership,
      or
      charitable organization described in Section 501(c)(3) of the Internal Revenue
      Code of 1986, as amended.

     

    ___ Bank.
      The
      Buyer (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
      Buyer (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.

     

     

      
        

      

    

    
      	
              (1)  

            	
              Buyer
                must own and/or invest on a discretionary basis at least $100,000,000
                in
                securities unless Buyer is a dealer, and, in that case, Buyer must
                own
                and/or invest on a discretionary basis at least $10,000,000 in
                securities.

            

    

     

    
      
        
        

      

      
        J-2-3

        
          

        

      

      
        
        

      

    

     

    ___ Broker-dealer.
      The
      Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
      Act of 1934.

     

    ___ Insurance
      Company.
      The
      Buyer 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
      Buyer 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
      Buyer is an employee benefit plan within the meaning of Title I of the Employee
      Retirement Income Security Act of 1974.

     

    ___ Investment
      Advisor.
      The
      Buyer is an investment advisor registered under the Investment Advisors Act
      of
      1940.

     

    ___ Small
      Business Investment Company.
      Buyer
      is a small business investment company licensed by the U.S. Small Business
      Administration under Section 301(c) or (d) of the Small Business Investment
      Act
      of 1958.

     

    ___ Business
      Development Company.
      Buyer
      is a business development company as defined in Section 202(a)(22) of the
      Investment Advisors Act of 1940.

     

    iii. The
      term
“securities”
as
      used
      herein does
      not include
      (i)
      securities of issuers that are affiliated with the Buyer, (ii) securities that
      are part of an unsold allotment to or subscription by the Buyer, if the Buyer
      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.

     

    iv. For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities has
      been published. If clause (ii) in the preceding sentence applies, the securities
      may be valued at market. Further, in determining such aggregate amount, the
      Buyer may have included securities owned by subsidiaries of the Buyer, but
      only
      if such subsidiaries are consolidated with the Buyer in its financial statements
      prepared in accordance with generally accepted accounting principles and if
      the
      investments of such subsidiaries are managed under the Buyer’s direction.
      However, such securities were not included if the Buyer is a majority-owned,
      consolidated subsidiary of another enterprise and the Buyer is not itself a
      reporting company under the Securities Exchange Act of 1934, as
      amended.

     

    
      
        
        

      

      
        J-2-4

        
          

        

      

      
        
        

      

    

     

    v. The
      Buyer
      acknowledges that it is familiar with Rule 144A and understands that the seller
      to it 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
      Buyer may be in reliance on Rule 144A.

     

    vi. Until
      the
      date of purchase of the Rule 144A Securities, the Buyer 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 Buyer’s purchase of the
      Certificates will constitute a reaffirmation of this certification as of the
      date of such purchase. In addition, if the Buyer is a bank or savings and loan
      is provided above, the Buyer agrees that it will furnish to such parties updated
      annual financial statements promptly after they become available.

     

                                                               

    Print
      Name of Buyer

     

    By:                                                       
      

    Name:

    Title:

     

    Date:                                                      

     

    
      
        
        

      

      
        J-2-5

        
          

        

      

      
        
        

      

    

     

    ANNEX
      2 TO EXHIBIT J

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That are Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
      Investment Companies (as defined below), is such an officer of the
      Adviser.

     

    2. In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, as amended and
      (ii)
      as marked below, the Buyer alone, or the Buyer’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 Buyer’s most recent fiscal year. For
      purposes of determining the amount of securities owned by the Buyer or the
      Buyer’s Family of Investment Companies, the cost of such securities was used,
      except (i) where the Buyer or the Buyer’s Family of Investment Companies reports
      its securities holdings in its financial statements on the basis of their market
      value, and (ii) no current information with respect to the cost of those
      securities has been published. If clause (ii) in the preceding sentence applies,
      the securities may be valued at market.

     

    ___ The
      Buyer
      owned $            
      in
      securities (other than the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A).

     

    ___ The
      Buyer
      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 Buyer’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
      Buyer or are part of the Buyer’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.

     

    
      
        
        

      

      
        J-2-6

        
          

        

      

      
        
        

      

    

     

    5. The
      Buyer
      is familiar with Rule 144A and understands that the parties listed in the Rule
      144A Transferee Certificate to which this certification relates are relying
      and
      will continue to rely on the statements made herein because one or more sales
      to
      the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
      purchase for the Buyer’s own account.

     

    6. Until
      the
      date of purchase of the Certificates, the undersigned will notify the parties
      listed in the Rule 144A Transferee Certificate to which this certification
      relates of any changes in the information and conclusions herein. Until such
      notice is given, the Buyer’s purchase of the Certificates will constitute a
      reaffirmation of this certification by the undersigned as of the date of such
      purchase.

     

                                                            

    Print
      Name of Buyer or Adviser

     

    By:                                                  
      

    Name:

    Title:

     

    IF
      AN ADVISER:

     

                                                              

    Print
      Name of Buyer

     

    Date:                                                 

    

    
      
        
        

      

      
        J-2-7

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      K

     

    FORM
      OF TRANSFEROR CERTIFICATE

     

    [Date]

     

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06380

    Attention:
      Corporate Trust, HarborView Mortgage Loan Trust 2006-1

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      MA 02110

    

     

    
      	 	
              Re:
                

            	
              HarborView
                Mortgage Loan Trust 2006-1 Mortgage
                Loan

            

    

    Pass-Through
      Certificates, Series 2006-1, Class [A-R], [A-R-II]

     

    Ladies
      and Gentlemen:

     

    In
      connection with our proposed transfer of an Ownership Interest in the Class
      [A-R], [A-R-II] Certificate, we hereby certify that (a) we have no knowledge
      that the proposed Transferee is not a Permitted Transferee acquiring an
      Ownership Interest in such Class [A-R], [A-R-II] Certificate for its own account
      and not in a capacity as trustee, nominee, or agent for another Person, and
      (b)
      we have not undertaken the proposed transfer in whole or in part to impede
      the
      assessment or collection of tax.

     

    Very
      truly yours,

     

    [_____________________]

     

    By:
      ______________________________

    

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      L

     

    TRANSFER
      AFFIDAVIT FOR RESIDUAL CERTIFICATE

    PURSUANT
      TO SECTION 6.02(e)

     

    HARBORVIEW
      MORTGAGE LOAN TRUST 2006-1

    MORTGAGE
      LOAN PASS-THROUGH CERTIFICATES, SERIES 2006-1, CLASS [A-R],
      [A-R-II]

    

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss:

            
	
              COUNTY
                OF

            	
              )

            	 

    

    

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    
      	
              1.

            	
              The
                undersigned is an officer of ______________________, the proposed
                Transferee of a 100% Ownership Interest in the Class [A-R], [A-R-II]
                Certificate (the “Certificate”) issued pursuant to the Pooling Agreement,
                (the “Agreement”) dated as of January 1, 2006, relating to the
                above-referenced Certificates, among Greenwich Capital Acceptance,
                Inc.,
                as Depositor, Greenwich Capital Financial Products, Inc., as Seller,
                and
                U.S. Bank National Association, as Trustee. Capitalized terms used,
                but
                not defined herein, shall have the meanings ascribed to such terms
                in the
                Agreement. The Transferee has authorized the undersigned to make
                this
                affidavit on behalf of the
                Transferee.

            

    

     

    
      	
              2.

            	
              The
                Transferee is, as of the date hereof, and will be, as of the date
                of the
                Transfer, a Permitted Transferee. The Transferee is acquiring its
                Ownership Interest for its own account and not in a capacity as trustee,
                nominee or agent for another party.

            

    

     

    
      	
              3.

            	
              The
                Transferee has been advised of, and understands that (i) a tax will
                be
                imposed on Transfers of the Certificate to Persons that are not Permitted
                Transferees; (ii) such tax will be imposed on the transferor, or,
                if such
                Transfer is through an agent (which includes a broker, nominee or
                middleman) for a Person that is not a Permitted Transferee, on the
                agent;
                and (iii) the Person otherwise liable for the tax shall be relieved
                of
                liability for the tax if the subsequent Transferee furnished to such
                Person an affidavit that such subsequent Transferee is a Permitted
                Transferee and, at the time of Transfer, such Person does not have
                actual
                knowledge that the affidavit is false. The Transferee has provided
                financial statements or other financial information requested by
                the
                Transferor in connection with the transfer of the Certificate to
                permit
                the Transferor to assess the financial capability of the Transferee
                to pay
                such taxes.

            

    

     

    
      	
              4.

            	
              The
                Transferee has been advised of, and understands that a tax may be
                imposed
                on a “pass-through entity” holding the Certificate if, at any time during
                the taxable year of the pass-through entity, a Disqualified Organization
                is the record holder of an interest in such entity. The Transferee
                understands that such tax will not be imposed for any period with
                respect
                to which the record holder furnishes to the pass-through entity an
                affidavit that such record holder is not a Disqualified Organization
                and
                the pass-through entity does not have actual knowledge that such
                affidavit
                is false. (For this purpose, a “pass-through entity” includes a regulated
                investment company, a real estate investment trust or common trust
                fund, a
                partnership, trust or estate, and certain cooperatives and, except
                as may
                be provided in Treasury Regulations, persons holding interests in
                pass-through entities as a nominee for another
                Person.)

            

    

     

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

     

    
      	
              5.

            	
              The
                Transferee has reviewed the provisions of Section 6.02(e) of the
                Agreement
                and understands the legal consequences of the acquisition of an Ownership
                Interest in the Certificate including, without limitation, the
                restrictions on subsequent Transfers and the provisions regarding
                voiding
                the Transfer and mandatory sales. The Transferee expressly agrees
                to be
                bound by and to abide by the provisions of Section 6.02(e) of the
                Agreement and the restrictions noted on the face of the Certificate.
                The
                Transferee understands and agrees that any breach of any of the
                representations included herein shall render the Transfer to the
                Transferee contemplated hereby null and
                void.

            

    

     

    
      	
              6.

            	
              The
                Transferee agrees to require a Transfer Affidavit from any Person
                to whom
                the Transferee attempts to Transfer its Ownership Interest in the
                Certificate, and the Transferee will not Transfer its Ownership Interest
                or cause any Ownership Interest to be Transferred to any Person that
                the
                Transferee knows is not a Permitted Transferee. In connection with
                any
                such Transfer by the Transferee, the Transferee agrees to deliver
                to the
                Trustee a certificate substantially in the form set forth as Exhibit
                K to
                the Agreement (a “Transferor
                Certificate”).

            

    

     

    
      	
              7.

            	
              The
                Transferee does not have the intention to impede the assessment or
                collection of any tax legally required to be paid with respect to
                the
                Certificate.

            

    

     

    
      	8.    	
              The
                Transferee’s taxpayer identification number is             .

            

    

     

    
      	
              9.

            	
              The
                Transferee is aware that the Certificate may be a “noneconomic residual
                interest” within the meaning of the REMIC provisions and that the
                transferor of a noneconomic residual interest will remain liable
                for any
                taxes due with respect to the income on such residual interest, unless
                no
                significant purpose of the transfer was to impede the assessment
                or
                collection of tax.

            

    

     

    
      
        
        

      

      
        L-2

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its duly authorized
      officer and its corporate seal to be hereunto affixed, duly attested, this
          
      day
      of
                  ,
      20  .

     

    [NAME
      OF TRANSFEREE]

     

    By:                                                       

    Name:

    Title:

     

    [Corporate
      Seal]

     

    ATTEST:

     

                              
      

    [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 the                     
      of the
      Transferee, and acknowledged that he executed the same as his free act and
      deed
      and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this     
      day
      of
        
      ,
      20  .

     

    

    

    

                                                           

    NOTARY
      PUBLIC

     

    
      	 	 	 	 	 	 	 	
              My
                Commission expires the     
                day of                 ,
                20  .

            

    

     

    

    
      
        
        

      

      
        L-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      M

     

    LIST
      OF SERVICING AGREEMENTS

     

    
      	1.      	
              Reconstituted
                Servicing Agreement dated as of January
                1, 2006, by and among Greenwich Capital Financial Products, Inc.,
                Countrywide Home Loans, Inc. and Countrywide Home Loans Servicing
                LP, as
                servicer and acknowledged by U.S. Bank National Association, as
                trustee.

            

    

     

    

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      N-1

    

    

    FORM
      OF TRANSFER CERTIFICATE

    FOR
      TRANSFER FROM RESTRICTED GLOBAL SECURITY

    TO
      REGULATION S GLOBAL SECURITY

    (Transfers
      pursuant to §§ 6.02 (f) (ii)

                          
      of the Pooling
      Agreement)                            

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      MA 02110

    

    
      	 	
              Re:

            	
              HarborView
                Mortgage Loan Trust 2006-1

            

    

    
      
        	 	
                 

              	
                Mortgage
                  Loan Pass-Through Certificates, Series
                  2006-1

              

      

    

     

    Reference
      is hereby made to the Pooling Agreement dated as of January 1, 2006 (the
“Pooling Agreement”) relating to the above referenced certificates, among
      Greenwich Capital Acceptance, Inc., as Depositor, Greenwich Capital Financial
      Products, Inc., as Seller and U.S. Bank National Association, as Trustee.
      Capitalized terms used but not defined herein shall have the meanings given
      them
      in the Pooling Agreement.

     

    This
      letter relates to U.S. $____________________________ aggregate principal amount
      of Securities which are held in the form of a Restricted Global Security with
      the Depository in the name of [name of transferor]
      ___________________________________ (the “Transferor”) to effect the transfer of
      the Securities in exchange for an equivalent beneficial interest in a Regulation
      S Global Security.

     

    In
      connection with such request, the Transferor does hereby certify that such
      transfer has been effected in accordance with the transfer restrictions set
      forth in the Pooling Agreement and the private placement memorandum dated
      January 25, 2006, relating to the Securities and in accordance with Rule 904
      of
      Regulation S, and that:

     

    a. the
      offer
      of the Securities 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 have been made in contravention of the requirements
      of
      Rule 903 or 904 of Regulation S, as applicable;

     

    d. the
      transaction is not part of a plan or scheme to evade the registration
      requirements of the United States Securities Act of 1933, as amended (the
“Securities Act”); and

     

    
      
        
        

      

      
        N-1-1

        
          

        

      

      
        
        

      

    

     

    
      	e.  	
              the
                transferee is not a U.S. Person.

            

    

     

    You
      and
      the Depositor 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. Terms used in this certificate have the meanings set
      forth in Regulation S.

     

    

    

    

                                                                
      

    [Name
      of Transferor]

    

    

    By:
                                                              

    Name:

    Title:

     

    Date:             
        ,
            

     

    
      
        
        

      

      
        N-1-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      N-2

    FORM
      OF TRANSFER CERTIFICATE FOR TRANSFER 

    FROM
      REGULATION S GLOBAL SECURITY

    TO
      RESTRICTED GLOBAL SECURITY

    (Transfers
      pursuant to §§ 6.02 (f) (iii)

                              of
      the Pooling
      Agreement)                          

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      MA 02110

    

    
      
        	 	
                Re:

              	
                HarborView
                  Mortgage Loan Trust 2006-1

              

      

      
        	 	 	Mortgage Loan Pass-Through Certificates, Series
                2006-1 

      

    

     

    Reference
      is hereby made to the Pooling Agreement dated as of January 1, 2006 (the
“Pooling Agreement”) relating to the above referenced certificates, among
      Greenwich Capital Acceptance, Inc., as Depositor, Greenwich Capital Financial
      Products, Inc., as Seller and U.S. Bank National Association, as Trustee.
      Capitalized terms used but not defined herein shall have the meanings given
      them
      in the Pooling Agreement.

     

    This
      letter relates to U.S. $____________________________ aggregate principal amount
      of Securities which are held in the form of a Regulations S Global Security
      in
      the name of [name of transferor] ___________________________________ (the
“Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Restricted Global Security.

     

    In
      connection with such request, and in respect of such Securities, the Transferor
      does hereby certify that such Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Pooling Agreement and the
      private placement memorandum dated January 25, 2006, relating to the Securities
      and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
      to a transferee that the Transferor reasonably believes is purchasing the
      Securities for its own account or an account with respect to which the
      transferee exercises sole investment discretion, the transferee or any such
      account is a qualified institutional buyer within the meaning of Rule 144A,
      in a
      transaction meeting the requirements of Rule 144A and in accordance with any
      applicable securities laws of any state of the United States or any other
      jurisdiction.

     

                                                                
      

    [Name
      of Transferor]

    

    By:                                                        

    Name:

    Title:

     

    Date:        ,         

     

    
      
        
        

      

      
        N-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      O

    

    CERTIFICATE
      INSURANCE POLICY

    

     

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      P

     

    FORM
      OF
      TRUSTEE CERTIFICATION

     

    
      
        	 	
                Re:
                  

              	
                HarborView
                  Mortgage Loan Trust 2006-1, 

              

      

      
        	 	 	Mortgage Loan Pass-Through Certificates, Series
                2006-1 

      

    

    

    U.S.
      Bank
      National Association (the “Trustee”) hereby certifies to Greenwich Capital
      Acceptance, Inc. (the “Depositor”), each of its officers, directors, agents and
      employees, and each Person, if any, who “controls” the Depositor within the
      meaning of the Securities Act of 1933, as amended, and its officers, directors
      and affiliates, and with the knowledge and intent that they will rely upon
      this
      certification, that:

     

    1. The
      Trustee has reviewed the annual report on Form 10-K for the fiscal year [___],
      and all reports on Form 8-K containing distribution reports filed in respect
      of
      periods included in the year covered by that annual report, of the Depositor
      relating to the above-referenced trust;

     

    2. Based
      on the Trustee’s knowledge, and assuming the accuracy and completeness of the
      information supplied to the Trustee by the Servicer, the distribution
      information in the distribution reports contained in all reports on Form 8-K
      included in the year covered by the annual report on Form 10-K referred to
      in
      clause (1) above, prepared by the Trustee, taken as a whole, does not contain
      any untrue statement of a material fact or omit to state a material fact
      required by the Pooling Agreement to be included therein and necessary to make
      the statements made, in light of the circumstances under which such statements
      were made, not misleading as of the last day of the period covered by that
      annual report; and

     

    3. Based
      on
      the Trustee’s knowledge, the distribution information required to be provided by
      the Trustee under the Pooling Agreement is included in these
      reports.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Pooling Agreement, dated January 1, 2006 (the “Pooling Agreement”) among the
      Depositor, Greenwich Capital Financial Products, Inc., as the seller (the
“Seller”) and the Trustee, as trustee.

     

    U.S.
      Bank
      National Association,

    as
      Trustee 

    

    By:___________________________

    [Name]
      

    [Title]

    [Date]

    

     

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q

     

    FORM
      OF
      SUBSEQUENT TRANSFER AGREEMENT

     

    THIS
      SUBSEQUENT TRANSFER AGREEMENT, dated as of [ ],
      [ ]
      (this
“Subsequent Transfer Agreement”), among GREENWICH CAPITAL ACCEPTANCE, INC., a
      Delaware corporation, as depositor (the “Depositor”), GREENWICH CAPITAL
      FINANCIAL PRODUCTS, INC., a Delaware corporation, as seller (the “Seller”), and
      U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee
      (the
“Trustee”);

     

    WHEREAS,
      the parties hereto are also among the parties to the Pooling Agreement, dated
      as
      of January 1, 2006, among the Depositor, the Seller and the Trustee (the
“Pooling Agreement”), in relation to the HarborView Mortgage Loan Trust 2006-1,
      Mortgage Loan Pass-Through Certificates, Series 2006-1;

     

    WHEREAS,
      the Seller desires to sell the Subsequent Mortgage Loans, including the related
      Mortgages, to the Depositor and the Depositor desires to purchase such
      Subsequent Mortgage Loans;

     

    WHEREAS,
      the Depositor desires to convey such Subsequent Mortgage Loans to the Trustee,
      for the benefit of the Certificateholders, and the Trustee desires to accept
      such conveyance;

     

    WHEREAS,
      Sections 2.01(b) of the Pooling Agreement provides for the parties hereto to
      enter into this Subsequent Transfer Agreement in accordance with the terms
      and
      conditions of the Pooling Agreement;

     

    NOW,
      THEREFORE, in consideration of the premises and for other good and valuable
      consideration the receipt and adequacy of which are hereby
      acknowledged:

     

    1. The
      parties hereto agree as follows:

     

    
      	 	
              (i)

            	
              The
                “Subsequent Transfer Date” and “Subsequent Cut-off Date” with respect to
                this Subsequent Transfer Agreement shall be [ ],
                [ ].

            

    

     

    
      	 	
              (ii)

            	
              The
                “Aggregate Subsequent Purchase Amount” with respect to this Subsequent
                Transfer Agreement shall be $[ ],
                provided,
                however,
                that such amount shall not exceed the amount on deposit in the Prefunding
                Account. From the Aggregate Subsequent Purchase Amount, $[ ]
                shall be used to purchase Subsequent Mortgage Loans for Loan Group
                1,
                $[ ]
                shall be used to purchase Subsequent Mortgage Loans for Loan Group
                2,
                $[ ]
                shall be used to purchase Subsequent Mortgage Loans for Loan Group
                3 and
                $[ ]
                shall be used to purchase Subsequent Mortgage Loans for Loan Group
                4.

            

    

     

    
      	 	
              (iii)

            	
              In
                case any provision of this Subsequent Transfer Agreement shall be
                invalid,
                illegal or unenforceable, the validity, legality and enforceability
                of the
                remaining provisions or obligations shall not in any way be affected
                or
                impaired thereby.

            

    

     

    
      
        
        

      

      
        Q-1

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (iv)

            	
              In
                the event of any conflict between the provisions of this Subsequent
                Transfer Agreement and the Pooling Agreement, the provisions of the
                Pooling Agreement shall prevail. Capitalized terms used herein and
                not
                otherwise defined have the meanings in the Pooling
                Agreement.

            

    

     

    2. The
      Seller hereby agrees to the following:

     

    
      	 	
              (i)

            	
              The
                Subsequent Mortgage Loans conveyed on the Subsequent Transfer Date
                satisfy
                the pool characteristics for the Trust Fund identified in Section
                2.01(b)
                of the Pooling Agreement.

            

    

     

    
      	
            	(ii)	
              The
                Seller hereby sells, transfers, assigns, sets over and otherwise
                conveys
                to the Depositor, without recourse, all right title and interest
                in the
                Subsequent Mortgage Loans
                identified in Schedule A, including all interest and principal due
                on or
                with respect to such Subsequent Mortgage Loans after the Subsequent
                Cut-off Date and all interest and principal payments on such Subsequent
                Mortgage Loans received prior to the Subsequent Cut-off Date in respect
                of
                installments of interest and principal due thereafter, but not including
                principal and interest due on such Subsequent Mortgage Loans prior
                to the
                Subsequent Cut-off Date, any insurance policies in respect of such
                Subsequent Mortgage Loans and all proceeds of any of the
                foregoing.

            

    

     

    
      	 	
              (iii)

            	
              The
                Seller hereby makes the representations and warranties as set forth
                in
                Section 2.04 of the Pooling Agreement to the Trustee on behalf of
                the
                Certificateholders and the Certificate Insurer as of the Subsequent
                Transfer Date with respect to the Subsequent Mortgage
                Loans.

            

    

     

    
      	 	
              (iv)

            	
              The
                Seller hereby makes the representations and warranties as set forth
                in
                Section 2.08 of the Pooling Agreement to the Trustee on behalf of
                the
                Certificateholders and the Certificate Insurer as of the Subsequent
                Transfer Date.

            

    

     

    3. The
      Depositor hereby agrees to the following:

     

    
      	 	
              (i)

            	
              The
                Depositor, concurrently with the execution and delivery hereof, does
                hereby transfer, assign, set over and otherwise convey to the Trustee
                without recourse for the benefit of the Certificateholders all the
                right,
                title and interest of the Depositor, including any security interest
                therein for the benefit of the Depositor, in and to each Subsequent
                Mortgage Loan included on the Mortgage Loan Schedule, including the
                related Cut-Off Date Principal Balance, all interest due thereon
                after the
                Subsequent Cut-Off Date, all collections in respect of interest and
                principal due after the Subsequent Cut-Off Date, any insurance proceeds
                in
                respect of such Subsequent Mortgage Loans and all proceeds of any
                of the
                foregoing;

            

    

     

    
      
        
        

      

      
        Q-2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              The
                Depositor hereby makes the representations and warranties as set
                forth in
                Section 2.06 of the Pooling Agreement to the Trustee on behalf of
                the
                Certificateholders and the Certificate Insurer as of the Subsequent
                Transfer Date.

            

    

     

    
      	
              4.

            	
              THIS
                AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
                LAWS
                OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
                PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
                LAW), AND
                THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
                BE
                DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

            

    

     

    
      	
              5.

            	
              The
                Subsequent Transfer Agreement may be executed in one or more counterparts,
                each of which so executed and delivered shall be deemed an original,
                but
                all such counterparts together shall constitute but one and the same
                instrument.

            

    

     

    
      
        
        

      

      
        Q-3

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the parties to this Subsequent Transfer Agreement have caused
      their names to be signed hereto by their respective officers thereunto duly
      authorized as of the day and year first above written.

     

    
      	 	 	 
	 	
              GREENWICH
                CAPITAL
                ACCEPTANCE, INC.,

                  as
                Depositor

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title: 

    

    
       

      
        	 	 	 
	 	
                GREENWICH
                  CAPITAL
                  FINANCIAL PRODUCTS, INC.,

                    as
                  Seller

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
	 	Title: 

      

      
         

        
          	 	 	 
	 	
                  U.S.
                    BANK NATIONAL ASSOCIATION,

                      not
                    in its individual capacity, but solely as
                    Trustee

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
Name:
	 	Title: 

        

      

    

     

    
      
        
        

      

      
        Q-4

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      R

     

    FORM
      OF
      CERTIFICATION REGARDING SERVICING CRITERIA TO BE ADDRESSED IN REPORT ON
      ASSESSMENT OF COMPLIANCE

     

    

    To:

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

    

    Greenwich
      Capital Financial Products, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

    

    Reference
      is made to that certain Pooling Agreement, dated as of January 1, 2006 (the
      “Agreement”), among Greenwich Capital Acceptance, Inc., Greenwich Capital
      Financial Products, Inc. and U.S. Bank National Association, as Trustee,
      relating to the issuance of the HarborView Mortgage Loan Trust 2006-1 Mortgage
      Loan Pass-Through Certificates, Series 2006-1. This certification is delivered
      pursuant to Section 8.01(b) of the Agreement. Capitalized terms used herein
      but
      not otherwise defined shall have the meanings set forth in the
      Agreement.

    

    _________________________,
      the undersigned, a duly authorized _______________ of the [[Trustee]],
      does
      hereby certify that the assessment of compliance to be delivered by the
[[Trustee]]
      shall
      address, at a minimum, the criteria identified below as “Applicable Servicing
      Criteria” as identified by a mark in the column titled “Applicable Servicing
      Criteria.”

    

    
      	
              Servicing
                Criteria 

            	
              Applicable
                Servicing Criteria

            
	
              Reference

            	
              Criteria

            	
               

            
	
               

            	
              General
                Servicing Considerations

            	
               

            
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	 
	
               

            	
              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
              Payments
                on mortgage loans are deposited into the appropriate custodial bank
                accounts and related bank clearing accounts no more than two business
                days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	 

    

     

    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

    

    
      
      

       

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              

      

    

    
      	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	 
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	 
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 
	
              1122(d)(2)(vii)

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	 
	
               

            	
              Investor
                Remittances and Reporting

            	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of mortgage loans serviced by the
                Servicer.

            	 
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements.

            	 
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank
                statements.

            	 
	
               

            	
              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
              Collateral
                or security on mortgage loans is maintained as required by the transaction
                agreements or related mortgage loan documents.

            	 
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan and related documents are safeguarded as required by the transaction
                agreements

            	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	 
	
              1122(d)(4)(iv)

            	
              Payments
                on mortgage loans, including any payoffs, made in accordance with
                the
                related mortgage loan documents are posted to the Servicer’s obligor
                records maintained no more than two business days after receipt,
                or such
                other number of days specified in the transaction agreements, and
                allocated to principal, interest or other items (e.g., escrow) in
                accordance with the related mortgage loan documents.

            	 

    

     

    
      
        
        

      

      
        R-2

        
          

        

      

      
        
        

      

    

    

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              

      

    

    
      	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the mortgage loans agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's mortgage loans
                (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                mortgage
                loan is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent mortgage loans including, for
                example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for mortgage loans with variable
                rates are computed based on the related mortgage loan
                documents.

            	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s mortgage loan
                documents, on at least an annual basis, or such other period specified
                in
                the transaction agreements; (B) interest on such funds is paid, or
                credited, to obligors in accordance with applicable mortgage loan
                documents and state laws; and (C) such funds are returned to the
                obligor
                within 30 calendar days of full repayment of the related mortgage
                loans,
                or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission.

            	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements.

            	 
	
              1122(d)(4)(xiv)

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	 
	
               

            	
               

            	
               

            

    

    

    

     

    [Signature
      Page Follows]

     

    

    
      
        
        

      

      
        R-3

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              GREENWICH
                CAPITAL ACCEPTANCE, INC.,

              as Depositor

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:

	 	Title: 

    

    
       

      
        	 	 	 
	 	
                GREENWICH
                  CAPITAL FINANCIAL PRODUCTS, INC.,

                as
                  Seller

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:

	 	Title: 

      

       

    

     

    
      
        
        

      

      
        R-4

        
          

        

      

      
        
        

      

    

    
EXHIBIT
      S

    

    TRANSACTION
      PARTIES

    

    

     

    Sponsor
      and Seller: Greenwich Capital Financial Products, Inc.

     

    Depositor:
      Greenwich Capital Acceptance, Inc.

    

    Trustee:
      U.S. Bank National Association

    

    Servicer(s):
      Countrywide Home Loans Servicing LP

    

    Originator(s):
      Countrywide Home Loans, Inc.

    

    Custodian(s):
      The Bank of New York

     

    Certificate
      Insurer: Financial Security Assurance Inc.

     

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      I

    MORTGAGE
      LOAN SCHEDULE

     

    [To
      be
      retained in a Separate Closing Binder entitled “HarborView 2006-1 Mortgage Loan
      Schedule” at the Washington DC Offices of McKee Nelson LLP]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      II

     

    [Reserved]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      III

     

    YIELD
      MAINTENANCE PAYMENTS

    

    [Reserved]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]