Document:

EXHIBIT 4.2

<PAGE>

                     HARTWICK SUBSEQUENT TRANSFER INSTRUMENT

                  Pursuant to this Hartwick Subsequent Transfer Instrument (the
"Instrument"), dated January 7, 1997, between The National Collegiate Trust
1996-S2, as issuer (the "Issuer"), and State Street Bank and Trust Company, as
Indenture Trustee (the "Indenture Trustee"), and pursuant to the Indenture,
dated as of November 1, 1996, between the Issuer and the Indenture Trustee (the
"Indenture"), the Issuer hereby agrees to the pledge to the Indenture Trustee,
and the Indenture Trustee hereby acknowledges the pledge by the Issuer, of the
Hartwick Student Loans listed on the attached of Hartwick Subsequent Loan
Schedule (the "Hartwick Subsequent Loans").

                  Capitalized terms used and not defined herein have their
respective meanings as set forth in the Indenture.

                  Section 1.        CONVEYANCE OF SUBSEQUENT LOANS.

                  The Issuer hereby grants to the Indenture Trustee, without
recourse, in trust and as collateral security, for the exclusive benefit of the
Holders of the Bonds (and the Indenture Trustee, to the extent provided in the
Indenture) a security interest in and to the Hartwick Subsequent Loans, and all
payments made thereon, together with the related Loan Documents. The Issuer,
contemporaneously with the delivery of this Instrument, has delivered or caused
to be delivered to the Indenture Trustee, each item set forth in Section
4.07(c)(i) of the Indenture.

                  Section 2.        CONDITIONS PRECEDENT.

                  The Issuer hereby confirms that each of the conditions set
forth in Section 4.07(c)(i) of the Indenture are satisfied as of the date
hereof.

                  Section 3.        GOVERNING LAW.

                  This Instrument shall be construed in accordance with the laws
of the State of New York and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws, without giving
effect to principles of conflicts of law.

                  Section 4.        COUNTERPARTS.

                  This Instrument may be executed in one or more counterparts
and by the different parties hereto on separate counterparts, each of which,
when so executed, shall be deemed to be an original; such counterparts,
together, shall constitute one and the same instrument.

                  Section 5.        SUCCESSORS AND ASSIGNS.

                  This Instrument shall inure to the benefit of and be binding
upon the Issuer and the Indenture Trustee and their respective successors and
assigns.

<PAGE>

                                 THE NATIONAL COLLEGIATE TRUST
                                 1996-S2, as Issuer

                                 By:        Delaware Trust Capital
                                            Management, Inc., not in its
                                            individual capacity but solely as
                                            Owner Trustee

                                 By:    /s/ Richard N. Smith
                                        ---------------------------------
                                 Name:  Richard N. Smith
                                 Title: Vice President

ACKNOWLEDGED BY:

STATE STREET BANK AND TRUST COMPANY,
as Indenture Trustee

By:    /s/James H. Byrnes
       ------------------------------
Name:  James H. Byrnes
Title: Assistant Vice President

ATTACHMENTS

I.       Hartwick Subsequent Loan Schedule
II.      Officer's Certificate

                                        2

<PAGE>

                                  ATTACHMENT I
                        HARTWICK SUBSEQUENT LOAN SCHEDULE

                                        3

<PAGE>

<TABLE>
Hartwick College                        GATE LOAN DISBURSEMENT ROSTER

                                            NOTE DATE:       11/05/1996         NATIONAL COLLEGIATE TRUST
Oneonta, NY  13820                      INTEREST RATE:       9.25               7 TUCKERS WHARF
Ellen Miller                        DISBURSEMENT DATE:       12/23/1996         MARBLEHEAD, MA  01945
SCHOOL CODE: 002729                                                             MULTIPLIER:   .5325

<CAPTION>

----------------------------------------------------------------------------------------------------------
                                                   NOTE       LOAN        DISBURSEMENT
LAST NAME       FIRST NAME     MI        EGD       DATE      AMOUNT            AMT        COSIGNER

----------------------------------------------------------------------------------------------------------

<S>             <C>            <C>   <C>         <C>         <C>         <C>              <C>
                                     05/31/1998  11/5/96     $ 8,695.00  $ 4,630.09

                                     05/31/1999  11/5/96     $ 1,500.00  $   798.75

                                     05/31/1999  11/5/96     $ 5,600.00  $ 2,982.00

                                     05/31/1999  11/5/96     $ 8,000.00  $ 4,260.00

                                     05/31/1999  11/5/96     $ 6,044.00  $ 3,218.43

                                     05/31/1999  11/5/96     $ 4,000.00  $ 2,130.00

                                     05/31/1999  11/5/96     $ 3,150.00  $ 1,677.37

                                     05/31/1998  11/5/96     $ 8,900.00  $ 4,739.25

                                     05/31/1997  11/5/96     $15,000.00  $ 7,987.50

                                     05/31/1999  11/5/96     $ 2,500.00  $ 1,331.25

                                     05/31/1997  11/5/96     $12,800.00  $ 6,816.00

                                     05/31/1999  11/5/96     $ 3,800.00  $ 2,023.50

                                     05/31/1997  11/5/96     $ 7,750.00  $ 4,126.87

                                     05/31/2000  11/5/96     $ 1,500.00* $   798.75       Disbursed 12/20C

                                     05/31/1998  11/5/96     $ 9,365.00  $ 4,986.86

                                     05/31/1998  11/5/96     $ 7,500.00  $ 3,993.75

                                     05/31/1999  11/5/96     $ 1,743.00  $   928.15

<PAGE>

<CAPTION>

----------------------------------------------------------------------------------------------------------
                                                   NOTE       LOAN        DISBURSEMENT
LAST NAME       FIRST NAME     MI        EGD       DATE      AMOUNT            AMT        COSIGNER

----------------------------------------------------------------------------------------------------------

<S>             <C>            <C>   <C>         <C>         <C>         <C>              <C>
                                     05/31/1997  11/5/96     $11,270.00  $ 6,001.27

                                     05/31/1999  11/5/96     $ 3,000.00  $ 1,597.50

                                     05/31/1997  11/5/96     $13,145.00  $ 6,999.71

                                     05/31/1998  11/5/96     $ 4,210.00  $ 2,241.82

                                     05/31/1999  11/5/96     $ 3,000.00  $ 1,597.50

                                     05/31/1997  11/5/96     $14,800.00  $ 7,881.00

                                     05/31/1999  11/5/96     $ 3,000.00  $ 1,597.50

                                     05/31/1999  11/5/96     $ 9,430.00  $ 5,021.47

                                     05/31/1998  11/5/96     $ 4,900.00  $ 2,609.25

                                     05/31/1999  11/5/96     $ 3,000.00  $ 1,597.50

                                     05/31/1999  11/5/96     $ 1,750.00  $   931.87

                                     05/31/1998  11/5/96     $ 6,300.00  $ 3,354.75

                                     05/31/1999  11/5/96     $ 2,100.00  $ 1,118.25

                                     05/31/1999  11/5/96     $ 1,200.00  $   639.00

                                     05/31/1998  11/5/96     $10,000.00  $ 5,325.00

                                     05/30/1999  11/5/96     $ 3,000.00  $ 1,597.50

                                     05/31/1998  11/5/96     $ 8,310.00  $ 4,425.07

                                     05/31/1998  11/5/96     $ 7,000.00  $ 3,727.50

                                     05/31/1998  11/5/96     $ 9,555.00  $ 5,088.04

                                     05/31/1997  11/5/96     $10,150.00  $ 5,404.87

                                     05/31/1999  11/5/96     $ 1,600.00  $   798.75

<PAGE>

<CAPTION>

----------------------------------------------------------------------------------------------------------
                                                   NOTE       LOAN        DISBURSEMENT
LAST NAME       FIRST NAME     MI        EGD       DATE      AMOUNT            AMT        COSIGNER

----------------------------------------------------------------------------------------------------------

<S>             <C>            <C>   <C>         <C>         <C>         <C>              <C>
                                     05/31/1998  11/5/96     $ 5,625.00  $ 2,995.31

                                     05/25/1997  11/5/96     $15,150.00  $ 8,067.37

                                     05/31/1999  11/5/96     $ 1,600.00  $   798.75

                                     05/31/1999  11/5/96     $ 1,500.00  $   798.75

                                     05/31/1999  11/5/96     $ 2,000.00  $ 1,065.00

                                     05/31/1998  11/5/96     $ 9,500.00  $ 5,058.75

                                     05/31/1999  11/5/96     $ 3,400.00  $ 1,810.50

                                     05/31/1999  11/5/96     $ 5,500.00  $ 2,928.75

                                     05/31/1999  11/5/96     $ 3,750.00  $ 1,996.87

                                     05/31/1997  11/5/96     $ 2,700.00  $ 1,437.75

                                     05/31/1999  11/5/96     $ 6,500.00  $ 3,461.25

                                     05/31/1999  11/5/96     $ 4,500.00  $ 2,396.25

----------------------------------------------------------------------------------------------------------
                                                                           TOTAL LOAN AMOUNT:  $300,092.00

                                                                   TOTAL DISBURSEMENT AMOUNT:  $159,798.94

                                                                   TOTAL NUMBER OF BORROWERS:  50

                                                                   TOTAL NUMBER OF COSIGNERS:  1

----------------------------------------------------------------------------------------------------------

</TABLE>

<PAGE>

                                  ATTACHMENT II
                              OFFICER'S CERTIFICATE

                  I, Richard N. Smith, Vice President of Delaware Capital
Management Inc., not in its individual capacity but solely as owner trustee,
hereby certify on behalf of The National Collegiate Trust 1996-S2 (the
"Issuer"), that, to the best of my knowledge and after due inquiry, as follows:

                  Each condition precedent specified in Section 4.07(c)(i) for
         the Hartwick Subsequent Loans of the Indenture dated as of November 1,
         1996, between the Issuer and State Street Bank and Trust Company, as
         Indenture Trustee (the "Indenture") and each condition specified in the
         Hartwick Subsequent Transfer Instrument has been satisfied by the
         Issuer.

                  Capitalized terms not otherwise defined herein have the
meanings set forth in the Indenture.

                  IN WITNESS WHEREOF, I have hereunto signed my name.

Dated: January 7, 1997         THE NATIONAL COLLEGIATE TRUST 1996-S2

                               By: Delaware Trust Capital Management, Inc., not
                               in its individual capacity but solely as Owner
                               Trustee

                               By:    /s/ Richard N. Smith
                                      ----------------------------
                               Name:  Richard N. Smith
                               Title: Vice President

                                        4Unassociated Document

    NOMURA
      ASSET ACCEPTANCE CORPORATION,

     

    Depositor

     

     

    NOMURA
      CREDIT & CAPITAL, INC.,

     

    Sponsor

     

    

     

    GMAC
      MORTGAGE CORPORATION

     

    Servicer

    

     

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION,

     

    Master
      Servicer and Securities Administrator

     

     

    and

     

    

     

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION

     

    Trustee

     

    
      	 	 	 

    

     

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of May 1, 2006

     

    
      	 	 	 

    

    

     

    NOMURA
      ASSET ACCEPTANCE CORPORATION

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES 2006-AF1

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF CONTENTS

     

     

    ARTICLE
      I

    DEFINITIONS

     

    
      	 	
              Section
                1.01

            	
              Defined
                Terms.

            	 

    

    
      	 	
              Section
                1.02

            	
              Allocation
                of Certain Interest Shortfalls.

            	 

    

     

    ARTICLE
      II

    CONVEYANCE
      OF TRUST FUND REPRESENTATIONS AND WARRANTIES

     

    
      	 	
              Section
                2.01

            	
              Conveyance
                of Trust Fund.

            	 

    

    
      	 	
              Section
                2.02

            	
              Acceptance
                of the Mortgage Loans.

            	 

    

    
      	 	
              Section
                2.03

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

            	 

    

    
      	 	
              Section
                2.04

            	
              Representations
                and Warranties of the Depositor.

            	 

    

    
      	 	
              Section
                2.05

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

            	 

    

    
      	 	
              Section
                2.06

            	
              Issuance
                of the REMIC IA Regular Interests and REMIC IIA Regular
                Interests.

            	 

    

    
      	 	
              Section
                2.07

            	
              Conveyance
                of the REMIC IA Regular Interests, REMIC IB Regular Interests and
                the
                REMIC IIA Regular Interests.

            	 

    

    
      	 	
              Section
                2.08

            	
              Issuance
                of Class I-R Certificates and the Class R Certificates.

            	 

    

    
      	 	
              Section
                2.09

            	
              Establishment
                of Trust.

            	 

    

    
      	 	
              Section
                2.10

            	
              Purpose
                and Powers of the Trust.

            	 

    

     

    ARTICLE
      III

    ADMINISTRATION
      AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS

     

    
      	 	
              Section
                3.01

            	
              The
                Servicer to act as Servicer of the Mortgage Loans.

            	 

    

    
      	 	
              Section
                3.02

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            	 

    

    
      	 	
              Section
                3.03

            	
              Subservicers.

            	 

    

    
      	 	
              Section
                3.04

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

            	 

    

    
      	 	
              Section
                3.05

            	
              Maintenance
                of Hazard Insurance.

            	 

    

    
      	 	
              Section
                3.06

            	
              Presentment
                of Claims and Collection of Proceeds.

            	 

    

    
      	 	
              Section
                3.07

            	
              Maintenance
                of Insurance Policies.

            	 

    

    
      	 	
              Section
                3.08

            	
              Reserved.

            	 

    

    
      	 	
              Section
                3.09

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

            	 

    

    
      	 	
              Section
                3.10

            	
              Servicing
                Compensation.

            	 

    

    
      	 	
              Section
                3.11

            	
              REO
                Property.

            	 

    

    
      	 	
              Section
                3.12

            	
              Liquidation
                Reports.

            	 

    

    
      	 	
              Section
                3.13

            	
              Annual
                Statement as to Compliance.

            	 

    

    
      	 	
              Section
                3.14

            	
              Assessments
                of Compliance and Attestation Reports.

            	 

    

    
      	 	
              Section
                3.15

            	
              Books
                and Records.

            	 

    

    
      	 	
              Section
                3.16

            	
              The
                Trustee.

            	 

    

    
      	 	
              Section
                3.17

            	
              REMIC-Related
                Covenants.

            	 

    

    
      	 	
              Section
                3.18

            	
              Annual
                Sarbanes-Oxley Certification; Additional Information.

            	 

    

    
      	 	
              Section
                3.19

            	
              Release
                of Mortgage Files.

            	 

    

    
      	 	
              Section
                3.20

            	
              Documents,
                Records and Funds in Possession of the Servicer to be held for
                Trustee.

            	 

    

    
      	 	
              Section
                3.21

            	
              Possession
                of Certain Insurance Policies and Documents.

            	 

    

    
      	 	
              Section
                3.22

            	
              [Reserved].

            	 

    

    
      	 	
              Section
                3.23

            	
              UCC.

            	 

    

    
      	 	
              Section
                3.24

            	
              Optional
                Purchase of Defaulted Mortgage Loans.

            	 

    

    
      	 	
              Section
                3.25

            	
              Obligations
                of the Servicer Under Credit Risk Management Agreement.

            	 

    

    
      	 	
              Section
                3.26

            	
              Collection
                of Mortgage Loan Payments; Custodial Accounts.

            	 

    

    
      	 	
              Section
                3.27

            	
              Permitted
                Withdrawals From the Custodial Accounts.

            	 

    

    
      	 	
              Section
                3.28

            	
              Reports
                to Master Servicer.

            	 

    

    
      	 	
              Section
                3.29

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

            	 

    

    
      	 	
              Section
                3.30

            	
              Adjustments
                to Mortgage Rate and Scheduled Payment.

            	 

    

    
      	 	
              Section
                3.31

            	
              Distribution
                Accounts.

            	 

    

    
      	 	
              Section
                3.32

            	
              Permitted
                Withdrawals and Transfers from the Distribution Accounts.

            	 

    

    
      	 	
              Section
                3.33

            	
              Duties
                of the Credit Risk Manager; Termination.

            	 

    

    
      	 	
              Section
                3.34

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            	 

    

     

    ARTICLE
      IV

    ADMINISTRATION
      AND MASTER SERVICING OF THE MORTGAGE LOANS

     

    
      	 	
              Section
                4.01

            	
              The
                Master Servicer.

            	 

    

    
      	 	
              Section
                4.02

            	
              Monitoring
                of Servicer.

            	 

    

    
      	 	
              Section
                4.03

            	
              Fidelity
                Bond.

            	 

    

    
      	 	
              Section
                4.04

            	
              Power
                to Act; Procedures.

            	 

    

    
      	 	
              Section
                4.05

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            	 

    

    
      	 	
              Section
                4.06

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

            	 

    

    
      	 	
              Section
                4.07

            	
              Standard
                Hazard Insurance and Flood Insurance Policies.

            	 

    

    
      	 	
              Section
                4.08

            	
              Presentment
                of Claims and Collection of Proceeds.

            	 

    

    
      	 	
              Section
                4.09

            	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            	 

    

    
      	 	
              Section
                4.10

            	
              Trustee
                to Retain Possession of Certain Insurance Policies and
                Documents.

            	 

    

    
      	 	
              Section
                4.11

            	
              Realization
                Upon Defaulted Loans.

            	 

    

    
      	 	
              Section
                4.12

            	
              Compensation
                for the Master Servicer.

            	 

    

    
      	 	
              Section
                4.13

            	
              REO
                Property.

            	 

    

    
      	 	
              Section
                4.14

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

            	 

    

     

    ARTICLE
      V

    ADVANCES
      AND DISTRIBUTIONS

     

    
      	 	
              Section
                5.01

            	
              Advances;
                Advance Facility.

            	 

    

    
      	 	
              Section
                5.02

            	
              Compensating
                Interest Payments.

            	 

    

    
      	 	
              Section
                5.03

            	
              REMIC
                Distributions.

            	 

    

    
      	 	
              Section
                5.04

            	
              Distributions.

            	 

    

    
      	 	
              Section
                5.05

            	
              Allocation
                of Group I Realized Losses.

            	 

    

    
      	 	
              Section
                5.06

            	
              Allocation
                of Group II-V Realized Losses.

            	 

    

    
      	 	
              Section
                5.07

            	
              Monthly
                Statements to Certificateholders.

            	 

    

    
      	 	
              Section
                5.08

            	
              REMIC
                Designations and REMIC Allocations.

            	 

    

    
      	 	
              Section
                5.09

            	
              Prepayment
                Charges.

            	 

    

    
      	 	
              Section
                5.10

            	
              Class
                I-P Certificate Account and the Class P Certificate
                Account.

            	 

    

    
      	 	
              Section
                5.11

            	
              Net
                WAC Reserve Fund.

            	 

    

    
      	 	
              Section
                5.12

            	
              Reports
                Filed with Securities and Exchange Commission.

            	 

    

     

    ARTICLE
      VI

    THE
      CERTIFICATES

     

    
      	 	
              Section
                6.01

            	
              The
                Certificates.

            	 

    

    
      	 	
              Section
                6.02

            	
              Certificate
                Register; Registration of Transfer and Exchange of
                Certificates.

            	 

    

    
      	 	
              Section
                6.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            	 

    

    
      	 	
              Section
                6.04

            	
              Persons
                Deemed Owners.

            	 

    

    
      	 	
              Section
                6.05

            	
              Access
                to List of Certificateholders’ Names and Addresses.

            	 

    

    
      	 	
              Section
                6.06

            	
              Book-Entry
                Certificates.

            	 

    

    
      	 	
              Section
                6.07

            	
              Notices
                to Depository.

            	 

    

    
      	 	
              Section
                6.08

            	
              Definitive
                Certificates.

            	 

    

    
      	 	
              Section
                6.09

            	
              Maintenance
                of Office or Agency.

            	 

    

     

    ARTICLE
      VII

    THE
      DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

     

    
      	 	
              Section
                7.01

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

            	 

    

    
      	 	
              Section
                7.02

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

            	 

    

    
      	 	
              Section
                7.03

            	
              Indemnification
                of the Depositor and Servicing Function Participants.

            	 

    

    
      	 	
              Section
                7.04

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

            	 

    

    
      	 	
              Section
                7.05

            	
              The
                Servicer Not to Resign.

            	 

    

    
      	 	
              Section
                7.06

            	
              Termination
                of the Servicer Without Cause; Appointment of Special
                Servicer.

            	 

    

    
      	 	
              Section
                7.07

            	
              Limitation
                on Resignation of the Master Servicer.

            	 

    

    
      	 	
              Section
                7.08

            	
              Assignment
                of Master Servicing.

            	 

    

    
      	 	
              Section
                7.09

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

            	 

    

     

    ARTICLE
      VIII

    DEFAULT;
      TERMINATION OF SERVICER AND MASTER SERVICER

     

    
      	 	
              Section
                8.01

            	
              Events
                of Default.

            	 

    

    
      	 	
              Section
                8.02

            	
              Master
                Servicer to Act; Appointment of Successor.

            	 

    

    
      	 	
              Section
                8.03

            	
              Notification
                to Certificateholders.

            	 

    

    
      	 	
              Section
                8.04

            	
              Waiver
                of Servicer Defaults and Master Servicer Defaults.

            	 

    

     

    ARTICLE
      IX

    CONCERNING
      THE TRUSTEE AND SECURITIES ADMINISTRATOR

     

    
      	 	
              Section
                9.01

            	
              Duties
                of Trustee and Securities Administrator.

            	 

    

    
      	 	
              Section
                9.02

            	
              Certain
                Matters Affecting the Trustee and Securities
                Administrator.

            	 

    

    
      	 	
              Section
                9.03

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

            	 

    

    
      	 	
              Section
                9.04

            	
              Trustee
                and Securities Administrator May Own Certificates.

            	 

    

    
      	 	
              Section
                9.05

            	
              Fees
                and Expenses of Trustee and Securities Administrator.

            	 

    

    
      	 	
              Section
                9.06

            	
              Eligibility
                Requirements for Trustee and Securities Administrator.

            	 

    

    
      	 	
              Section
                9.07

            	
              Resignation
                and Removal of Trustee and Securities Administrator.

            	 

    

    
      	 	
              Section
                9.08

            	
              Successor
                Trustee or Securities Administrator.

            	 

    

    
      	 	
              Section
                9.09

            	
              Merger
                or Consolidation of Trustee or Securities Administrator.

            	 

    

    
      	 	
              Section
                9.10

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            	 

    

    
      	 	
              Section
                9.11

            	
              Appointment
                of Office or Agency.

            	 

    

    
      	 	
              Section
                9.12

            	
              Representations
                and Warranties.

            	 

    

    
      	 	
              Section
                9.13

            	
              Tax
                Matters.

            	 

    

     

    ARTICLE
      X

    TERMINATION

     

    
      	 	
              Section
                10.01

            	
              Termination
                upon Liquidation or Repurchase of all Mortgage Loans.

            	 

    

    
      	 	
              Section
                10.02

            	
              Final
                Distribution on the Certificates.

            	 

    

    
      	 	
              Section
                10.03

            	
              Additional
                Termination Requirements.

            	 

    

     

    ARTICLE
      XI

    MISCELLANEOUS
      PROVISIONS

     

    
      	 	
              Section
                11.01

            	
              Amendment.

            	 

    

    
      	 	
              Section
                11.02

            	
              Recordation
                of Agreement; Counterparts.

            	 

    

    
      	 	
              Section
                11.03

            	
              Governing
                Law.

            	 

    

    
      	 	
              Section
                11.04

            	
              Intention
                of Parties.

            	 

    

    
      	 	
              Section
                11.05

            	
              Notices.

            	 

    

    
      	 	
              Section
                11.06

            	
              Severability
                of Provisions.

            	 

    

    
      	 	
              Section
                11.07

            	
              Assignment.

            	 

    

    
      	 	
              Section
                11.08

            	
              Limitation
                on Rights of Certificateholders.

            	 

    

    
      	 	
              Section
                11.09

            	
              Certificates
                Nonassessable and Fully Paid.

            	 

    

    
      	 	
              Section
                11.10

            	
              Intention
                of the Parties and Interpretation.

            	 

    

    
      	 	
              Section
                11.11

            	
              Early
                Termination of the Cap Contract.

            	 

    

     

    EXHIBITS

    

      
        	
                Exhibit
                  A-1

              	
                Form
                  of Class [I]-A-[1][2][3][4][5] Certificates

              
	
                Exhibit
                  A-2

              	
                Form
                  of Class I-A-IO Certificates

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class [II][III][IV][V]-A-[1][2] Certificates

              
	
                Exhibit
                  A-4 

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

              
	
                Exhibit
                  A-5 

              	
                Form
                  of Class C-B-[1][2][3][4][5][6] Certificates

              
	
                Exhibit
                  A-6

              	
                Form
                  of Class I-P Certificates

              
	
                Exhibit
                  A-7

              	
                Form
                  of Class P Certificates

              
	
                Exhibit
                  A-8

              	
                Form
                  of Class [III]-R Certificates

              
	
                Exhibit
                  A-9

              	
                Form
                  of Class I-X Certificates

              
	
                Exhibit
                  B

              	
                Mortgage
                  Loan Schedule

              
	
                Exhibit
                  C

              	
                Form
                  of Mortgage Loan Purchase Agreement

              
	
                Exhibit
                  D

              	
                Form
                  of Transfer Affidavit

              
	
                Exhibit
                  E

              	
                Form
                  of Transferor Certificate

              
	
                Exhibit
                  F

              	
                Form
                  of Investment Letter (Non-Rule 144A)

              
	
                Exhibit
                  G

              	
                Form
                  of Rule 144A Investment Letter

              
	
                Exhibit
                  H

              	
                Form
                  of Additional Disclosure Notification

              
	
                Exhibit
                  I

              	
                DTC
                  Letter of Representations

              
	
                Exhibit
                  J

              	
                Schedule
                  of Mortgage Loans with Lost Notes

              
	
                Exhibit
                  K

              	
                Appendix
                  E of the Standard & Poor's Glossary For File Format For LEVELS®
                  Version 5.6 Revised

              
	
                Exhibit
                  L

              	
                Relevant
                  Servicing Criteria

              
	
                Exhibit
                  M

              	
                Form
                  of Back-Up Certification

              
	
                Exhibit
                  N

              	
                Reporting
                  Responsibility

              
	
                Exhibit
                  X-1

              	
                Form
                  of Schedule of Default Loan Data

              
	
                Exhibit
                  X-2

              	
                Standard
                  File Layout - Delinquency Reporting

              
	
                Exhibit
                  X-3

              	
                Form
                  of Schedule of Realized
                  Losses/Gains

              

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
           

        

      

    

    POOLING
      AND SERVICING AGREEMENT, dated as of May 1, 2006, among NOMURA ASSET ACCEPTANCE
      CORPORATION, a Delaware corporation, as depositor (the “Depositor”), NOMURA
      CREDIT & CAPITAL, INC., a Delaware corporation, as seller (in such capacity,
      the “Sponsor”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking
      association, as master servicer (the “Master Servicer”) and securities
      administrator (the “Securities Administrator”), GMAC MORTGAGE CORPORATION, a
      Pennsylvania corporation, as servicer (the “Servicer”) and HSBC BANK, USA,
      NATIONAL ASSOCIATION, a national banking association, not in its individual
      capacity, but solely as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT

     

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

     

    REMIC IA

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the Group I Mortgage Loans and certain
      other related assets as set forth in the definition of REMIC IA (and exclusive
      of the Cap Contract and the Net WAC Reserve Fund) subject to this Agreement
      as a
      real estate mortgage investment conduit (a “REMIC”) for federal income tax
      purposes, and such segregated pool of assets will be designated as
“REMIC IA”. The Class R-1A Interest will represent the sole class of
“residual interests” in REMIC IA for purposes of the REMIC Provisions (as
      defined herein) under federal income tax law. The following table irrevocably
      sets forth the designation, the Uncertificated REMIC IA Pass-Through Rate,
      the Initial Uncertificated Principal Balance, and for purposes of satisfying
      Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for each of the REMIC IA Regular Interests. None of the
      REMIC IA Regular Interests will be certificated.

     

    
      	
              Designation

            	 	
              Initial
                Uncertificated Principal Balance

            	 	
              Uncertificated
                REMIC IA Pass-Through Rate

            	
            	
              Assumed
                Final Maturity Date(1)

            	 
	
              LTI-1

            	 	
              $

            	
              371,767,320.39

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IO-A

            	 	
              $

            	
              10,601,000.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IO-B

            	 	
              $

            	
              4,240,000.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IO-C

            	 	
              $

            	
              6,360,000.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IO-D

            	 	
              $

            	
              6,359,000.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IO-E

            	 	
              $

            	
              4,241,000.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IO-F

            	 	
              $

            	
              4,241,000.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IO-G

            	 	
              $

            	
              5,935,000.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IO-H

            	 	
              $

            	
              11,024,000.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-P

            	 	
              $

            	
              100.00

            	 	 	
              N/A

            	 	 	
              May
                25, 2036

            	 

    

    ___________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the Distribution Date in the month following the maturity date for
                the
                Mortgage Loan with the latest maturity date has been designated as
                the
                “latest possible maturity date” for each Class of Certificates that
                represents one or more of the “regular interests” in
                REMIC IA.

            
	
              (2)

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

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC IB

     

    

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the REMIC IA Regular Interests as a
      REMIC for federal income tax purposes, and such segregated pool of assets will
      be designated as “REMIC IB”. The Class R-1B Interest will represent the
      sole class of “residual interests” in REMIC IB for purposes of the REMIC
      Provisions (as defined herein) under federal income tax law. The following
      table
      irrevocably sets forth the designation, the Uncertificated REMIC IB
      Pass-Through Rate, the Initial Uncertificated Principal Balance, and for
      purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
      “latest possible maturity date” for each of the REMIC IB Regular Interests.
      None of the REMIC IB Regular Interests will be
      certificated.

     

    
      	
              Designation

            	 	
              Initial
                Uncertificated

              Principal
                Balance

            	 	
              Uncertificated

              REMIC IB

              Pass-Through
                Rate

            	 	
              Assumed
                Final Maturity Date(1)

            	 
	
              LTI-AA

            	 	
              $

            	
              416,272,953.98

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IA1A

            	 	
              $

            	
              1,554,420.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IA1B

            	 	
              $

            	
              300,000.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IA2

            	 	
              $

            	
              958,090.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IA3

            	 	
              $

            	
              257,560.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IA4

            	 	
              $

            	
              409,530.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IA5

            	 	
              $

            	
              417,640.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IM1

            	 	
              $

            	
              112,560.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IM2

            	 	
              $

            	
              93,440.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IM3

            	 	
              $

            	
              80,700.00

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IZZ

            	 	
              $

            	
              4,311,426.41

            	 	 	
              Variable(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IIO

            	 	 	
              N/A(3)

            	
               

            	 	
              4.50%(4)

            	
               

            	 	
              May
                25, 2036

            	 
	
              LTI-IP

            	 	
              $

            	
              100.00

            	 	 	
              N/A

            	 	 	
              May
                25, 2036

            	 

    

    ___________________

    
      	
              (1)

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

            
	
              (2)

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

            
	
              (3)
                

            	
              REMIC IB
                Regular Interest LTI-IIO will not have an Uncertificated Principal
                Balance, but will accrue interest on its Uncertificated Notional
                Amount,
                as defined herein.

            
	
              (4)
                

            	
              REMIC IB
                Regular Interest LTI-IIO will accrue interest at a rate of 4.50%,
                subject
                to a cap as described herein.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC IC

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the REMIC IB Regular Interests as a
      REMIC for federal income tax purposes, and such segregated pool of assets will
      be designated as “REMIC IC”. The Class R-1C Interest will represent the
      sole class of “residual interests” in REMIC IC for purposes of the REMIC
      Provisions. The following table irrevocably sets forth the Class designation,
      Pass-Through Rate and Initial Certificate Principal Balance for each Class
      of
      Certificates that represents one or more of the “regular interests” in
      REMIC IC created hereunder:

     

    

    
      	
              Class
                Designation

            	 	
              Initial
                Certificate

              Principal
                Balance

            	 	
              Pass-Through
                Rate

            	 	
              Assumed
                Final Maturity Date(1)

            	 
	
              Class
                I-A-1A

            	 	
              $

            	
              155,442,000.00

            	 	 	
              Class
                I-A-1A Pass-Through Rate

            	 	 	
              May
                25, 2036

            	 
	
              Class
                I-A-1B

            	 	
              $

            	
              30,000,000.00

            	 	 	
              Class
                I-A-1B Pass-Through Rate

            	 	 	
              May
                25, 2036

            	 
	
              Class
                I-A-2

            	 	
              $

            	
              95,809,000.00

            	 	 	
              Class
                I-A-2 Pass-Through Rate

            	 	 	
              May
                25, 2036

            	 
	
              Class
                I-A-3

            	 	
              $

            	
              25,756,000.00

            	 	 	
              Class
                I-A-3 Pass-Through Rate

            	 	 	
              May
                25, 2036

            	 
	
              Class
                I-A-4

            	 	
              $

            	
              40,953,000.00

            	 	 	
              Class
                I-A-4 Pass-Through Rate

            	 	 	
              May
                25, 2036

            	 
	
              Class
                I-A-5

            	 	
              $

            	
              41,764,000.00

            	 	 	
              Class
                I-A-5 Pass-Through Rate

            	 	 	
              May
                25, 2036

            	 
	
              Class
                I-A-IO

            	 	 	
              (2)

            	
               

            	 	
              Class
                I-A-IO Pass-Through Rate(2)

            	
               

            	 	
              May
                25, 2036

            	 
	
              Class
                I-M-1

            	 	
              $

            	
              11,256,000.00

            	 	 	
              Class
                I-M-1 Pass-Through Rate

            	 	 	
              May
                25, 2036

            	 
	
              Class
                I-M-2

            	 	
              $

            	
              9,344,000.00

            	 	 	
              Class
                I-M-2 Pass-Through Rate

            	 	 	
              May
                25, 2036

            	 
	
              Class
                I-M-3

            	 	
              $

            	
              8,070,000.00

            	 	 	
              Class
                I-M-3 Pass-Through Rate

            	 	 	
              May
                25, 2036

            	 
	
              Class
                I-X

            	 	
              $

            	
              6,374,320.39(3)

            	
               

            	 	
              Class
                I-X Pass-Through Rate

            	 	 	
              May
                25, 2036

            	 
	
              Class
                I-P

            	 	
              $

            	
              100.00

            	 	 	
              N/A(4)

            	
               

            	 	
              May
                25, 2036

            	 

    

    ___________________

    
      	
              (1)

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

            
	
              (2)

            	
              The
                Class I-A-IO Certificates will accrue interest at the Class I-A-IO
                Pass-Through Rate on the Certificate Notional Balance of the Class
                I-A-IO
                Certificates calculated in accordance with the definition of “Certificate
                Notional Balance” herein. The Class I-A-IO Certificates will not be
                entitled to distributions in respect of principal. For federal income
                tax
                purposes, the Class I-A-IO Certificates will not have a Notional
                Amount,
                but will be entitled to 100% of amounts distributed on REMIC II
                Regular Interest LTI-IIO.

            
	
              (3)

            	
              The
                Class I-X Certificates will not accrue interest on their Certificate
                Principal Balance, but will accrue interest at the Class I-X Pass-Through
                Rate on the Certificate Notional Balance of the Class I-X Certificates
                outstanding from time to time which shall equal the aggregate of
                the
                Uncertificated Principal Balances of the REMIC IB Regular Interests
                (other than REMIC IB Regular Interest LTI-IIO and REMIC IB
                Regular Interest LTI-IP). 

            
	
              (4)

            	
              The
                Class I-P Certificates will not be entitled to distributions in respect
                of
                interest.

            

    

     

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    REMIC
      IIA

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the Group II-V Mortgage Loans and
      certain other related assets subject to this Agreement as a real estate mortgage
      investment conduit (a “REMIC”) for federal income tax purposes, and such
      segregated pool of assets will be designated as “REMIC IIA.” The R-2A Interest
      will represent the sole class of “residual interests” in REMIC IIA for purposes
      of the REMIC Provisions (as defined herein) under federal income tax law. The
      following table irrevocably sets forth the designation, the Uncertificated
      REMIC
      IIA Pass-Through Rate, the Initial Uncertificated Principal Balance, and for
      purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
“latest possible maturity date” for each of the REMIC IIA Regular Interests.
      None of the REMIC IIA Regular Interests will be certificated.

     

    
      	
              Designation

            	 	
              Initial
                Uncertificated

              Principal
                Balance

            	 	
              Uncertificated

              REMIC
                IIA

              Pass-Through
                Rate

            	 	
              Assumed
                Final Distribution Date(1)

            	 
	
              LTII-1SUB

            	 	
              $

            	
              194,673.56

            	 	 	
              (2)

            	
               

            	 	
              June
                25, 2036

            	 
	
              LTII-1GRP

            	 	
              $

            	
              2,432,973.56

            	 	 	
              (2)

            	
               

            	 	
              June
                25, 2036

            	 
	
              LTII-2SUB

            	 	
              $

            	
              1,343,539.07

            	 	 	
              (2)

            	
               

            	 	
              June
                25, 2036

            	 
	
              LTII-2GRP

            	 	
              $

            	
              16,793,839.07

            	 	 	
              (2)

            	
               

            	 	
              June
                25, 2036

            	 
	
              LTII-3SUB

            	 	
              $

            	
              392,317.45

            	 	 	
              (2)

            	
               

            	 	
              June
                25, 2036

            	 
	
              LTII-3GRP

            	 	
              $

            	
              4,904,317.45

            	 	 	
              (2)

            	
               

            	 	
              June
                25, 2036

            	 
	
              LTII-4SUB

            	 	
              $

            	
              235,970.14

            	 	 	
              (2)

            	
               

            	 	
              June
                25, 2036

            	 
	
              LTII-4GRP

            	 	
              $

            	
              2,949,270.14

            	 	 	
              (2)

            	
               

            	 	
              June
                25, 2036

            	 
	
              LTII-P

            	 	 	
              100.00

            	 	 	
              0.00%

            	
               

            	 	
              June
                25, 2036

            	 
	
              LTII-XX

            	 	
              $

            	
              241,557,101.70

            	 	 	
              (2)

            	
               

            	 	
              June
                25, 2036

            	 

    

    ___________________

    
      	
              (1)

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

            
	
              (2)

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

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      IIB

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the REMIC IIA Regular Interests as
      a
      REMIC for federal income tax purposes, and such segregated pool of assets will
      be designated as “REMIC IIB”. The R-2B Interest will represent the sole class of
“residual interests” in REMIC IIB for purposes of the REMIC Provisions. The
      following table irrevocably sets forth the Class designation, Pass-Through
      Rate
      and Initial Certificate Principal Balance for each Class of Certificates that
      represents one or more of the “regular interests” in REMIC IIB created
      hereunder:

     

    

    
      	
              Class
                Designation

            	 	
              Initial
                Certificate

              Principal
                Balance

            	 	
              Pass-Through
                Rate

            	 	
              Assumed
                Final Maturity Date(1)

            	 
	
              Class
                II-A

            	 	
              $

            	
              22,383,000.00

            	 	 	
              Class
                II-A Pass-Through Rate

            	 	 	
              June
                25, 2036

            	 
	
              Class
                III-A-1

            	 	
              $

            	
              139,053,000.00

            	 	 	
              Class
                III-A-1 Pass-Through Rate

            	 	 	
              June
                25, 2036

            	 
	
              Class
                III-A-2

            	 	
              $

            	
              15,450,000.00

            	 	 	
              Class
                III-A-2 Pass-Through Rate

            	 	 	
              June
                25, 2036

            	 
	
              Class
                IV-A-1

            	 	
              $

            	
              40,608,000.00

            	 	 	
              Class
                IV-A-1 Pass-Through Rate

            	 	 	
              June
                25, 2036

            	 
	
              Class
                IV-A-2

            	 	
              $

            	
              4,512,000.00

            	 	 	
              Class
                IV-A-2 Pass-Through Rate

            	 	 	
              June
                25, 2036

            	 
	
              Class
                V-A

            	 	
              $

            	
              27,133,000.00

            	 	 	
              Class
                V-A Pass-Through Rate

            	 	 	
              June
                25, 2036

            	 
	
              Class
                C-B-1

            	 	
              $

            	
              8,259,000.00

            	 	 	
              Subordinate
                Pass-Through Rate

            	 	 	
              June
                25, 2036

            	 
	
              Class
                C-B-2

            	 	
              $

            	
              4,874,000.00

            	 	 	
              Subordinate
                Pass-Through Rate 

            	 	 	
              June
                25, 2036

            	 
	
              Class
                C-B-3

            	 	
              $

            	
              3,114,000.00

            	 	 	
              Subordinate
                Pass-Through Rate

            	 	 	
              June
                25, 2036

            	 
	
              Class
                C-B-4

            	 	
              $

            	
              2,031,000.00

            	 	 	
              Subordinate
                Pass-Through Rate 

            	 	 	
              June
                25, 2036

            	 
	
              Class
                C-B-5

            	 	
              $

            	
              541,000.00

            	 	 	
              Subordinate
                Pass-Through Rate

            	 	 	
              June
                25, 2036

            	 
	
              Class
                C-B-6

            	 	
              $

            	
              2,846,002.12

            	 	 	
              Subordinate
                Pass-Through Rate 

            	 	 	
              June
                25, 2036

            	 
	
              Class
                P

            	 	
              $

            	
              100.00

            	 	 	
              N/A

            	 	 	
              June
                25, 2036

            	 

    

    ___________________

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01  Defined
      Terms.

     

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

     

    Accepted
      Master Servicing Practices:
      With
      respect to any Mortgage Loan, as applicable, either (x) those customary mortgage
      master servicing practices of prudent mortgage servicing institutions that
      master service mortgage loans of the same type and quality as such Mortgage
      Loan
      in the jurisdiction where the related Mortgaged Property is located, to the
      extent applicable to the Master Servicer (except in its capacity as successor
      to
      the Servicer), or (y) as provided in Section 3.01 hereof, but in no event
      below the standard set forth in clause (x).

     

    Accepted
      Servicing Practices:
      As
      defined in Section 3.01.

     

    Account:
      Either
      the Distribution Account or the Custodial Accounts.

     

    Accrual
      Period:
      With
      respect to the Certificates (other than the Class I-A-1A Certificates), the
      calendar month immediately preceding such Distribution Date. With respect to
      the
      Class I-A-1A Certificates and any Distribution Date, the period commencing
      on
      the immediately preceding Distribution Date (or with respect to the first
      Accrual Period, the Closing Date) and ending on the day immediately preceding
      the related Distribution Date. All calculations of interest on the Certificates
      (other than the Class I-A-1A Certificates) will be based on a 360-day year
      consisting of twelve 30-day months. All calculations of interest on the Class
      I-A-1A Certificates will be made based on a 360-day year and the actual number
      of days elapsed in the related Accrual Period.

     

    Accrued
      Certificate Interest:
      With
      respect to any Distribution Date and the any Group II-V Senior Certificates
      and
      Subordinate Certificates, means an amount equal to the interest accrued during
      the related Accrual Period at the applicable Pass-Through Rate on the
      Certificate Principal Balance of such Certificate immediately prior to such
      Distribution Date less (i) in the case of a Group II-V Senior Certificate,
      such
      Certificate’s share of any Net Interest Shortfall from Group II-V Mortgage Loans
      in the related Loan Group and, after the Credit Support Depletion Date, the
      interest portion of any Realized Losses on the Group II-V Mortgage Loans in
      the
      related Loan Group and (ii) in the case of a Subordinate Certificate, such
      Certificate’s share of any Net Interest Shortfall and the interest portion of
      any Realized Losses on the Group II-V Mortgage Loans. Accrued Certificate
      Interest is calculated on the basis of a 360-day year consisting of twelve
      30-day months. No Accrued Certificate Interest will be payable with respect
      to
      any Class of Group II-V Senior Certificates or Subordinate Certificates after
      the Distribution Date on which the outstanding Certificate Principal Balance
      of
      such Certificate has been reduced to zero.

     

    Additional
      Form 10-D Disclosure:
      Has the
      meaning set forth in Section 5.12(a) of this Agreement.

     

    Additional
      Form 10-K Disclosure:
      Has the
      meaning set forth in Section 5.12(d) of this Agreement.

     

    Adjustment
      Amount:
      With
      respect to each anniversary of the Cut-off Date, the amount, if any, by which
      the Special Hazard Loss Coverage Amount (without giving effect to the deduction
      of the Adjustment Amount for such anniversary) exceeds the greatest of (x)
      the
      product of 1% and the Stated Principal Balance of all the Group II-V Mortgage
      Loans on the Distribution Date immediately preceding such anniversary, (y)
      the
      aggregate Stated Principal Balance of the Group II-V Mortgage Loans located
      in
      the zip code containing the largest aggregate Stated Principal Balance of the
      Group II-V Mortgage Loans, and (z) twice the Stated Principal Balance of the
      Group II-V Mortgage Loan which has the largest Stated Principal Balance on
      the
      Distribution Date immediately preceding such anniversary.

     

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

     

    Advance:
      An
      advance of delinquent payments of principal or interest in respect of a Mortgage
      Loan required to be made by the Servicer or by the Master Servicer pursuant
      to
      Section 5.01.

     

    Advance
      Facility:
      As
      defined in Section 5.01(b)(i).

     

    Advance
      Facility Notice:
      As
      defined in Section 5.01(b)(ii).

     

    Advance
      Financing Person:
      As
      defined in Section 5.01(b)(i).

     

    Advance
      Reimbursement Amount:
      As
      defined in Section 5.01(b)(ii).

     

    Aggregate
      Collateral Balance:
      With
      respect to the Group II-V Mortgage Loans and any Distribution Date, the
      aggregate of the Stated Principal Balances of the Group II-V Mortgage Loans
      as
      of the last day of the related Due Period.

     

    Aggregate
      Loan Group Balance:
      With
      respect to a Loan Group and any Distribution Date, the aggregate of the Stated
      Principal Balances of the Group II-V Mortgage Loans in such Loan Group as of
      the
      last day of the related Due Period.

     

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

     

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

     

    Annual
      Statement of Compliance:
      As
      defined in Section 3.13.

     

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

     

    Assumed
      Final Distribution Date:
      With
      respect to the Group I Certificates (other than the Class I-A-IO Certificates),
      the distribution date in May 2036. With respect to the Class I-A-IO
      Certificates, the distribution date in May 2008. With respect to the Group
      II-V
      Certificates, the Distribution Date in June 2036.

     

    Authorized
      Servicer Representative:
      Any
      officer of the Servicer involved in, or responsible for, the administration
      and
      servicing of the Mortgage Loans whose name and facsimile signature appear on
      a
      list of servicing officers furnished to the Trustee and the Master Servicer
      by
      the Servicer on the Closing Date, as such list may from time to time be
      amended.

     

    Available
      Funds:
      With
      respect to any Distribution Date and each of Loan Group II, Loan Group III,
      Loan
      Group IV and Loan Group V, the sum of:

     

    (a)  all
      scheduled installments of interest and principal due on the related due date
      and
      received prior to the related determination date on the Mortgage Loans in the
      related Loan Group, together with any advances for the Mortgage Loans in the
      related Loan Group;

     

    (b)  (i)
      all
      Insurance Proceeds (to the extent not applied to restoration of the mortgaged
      property or released to the mortgagor in accordance with the servicer’s standard
      servicing procedures) and Liquidation Proceeds received during the calendar
      month preceding the month of that Distribution Date on the Mortgage Loans in
      the
      related Loan Group, in each case net of unreimbursed expenses incurred in
      connection with a liquidation or foreclosure and unreimbursed advances, if
      any,
      and (ii) all Recoveries, if any, for such Distribution Date;

     

    (c)  all
      partial and full principal prepayments received during the applicable Prepayment
      Period on the Mortgage Loans in the related Loan Group, exclusive of prepayment
      premiums and interest accruals received with any prepayments in full if such
      prepayment in full is received in the month that such prepayment is to be
      distributed to certificateholders and such interest represents interest accruals
      for that month; 

     

    (d)  amounts
      received for that Distribution Date in respect of the substitution of a Mortgage
      Loan in the related Loan Group, the purchase of a deleted Mortgage Loan in
      the
      related Loan Group, or a repurchase of a Mortgage Loan in the related Loan
      Group
      by the Sponsor as of that Distribution Date;

     

    (e)  any
      amounts payable as Compensating Interest by the Servicer or the Master Servicer
      on that Distribution Date on the Mortgage Loans in the related Loan Group;
      and

     

    (f)  minus,
      in
      the case of clauses (a) through (e) above, (i) the amounts to which the Trustee,
      Securities Administrator, Master Servicer or the Servicer is entitled under
      this
      Agreement, including accrued and unpaid Servicing Fees, unreimbursed advances
      and certain expenses, in each case allocable to such Loan Group and (ii) any
      lender paid mortgage guaranty insurance premiums, if applicable, in the related
      Loan Group. 

     

    Available
      Distribution Amount:
      The sum
      of the Interest Remittance Amount with respect to Loan Group I and Principal
      Funds with respect to Loan Group I, exclusive of amounts pursuant to
      Section 5.09(b).

     

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

     

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

     

    Bankruptcy
      Code:
      Title
      11 of the United States Code.

     

    Bankruptcy
      Losses:
      means
      any Debt Service Reduction or Deficient Valuation.

     

    Bankruptcy
      Loss Coverage Amount:
      means
      the aggregate amount of Bankruptcy Losses that are allocated to the Subordinate
      Certificates, which will be, with respect to any Distribution Date, an amount
      equal to approximately $150,000 (0.06% of the aggregate principal balance of
      the
      Group II-V Mortgage Loans as of the Cut-off Date), minus the aggregate amount
      of
      previous Deficient Valuations and Debt Service Reductions. As of any
      Distribution Date on or after the Credit Support Depletion Date, the related
      Bankruptcy Loss Coverage Amount will be zero. The Bankruptcy Loss Coverage
      Amount may be reduced or modified upon written confirmation from the Rating
      Agencies that the reduction or modification will not adversely affect the then
      current ratings of the Group II-V Senior Certificates by the Rating Agencies.
      Such reduction may adversely affect the coverage provided by subordination
      with
      respect to Deficient Valuations and Debt Service Reductions.

     

    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 6.06). As of the Closing Date, each Class of Publicly Offered
      Certificates constitutes a Class of Book-Entry Certificates.

     

    Business
      Day:
      Any day
      other than (i) a Saturday or a Sunday, or (ii) a day on which banking
      institutions in The City of New York, New York, the Commonwealth of
      Pennsylvania, the State of Maryland, the State of Minnesota, the city in which
      any Corporate Trust Office of the Securities Administrator or the Trustee is
      located or the States in which the Servicer’s servicing operations are located
      are authorized or obligated by law or executive order to be closed.

     

    Cap
      Contract:
      Shall
      mean the cap contract between the Trustee and the Cap Provider, for the benefit
      of the Holders of the Class I-A-1A Certificates.

     

    Cap
      Provider:
      Nomura
      Global Financial Products, Inc., or any successor thereto. 

     

    Certificate:
      Any one
      of the certificates of any Class executed and authenticated by the Securities
      Administrator in substantially the forms attached hereto as Exhibits A-1 through
      A-8.

     

    Certificate
      Notional Balance:
      With
      respect to the Class A-IO Certificates and any Distribution Date, the lesser
      of
      (a) (i) $53,001,000 for each Distribution Date from and including the
      Distribution Date in June 2006 to and including the Distribution Date in
      November 2006, (ii) $42,400,000 for each Distribution Date from and including
      the Distribution Date in December 2006 to and including the Distribution Date
      in
      March 2007, (iii) $38,160,000 for each Distribution Date from and including
      the
      Distribution Date in April 2007 to and including the Distribution Date in June
      2007, (iv) $31,800,000 for the Distribution Date in July 2007 and the
      Distribution Date in August 2007, (v) $25,441,000 for each Distribution
      Date from and including the Distribution Date in September 2007 to and including
      the Distribution Date in December 2007, (vi) $21,200,000 for the Distribution
      Date in January 2008 and the Distribution Date in February 2008,
      (vii) $16,959,000 for the Distribution Date in March 2008 and the
      Distribution Date in April 2008, (viii) $11,024,000 for the Distribution Date
      in
      May 2008 and (ix) for each Distribution Date thereafter, $0 and (b) the
      aggregate scheduled principal balance of the Group I Mortgage Loans. For United
      States federal income tax purposes, the Class I-A-IO Certificates will not
      have
      a Certificate Notional Balance, but will be entitled to 100% of amounts
      distributed on REMIC IB Regular Interest LTI-IIO. With respect to the Class
      I-X Certificates and any Distribution Date, the Uncertificated Principal Balance
      of the REMIC IB Regular Interests (other than REMIC I Regular Interest
      II-LTP) for such Distribution Date. As of the Closing Date, the Certificate
      Notional Balance of the Class I-X Certificates is equal to
      $424,768,420.39.

     

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

     

    Certificate
      Principal Balance:
      As to
      any class of Group I Publicly Offered Certificate (other than any Class I-A-IO
      Certificates) and as of any Distribution Date, the Initial Certificate Principal
      Balance of such Certificate plus any Subsequent Recoveries added to the
      Certificate Principal Balance of such Certificate pursuant to
      Section 5.05(f) less the sum of (i) all amounts distributed with respect to
      such Certificate in reduction of the Certificate Principal Balance thereof
      on
      previous Distribution Dates pursuant to Section 5.04, and (ii) with respect
      to the Mezzanine Certificates, any reductions in the Certificate Principal
      Balance of such Certificate deemed to have occurred in connection with the
      allocations of Realized Losses, if any. The initial Certificate Principal
      Balance of the each of the Class I-P Certificates and the Class P Certificates
      is equal to $100. 

     

    With
      respect to any class of Group II-V Publicly Offered Certificates and any
      Distribution Date, is the Initial Certificate Principal Balance less the sum
      of:
      (i) all amounts previously distributed to holders of Certificates of that Class
      as payments of principal; (ii) the amount of Realized Losses, including Excess
      Losses, allocated to that Class; and (iii) in the case of the Subordinate
      Certificates, any amount allocated to a Class of Subordinate Certificates in
      reduction of its Certificate Principal Balance if the aggregate Certificate
      Principal Balance of the Group II-V Senior Certificates and the Subordinate
      Certificates exceeds the Aggregate Collateral Balance on such date; provided,
      however, that the Certificate Principal Balance of each Class of Group II-V
      Senior Certificates and Subordinate Certificates to which Realized Losses have
      been allocated (including any such Class of Certificates for which the
      Certificate Principal Balance has been reduced to zero) will be increased,
      up to
      the amount of related Recoveries for such Distribution Date, as follows: (a)
      first, the Certificate Principal Balance of each Class of Group II-V Senior
      Certificates related to the Loan Group from which each Recovery was collected
      will be increased, pro rata, up to the amount of Realized Losses previously
      allocated to reduce the Certificate Principal Balance of each such Class of
      Certificates, and (b) second, the Certificate Principal Balance of each class
      of
      Subordinate Certificates will be increased, in order of seniority, up to the
      amount of Realized Losses previously allocated to reduce the Certificate
      Principal Balance of each such Class of Certificates. The initial Certificate
      Principal Balance of the Class P Certificates is equal to $100. 

     

    References
      herein to the Certificate Principal Balance of a Class of Certificates shall
      mean the Certificate Principal Balances of all Certificates in such Class.
      

     

    Certificate
      Register:
      The
      register maintained pursuant to Section 6.02.

     

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

     

    Certification
      Parties:
      Has the
      meaning set forth in Section 3.18 of this Agreement.

     

    Certifying
      Person:
      Has the
      meaning set forth in Section 3.18 of this Agreement.

     

    Class:
      All
      Certificates bearing the same Class designation as set forth in
      Section 6.01.

     

    Class
      B Component Balance:
      With
      respect to any date of determination and Loan Group II, Loan Group III, Loan
      Group IV or Loan Group V, the excess, if any, of (i) the Aggregate Loan Group
      Balance of such Loan Group as of such date, over (ii) the then-outstanding
      aggregate Certificate Principal Balance of the related Group II-V Senior
      Certificates as of such date.

     

    Class
      B Percentage:
      With
      respect to any Distribution Date, the aggregate Certificate Principal Balance
      of
      the Subordinate Certificates immediately prior to that Distribution Date divided
      by the Aggregate Collateral Balance for that Distribution Date.

     

    Class
      C-B-1 Certificate:
      Any
      Certificate designated as a “Class C-B-1 Certificate” on the face thereof, in
      the form of Exhibit A-5 hereto, representing the right to the Percentage
      Interest of distributions provided for the Class C-B-1 Certificates as set
      forth
      herein and evidencing a Regular Interest in REMIC IIB.

     

    Class
      C-B-1 Pass-Through Rate:
      With
      respect to each Distribution Date, a per annum rate equal to the weighted
      average Net Mortgage Rate of the Group II Mortgage Loans, Group III Mortgage
      Loans, Group IV Mortgage Loans and Group V Mortgage Loans (weighted on the
      basis
      of the results of subtracting from the aggregate Stated Principal Balance of
      each loan group the current aggregate Certificate Principal Balance of the
      related Group II-V Senior Certificates). For federal income tax purposes, the
      equivalent of the foregoing shall be expressed as the weighted average of the
      Uncertificated REMIC IIA Pass-Through Rates on REMIC IIA Regular Interest
      LTII-1SUB, REMIC IIA Regular Interest LTII-2SUB, REMIC IIA Regular Interest
      LTII-3SUB and REMIC IIA Regular Interest LTII-4SUB (subject, in each case,
      to a
      cap and a floor equal to the Uncertificated REMIC IIA Pass-Through Rate on
      REMIC
      IIA Regular Interest LTII-1GRP, REMIC IA Regular Interest LTII-2GRP, REMIC
      IIA
      Regular Interest LTII-3GRP and REMIC IIA Regular Interest LTII-4GRP,
      respectively) weighted on the basis of the Uncertificated Principal Balance
      of
      each such REMIC IIA Regular Interest.

     

    Class
      C-B-2 Certificate:
      Any
      Certificate designated as a “Class C-B-2 Certificate” on the face thereof, in
      the form of Exhibit A-5 hereto, representing the right to the Percentage
      Interest of distributions provided for the Class C-B-2 Certificates as set
      forth
      herein and evidencing a Regular Interest in REMIC IIB.

     

    Class
      C-B-2 Pass-Through Rate:
      With
      respect to each Distribution Date, a per annum rate equal to the weighted
      average Net Mortgage Rate of the Group II Mortgage Loans, Group III Mortgage
      Loans, Group IV Mortgage Loans and Group V Mortgage Loans (weighted on the
      basis
      of the results of subtracting from the aggregate Stated Principal Balance of
      each loan group the current aggregate Certificate Principal Balance of the
      related Group II-V Senior Certificates). For federal income tax purposes, the
      equivalent of the foregoing shall be expressed as the weighted average of the
      Uncertificated REMIC IIA Pass-Through Rates on REMIC IIA Regular Interest
      LTII-1SUB, REMIC IIA Regular Interest LTII-2SUB, REMIC IIA Regular Interest
      LTII-3SUB and REMIC IIA Regular Interest LTII-4SUB (subject, in each case,
      to a
      cap and a floor equal to the Uncertificated REMIC IIA Pass-Through Rate on
      REMIC
      IIA Regular Interest LTII-1GRP, REMIC IA Regular Interest LTII-2GRP, REMIC
      IIA
      Regular Interest LTII-3GRP and REMIC IIA Regular Interest LTII-4GRP,
      respectively) weighted on the basis of the Uncertificated Principal Balance
      of
      each such REMIC IIA Regular Interest.

     

    Class
      C-B-3 Certificate:
      Any
      Certificate designated as a “Class C-B-3 Certificate” on the face thereof, in
      the form of Exhibit A-5 hereto, representing the right to the Percentage
      Interest of distributions provided for the Class C-B-3 Certificates as set
      forth
      herein and evidencing a Regular Interest in REMIC IIB.

     

    Class
      C-B-3 Pass-Through Rate:
      With
      respect to each Distribution Date, a per annum rate equal to the weighted
      average Net Mortgage Rate of the Group II Mortgage Loans, Group III Mortgage
      Loans, Group IV Mortgage Loans and Group V Mortgage Loans (weighted on the
      basis
      of the results of subtracting from the aggregate Stated Principal Balance of
      each loan group the current aggregate Certificate Principal Balance of the
      related Group II-V Senior Certificates). For federal income tax purposes, the
      equivalent of the foregoing shall be expressed as the weighted average of the
      Uncertificated REMIC IIA Pass-Through Rates on REMIC IIA Regular Interest
      LTII-1SUB, REMIC IIA Regular Interest LTII-2SUB, REMIC IIA Regular Interest
      LTII-3SUB and REMIC IIA Regular Interest LTII-4SUB (subject, in each case,
      to a
      cap and a floor equal to the Uncertificated REMIC IIA Pass-Through Rate on
      REMIC
      IIA Regular Interest LTII-1GRP, REMIC IA Regular Interest LTII-2GRP, REMIC
      IIA
      Regular Interest LTII-3GRP and REMIC IIA Regular Interest LTII-4GRP,
      respectively) weighted on the basis of the Uncertificated Principal Balance
      of
      each such REMIC IIA Regular Interest.

     

    Class
      C-B-4 Certificate:
      Any
      Certificate designated as a “Class C-B-4 Certificate” on the face thereof, in
      the form of Exhibit A-5 hereto, representing the right to the Percentage
      Interest of distributions provided for the Class C-B-4 Certificates as set
      forth
      herein and evidencing a Regular Interest in REMIC IIB.

     

    Class
      C-B-4 Pass-Through Rate:
      With
      respect to each Distribution Date, a per annum rate equal to the weighted
      average Net Mortgage Rate of the Group II Mortgage Loans, Group III Mortgage
      Loans, Group IV Mortgage Loans and Group V Mortgage Loans (weighted on the
      basis
      of the results of subtracting from the aggregate Stated Principal Balance of
      each loan group the current aggregate Certificate Principal Balance of the
      related Group II-V Senior Certificates). For federal income tax purposes, the
      equivalent of the foregoing shall be expressed as the weighted average of the
      Uncertificated REMIC IIA Pass-Through Rates on REMIC IIA Regular Interest
      LTII-1SUB, REMIC IIA Regular Interest LTII-2SUB, REMIC IIA Regular Interest
      LTII-3SUB and REMIC IIA Regular Interest LTII-4SUB (subject, in each case,
      to a
      cap and a floor equal to the Uncertificated REMIC IIA Pass-Through Rate on
      REMIC
      IIA Regular Interest LTII-1GRP, REMIC IA Regular Interest LTII-2GRP, REMIC
      IIA
      Regular Interest LTII-3GRP and REMIC IIA Regular Interest LTII-4GRP,
      respectively) weighted on the basis of the Uncertificated Principal Balance
      of
      each such REMIC IIA Regular Interest.

     

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

     

    Class
      C-B-5 Pass-Through Rate:
      With
      respect to each Distribution Date, a per annum rate equal to the weighted
      average Net Mortgage Rate of the Group II Mortgage Loans, Group III Mortgage
      Loans, Group IV Mortgage Loans and Group V Mortgage Loans (weighted on the
      basis
      of the results of subtracting from the aggregate Stated Principal Balance of
      each loan group the current aggregate Certificate Principal Balance of the
      related Group II-V Senior Certificates). For federal income tax purposes, the
      equivalent of the foregoing shall be expressed as the weighted average of the
      Uncertificated REMIC IIA Pass-Through Rates on REMIC IIA Regular Interest
      LTII-1SUB, REMIC IIA Regular Interest LTII-2SUB, REMIC IIA Regular Interest
      LTII-3SUB and REMIC IIA Regular Interest LTII-4SUB (subject, in each case,
      to a
      cap and a floor equal to the Uncertificated REMIC IIA Pass-Through Rate on
      REMIC
      IIA Regular Interest LTII-1GRP, REMIC IA Regular Interest LTII-2GRP, REMIC
      IIA
      Regular Interest LTII-3GRP and REMIC IIA Regular Interest LTII-4GRP,
      respectively) weighted on the basis of the Uncertificated Principal Balance
      of
      each such REMIC IIA Regular Interest.

     

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

     

    Class
      C-B-6 Pass-Through Rate:
      With
      respect to each Distribution Date, a per annum rate equal to the weighted
      average Net Mortgage Rate of the Group II Mortgage Loans, Group III Mortgage
      Loans, Group IV Mortgage Loans and Group V Mortgage Loans (weighted on the
      basis
      of the results of subtracting from the aggregate Stated Principal Balance of
      each loan group the current aggregate Certificate Principal Balance of the
      related Group II-V Senior Certificates). For federal income tax purposes, the
      equivalent of the foregoing shall be expressed as the weighted average of the
      Uncertificated REMIC IIA Pass-Through Rates on REMIC IIA Regular Interest
      LTII-1SUB, REMIC IIA Regular Interest LTII-2SUB, REMIC IIA Regular Interest
      LTII-3SUB and REMIC IIA Regular Interest LTII-4SUB (subject, in each case,
      to a
      cap and a floor equal to the Uncertificated REMIC IIA Pass-Through Rate on
      REMIC
      IIA Regular Interest LTII-1GRP, REMIC IA Regular Interest LTII-2GRP, REMIC
      IIA
      Regular Interest LTII-3GRP and REMIC IIA Regular Interest LTII-4GRP,
      respectively) weighted on the basis of the Uncertificated Principal Balance
      of
      each such REMIC IIA Regular Interest.

     

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

     

    Class
      I-A-1A Pass-Through Rate:
      With
      respect to any Distribution Date, One-Month LIBOR plus 0.10% per annum, subject
      to a cap equal to the Net WAC Rate Cap for such Distribution Date.

     

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

     

    Class
      I-A-1B Pass-Through Rate:
      With
      respect to any Distribution Date, 5.894% per annum, subject to a cap equal
      to
      the Net WAC Rate Cap for such Distribution Date.

     

    Class
      I-A-2 Certificate:
      Any
      Certificate designated as a “Class I-A-2 Certificate” on the face thereof, in
      the form of Exhibit
      A-1
      hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class I-A-2 Certificates as set forth herein and evidencing a Regular
      Interest in REMIC IC.

     

    Class
      I-A-2 Pass-Through Rate:
      With
      respect to any Distribution Date, 6.159% per annum, subject to a cap equal
      to
      the Net WAC Rate Cap for such Distribution Date.

     

    Class
      I-A-3 Certificate:
      Any
      Certificate designated as a “Class I-A-3 Certificate” on the face thereof, in
      the form of Exhibit
      A-1
      hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class I-A-3 Certificates as set forth herein and evidencing a Regular
      Interest in REMIC IC.

     

    Class
      I-A-3 Pass-Through Rate:
      With
      respect to any Distribution Date, 6.408% per annum, subject to a cap equal
      to
      the Net WAC Rate Cap for such Distribution Date.

     

    Class
      I-A-4 Certificate:
      Any
      Certificate designated as a “Class I-A-4 Certificate” on the face thereof, in
      the form of Exhibit
      A-1
      hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class I-A-4 Certificates as set forth herein and evidencing a Regular
      Interest in REMIC IC.

     

    Class
      I-A-4 Pass-Through Rate:
      Shall
      mean (i) with respect to any Distribution Date which occurs on or prior to
      the
      Optional Termination Date, 6.634% per annum and (ii) with respect to each
      Distribution Date which occurs thereafter, 7.134% per annum, in each case,
      subject to a cap equal to the Net WAC Rate Cap for such Distribution
      Date.

     

    Class
      I-A-5 Certificate:
      Any
      Certificate designated as a “Class I-A-5 Certificate” on the face thereof, in
      the form of Exhibit
      A-1
      hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class I-A-5 Certificates as set forth herein and evidencing a Regular
      Interest in REMIC IC.

     

    Class
      I-A-5 Pass-Through Rate:
      Shall
      mean (i) with respect to any Distribution Date which occurs on or prior to
      the
      Optional Termination Date, 6.268% per annum and (ii) with respect to each
      Distribution Date which occurs thereafter, 6.768% per annum, in each case,
      subject to a cap equal to the Net WAC Rate Cap for such Distribution
      Date.

     

    Class
      I-A-5 Lockout Principal Distribution Amount:
      With
      respect to any Distribution Date will be an amount equal to the lesser of (i)
      the Group I Senior Principal Distribution Amount for such Distribution Date
      and
      (ii) the Class I-A-5 Lockout Distribution Percentage for that Distribution
      Date
      multiplied by the product of (x) a fraction, the numerator of which is the
      Certificate Principal Balance of the Class I-A-5 Certificates and the
      denominator of which is the aggregate Certificate Principal Balance of all
      of
      the Group I Senior Certificates (other than the Class I-A-IO Certificates),
      in
      each case immediately prior to such Distribution Date and (y) the Group I Senior
      Principal Distribution Amount for such Distribution Date.

     

    Class
      I-A-5 Lockout Distribution Percentage:
      With
      respect to each Distribution Date, the applicable percentage set forth
      below:

     

    
      	
              Distribution
                Dates

            	 	
              Class
                I-A-5 Lockout

              Distribution

              Percentage

            
	
              June
                2006 through and including May 2009

            	 	
              0%

            
	
              June
                2009 through and including May 2011

            	 	
              45%

            
	
              June
                2011 through and including May 2012

            	 	
              80%

            
	
              June
                2012 through and including May 2013

            	 	
              100%

            
	
              June
                2013 and thereafter

            	 	
              300%

            

    

    

    Class
      I-A-IO Certificate:
      Any
      Certificate designated as a “Class I-A-IO Certificate” on the face thereof, in
      the form of Exhibit
      A-2
      hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class I-A-IO Certificates as set forth herein and evidencing a Regular
      Interest in REMIC IC.

     

    Class
      I-A-IO Pass-Through Rate:
      Shall
      mean (i) for the first twenty four Distribution Dates, 4.50% per annum, subject
      to a cap equal to the weighted average of the Net Mortgage Rates on the Group
      I
      Mortgage Loans and (ii) for any Distribution Date thereafter, 0.00% per annum.
      For federal income tax purposes, however, the Class I-A-IO Certificates will
      not
      have a Class I-A-IO Pass-Through Rate, and the Interest Distribution Amount
      for
      the Class I-A-IO Certificates and any Distribution Date will be deemed to be
      100% of the amount distributed on REMIC IB Regular Interest LTI-IO for such
      Distribution Date.

     

    Class
      I-M-1 Certificate:
      Any
      Certificate designated as a “Class I-M-1 Certificate” on the face thereof, in
      the form of Exhibit
      A-4
      hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class I-M-1 Certificates as set forth herein and evidencing a Regular
      Interest in REMIC IC.

     

    Class
      I-M-1 Pass-Through Rate:
      Shall
      mean (i) with respect to each Distribution Date which occurs on or prior to
      the
      Optional Termination Date, 6.466% per annum and (ii) with respect to each
      Distribution Date which occurs thereafter, 6.966% per annum, in each case
      subject to a cap equal to the Net WAC Rate Cap for such Distribution
      Date.

     

    Class
      I-M-1 Principal Distribution Amount:
      With
      respect to any Distribution Date which occurs (i) prior to the Stepdown Date
      or
      on or after the Stepdown Date if a Trigger Event is in effect for that
      Distribution Date, the Principal Distribution Amount for that Distribution
      Date
      remaining after distribution of the Group I Senior Principal Distribution Amount
      or (ii) on or after the Stepdown Date if a Trigger Event is not in effect for
      that Distribution Date, the lesser of:

     

    
      	·  	
              the
                Principal Distribution Amount for that Distribution Date remaining
                after
                distribution of the Group I Senior Principal Distribution Amount;
                and

            

    

     

    
      	·  	
              the
                excess, if any, of (A) the aggregate Certificate Principal Balance
                of the
                Class I-M-1 Certificates immediately prior to that Distribution Date
                over
                (B) the positive difference between (i) the aggregate Stated Principal
                Balance of the Group I Mortgage Loans as of the last day of the related
                Due Period (after reduction for Realized Losses incurred during the
                related Prepayment Period) and (ii) the sum of (x) the aggregate
                Certificate Principal Balance of the Group I Senior Certificates
                (other
                than the Class I-A-IO Certificates) after taking into account the
                payment
                of the Group I Senior Principal Distribution Amount for such Distribution
                Date and (y) the product of (a) the aggregate Stated Principal Balance
                of
                the Group I Mortgage Loans as of the last day of the related Due
                Period
                (after reduction for Realized Losses incurred during the related
                Prepayment Period) and (b) the sum of 8.20% and the Required
                Overcollateralization Percentage.

            

    

     

    Class
      I-M-2 Certificate:
      Any
      Certificate designated as a “Class I-M-2 Certificate” on the face thereof, in
      the form of Exhibit
      A-4
      hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class I-M-2 Certificates as set forth herein and evidencing a Regular
      Interest in REMIC IC.

     

    Class
      I-M-2 Pass-Through Rate:
      Shall
      mean (i) with respect to each Distribution Date which occurs on or prior to
      the
      Optional Termination Date, 6.664% per annum and (ii) with respect to each
      Distribution Date which occurs thereafter, 7.164% per annum, in each case
      subject to a cap equal to the Net WAC Rate Cap for such Distribution
      Date.

     

    Class
      I-M-2 Principal Distribution Amount:
      With
      respect to any Distribution Date which occurs (i) prior to the Stepdown Date
      or
      on or after the Stepdown Date if a Trigger Event is in effect for that
      Distribution Date, the Principal Distribution Amount for that Distribution
      Date
      remaining after distribution of the Group I Senior Principal Distribution Amount
      and the Class I-M-1 Principal Distribution Amount or (ii) on or after the
      Stepdown Date if a Trigger Event is not in effect for that Distribution Date,
      the lesser of:

     

    
      	·  	
              the
                Principal Distribution Amount for that Distribution Date remaining
                after
                distribution of the Group I Senior Principal Distribution Amount
                and the
                Class I-M-1 Principal Distribution Amount;
                and

            

    

     

    
      	·  	
              the
                excess, if any, of (A) the aggregate Certificate Principal Balance
                of the
                Class I-M-2 Certificates immediately prior to that Distribution Date
                over
                (B) the positive difference between (i) the aggregate Stated Principal
                Balance of the Group I Mortgage Loans as of the last day of the related
                Due Period (after reduction for Realized Losses incurred during the
                related Prepayment Period) and (ii) the sum of (x) the aggregate
                Certificate Principal Balance of the Group I Senior Certificates
                (other
                than the Class I-A-IO Certificates) and the Class I-M-1 Certificates
                after
                taking into account the payment of the Group I Senior Principal
                Distribution Amount and the Class I-M-1 Principal Distribution Amount
                for
                such Distribution Date and (y) the product of (a) the aggregate Stated
                Principal Balance of the Group I Mortgage Loans as of the last day
                of the
                related Due Period (after reduction for Realized Losses incurred
                during
                the related Prepayment Period) and (b) the sum of 3.80% and the Required
                Overcollateralization Percentage.

            

    

     

    Class
      I-M-3 Certificate:
      Any
      Certificate designated as a “Class I-M-3 Certificate” on the face thereof, in
      the form of Exhibit
      A-4
      hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class I-M-3 Certificates as set forth herein and evidencing a Regular
      Interest in REMIC IC.

     

    Class
      I-M-3 Pass-Through Rate:
      Shall
      mean (i) with respect to each Distribution Date which occurs on or prior to
      the
      Optional Termination Date, 6.950% per annum and (ii) with respect to each
      Distribution Date which occurs thereafter, 7.450% per annum, in each case
      subject to a cap equal to the Net WAC Rate Cap for such Distribution
      Date.

     

    Class
      I-M-3 Principal Distribution Amount:
      With
      respect to any Distribution Date which occurs (i) prior to the Stepdown Date
      or
      on or after the Stepdown Date if a Trigger Event is in effect for that
      Distribution Date, the Principal Distribution Amount for that Distribution
      Date
      remaining after distribution of the Group I Senior Principal Distribution
      Amount, the Class I-M-1 Principal Distribution Amount and the Class I-M-2
      Principal Distribution Amount or (ii) on or after the Stepdown Date if a Trigger
      Event is not in effect for that Distribution Date, the lesser of:

     

    
      	·  	
              the
                Principal Distribution Amount for that Distribution Date remaining
                after
                distribution of the Group I Senior Principal Distribution Amount,
                the
                Class I-M-1 Principal Distribution Amount and the Class I-M-2 Principal
                Distribution Amount; and

            

    

     

    
      	·  	
              the
                excess, if any, of (A) the aggregate Certificate Principal Balance
                of the
                Class I-M-3 Certificates immediately prior to that Distribution Date
                over
                (B) the positive difference between (i) the aggregate Stated Principal
                Balance of the Group I Mortgage Loans as of the last day of the related
                Due Period (after reduction for Realized Losses incurred during the
                related Prepayment Period) and (ii) the sum of (x) the aggregate
                Certificate Principal Balance of the Group I Senior Certificates
                (other
                than the Class I-A-IO Certificates), the Class I-M-1 Certificates
                and the
                Class I-M-2 Certificates (after taking into account the payment of
                the
                Group I Senior Principal Distribution Amount, the Class I-M-1 Principal
                Distribution Amount and the Class I-M-2 Principal Distribution Amount
                for
                such Distribution Date) and (y) the product of (a) the aggregate
                Stated
                Principal Balance of the Group I Mortgage Loans as of the last day
                of the
                related Due Period (after reduction for Realized Losses incurred
                during
                the related Prepayment Period) and (b) the Required Overcollateralization
                Percentage.

            

    

     

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

     

    Class
      I-P Certificate Account:
      The
      Eligible Account established and maintained by the Securities Administrator
      pursuant to Section 5.09(a).

     

    Class
      I-R Certificate:
      Any
      Certificate designated a “Class I-R Certificate” on the face thereof, in
      substantially the form set forth in Exhibit
      A-8
      hereto,
      evidencing the Class R-1A Interest, Class R-1B Interest and Class R-1C
      Interest.

     

    Class
      I-X Certificate:
      Any
      Certificate designated as a “Class I-X Certificate” on the face thereof, in the
      form of Exhibit
      A-9
      hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class I-X Certificates herein and evidencing a Regular Interest in
      REMIC IC.

     

    Class
      I-X Distribution Amount:
      With
      respect to any Distribution Date, the sum of (i) the Excess Cap Payment, (ii)
      the Interest Distribution Amount for the Class I-X Certificates for such
      Distribution Date and (iii) any Overcollateralization Reduction Amount for
      such
      Distribution Date remaining after payments pursuant to items 1 though 6 of
      clause Third
      of
      Section 5.04(a); provided, however that on and after the Distribution Date
      on which the aggregate Certificate Principal Balance of the Group I
      Certificates has been reduced to zero, the Class I-X Distribution Amount shall
      include the Overcollateralization Amount.

     

    Class
      I-X Pass-Through Rate:
      On any
      Distribution Date, a per annum rate equal to the percentage equivalent of a
      fraction, the numerator of which is the sum of the amounts calculated pursuant
      to clauses (A) through (K) below, and the denominator of which is the aggregate
      of the Uncertificated Principal Balances of the REMIC IB Regular Interests
      (other than REMIC IB Regular Interest LTI-IIO and REMIC IB Regular
      Interest LTI-IP). For purposes of calculating the Pass-Through Rate for the
      Class I-X Certificates, the numerator is equal to the sum of the following
      components:

     

    (A)
       the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IB Regular Interest LTI-AA
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC IB Regular Interest LTI-AA;

     

    (B)
       the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IB Regular Interest LTI-IA1A
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC IB Regular Interest LTI-IA1A;

     

    (C)
       the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IB Regular Interest LTI-IA1B
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC IB Regular Interest LTI-IA1B;

     

    (D)
       the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IB Regular Interest LTI-IA2
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC IB Regular Interest LTI-IA2;

     

    (E)
       the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IB Regular Interest LTI-IA3
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC IB Regular Interest LTI-IA3;

     

    (F)
       the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IB Regular Interest LTI-IA4
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC IB Regular Interest LTI-IA4;

     

    (G)
       the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IB Regular Interest LTI-IA5
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC IB Regular Interest LTI-IA5;

     

    (H)
       the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IB Regular Interest LTI-IM1
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC IB Regular Interest LTI-IM1;

     

    (I)
       the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IB Regular Interest LTI-IM2
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC IB Regular Interest LTI-IM2;

     

    (J)
       the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IB Regular Interest LTI-IM3
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC IB Regular Interest LTI-IM3; and

     

    (K) the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IB Regular Interest LTI-ZZ
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC IB Regular Interest LTI-ZZ.

     

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

     

    Class
      II-A Pass-Through Rate:
      With
      respect to each Distribution Date, a per annum rate equal to the weighted
      average Net Mortgage Rate of the Group II Mortgage Loans. For federal income
      tax
      purposes, the equivalent of the foregoing shall be expressed as the weighted
      average of the Uncertificated REMIC IIA Pass-Through Rate on REMIC IIA Regular
      Interest LTII-1GRP, weighted on the basis of the Uncertificated Principal
      Balance of such REMIC IIA Regular Interest.

     

    Class
      III-A-1 Certificate:
      Any
      Certificate designated as a “Class III-A-1 Certificate” on the face thereof, in
      the form of Exhibit A-3 hereto, representing the right to its Percentage
      Interest of distributions provided for the Class III-A-1 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC IIB.

     

    Class
      III-A-1 Pass-Through Rate:
      With
      respect to each Distribution Date, a per annum rate equal to the weighted
      average of the Net Mortgage Rates of the Group III Mortgage Loans. For federal
      income tax purposes, the equivalent of the foregoing shall be expressed as
      the
      weighted average of the Uncertificated REMIC IIA Pass-Through Rate on REMIC
      IIA
      Regular Interest LTII-2GRP, weighted on the basis of the Uncertificated
      Principal Balance of such REMIC IIA Regular Interest.

     

    Class
      III-A-2 Certificate:
      Any
      Certificate designated as a “Class III-A-2 Certificate” on the face thereof, in
      the form of Exhibit A-1 hereto, representing the right to its Percentage
      Interest of distributions provided for the Class III-A-2 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC IIB.

     

    Class
      III-A-2 Pass-Through Rate:
      With
      respect to each Distribution Date, a per annum rate equal to the weighted
      average of the Net Mortgage Rates of the Group III Mortgage Loans. For federal
      income tax purposes, the equivalent of the foregoing shall be expressed as
      the
      weighted average of the Uncertificated REMIC IIA Pass-Through Rate on REMIC
      IIA
      Regular Interest LTII-2GRP, weighted on the basis of the Uncertificated
      Principal Balance of such REMIC IIA Regular Interest.

     

    Class
      IV-A-1 Certificate:
      Any
      Certificate designated as a “Class IV-A-1 Certificate” on the face thereof, in
      the form of Exhibit A-3 hereto, representing the right to its Percentage
      Interest of distributions provided for the Class IV-A-1 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC IIB.

     

    Class
      IV-A-1 Pass-Through Rate:
      With
      respect to each Distribution Date, a per annum rate equal to the weighted
      average of the Net Mortgage Rates of the Group IV Mortgage Loans. For federal
      income tax purposes, the equivalent of the foregoing shall be expressed as
      the
      weighted average of the Uncertificated REMIC IIA Pass-Through Rate on REMIC
      IIA
      Regular Interest LTII-3GRP, weighted on the basis of the Uncertificated
      Principal Balance of such REMIC IIA Regular Interest.

     

    Class
      IV-A-2 Certificate:
      Any
      Certificate designated as a “Class IV-A-2 Certificate” on the face thereof, in
      the form of Exhibit A-3 hereto, representing the right to its Percentage
      Interest of distributions provided for the Class IV-A-2 Certificates as set
      forth herein and evidencing a Regular Interest in REMIC IIB.

     

    Class
      IV-A-2 Pass-Through Rate:
      With
      respect to each Distribution Date, a per annum rate equal to the weighted
      average of the Net Mortgage Rates of the Group IV Mortgage Loans. For federal
      income tax purposes, the equivalent of the foregoing shall be expressed as
      the
      weighted average of the Uncertificated REMIC IIA Pass-Through Rate on REMIC
      IIA
      Regular Interest LTII-3GRP, weighted on the basis of the Uncertificated
      Principal Balance of such REMIC IIA Regular Interest.

     

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

     

    Class
      V-A Pass-Through Rate:
      With
      respect to each Distribution Date, a per annum rate equal to the weighted
      average of the Net Mortgage Rates of the Group V Mortgage Loans. For federal
      income tax purposes, the equivalent of the foregoing shall be expressed as
      the
      weighted average of the Uncertificated REMIC IIA Pass-Through Rate on REMIC
      IIA
      Regular Interest LTII-4GRP, weighted on the basis of the Uncertificated
      Principal Balance of such REMIC IIA Regular Interest.

     

    Class
      P Certificate:
      Any
      Certificate designated as a “Class P Certificate” on the face thereof, in the
      form of Exhibit A-7 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class P Certificates as set forth herein and
      evidencing a Regular Interest in REMIC IIB.

     

    Class
      P Certificate Account:
      The
      Eligible Account established and maintained by the Securities Administrator
      pursuant to Section 5.09(b).

     

    Class
      R Certificate:
      Any
      Certificate designated as a “Class R” Certificate on the face thereof in the
      form of Exhibit A-8 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class R Certificates as set forth herein and
      evidencing the Class R-IIA Interest and Class R-IIB Interest.

     

    Class
      R-IA Interest:
      The
      uncertificated residual interest in REMIC IA.

     

    Class
      R-IB Interest:
      The
      uncertificated residual interest in REMIC IB.

     

    Class
      R-IC Interest:
      The
      uncertificated residual interest in REMIC IC.

     

    Class
      R-IIA Interest:
      The
      uncertificated residual interest in REMIC IIA.

     

    Class
      R-IIB Interest:
      The
      uncertificated residual interest in REMIC IIB.

     

    Cleanup
      Call:
      As
      defined in Section 10.01.

     

    Closing
      Date:
      May 25,
      2006.

     

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

     

    Commission:
      Shall
      mean the United States Securities and Exchange Commission.

     

    Compensating
      Interest:
      With
      respect to any Distribution Date, an amount to be deposited in the Distribution
      Account by the Servicer or the Master Servicer to offset a Prepayment Interest
      Shortfall on a Mortgage Loan in accordance with this Agreement; provided,
      however that the amount of Compensating Interest required to be paid in respect
      of the Mortgage Loans shall not exceed the Servicing Fee payable to the Servicer
      or, in the case of the Master Servicer, shall not exceed the Master Servicing
      Compensation payable to the Master Servicer with respect to the related
      Prepayment Period.

     

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

     

    Corporate
      Trust Office:
      The
      principal corporate trust office of the Trustee or the Securities Administrator,
      as the case maybe, at which, at any particular time its corporate business
      in
      connection with this agreement shall be administered, which office at the date
      of the execution of this instrument is located at (ii) in the case of the
      Trustee, HSBC Bank USA, National Association, 452 Fifth Avenue, New York, New
      York 10018, Attention: Nomura Asset Acceptance Corp., 2006-AF1 or at such other
      address as the Trustee may designate from time to time by notice to the
      Certificateholders, the Depositor, the Master Servicer, the Securities
      Administrator and the Servicer, and (ii) with respect to the office of the
      Securities Administrator, which for purposes of Certificate transfers and
      surrender is located at Wells Fargo Bank, N.A., Sixth Street and Marquette
      Avenue, Minneapolis, Minnesota 55479, Attention: Corporate Trust Services-Client
      Manager (NAAC 2006-AF1), and for all other purposes is located at Wells Fargo
      Bank, N.A., P.O. Box 98, Columbia, Maryland 21046, Attention: Corporate Trust
      Services-Client Manager (NAAC 2006-AF1) (or for overnight deliveries, at 9062
      Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust
      Services-Client Manager (NAAC 2006-AF1)), or at such other address as the
      Securities Administrator may designate from time to time by notice to the
      Certificateholders, the Depositor, the Master Servicer, the Servicer and the
      Trustee.

     

    Corresponding
      Certificate:
      With
      respect to:

     

    
      	 	
              (i)

            	
              REMIC
                IB Regular Interest LTI-IA1, the Class I-A-1
                Certificates,

            
	 	
              (ii)

            	
              REMIC
                IB Regular Interest LTI-IA2, the Class I-A-2
                Certificates;

            
	 	
              (iii)

            	
              REMIC
                IB Regular Interest LTI-IA3, the Class I-A-3
                Certificates;

            
	 	
              (iv)

            	
              REMIC
                IB Regular Interest LTI-IA4, the Class I-A-4
                Certificates;

            
	 	
              (v)

            	
              REMIC
                IB Regular Interest LTI-IA5, the Class I-A-5
                Certificates;

            
	 	
              (vi)

            	
              REMIC
                IB Regular Interest LTI-IM1, the Class I-M-1
                Certificates;

            
	 	
              (vii)

            	
              REMIC
                IB Regular Interest LTI-IM2, the Class I-M-2
                Certificates;

            
	 	
              (viii)

            	
              REMIC
                IB Regular Interest LTI-IM3, the Class I-M-3 Certificates;
                and

            
	 	
              (ix)

            	
              REMIC
                IB Regular Interest LTI-IP, the Class I-P
                Certificates.

            

    

    

    Credit
      Enhancement Percentage:
      With
      respect to any Distribution Date and any Class of Group I Publicly Offered
      Certificates, the percentage obtained by dividing (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class or Classes of Group I
      Publicly Offered Certificates subordinate thereto and (ii) the
      Overcollateralization Amount by (y) the aggregate Stated Principal Balance
      of
      the Group I Mortgage Loans, calculated after taking into account distributions
      of principal on the Group I Mortgage Loans and distribution of the Principal
      Distribution Amount to the holders of the Group I Publicly Offered Certificates
      then entitled to distributions of principal on such Distribution
      Date.

     

    Credit
      Risk Management Agreement:
      The
      agreement between the Credit Risk Manager and the Servicer and/or Master
      Servicer, dated as of May 25, 2006.

     

    Credit
      Risk Management Fee:
      As to
      each Mortgage Loan and any Distribution Date, an amount equal to 1/12th of
      the
      Credit Risk Management Fee Rate multiplied by the Stated Principal Balance
      of
      such Mortgage Loan as of the last day of the related Due Period. The Credit
      Risk
      Management Fee shall be payable to the Credit Risk Manager and/or the Sponsor
      pursuant to Section 3.32(a)(vii) and 3.33(b).

     

    Credit
      Risk Management Fee Rate:
      0.005%
      per annum.

     

    Credit
      Risk Manager:
      Portfolio Surveillance Analytics, LLC, and its successors and
      assigns.

     

    Credit
      Support Depletion Date:
      means
      the Distribution Date on which the aggregate Certificate Principal Balance
      of
      the Subordinate Certificates has been reduced to zero.

     

    Custodial
      Accounts:
      The
      accounts established and maintained by the Servicer with respect to receipts
      on
      the Group I Mortgage Loans and related REO Properties and the Group II-V
      Mortgage Loans and related REO Properties in accordance with
      Section 3.26(b).

     

    Custodial
      Agreement:
      The
      Custodial Agreement dated as of May 1, 2006 among the Custodian, the Servicer
      and the Trustee.

     

    Custodian:
      Wells
      Fargo Bank, N.A., a national banking association, or any successor thereto
      appointed pursuant to the Custodial Agreement.

     

    Cut-off
      Date:
      May 1,
      2006.

     

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

     

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

     

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

     

    Definitive
      Certificates:
      As
      defined in Section 6.06.

     

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

     

    Delinquent:
      A
      Mortgage Loan is “delinquent” if any payment due thereon is not made pursuant to
      the terms of such Mortgage Loan by the close of business on the day such payment
      is scheduled to be due. A Mortgage Loan is “30 days delinquent” if such payment
      has not been received by the close of business on the corresponding day of
      the
      month immediately succeeding the month in which such payment was due, or, if
      there is no such corresponding day (e.g., as when a 30-day month follows a
      31-day month in which a payment was due on the 31st day of such month), then
      on
      the last day of such immediately succeeding month. Similarly for “60 days
      delinquent,” “90 days delinquent” and so on.

     

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

     

    Depositor:
      Nomura
      Asset Acceptance Corporation, a Delaware corporation, or its successor in
      interest.

     

    Depository:
      The
      initial Depository shall be The Depository Trust Company (“DTC”), the nominee of
      which is Cede & Co., or any other organization registered as a “clearing
      agency” pursuant to Section 17A of the 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(a)(5) of the Uniform Commercial Code of the State of New
      York.

     

    Depository
      Agreement:
      With
      respect to the Class of Book-Entry Certificates, the agreement among the
      Depositor, the Trustee and the initial Depository, dated as of the Closing
      Date,
      substantially in the form of Exhibit I.

     

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

     

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

     

    Distribution
      Accounts:
      The
      separate Eligible Account created and maintained by the Securities Administrator
      pursuant to Section 3.31 in the name of the Trustee for the benefit of the
      Certificateholders, which shall be divided into two sub-accounts designated
      “Wells Fargo Bank, N.A., in trust for registered holders of Nomura Asset
      Acceptance Corp., Mortgage Pass-Through Certificates, Series 2006-AF1, Group
      I
      Certificates” and “Wells Fargo Bank, N.A., in trust for registered holders of
      Nomura Asset Acceptance Corp., Mortgage Pass-Through Certificates, Series
      2006-AF1, Group II-V Certificates”. Funds in the Distribution Accounts shall be
      held in trust for the related Certificateholders for the uses and purposes
      set
      forth in this Agreement.

     

    Distribution
      Date:
      The
      twenty-fifth (25th)
      day of
      each calendar month after the initial issuance of the Certificates, or if such
      twenty-fifth day is not a Business Day, the next succeeding Business Day,
      commencing in June 2006.

     

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

     

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

     

    Eligible
      Account:
      Any of
      (i) an account or accounts maintained with a federal or state chartered
      depository institution or trust company, the long-term unsecured debt
      obligations and short-term unsecured debt obligations of which are rated by
      each
      Rating Agency in one of its two highest long-term and its highest short-term
      rating categories respectively, at the time any amounts are held on deposit
      therein, or (ii) an account or accounts in a depository institution or trust
      company in which such accounts are insured by the FDIC (to the limits
      established by the FDIC) and the uninsured deposits in which accounts are
      otherwise secured such that, as evidenced by an Opinion of Counsel delivered
      to
      the Trustee and to each Rating Agency, the Certificateholders have a claim
      with
      respect to the funds in such account or a perfected first priority security
      interest against any collateral (which shall be limited to Permitted
      Investments) securing such funds that is superior to claims of any other
      depositors or creditors of the depository institution or trust company in which
      such account is maintained, or (iii) a segregated, non-interest bearing trust
      account or accounts maintained with the corporate trust department of a federal
      or state chartered depository institution or trust company having capital and
      surplus of not less than $50,000,000, acting in its fiduciary capacity or (iv)
      any other account acceptable to the Rating Agencies as evidenced in writing
      by
      the Rating Agencies. Eligible Accounts may bear interest, and may include,
      if
      otherwise qualified under this definition, accounts maintained with the Trustee
      or Securities Administrator.

     

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

     

    ERISA
      Restricted Certificate:
      Each of
      the Class I-X, Class I-P, Class P and Residual Certificates.

     

    Escrow
      Account:
      Shall
      mean the account or accounts maintained by the Servicer pursuant to
      Section 3.29. Each Escrow Account shall be an Eligible
      Account.

     

    Excess
      Cap Payment:
      With
      respect to any Distribution Date, the excess, if any, of (1) the cap payments
      made by the Cap Provider under the Cap Contract with respect to the Class I-A-1A
      Certificates over (2) the amount of the unpaid Net WAC Rate Carryover Amounts
      attributable to the Class I-A-1A Certificates for such Distribution
      Date.

     

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

     

    Excess
      Losses:
      Special
      Hazard Losses in excess of the Special Hazard Loss Coverage Amount, Bankruptcy
      Losses in excess of the Bankruptcy Loss Coverage Amount and Fraud Losses in
      excess of the Fraud Loss Coverage Amount.

     

    Exchange
      Act:
      Securities and Exchange Act of 1934, as amended, and the rules and regulations
      promulgated thereunder.

     

    Exemption:
      Prohibited Transaction Exemption 93-32, as amended from time to
      time.

     

    Expense
      Fee Rate:
      The sum
      of the Credit Risk Management Fee Rate and Servicing Fee Rate attributable
      to
      the Mortgage Loans.

     

    Extra
      Principal Distribution Amount:
      With
      respect to any Distribution Date, the lesser of (x) the Net Monthly Excess
      Cashflow for such Distribution Date and (y) the Overcollateralization Increase
      Amount for such Distribution Date.

     

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

     

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

     

    Final
      Recovery Determination:
      With
      respect to any defaulted Mortgage Loan or any REO Property (other than a
      Mortgage Loan or REO Property purchased by the Sponsor or the Master Servicer
      pursuant to or as contemplated by Section 2.03(c) or Section 10.01), a
      determination made by the Servicer pursuant to this Agreement that all Insurance
      Proceeds, Liquidation Proceeds and other payments or recoveries which the
      Servicer, in its reasonable good faith judgment, expects to be finally
      recoverable in respect thereof have been so recovered. The Servicer shall
      maintain records of each Final Recovery Determination made thereby.

     

    FIRREA:
      The
      Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as
      amended.

     

    Fitch:
      Fitch
      Ratings.

     

    Form
      8-K Disclosure Information:
      Has the
      meaning set forth in Section 5.12(b) of this Agreement.

     

    Fraud
      Loss Coverage Amount:
      The
      approximate amount set forth in the following table for the indicated
      period:

     

    
      	
              Period

            	
              Fraud
                Loss Coverage Amount

            
	
              May
                31, 2006 through April 30, 2007

            	
              $8,124,120(1)

            
	
              May
                1, 2007 through April 30, 2008

            	
              $5,416,080(2)
                minus
                the aggregate amount of Fraud Losses that would have been allocated
                to the
                subordinated certificates in the absence of the Loss Allocation Limitation
                since the Cut-off Date

            
	
              May
                1, 2008 through April 30, 2011

            	
              $2,708,040(3)
                minus
                the aggregate amount of Fraud Losses that would have been allocated
                to the
                subordinated certificates in the absence of the Loss Allocation Limitation
                since the Cut-off Date

            
	
              After
                the earlier to occur of May 1, 2011 and the Credit Support Depletion
                Date

            	
              $0

            
	
              (1)
                 Represents
                approximately 3% of the Group II-V Mortgage Loans by aggregate principal
                balance as of the Cut-off Date.

              (2)
                 Represents
                approximately 2% of the Group II-V Mortgage Loans by aggregate principal
                balance as of the Cut-off Date.

              (3)
                 Represents
                approximately 1% of the Group II-V Mortgage Loans by aggregate principal
                balance as of the Cut-off Date.

            

    

    

    Freddie
      Mac:
      Federal
      Home Loan Mortgage Corporation, or any successor thereto.

     

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

     

    Group
      I Certificates:
      The
      Class I-A-1A, Class I-A-1B, Class I-A-2, Class I-A-3, Class I-A-4, Class I-A-5,
      Class I-M-1, Class I-M-2, Class I-M-3, Class I-P, Class I-X and Class I-R
      Certificates.

     

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

     

    Group
      I Publicly Offered Certificates:
      The
      Class I-A-1A, Class I-A-1B, Class I-A-2, Class I-A-3, Class I-A-4, Class I-A-5,
      Class I-A-IO, Class I-M-1, Class I-M-2 and Class I-M-3
      Certificates.

     

    Group
      I Regular Certificate:
      Any
      Group I Certificate other than a Residual Certificate.

     

    Group
      I Senior Certificates:
      The
      Class I-A-1A, Class I-A-1B, Class I-A-2, Class I-A-3, Class I-A-4, Class I-A-5
      and Class I-A-IO Certificates.

     

    Group
      I Senior Interest Distribution Amount:
      With
      respect to any Distribution Date and any Class of Group I Senior Certificates
      will be equal to the Interest Distribution Amount for such Distribution Date
      for
      such Class and the Interest Carry Forward Amount, if any, for such Distribution
      Date for such Class.

     

    Group
      I Senior Principal Distribution Amount:
      With
      respect to any Distribution Date which occurs (i) prior to the Stepdown Date
      or
      on or after the Stepdown Date if a Trigger Event is in effect, the Principal
      Distribution Amount or (ii) on or after the Stepdown Date if a Trigger Event
      is
      not in effect for that Distribution Date, the lesser of:

     

    
      	·  	
              the
                Principal Distribution Amount for that Distribution Date;
                and

            

    

     

    
      	·  	
              the
                excess, if any, of (A) the aggregate Certificate Principal Balance
                of the
                Group I Senior Certificates (other than the Class I-A-IO Certificates)
                immediately prior to that Distribution Date over (B) the positive
                difference between (i) the aggregate Stated Principal Balance of
                the Group
                I Mortgage Loans as of the last day of the related Due Period (after
                reduction for Realized Losses incurred during the related Prepayment
                Period) and (ii) the product of (x) the aggregate Stated Principal
                Balance
                of the Group I Mortgage Loans as of the last day of the related Due
                Period
                (after reduction for Realized Losses incurred during the related
                Prepayment Period) and (y) the sum of 13.50% and the Required
                Overcollateralization Percentage.

            

    

     

    Group
      II Certificates:
      The
      Class II-A Certificates.

     

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

     

    Group
      II Senior Principal Distribution Amount:
      With
      respect to any Distribution Date the sum of: (i) the related Senior Percentage
      of the Principal Payment Amount for the Group II Mortgage Loans; (ii) the
      related Senior Prepayment Percentage of the Principal Prepayment Amount for
      the
      Group II Mortgage Loans; and (iii) the Senior Liquidation Amount for the Group
      II Mortgage Loans.

     

    Group
      II-V Certificates:
      The
      Class II-A, Class III-A-1, Class III-A-2, Class IV-A-1, Class IV-A-2, Class
      V-A,
      Class C-B-1, Class C-B-2, Class C-B-3, Class C-B-4, Class C-B-5, Class C-B-6,
      Class P and Class R Certificates.

     

    Group
      II-V Publicly Offered Certificates:
      The
      Class II-A, Class III-A-1, Class III-A-2, Class IV-A-1, Class IV-A-2, Class
      V-A,
      Class C-B-1, Class C-B-2 and Class C-B-3 Certificates.

     

    Group
      II-V Regular Certificate:
      Any
      Group II-V Certificate other than a Residual Certificate.

     

    Group
      II-V Senior Certificates:
      The
      Class II-A, Class III-A-1, Class III-A-2, Class IV-A-1, Class IV-A-2 and Class
      V-A Certificates.

     

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

     

    Group
      III Mortgage Loans:
      Those
      Mortgage Loans identified on the Mortgage Loan Schedule as Group III Mortgage
      Loans.

     

    Group
      III Senior Principal Distribution Amount:
      With
      respect to any Distribution Date the sum of: (i) the related Senior Percentage
      of the Principal Payment Amount for the Group III Mortgage Loans; (ii) the
      related Senior Prepayment Percentage of the Principal Prepayment Amount for
      the
      Group III Mortgage Loans; and (iii) the Senior Liquidation Amount for the Group
      III Mortgage Loans.

     

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

     

    Group
      IV Mortgage Loans:
      Those
      Mortgage Loans identified on the Mortgage Loan Schedule as Group IV Mortgage
      Loans.

     

    Group
      IV Senior Principal Distribution Amount:
      With
      respect to any Distribution Date the sum of: (i) the related Senior Percentage
      of the Principal Payment Amount for the Group IV Mortgage Loans; (ii) the
      related Senior Prepayment Percentage of the Principal Prepayment Amount for
      the
      Group IV Mortgage Loans; and (iii) the Senior Liquidation Amount for the Group
      IV Mortgage Loans.

     

    Group
      V Certificates:
      The
      Class V-A Certificates.

     

    Group
      V Mortgage Loans:
      Those
      Mortgage Loans identified on the Mortgage Loan Schedule as Group V Mortgage
      Loans.

     

    Group
      V Senior Principal Distribution Amount:
      With
      respect to any Distribution Date the sum of: (i) the related Senior Percentage
      of the Principal Payment Amount for the Group V Mortgage Loans; (ii) the related
      Senior Prepayment Percentage of the Principal Prepayment Amount for the Group
      V
      Mortgage Loans; and (iii) the Senior Liquidation Amount for the Group V Mortgage
      Loans.

     

    Indemnified
      Persons:
      The
      Trustee, the Servicer (including any successor to the Servicer), the Master
      Servicer, the Securities Administrator, the Custodian, the Trust Fund and their
      officers, directors, agents and employees and, with respect to the Trustee,
      any
      separate co-trustee and its officers, directors, agents and
      employees.

     

    Independent:
      When
      used with respect to any specified Person, any such Person who (a) is in fact
      independent of the Depositor, the Master Servicer, the Securities Administrator,
      the Servicer, the Sponsor, any originator and their respective Affiliates,
      (b)
      does not have any direct financial interest in or any material indirect
      financial interest in the Depositor, the Master Servicer, the Securities
      Administrator, the Servicer, the Sponsor, any originator or any Affiliate
      thereof, and (c) is not connected with the Depositor, the Master Servicer,
      the
      Securities Administrator, the Servicer, the Sponsor, any originator or any
      Affiliate thereof as an officer, employee, promoter, underwriter, trustee,
      partner, director or Person performing similar functions; provided, however,
      that a Person shall not fail to be Independent of the Depositor, the Master
      Servicer, the Securities Administrator, the Servicer, the Sponsor, any
      originator or any Affiliate thereof merely because such Person is the beneficial
      owner of one percent (1%) or less of any class of securities issued by the
      Depositor, the Master Servicer, the Securities Administrator, the Servicer,
      the
      Sponsor, any originator or any Affiliate thereof, as the case may be.

     

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

     

    Index:
      As of
      any Adjustment Date, the index applicable to the determination of the Mortgage
      Rate on each Group II-V Mortgage Loan which will generally be based on Six-Month
      LIBOR or One-Year LIBOR.

     

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

     

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

     

    Insurance
      Proceeds:
      Proceeds paid in respect of the Mortgage Loans pursuant to any Insurance Policy
      or any other insurance policy covering a Mortgage Loan, to the extent such
      proceeds are payable to the mortgagee under the Mortgage, the Servicer or the
      trustee under the deed of trust and are not applied to the restoration of the
      related Mortgaged Property or released to the Mortgagor in accordance with
      the
      servicing standard set forth in Section 3.01 hereof, other than any amount
      included in such Insurance Proceeds in respect of Insured Expenses.

     

    Insured
      Expenses:
      Expenses covered by any Insurance Policy with respect to the Mortgage
      Loans.

     

    Interest
      Carry Forward Amount:
      With
      respect to any Class of Group I Certificates (other than the Class I-X, Class
      I-P and Class I-R Certificates) and any Distribution Date, the amount, if any,
      by which the Interest Distribution Amount for that Class of Group I Certificates
      for the immediately preceding Distribution Date exceeded the actual amount
      distributed on such Class in respect of interest on the immediately preceding
      Distribution Date, together with any Interest Carry Forward Amount with respect
      to such Class remaining unpaid from the previous Distribution Date.

     

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

     

    Interest
      Distribution Amount:
      With
      respect to any Class of Group I Certificates (other than the Class I-P
      Certificates and Class I-R Certificates) and any Distribution Date, an amount
      equal to the interest accrued during the related Accrual Period at the
      applicable Pass-Through Rate on the Certificate Principal Balance (or
      Certificate Notional Balance) of such Group I Certificate immediately prior
      to
      such Distribution Date less such Group I Certificate’s share of any Net Interest
      Shortfall and the interest portion of any Realized Losses on the Group I
      Mortgage Loans allocated to such Certificate pursuant to Section 1.02. The
      Interest Distribution Amount with respect to each Class of Group I Certificates
      (other than the Class I-A-1A Certificates) is calculated on the basis of a
      360-day year consisting of twelve 30-day months. The Interest Distribution
      Amount with respect to the Class I-A-1A Certificates is calculated on the basis
      of a 360-day year and the actual number of days elapsed in the related Accrual
      Period. No Interest Distribution Amount will be payable with respect to any
      Class of Group I Certificates after the Distribution Date on which the
      outstanding Certificate Principal Balance (or Certificate Notional Balance)
      of
      such Group I Certificate has been reduced to zero.

     

    Interest
      Remittance Amount:
      With
      respect to any Distribution Date, that portion of the Available Distribution
      Amount for such Distribution Date generally equal to (i) the sum, without
      duplication, of (a) all scheduled interest during the related Due Period with
      respect to the Group I Mortgage Loans less the Servicing Fee, the Credit Risk
      Management Fee and the fee payable to any provider of lender-paid mortgage
      insurance, if any, (b) all Advances relating to interest with respect to the
      Group I Mortgage Loans made on or prior to the related Remittance Date, (c)
      all
      Compensating Interest with respect to the Group I Mortgage Loans and required
      to
      be remitted by the Servicer or the Master Servicer pursuant to this Agreement
      with respect to such Distribution Date, (d) Liquidation Proceeds and Subsequent
      Recoveries with respect to the Group I Mortgage Loans collected during the
      related Prepayment Period (to the extent such Liquidation Proceeds and
      Subsequent Recoveries relate to interest), (e) all amounts relating to interest
      with respect to each Group I Mortgage Loan repurchased by the Sponsor pursuant
      to Sections 2.02 and 2.03 and (f) all amounts in respect of interest paid by
      the
      Master Servicer pursuant to Section 10.01 to the extent remitted by the
      Master Servicer to the related Distribution Account pursuant to this Agreement
      and minus (ii) all amounts required to be reimbursed by the Trust pursuant
      to
      Section 3.32 or as otherwise set forth in this Agreement or any Custodial
      Agreement.

     

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

     

    Last
      Scheduled Distribution Date:
      With
      respect to the Group I Certificates (other than the Class I-A-IO Certificates),
      the Distribution Date in May 2036. With respect to the Class I-A-IO
      Certificates, the Distribution Date in May 2008. With respect to the Group
      II-V
      Certificates, the Distribution Date in June 2036.

     

    Latest
      Possible Maturity Date:
      The
      second Distribution Date following the final scheduled maturity date of the
      Mortgage Loan in the Trust Fund having the latest scheduled maturity date as
      of
      the Cut-off Date. For purposes of the Treasury Regulations under Code
      Section 860A through 860G, the latest possible maturity date of each
      regular interest issued by REMIC IA, REMIC IB, REMIC IC, REMIC IIA and REMIC
      IIB
      shall be the Latest Possible Maturity Date.

     

    LIBOR
      Business Day:
      Shall
      mean any day other than a Saturday or a Sunday or a day on which banking
      institutions in the State of New York or in the city of London, England are
      required or authorized by law to be closed.

     

    LIBOR
      Determination Date:
      The
      second LIBOR Business Day before the first day of the related Accrual
      Period.

     

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

     

    Liquidation
      Principal:
      The
      principal portion of Liquidation Proceeds received on a mortgage loan that
      became a Liquidated Mortgage Loan, but not in excess of the Stated Principal
      Balance of that mortgage loan, during the calendar month preceding the month
      of
      the Distribution Date.

     

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

     

    Loan
      Group:
      Any of
      Loan Group I, Loan Group II, Loan Group III, Loan Group IV or Loan Group V.
      “Loan Group I” refers to the Group I Mortgage Loans, “Loan Group II” refers to
      the Group II Mortgage Loans, “Loan Group III” refers to the Group III Mortgage
      Loans, “Loan Group IV” refers to the Group IV Mortgage Loans and “Loan Group V”
refers to the Group V Mortgage Loans.

     

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

     

    Loss
      Allocation Limitation:
      The
      limitation on reduction of the Certificate Principal Balance of any Class of
      Group II-V Senior Certificates and Subordinate Certificates on any Distribution
      Date on account of any Realized Loss incurred on a Group II-V Mortgage Loan
      to
      the extent that the reduction would have the effect of reducing the aggregate
      Certificate Principal Balance of all of the Group II-V Senior Certificates
      and
      Subordinate Certificates as of that Distribution Date to an amount less than
      the
      aggregate principal balance of the Group II-V Mortgage Loans as of the following
      Distribution Date, less any Deficient Valuations occurring before the Bankruptcy
      Loss Coverage Amount has been reduced to zero.

     

    Majority
      Class I-X Certificateholder:
      The
      Holder of a 50.01% or greater Percentage Interest in the Class I-X
      Certificates.

     

    Marker
      Rate:
      With
      respect to the Class I-X Certificates and any Distribution Date, a per annum
      rate equal to two (2) times the weighted average of the Uncertificated REMIC
      IB
      Pass-Through Rates for REMIC IB Regular Interest LTI-IA1A, REMIC IB Regular
      Interest LTI-IA1B, REMIC IB Regular Interest LTI-IA2, REMIC IB Regular Interest
      LTI-IA3, REMIC IB Regular Interest LTI-IA4, REMIC IB Regular Interest LTI-IA5,
      REMIC IB Regular Interest LTI-IM1, REMIC IB Regular Interest LTI-IM2, REMIC
      IB
      Regular Interest LTI-IM3 and REMIC IB Regular Interest LTI-ZZ, with the rate
      on
      REMIC IB Regular Interest LTI-IA1A subject to a cap equal to the lesser of
      (x)
      One-Month LIBOR plus 0.10% per annum and (y) the Net WAC Rate Cap for the
      purpose of this calculation; with the rate on REMIC IB Regular Interest LTI-IA1B
      subject to a cap equal to the lesser of (x) 5.894% per annum and (y) the Net
      WAC
      Rate Cap for the purpose of this calculation; with the rate on REMIC IB Regular
      Interest LTI-IA2 subject to a cap equal to the lesser of (x) 6.159% per annum
      and (y) the Net WAC Rate Cap for the purpose of this calculation; with the
      rate
      on REMIC IB Regular Interest LTI-IA3 subject to a cap equal to the lesser of
      (x)
      6.408% per annum and (y) the Net WAC Rate Cap for the purpose of this
      calculation; with the rate on REMIC IB Regular Interest LTI-IA4 subject to
      a cap
      equal to the lesser of (A) in the case of any Distribution Date up to and
      including the Optional Termination Date, the lesser of (x) 6.634% per annum
      and
      (y) the Net WAC Rate Cap and (B) in the case of any Distribution Date after
      the Optional Termination Date, the lesser of (x) 7.134% per annum and (y) the
      Net WAC Rate Cap for the purpose of this calculation; with the rate on REMIC
      IB
      Regular Interest LTI-IA5 subject to a cap equal to the lesser of (A) in the
      case
      of any Distribution Date up to and including the Optional Termination Date,
      the
      lesser of (x) 6.268% per annum and (y) the Net WAC Rate Cap and (B) in the
      case
      of any Distribution Date after the Optional Termination Date, the lesser of
      (x)
      6.768% per annum and (y) the Net WAC Rate Cap for the purpose of this
      calculation; with the rate on REMIC IB Regular Interest LTI-IM1 subject to
      a cap
      equal to (A) in the case of any Distribution Date up to and including the
      Optional Termination Date, the lesser of (x) 6.466% per annum and (y) the Net
      WAC Rate Cap and (B) in the case of any Distribution Date after the Optional
      Termination Date, the lesser of (x) 6.966% per annum and (y) the Net WAC Rate
      Cap for the purpose of this calculation; with the rate on REMIC IB Regular
      Interest LTI-IM2 subject to a cap equal to (A) in the case of any Distribution
      Date up to and including the Optional Termination Date, the lesser of (x) 6.664%
      per annum and (y) the Net WAC Rate Cap and (B) in the case of any Distribution
      Date after the Optional Termination Date, the lesser of (x) 7.164% per annum
      and
      (y) the Net WAC Rate Cap for the purpose of this calculation; with the rate
      on
      REMIC IB Regular Interest LTI-IM3 subject to a cap equal to (A) in the case
      of
      any Distribution Date up to and including the Optional Termination Date, the
      lesser of (x) 6.950% per annum and (y) the Net WAC Rate Cap and (B) in the
      case
      of any Distribution Date after the Optional Termination Date, the lesser of
      (x)
      7.450% per annum and (y) the Net WAC Rate Cap for the purpose of this
      calculation and with the rate on REMIC IB Regular Interest LTI-ZZ subject to
      a
      cap of 0.00% per annum for the purpose of this calculation; provided, however,
      that for this purpose, the calculation of the Uncertificated REMIC IB
      Pass-Through Rate and the related cap with respect to REMIC IB Regular Interest
      LTI-IA1A shall be multiplied by a fraction, the numerator of which is the actual
      number of days in the Accrual Period and the denominator of which is
      30.

     

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

     

    Master
      Servicer Default:
      One or
      more of the events described in Section 8.01(b).

     

    Master
      Servicing Compensation:
      As
      defined in Section 4.12.

     

    Maximum
      Mortgage Interest Rate:
      With
      respect to each Group II-V Mortgage Loan, the percentage set forth in the
      related Mortgage Note as the maximum interest rate.

     

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

     

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

     

    Mezzanine
      Certificates:
      The
      Class I-M-1, Class I-M-2 and Class I-M-3.

     

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

     

    Minimum
      Mortgage Interest Rate:
      With
      respect to each Group II-V Mortgage Loan, the percentage set forth in the
      related Mortgage Note as the minimum Mortgage Rate thereunder.

     

    Minimum
      Servicing Requirements:
      With
      respect to a successor Servicer appointed pursuant to Section 7.06(a)
      hereunder:

     

    (i)  the
      proposed successor Servicer is (1) an affiliate of the Master Servicer that
      services mortgage loans similar to the Mortgage Loans in the jurisdictions
      in
      which the related Mortgaged Properties are located or (2) the proposed successor
      Servicer has a rating of at least “Above Average” by S&P and either a rating
      of at least “RPS2” by Fitch or a rating of at least “SQ2” by Moody’s;
      and

     

    (ii)  the
      proposed successor Servicer has a net worth of at least
      $25,000,000.

     

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

     

    Monthly
      Statement:
      The
      statement delivered to the Certificateholders pursuant to
      Section 5.07.

     

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

     

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

     

    Mortgage
      File:
      The
      Mortgage Loan Documents pertaining to a particular Mortgage Loan and any
      additional documents delivered to the Trustee or the Custodian on behalf of
      the
      Trustee to be added to the Mortgage File pursuant to this
      Agreement.

     

    Mortgage
      Loan Documents:
      As
      defined in Section 2.01.

     

    Mortgage
      Loans:
      Such of
      the Mortgage Loans transferred and assigned to the Trustee pursuant to the
      provisions hereof, as from time to time are held as a part of the Trust Fund
      (including any REO Property), the mortgage loans so held being identified in
      the
      Mortgage Loan Schedule, notwithstanding foreclosure or other acquisition of
      title of the related Mortgaged Property.

     

    Mortgage
      Loan Purchase Agreement:
      The
      Mortgage Loan Purchase Agreement dated as of May 25, 2006, between the Sponsor,
      as seller and the Depositor, as purchaser, a form of which is attached hereto
      as
Exhibit
      C.

     

    Mortgage
      Loan Purchase Price:
      The
      price, calculated as set forth in Section 10.01, to be paid in connection
      with the purchase of the Mortgage Loans pursuant to
      Section 10.01.

     

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

     

    (i)  the
      Mortgage Loan identifying number;

     

    (ii)  the
      Mortgage Rate in effect as of the Cut-off Date;

     

    (iii)  the
      Servicing Fee Rate;

     

    (iv)  the
      Net
      Mortgage Rate in effect as of the Cut-off Date;

     

    (v)  the
      maturity date;

     

    (vi)  the
      original principal balance;

     

    (vii)  the
      Cut-off Date Principal Balance;

     

    (viii)  the
      original term;

     

    (ix)  the
      remaining term;

     

    (x)  the
      property type;

     

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

     

    (xii)  with
      respect to each MOM Loan, the related MIN;

     

    (xiii)  the
      Custodian; 

     

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

     

    (xv)  with
      respect to each Group II-V Mortgage Loan, the first Adjustment Date;

     

    (xvi)  with
      respect to each Group II-V Mortgage Loan, the Gross Margin; 

     

    (xvii)  with
      respect to each Group II-V Mortgage Loan, the Maximum Mortgage Interest Rate
      under the terms of the Mortgage Note;

     

    (xviii)  with
      respect to each Group II-V Mortgage Loan, the Minimum Mortgage Interest Rate
      under the terms of the Mortgage Note;

     

    (xix)  with
      respect to each Group II-V Mortgage Loan, the Periodic Rate Cap;

     

    (xx)  with
      respect to each Group II-V Mortgage Loan, the first Adjustment Date immediately
      following the Cut-off Date;

     

    (xxi)  with
      respect to each Group II-V Mortgage Loan, the Index;

     

    (xxii)  the
      related Loan Group; and

     

    (xxiii)  the
      Servicer.

     

    Such
      schedule shall also set forth the aggregate Cut-off Date Principal Balance
      for
      all of the Mortgage Loans.

     

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

     

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

     

    Mortgaged
      Property:
      The
      underlying property securing a Mortgage Loan.

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Net
      Interest Shortfalls:
      With
      respect to any Distribution Date and Loan Group I, Interest Shortfalls net
      of
      payments by the Servicer or the Master Servicer in respect of Compensating
      Interest.

     

    With
      respect to any Distribution Date and Loan Group II, Loan Group III, Loan Group
      IV and Loan Group V, the sum of: (i) the amount of interest which would
      otherwise have been received for a Mortgage Loan in that Loan Group during
      the
      prior calendar month that was the subject of (x) a Relief Act Reduction or
      (y) a
      Special Hazard Loss, Fraud Loss or Bankruptcy Loss, after the exhaustion of
      the
      respective amounts of coverage provided by the Subordinate Certificates for
      those types of losses; and (ii) any related Net Prepayment Interest
      Shortfalls.

     

    Net
      Monthly Excess Cashflow:
      With
      respect to any Distribution Date, the sum of (a) any Overcollateralization
      Reduction Amount and (b) the excess of (x) the Available Distribution Amount
      for
      such Distribution Date over (y) the sum for such Distribution Date of (A) the
      aggregate amount of Senior Interest Distribution Amounts payable to the Group
      I
      Senior Certificates and the Interest Distribution Amounts payable to the
      Mezzanine Certificates and (B) the Principal Funds.

     

    Net
      Mortgage Rate:
      As to
      each Mortgage Loan, and at any time, the per annum rate equal to the related
      Mortgage Rate less the sum of (i) the Servicing Fee Rate, (ii) the Credit Risk
      Management Fee Rate and (iii) the rate at which the fee payable to any provider
      of lender-paid mortgage insurance is calculated, if applicable.

     

    Net
      Prepayment Interest Shortfall:
      With
      respect to any Distribution Date and Loan Group II, Loan Group III, Loan Group
      IV and Loan Group V, the amount by which the aggregate of Prepayment Interest
      Shortfalls for such Loan Group during the related Prepayment Period exceeds
      the
      available Compensating Interest for that period. 

     

    Net
      WAC Rate Cap:
      With
      respect to the Group I Senior Certificates (other than the Class I-A-IO
      Certificates) and the Mezzanine Certificates, (i) from and including the
      Distribution Date in June 2006 through and including the Distribution Date
      in
      May 2009, (a) the weighted average of the Net Mortgage Rates of the Group I
      Mortgage Loans, weighted based on their Stated Principal Balances as of the
      first day of the calendar month preceding the month in which the Distribution
      Date occurs minus 4.50% per annum times (b) a fraction, the numerator of which
      is the Certificate Notional Balance of the Class I-A-IO Certificates and the
      denominator of which is the aggregate Stated Principal Balance of the Group
      I
      Mortgage Loans as of the first day of the calendar month preceding the month
      in
      which the Distribution Date occurs, and (ii) thereafter, the weighted average
      of
      the Net Mortgage Rates of the Group I Mortgage Loans, weighted based on their
      Stated Principal Balances as of the first day of the calendar month preceding
      the month in which the Distribution Date occurs; provided that the Net WAC
      Rate
      Cap with respect to the Class I-A-1A Certificates shall be multiplied by a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the Accrual Period.

     

    For
      federal income tax purposes, the Net WAC Rate Cap, with respect to any
      Distribution Date, shall be expressed as the weighted average of the
      Uncertificated REMIC IB Pass-Through Rates on each REMIC IB Regular
      Interest (other than REMIC IB Regular Interest LTI-IO) weighted on the
      basis of the Uncertificated Principal Balance of the REMIC IB Regular
      Interests.

     

    Net
      WAC Rate Carryover Amount:
      With
      respect to each class of Group I Senior Certificates (other than the Class
      I-A-IO Certificates) and the Mezzanine Certificates and any Distribution Date
      on
      which the related Pass-Through Rate is reduced by the Net WAC Rate Cap, an
      amount equal to the sum of (i) the excess of (x) the amount of interest such
      Class would have been entitled to receive on such Distribution Date if the
      Pass-Through Rate applicable to such Class would not have been reduced by the
      Net WAC Rate Cap on such Distribution Date over (y) the amount of interest
      paid
      on such Distribution Date to such Class plus (ii) the related Net WAC Rate
      Carryover Amount for the previous Distribution Date not previously distributed
      to such Class.

     

    Net
      WAC Reserve Fund:
      Shall
      mean the segregated non-interest bearing trust account created and maintained
      by
      the Securities Administrator pursuant to Section 5.11 hereof.

     

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

     

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

     

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

     

    One-Month
      LIBOR:
      With
      respect to any Accrual Period (other than the first Accrual Period), the rate
      determined by the Securities Administrator on the related Interest Determination
      Date on the basis of the rate for U.S. dollar deposits for one month that
      appears on Telerate Screen Page 3750 as of 11:00 a.m. (London time) on such
      Interest Determination Date. If such rate does not appear on such page (or
      such
      other page as may replace that page on that service, or if such service is
      no
      longer offered, such other service for displaying One-Month LIBOR or comparable
      rates as may be reasonably selected by the Securities Administrator), One-Month
      LIBOR for the applicable Accrual Period will be the Reference Bank Rate. If
      no
      such quotations can be obtained by the Securities Administrator and no Reference
      Bank Rate is available, One-Month LIBOR will be One-Month LIBOR applicable
      to
      the preceding Accrual Period. The establishment of One-Month LIBOR on each
      Interest Determination Date by the Securities Administrator and the Securities
      Administrator’s calculation of the rate of interest applicable to the Class
      I-A-1 Certificates for the related Accrual Period shall, in the absence of
      manifest error, be final and binding. With respect to the first Accrual period,
      One-Month LIBOR shall equal 5.08125% per annum.

     

    One-Year
      LIBOR: The
      per
      annum rate equal to the average of interbank offered rates for one-year U.S.
      dollar-denominated deposits in the London market based on quotations of major
      banks as published in The Wall Street Journal and most recently available as
      of
      the time specified in the related Mortgage Note

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, who may be counsel for the Sponsor, the Master
      Servicer, the Depositor or the Servicer, reasonably acceptable to each addressee
      of such opinion; provided that with respect to Section 2.05, 7.05 or 11.01,
      or the interpretation or application of the REMIC Provisions, such counsel
      must
      (i) in fact be independent of the Sponsor, the Master Servicer Depositor and
      the
      Servicer, (ii) not have any direct financial interest in the Sponsor, the
      Depositor, the Master Servicer or the Servicer or in any affiliate of any of
      them, and (iii) not be connected with the Sponsor, the Depositor, the Master
      Servicer or the Servicer as an officer, employee, promoter, underwriter,
      trustee, partner, director or person performing similar functions.

     

    Optional
      Termination:
      The
      termination of the Trust Fund created hereunder as a result of the purchase
      of
      all of (i) the Group I Mortgage Loans and any related REO Property or (ii)
      the
      Group II-V Mortgage Loans and any related REO Property, as described in
      Section 10.01.

     

    Optional
      Termination Date:
      The
      first Distribution Date on which the Master Servicer may purchase, at its
      option, (i) the Group I Mortgage Loans and related REO Properties or (ii) the
      Group II-V Mortgage Loans and related REO Properties, as described in
      Section 10.01.

     

    OTS:
      The
      Office of Thrift Supervision or any successor thereto.

     

    OTS
      Method:
      The
      method used by OTS to calculate delinquencies.

     

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

     

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

     

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

     

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

     

    Overcollateralization
      Amount:
      With
      respect to any Distribution Date, the excess, if any, of (a) the aggregate
      Stated Principal Balance of the Group I Mortgage Loans as of the last day of
      the
      related Due Period over (b) the aggregate Certificate Principal Balance of
      the
      Group I Senior Certificates (other than the Class I-A-IO Certificates) and
      the Mezzanine Certificates on such Distribution Date (after taking into account
      the payment of 100% of the Principal Funds on such Distribution
      Date).

     

    Overcollateralization
      Increase Amount:
      With
      respect to any Distribution Date, the excess, if any, of (a) the Required
      Overcollateralization Amount over (b) the Overcollateralization Amount on such
      Distribution Date.

     

    Overcollateralization
      Reduction Amount:
      With
      respect to any Distribution Date, the lesser of (x) the Principal Funds for
      such
      Distribution Date and (y) the excess, if any, of (i) the Overcollateralization
      Amount for such Distribution Date over (ii) the Required Overcollateralization
      Amount for such Distribution Date.

     

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

     

    Pass-Through
      Rate:
      With
      respect to each Class of Certificates, the applicable Pass-Through Rate for
      each
      such Class as set forth in the Preliminary Statement.

     

    Payahead:
      Any
      Scheduled Payment intended by the related Mortgagor to be applied in a Due
      Period subsequent to the Due Period in which such payment was
      received.

     

    PCAOB:
      Shall
      mean the Public Company Accounting Oversight Board.

     

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

     

    Periodic
      Rate Cap:
      With
      respect to the Adjustment Date for a Group II-V Mortgage Loan, the fixed
      percentage set forth in the related Mortgage Note, which is the maximum amount
      by which the Mortgage Rate for such Group II-V Mortgage Loan may increase or
      decrease (without regard to the Maximum Mortgage Interest Rate or the Minimum
      Mortgage Interest Rate) on such Adjustment Date from the Mortgage Rate in effect
      immediately prior to such Adjustment Date.

     

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

     

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

     

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

     

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

     

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

     

    (v)  demand
      or
      time deposits or certificates of deposit issued by any bank or trust company
      or
      savings institution to the extent that such deposits are fully insured by the
      FDIC;

     

    (vi)  guaranteed
      reinvestment agreements issued by any bank, insurance company or other
      corporation containing, at the time of the issuance of such agreements, such
      terms and conditions as will not result in the downgrading or withdrawal of
      the
      rating then assigned to the Certificates by any such Rating Agency, as evidenced
      by a signed writing delivered by each Rating Agency;

     

    (vii)  repurchase
      obligations with respect to any security described in clauses (i) and (ii)
      above, in either case entered into with a depository institution or trust
      company (acting as principal) described in clause (v) above;

     

    (viii)  securities
      (other than stripped bonds, stripped coupons or instruments sold at a purchase
      price in excess of 115% of the face amount thereof) bearing interest or sold
      at
      a discount issued by any corporation incorporated under the laws of the United
      States or any state thereof which, at the time of such investment, have one
      of
      the two highest long term ratings of each Rating Agency, or such lower rating
      as
      will not result in the downgrading or withdrawal of the rating then assigned
      to
      the Certificates by any Rating Agency, as evidenced by a signed writing
      delivered by each Rating Agency;

     

    (ix)  units
      of
      money market funds registered under the Investment Company Act of 1940 including
      funds managed or advised by the Trustee, the Master Servicer or an affiliate
      of
      either, having a rating by S&P of AAAm-G or AAAm, if rated by Moody’s, rated
      Aaa, Aa1 or Aa2, and if rated by Fitch, F1, F2 or F3;

     

    (x)  short
      term investment funds sponsored by any trust company or banking association
      incorporated under the laws of the United States or any state thereof (including
      any such fund managed or advised by the Trustee, the Master Servicer or any
      affiliate thereof) which on the date of acquisition has been rated by each
      Rating Agency in their respective highest applicable rating category or such
      lower rating as will not result in the downgrading or withdrawal of the ratings
      then assigned to the Certificates by each Rating Agency, as evidenced by a
      signed writing delivered by each Rating Agency; and

     

    (xi)  such
      other investments having a specified stated maturity and bearing interest or
      sold at a discount acceptable to each Rating Agency as will not result in the
      downgrading or withdrawal of the rating then assigned to the Certificates by
      any
      Rating Agency, as evidenced by a signed writing delivered by each Rating Agency,
      as evidenced by a signed writing delivered by each Rating Agency;

     

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

     

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

     

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

     

    Prepayment
      Assumption:
      The
      assumed rate of prepayment, as described in the Prospectus Supplement relating
      to each Class of Publicly Offered Certificates.

     

    Prepayment
      Charge:
      With
      respect to any Principal Prepayment, any prepayment premium, penalty or charge
      payable by a Mortgagor in connection with any Principal Prepayment on a Mortgage
      Loan pursuant to the terms of the related Mortgage Note (other than any Servicer
      Prepayment Charge Payment Amount) as shown on the Prepayment Charge
      Schedule.

     

    Prepayment
      Interest Shortfall:
      With
      respect to any Distribution Date, for each Mortgage Loan that was the subject
      of
      a Principal Prepayment in full during the related Prepayment Period, (other
      than
      a Principal Prepayment in full resulting from the purchase of a Mortgage Loan
      pursuant to Section 2.02, 2.03, 3.24 or 10.01 hereof), the amount, if any,
      by which (i) one month’s interest at the applicable Net Mortgage Rate on the
      Stated Principal Balance of such Mortgage Loan immediately prior to such
      prepayment exceeds (ii) the amount of interest paid or collected in connection
      with such Principal Prepayment less the sum of (a) the related Servicing Fee,
      (b) the Credit Risk Management Fee and (c) the fee payable to any provider
      of
      lender-paid mortgage insurance, if any.

     

    Prepayment
      Period:
      With
      respect to any Distribution Date, the 14th
      day of
      the immediately preceding calendar month (or with respect to the first
      Prepayment Period, the Closing Date) through the 13th
      day of
      the month in which such Distribution Date occurs.

     

    Principal
      Distribution Amount:
      With
      respect to each Distribution Date, the sum of (i) Principal Funds for such
      Distribution Date, plus (ii) the Extra Principal Distribution Amount for such
      Distribution Date minus
      (iii)
      the amount of any Overcollateralization Reduction Amount for such Distribution
      Date. In no event will the Principal Distribution Amount with respect to any
      Distribution Date be (x) less than zero or (y) greater than the then outstanding
      aggregate Certificate Principal Balance of the Group I Publicly Offered
      Certificates (other than the Class I-A-IO Certificates).

     

    Principal
      Funds:
      With
      respect to any Distribution Date and Loan Group I, (i) the sum, without
      duplication, of (a) all scheduled principal collected during the related Due
      Period, (b) all Advances relating to principal made on or prior to the
      Remittance Date or, with respect to the Master Servicer or the Trustee on the
      Distribution Date, (c) Principal Prepayments exclusive of prepayment charges
      or
      penalties collected during the related Prepayment Period, (iii) the Stated
      Principal Balance of each Group I Mortgage Loan that was repurchased by the
      Sponsor pursuant to Sections 2.02, 2.03 and 3.24, (d) the aggregate of all
      Substitution Adjustment Amounts for the related Determination Date in connection
      with the substitution of Group I Mortgage Loans pursuant to
      Section 2.03(b), (e) amounts in respect of principal paid by the Master
      Servicer pursuant to Section 10.01, (f) all Liquidation Proceeds and
      Subsequent Recoveries collected during the related Prepayment Period (to the
      extent such Liquidation Proceeds and Subsequent Recoveries relate to principal),
      in each case to the extent remitted by the Servicer to the Distribution Account
      pursuant to this Agreement and (g) all Subsequent Recoveries minus (ii) all
      amounts required to be reimbursed by the Trust Fund pursuant to
      Section 3.32 or as otherwise set forth in this Agreement or the Custodial
      Agreement to the extent not reimbursed from the Interest Remittance
      Amount.

     

    Principal
      Payment Amount:
      with
      respect to any Distribution Date and each of Loan Group II, Loan Group III,
      Loan
      Group IV and Loan Group V the sum of: (i) scheduled principal payments on the
      Mortgage Loans in that Loan Group due on the due date related to that
      Distribution Date; (ii) the principal portion of repurchase proceeds received
      with respect to any Mortgage Loan in that Loan Group that was repurchased as
      permitted or required by this Agreement during the applicable Prepayment Period
      preceding that Distribution Date; and (iii) any other unscheduled payments
      of
      principal that were received on the Mortgage Loans in that Loan Group during
      the
      preceding calendar month, other than Principal Prepayments or Liquidation
      Principal.

     

    Principal
      Prepayment:
      Any
      Mortgagor payment or other recovery of (or proceeds with respect to) principal
      on a Mortgage Loan (including loans purchased or repurchased under Sections
      2.02, 2.03, 3.26 and 10.01 hereof) that is received in advance of its scheduled
      Due Date and is not accompanied by an amount as to interest representing
      scheduled interest due on any Due Date in any month or months subsequent to
      the
      month of prepayment. Partial Principal Prepayments shall be applied by the
      Servicer in accordance with the terms of the related Mortgage Note.

     

    Principal
      Prepayment Amount:
      with
      respect to any Distribution Date and each of Loan Group II, Loan Group III,
      Loan
      Group IV and Loan Group V, the sum of (i) all Principal Prepayments in full
      and
      in part in that Loan Group which were received during the applicable Prepayment
      Period preceding that Distribution Date and (ii) all Recoveries related to
      that
      Loan Group received during the calendar month preceding the month of that
      Distribution Date.

     

    Principal
      Transfer Amount:
      With
      respect to an Undercollateralized Group will equal the excess, if any, of the
      Certificate Principal Balance of the Group II-V Senior Certificates related
      to
      such Undercollateralized Group over the Aggregate Loan Group Balance of such
      Undercollateralized Group.

     

    Private
      Certificate:
      Each of
      the Class C-B-4, Class C-B-5, Class C-B-6, Class I-X, Class I-P, Class P, Class
      I-R and Class R Certificates.

     

    Prospectus
      Supplement:
      The
      Prospectus Supplement dated May 24, 2006 relating to the offering of the
      Publicly Offered Certificates.

     

    Publicly
      Offered Certificates:
      Any
      Certificates other than the Private Certificates. 

     

    PUD:
      A
      planned unit development.

     

    Purchase
      Price:
      With
      respect to any Mortgage Loan required to be repurchased by the Sponsor pursuant
      to Section 2.02, 2.03 or 3.24 hereof and as confirmed by an Officer’s
      Certificate from the Sponsor to the Trustee, an amount equal to the sum of
      (i)
      100% of the outstanding principal balance of the Mortgage Loan as of the date
      of
      such purchase plus, (ii) thirty (30) days’ accrued interest thereon at the
      applicable Net Mortgage Rate, plus any portion of the Servicing Fee, Servicing
      Advances and Advances payable to the Servicer or Master Servicer, as applicable,
      with respect to such Mortgage Loan plus (iii) any costs and damages of the
      Trust
      Fund in connection with any violation by such Mortgage Loan of any abusive
      or
      predatory lending law, including any expenses incurred by the Trustee with
      respect to such Mortgage Loan prior to the purchase thereof.

     

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

     

    Realized
      Loss:
      With
      respect to each Mortgage Loan as to which a Final Recovery Determination has
      been made, an amount (not less than zero) equal to (i) the Stated Principal
      Balance of such Mortgage Loan as of the commencement of the calendar month
      in
      which the Final Recovery Determination was made, plus (ii) accrued interest
      from
      the Due Date as to which interest was last paid by the Mortgagor through the
      end
      of the calendar month in which such Final Recovery Determination was made,
      calculated in the case of each calendar month during such period (A) at an
      annual rate equal to the annual rate at which interest was then accruing on
      such
      Mortgage Loan and (B) on a principal amount equal to the Stated Principal
      Balance of such Mortgage Loan as of the close of business on the Distribution
      Date during such calendar month, minus (iii) the proceeds, if any, received
      in
      respect of such Mortgage Loan during the calendar month in which such Final
      Recovery Determination was made, net of amounts that are payable therefrom
      to
      the Servicer pursuant to this Agreement. To the extent the Servicer receives
      Subsequent Recoveries with respect to any Mortgage Loan, the amount of the
      Realized Loss with respect to that Mortgage Loan will be reduced to the extent
      that Subsequent Recoveries are applied to reduce the Certificate Principal
      Balance of any Class of Certificates on any Distribution Date.

     

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

     

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

     

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

     

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

     

    Record
      Date:
      With
      respect to the Certificates (other than the Class I-A-1A Certificates) and
      any
      Distribution Date, the close of business on the last Business Day of the month
      preceding the month in which such Distribution Date occurs. With respect to
      the
      Class I-A-1A Certificates and any Distribution Date, so long as the Class I-A-1A
      Certificates are Book-Entry Certificates, the Business Day preceding such
      Distribution Date, and otherwise, the close of business on the last Business
      Day
      of the month preceding the month in which such Distribution Date
      occurs.

     

    Reference
      Bank Rate:
      With
      respect to any Accrual Period shall mean the arithmetic mean, rounded upwards,
      if necessary, to the nearest whole multiple of 0.03125%, of the offered rates
      for United States dollar deposits for one month that are quoted by the Reference
      Banks as of 11:00 a.m., New York City time, on the related Interest
      Determination Date to prime banks in the London interbank market for a period
      of
      one month in an amount approximately equal to the Certificate Principal Balance
      of the Class I-A-1A Certificates for such Accrual Period, provided that at
      least
      two such Reference Banks provide such rate. If fewer than two offered rates
      appear, the Reference Bank Rate will be the arithmetic mean, rounded upwards,
      if
      necessary, to the nearest whole multiple of 0.03125%, of the rates quoted by
      one
      or more major banks in New York City, selected by the Securities Administrator,
      as of 11:00 a.m., New York City time, on such date for loans in United States
      dollars to leading European banks for a period of one month in amounts
      approximately equal to the Certificate Principal Balance of the Class I-A-1A
      Certificates for such Accrual Period.

     

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

     

    Regular
      Certificate:
      Any
      Group I Regular Certificate or Group II-V Regular Certificate.

     

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

     

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

     

    Relief
      Act:
      The
      Servicemembers Civil Relief Act of 2003, as amended from time to time or similar
      state or local laws.

     

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

     

    REMIC
      IA:
      The
      segregated pool of assets subject hereto, constituting the primary trust created
      hereby and to be administered hereunder, with respect to which a REMIC election
      is to be made, consisting of (i) the Group I Mortgage Loans and all interest
      accruing and principal due with respect thereto after the Cut-off Date to the
      extent not applied in computing the Cut-off Date Principal Balance thereof
      and
      all related Prepayment Charges; (ii) the related Mortgage Files, (iii) the
      related Custodial Account (other than any amounts representing any Servicer
      Prepayment Charge Payment Amount), the related Distribution Account, the Class
      I-P Certificate Account and such assets that are deposited therein from time
      to
      time, together with any and all income, proceeds and payments with respect
      thereto; (iv) property that secured a Group I Mortgage Loan and has been
      acquired by foreclosure, deed in lieu of foreclosure or otherwise; (v) the
      mortgagee’s rights under the Insurance Policies with respect to the Group I
      Mortgage Loans; (vi) the rights under the Mortgage Loan Purchase Agreement
      to
      the extent of the Group I Mortgage Loans, and (vii) all proceeds of the
      foregoing, including proceeds of conversion, voluntary or involuntary, of any
      of
      the foregoing into cash or other liquid property. Notwithstanding the foregoing,
      however, REMIC IA specifically excludes (i) all payments and other collections
      of principal and interest due on the Group I Mortgage Loans on or before the
      Cut-off Date, (ii) all Prepayment Charges payable in connection with Principal
      Prepayments made before the Cut-off Date, (iii) the Net WAC Reserve Fund and
      (iv) the Cap Contract.

     

    REMIC
      IA Regular Interest LTI-1:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IA issued
      hereunder and designated as a Regular Interest in REMIC IA. REMIC IA Regular
      Interest LTI-1 shall accrue interest at the related Uncertificated REMIC IA
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    REMIC
      IA Regular Interest LTI-P:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IA issued
      hereunder and designated as a Regular Interest in REMIC IA. REMIC IA Regular
      Interest LTI-P shall be entitled to distributions of principal, subject to
      the
      terms and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

    REMIC
      IA Regular Interests:
      REMIC
      IA Regular Interest LTI-1, REMIC IA Regular Interest LTI-IO-A, REMIC IA Regular
      Interest LTI-IO-B, REMIC IA Regular Interest LTI-IO-C, REMIC IA Regular Interest
      LTI-IO-D, REMIC IA Regular Interest LTI-IOE, REMIC IA Regular Interest LTI-IO-F,
      REMIC IA Regular Interest LTI-IO-G, REMIC IA Regular Interest LTI-IO-H and
      REMIC
      IA Regular Interest LTI-P.

     

    REMIC
      IB:
      The
      segregated pool of assets consisting of all of the REMIC IA Regular
      Interests conveyed in trust to the Trustee, for the benefit of REMIC IB, as
      holder of the REMIC IB Regular Interests, and the Class R-1B Interest pursuant
      to Section 2.07, and all amounts deposited therein, with respect to which a
      separate REMIC election is to be made.

     

    REMIC
      IB Interest Loss Allocation Amount:
      With
      respect to any Distribution Date, an amount equal to (a) the product of (i)
      the
      aggregate Stated Principal Balance of the Mortgage Loans and REO Properties
      then
      outstanding and (ii) the Uncertificated REMIC IB Pass-Through Rate for REMIC
      IB
      Regular Interest LTI-IAA minus the Marker Rate, divided by (b) 12.

     

    REMIC
      IB Overcollateralization Amount:
      With
      respect to any date of determination, (i) 1% of the aggregate Uncertificated
      Principal Balances of the REMIC IB Regular Interests minus (ii) the aggregate
      of
      the Uncertificated Principal Balances of REMIC IB Regular Interest LTI-IA1A,
      REMIC IB Regular Interest LTI-IA1B, REMIC IB Regular Interest LTI-IA2, REMIC
      IB
      Regular Interest LTI-IA3, REMIC IB Regular Interest LTI-IA4, REMIC IB Regular
      Interest LTI-IA5, REMIC IB Regular Interest LTI-IM1, REMIC IB Regular Interest
      LTI-IM2, REMIC IB Regular Interest LTI-IM3 and REMIC IB Regular Interest LTI-IP,
      in each case as of such date of determination.

     

    REMIC
      IB Principal Loss Allocation Amount:
      With
      respect to any Distribution Date, an amount equal to (a) the product of (i)
      the
      aggregate Stated Principal Balance of the Group I Mortgage Loans and REO
      Properties then outstanding and (ii) 1 minus a fraction, the numerator of which
      is two times the aggregate of the Uncertificated Principal Balances of REMIC
      IB
      Regular Interest LTI-IA1A, REMIC IB Regular Interest LTI-IA1B, REMIC IB Regular
      Interest LTI-IA2, REMIC IB Regular Interest LTI-IA3, REMIC IB Regular Interest
      LTI-IA4, REMIC IB Regular Interest LTI-IA5, REMIC IB Regular Interest LTI-IM1,
      REMIC IB Regular Interest LTI-IM2 and REMIC IB Regular Interest LTI-IM3 and
      the
      denominator of which is the aggregate of the Uncertificated Principal Balances
      of REMIC IB Regular Interest LTI-IA1A, REMIC IB Regular Interest LTI-IA1B,
      REMIC
      IB Regular Interest LTI-IA2, REMIC IB Regular Interest LTI-IA3, REMIC IB Regular
      Interest LTI-IA4, REMIC IB Regular Interest LTI-IA5, REMIC IB Regular Interest
      LTI-IM1, REMIC IB Regular Interest LTI-IM2, REMIC IB Regular Interest LTI-IM3
      and REMIC IB Regular Interest LTI-ZZ.

     

    REMIC
      IB Regular Interests:
      REMIC
      IB Regular Interest LTI-AA, REMIC IB Regular Interest LTI-IA1A, REMIC IB Regular
      Interest LTI-IA1B, REMIC IB Regular Interest LTI-IA2, REMIC IB Regular Interest
      LTI-IA3, REMIC IB Regular Interest LTI-IA4, REMIC IB Regular Interest LTI-IA5,
      REMIC IB Regular Interest LTI-IM1, REMIC IB Regular Interest LTI-IM2, REMIC
      IB
      Regular Interest LTI-IM3, REMIC IB Regular Interest LTI-IO, REMIC IB Regular
      Interest LTI-ZZ and REMIC IB Regular Interest LTI-P.

     

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

     

    REMIC
      IB Regular Interest LTI-IA1A:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IB issued
      hereunder and designated as a Regular Interest in REMIC IB. REMIC IB Regular
      Interest LTI-A1A shall accrue interest at the related Uncertificated REMIC
      IB
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IB Regular Interest LTI-IA1B:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IB issued
      hereunder and designated as a Regular Interest in REMIC IB. REMIC IB Regular
      Interest LTI-IA1B shall accrue interest at the related Uncertificated REMIC
      IB
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IB Regular Interest LTI-IA2:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IB issued
      hereunder and designated as a Regular Interest in REMIC IB. REMIC IB Regular
      Interest LTI-IA2 shall accrue interest at the related Uncertificated REMIC
      IB
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IB Regular Interest LTI-IA3:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IB issued
      hereunder and designated as a Regular Interest in REMIC IB. REMIC IB Regular
      Interest LTI-IA3 shall accrue interest at the related Uncertificated REMIC
      IB
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IB Regular Interest LTI-IA4:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IB issued
      hereunder and designated as a Regular Interest in REMIC IB. REMIC IB Regular
      Interest LTI-IA4 shall accrue interest at the related Uncertificated REMIC
      IB
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IB Regular Interest LTI-IA5:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IB issued
      hereunder and designated as a Regular Interest in REMIC IB. REMIC IB Regular
      Interest LTI-IA5 shall accrue interest at the related Uncertificated REMIC
      IB
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IB Regular Interest LTI-IO:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IB issued
      hereunder and designated as a Regular Interest in REMIC IB. REMIC IB Regular
      Interest LTI-IO shall accrue interest as provided herein and shall not be
      entitled to distributions of principal.

     

    REMIC
      IB Regular Interest LTI-IM1:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IB issued
      hereunder and designated as a Regular Interest in REMIC IB. REMIC IB Regular
      Interest LTI-IM1 shall accrue interest at the related Uncertificated REMIC
      IB
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IB Regular Interest LTI-IM2:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IB issued
      hereunder and designated as a Regular Interest in REMIC IB. REMIC IB Regular
      Interest LTI-IM2 shall accrue interest at the related Uncertificated REMIC
      IB
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IB Regular Interest LTI-IM3:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IB issued
      hereunder and designated as a Regular Interest in REMIC IB. REMIC IB Regular
      Interest LTI-IM3 shall accrue interest at the related Uncertificated REMIC
      IB
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IB Regular Interest LTI-IP:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IB issued
      hereunder and designated as a Regular Interest in REMIC IB. REMIC IB Regular
      Interest LTI-IP shall be entitled to distributions of principal, subject to
      the
      terms and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

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

     

    REMIC
      IB Regular Interest LTI-ZZ Maximum Interest Deferral Amount:
      With
      respect to any Distribution Date, the excess of (i) accrued interest at the
      Uncertificated REMIC IB Pass-Through Rate applicable to REMIC IB Regular
      Interest LTI-ZZ for such Distribution Date on a balance equal to the
      Uncertificated Principal Balance of REMIC IB Regular Interest LTI-ZZ minus
      the
      REMIC IB Overcollateralization Amount, in each case for such Distribution Date,
      over (ii) Uncertificated Accrued Interest on REMIC IB Regular Interest LTI-IA1A,
      REMIC IB Regular Interest LTI-IA1B, REMIC IB Regular Interest LTI-IA2, REMIC
      IB
      Regular Interest LTI-IA3, REMIC IB Regular Interest LTI-IA4, REMIC IB Regular
      Interest LTI-IA5, REMIC IB Regular Interest LTI-IM1, REMIC IB Regular Interest
      LTI-IM2 and REMIC IB Regular Interest LTI-IM3 for such Distribution Date, with
      the rate on each such REMIC IB Regular Interest subject to a cap equal to the
      related Pass-Through Rate.

     

    REMIC
      IB Required Overcollateralization Amount:
      1% of
      the Required Overcollateralization Amount.

     

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

     

    REMIC
      IC Certificate:
      Any
      Group I Regular Certificate or Class I-R Certificate.

     

    REMIC
      IC Certificateholder:
      The
      Holder of any REMIC IC Certificate.

     

    REMIC
      IIA:
      The
      segregated pool of assets subject hereto, constituting the primary trust created
      hereby and to be administered hereunder, with respect to which a REMIC election
      is to be made, consisting of (i) the Group II-V Mortgage Loans and all interest
      accruing and principal due with respect thereto after the Cut-off Date to the
      extent not applied in computing the Cut-off Date Principal Balance thereof
      and
      all related Prepayment Charges; (ii) the related Mortgage Files, (iii)
the
      related Custodial Account (other than any amounts representing any Servicer
      Prepayment Charge Payment Amount), the related Distribution Account, the Class
      P
      Certificate Account and such assets that are deposited therein from time to
      time, together with any and all income, proceeds and payments with respect
      thereto; (iv) property that secured a Group II-V Mortgage Loan and has been
      acquired by foreclosure, deed in lieu of foreclosure or otherwise; (v) the
      mortgagee’s rights under the Insurance Policies with respect to the Group II-V
      Mortgage Loans; (vi) the rights under the Mortgage Loan Purchase Agreement
      with
      respect to the Group II-V Mortgage Loans, and (vii) all proceeds of the
      foregoing, including proceeds of conversion, voluntary or involuntary, of any
      of
      the foregoing into cash or other liquid property. Notwithstanding
      the foregoing, however, REMIC IIA specifically excludes (i) all payments and
      other collections of principal and interest due on the Group II-V Mortgage
      Loans
      on or before the Cut-off Date and (ii) all Prepayment Charges payable in
      connection with Principal Prepayments on the Group II-V Mortgage Loans made
      before the Cut-off Date.

     

    REMIC
      IIA Regular Interests:
      REMIC
      IIA Regular Interest LTII-1SUB, REMIC IIA Regular Interest LTII-1GRP, REMIC
      IIA
      Regular Interest LTII-2SUB, REMIC IIA Regular Interest LTII-2GRP, REMIC IIA
      Regular Interest LTII-3SUB, REMIC IIA Regular Interest LTII-3GRP, REMIC IIA
      Regular Interest LTII-4SUB, REMIC IIA Regular Interest LTII-4GRP, REMIC IIA
      Regular Interest LTII-XX and REMIC IIA Regular Interest LTII-P.

     

    REMIC
      IIA Regular Interest LTII-1SUB:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IIA issued
      hereunder and designated as a Regular Interest in REMIC IIA. REMIC IIA Regular
      Interest LTII-1SUB shall accrue interest at the related Uncertificated REMIC
      IIA
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IIA Regular Interest LTII-1GRP:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IIA issued
      hereunder and designated as a Regular Interest in REMIC IIA. REMIC IIA Regular
      Interest LTII-1GRP shall accrue interest at the related Uncertificated REMIC
      IIA
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IIA Regular Interest LTII-2SUB:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IIA issued
      hereunder and designated as a Regular Interest in REMIC IIA. REMIC IIA Regular
      Interest LTII-2SUB shall accrue interest at the related Uncertificated REMIC
      IIA
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IIA Regular Interest LTII-2GRP:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IIA issued
      hereunder and designated as a Regular Interest in REMIC IIA. REMIC IIA Regular
      Interest LTII-2GRP shall accrue interest at the related Uncertificated REMIC
      IIA
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IIA Regular Interest LTII-3SUB:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IIA issued
      hereunder and designated as a Regular Interest in REMIC IIA. REMIC IIA Regular
      Interest LTII-3SUB shall accrue interest at the related Uncertificated REMIC
      IIA
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IIA Regular Interest LTII-3GRP:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IIA issued
      hereunder and designated as a Regular Interest in REMIC IIA. REMIC IIA Regular
      Interest LTII-3GRP shall accrue interest at the related Uncertificated REMIC
      IIA
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IIA Regular Interest LTII-4SUB:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IIA issued
      hereunder and designated as a Regular Interest in REMIC IIA. REMIC IIA Regular
      Interest LTII-4SUB shall accrue interest at the related Uncertificated REMIC
      IIA
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IIA Regular Interest LTII-4GRP:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IIA issued
      hereunder and designated as a Regular Interest in REMIC IIA. REMIC IIA Regular
      Interest LTII-4GRP shall accrue interest at the related Uncertificated REMIC
      IIA
      Pass-Through Rate in effect from time to time, and shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      IIA Regular Interest LTII-P:
      One of
      the separate non-certificated beneficial ownership interests in REMIC IIA issued
      hereunder and designated as a Regular Interest in REMIC IIA. REMIC IIA Regular
      Interest LTII-P shall be entitled to distributions of principal, subject to
      the
      terms and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

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

     

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

     

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

     

    REMIC
      IIB Certificate:
      Any
      Group II-V Certificate.

     

    REMIC
      IIB Certificateholder:
      The
      Holder of any REMIC IIB Certificate. 

     

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

     

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

     

    REMIC
      Regular Interest:
      Any
      REMIC IA Regular Interest, REMIC IB Regular Interest, REMIC IIA Regular Interest
      or a Regular Certificate.

     

    Remittance
      Date:
      Shall
      mean the eighteenth (18th)
      day of
      the month and if such day is not a Business Day, the immediately preceding
      Business Day.

     

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

     

    Replacement
      Mortgage Loan:
      A
      Mortgage Loan or Mortgage Loans in the aggregate substituted by the Sponsor
      for
      a Deleted Mortgage Loan, which must, on the date of such substitution, as
      confirmed in a request for release in accordance with the terms of the Custodial
      Agreement, (i) have a Stated Principal Balance, after deduction of the principal
      portion of the Scheduled Payment due in the month of substitution, not in excess
      of, and not less than 90% of, the Stated Principal Balance of the Deleted
      Mortgage Loan; (ii) (a) with respect to a Group I Mortgage Loan, have a fixed
      Mortgage Rate not less than or more than 1% per annum higher than the Mortgage
      Rate of the Deleted Mortgage Loan or (b) with respect to a Group II-V Mortgage
      Loan, have an adjustable Mortgage Rate not less than or more than 1% per annum
      higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the
      same
      or higher credit quality characteristics than that of the Deleted Mortgage
      Loan;
      (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage
      Loan; (v) have a remaining term to maturity no greater than (and not more than
      one year less than) that of the Deleted Mortgage Loan; (vi) be secured by a
      first lien on the related Mortgaged Property; (vii) constitute the same
      occupancy type as the Deleted Mortgage Loan or be owner occupied; (viii) with
      respect to a Group II-V Mortgage Loan, have a Maximum Mortgage Interest Rate
      not
      less than the Maximum Mortgage Interest Rate on the Deleted Loan; (ix) with
      respect to a Group II-V Mortgage Loan, have a Minimum Mortgage Interest Rate
      not
      less than the Minimum Mortgage Interest Rate of the Deleted Loan; (x) with
      respect to a Group II-V Mortgage Loan, have a Gross Margin equal to the Gross
      Margin of the Deleted Loan; (xi) with respect to a Group II-V Mortgage Loan,
      have a next Adjustment Date not more than two months later than the next
      Adjustment Date on the Deleted Loan; (xii) comply with each representation
      and
      warranty set forth in the Mortgage Loan Purchase Agreement; and (xiii) (a)
      with
      respect to a Group I Mortgage Loan, not permit conversion of the Mortgage Rate
      from a fixed rate to a variable rate or (b) with respect to a Group II-V
      Mortgage Loan, not permit conversion of the Mortgage Rate from a variable rate
      to a fixed rate.

     

    Reportable
      Event:
      Has the
      meaning set forth in Section 5.12(b) of this Agreement.

     

    Reporting
      Servicer:
      Shall
      mean the Servicer, the Master Servicer, the Securities Administrator, the
      Custodian under the Custodial Agreement, and any Servicing Function Participant
      engaged by such parties.

     

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

     

    Required
      Overcollateralization Amount:
      With
      respect to any Distribution Date prior to the Stepdown Date, 2.05% of the Stated
      Principal Balance of the Group I Mortgage Loans as of the Cut-off Date, and
      with
      respect to any Distribution Date on or after the Stepdown Date and with respect
      to which a Trigger Event is not in effect, the greater of (i) 4.10% of the
      Stated Principal Balance of the Group I Mortgage Loans as of the last day of
      the
      related Due Period (after giving effect to scheduled payments of principal
      due
      during the related Due Period to the extent received or advanced, unscheduled
      collections of principal received during the related Prepayment Period and
      after
      reduction for Realized Losses incurred during the related Prepayment Period)
      and
      (ii) 0.35% of the Stated Principal Balance of the Group I Mortgage Loans as
      of
      the Cut-off Date; with respect to any Distribution Date on or after the Stepdown
      Date with respect to which a Trigger Event is in effect, the Required
      Overcollateralization Amount for such Distribution Date will be equal to the
      Required Overcollateralization Amount for the Distribution Date immediately
      preceding such Distribution Date. Notwithstanding the foregoing, on and after
      any Distribution Date following the reduction of the aggregate Certificate
      Principal Balance of the Group I Publicly Offered Certificates to zero, the
      Required Overcollateralization Amount shall be zero.

     

    Required
      Overcollateralization Percentage:
      With
      respect to any Distribution Date, a percentage equal to (a) the Required
      Overcollateralization Amount divided by (b) the aggregate Stated Principal
      Balance of the Group I Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred on the Group I Mortgage Loans
      during the related Prepayment Period).

     

    Residual
      Certificates:
      The
      Class I-R Certificates and the Class R Certificates.

     

    Responsible
      Officer:
      With
      respect to the Trustee and the Securities Administrator, any Vice President,
      any
      Assistant Vice President, the Secretary, any Assistant Secretary, any Trust
      Officer, any other officer customarily performing functions similar to those
      performed by any of the above designated officers or other officers of the
      Trustee or the Securities Administrator specified by the Trustee or the
      Securities Administrator, as the case may be, having direct responsibility
      over
      this Agreement and customarily performing functions similar to those performed
      by any one of the designated officers, as to whom, with respect to a particular
      matter, such matter is referred because of such officer’s knowledge of and
      familiarity with the particular subject.

     

    Responsible
      Party:
      The
      party indicated on Exhibit N as the entity primarily responsible for reporting
      the information set forth therein to the Securities Administrator pursuant
      to
      Section 5.12.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Senior
      Certificates:
      The
      Group I Senior Certificates and Group II-V Senior Certificates.

     

    Senior
      Liquidation Amount:
      With
      respect to any Distribution Date and for any of Loan Group II, Loan Group III,
      Loan Group IV and Loan Group V, for each Group II-V Mortgage Loan that became
      a
      Liquidated Mortgage Loan during the calendar month preceding the month of that
      Distribution Date, the lesser of (i) the related Senior Percentage of the Stated
      Principal Balance of that Group II-V Mortgage Loan and (ii) the related Senior
      Prepayment Percentage of the Liquidation Principal with respect to that Group
      II-V Mortgage Loan.

     

    Senior
      Percentage:
      With
      respect to any Distribution Date and Loan Group II, Loan Group III, Loan Group
      IV and Loan Group V, the percentage equivalent of a fraction, the numerator
      of
      which is the aggregate Certificate Principal Balance of the classes of Group
      II-V Senior Certificates related to such Loan Group immediately prior to that
      Distribution Date and the denominator of which is the Aggregate Loan Group
      Balance for such Loan Group as of the first day of the related Due Period,
      subject to adjustment for prepayments in full received and distributed in the
      month prior to that Distribution Date. In no event will the Senior Percentage
      for any of Loan Group II, Loan Group III, Loan Group IV or Loan Group V exceed
      100%. The initial Senior Percentage for the Group II-V Senior Certificates
      in
      the aggregate will be equal to approximately 92.00%.

     

    Senior
      Prepayment Percentage:
      With
      respect to Loan Group II, Loan Group III, Loan Group IV and Loan Group V and
      any
      Distribution Date will be as follows:

     

    
      	
              Period
                (dates inclusive)

            	 	
              Senior
                Prepayment Percentage

            
	
              June
                25, 2006 - May 25, 2013

            	 	
              100%

            
	
              June
                25, 2013 - May 25, 2014

            	 	
              related
                Senior Percentage plus 70% of the related Subordinate
                Percentage.

            
	
              June
                25, 2014 - May 25, 2015

            	 	
              related
                Senior Percentage plus 60% of the related Subordinate
                Percentage.

            
	
              June
                25, 2015 - May 25, 2016

            	 	
              related
                Senior Percentage plus 40% of the related Subordinate
                Percentage.

            
	
              June
                25, 2016 - May 25, 2017

            	 	
              related
                Senior Percentage plus 20% of the related Subordinate
                Percentage.

            
	
              June
                25, 2017 and thereafter

            	 	
              related
                Senior Percentage.

            

    

     

    There
      are
      important exceptions to the calculations of the Senior Prepayment Percentage
      described in the above paragraph. On any Distribution Date, and for the Loan
      Group II, Loan Group III, Loan Group IV and Loan Group V (i) if the Senior
      Percentage exceeds its initial Senior Percentage, the Senior Prepayment
      Percentage for each Loan Group for that Distribution Date will equal 100%,
      (ii)
      if on or before the Distribution Date in May 2009, the Class B Percentage for
      such Distribution Date is greater than or equal to twice the Class B Percentage
      as of the Closing Date, then the Senior Prepayment Percentage for each Loan
      Group for such Distribution Date will equal the related Senior Percentage,
      plus
      50% of the related Subordinate Percentage for that Distribution Date, and (iii)
      if after the Distribution Date May 2009, the Class B Percentage for such
      Distribution Date is greater than or equal to twice the Class B Percentage
      as of
      the Closing Date, then the Senior Prepayment Percentage for each Loan Group
      for
      such Distribution Date will equal the related Senior Percentage.

     

    Notwithstanding
      the foregoing, the Senior Prepayment Percentage for any of Loan Group II, Loan
      Group III, Loan Group IV or Loan Group V will equal 100% for any Distribution
      Date as to which (i) the outstanding principal balance of the Group II-V
      Mortgage Loans in such Loan Group, delinquent 60 days or more (including all
      REO
      and loans in foreclosure) averaged over the preceding six month period, as
      a
      percentage of the related Class B Component Balance as of that Distribution
      Date
      is equal to or greater than 50% or (ii) cumulative Realized Losses for the
      Group
      II-V Mortgage Loans in such Loan Group exceed:

     

    
      	
              Distribution
                Date Occurring In

            	 	
              Percentage
                of the Class B Component Balance

            
	
              June
                2006 through May 2009

            	 	
              20%

            
	
              June
                2009 through May 2014

            	 	
              30%

            
	
              June
                2014 through May 2015

            	 	
              35%

            
	
              June
                2015 through May 2016

            	 	
              40%

            
	
              June
                2016 through May 2017

            	 	
              45%

            
	
              June
                2017 and thereafter

            	 	
              50%

            

    

     

    If
      the
      Senior Prepayment Percentage for any of Loan Group II, Loan Group III, Loan
      Group IV or Loan Group V equals 100% due to the limitations set forth above,
      then the Senior Prepayment Percentage for the other Loan Groups (other than
      Loan
      Group I) will equal 100%.

     

    If
      on any
      Distribution Date the allocation to the Class of Group II-V Senior Certificates
      then entitled to distributions of principal payments in full and partial
      principal prepayments and other amounts in the percentage required above would
      reduce the outstanding Certificate Principal Balance of that Class below zero,
      the distribution to that Class of Group II-V Senior Certificates of the Senior
      Prepayment Percentage of those amounts for that Distribution Date will be
      limited to the percentage necessary to reduce the related Certificate Principal
      Balance to zero.

     

    Servicer:
      Shall
      mean GMAC Mortgage Corporation or any successor thereto appointed hereunder
      in
      connection with the servicing and administration of the Mortgage
      Loans.

     

    Servicer
      Default:
      As
      defined in Section 8.01.

     

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

     

    Servicer’s
      Assignee:
      As
      defined in Section 5.01(b)(ii)

     

    Service(s)(ing):
      Means,
      in accordance with Regulation AB, the act of servicing and administering the
      Mortgage Loans or any other assets of the Trust 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 1108 of Regulation AB. For
      clarification purposes, any uncapitalized occurrence of this term shall have
      the
      meaning commonly understood by participants in the residential mortgage-backed
      securitization market.

     

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

     

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

     

    Servicing
      Fee:
      As to
      each Mortgage Loan and any Distribution Date, an amount equal to 1/12th of
      the
      Servicing Fee Rate multiplied by the Stated Principal Balance of such Mortgage
      Loan as of the last day of the related Due Period or, in the event of any
      payment of interest that accompanies a Principal Prepayment in full during
      the
      related Due Period made by the Mortgagor immediately prior to such prepayment,
      interest at the Servicing Fee Rate on the same Stated Principal Balance of
      such
      Mortgage Loan used to calculate the payment of interest on such Mortgage
      Loan.

     

    Servicing
      Fee Rate:
      0.25%
      per annum per Mortgage Loan.

     

    Servicing
      Function Participant:
      Means
      any Subservicer or Subcontractor of the Servicer, the Master Servicer and the
      Securities Administrator, the Custodian, respectively or any other Person that
      is participating in the servicing function within the meaning of Item 1122
      of
      Regulation AB, without regard to any threshold referenced therein.

     

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

     

    Six-Month
      LIBOR:
      The per
      annum rate equal to the average of interbank offered rates for Six-Month U.S.
      dollar-denominated deposits in the London market based on quotations of major
      banks as published in The Wall Street Journal and most recently available as
      of
      the time specified in the related Mortgage Note.

     

    Special
      Hazard Loss:
      Shall
      mean a Realized Loss, as reported by the Servicer to the Trustee and the Master
      Servicer, attributable to damage or a direct physical loss suffered by a
      mortgaged property-including any Realized Loss due to the presence or suspected
      presence of hazardous wastes or substances on a Mortgaged Property other than
      any such damage or loss covered by a hazard policy or a flood insurance policy
      required to be maintained in respect of the Mortgaged Property under this
      Agreement or any loss due to normal wear and tear or certain other causes.
      

     

    Special
      Hazard Loss Coverage Amount:
      Shall
      mean approximately $3,783,000 (approximately 1.40% of the Group II-V Mortgage
      Loans by aggregate principal balance as of the Cut-off Date) less, on each
      Distribution Date, the sum of (1) the aggregate amount of Special Hazard Losses
      that would have been previously allocated to the Subordinate Certificates in
      the
      absence of the Loss Allocation Limitation and (2) the Adjustment Amount. As
      of
      any Distribution Date on or after the Credit Support Depletion Date, the Special
      Hazard Loss Coverage Amount will be zero.

     

    Sponsor:
      Nomura
      Credit & Capital, Inc., a Delaware corporation, and its successors and
      assigns, in its capacity as seller of the Mortgage Loans to the
      Depositor.

     

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

     

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

     

    Stepdown
      Date:
      The
      later to occur of (x) the Distribution Date in June 2009 and (y) the first
      Distribution Date on which the Credit Enhancement Percentage of the Group I
      Senior Certificates (calculated for this purpose only after taking into account
      distributions of principal on the Group I Mortgage Loans, but prior to any
      distribution of the Principal Distribution Amount to the holders of the Group
      I
      Certificates then entitled to distributions of principal on the Distribution
      Date) is greater than or equal to approximately 17.60%.

     

    Subcontractor:
      Shall
      mean any vendor, subcontractor or other Person who is not responsible for the
      overall servicing of Mortgage Loans but performs one or more discrete functions
      identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans
      under
      the direction or authority of the Servicer (or a Subservicer of the Servicer),
      the Master Servicer, the Trustee, the Custodian or the Securities
      Administrator.

     

    Subordinate
      Certificates:
      Shall
      mean, collectively, the Class C-B-1, Class C-B-2, Class C-B-3, Class C-B-4,
      Class C-B-5 and Class C-B-6 Certificates.

     

    Subordinate
      Liquidation Amount:
      With
      respect to any Distribution Date and Loan Group II, Loan Group III, Loan Group
      IV or Loan Group V the excess, if any, of the aggregate Liquidation Principal
      for all Mortgage Loans related to that Loan Group that became Liquidated
      Mortgage Loans during the calendar month preceding the month of that
      Distribution Date, over the related Senior Liquidation Amount for that
      Distribution Date.

     

    Subordinate
      Pass-Through Rate:
      With
      respect to any Distribution Date, shall equal the quotient expressed as a
      percentage, of (a) the sum of: (i) the product of (x) the Weighted Average
      Net
      Rate for Loan Group II for that Distribution Date and (y) the Class B Component
      Balance for Loan Group II immediately prior to such Distribution Date, (ii)
      the
      product of (x) the Weighted Average Net Rate for Loan Group III for that
      Distribution Date and (y) the Class B Component Balance for Loan Group III
      immediately prior to such Distribution Date, (iii) the product of (x) the
      Weighted Average Net Rate for Loan Group IV for that Distribution Date and
      (y)
      the Class B Component Balance for Loan Group IV immediately prior to such
      Distribution Date and (iv) the product of (x) the Weighted Average Net Rate
      for
      Loan Group V for that Distribution Date and (y) the Class B Component Balance
      for Loan Group V immediately prior to such Distribution Date, divided by (b)
      the
      aggregate of the Class B Component Balances for Loan Group II, Loan Group III,
      Loan Group IV and Loan Group V immediately prior to such Distribution Date.
      For
      federal income tax purposes, the equivalent of the foregoing shall be expressed
      as the weighted average of the Uncertificated REMIC IIA Pass-Through Rates
      on
      REMIC IIA Regular Interest LTII-1SUB, REMIC IIA Regular Interest LTII-2SUB,
      REMIC IIA Regular Interest LTII-3SUB and REMIC IIA Regular Interest LTII-4SUB
      (subject, in each case, to a cap and a floor equal to the Uncertificated REMIC
      IIA Pass-Through Rate on REMIC IIA Regular Interest LTII-1GRP, REMIC IA Regular
      Interest LTII-2GRP, REMIC IIA Regular Interest LTII-3GRP and REMIC IIA Regular
      Interest LTII-4GRP, respectively) weighted on the basis of the Uncertificated
      Principal Balance of each such REMIC IIA Regular Interest.

     

    Subordinate
      Percentage:
      With
      respect to any Distribution Date and Loan Group II, Loan Group III, Loan Group
      IV or Loan Group V, the excess of 100% over the related Senior Percentage for
      that date. The initial Subordinate Percentage for each of Loan Group II, Loan
      Group III, Loan Group IV and Loan Group V will be equal to approximately
      8.00%.

     

    Subordinate
      Prepayment Percentage:
      With
      respect to any Distribution Date and Loan Group II, Loan Group III, Loan Group
      IV or Loan Group V, the excess of 100% over the related Senior Prepayment
      Percentage for that Distribution Date; provided, however, that if the aggregate
      Certificate Principal Balance of the related Group II-V Senior Certificates
      has
      been reduced to zero, then the Subordinate Prepayment Percentage for that Loan
      Group will equal 100%.

     

    Subordinate
      Principal Distribution Amount:
      With
      respect to any Distribution Date and Loan Group II, Loan Group III, Loan Group
      IV or Loan Group V, the sum of the following amounts calculated for each Loan
      Group:

     

    (i) the
      related Subordinate Percentage of the related Principal Payment
      Amount;

     

    (ii) the
      related Subordinate Prepayment Percentage of the related Principal Prepayment
      Amount; and

     

    (iii) the
      related Subordinate Liquidation Amount; less

     

    (iv) any
      Principal Transfer Amounts as described in this Agreement under Section
      5.04(a).

     

    Subordination
      Level:
      With
      respect to any Distribution Date for any Class of Group II-V Senior
      Certificates, the percentage obtained by dividing the sum of the Certificate
      Principal Balances of all Classes of Subordinate Certificates which are
      subordinate in right of payment to that Class by the Certificate Principal
      Balances of all Classes of Group II-V Senior Certificates and Subordinate
      Certificates, in each case immediately prior to that Distribution
      Date.

     

    Subsequent
      Recoveries:
      Shall
      mean all amounts in respect of principal received by the Servicer on a Mortgage
      Loan for which a Realized Loss was previously incurred.

     

    Subservicer:
      Shall
      mean any Person who is identified in Item 1122(d) of Regulation AB that services
      the Mortgage Loans on behalf of the Servicer, and is responsible for the
      performance (whether directly or through subservicers or Subcontractors) of
      servicing functions required to be performed under this Agreement or any
      subservicing agreement.

     

    Subservicing
      Agreement:
      Any
      agreement entered into between the Servicer and a Subservicer with respect
      to
      the subservicing of any Mortgage Loan subject to Section 3.03 of this Agreement
      by such Subservicer.

     

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

     

    Successor
      Servicer:
      The
      Master Servicer or any successor to the Servicer appointed pursuant to
      Section 8.02 of this Agreement after the occurrence of a Servicer Default
      or upon the resignation of the Servicer pursuant to this Agreement.

     

    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. The holder of the greatest Percentage Interest in a
      Class of Residual Certificates shall be the Tax Matters Person for the related
      REMIC. The Securities Administrator, or any successor thereto or assignee
      thereof shall serve as tax administrator hereunder and as agent for the related
      Tax Matters Person.

     

    Termination
      Price:
      The
      price, calculated as set forth in Section 10.01, to be paid in connection
      with the purchase of the Group I Mortgage Loans or Group II-V Mortgage Loans
      pursuant to Section 10.01.

     

    Transfer
      Affidavit:
      As
      defined in Section 6.02(c).

     

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

     

    Trigger
      Event:
      With
      respect to any Distribution Date, a Trigger Event is in effect if (x) the
      percentage obtained by dividing (i) the aggregate Stated Principal Balance
      of
      Group I Mortgage Loans delinquent sixty (60) days or more (including Group
      I
      Mortgage Loans in foreclosure or discharged in bankruptcy or any REO Property)
      by (ii) the aggregate Stated Principal Balance of the Group I Mortgage Loans,
      in
      each case, as of the last day of the previous calendar month, exceeds 39.33%
      of
      the Credit Enhancement Percentage of the Group I Senior Certificates for the
      prior Distribution Date, or (y) the aggregate amount of Realized Losses on
      the
      Group I Mortgage Loans incurred since the Cut-off Date through the last day
      of
      the related Due Period divided by the aggregate Stated Principal Balance of
      the
      Group I Mortgage Loans as of the Cut-off Date exceeds the applicable percentages
      set forth below with respect to such Distribution Date:

     

    
      	
              Distribution
                Date

            	 	
              Percentage

            
	
              June
                2009 to May 2010

            	 	
              0.80%

            
	
              June
                2010 to May 2011

            	 	
              1.45%

            
	
              June
                2011 to May 2012

            	 	
              2.05%

            
	
              June
                2012 and thereafter

            	 	
              2.40%

            

    

    

    Trust
      Fund:
      Collectively, the assets of REMIC IA, REMIC IB, REMIC IC, REMIC IIA, REMIC
      IIB,
      the Net WAC Reserve Fund and the Cap Contract.

     

    Trustee:
      HSBC
      Bank USA, National Association, a national banking association, not in its
      individual capacity, but solely in its capacity as trustee for the benefit
      of
      the Certificateholders under this Agreement, and any successor thereto, and
      any
      corporation or national banking association resulting from or surviving any
      consolidation or merger to which it or its successors may be a party and any
      successor trustee as may from time to time be serving as successor trustee
      hereunder.

     

    Uncertificated
      Accrued Interest:
      With
      respect to each Uncertificated REMIC Regular Interest on each Distribution
      Date,
      an amount equal to one month’s interest at the related Uncertificated
      Pass-Through Rate on the Uncertificated Principal Balance of such REMIC Regular
      Interest. In each case, Uncertificated Accrued Interest will be reduced by
      any
      Prepayment Interest Shortfalls and shortfalls resulting from application of
      the
      Relief Act (allocated to such REMIC Regular Interests as set forth in Sections
      1.02 and 5.07).

     

    Uncertificated
      Notional Amount:
      With
      respect to REMIC IB Regular Interest LTII-IO and (i) each Distribution Date
      from and including the 1st
      Distribution to and including the 6th
      Distribution Date, the aggregate Uncertificated Principal Balances of
      REMIC IA Regular Interest LTI-IO-A through REMIC IA Regular Interest
      LTI-IO-H, (ii) each Distribution Date from and including the 7th
      Distribution to and including the 10th
      Distribution Date, the aggregate Uncertificated Principal Balances of
      REMIC IA Regular Interest LTI-IO-B through REMIC IA Regular Interest
      LTI-IO-H, (iii) each Distribution Date from and including the 11th
      Distribution Date to and including the 13th
      Distribution Date, the aggregate Uncertificated Principal Balances of
      REMIC IA Regular Interest LTI-IO-C through REMIC IA Regular Interest
      LTI-IO-H, (iv) each Distribution Date from and including the 14th
      Distribution Date to and including the 15th
      Distribution Date, the aggregate Uncertificated Principal Balances of
      REMIC IA Regular Interest LTI-IO-D through REMIC IA Regular Interest
      LTI-IO-H, (v) each Distribution Date from and including the 16th
      Distribution to and including the 19th
      Distribution Date, the aggregate Uncertificated Principal Balances of
      REMIC IA Regular Interest LTI-IO-E through REMIC IA Regular Interest
      LTI-IO-H, (vi) each Distribution Date from and including the 20th
      Distribution to and including the 21st
      Distribution Date, the aggregate Uncertificated Principal Balances of
      REMIC IA Regular Interest LTI-IO-F through REMIC IA Regular Interest
      LTI-IO-H, (vii) each Distribution Date from and including the 22nd
      Distribution to and including the 23rd
      Distribution Date, the aggregate Uncertificated Principal Balances of
      REMIC IA Regular Interest LTI-IO-G and REMIC IA Regular Interest
      LTI-IO-H, and (viii) the 24th
      Distribution Date, the aggregate Uncertificated Principal Balance of
      REMIC IA Regular Interest LTI-IO-H, and (ix) each Distribution Date
      thereafter, $0.

     

    Uncertificated
      Principal Balance:
      With
      respect to each REMIC Regular Interest, the principal amount of such REMIC
      Regular Interest outstanding as of any date of determination. As of the Closing
      Date, the Uncertificated Principal Balance of each REMIC Regular Interest shall
      equal the amount set forth in the Preliminary Statement hereto as its initial
      Uncertificated Principal Balance. On each Distribution Date, the Uncertificated
      Principal Balance of each REMIC Regular Interest shall be reduced by all
      distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 5.07 and, if and to the extent necessary
      and appropriate, shall be further reduced on such Distribution Date by Realized
      Losses as provided in Section 5.07. The Uncertificated Principal Balance of
      each
      REMIC Regular Interest shall never be less than zero.

     

    Uncertificated
      REMIC IA Pass-Through Rate:
      A per
      annum rate equal to the average of the Net Mortgage Rates of the Mortgage Loans
      as of the first day of the related Due Period, weighted on the basis of the
      Stated Principal Balances as of the first day of the related Due Period. REMIC
      IA Regular Interest LTI-P will not accrue interest.

     

    Uncertificated
      REMIC IB Pass-Through Rate:
      With
      respect to REMIC IB Regular Interest LTII-AA, REMIC IB Regular Interest
      LTII-IA1A, REMIC IB Regular Interest LTII-IA1B, REMIC IB Regular Interest
      LTII-IA2, REMIC IB Regular Interest LTII-IA3, REMIC IB Regular Interest
      LTII-IA4, REMIC IB Regular Interest LTII-IA5, REMIC IB Regular Interest
      LTII-IM1, REMIC IB Regular Interest LTII-IM2, REMIC IB Regular Interest LTII-IM3
      and REMIC IB Regular Interest LTII-ZZ, a per annum rate (but not less than
      zero)
      equal to the weighted average of: (x) with respect to REMIC IA Regular Interest
      LTI-1, the Uncertificated REMIC IA Pass-Through Rate for such REMIC IA Regular
      Interest for each such Distribution Date, and (y) with respect to REMIC IA
      Regular Interest LTI-IO-A through REMIC IA Regular Interest LTI-IO-H for each
      Distribution Date listed below, the weighted average of the rates listed below
      for each such REMIC IA Regular Interest listed below, weighted on the basis
      of
      the Uncertificated Principal Balance of each such REMIC IA Regular
      Interest:

    

    
      	
              Distribution
                Date

            	
              REMIC
                IA Regular Interests

            	
              Rate

            
	
              1

            	
              LTI-IO-A
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	
              2

            	
              LTI-IO-A
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	
              3

            	
              LTI-IO-A
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	
              4

            	
              LTI-IO-A
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	
              5

            	
              LTI-IO-A
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	
              6

            	
              LTI-IO-A
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	
              7

            	
              LTI-IO-B
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              8

            	
              LTI-IO-B
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              9

            	
              LTI-IO-B
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              10

            	
              LTI-IO-B
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              11

            	
              LTI-IO-C
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A
                and LTI-IO-B

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              12

            	
              LTI-IO-C
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A
                and LTI-IO-B

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              13

            	
              LTI-IO-C
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A
                and LTI-IO-B

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              14

            	
              LTI-IO-D
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A
                through LTI-IO-C

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              15

            	
              LTI-IO-D
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A
                through LTI-IO-C

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              16

            	
              LTI-IO-E
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A
                through LTI-IO-D

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              17

            	
              LTI-IO-B5
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A
                through LTI-IO-D

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              18

            	
              LTI-IO-E
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A
                through LTI-IO-D

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              19

            	
              LTI-IO-F
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A
                through LTI-IO-E

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              20

            	
              LTI-IO-F
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A
                through LTI-IO-E

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              21

            	
              LTI-IO-F
                through LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A
                through LTI-IO-E 

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              22

            	
              LTI-IO-G
                and LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A
                through LTI-IO-F

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              23

            	
              LTI-IO-G
                and LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A
                through LTI-IO-F

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              24

            	
              LTI-IO-H

            	
              (a)
                Uncertificated REMIC IA Pass-Through Rate over (b)
                4.50%

            
	 	
              LTI-IO-A
                through LTI-IO-G

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            
	
              25
                and thereafter

            	
              LTI-IO-A
                through LTI-IO-H

            	
              Uncertificated
                REMIC IA Pass-Through Rate

            

    

    

    With
      respect to REMIC IB Regular Interest LTII-IIO, (i) for the first twenty-four
      distribution dates, the lesser of (a) 4.50% and (b) the weighted average of
      the
      Net Mortgage Rates of the Group I Mortgage Loans and (ii) thereafter, 0.00%.
      REMIC IB Regular Interest LTII-IP will not accrue interest.

     

    Uncertificated
      REMIC IIA Pass-Through Rate:
      With
      respect to REMIC IIA Regular Interest LTI-1SUB, REMIC IIA Regular Interest
      LTI-2SUB, REMIC IIA Regular Interest LTI-3SUB, REMIC IIA Regular Interest
      LTI-4SUB and REMIC IIA Regular Interest LTI-XX, the weighted average Net
      Mortgage Rate of the Group II-V Mortgage Loans. With respect to REMIC IIA
      Regular Interest LTI-1GRP, the weighted average Net Mortgage Rate of the Group
      II Mortgage Loans. With respect to REMIC IIA Regular Interest LTI-2GRP, the
      weighted average Net Mortgage Rate of the Group III Mortgage Loans. With respect
      to REMIC IIA Regular Interest LTI-3GRP, the weighted average Net Mortgage Rate
      of the Group IV Mortgage Loans. With respect to REMIC IIA Regular Interest
      LTI-4GRP, the weighted average Net Mortgage Rate of the Group V Mortgage Loans.
      

     

    Uncertificated
      REMIC Regular Interest:
      The
      REMIC IA Regular Interests, REMIC IB Regular Interests and REMIC IIA Regular
      Interests.

     

    Undercollateralized
      Group:
      With
      respect to any date of determination, Loan Group II, Loan Group III, Loan Group
      IV or Loan Group V will be an Undercollateralized Group if on such date the
      aggregate Certificate Principal Balance of the Group II Senior Certificates,
      Group III Senior Certificates, Group IV Senior Certificates or Group V Senior
      Certificates, as applicable, is greater than the Aggregate Loan Group Balance
      of
      the related Loan Group.

     

    Voting
      Rights:
      The
      portion of the voting rights of all the Certificates that is allocated to any
      Certificate for purposes of the voting provisions hereunder. Voting Rights
      shall
      be allocated (i) 97% to the Certificates (other than the Class I-X, Class I-P,
      Class P and the Residual Certificates) and (ii) 1% to each of the Class I-X,
      Class P and Class I-P Certificates. Voting rights will be allocated among the
      Certificates of each such Class in accordance with their respective Percentage
      Interests. The Residual Certificates will not be allocated any voting
      rights.

     

    Weighted
      Average Net Rate:
      With
      respect to any Distribution Date and Loan Group II, Loan Group III, Loan Group
      IV or Loan Group V, the weighted average of the Net Mortgage Rates of the
      Mortgage Loans in such Loan Group.

     

    Section
      1.02  Allocation
      of Certain Interest Shortfalls.

     

    For
      purposes of calculating the amount of the Interest Distribution Amount for
      the
      Group I Senior Certificates, Mezzanine Certificates and Class I-X Certificates
      for any Distribution Date, (1) the aggregate amount of any Net Interest
      Shortfalls in respect of the Group I Mortgage Loans for any Distribution Date
      shall first reduce the Interest Distribution Amount payable to the Class I-M-3
      Certificates, second, reduce the Interest Distribution Amount payable to the
      Class I-M-2 Certificates, third, reduce the Interest Distribution Amount payable
      to the Class I-M-1 Certificates, and fourth, reduce the Interest Distribution
      Amount payable to the Group I Senior Certificates, on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Certificate Principal Balance
      or
      Certificate Notional Balance, as applicable of each such Certificate and (2)
      the
      aggregate amount of any Realized Losses on the Group I Mortgage Loans allocated
      to the Mezzanine Certificates and Net WAC Rate Carryover Amount paid to the
      Group I Senior Certificates (other than the Class I-A-IO Certificates) and
      the
      Mezzanine Certificates incurred for any Distribution Date shall be allocated
      to
      the Class I-X Certificates based on, and to the extent of, one month’s interest
      at the then applicable Pass-Through Rate on the Certificate Notional Balance
      thereof on any Distribution Date.

     

    For
      purposes of calculating the amount of the Accrued Certificate Interest for
      the
      Group II-V Certificates (other than the Class P Certificates and Class R
      Certificates) for any Distribution Date, the aggregate amount of any Prepayment
      Interest Shortfalls (to the extent not covered by payments by the Servicer
      pursuant to this Agreement) and any shortfalls resulting from application of
      the
      Relief Act in respect of the Group II-V Mortgage Loans for any Distribution
      Date
      shall be allocated among the Classes of Group II-V Certificates in proportion
      to
      the respective amounts of Accrued Certificate Interest that would have been
      allocated thereto in the absence of such interest shortfalls.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC IA Regular Interests for any Distribution Date, the aggregate amount
      of any Net Interest Shortfalls incurred in respect of the Group I Mortgage
      Loans
      for any Distribution Date shall be allocated first, to REMIC IA Regular
      Interest LTI-1, to the extent of one month’s interest at the then applicable
      respective Uncertificated REMIC IA Pass-Through Rate on the Uncertificated
      Principal Balance of each such REMIC IA Regular Interest; and then, to
      REMIC IA Regular Interest LTI-IO-A, REMIC IA Regular Interest
      LTI-IO-B, REMIC IA Regular Interest LTI-IO-C, REMIC IA Regular
      Interest LTI-IO-D, REMIC IA Regular Interest LTI-IO-E, REMIC IA
      Regular Interest LTI-IO-F, REMIC I Regular Interest LTI-IO-G and
      REMIC I Regular Interest LTI-IO-H, in each case to the extent of one
      month’s interest at the then applicable respective Uncertificated REMIC IA
      Pass-Through Rate on the respective Uncertificated Principal Balance of each
      such REMIC IA Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC IB Regular Interests for any Distribution Date, the aggregate amount
      of any Net Interest Shortfalls incurred in respect of the Group I Mortgage
      Loans
      for any Distribution Date shall be allocated among
      REMIC IB Regular Interest LTI-AA, REMIC IB Regular Interest LTI-A1, REMIC IB
      Regular Interest LTI-A2, REMIC IB Regular Interest LTI-A3, REMIC IB Regular
      Interest LTI-A4, REMIC IB Regular Interest LTI-A5, REMIC IB Regular Interest
      LTI-M1, REMIC IB Regular Interest LTI-M2, REMIC IB Regular Interest LTI-M3
      and
      REMIC IB Regular Interest LTI-ZZ, pro rata based on, and to the extent of,
      one
      month’s interest at the then applicable respective Uncertificated REMIC IB
      Pass-Through Rate on the respective Uncertificated Principal Balance of each
      such REMIC IB Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC IIA Regular Interests for any Distribution Date: 

     

    The
      aggregate amount of any Net Interest Shortfalls incurred in respect of the
      Group
      II-V Mortgage Loans for any Distribution Date shall be allocated to
      Uncertificated Accrued Interest payable to REMIC IIA Regular Interest LTII-1SUB,
      REMIC IIA Regular Interest LTII-1GRP, REMIC IIA Regular Interest LTII-2SUB,
      REMIC IIA Regular Interest LTII-2GRP, REMIC IIA Regular Interest LTII-3SUB,
      REMIC IIA Regular Interest LTII-3GRP, REMIC IIA Regular Interest LTII-4SUB,
      REMIC IIA Regular Interest LTII-4GRP and REMIC IIA Regular Interest LTII-XX,
      pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC IIA Pass-Through Rate on the respective Uncertificated
      Principal Balance of each such REMIC IIA Regular Interest.

     

    ARTICLE
      II

    CONVEYANCE
      OF TRUST FUND

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      2.01  Conveyance
      of Trust Fund.

     

    The
      Sponsor hereby sells, transfers, assigns, sets over and otherwise conveys to
      the
      Depositor, without recourse, all the right, title and interest of the Sponsor
      in
      and to the assets in the Trust Fund.

     

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

     

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

     

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

     

    Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      the functions of the Trustee with respect to the custody, acceptance, inspection
      and release of the Mortgage Files and preparation and delivery of the
      certifications shall be performed by the Custodian pursuant to the terms and
      conditions of the Custodial Agreement.

     

    The
      Depositor shall deliver or cause to be delivered to the Servicer copies of
      all
      trailing documents required to be included in the related Mortgage File at
      the
      same time the originals or certified copies thereof are delivered to the
      Custodian, such documents including the mortgagee policy of title insurance
      and
      any Mortgage Loan Documents upon return from the recording office. The Servicer
      shall not be responsible for any custodial fees or other costs incurred in
      obtaining such documents and the Depositor shall cause the Servicer to be
      reimbursed for any such costs the Servicer may incur in connection with
      performing its obligations under this Agreement.

     

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

     

    Section
      2.02  Acceptance
      of the Mortgage Loans.

     

    (a)  Based
      on
      the initial trust receipt received by it from the Custodian pursuant to the
      Custodial Agreement, the Trustee acknowledges receipt, subject to the provisions
      of Section 2.01 hereof and Section 2 of the Custodial Agreement, of
      the Mortgage Loan Documents and all other assets included in the definition
      of
“REMIC IA and REMIC IIA” under clauses (i), (ii) (iii), (v) and (vi) (to the
      extent of amounts deposited into the Distribution Account) and declares that
      it
      holds (or the Custodian on its behalf holds) and will hold such documents and
      the other documents delivered to it constituting a Mortgage Loan Document,
      and
      that it holds (or the Custodian on its behalf holds) or will hold all such
      assets and such other assets included in the definition of “REMIC IA and REMIC
      IIA” in trust for the exclusive use and benefit of all present and future
      Certificateholders.

     

    (b)  In
      conducting the review of the Mortgage Files in accordance with the Custodial
      Agreement, the Custodian on the Trustee’s behalf will ascertain whether all
      required documents have been executed and received and whether those documents
      relate to the Mortgage Loans identified in Exhibit B to this Agreement, as
      supplemented. If the Custodian finds any document constituting part of the
      Mortgage File not to have been executed or received, or to be unrelated to
      the
      Mortgage Loans identified in Exhibit B, the Sponsor shall correct or cure any
      such defect or, if prior to the end of the second anniversary of the Closing
      Date, the Sponsor may substitute for the related Mortgage Loan a Replacement
      Mortgage Loan, which substitution shall be accomplished in the manner and
      subject to the conditions set forth in Section 2.03 or shall deliver to the
      Trustee an Opinion of Counsel to the effect that such defect does not materially
      or adversely affect the interests of the Certificateholders in such Mortgage
      Loan within sixty (60) days from the date of notice from the Custodian of the
      defect and if the Sponsor fails to correct or cure the defect or deliver such
      opinion within such period, the Sponsor will, subject to Section 2.03,
      within ninety (90) days from the notification of the Custodian purchase such
      Mortgage Loan at the Purchase Price; provided, however, that if such defect
      relates solely to the inability of the Sponsor to deliver the Mortgage,
      assignment thereof to the Custodian, or intervening assignments thereof with
      evidence of recording thereon because such documents have been submitted for
      recording and have not been returned by the applicable jurisdiction, the Sponsor
      shall not be required to purchase such Mortgage Loan if the Sponsor delivers
      such documents promptly upon receipt, but in no event later than 360 days after
      the Closing Date.

     

    (c)  No
      later
      than 180 days after the Closing Date, the Custodian on the Trustee’s behalf will
      review, for the benefit of the Certificateholders, the Mortgage Files and will
      execute and deliver or cause to be executed and delivered to the Sponsor and
      the
      Trustee, a final trust receipt substantially in the form annexed to the
      Custodial Agreement. In conducting such review, the Custodian on the Trustee’s
      behalf and in accordance with the terms of the Custodial Agreement will
      ascertain whether each document required to be recorded has been returned from
      the recording office with evidence of recording thereon and the Custodian on
      the
      Trustee’s behalf has received either an original or a copy thereof, as required
      in the Custodial Agreement. If the Custodian finds that any document with
      respect to a Mortgage Loan has not been received, or is unrelated to the
      Mortgage Loans identified in Exhibit B or appears to be defective on its face,
      the Custodian shall note such defect in the exception report attached the final
      trust receipt issued pursuant to the Custodial Agreement and the Sponsor shall
      correct or cure any such defect or, if prior to the end of the second
      anniversary of the Closing Date, the Sponsor may substitute for the related
      Mortgage Loan a Replacement Mortgage Loan, which substitution shall be
      accomplished in the manner and subject to the conditions set forth in
      Section 2.03 or shall deliver to the Trustee an Opinion of Counsel to the
      effect that such defect does not materially or adversely affect the interests
      of
      Certificateholders in such Mortgage Loan within sixty (60) days from the date
      of
      notice from the Trustee of the defect and if the Sponsor is unable within such
      period to correct or cure such defect, or to substitute the related Mortgage
      Loan with a Replacement Mortgage Loan or to deliver such opinion, the Sponsor
      shall, subject to Section 2.03, within ninety (90) days from the
      notification of the Trustee, purchase such Mortgage Loan at the Purchase Price;
      provided, however, that if such defect relates solely to the inability of the
      Sponsor to deliver the Mortgage, assignment thereof to the Trustee or
      intervening assignments thereof with evidence of recording thereon, because
      such
      documents have not been returned by the applicable jurisdiction, the Sponsor
      shall not be required to purchase such Mortgage Loan, if the Sponsor delivers
      such documents promptly upon receipt, but in no event later than 360 days after
      the Closing Date.

     

    (d)  In
      the
      event that a Mortgage Loan is purchased by the Sponsor in accordance with
      subsections 2.02(a) or (b) above or Section 2.03, the Sponsor shall remit
      the applicable Purchase Price to the Servicer for deposit in the Custodial
      Account and shall provide written notice to the Securities Administrator
      detailing the components of the Purchase Price, signed by an authorized officer.
      Upon deposit of the Purchase Price in the Custodial Account and upon receipt
      of
      a request for release (in the form attached to the Custodial Agreement) with
      respect to such Mortgage Loan, the Custodian, on behalf of the Trustee, will
      release to the Sponsor the related Mortgage File and the Trustee shall execute
      and deliver all instruments of transfer or assignment, without recourse,
      furnished to it by the Sponsor, as are necessary to vest in the Sponsor title
      to
      and rights under the Mortgage Loan. Such purchase shall be deemed to have
      occurred on the date on which the deposit into the Custodial Account was made.
      The Trustee shall promptly notify the Rating Agencies of such repurchase. The
      obligation of the Sponsor to cure, repurchase or substitute for any Mortgage
      Loan as to which a defect in a constituent document exists shall be the sole
      remedies respecting such defect available to the Certificateholders or to the
      Trustee on their behalf. The Sponsor shall promptly reimburse the Trustee for
      any expenses incurred by the Trustee in respect of enforcing the remedies for
      such breach.

     

    (e)  The
      Sponsor shall deliver to the Custodian the Mortgage Note and other documents
      constituting the Mortgage File with respect to any Replacement Mortgage Loan,
      which the Custodian will review as provided in the Custodial Agreement,
      provided, that the Closing Date referred to therein shall instead be the date
      of
      delivery of the Mortgage File with respect to each Replacement Mortgage
      Loan.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (vii)  The
      Servicer has accurately and fully reported, and will continue to accurately
      and
      fully report its borrower credit files to each of the credit repositories in
      a
      timely manner materially in accordance with the Fair Credit Reporting Act and
      its implementing legislation.

     

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

     

    (ix)  The
      Servicer will not waive any Prepayment Charge with respect to a Mortgage Loan
      unless it is waived in accordance with the standard set forth in
      Section 3.01.

     

    If
      the
      covenant of the Servicer set forth in Section 2.03(a)(ix) above is breached
      by the Servicer, the Servicer will pay the amount of such waived Prepayment
      Charge, for the benefit of the Holders of the Class I-P Certificates (with
      respect to a waiver of the Prepayment Charge relating to a Group I Mortgage
      Loan) or for the benefit of the Class P Certificates (with respect to a waiver
      of the Prepayment Charge relating to a Group II-V Mortgage Loan), by depositing
      such amount into the Custodial Account within ninety (90) days of the earlier
      of
      discovery by the Servicer or receipt of notice by the Servicer of such breach.
      Notwithstanding the foregoing, or anything to the contrary contained in this
      Agreement, the Servicer shall have no liability for a waiver of any Prepayment
      Charge in the event that the Servicer’s determination to make such a waiver was
      made by the Servicer in reliance on information properly received by the
      Servicer from any Person in accordance with the terms of this
      Agreement.

     

    (b)  The
      Sponsor hereby represents and warrants to and covenants with, the Depositor,
      the
      Servicer, the Master Servicer, the Securities Administrator and the Trustee
      as
      follows, as of the Closing Date:

     

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

     

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

     

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

     

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

     

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

     

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

     

    (vii)  The
      representations and warranties set forth in Section 8 of the Mortgage Loan
      Purchase Agreement are true and correct as of the Closing Date.

     

    (viii)  No
      Mortgage Loan is subject to the Home Ownership and Equity Protection Act of
      1994
      or any comparable law and no Mortgage Loan is classified and/or defined as
      a
“high cost”, “covered”, “high risk home” or “predatory” loan under any other
      state, federal or local law or regulation or ordinance (or a similarly
      classified loan using different terminology under a law imposing heightened
      regulatory scrutiny or additional legal liability for residential mortgage
      loans
      having high interest rates, points and/or fees).

     

    (ix)  No
      loan
      is a High Cost Loan or Covered Loan, as applicable (as such terms are defined
      in
      Appendix E of the Standard & Poor's Glossary For File Format For LEVELS®
Version 5.6 Revised (attached hereto as Exhibit K) and no Mortgage Loan
      originated on or after October 1, 2002 through March 6, 2003 is governed by
      the
      Georgia Fair Lending Act.

     

    (x)  Any
      and
      all requirements of any federal, state or local law including, without
      limitation, usury, truth in lending, real estate settlement procedures, consumer
      credit protection, equal credit opportunity, fair housing, predatory, abusive
      lending or disclosure laws applicable to the origination and servicing of the
      Mortgage Loans have been complied with in all material respects.

     

    (c)  Upon
      discovery by any of the parties hereto of a breach of a representation or
      warranty set forth in Section 2.03(b)(viii), (ix) and (x) and
      Section 8 of the Mortgage Loan Purchase Agreement that materially and
      adversely affects the interests of the Certificateholders in any Mortgage Loan,
      the party discovering such breach shall give prompt written notice thereof
      to
      the other parties. The Sponsor hereby covenants with respect to the
      representations and warranties set forth in Section 2.03(b)(viii), (ix) and
      (x) and Section 8 of the Mortgage Loan Purchase Agreement, that within
      ninety (90) days of the discovery of a breach of any representation or warranty
      set forth therein that materially and adversely affects the interests of the
      Certificateholders in any Mortgage Loan, it shall cure such breach in all
      material respects and, if such breach is not so cured, (i) prior to the second
      anniversary of the Closing Date, remove such Mortgage Loan (a “Deleted Mortgage
      Loan”) from the Trust Fund and substitute in its place a Replacement Mortgage
      Loan, in the manner and subject to the conditions set forth in this Section;
      or
      (ii) repurchase the affected Mortgage Loan or Mortgage Loans from the Trustee
      at
      the Purchase Price in the manner set forth below; provided that any such
      substitution pursuant to (i) above or repurchase pursuant to (ii) above shall
      not be effected prior to the delivery to the Trustee of an Opinion of Counsel
      if
      required by Section 2.05 and any such substitution pursuant to (i) above
      shall not be effected prior to the additional delivery to the Custodian of
      a
      request for release in accordance with the Custodial Agreement. The Sponsor
      shall promptly reimburse the Trustee for any expenses reasonably incurred by
      the
      Trustee in respect of enforcing the remedies for such breach. To enable the
      Servicer to amend the Mortgage Loan Schedule, the Sponsor shall, unless it
      cures
      such breach in a timely fashion pursuant to this Section 2.03, promptly
      notify the Trustee whether it intends either to repurchase, or to substitute
      for, the Mortgage Loan affected by such breach. With respect to the
      representations and warranties in Section 8 of the Mortgage Loan Purchase
      Agreement that are made to the best of the Sponsor’s knowledge, if it is
      discovered by any of the Depositor, the Sponsor or the Trustee that the
      substance of such representation and warranty is inaccurate and such inaccuracy
      materially and adversely affects the value of the related Mortgage Loan,
      notwithstanding the Sponsor’s lack of knowledge with respect to the substance of
      such representation or warranty, the Sponsor shall nevertheless be required
      to
      cure, substitute for or repurchase the affected Mortgage Loan in accordance
      with
      the foregoing. Notwithstanding the foregoing, any breach of a representation
      or
      warranty contained in clauses (xxxvii), (xxxviii), (xxxix), (xl) and/or (xlv)
      of
      Section 8 of the Mortgage Loan Purchase Agreement shall be automatically
      deemed to materially and adversely affect the interests of the
      Certificateholders.

     

    With
      respect to any Replacement Mortgage Loan or Loans, the Sponsor shall deliver
      to
      the Custodian for the benefit of the Certificateholders such documents and
      agreements as are required by Section 2 of the Custodial Agreement. No
      substitution will be made in any calendar month after the Determination Date
      for
      such month. Scheduled Payments due with respect to Replacement Mortgage Loans
      in
      the Due Period related to the Distribution Date on which such proceeds are
      to be
      distributed shall not be part of the Trust Fund and will be retained by the
      Sponsor. For the month of substitution, distributions to Certificateholders
      will
      include the Scheduled Payment due on any Deleted Mortgage Loan for the related
      Due Period and thereafter the Sponsor shall be entitled to retain all amounts
      received in respect of such Deleted Mortgage Loan. The Servicer shall amend
      the
      Mortgage Loan Schedule for the benefit of the Certificateholders to reflect
      the
      removal of such Deleted Mortgage Loan and the substitution of the Replacement
      Mortgage Loan or Loans and shall deliver the amended Mortgage Loan Schedule
      to
      the Trustee, the Master Servicer and the Securities Administrator. Upon such
      substitution, the Replacement Mortgage Loan or Loans shall be subject to the
      terms of this Agreement in all respects, and the Sponsor shall be deemed to
      have
      made with respect to such Replacement Mortgage Loan or Loans, as of the date
      of
      substitution, the representations and warranties set forth in Section 8 of
      the Mortgage Loan Purchase Agreement with respect to such Mortgage Loan. Upon
      any such substitution and the deposit into the related Custodial Account of
      the
      amount required to be deposited therein in connection with such substitution
      as
      described in the following paragraph and receipt by the Custodian of a request
      for release for such Mortgage Loan in accordance with the Custodial Agreement,
      the Custodian on behalf of the Trustee shall release to the Sponsor the Mortgage
      File relating to such Deleted Mortgage Loan and held for the benefit of the
      Certificateholders and the Trustee shall execute and deliver at the Sponsor’s
      direction such instruments of transfer or assignment as have been prepared
      by
      the Sponsor, in each case without recourse, as shall be necessary to vest in
      the
      Sponsor, or its respective designee, title to the Trustee’s interest in any
      Deleted Mortgage Loan substituted for pursuant to this Section 2.03.
      Neither the Trustee nor the Custodian shall have any further responsibility
      with
      regard to such Mortgage File.

     

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

     

    In
      the
      event that the Sponsor shall be required to repurchase a Mortgage Loan, the
      Purchase Price therefor shall be remitted to the Servicer for deposit in the
      related Custodial Account, on or before the Determination Date immediately
      following the date on which the Sponsor was required to repurchase such Mortgage
      Loan. The Purchase Price shall be remitted by the Servicer to the Securities
      Administrator on the Remittance Date occurring in the month immediately
      following the month in which the Purchase Price was deposited in the related
      Custodial Account. In addition, upon such deposit of the Purchase Price, the
      delivery of an Officer’s Certificate by the Servicer to the Trustee certifying
      that the Purchase Price has been deposited in the related Custodial Account,
      the
      delivery of an Opinion of Counsel if required by Section 2.05 and the
      receipt of a Request for Release, the Trustee shall release the related Mortgage
      File held for the benefit of the related Certificateholders to the Sponsor,
      and
      the Trustee shall execute and deliver at such Person’s direction the related
      instruments of transfer or assignment prepared by the Sponsor, in each case
      without recourse, as shall be necessary to transfer title from the Trustee
      for
      the benefit of the Certificateholders and transfer the Trustee’s interest to the
      Sponsor to any Mortgage Loan purchased pursuant to this Section 2.03. It is
      understood and agreed that the obligation under this Agreement of the Sponsor
      to
      cure, repurchase or replace any Mortgage Loan as to which a breach has occurred
      or is continuing shall constitute the sole remedies against the Sponsor
      respecting such breach available to each Certificateholder, the Depositor or
      the
      Trustee.

     

    (d)  The
      Master Servicer hereby represents, warrants and covenants with the Servicer,
      the
      Depositor and the Trustee as follows, as of the Closing Date:

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      2.04  Representations
      and Warranties of the Depositor.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 2.04 shall survive delivery of the Mortgage Files to the Trustee or
      the Custodian for the benefit of the Certificateholders. Upon discovery by
      the
      Depositor, the Servicer, the Master Servicer or the Trustee of a breach of
      such
      representations and warranties, the party discovering such breach shall give
      prompt written notice to the others and to each Rating Agency.

     

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

     

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

     

    (b)  Upon
      discovery by the Depositor or the Sponsor 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 and the Trustee. In connection therewith, the Sponsor, at its
      option, shall either (i) substitute, if the conditions in Section 2.03(c)
      with respect to substitutions are satisfied, a Replacement Mortgage Loan for
      the
      affected Mortgage Loan, or (ii) repurchase the affected Mortgage Loan within
      ninety (90) days of such discovery in the same manner as it would a Mortgage
      Loan for a breach of representation or warranty contained in Section 2.03.
      The Trustee shall reconvey to the Sponsor the Mortgage Loan to be released
      pursuant hereto in the same manner, and on the same terms and conditions, as
      it
      would a Mortgage Loan repurchased for breach of a representation or warranty
      contained in Section 2.03.

     

    Section
      2.06  Issuance
      of the REMIC IA Regular Interests and REMIC IIA Regular
      Interests.

     

    (a)  The
      Trustee acknowledges the assignment to it of the Group I Mortgage Loans and
      the
      delivery to the Custodian on its behalf of the related Mortgage Files, subject
      to the provisions of Section 2.01 and Section 2.02, together with the assignment
      to it of all other assets included in REMIC IA, the receipt of which is hereby
      acknowledged. The interests evidenced by the Class R-1A Interest, together
      with
      the REMIC IA Regular Interests, constitute the entire beneficial ownership
      interest in REMIC IA. The rights of the Holders of the Class R-1A Interest
      and
      REMIC IA (as holder of the REMIC IA Regular Interests) to receive distributions
      from the proceeds of REMIC IA in respect of the Class R-1A Interest and the
      REMIC IA Regular Interests, respectively, and all ownership interests evidenced
      or constituted by the Class R-1A Interest and the REMIC IA Regular Interests,
      shall be as set forth in this Agreement.

     

    (b)  The
      Trustee acknowledges the assignment to it of the Group II-V Mortgage Loans
      and
      the delivery to the Custodian on its behalf of the related Mortgage Files,
      subject to the provisions of Section 2.01 and Section 2.02, together with the
      assignment to it of all other assets included in REMIC IIA, the receipt of
      which
      is hereby acknowledged. The interests evidenced by the Class R-2A Interest,
      together with the REMIC IIA Regular Interests, constitute the entire beneficial
      ownership interest in REMIC IIA. The rights of the Holders of the Class R-2A
      Interest and REMIC IIA (as holder of the REMIC IIA Regular Interests) to receive
      distributions from the proceeds of REMIC IIA in respect of the Class R-2A
      Interest and the REMIC IA Regular Interests, respectively, and all ownership
      interests evidenced or constituted by the Class R-IA Interest and the REMIC
      IA
      Regular Interests, shall be as set forth in this Agreement.

     

    Section
      2.07  Conveyance
      of the REMIC IA Regular Interests, REMIC IB Regular Interests and the REMIC
      IIA
      Regular Interests.

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the REMIC IA
      Regular Interests for the benefit of the Class R-1B Interest and REMIC IB (as
      holder of the REMIC IA Regular Interests). The Trustee acknowledges receipt
      of
      the REMIC IA Regular Interests and declares that it holds and will hold the
      same
      in trust for the exclusive use and benefit of all present and future Holders
      of
      the Class R-1B Interest and REMIC IB (as holder of the REMIC IA Regular
      Interests). The rights of the Holder of the Class R-1B Interest and REMIC IB
      (as
      holder of the REMIC IA Regular Interests) to receive distributions from the
      proceeds of REMIC IB in respect of the Class R-1B Interest and REMIC IB Regular
      Interests, respectively, and all ownership interests evidenced or constituted
      by
      the Class R-1B Interest and the REMIC IB Regular Interests, shall be as set
      forth in this Agreement. The Class R-1B Interest and the REMIC IB Regular
      Interests shall constitute the entire beneficial ownership interest in REMIC
      IB.

     

    (b)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the REMIC IB
      Regular Interests for the benefit of the Class R-1C Interest and REMIC IC (as
      holder of the REMIC IB Regular Interests). The Trustee acknowledges receipt
      of
      the REMIC IB Regular Interests and declares that it holds and will hold the
      same
      in trust for the exclusive use and benefit of all present and future Holders
      of
      the Class R-1C Interest and REMIC IC (as holder of the REMIC IB Regular
      Interests). The rights of the Holder of the Class R-1C Interest and REMIC IC
      (as
      holder of the REMIC IB Regular Interests) to receive distributions from the
      proceeds of REMIC IC in respect of the Class R-1C Interest and Regular
      Certificates, respectively, and all ownership interests evidenced or constituted
      by the Class R-1C Interest and the REMIC IC Regular Interests, shall be as
      set
      forth in this Agreement. The Class R-1C Interest and the Regular Certificates
      shall constitute the entire beneficial ownership interest in REMIC
      IC.

     

    (c)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without recourse
      all the right, title and interest of the Depositor in and to the REMIC IIA
      Regular Interests for the benefit of the Class R-2B Interest and REMIC IIB
      (as
      holder of the REMIC IIA Regular Interests). The Trustee acknowledges receipt
      of
      the REMIC IIA Regular Interests and declares that it holds and will hold the
      same in trust for the exclusive use and benefit of all present and future
      Holders of the Class R-2B Interest and REMIC IIB (as holder of the REMIC IIA
      Regular Interests). The rights of the Holder of the Class R-2B Interest and
      REMIC IIB (as holder of the REMIC IIA Regular Interests) to receive
      distributions from the proceeds of REMIC IIB in respect of the Class R-2B
      Interest and Regular Certificates, respectively, and all ownership interests
      evidenced or constituted by the Class R-2B Interest and the Regular
      Certificates, shall be as set forth in this Agreement. The Class R-2B Interest
      and the Regular Certificates shall constitute the entire beneficial ownership
      interest in REMIC IIB.

     

    Section
      2.08  Issuance
      of Class I-R Certificates and the Class R Certificates.

     

    (a)  The
      Trustee acknowledges the assignment to it of the REMIC IA Regular Interests
      and
      REMIC IB Regular Interests and, concurrently therewith and in exchange therefor,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, the Securities Administrator has executed, authenticated and
      delivered to or upon the order of the Depositor, the Class I-R Certificates
      in
      authorized denominations. 

     

    (b)  The
      Trustee acknowledges the assignment to it of the REMIC IIA Regular Interests
      and, concurrently therewith and in exchange therefor, pursuant to the written
      request of the Depositor executed by an officer of the Depositor, the Securities
      Administrator has executed, authenticated and delivered to or upon the order
      of
      the Depositor, the Class R Certificates in authorized denominations.

     

    Section
      2.09  Establishment
      of Trust.

     

    The
      Depositor does hereby establish, pursuant to the further provisions of this
      Agreement and the laws of the State of New York, an express trust to be known,
      for convenience, as “Nomura Asset Acceptance Corporation, Alternative Loan
      Trust, Series 2006-AF1” and does hereby appoint HSBC Bank USA, National
      Association, as Trustee in accordance with the provisions of this
      Agreement.

     

    Section
      2.10  Purpose
      and Powers of the Trust.

     

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

     

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

     

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

     

    (c)  to
      make
      payments on the Certificates;

     

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

     

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

     

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

     

    ARTICLE
      III

    ADMINISTRATION
      AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS

     

    Section
      3.01  The
      Servicer to act as Servicer of the Mortgage Loans.

     

    The
      Servicer shall service and administer the Mortgage Loans on behalf of the Trust
      Fund and in the best interest of and for the benefit of the Certificateholders
      (as determined by the Servicer in its reasonable judgment) in accordance with
      the terms of this Agreement and the Mortgage Loans and to the extent consistent
      with such terms and in accordance with and exercising the same care in
      performing those practices that the Servicer customarily employs and exercises
      in servicing and administering mortgage loans for its own account and of the
      same type as such Mortgage Loans in the jurisdiction in which the related
      Mortgaged Properties are located (including, compliance with all applicable
      federal, state and local laws).

     

    To
      the
      extent consistent with the foregoing, the Servicer shall seek the timely and
      complete recovery of principal and interest on the Mortgage Notes related to
      the
      Mortgage Loans and shall waive a Prepayment Charge only under the following
      circumstances: (i) such waiver is standard and customary in servicing similar
      mortgage loans and (ii) either (A) such waiver is related to a default or
      reasonably foreseeable default and would, in the reasonable judgment of the
      Servicer, maximize recovery of total proceeds taking into account the value
      of
      such Prepayment Charge and the related Mortgage Loan and, if such waiver is
      made
      in connection with a refinancing of the related Mortgage Loan, such refinancing
      is related to a default or a reasonably foreseeable default or (B) such waiver
      is made in connection with a refinancing of the related Mortgage Loan unrelated
      to a default or a reasonably foreseeable default where (x) the related Mortgagor
      has stated to the Servicer an intention to refinance the related Mortgage Loan
      and (y) the Servicer has concluded in its reasonable judgment that the waiver
      of
      such Prepayment Charge would induce such Mortgagor to refinance with the
      Servicer or (iii) the Servicer reasonably believes such Prepayment Charge is
      unenforceable in accordance with applicable law or the collection of such
      related Prepayment Charge would otherwise violate applicable law. If a
      Prepayment Charge is waived as permitted by meeting both of the standards
      described in clauses (i) and (ii)(B) above, then the Servicer is required to
      pay
      the amount of such waived Prepayment Charge (the “Servicer Prepayment Charge
      Payment Amount”), for the benefit of the Holders of the Class I-P Certificates
      (in connection with the waiver of a Prepayment Charge relating to a Group I
      Mortgage Loan) or for the benefit of the Holders of the Class P Certificates
      (in
      connection with the waiver of a Prepayment Charge relating to a Group II-V
      Mortgage Loan), by depositing such amount into the related Custodial Account
      within ninety (90) days of notice or discovery of such waiver meeting the
      standard set forth in both clauses (i) and (ii)(B) above; provided, however,
      that the Servicer shall not waive more than five percent (5%) of the Prepayment
      Charges (by number of Prepayment Charges) set forth on the Mortgage Loan
      Schedule in accordance with clauses (i) and (ii)(B) above. Notwithstanding
      any
      other provisions of this Agreement, any payments made by the Servicer in respect
      of any waived Prepayment Charges pursuant to clauses (i) and (ii)(B) above
      and
      the preceding sentence shall be deemed to be paid outside of the Trust
      Fund.

     

    Subject
      only to the above-described applicable servicing standards (the “Accepted
      Servicing Practices”) and the terms of this Agreement and of the respective
      Mortgage Loans, the Servicer shall have full power and authority, acting alone
      and/or through Subservicers as provided in Section 3.03, to do or cause to
      be done any and all things that it may deem necessary or desirable in connection
      with such servicing and administration, including but not limited to, the power
      and authority, subject to the terms hereof (i) to execute and deliver, on behalf
      of the Certificateholders and the Trustee, customary consents or waivers and
      other instruments and documents, (ii) to consent to transfers of any related
      Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages
      (but only in the manner provided herein), (iii) to collect any Insurance
      Proceeds and other Liquidation Proceeds, and (iv) subject to Section 3.09,
      to effectuate foreclosure or other conversion of the ownership of the Mortgaged
      Property securing any Mortgage Loan.

     

    Without
      limiting the generality of the foregoing, the Servicer, in its own name or
      in
      the name of the Trust, the Depositor or the Trustee, is hereby authorized and
      empowered by the Trust, the Depositor and the Trustee, when the Servicer
      believes it appropriate in its reasonable judgment, to execute and deliver,
      on
      behalf of the Trustee, the Depositor, the Certificateholders or any of them,
      any
      and all instruments of satisfaction or cancellation, or of partial or full
      release or discharge and all other comparable instruments, with respect to
      the
      Mortgage Loans, and with respect to the related Mortgaged Properties held for
      the benefit of the Certificateholders. The Servicer shall prepare and deliver
      to
      the Depositor and/or the Trustee such documents requiring execution and delivery
      by any or all of them as are necessary or appropriate to enable the Servicer
      to
      service and administer the Mortgage Loans. Upon receipt of such documents,
      the
      Depositor and/or the Trustee shall execute such documents and deliver them
      to
      the Servicer. In addition, the Trustee shall execute, at the written request
      of
      the Servicer, and furnish to it any special or limited powers of attorney
      agreeable to the Trustee and its counsel applicable to all locations in which
      the Mortgaged Properties are located and other documents necessary or
      appropriate to enable the Servicer to carry out its servicing and administrative
      duties hereunder, provided such limited powers of attorney or other documents
      shall be prepared by the Servicer and submitted to the Trustee for review prior
      to execution. Notwithstanding anything to the contrary herein, the Trustee
      shall
      in no way be liable or responsible for the willful malfeasance of the Servicer,
      or for the wrongful or negligent actions taken by the Servicer, while the
      Servicer is acting pursuant to the powers granted to it in this
      paragraph.

     

    In
      accordance with the standards of the first paragraph of this Section 3.01,
      the Servicer shall advance or cause to be advanced funds as necessary for the
      purpose of effecting the payment of taxes and assessments on the Mortgaged
      Properties relating to the Mortgage Loans in order to preserve the lien on
      the
      Mortgaged Property, which advances shall be reimbursable in the first instance
      from related collections from the Mortgagors pursuant to Section 3.27, and
      further as provided in Section 3.32. All costs incurred by the Servicer, if
      any, in effecting the payments of such taxes and assessments on the related
      Mortgaged Properties and related insurance premiums shall not, for the purpose
      of calculating monthly distributions to the Certificateholders, be added to
      the
      Stated Principal Balance under the related Mortgage Loans, notwithstanding
      that
      the terms of such Mortgage Loans so permit.

     

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

     

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

     

    (b)  Subject
      to the Servicer’s duty to enforce any due-on-sale clause to the extent set forth
      in Section 3.02(a), in any case in which a Mortgaged Property has been
      conveyed to a Person by a Mortgagor, and such Person is to enter into an
      assumption agreement or modification agreement or supplement to the Mortgage
      Note or Mortgage that requires the signature of the Trustee, or if an instrument
      of release signed by the Trustee is required releasing the Mortgagor from
      liability on the related Mortgage Loan, the Servicer shall prepare and deliver
      or cause to be prepared and delivered to the Trustee for signature and shall
      direct, in writing, the Trustee to execute the assumption agreement with the
      Person to whom the Mortgaged Property is to be conveyed and such modification
      agreement or supplement to the Mortgage Note or Mortgage or other instruments
      as
      are reasonable or necessary to carry out the terms of the Mortgage Note or
      Mortgage or otherwise to comply with any applicable laws regarding assumptions
      or the transfer of the Mortgaged Property to such Person. In connection with
      any
      such assumption, no material term of the Mortgage Note (including, but not
      limited to, (a) the Mortgage Rate, (b) the amount of the Scheduled Payment,
      (c),
      with respect to the Group II-V Mortgage Loans, the Index, Gross Margin, Periodic
      Rate Cap, Adjustment Date, Maximum Interest Rate or Minimum Mortgage Interest
      Rate, and (d) any other term affecting the amount or timing of payment on the
      related Mortgage Loan) may be changed. In addition, the substitute Mortgagor
      and
      the Mortgaged Property must be acceptable to the Servicer in accordance with
      the
      servicing standard set forth in Section 3.01. The Servicer shall notify the
      Trustee that any such substitution or assumption agreement has been completed
      by
      forwarding to the Custodian the original of such substitution or assumption
      agreement, which in the case of the original shall be added to the related
      Mortgage File and shall, for all purposes, be considered a part of such Mortgage
      File to the same extent as all other documents and instruments constituting
      a
      part thereof. Any fee collected by the Servicer for entering into an assumption
      or substitution of liability agreement will be retained by the Servicer as
      additional servicing compensation.

     

    Section
      3.03  Subservicers.

     

    The
      Servicer shall perform all of its servicing responsibilities hereunder or may
      cause a Subservicer to perform any such servicing responsibilities on its
      behalf, but the use by the Servicer of a Subservicer shall not release the
      Servicer from any of its obligations hereunder with respect to the related
      Mortgage Loans. Any subservicing arrangement and the terms of the related
      Subservicing Agreement must provide for the servicing of such Mortgage Loans
      in
      a manner consistent with the servicing arrangements contemplated hereunder
      and
      the Servicer shall cause any Subservicer to comply with the provisions of this
      Agreement (including, without limitation, to provide the information required
      to
      be delivered under Sections 3.13, 3.14 and 3.18 hereof), to the same extent
      as
      if such Subservicer were the related Servicer. Each Subservicer shall be (i)
      authorized to transact business in the state or states where the related
      Mortgaged Properties it is to service are situated, if and to the extent
      required by applicable law to enable the Subservicer to perform its obligations
      hereunder and under the Subservicing Agreement and (ii) a Freddie Mac or Fannie
      Mae approved mortgage servicer. The Servicer shall promptly, upon request,
      provide to the Master Servicer, the Trustee and the Depositor a written
      description (in form and substance satisfactory to the Master Servicer, the
      Trustee and the Depositor) of the role and function of each Subservicer utilized
      by the Servicer, specifying (i) the identity of each such Subservicer, (ii)
      which (if any) of such Subservicer is “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, and (iii) which elements
      of
      the Servicing Criteria will be addressed in assessments of compliance provided
      by each Subservicer identified pursuant to clause (ii) of this subsection;
      provided, however, that the Servicer shall not be required to provide the
      information in clause (i) or (ii) of this subsection until such time that the
      applicable assessment of compliance is due in accordance with Section 3.14
      of
      this Agreement. The related Servicer shall be responsible for obtaining from
      each Subservicer and delivering to the Master Servicer any annual statement
      of
      compliance, assessment of compliance, attestation report and Sarbanes-Oxley
      related certification as and when required to be delivered. The Servicer shall
      pay all fees of each of its Subservicers from its own funds.

     

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

     

    As
      a
      condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, the Servicer shall cause any such Subcontractor used by it for
      the benefit of the Master Servicer, the Trustee and the Depositor to comply
      with
      the provisions of Sections 3.13, 3.14 and 3.18 of this Agreement to the same
      extent as if such Subcontractor were the Servicer. The Servicer shall be
      responsible for obtaining from each Subcontractor and delivering to the Master
      Servicer, the Trustee and any Depositor any compliance statement, assessment
      of
      compliance, attestation report and Sarbanes-Oxley related certification required
      to be delivered by such Subcontractor under Section 3.13, 3.14 and 3.18, in
      each
      case as and when required to be delivered.

     

    At
      the
      cost and expense of the Servicer, without any right of reimbursement from any
      Custodial Account, the Servicer shall be entitled to terminate the rights and
      responsibilities of a Subservicer or Subcontractor and arrange for any servicing
      responsibilities to be performed by a successor Subservicer or Subcontractor;
      provided, however, that nothing contained herein shall be deemed to prevent
      or
      prohibit the Servicer, at its option, from electing to service the Mortgage
      Loans itself. In the event that the Servicer’s responsibilities and duties under
      this Agreement are terminated pursuant to Section 8.01, the Servicer shall
      at its own cost and expense terminate the rights and responsibilities of each
      Subservicer and Subcontractor with respect to the Mortgage Loans effective
      as of
      the date of the Servicer’s termination. The Servicer shall pay all fees,
      expenses or penalties necessary in order to terminate the rights and
      responsibilities of each Subservicer and Subcontractor from the Servicer’s own
      funds without reimbursement from the Trust Fund.

     

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

     

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

     

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

     

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

     

    Section
      3.05  Maintenance
      of Hazard Insurance.

     

    (a)  The
      Servicer shall cause to be maintained for each Mortgage Loan hazard insurance
      with extended coverage on the Mortgaged Property in an amount which is at least
      equal to the lesser of (i) the Stated Principal Balance of such Mortgage Loan
      and (ii) the amount necessary to fully compensate for any damage or loss to
      the
      improvements that are a part of such property on a replacement cost basis,
      in
      each case in an amount not less than such amount as is necessary to avoid the
      application of any coinsurance clause contained in the related hazard insurance
      policy. The Servicer shall also cause to be maintained hazard insurance with
      extended coverage on each REO Property in an amount which is at least equal
      to
      the lesser of (i) the maximum insurable value of the improvements which are
      a
      part of such REO Property and (ii) the Stated Principal Balance of the related
      Mortgage Loan at the time it became an REO Property. The Servicer will comply
      in
      the performance of this Agreement with all reasonable rules and requirements
      of
      each insurer under any such hazard policies. Any amounts collected by the
      Servicer under any such policies (other than amounts to be applied to the
      restoration or repair of the property subject to the related Mortgage or amounts
      to be released to the Mortgagor in accordance with the procedures that the
      Servicer would follow in servicing loans held for its own account, subject
      to
      the terms and conditions of the related Mortgage and Mortgage Note and in
      accordance with the servicing standard set forth in Section 3.01) shall be
      deposited in the related Custodial Account, subject to withdrawal pursuant
      to
      Section 3.27. Any cost incurred by the Servicer in maintaining any such
      insurance shall not, for the purpose of calculating distributions to related
      Certificateholders, be added to the Stated Principal Balance of the related
      Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit.
      It is understood and agreed that no earthquake or other additional insurance
      is
      to be required of any Mortgagor other than pursuant to such applicable laws
      and
      regulations as shall at any time be in force and as shall require such
      additional insurance. If a Mortgaged Property or REO Property is at any time
      in
      an area identified in the Federal Register by the Federal Emergency Management
      Agency as having special flood hazards and flood insurance has been made
      available, the Servicer shall cause to be maintained a flood insurance policy
      in
      respect thereof. Such flood insurance shall be in an amount equal to the lesser
      of (i) the Stated Principal Balance of the related Mortgage Loan and (ii) the
      maximum amount of such insurance available for the related Mortgaged Property
      under the national flood insurance program (assuming that the area in which
      such
      Mortgaged Property is located is participating in such program).

     

    In
      the
      event that the Servicer shall obtain and maintain a blanket policy with an
      insurer acceptable to Fannie Mae or Freddie Mac, or having a General Policy
      Rating of B:VI or better in Best’s Key Rating Guide (or such other rating that
      is comparable to such rating) insuring against hazard losses on all of the
      Mortgage Loans, it shall conclusively be deemed to have satisfied its
      obligations as set forth in the first two sentences of this Section 3.05,
      it being understood and agreed that such policy may contain a deductible clause,
      in which case the Servicer shall, in the event that there shall not have been
      maintained on the related Mortgaged Property or REO Property a policy complying
      with the first two sentences of this Section 3.05, and there shall have
      been one or more losses which would have been covered by such policy, deposit
      to
      the related Custodial Account maintained by the Servicer from its own funds
      the
      amount not otherwise payable under the blanket policy because of such deductible
      clause. In connection with its activities as administrator and servicer of
      the
      Mortgage Loans, the Servicer agrees to prepare and present, on behalf of itself,
      the Trustee and Certificateholders, claims under any such blanket policy in
      a
      timely fashion in accordance with the terms of such policy.

     

    (b)  The
      Servicer shall keep in force during the term of this Agreement a policy or
      policies of insurance covering errors and omissions for failure in the
      performance of the Servicer’s obligations under this Agreement, which policy or
      policies shall be in such form and amount that would meet the requirements
      of
      Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans, unless
      the Servicer has obtained a waiver of such requirements from Fannie Mae or
      Freddie Mac. The Servicer shall provide the Master Servicer, upon request,
      with
      copies of such insurance policies and fidelity bond (or waiver thereof). The
      Servicer shall also maintain a fidelity bond in the form and amount that would
      meet the requirements of Fannie Mae or Freddie Mac, unless the Servicer has
      obtained a waiver of such requirements from Fannie Mae or Freddie Mac. The
      Servicer shall be deemed to have complied with this provision if one of its
      Affiliates has such errors and omissions and fidelity bond coverage and, by
      the
      terms of such insurance policy or fidelity bond, the coverage afforded
      thereunder extends to the Servicer. Any such errors and omissions policy and
      fidelity bond shall by its terms not be cancelable without thirty (30) days’
prior written notice to the Master Servicer. The Servicer shall also cause
      its
      Subservicers to maintain a policy of insurance covering errors and omissions
      and
      a fidelity bond which would meet such requirements.

     

    Section
      3.06  Presentment
      of Claims and Collection of Proceeds.

     

    The
      Servicer shall prepare and present on behalf of the Trustee and the
      Certificateholders all claims under the applicable Insurance Policies and take
      such actions (including the negotiation, settlement, compromise or enforcement
      of the insured’s claim) as shall be necessary to realize recovery under such
      Insurance Policies. Any proceeds disbursed to the Servicer in respect of such
      Insurance Policies shall, within two Business Days of its receipt, be deposited
      in the related Custodial Account, 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
      3.07  Maintenance
      of Insurance Policies.

     

    The
      Servicer shall not take any action that would result in noncoverage under any
      applicable Insurance Policy of any loss which, but for the actions of the
      Servicer would have been covered thereunder. The Servicer shall use its best
      efforts to keep in force and effect (to the extent that the related Mortgage
      Loan requires the Mortgagor to maintain such insurance), any applicable
      Insurance Policy. The Servicer shall not cancel or refuse to renew any 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.

     

    Section
      3.08  Reserved.

     

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

     

    (a)  The
      Servicer shall use reasonable efforts to foreclose upon or otherwise comparably
      convert the ownership of properties securing such of the Mortgage Loans as
      come
      into and continue in default and as to which no satisfactory arrangements can
      be
      made for collection of delinquent payments. In connection with such foreclosure
      or other conversion, the Servicer shall follow such practices and procedures
      as
      it shall deem necessary or advisable and as shall be normal and usual in its
      general mortgage servicing activities and the requirements of the insurer under
      any Required Insurance Policy; provided that the Servicer shall not be required
      to expend its own funds in connection with any foreclosure or towards the
      restoration of any property unless it shall determine (i) that such restoration
      and/or foreclosure will increase the proceeds of liquidation of the related
      Mortgage Loan after reimbursement to itself of such expenses and (ii) that
      such
      expenses will be recoverable to it through Liquidation Proceeds (respecting
      which it shall have priority for purposes of withdrawals from the related
      Custodial Account). If the Servicer reasonably believes that Liquidation
      Proceeds with respect to any such Mortgage Loan would not be increased as a
      result of such foreclosure or other action, such Mortgage Loan will be
      charged-off and will become a Liquidated Loan. The Servicer will give notice
      of
      any such charge-off to the Securities Administrator. The Servicer shall be
      responsible for all other costs and expenses incurred by it in any such
      proceedings; provided that such costs and expenses shall be Servicing Advances
      and that it shall be entitled to reimbursement thereof from the proceeds of
      liquidation of the related Mortgaged Property, as contemplated in
      Section 3.27. If the Servicer has knowledge that a Mortgaged Property that
      the Servicer is contemplating acquiring in foreclosure or by deed-in-lieu of
      foreclosure is located within a one-mile radius of any site with environmental
      or hazardous waste risks known to the Servicer, the Servicer shall, prior to
      acquiring the Mortgaged Property, consider such risks and only take action
      in
      accordance with its established environmental review procedures.

     

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

     

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

     

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

     

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

     

    The
      proceeds of any Liquidated Loan, as well as any recovery resulting from a
      partial collection of Liquidation Proceeds or any income from an REO Property,
      shall be applied in the following order of priority: first, to reimburse the
      Servicer for any related unreimbursed Servicing Advances and Servicing Fees,
      pursuant to Section 3.27 or this Section 3.09; second, to reimburse
      the Servicer for any unreimbursed Advances, pursuant to Section 3.27 or
      this Section 3.09; third, to accrued and unpaid interest (to the extent no
      Advance has been made for such amount) on the Mortgage Loan or related REO
      Property, at the Net Mortgage Rate to the first day of the month in which such
      amounts are required to be distributed; and fourth, as a recovery of principal
      of the Mortgage Loan.

     

    (b)  On
      each
      Determination Date, the Servicer shall determine the respective aggregate
      amounts of Excess Liquidation Proceeds and Realized Losses, if any, with respect
      to any Mortgage Loan for the related Prepayment Period and report the same
      to
      the Securities Administrator pursuant to Section 3.28.

     

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

     

    Section
      3.10  Servicing
      Compensation.

     

    As
      compensation for its activities hereunder, the Servicer shall be entitled to
      retain or withdraw from the Custodial Accounts out of each payment of interest
      on each Mortgage Loan included in the Trust Fund an amount equal to the
      Servicing Fee. In addition, the Servicer shall be entitled to recover any unpaid
      Servicing Fees payable to it out of Liquidation Proceeds, Insurance Proceeds
      or
      condemnation proceeds related to the Mortgage Loans to the extent permitted
      by
      Section 3.27.

     

    Additional
      servicing compensation with respect to Mortgage Loans in the form of any Excess
      Liquidation Proceeds, assumption fees, late payment charges, insufficient funds
      charges and ancillary income to the extent such fees or charges are received
      by
      the Servicer, all income and gain net of any losses realized from Permitted
      Investments with respect to funds in or credited to any Custodial Account shall
      be retained by the Servicer to the extent not required to be deposited in such
      Custodial Account pursuant to Section 3.27. The Servicer shall be required
      to pay all expenses incurred by it in connection with its servicing activities
      hereunder (including payment of any premiums for hazard insurance, as required
      by Section 3.05 and maintenance of the other forms of insurance coverage
      required by Section 3.07 and shall not be entitled to reimbursement
      therefor except as specifically provided herein.

     

    Section
      3.11  REO
      Property.

     

    (a)  In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      related Mortgage Loan, the deed or certificate of sale shall be issued to the
      Trustee, or to its nominee, on behalf of the related Certificateholders. The
      Servicer shall sell any REO Property as expeditiously as possible and in
      accordance with the provisions of this Agreement. Pursuant to its efforts to
      sell such REO Property, the Servicer shall protect and conserve such REO
      Property in the manner and to the extent required herein, in accordance with
      the
      REMIC Provisions.

     

    (b)  The
      Servicer shall deposit all funds collected and received in connection with
      the
      operation of any REO Property into the related Custodial Account.

     

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

     

    Section
      3.12  Liquidation
      Reports.

     

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

     

    Section
      3.13  Annual
      Statement as to Compliance.

     

    (a)  The
      Servicer, the Master Servicer and the Securities Administrator shall deliver
      or
      otherwise make available (and shall cause each Servicing Function Participant
      engaged by it to deliver) to the Depositor and the Securities Administrator
      and
      in the case of the Master Servicer, to the Trustee on or before March 15 of
      each
      year, commencing in March 2007, an Officer’s Certificate stating, as to the
      signer thereof, that (A) a review of such party’s activities during the
      preceding calendar year or portion thereof and of such Servicing Function
      Participant’s performance under this Agreement, or such other applicable
      agreement in the case of a Servicing Function Participant, has been made under
      such officer’s supervision and (B) to the best of such officer’s knowledge,
      based on such review, such party has fulfilled all its obligations under this
      Agreement, or such other applicable agreement in the case of a Servicing
      Function Participant (other than the Servicer, the Master Servicer or the
      Securities Administrator), in all material respects throughout such year or
      portion thereof, or, if there has been a failure to fulfill any such obligation
      in any material respect, specifying each such failure known to such officer
      and
      the nature and status thereof.

     

    (b)  (i)For
      so
      long as the Trust Fund is subject to Exchange Act reporting requirements,
      failure of the Servicer to comply timely with this Section 3.13 shall be deemed
      a Servicer Default as to the Servicer, without any cure period, and the Master
      Servicer may, in addition to whatever rights the Master Servicer may have under
      this Agreement and at law or in equity or to damages, including injunctive
      relief and specific performance, terminate all the rights and obligations of
      the
      Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
      thereof without compensating the Servicer for the same. The Master Servicer
      shall so terminate the Servicer by delivery of notice thereof via first class
      mail, facsimile or electronic mail. This paragraph shall supersede any other
      provision in this Agreement or any other agreement to the contrary.

     

    (ii) After
      the
      Trust Fund ceases to be subject to Exchange Act reporting requirements, failure
      of the Servicer to comply timely with this Section 3.13 shall be deemed a
      Servicer Default as provided for in Section 8.01(a)(ix). The Master Servicer
      may
      terminate the Servicer by delivery of notice thereof via first class mail,
      facsimile or electronic mail.

     

    (c)  The
      Master Servicer shall include all annual statements of compliance received
      by it
      from the Servicer and any Servicing Function Participant with its own annual
      statement of compliance to be submitted to the Securities Administrator pursuant
      to this Section 3.13.

     

    (d)  Copies
      of
      any Master Servicer annual statements of compliance required to be delivered
      hereunder shall be provided to any Certificateholder upon request at the Master
      Servicer’s expense.

     

    (e)  In
      the
      event the Servicer, the Master Servicer, the Securities Administrator or any
      other Servicing Function Participant is terminated or resigns pursuant to the
      terms of this Agreement, or any applicable agreement in the case of such other
      Servicing Function Participant, as the case may be, such party shall provide
      or
      cause such other Servicing Function Participant to provide an Officer’s
      Certificate pursuant to this Section 3.13 with respect to the period of time
      it
      was subject to this Agreement or any other applicable agreement, as the case
      may
      be.

     

    Section
      3.14  Assessments
      of Compliance and Attestation Reports.

     

    (a)  By
      March
      15 of each year, commencing in March 2007, the Servicer, the Master Servicer
      and
      the Securities Administrator, each at its own expense and pursuant to Item
      1122(a) of Regulation AB, shall furnish or otherwise make available, and shall
      cause any Servicing Function Participant engaged by it to furnish, which in
      each
      case shall not be an expense of the Trust Fund, to the Securities Administrator
      and the Depositor, a report on an assessment of compliance with the Relevant
      Servicing Criteria that contains (A) a statement by such party of its
      responsibility for assessing compliance with the Relevant Servicing Criteria,
      (B) a statement that such party used the Relevant Servicing Criteria to assess
      compliance with the Relevant Servicing Criteria, (C) such party’s assessment of
      compliance with the Relevant Servicing Criteria for the period consisting of
      the
      prior calendar year, including, if there has been any material instance of
      noncompliance with the Relevant Servicing Criteria, a discussion of each such
      failure and the nature and status thereof, and (D) a statement that a registered
      public accounting firm has issued an attestation report on such party’s
      assessment of compliance with the Relevant Servicing Criteria for the period
      consisting of the prior calendar year.

     

    (b)  No
      later
      than the end of each calendar year, the Servicer and the Master Servicer shall
      forward to the Securities Administrator and the Depositor the name of each
      Servicing Function Participant engaged by it and what Relevant Servicing
      Criteria will be addressed in the report on assessment of compliance prepared
      by
      such Servicing Function Participant; provided, however, that the Master Servicer
      need not provide such information to the Securities Administrator so long as
      the
      Master Servicer and the Securities Administrator are the same entity. When
      the
      Servicer and the Master Servicer (or any Servicing Function Participant engaged
      by them) submit their assessments to the Securities Administrator, such parties
      will also at such time include the assessment (and attestation pursuant to
      paragraph (c) below) of each Servicing Function Participant 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 Servicer,
      the
      Master Servicer, the Securities Administrator and any Servicing Function
      Participant engaged by such parties as to the nature of any material instance
      of
      noncompliance with the Relevant Servicing Criteria by each such party, and
      (ii)
      the Securities Administrator shall confirm that the assessments, taken as a
      whole, address all of the Servicing Criteria and taken individually address
      the
      Relevant Servicing Criteria for each party as set forth on Exhibit L and on
      any
      similar exhibit set forth in each Servicing Agreement in respect of each
      Servicer and notify the Depositor of any exceptions. 

     

    In
      the
      event a Servicing Function Participant is terminated or resigns pursuant to
      the
      terms of this Agreement, or any other applicable agreement, as the case may
      be,
      such party shall provide, or cause a Servicing Function Participant engaged
      by
      it to provide, a report on assessment of compliance pursuant to this Section
      3.14 with respect to the period of time it was subject to this Agreement or
      any
      other applicable agreement, as the case may be.

     

    The
      Master Servicer shall include such annual report on assessment of compliance
      with its own assessment of compliance to be submitted to the Securities
      Administrator pursuant to this Section.

     

    (c)  By
      March
      15 of each year, commencing in March 2007, the Servicer, the Master Servicer
      and
      the Securities Administrator, each at its own expense, shall cause, and shall
      cause any Servicing Function Participant engaged by such party to cause, which
      in each case shall not be an expense of the trust, a registered public
      accounting firm (which may also render other services to such Servicing Function
      Participants) and that is a member of the American Institute of Certified Public
      Accountants to furnish a report to the Master Servicer and Securities
      Administrator 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 a Servicing Function Participant, the
      Securities Administrator shall confirm that each assessment submitted pursuant
      to paragraph (a) above is coupled with an attestation meeting the requirements
      of this Section and notify the Depositor of any exceptions. 

     

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

     

    In
      the
      event any Servicing Function Participant is terminated or resigns pursuant
      to
      the terms of this Agreement, or any other applicable agreement, as the case
      may
      be, such party shall cause a registered public accounting firm to provide an
      attestation pursuant to this Section 3.14 with respect to the period of time
      it
      was subject to this Agreement or any applicable subservicing agreement, as
      the
      case may be.

     

    (d)  (i)For
      so
      long as the Trust Fund is subject to Exchange Act reporting requirements,
      failure of the Servicer to comply timely with this Section 3.14 shall be deemed
      a Servicer Default as to the Servicer, automatically, without notice and without
      any cure period, and the Master Servicer may, in addition to whatever rights
      the
      Master Servicer may have under this Agreement and at law or in equity or to
      damages, including injunctive relief and specific performance, terminate all
      the
      rights and obligations of the Servicer under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Servicer for
      the same. The Master Servicer shall so terminate the Servicer by delivery of
      notice thereof via first class mail, facsimile or electronic mail. This
      paragraph shall supersede any other provision in this Agreement or any other
      agreement to the contrary.

     

    (ii) After
      the
      Trust Fund ceases to be subject to Exchange Act reporting requirements, failure
      of the Servicer to comply timely with this Section 3.14 shall be deemed a
      Servicer Default as provided for in Section 8.01(a)(ix). The Master Servicer
      may
      terminate the Servicer by delivery of notice thereof via first class mail,
      facsimile or electronic mail.

     

    Section
      3.15  Books
      and Records.

     

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

     

    The
      Servicer shall maintain with respect to each Mortgage Loan and shall upon
      reasonable prior request and during normal business hours make available for
      inspection by the Trustee and the Master Servicer the related servicing file
      during the time such Mortgage Loan is subject to this Agreement and thereafter
      in accordance with applicable law.

     

    Section
      3.16  The
      Trustee.

     

    The
      Trustee shall furnish the Servicer with any powers of attorney and other
      documents prepared and submitted by the Servicer to the Trustee in a form as
      mutually agreed upon and necessary or appropriate to enable the Servicer to
      service and administer the related Mortgage Loans and REO
      Properties.

     

    The
      Trustee shall provide access to the records and documentation in possession
      of
      the Trustee regarding the related Mortgage Loans and REO Property and the
      servicing thereof to the Certificateholders, the FDIC, and the supervisory
      agents and examiners of the FDIC, such access being afforded only upon
      reasonable prior written request and during normal business hours at the office
      of the Trustee; provided, however, that, unless otherwise required by law,
      the
      Trustee shall not be required to provide access to such records and
      documentation if the provision thereof would violate the legal right to privacy
      of any Mortgagor. The Trustee shall allow representatives of the above entities
      to photocopy any of the records and documentation and shall provide equipment
      for that purpose at a charge that covers the Trustee’s actual
      costs.

     

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

     

    Section
      3.17  REMIC-Related
      Covenants.

     

    For
      as
      long as each REMIC shall exist, the Trustee and the Securities Administrator
      shall act in accordance herewith to treat each REMIC as a REMIC, and the Trustee
      and the Securities Administrator shall comply with any directions of the
      Sponsor, the Servicer or the Master Servicer with respect to such treatment.
      In
      particular, the Trustee shall not (a) knowingly sell or permit the sale of
      all
      or any portion of the Mortgage Loans or of any investment of deposits in an
      Account unless such sale is as a result of a repurchase of the Mortgage Loans
      pursuant to this Agreement or the Trustee has received a REMIC Opinion prepared
      at the expense of the Trust Fund; and (b) other than with respect to a
      substitution pursuant to the Mortgage Loan Purchase Agreement or
      Section 2.04 of this Agreement, as applicable, accept any contribution to
      any REMIC after the Startup Day without receipt of a REMIC Opinion.

     

    Section
      3.18  Annual
      Sarbanes-Oxley Certification; Additional Information.

     

    (a)  The
      Servicer, the Master Servicer and the Securities Administrator shall and shall
      cause any Servicing Function Participant engaged by such party to, provide
      to
      the Certifying Person, by March 15 of each year in which the Trust Fund is
      subject to the reporting requirements of the Exchange Act and otherwise within
      a
      reasonable period of time upon request, a certification (each, a “Back-Up
      Certification”),
      in
      the form attached hereto as Exhibit
      M,
      upon
      which the Certifying Person, the entity for which the Certifying Person acts
      as
      an officer, and such entity’s officers, directors and Affiliates (collectively
      with the Certifying Person, “Certification
      Parties”)
      can
      reasonably rely. The senior officer of the Master Servicer in charge of the
      master servicing function shall prepare a Sarbanes-Oxley Certification and sign
      the same on behalf of the Trust Fund serving as the “Certifying Person”. Such
      officer of the Certifying Person can be contacted by e-mail at or
      by
      facsimile at (410) 715-2380. In the event the Servicer, the Master Servicer
      or
      the Securities Administrator, or any Servicing Function Participant engaged
      by
      such party, is terminated or resigns pursuant to the terms of this Agreement,
      or
      any other applicable agreement, as the case may be, such party shall provide
      a
      Back-Up Certification to the Certifying Person pursuant to this Section 3.18
      with respect to the period of time it was subject to this Agreement or any
      other
      applicable agreement, as the case may be.

     

    Notwithstanding
      the foregoing, (i) the Master Servicer and the Securities Administrator shall
      not be required to deliver a Back-Up Certification to each other if each is
      the
      same Person and the Master Servicer is the Certifying Person and (ii) the Master
      Servicer shall not be obligated to execute any Sarbanes-Oxley Certification
      in
      the event that it does not receive a Back-Up Certification from any party
      required to deliver such Back-Up Certification pursuant to this Section or
      the
      Custodial Agreement; provided, however, in the event the Master Servicer shall
      not be required to execute a Sarbanes-Oxley Certification pursuant to clause
      (ii), the Master Servicer shall prepare such Sarbanes-Oxley Certification and
      deliver it to the Depositor for execution.

     

    (b)  The
      Servicer shall provide (or shall cause each Subservicer or Subcontractor to
      provide) to the Master Servicer, the Securities Administrator and the Depositor
      prompt notice and a description of the occurrence of any of the following:
      

     

    (i)  any
      Servicer Default under the terms of this Agreement, any merger, consolidation
      or
      sale of substantially all of the assets of the Servicer, the Servicer’s
      engagement of any Subservicer to perform or assist in the performance of any
      of
      the Servicer’s obligations under this Agreement, any material litigation or
      governmental proceedings involving the Servicer (or any of its Subservicers
      or
      Subcontractors, as applicable), and any affiliation or other significant
      relationship between the Servicer (or any of its Subservicers or Subcontractors,
      as applicable) and other transaction parties.

     

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

     

    (iii)  If
      the
      Servicer or any Servicing Function Participant engaged by the Servicer has
      knowledge of the occurrence of any of the events described in this clause (iii),
      then no later than ten days prior to the deadline for the filing of any
      Distribution Report on Form 10-D in respect of any Trust Fund that includes
      any
      of the Mortgage Loans serviced by the Servicer or any Subservicer, the Servicer
      shall provide (or cause such Subservicer to provide) to the Master Servicer
      and
      Securities Administrator notice of the occurrence of any of the following events
      along with all information, data, and materials related thereto as may be
      required to be included in the related Distribution Report on Form 10-D (as
      specified in the provisions of Regulation AB referenced below):

     

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

     

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

     

    (C)  information
      regarding any material pool asset changes (such as, additions, substitutions
      or
      repurchases).

     

    (c)  The
      Servicer shall provide to the Master Servicer and the Securities Administrator
      such additional information as the Master Servicer may reasonably request,
      including evidence of the authorization of the person signing any certification
      or statement, financial information and reports and of the fidelity bond and
      errors and omissions insurance policy required to be maintained by the Servicer
      pursuant to this Agreement, and such other information related to the Servicer
      or any Servicing Function Participant engaged by the Servicer or its performance
      hereunder or other applicable agreement.

     

    Section
      3.19  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 (or if the Servicer does not, the Master
      Servicer may) promptly furnish to the Trustee and the Custodian, on behalf
      of
      the Trustee, two copies of a request for release substantially in the form
      attached to the Custodial Agreement signed by an Authorized Servicer
      Representative or in a mutually agreeable electronic format which will, in
      lieu
      of a signature on its face, originate from an Authorized Servicer Representative
      (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 Custodial Account pursuant to Article V have been or will be so deposited)
      and shall request that the Custodian, on behalf of the Trustee, deliver to
      the
      Servicer the related Mortgage File. Within five (5) Business Days of receipt
      of
      such certification and request, the Custodian, on behalf of the Trustee, shall
      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
      related 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 related Custodial Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with this 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 Custodian, on behalf of the Trustee, shall, upon
      the
      written request of the Servicer, and delivery to the Custodian, on behalf of
      the
      Trustee, of two copies of a request for release signed by an Authorized Servicer
      Representative substantially in the form attached to the Custodial Agreement
      (or
      in a mutually agreeable electronic format which will, in lieu of a signature
      on
      its face, originate from an Authorized Servicer Representative), release the
      related Mortgage File held in its possession or control to the Servicer. Such
      request for release shall obligate the Servicer to return the Mortgage File
      to
      the Custodian on behalf of the Trustee, when the need therefor by such Person
      no
      longer exists unless the Mortgage Loan shall be liquidated, in which case,
      upon
      receipt of a certificate of an Authorized Servicer Representative similar to
      that hereinabove specified, the Mortgage File shall be released by the
      Custodian, on behalf of the Trustee, to the Servicer.

     

    Section
      3.20  Documents,
      Records and Funds in Possession of the Servicer to be held for
      Trustee.

     

    (a)
       The
      Servicer (to the extent required by this Agreement) shall transmit to the
      Trustee or the Custodian such documents and instruments coming into the
      possession of the Servicer from time to time as are required by the terms hereof
      to be delivered to the Trustee or the Custodian. Any funds received by the
      Servicer in respect of any Mortgage Loan or which otherwise are collected by
      the
      Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any
      Mortgage Loan shall be held for the benefit of the Trustee and the
      Certificateholders subject to the right of the Servicer to retain its Servicing
      Fee and other amounts as provided in this Agreement.

     

    Section
      3.21  Possession
      of Certain Insurance Policies and Documents.

     

    The
      Servicer shall retain possession and custody of the originals (to the extent
      available) of any Insurance Policies, or certificate of insurance if applicable,
      and any certificates of renewal as to the foregoing as may be issued from time
      to time that comes into the possession of the Servicer, as contemplated by
      this
      Agreement. Until all amounts distributable in respect of the Certificates have
      been distributed in full, the Trustee (or the Custodian, as directed by the
      Trustee) shall retain possession and custody of each Mortgage File in accordance
      with and subject to the terms and conditions of this Agreement.

     

    Section
      3.22  [Reserved].

     

    Section
      3.23  UCC.

     

    The
      Sponsor agrees to execute and file continuation statements for any Uniform
      Commercial Code financing statements which the Sponsor has informed the Trustee
      were filed on the Closing Date in connection with the Trust. The Sponsor shall
      file any financing statements or amendments and continuation statements thereto
      required by any change in the Uniform Commercial Code.

     

    Section
      3.24  Optional
      Purchase of Defaulted Mortgage Loans.

     

    With
      respect to any Mortgage Loan which is delinquent in payment by ninety-one (91)
      days or more or is an REO Property, the Sponsor shall have the right to purchase
      such Mortgage Loan or REO Property from the Trust Fund at a price equal to
      the
      Purchase Price. The Purchase Price shall be remitted to the Servicer for deposit
      in the related Custodial Account and remitted by the Servicer to the Securities
      Administrator on the Servicer Remittance Date in the month immediately following
      the month in which the Purchase Price was deposited in the related Custodial
      Account.

     

    If
      at any
      time the Sponsor remits to the Servicer a payment for deposit in the related
      Custodial Account covering the amount of the Purchase Price for such a Mortgage
      Loan and the Servicer delivers an Officer’s Certificate to the Trustee
      certifying that the Purchase Price has been deposited in the related Custodial
      Account, the Trustee shall execute the assignment of such Mortgage Loan at
      the
      request of the Sponsor without recourse to the Sponsor which shall succeed
      to
      all the Trustee’s, right, title and interest in and to such Mortgage Loan, and
      all security and documents relative thereto. Such assignment shall be an
      assignment outright and not for security. The Sponsor will thereupon own such
      Mortgage, and all such security and documents, free of any further obligation
      to
      the Trustee or the related Certificateholders with respect thereto. The Sponsor
      shall be responsible for any transfer costs incurred with respect to a Mortgage
      Loan purchased pursuant to this Section 3.24.

     

    If
      the
      Sponsor is required to repurchase a Mortgage Loan pursuant to this Section
      3.24,
      the Servicer shall continue to service such Mortgage Loan unless the Sponsor
      shall repurchase the servicing rights thereon on terms mutually agreed to by
      the
      Sponsor and the Servicer. Notwithstanding the foregoing, the Master Servicer
      shall have no obligation to master service any Mortgage Loan that has been
      so
      repurchased.

     

    Section
      3.25  Obligations
      of the Servicer Under Credit Risk Management Agreement.

     

    Notwithstanding
      anything in this Agreement or the Credit Risk Management Agreements to the
      contrary, the Trustee shall not have any duty or obligation to enforce any
      Credit Risk Management Agreement or to supervise, monitor or oversee the
      activities of the Credit Risk Manager or the Servicer under the Credit Risk
      Management Agreements or this Agreement with respect to any action taken or
      not
      taken by the Servicer pursuant to a recommendation of the Credit Risk Manager
      or
      otherwise in connection with obligations of the Servicer under the related
      Credit Risk Management Agreement.

     

    Section
      3.26  Collection
      of Mortgage Loan Payments; Custodial Accounts.

     

    (a)  The
      Servicer shall make reasonable efforts in accordance with Accepted Servicing
      Practices to collect all payments called for under the terms and provisions
      of
      the Mortgage Loans to the extent such procedures shall be consistent with this
      Agreement and the terms and provisions of any related Required Insurance Policy.
      Consistent with the foregoing, the Servicer may in its discretion (i) waive
      any
      late payment charge and (ii) extend the due dates for payments due on a Mortgage
      Note for a Mortgage Loan for a period not greater than 180 days; provided,
      however no such extension shall be materially adverse to the Certificateholders.
      In the event of any such arrangement, the Servicer shall make Advances on the
      Mortgage Loan during the scheduled period in accordance with the amortization
      schedule of such Mortgage Loan without modification thereof by reason of such
      arrangements, and shall be entitled to reimbursement therefor in accordance
      with
      Section 5.01. The Servicer shall not be required to institute or join in
      litigation with respect to collection of any payment (whether under a Mortgage,
      Mortgage Note or otherwise or against any public or governmental authority
      with
      respect to a taking or condemnation) if it reasonably believes that enforcing
      the provision of the Mortgage or other instrument pursuant to which such payment
      is required is prohibited by applicable law. In addition, if (x) a Mortgage
      Loan
      is in default or default is imminent or (y) the Servicer delivers to the Trustee
      and the Securities Administrator a REMIC Opinion, the Servicer may, (A) amend
      the related Mortgage Note to reduce the Mortgage Rate applicable thereto,
      provided that such reduced Mortgage Rate shall in no event be lower than 4.50%
      with respect to any Group I Mortgage Loan, and (B) amend any Mortgage Note
      for a
      Mortgage Loan to extend the maturity thereof.

     

    (b)  The
      Servicer shall establish and maintain two segregated Custodial Accounts (each
      of
      which shall at all times be an Eligible Account) with a depository institution
      in the name of the Servicer for the benefit of the Trustee on behalf of the
      Holders of the Group I Certificates (the “Group I Custodial Account”) and the
      Holders of the Group II-V Certificates (the “Group II-V Custodial Account”). The
      Group I Custodial Account shall be designated “Wells Fargo Bank, N.A., in trust
      for registered holders of Nomura Asset Acceptance Corporation, Mortgage
      Pass-Through Certificates, Series 2006-AF1, Group I Certificates” and the Group
      II-V Custodial Account shall be designated “Wells Fargo Bank, N.A., as
      securities administrator for registered holders of Nomura Asset Acceptance
      Corporation, Mortgage Pass-Through Certificates, Series 2006-AF1, Group II-V
      Certificates.” On behalf of the Trust Fund, the Servicer shall deposit or cause
      to be deposited in the clearing account in which it customarily deposits
      payments and collection on mortgage loans in connection with its mortgage loan
      servicing activities on a daily basis and in no event more than one Business
      Day
      after the Servicer’s receipt thereof, and shall thereafter deposit in the
      related Custodial Account, in no event more than two Business Days after the
      Servicer’s receipt thereof, except as otherwise specifically provided herein,
      the following payments and collections remitted by Subservicers or received
      by
      it in respect of the Group I Mortgage Loans (with respect to the Group I
      Custodial Account) or the Group II-V Mortgage Loans (with respect to the Group
      II-V Custodial Account) subsequent to the Cut-off Date (other than in respect
      of
      principal and interest due on the related Mortgage Loans on or before the
      Cut-off Date) and the following amounts required to be deposited
      hereunder:

     

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

     

    (ii)  all
      payments on account of interest on the related Mortgage Loans net of the
      Servicing Fee permitted under Section 3.10;

     

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

     

    (iv)  any
      amount required to be deposited by the Servicer pursuant to Section 3.26(c)
      in connection with any losses on Permitted Investments;

     

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

     

    (vi)  any
      amounts paid by an Advance Financing Person in respect of Advances or Servicing
      Advances;

     

    (vii)  any
      Prepayment Charges collected by the Servicer in connection with the Principal
      Prepayment of any of the related Mortgage Loans and any Servicer Prepayment
      Charge Payment Amounts;

     

    (viii)  the
      Purchase Price with respect to any related Mortgage Loans purchased by the
      Sponsor pursuant to Section 2.02 or 2.03, any amounts which are to be
      treated pursuant to Section 2.04 of this Agreement as the payment of such a
      Purchase Price and the Purchase Price with respect to any related Mortgage
      Loans
      purchased by the Sponsor pursuant to Section 3.24; and

     

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

     

    The
      foregoing requirements for deposit by the Servicer into the Custodial Accounts
      shall be exclusive, it being understood and agreed that, without limiting the
      generality of the foregoing, payments in the nature of late payment charges
      or
      assumption fees, if collected, need not be deposited by the Servicer. In the
      event that the Servicer shall deposit any amount not required to be deposited
      and not otherwise subject to withdrawal pursuant to Section 3.27, it may at
      any time withdraw or direct the institution maintaining the related Custodial
      Account, to withdraw such amount from the related Custodial Account, any
      provision herein to the contrary notwithstanding. Such withdrawal or direction
      may be accomplished by delivering written notice thereof to the institution
      maintaining the related Custodial Account, that describes the amounts deposited
      in error in such Custodial Account. The Servicer shall maintain adequate records
      with respect to all withdrawals made pursuant to this Section. All funds
      deposited in a Custodial Account shall be held in trust for the related
      Certificateholders until withdrawn in accordance with
      Section 3.27.

     

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

     

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

     

    Section
      3.27  Permitted
      Withdrawals From the Custodial Accounts.

     

    (a)  The
      Servicer may from time to time make withdrawals from any Custodial Account
      for
      the following purposes:

     

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

     

    (ii)  to
      reimburse the Servicer or an Advance Financing Person for (A) any unreimbursed
      Advances to the extent of amounts received which represent late recoveries
      of
      payments of principal and/or interest (net of the related Servicing Fees),
      Liquidation Proceeds and Insurance Proceeds on the related Mortgage Loans with
      respect to which such Advances were made in accordance with the provisions
      of
      Section 5.01; and (B) any unreimbursed Advances with respect to the final
      liquidation of a related Mortgage Loan that are Nonrecoverable Advances, but
      only to the extent that late recoveries of payments of principal and/or
      interest, Liquidation Proceeds and Insurance Proceeds received with respect
      to
      such Mortgage Loan are insufficient to reimburse the Servicer or an Advance
      Financing Person for such unreimbursed Advances or (C) subject to
      Section 3.27(b), any unreimbursed Advances to the extent of Amounts Held
      For Future Distribution funds held in the Custodial Account relating to the
      related Mortgage Loans that were not included in the Available Distribution
      Amount for the preceding Distribution Date;

     

    (iii)  to
      reimburse itself or an Advance Financing Person for any Nonrecoverable
      Advances;

     

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

     

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

     

    (vi)  to
      pay to
      the Sponsor or the Depositor with respect to each related Mortgage Loan or
      property acquired in respect thereof that has been purchased pursuant to
      Section 2.02, 2.03 or 3.24, all amounts received thereon and not taken into
      account in determining the related Stated Principal Balance of such repurchased
      Mortgage Loan;

     

    (vii)  to
      pay
      any expenses reimbursable pursuant to Section 7.04;

     

    (viii)  to
      withdraw any amount deposited in a Custodial Account and not required to be
      deposited therein; and

     

    (ix)  to
      clear
      and terminate a Custodial Account upon termination of this Agreement pursuant
      to
      Section 10.01 hereof.

     

    In
      addition, no later than noon Eastern time on the Remittance Date, the Servicer
      shall withdraw from each Custodial Account and remit to the Securities
      Administrator (a) all amounts deposited in the Custodial Accounts as of the
      close of business on the last day of the related Due Period (net of charges
      against or withdrawals from the Custodial Accounts pursuant to this
      Section 3.27(a)), plus (b) all Advances, if any, which the Servicer is
      obligated to make pursuant to Section 5.01, minus (c) any amounts
      attributable to Principal Prepayments, Liquidation Proceeds, Insurance Proceeds
      or condemnation proceeds received after the applicable Prepayment Period, which
      amounts shall be remitted on the following Remittance Date, together with any
      Compensating Interest required to be deposited in the Custodial Accounts in
      connection with such Principal Prepayment in accordance with Section 5.02,
      and minus (d) any amounts attributable to Scheduled Payments collected but
      due
      on a Due Date or Due Dates subsequent to the first day of the month in which
      such Remittance Date occurs, which amounts shall be remitted on the Remittance
      Date next succeeding the Due Date related to such Scheduled
      Payment.

     

    With
      respect to any remittance received by the Securities Administrator after the
      Business Day on which such payment was due, the Securities Administrator shall
      send written notice thereof to the Servicer. The Servicer shall pay to the
      Securities Administrator interest on any such late payment by the Servicer
      at an
      annual rate equal to Prime Rate (as defined in The Wall Street Journal) plus
      one
      percentage point, but in no event greater than the maximum amount permitted
      by
      applicable law. Such interest shall be paid by the Servicer to the Securities
      Administrator on the date such late payment is made and shall cover the period
      commencing with the day following the Business Day on which such payment was
      due
      and ending with the Business Day on which such payment is made, both inclusive.
      The payment by the Servicer of any such interest, or the failure of the
      Securities Administrator to notify the Servicer of such interest, shall not
      be
      deemed an extension of time for payment or a waiver of any Servicer Default
      by
      the Servicer.

     

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

     

    (b)  Notwithstanding
      the foregoing, any Amounts Held For Future Distribution withdrawn by the
      Servicer as permitted in Section 3.27(a)(ii) in reimbursement of Advances
      previously made by the Servicer shall be appropriately reflected in the
      Servicer’s records and replaced by the Servicer by deposit in the related
      Custodial Account, no later than the close of business on any future Remittance
      Date on which the funds on deposit in the related Custodial Account shall be
      less than the amount required to be remitted to the Trust Fund on such
      Remittance Date; provided, however that if the rating of the Servicer (including
      any Successor Servicer) is less than “BBB”, the Servicer shall be required to
      replace such funds by deposit to the Distribution Account, no later than the
      close of business on the Remittance Date immediately following the Due Period
      or
      Prepayment Period for which such amounts relate. The amount at any time credited
      to a Custodial Account may be invested by the Servicer in Permitted
      Investments.

     

    Section
      3.28  Reports
      to Master Servicer.

     

    Not
      later
      than the tenth (10th) calendar day of each month (or if such tenth calendar
      day
      is not a Business Day, the immediately succeeding Business Day), the Servicer
      shall furnish to the Master Servicer (i) (a) monthly loan data in a mutually
      agreed-upon format containing all of the information set forth in Exhibit X-1,
      (b) default loan data in the format set forth in Exhibit X-2 hereto (or in
      such
      other format mutually agreed-upon between the Servicer and the Master Servicer)
      and (c) information regarding realized losses and gains in the format set forth
      in Exhibit X-3 hereto (or in such other format mutually agreed between the
      Servicer and the Master Servicer), in each case relating to the period ending
      on
      the last day of the preceding calendar month, (ii) all such information required
      pursuant to clause (i)(a) above on a magnetic tape, electronic mail, or other
      similar media reasonably acceptable to the Master Servicer and (iii) all
      supporting documentation with respect to the information required pursuant
      to
      clause (i)(c) above.

     

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

     

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

     

    Withdrawals
      of amounts so collected from the Escrow Accounts may be made only to effect
      timely payment of taxes, assessments, hazard insurance premiums, condominium
      or
      PUD association dues, or comparable items, to reimburse the Servicer out of
      related collections for any payments made with respect to each Mortgage Loan
      pursuant to Section 3.01 (with respect to taxes and assessments and
      insurance premiums) and Section 3.05 (with respect to hazard insurance), to
      refund to any Mortgagors any sums as may be determined to be overages, to pay
      interest, if required by law or the terms of the related Mortgage or Mortgage
      Note, to such Mortgagors on balances in the Escrow Account, to remove amounts
      deposited in error or to clear and terminate the Escrow Account at the
      termination of this Agreement in accordance with Section 10.01 thereof. The
      Escrow Account shall not be a part of the Trust Fund.

     

    
      Section
        3.30     Adjustments
        to Mortgage Rate and Scheduled Payment.

    

     

    On
      each
      applicable Adjustment Date, the Mortgage Rate with respect to each Group II-V
      Mortgage Loan shall be adjusted, in compliance with the requirements of the
      related Mortgage and Mortgage Note, to equal the sum of the Index plus the
      Gross
      Margin (rounded in accordance with the related Mortgage Note) subject to the
      applicable Periodic Rate Cap, Maximum Mortgage Interest Rate and Minimum
      Mortgage Interest Rate, as set forth in the Mortgage Note. The Servicer shall
      execute and deliver the notices required by each Mortgage and Mortgage Note,
      applicable laws and regulations regarding interest rate adjustments. The
      Servicer shall also provide timely notification to the Master Servicer of all
      applicable data and information regarding such interest rate adjustments and
      the
      Servicer’s methods of implementing such interest rate adjustments. Upon the
      discovery by the Servicer or the Master Servicer that the Servicer has failed
      to
      adjust a Mortgage Rate or a Scheduled Payment pursuant to the terms of the
      related Mortgage Note and Mortgage, the Servicer shall immediately deposit
      in
      the Group II-V Custodial Account from its own funds the amount of any interest
      loss caused thereby without reimbursement therefor.

     

    Section
      3.31  Distribution
      Account.

     

    (a)  The
      Securities Administrator shall establish and maintain in the name of the
      Trustee, for the benefit of the Certificateholders a Distribution Account as
      a
      segregated non-interest bearing trust account or accounts. The Distribution
      Account will be subdivided into two sub-accounts for the benefit of the Holders
      of the Group I Certificates and the Holders of the Group II-V Certificates.
      The
      Securities Administrator will deposit in the related sub-account of the
      Distribution Account as identified by the Securities Administrator and as
      received by the Securities Administrator, the following amounts:

     

    (i)  All
      payments and recoveries in respect of principal on the related Mortgage Loans,
      including, without limitation, Principal Prepayments, Subsequent Recoveries,
      Liquidation Proceeds, Insurance Proceeds, condemnation proceeds and all payments
      and recoveries in respect of interest on the related Mortgage Loans withdrawn
      by
      the Servicer from the related Custodial Account and remitted by Servicer to
      the
      Securities Administrator;

     

    (ii)  Any
      Advance and any Compensating Interest Payments;

     

    (iii)  Any
      Prepayment Charges collected by the Servicer in connection with the Principal
      Prepayment of any of the related Mortgage Loans (including any Servicer
      Prepayment Charge Payment Amounts);

     

    (iv)  Any
      Insurance Proceeds or Liquidation Proceeds received by or on behalf of the
      Securities Administrator or which were not deposited in the related Custodial
      Account;

     

    (v)  The
      Purchase Price with respect to any related Mortgage Loans purchased by the
      Sponsor or Section 2.02 or 2.03, any amounts which are to be treated
      pursuant to Section 2.04 of this Agreement as the payment of such a
      Purchase Price, the Purchase Price with respect to any related Mortgage Loans
      purchased by the Depositor pursuant to Section 3.24, and all proceeds of
      any related Mortgage Loans or property acquired with respect thereto repurchased
      by the Master Servicer pursuant to Section 10.01;

     

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

     

    (vii)  Any
      other
      amounts received by or on behalf of the Securities Administrator and required
      to
      be deposited in the related sub-account of the Distribution Account pursuant
      to
      this Agreement.

     

    (b)  All
      amounts deposited to the Distribution Account shall be held by the Securities
      Administrator in the name of the Trustee in trust for the benefit of the related
      Certificateholders in accordance with the terms and provisions of this
      Agreement. The requirements for crediting the Distribution Account shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of late payment charges or assumption,
      tax service, statement account or payoff, substitution, satisfaction, release
      and other like fees and charges, need not be credited by the Securities
      Administrator to the Distribution Accounts.

     

    (c)  The
      amount at any time credited to the Distribution Account may be invested by
      the
      Securities Administrator in Permitted Investments that mature no later than
      the
      Business Day prior to the next succeeding Distribution Date as directed by
      the
      Master Servicer, unless the investment is managed by the Securities
      Administrator or an affiliate of the Securities Administrator, in which case
      such Permitted Investments may mature on the Distribution Date. All such
      investment income shall be for the benefit of the Master Servicer, and any
      losses incurred shall be deposited by the Master Servicer in the Distribution
      Accounts immediately as realized.

     

    Section
      3.32  Permitted
      Withdrawals and Transfers from the Distribution Account.

     

    (a)  The
      Securities Administrator will from time to time make or cause to be made such
      withdrawals or transfers from the sub-accounts of the Distribution Account
      pursuant to this Agreement for the following purposes:

     

    (i)  to
      pay to
      the Trustee any expenses recoverable by the Trustee pursuant to this
      Agreement.

     

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

     

    (iii)  to
      reimburse the Master Servicer or the Servicer from Insurance Proceeds or
      Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended
      by the Master Servicer as Successor Servicer or 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;

     

    (iv)  to
      reimburse the Master Servicer as Successor Servicer or 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 Master Servicer
      as Successor Servicer or the Servicer from Liquidation Proceeds from a
      particular Mortgage Loan for Liquidation Expenses incurred with respect to
      such
      Mortgage Loan;

     

    (v)  to
      reimburse the Master Servicer as Successor Servicer or the Servicer for advances
      of funds pursuant to this Agreement, and the right to reimbursement pursuant
      to
      this subclause being limited to amounts received on the related Mortgage Loan
      (including, for this purpose, the Purchase Price therefor, Insurance Proceeds,
      Liquidation Proceeds and condemnation proceeds) which represent late recoveries
      of the payments for which such advances were made;

     

    (vi)  to
      reimburse the Master Servicer as Successor Servicer or the Servicer for any
      Advance or advance, after a Realized Loss has been allocated with respect to
      the
      related Mortgage Loan if the Advance or advance has not been reimbursed pursuant
      to clauses (ii) and (v);

     

    (vii)  to
      pay
      the Credit Risk Management Fee to the Credit Risk Manager; provided, however,
      that upon the termination of the Credit Risk Manager pursuant to
      Section 3.33 hereof, the amount of the Credit Risk Management Fee (or any
      portion thereof) previously payable to the Credit Risk Manager as described
      herein shall be paid to the Sponsor;

     

    (viii)  to
      reimburse the Trustee or the Securities Administrator for expenses, costs and
      liabilities incurred by and reimbursable to it pursuant to this Agreement
      (including the expenses of the Securities Administrator in connection with
      a tax
      audit in connection with the performance of its obligations pursuant to
      Section 9.13);

     

    (ix)  to
      pay to
      the Trust Fund, as additional servicing compensation, any Excess Liquidation
      Proceeds to the extent not retained by the Servicer;

     

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

     

    (xi)  to
      reimburse the Trustee for expenses incurred in the transfer of servicing
      responsibilities of the terminated Servicer after the occurrence and continuance
      of a Servicer Default to the extent not paid by the terminated
      Servicer;

     

    (xii)  to
      reimburse the Master Servicer for any costs and expenses reimbursable to the
      Master Servicer pursuant to this Agreement;

     

    (xiii)  to
      reimburse the Custodian for expenses, costs and liabilities incurred or
      reimbursable to it pursuant to this Agreement or the Custodial
      Agreement;

     

    (xiv)  to
      remove
      amounts deposited in error; and

     

    (xv)  to
      clear
      and terminate the Distribution Account pursuant to
      Section 10.01.

     

    (b)  The
      Securities Administrator shall keep and maintain separate accounting, on a
      Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any
      reimbursement from the Distribution Accounts pursuant to subclauses (ii) through
      (v), inclusive, and (vii) or with respect to any such amounts which would have
      been covered by such subclauses had the amounts not been retained by the
      Securities Administrator without being deposited in the Distribution Accounts
      under Section 3.31.

     

    (c)  On
      each
      Distribution Date, the Securities Administrator shall distribute the related
      Available Distribution Amount, to the extent of funds on deposit in the related
      sub-account of the Distribution Account to the holders of the related
      Certificates in accordance with Section 5.04.

     

    Section
      3.33  Duties
      of the Credit Risk Manager; Termination.

     

    (a)  The
      Depositor appoints Portfolio Surveillance Analytics, LLC, a wholly owned
      subsidiary of InformationLogix, Inc. as Credit Risk Manager. For and on behalf
      of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning the Mortgage Loans that are past due, as to which
      there has been commencement of foreclosure, as to which there has been
      forbearance in exercise of remedies which are in default, as to which a
      Mortgagor is the subject of bankruptcy, receivership, or an arrangement of
      creditors, or as to which have become REO Properties. Such reports and
      recommendations will be based upon information provided to the Credit Risk
      Manager pursuant to the related Credit Risk Management Agreement and the Credit
      Risk Manager shall look solely to the Servicer and/or Master Servicer for all
      information and data (including loss and delinquency information and data)
      and
      loan level information and data relating to the servicing of the related
      Mortgage Loans. If the Credit Risk Manager is no longer able to perform its
      duties hereunder, the Credit Risk Manager may be terminated by the Depositor
      at
      the direction of Certificateholders evidencing not less than 66 2/3% of the
      Voting Rights. The Depositor may, at its option, cause the appointment of a
      successor Credit Risk Manager. Upon any termination of the Credit Risk Manager
      or the appointment of a successor Credit Risk Manager, the Depositor shall
      give
      written notice thereof to the Servicer, the Trustee, each Rating Agency and
      the
      Credit Risk Manager. Notwithstanding the foregoing, the termination of the
      Credit Risk Manager pursuant to Section 3.33(b) shall not become effective
      until the appointment of a successor Credit Risk Manager. The Trustee is hereby
      authorized to enter into any Credit Risk Management Agreement necessary to
      effect the foregoing.

     

    (b)  Within
      six months of the Closing Date, the Sponsor may, at its option, terminate the
      Credit Risk Manager if, in its reasonable judgment, (i) the value of the
      servicing rights with respect to the Mortgage Loans is adversely affected as
      a
      result of the presence of the Credit Risk Manager or (ii) the presence of the
      Credit Risk Manager impairs the ability of the Sponsor to transfer the servicing
      rights with respect to the Mortgage Loans as permitted by this Agreement. Upon
      the termination of the Credit Risk Manager, the Sponsor may, at its option,
      cause the Depositor to appoint a successor Credit Risk Manager. Notice of such
      termination shall be provided by the Sponsor to the Rating Agencies, the
      Trustee, the Securities Administrator, the Depositor, the Servicer and the
      Credit Risk Manager. Upon the appointment of a successor Credit Risk Manager,
      the Depositor shall provide written notice thereof to each Rating Agency, the
      Trustee, the Servicer, the Securities Administrator and the Credit Risk
      Manager.

     

    If
      the
      Credit Risk Manager is terminated pursuant to this Section 3.33(b), the
      Credit Risk Manager shall only be entitled to a fee equal to 0.0050% with
      respect to each Mortgage Loan for the one year period following such
      termination. After the expiration of such one year period, the Credit Risk
      Manager shall not be entitled to the Credit Risk Management Fee or any portion
      thereof with respect to any Mortgage Loan. The excess of the Credit Risk
      Management Fee with respect to each Mortgage Loan over the amount payable to
      the
      Credit Risk Manager as described in this paragraph shall be paid to the Sponsor
      pursuant to Section 5.04(a).

     

    Section
      3.34  Limitation
      Upon Liability of the Credit Risk Manager.

     

    Neither
      the Credit Risk Manager, nor any of the directors, officers, employees or agents
      of the Credit Risk Manager, shall be under any liability to the Servicer, the
      Master Servicer, the Securities Administrator, the Trustee, the
      Certificateholders or the Depositor for any action taken or for refraining
      from
      the taking of any action in good faith pursuant to this Agreement, in reliance
      upon information provided by the Servicer and/or Master Servicer under the
      related Credit Risk Management Agreement or of errors in judgment; provided,
      however, that this provision shall not protect the Credit Risk Manager or any
      such person against liability that would otherwise be imposed by reason of
      willful malfeasance, bad faith or gross negligence in its performance of its
      duties under this Agreement or the applicable Credit Risk Management Agreement.
      The Credit Risk Manager and any director, officer, employee or agent of the
      Credit Risk Manager may rely in good faith on any document of any kind prima
      facie properly executed and submitted by any Person respecting any matters
      arising hereunder, and may rely in good faith upon the accuracy of information
      furnished by the Servicer and/or Master Servicer pursuant to the related Credit
      Risk Management Agreement in the performance of its duties thereunder and
      hereunder.

     

    ARTICLE
      IV

    ADMINISTRATION
      AND MASTER SERVICING OF THE MORTGAGE LOANS

     

    Section
      4.01  The
      Master Servicer. 

     

    The
      Master Servicer shall supervise, monitor and oversee the obligation of the
      Servicer to
      service and administer the Mortgage Loans in accordance with the terms of this
      Agreement and shall have full power and authority to do any and all things
      which
      it may deem necessary or desirable in connection with such master servicing
      and
      administration. In performing its obligations hereunder, the Master Servicer
      shall act in a manner consistent with Accepted Master Servicing Practices.
      Furthermore, the Master Servicer shall oversee and consult with the Servicer
      as
      necessary from time-to-time to carry out the Master Servicer’s obligations
      hereunder, shall receive, review and evaluate all reports, information and
      other
      data provided to the Master Servicer by the Servicer and shall cause the
      Servicer to perform and observe the covenants, obligations and conditions to
      be
      performed or observed by the Servicer under this Agreement. The Master Servicer
      shall independently and separately monitor the servicing activities of the
      Servicer with respect to each Mortgage Loan, reconcile the results of such
      monitoring with such information provided in the previous sentence on a monthly
      basis and coordinate corrective adjustments to the Servicer’s and Master
      Servicer’s records, and based on such reconciled and corrected information,
      provide such information relating to the Mortgage Loans to the Securities
      Administrator as shall be necessary to enable it to prepare the statements
      specified in Section 5.06 and any other information and statements required
      to be provided by the Securities Administrator hereunder. The Master Servicer
      shall reconcile the results of its Mortgage Loan monitoring with the actual
      remittances of the Servicer to the Distribution Account.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Master Servicer shall not have
      any duty or obligation to enforce any Credit Risk Management Agreement that
      the
      Servicer is a party to (the “Servicer Credit Risk Management Agreement”) or to
      supervise, monitor or oversee the activities of the Credit Risk Manager under
      the Servicer Credit Risk Management Agreement with respect to any action taken
      or not taken by the Servicer pursuant to a recommendation of the Credit Risk
      Manager.

     

    The
      Trustee shall furnish the Servicer and the Master Servicer with any limited
      powers of attorney and other documents in form acceptable to the Trustee
      necessary or appropriate to enable the Servicer and the Master Servicer to
      service or master service and administer the Mortgage Loans and REO Property.
      The Trustee shall have no responsibility for any action of the Master Servicer
      or the Servicer pursuant to any such limited power of attorney and shall be
      indemnified by the Master Servicer or the Servicer for any cost, liability
      or
      expense arising from the misuse thereof by the Master Servicer or the
      Servicer.

     

    The
      Trustee, the Custodian and the Securities Administrator shall provide access
      to
      the records and documentation in possession of the Trustee, the Custodian or
      the
      Securities Administrator regarding the Mortgage Loans and REO Property and
      the
      servicing thereof to the Certificateholders, the FDIC, and the supervisory
      agents and examiners of the FDIC, such access being afforded only upon
      reasonable prior written request and during normal business hours at the office
      of the Trustee, the Custodian or the Securities Administrator; provided,
      however, that, unless otherwise required by law, none of the Trustee, the
      Custodian or the Securities Administrator shall be required to provide access
      to
      such records and documentation if the provision thereof would violate the legal
      right to privacy of any Mortgagor. The Trustee, the Custodian and the Securities
      Administrator shall allow representatives of the above entities to photocopy
      any
      of the records and documentation and shall provide equipment for that purpose
      at
      a charge that covers the Trustee’s, the Custodian’s or the Securities
      Administrator’s actual costs.

     

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

     

    Section
      4.02  Monitoring
      of Servicer.

     

    The
      Master Servicer shall be responsible for monitoring the compliance by the
      Servicer with its duties under this Agreement. In the review of the Servicer’s
      activities, the Master Servicer may rely upon an officer’s certificate of the
      Servicer with regard to the Servicer’s compliance with the terms of this
      Agreement. In the event that the Master Servicer, in its judgment, determines
      that the Servicer should be terminated in accordance with this Agreement, or
      that a notice should be sent pursuant to this Agreement with respect to the
      occurrence of an event that, unless cured, would constitute grounds for such
      termination, the Master Servicer shall notify the Sponsor and the Trustee
      thereof and the Master Servicer shall issue such notice or take such other
      action as it deems appropriate.

     

    The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of the Servicer under this Agreement, and shall,
      in the event that the Servicer fails to perform its obligations in accordance
      with the Servicing Agreement, subject to this Section and Article VIII,
      terminate the rights and obligations of the Servicer hereunder in accordance
      with the provisions of Article VIII. The Master Servicer shall act as servicer
      of the Mortgage Loans or enter in to a new servicing agreement with a successor
      servicer selected by the Master Servicer; provided, however, it is understood
      and acknowledged by the parties hereto that there will be a period of transition
      (not to exceed 90 days) before the actual servicing functions can be fully
      transferred to the Master Servicer or such successor servicer. Such enforcement,
      including, without limitation, the legal prosecution of claims and the pursuit
      of other appropriate remedies, shall be in such form and carried out to such
      an
      extent and at such time as the Master Servicer, in its good faith business
      judgment, would require were it the owner of the Mortgage Loans. The Master
      Servicer shall pay the costs of such enforcement at its own expense, provided
      that the Master Servicer shall not be required to prosecute or defend any legal
      action except to the extent that the Master Servicer shall have received
      indemnity reasonably acceptable to it for its costs and expenses in pursuing
      such action.

     

    To
      the
      extent that the costs and expenses related to the termination of the Servicer,
      appointment of a Successor Servicer or the transfer and assumption of servicing
      by the Master Servicer (including, without limitation, (i) all legal costs
      and
      expenses and all due diligence costs and expenses associated with an evaluation
      of the potential termination of the Servicer as a result of an event of default
      by the Servicer and (ii) all costs and expenses associated with the complete
      transfer of servicing, including all servicing files and all servicing data
      and
      the completion, correction or manipulation of such servicing data as may be
      required by the Successor Servicer to correct any errors or insufficiencies
      in
      the servicing data or otherwise to enable the Successor Servicer to service
      the
      Mortgage Loans in accordance with this Agreement) are not fully and timely
      reimbursed by the terminated Servicer, the Master Servicer shall be entitled
      to
      reimbursement of such costs and expenses from the Distribution
      Account.

     

    The
      Master Servicer shall require the Servicer to comply with the remittance
      requirements and other obligations set forth in this Agreement.

     

    If
      the
      Master Servicer acts as Successor Servicer, it shall not assume liability for
      the representations and warranties of the Servicer, if any, that it
      replaces.

     

    Section
      4.03  Fidelity
      Bond. 

     

    The
      Master Servicer, at its expense, shall maintain in effect a blanket fidelity
      bond and an errors and omissions insurance policy that shall be in such form
      and
      amount generally acceptable for entities serving as master servicers or
      trustees, 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.
      Any such errors and omissions policy and fidelity bond may not be cancelable
      without thirty (30) days’ prior written notice to the Trustee.

     

    Section
      4.04  Power
      to Act; Procedures. 

     

    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Section 9.13 hereof, to do any and all things that it may deem necessary or
      desirable in connection with the master servicing and administration of the
      Mortgage Loans, including but not limited to the power and authority (i) to
      execute and deliver, on behalf of the Certificateholders and the Trustee,
      customary consents or waivers and other instruments and documents, (ii) to
      consent to transfers of any Mortgaged Property and assumptions of the Mortgage
      Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
      Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of
      the ownership of the Mortgaged Property securing any Loan, in each case, in
      accordance with the provisions of this Agreement; provided, however, that the
      Master Servicer shall not (and, consistent with its responsibilities under
      Section 4.02, shall not permit the Servicer to) knowingly or intentionally
      take any action, or fail to take (or fail to cause to be taken) any action
      reasonably within its control and the scope of duties more specifically set
      forth herein, that, under the REMIC Provisions, if taken or not taken, as the
      case may be, would cause any REMIC to fail to qualify as a REMIC or result
      in
      the imposition of a tax upon the Trust Fund (including but not limited to the
      tax on prohibited transactions as defined in Section 860F(a)(2) of the Code
      and the tax on contributions to a REMIC set forth in Section 860G(d) of the
      Code) unless the Master Servicer has received an Opinion of Counsel (but not
      at
      the expense of the Master Servicer) to the effect that the contemplated action
      will not cause any REMIC to fail to qualify as a REMIC or result in the
      imposition of a tax upon any REMIC. The Trustee shall furnish the Master
      Servicer, upon written request from a Servicing Officer or an Authorized
      Servicer Representative, with any powers of attorney (in form acceptable to
      Trustee) empowering the Master Servicer, or the Servicer to execute and deliver
      instruments of satisfaction or cancellation, or of partial or full release
      or
      discharge, and to foreclose upon or otherwise liquidate Mortgaged Property,
      and
      to appeal, prosecute or defend in any court action relating to the Mortgage
      Loans or the Mortgaged Property, in accordance with this Agreement, and the
      Trustee shall execute and deliver such other documents, as the Master Servicer
      or the Servicer may request, to enable the Master Servicer to master service
      and
      administer the Mortgage Loans and carry out its duties hereunder, in each case
      in accordance with Accepted Master Servicing Practices (and the Trustee shall
      have no liability for the misuse of any such powers of attorney by the Master
      Servicer or the Servicer and shall be indemnified by the Master Servicer or
      the
      Servicer, as applicable, for any costs, liabilities or expenses incurred by
      the
      Trustee in connection with such misuse). If the Master Servicer or the Trustee
      has been advised that it is likely that the laws of the state in which action
      is
      to be taken prohibit such action if taken in the name of the Trustee or that
      the
      Trustee would be adversely affected under the “doing business” or tax laws of
      such state if such action is taken in its name, the Master Servicer shall join
      with the Trustee in the appointment of a co-trustee pursuant to
      Section 9.10 hereof. In the performance of its duties hereunder, the Master
      Servicer shall be an independent contractor and shall not, except in those
      instances where it is taking action authorized pursuant to this Agreement to
      be
      taken by it in the name of the Trustee, be deemed to be the agent of the
      Trustee.

     

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

     

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

     

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

     

    The
      Master Servicer shall transmit to the Trustee or Custodian such documents and
      instruments coming into the possession of the Master Servicer from time to
      time
      as are required by the terms hereof to be delivered to the Trustee or the
      Custodian. Any funds received by the Master Servicer in respect of any Mortgage
      Loan or which otherwise are collected by the Master Servicer as Liquidation
      Proceeds, Insurance Proceeds or Subsequent Recoveries in respect of any Mortgage
      Loan shall be held for the benefit of the Trustee and the Certificateholders
      subject to the Master Servicer’s right to retain or withdraw from the
      Distribution Account the Master Servicing Compensation and other amounts
      provided in this Agreement. The Master Servicer, to the extent required by
      Article III, shall cause the Servicer to, provide access to information and
      documentation regarding the Mortgage Loans to the Trustee, its agents and
      accountants at any time upon reasonable request and during normal business
      hours, and to Certificateholders that are savings and loan associations, banks
      or insurance companies, the OTS, 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 OTS or other regulatory authority, such access to be afforded
      without charge but only upon reasonable request in writing and during normal
      business hours at the offices of the Master Servicer designated by it. In
      fulfilling such a request the Master Servicer shall not be responsible for
      determining the sufficiency of such information.

     

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

     

    Section
      4.07  Standard
      Hazard Insurance and Flood Insurance Policies.

     

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

     

    Pursuant
      to Section 3.31, any amounts collected by the Master Servicer, under any
      insurance policies (other than amounts to be applied to the restoration or
      repair of the property subject to the related Mortgage or released to the
      Mortgagor in accordance with this Agreement) shall be deposited into the
      Distribution Account, subject to withdrawal pursuant to
      Section 3.32.

     

    Section
      4.08  Presentment
      of Claims and Collection of Proceeds. 

     

    The
      Master Servicer shall enforce the Servicer’s obligations to prepare and present
      on behalf of the Trustee and the Certificateholders all claims under any
      insurance policies and take such actions (including the negotiation, settlement,
      compromise or enforcement of the insured’s claim) as shall be necessary to
      realize recovery under such policies. Any proceeds disbursed to the Master
      Servicer (or disbursed to the Servicer and remitted to the Master Servicer)
      in
      respect of such policies, bonds or contracts shall be promptly deposited in
      the
      Distribution Account upon receipt, except that any amounts realized that are
      to
      be applied to the repair or restoration of the related Mortgaged Property as
      a
      condition precedent to the presentation of claims on the related Mortgage Loan
      to the insurer under any applicable insurance policy need not be so deposited
      (or remitted).

     

    Section
      4.09  Maintenance
      of the Primary Mortgage Insurance Policies.

     

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

     

    The
      Master Servicer agrees to cause the Servicer to present, on behalf of the
      Trustee and the Certificateholders, claims to the insurer under any primary
      mortgage insurance policies and, in this regard, to take such reasonable action
      as shall be necessary to permit recovery under any primary mortgage insurance
      policies respecting defaulted Mortgage Loans. Pursuant to Section 3.31, any
      amounts collected by the Master Servicer or the Servicer under any primary
      mortgage insurance policies shall be deposited by the Servicer or by the Master
      Servicer in the Distribution Account, subject to withdrawal pursuant to
      Section 3.32.

     

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

     

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

     

    Section
      4.11  Realization
      Upon Defaulted Loans. 

     

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

     

    Section
      4.12  Compensation
      for the Master Servicer.

     

    As
      compensation for its services hereunder, the Master Servicer shall be entitled
      to receive all income and gain realized from any investment of funds in the
      Distribution Account (the “Master Servicing Compensation”). The Master Servicer
      shall be required to pay all expenses incurred by it in connection with its
      activities hereunder and shall not be entitled to reimbursement therefor except
      as provided in this Agreement.

     

    The
      amount of the Master Servicing Compensation payable to the Master Servicer
      in
      respect of any Distribution Date shall be reduced in accordance with
      Section 4.14.

     

    Section
      4.13  REO
      Property.

     

    In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
      or to its nominee, on behalf of the Certificateholders. The Master Servicer
      shall cause the Servicer to sell, and the Servicer agrees to sell, any REO
      Property as expeditiously as possible and in accordance with the provisions
      of
      this Agreement. Further, the Master Servicer shall cause the Servicer to sell
      any REO Property prior to three years after the end of the calendar year of
      its
      acquisition by REMIC I, unless (i) the Trustee and the Securities Administrator
      shall have been supplied with an Opinion of Counsel to the effect that the
      holding by the Trust Fund of such REO Property subsequent to such three-year
      period will not result in the imposition of taxes on “prohibited transactions”
of any REMIC hereunder as defined in Section 860F of the Code or cause any
      REMIC hereunder to fail to qualify as a REMIC at any time that any Certificates
      are outstanding, in which case the Trust Fund may continue to hold such
      Mortgaged Property (subject to any conditions contained in such Opinion of
      Counsel) or (ii) the Servicer shall have applied for, prior to the expiration
      of
      such three-year period, an extension of such three-year period in the manner
      contemplated by Section 856(e)(3) of the Code, in which case the three-year
      period shall be extended by the applicable extension period. The Master Servicer
      shall cause the Servicer to protect and conserve, such REO Property in the
      manner and to the extent required by this Agreement, in accordance with the
      REMIC Provisions and in a manner that does not result in a tax on “net income
      from foreclosure property” or cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the
      Code.

     

    The
      Master Servicer shall cause the Servicer to deposit all funds collected and
      received in connection with the operation of any REO Property in the Custodial
      Account.

     

    The
      Master Servicer and the Servicer upon the final disposition of any REO Property,
      shall be entitled to reimbursement for any related unreimbursed Advances and
      other unreimbursed advances as well as any unpaid Servicing Fees from
      Liquidation Proceeds received in connection with the final disposition of such
      REO Property; provided, that any such unreimbursed 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.

     

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

     

    The
      Master Servicer shall deposit in the Distribution Account not later than each
      Distribution Date an amount equal to the lesser of (i) the aggregate amounts
      required to be paid by the Servicer under this Agreement with respect to
      Prepayment Interest Shortfalls on the Mortgage Loans for the related
      Distribution Date, and not so paid by the Servicer and (ii) the Master Servicing
      Compensation for such Distribution Date without reimbursement
      therefor.

     

    ARTICLE
      V

    ADVANCES
      AND DISTRIBUTIONS

     

    Section
      5.01  Advances;
      Advance Facility.

     

    (a)  The
      Servicer shall make an Advance with respect to any Mortgage Loan and deposit
      such Advance in the Distribution Account no later than noon Eastern time on
      the
      Remittance Date in immediately available funds. The Servicer shall be obligated
      to make any such Advance only to the extent that such advance would not be
      a
      Nonrecoverable Advance. If the Servicer shall have determined that it has made
      a
      Nonrecoverable Advance or that a proposed Advance or a lesser portion of such
      Advance would constitute a Nonrecoverable Advance, the Servicer shall deliver
      (i) to the Securities Administrator for the benefit of the Certificateholders
      funds constituting the remaining portion of such Advance, if applicable, and
      (ii) to the Depositor, each Rating Agency and the Master Servicer an Officer’s
      Certificate setting forth the basis for such determination.

     

    In
      lieu
      of making all or a portion of such Advance from its own funds, the Servicer
      may
      (i) cause to be made an appropriate entry in its records relating to the related
      Custodial Account that any Amounts Held for Future Distribution has been used
      by
      the Servicer in discharge of its obligation to make any such Advance and (ii)
      transfer such funds from the related Custodial Account to the Distribution
      Account. Any funds so applied and transferred shall be replaced by the Servicer
      by deposit in the Distribution Account, no later than the close of business
      on
      any future Remittance Date on which the funds on deposit in the related
      Custodial Account shall be less than the amount required to be remitted to
      the
      Securities Administrator on such Remittance Date; provided, however that if
      the
      rating of the Servicer (including any Successor Servicer) is less than “BBB”,
      the Servicer shall be required to replace such funds by deposit to the
      Distribution Account, no later than the close of business on the Remittance
      Date
      immediately following the Due Period or Prepayment Period for which such amounts
      relate.

     

    The
      Servicer shall be entitled to be reimbursed from the related Custodial Account
      for all Advances of its own funds made pursuant to this Section as provided
      in Section 3.27. The obligation to make Advances with respect to any
      Mortgage Loan shall continue until such Mortgage Loan is paid in full or the
      related Mortgaged Property or related REO Property has been liquidated or until
      the purchase or repurchase thereof (or substitution therefor) from the Trust
      Fund pursuant to any applicable provision of this Agreement, except as otherwise
      provided in this Section 5.01.

     

    Subject
      to and in accordance with the provisions of Article VIII hereof, in the event
      that the Servicer fails to make such Advance, then the Master Servicer, as
      a
      Successor Servicer, shall be obligated to make such Advance only to the extent
      such Advance, if made, would not constitute a Nonrecoverable Advance, subject
      to
      the provisions of Sections 5.01 and 8.02.

     

    (b)  (i)
      The
      Servicer is hereby authorized to enter into a financing or other facility (any
      such arrangement, an “Advance Facility”), the documentation for which complies
      with Section 5.01(b)(v) below, under which (1) the Servicer assigns or
      pledges its rights under this Agreement to be reimbursed for any or all Advances
      and/or Servicing Advances to (i) a Person, which may be a special-purpose
      bankruptcy-remote entity (an “SPV”), (ii) a Person, which may simultaneously
      assign or pledge such rights to an SPV or (iii) a lender (a “Lender”), which, in
      the case of any Person or SPV of the type described in either of the preceding
      clauses (i) or (ii), may directly or through other assignees and/or pledgees,
      assign or pledge such rights to a Person, which may include a trustee acting
      on
      behalf of holders of debt instruments (any such Person or any such Lender,
      an
“Advance Financing Person”), and/or (2) an Advance Financing Person agrees to
      fund all the Advances and/or Servicing Advances required to be made by the
      Servicer pursuant to this Agreement. No consent of the Trustee, the Securities
      Administrator, the Master Servicer, the Certificateholders or any other party
      shall be required before the Servicer may enter into an Advance Facility nor
      shall the Trustee, the Securities Administrator, the Master Servicer or the
      Certificateholders be a third party beneficiary of any obligation of an Advance
      Financing Person to the Servicer. Notwithstanding the existence of any Advance
      Facility under which an Advance Financing Person agrees to fund Advances and/or
      Servicing Advances, (A) the Servicer (i) shall remain obligated pursuant to
      this
      Agreement to make Advances and/or Servicing Advances pursuant to and as required
      by this Agreement and (ii) shall not be relieved of such obligations by virtue
      of such Advance Facility and (B) neither the Advance Financing Person nor any
      Servicer Assignee (as hereinafter defined) shall have any right to proceed
      against or otherwise contact any Mortgagor for the purpose of collecting any
      payment that may be due with respect to any related Mortgage Loan or enforcing
      any covenant of such Mortgagor under the related Mortgage Loan documents.

     

    (ii)  If
      the
      Servicer enters into an Advance Facility, the Servicer and the related Advance
      Financing Person shall deliver to the Master Servicer and the Securities
      Administrator at the address set forth in Section 11.05 hereof no later
      than the Remittance Date immediately following the effective date of such
      Advance Facility a written notice (an “Advance Facility Notice”), stating (a)
      the identity of the Advance Financing Person and (b) the identity of the Person
      (the “Servicer’s Assignee”) that will, subject to Section 5.01(b)(iii)
      hereof, have the right to make withdrawals from the Custodial Account pursuant
      to Section 3.27 hereof to reimburse previously unreimbursed Advances and/or
      Servicing Advances (“Advance Reimbursement Amounts”). Advance Reimbursement
      Amounts (i) shall consist solely of amounts in respect of Advances and/or
      Servicing Advances for which the Servicer would be permitted to reimburse itself
      in accordance with Section 3.27 hereof, assuming the Servicer had made the
      related Advance(s) and/or Servicing Advance(s) and (ii) shall not consist of
      amounts payable to a successor Servicer in accordance with Section 3.27
      hereof to the extent permitted under Section 5.01(b)(v) below.

     

    (iii)  Notwithstanding
      the existence of an Advance Facility, the Servicer, on behalf of the Advance
      Financing Person and the Servicer’s Assignee, shall be entitled to receive
      reimbursements of Advances and/or Servicing Advances in accordance with
      Section 3.27 hereof, which entitlement may be terminated by the Advance
      Financing Person pursuant to a written notice to the Master Servicer and the
      Securities Administrator in the manner set forth in Section 11.05 hereof.
      Upon receipt of such written notice, the Servicer shall no longer be entitled
      to
      receive reimbursement for any Advance Reimbursement Amounts and the Servicer’s
      Assignee shall immediately have the right to receive from the Custodial Account
      all Advance Reimbursement Amounts. Notwithstanding the foregoing, and for the
      avoidance of doubt, (i) the Servicer and/or the Servicer’s Assignee shall only
      be entitled to reimbursement of Advance Reimbursement Amounts hereunder from
      withdrawals from the Custodial Account pursuant to Section 3.27 of this
      Agreement and shall not otherwise be entitled to make withdrawals or receive
      amounts that shall be deposited in the Distribution Account pursuant to
      Section 3.31 hereof, and (ii) none of the Trustee or the Certificateholders
      shall have any right to, or otherwise be entitled to, receive any Advance
      Reimbursement Amounts to which the Servicer or the Servicer’s Assignee, as
      applicable, shall be entitled pursuant to Section 3.27 hereof. An Advance
      Facility may be terminated by the joint written direction of the Servicer and
      the related Advance Financing Person. Written notice of such termination shall
      be delivered to the Trustee in the manner set forth in Section 11.05
      hereof. None of the Depositor, Master Servicer, the Securities Administrator
      or
      the Trustee shall, as a result of the existence of any Advance Facility, have
      any additional duty or liability with respect to the calculation or payment
      of
      any Advance Reimbursement Amount, nor, as a result of the existence of any
      Advance Facility, shall the Depositor, Master Servicer, the Securities
      Administrator or the Trustee have any additional responsibility to track or
      monitor the administration of the Advance Facility or the payment of Advance
      Reimbursement Amounts to the Servicer’s Assignee. The Servicer shall indemnify
      the Master Servicer, the Securities Administrator, Depositor, the Trustee,
      any
      successor Servicer and the Trust Fund for any claim, loss, liability or damage
      resulting from any claim by the related Advancing Financing Person, except
      to
      the extent that such claim, loss, liability or damage resulted from or arose
      out
      of gross negligence, recklessness or willful misconduct on the part of the
      Master Servicer, the Securities Administrator, Depositor, the Trustee or any
      successor Servicer, as the case may be. The Servicer shall maintain and provide
      to any successor Servicer and, upon request, the Trustee a detailed accounting
      on a loan-by-loan basis as to amounts advanced by, pledged or assigned to,
      and
      reimbursed to any Advancing Financing Person. The successor Servicer shall
      be
      entitled to rely on any such information provided by the Servicer, and the
      successor Servicer shall not be liable for any errors in such
      information.

     

    (iv)  An
      Advance Financing Person who receives an assignment or pledge of rights to
      receive Advance Reimbursement Amounts and/or whose obligations are limited
      to
      the funding of Advances and/or Servicing Advances pursuant to an Advance
      Facility shall not be required to meet the criteria for qualification as the
      Servicer.

     

    (v)  As
      between the Servicer and its Advance Financing Person, on the one hand, and
      a
      successor Servicer and its Advance Financing Person, if any, on the other hand,
      Advance Reimbursement Amounts on a loan-by-loan basis with respect to each
      Mortgage Loan as to which an Advance and/or Servicing Advance shall have been
      made and be outstanding shall be allocated on a “first-in, first out” basis. In
      the event the Servicer’s Assignee shall have received some or all of an Advance
      Reimbursement Amount related to Advances and/or Servicing Advances that were
      made by a Person other than the Servicer or its related Advance Financing Person
      in error, then the Servicer’s Assignee shall be required to remit any portion of
      such Advance Reimbursement Amount to each Person entitled to such portion of
      such Advance Reimbursement Amount. Without limiting the generality of the
      foregoing, the Servicer shall remain entitled to be reimbursed by the Advance
      Financing Person for all Advances and/or Servicing Advances funded by the
      Servicer to the extent the related Advance Reimbursement Amounts have not been
      assigned or pledged to such Advance Financing Person or the Servicer’s
      Assignee.

     

    (vi)  For
      purposes of any Officer’s Certificate of the Servicer delivered pursuant to
      Section 5.01(a), any Nonrecoverable Advance referred to therein may have
      been made by the Servicer. In making its determination that any Advance or
      Servicing Advance theretofore made has become a Nonrecoverable Advance, the
      Servicer shall apply the same criteria in making such determination regardless
      of whether such Advance or Servicing Advance shall have been made by the
      Servicer.

     

    (vii)  Any
      amendment to this Section 5.01(b) or to any other provision of this
      Agreement that may be necessary or appropriate to effect the terms of an Advance
      Facility as described generally in this Section 5.01(b), including
      amendments to add provisions relating to a successor Servicer, may be entered
      into by the Master Servicer, the Securities Administrator, the Trustee, the
      Depositor and the Servicer without the consent of any Certificateholder,
      provided such amendment complies with Section 11.01 hereof. All reasonable
      costs and expenses (including attorneys’ fees) of each party hereto of any such
      amendment shall be borne solely by the Servicer. The parties hereto hereby
      acknowledge and agree that: (a) the Advances and/or Servicing Advances financed
      by and/or pledged to an Advance Financing Person under any Advance Facility
      are
      obligations owed to the Servicer payable only from the cash flows and proceeds
      received under this Agreement for reimbursement of Advances and/or Servicing
      Advances only to the extent provided herein, and none of the Master Servicer,
      the Securities Administrator, the Trustee or the Trust Fund are, as a result
      of
      the existence of any Advance Facility, obligated or liable to repay any Advances
      and/or Servicing Advances financed by the Advance Financing Person; (b) the
      Servicer will be responsible for remitting to the Advance Financing Person
      the
      applicable amounts collected by it as reimbursement for Advances and/or
      Servicing Advances funded by the Advance Financing Person, subject to the
      provisions of this Agreement; and (c) none of the Master Servicer, the
      Securities Administrator or the Trustee shall have any responsibility to track
      or monitor the administration of the financing arrangement between the Servicer
      and any Advance Financing Person.

     

    Section
      5.02  Compensating
      Interest Payments.

     

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

     

    Section
      5.03  REMIC
      Distributions.

     

    On
      each
      Distribution Date the Securities Administrator, shall be deemed to allocate
      distributions to the REMIC Regular Interests in accordance with
      Section 5.07 hereof.

     

    Section
      5.04  Distributions.

     

    (a)  On
      each
      Distribution Date, the Available Distribution Amount for such Distribution
      Date
      shall be withdrawn by the Securities Administrator to the extent of funds on
      deposit in the sub-account of the Distribution Account relating to the Group
      I
      Mortgage Loans and distributed as directed in accordance with the Remittance
      Report for such Distribution Date, in the following order of
      priority:

     

    First,
      in the
      following order of priority:

     

    
      	 	
              1.

            	
              from
                the Interest Remittance Amount to the holders of the Group I Senior
                Certificates on a pro rata basis, based on the entitlement of each
                such
                Class, the Senior Interest Distribution Amount for each such Class
                and for
                such Distribution Date;

            
	 	 	 
	 	
              2.

            	
              to
                the extent of the Interest Remittance Amount remaining after distribution
                of the Senior Interest Distribution Amount to the Holders of the
                Group I
                Senior Certificates, to
                the Holders
                of
                the Class I-M-1 Certificates, the Interest Distribution Amount for
                such
                Class for such Distribution Date;

            
	 	 	 
	 	
              3.

            	
              to
                the extent of the Interest Remittance Amount remaining after distribution
                of the Senior Interest Distribution Amount to the Holders
                of
                the Group I Senior Certificates and the Interest Distribution Amount
                to
                Holders
                of
                the Class I-M-1 Certificates, to the Holders
                of
                the Class I-M-2 Certificates, the Interest Distribution Amount for
                such
                Class for such Distribution Date; 

            
	 	 	 
	 	
              4.

            	
              to
                the extent of the Interest Remittance Amount remaining after distribution
                of the Senior Interest Distribution Amount to the Holders of the
                Group I
                Senior Certificates, the Interest Distribution Amount to the Holders
                of
                the Class I-M-1 Certificates and the Interest Distribution Amount
                to the
                Holders of the Class I-M-2 Certificates, to the Holders of the Class
                I-M-3
                Certificates, the Interest Distribution Amount for such Class for
                such
                Distribution Date;

            

    

    

    Second,
      to pay
      principal on the Group I Certificates (other than the Class I-A-IO
      Certificates), to the extent of the Principal Distribution Amount for each
      Distribution Date, in the following amount and order of priority:

     

    
      	 	
              1.

            	
              The
                Senior Principal Distribution Amount for such Distribution Date will
                be
                distributed to the Group I Senior Certificates (other than the Class
                I-A-IO Certificates) as follows:

            
	 	 	 
	 	 	
              first,
                to the Class I-A-5 Certificates, in an amount up to the Class I-A-5
                Lockout Principal Distribution Amount for such Distribution Date,
                until
                the Certificate Principal Balance thereof has been reduced to zero;
                and

            
	 	 	 
	 	 	
              second,
                any remaining Senior Principal Distribution Amount after the distribution
                described in clause first above, sequentially:

            
	 	 	 
	 	 	
              ·  to
                the Class I-A-1A Certificates and the Class I-A-1B Certificates,
                on a pro
                rata basis, based on the Certificate Principal Balance of each such
                Class,
                until the Certificate Principal Balance of each such Class has been
                reduced to zero;

            
	 	 	 
	 	 	
              ·  to
                the Class I-A-2 Certificates, until the Certificate Principal Balance
                thereof has been reduced to zero;

            
	 	 	 
	 	 	
              ·  to
                the Class I-A-3 Certificates, until the Certificate Principal Balance
                thereof has been reduced to zero;

            
	 	 	 
	 	 	
              ·  to
                the Class I-A-4 Certificates, until the Certificate Principal Balance
                thereof has been reduced to zero; and

            
	 	 	 
	 	 	
              ·  to
                the Class I-A-5 until the Certificate Principal Balance thereof has
                been
                reduced to zero.

            

    

    

    provided,
      however, on any Distribution Date after the Certificate Principal Balances
      of
      the Mezzanine Certificates have been reduced to zero, distributions of principal
      to the Group I Senior Certificates (other than the Class I-A-IO Certificates)
      will be allocated among such Group I Senior Certificates concurrently on a
      pro
      rata basis, based on the Certificate Principal Balances thereof, until the
      Certificate Principal Balance of each such Class has been reduced to
      zero.

     

    
      	 	
              2.

            	
              To
                the extent of any Principal Distribution Amount remaining after
                distribution of the Senior Principal Distribution Amount to the
                Holders
                of
                the Group I Senior Certificates (other than the Class I-A-IO Certificates)
                on such Distribution Date, to the Class I-M-1 Certificates, in an
                amount
                equal to the Class I-M-1 Principal Distribution Amount for such
                Distribution Date, until the Certificate Principal Balance thereof
                has
                been reduced to zero.

            
	 	 	 
	 	
              3.

            	
              To
                the extent of any Principal Distribution Amount remaining after
                distribution of the Senior Principal Distribution Amount to the
                Holders
                of
                the Group I Senior Certificates (other than the Class I-A-IO Certificates)
                on such Distribution Date and the distribution of the Class I-M-1
                Principal Distribution Amount to the Holders
                of
                the Class I-M-1 Certificates on such Distribution Date, to the Class
                I-M-2
                Certificates, in an amount equal to the Class I-M-2 Principal Distribution
                Amount for such Distribution Date, until the Certificate Principal
                Balance
                thereof has been reduced to zero.

            
	 	 	 
	 	
              4.

            	
              To
                the extent of any Principal Distribution Amount remaining after
                distribution of the Senior Principal Distribution Amount to the
                Holders
                of
                the Group I Senior Certificates (other than the Class I-A-IO Certificates)
                on such Distribution Date, the distribution of the Class I-M-1 Principal
                Distribution Amount to the Holders
                of
                the Class I-M-1 Certificates on such Distribution Date and the
                distribution of the Class I-M-2 Principal Distribution Amount to
                the
                Holders
                of
                the Class I-M-2 Certificates on such Distribution Date, to the Class
                I-M-3
                Certificates in an amount equal to the Class I-M-3 Principal Distribution
                Amount for such Distribution Date, until the Certificate Principal
                Balance
                thereof has been reduced to zero.

            

    

    

    Third,
      after
      the payment of interest and principal to the Group I Certificates as described
      in clauses First
      and
      Second
      above,
      any Net Monthly Excess Cashflow for such Distribution Date will be distributed
      as follows:

     

    
      	 	
              1.

            	
              To
                the Holders of the Group I Publicly Offered Certificates (other than
                the
                Class I-A-IO Certificates) in an amount equal to any Extra Principal
                Distribution Amount for such Distribution Date, payable to such Holders
                as
                part of the Principal Distribution Amount in accordance with clause
                Second
                above;

            
	 	 	 
	 	
              2.

            	
              To
                the Holders of the Class I-M-1 Certificates, then to the Holders
                of the
                Class I-M-2 Certificates and then to the Holders of the Class I-M-3
                Certificates, the related Interest Carry Forward Amount for each
                such
                Class and such Distribution Date;

            
	 	 	 
	 	
              3.

            	
              To
                the Net WAC Reserve Fund, in respect of the Group I Senior Certificates
                (other than the Class I-A-IO Certificates), an amount equal to (i)
                with
                respect to the Group I Senior Certificates (other than the Class
                I-A-IO
                Certificates and Class I-A-1A Certificates), the sum of the related
                Net
                WAC Rate Carryover Amounts, if any, for each such Class for such
                Distribution Date or any prior Distribution Dates and (ii) with respect
                to
                the Class I-A-1A Certificates, the amount by which the sum of the
                Net WAC
                Rate Carryover Amounts with respect to the Class I-A-1A Certificates
                exceeds the amount received by the Securities Administrator with
                respect
                to the Cap Contract for such Distribution Date or any prior Distribution
                Date;

            
	 	 	 
	 	
              4.

            	
              To
                the Net WAC Reserve Fund, in respect of the Class I-M-1 Certificates,
                the
                Net WAC Rate Carryover Amount for such Class for such Distribution
                Date or
                any prior Distribution Dates to the extent unpaid;

            
	 	 	 
	 	
              5.

            	
              To
                the Net WAC Reserve Fund, in respect of the Class I-M-2 Certificates,
                the
                Net WAC Rate Carryover Amount for such Class for such Distribution
                Date or
                any prior Distribution Dates to the extent unpaid;

            
	 	 	 
	 	
              6.

            	
              To
                the Net WAC Reserve Fund, in respect of the Class I-M-3 Certificates,
                the
                Net WAC Rate Carryover Amount for such Class for such Distribution
                Date or
                any prior Distribution Dates to the extent unpaid;

            
	 	 	 
	 	
              7.

            	
              To
                the Holders of the Class I-X Certificates, the Class I-X Distribution
                Amount; and

            
	 	 	 
	 	
              8.

            	
              To
                the Holders of the Class I-R Certificates, in respect of the Class
                R-1C
                Interest, any remaining amounts.

            

    

    

    On
      each
      Distribution Date, the Securities Administrator, after making the required
      distributions of interest and principal to the Group I Certificates as described
      in clauses First
      and
      Second
      above
      and
      after the distribution of the Net Monthly Excess Cashflow as described in clause
      Third
      above,
      will withdraw from the Net WAC Reserve Fund the amounts on deposit therein
      and
      distribute such amounts to the Group I Senior Certificates (other than the
      Class
      I-A-IO Certificates) and the Mezzanine Certificates in respect of any Net WAC
      Rate Carryover Amounts due to each such Class in the following manner and order
      of priority: first, concurrently to the Group I Senior Certificates, other
      than
      the Class I-A-IO Certificates, on a pro rata basis, based on the entitlement
      of
      each such Class, the related Net WAC Rate Carryover Amount (after taking into
      account payments made pursuant to the Cap Contract with respect to the Class
      I-A-1A Certificates) for such Distribution Date for each such Class; second,
      to
      the Class I-M-1 Certificates, the related Net WAC Rate Carryover Amount for
      such
      Distribution Date for such Class; third, to the Class I-M-2 Certificates, the
      related Net WAC Rate Carryover Amount for such Distribution Date for such Class;
      and fourth, to the Class I-M-3 Certificates, the related Net WAC Rate Carryover
      Amount for such Distribution Date for such Class.

     

    On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Group I Mortgage Loans received during the related Prepayment Period and
      deposited in the Distribution Account relating to the Group I Mortgage Loans
      will be withdrawn from such Distribution Account and distributed by the
      Securities Administrator to the Class I-P Certificates and shall not be
      available for distribution to the Holders of any other Class of Group I
      Certificates. The payment of such Prepayment Charges shall not reduce the
      Certificate Principal Balance of the Class I-P Certificates.

     

    On
      the
      Distribution Date in June 2011, the Securities Administrator shall make a
      payment of principal to the Class I-P Certificates in reduction of the
      Certificate Principal Balance thereof from amounts on deposit in a separate
      reserve account established and maintained by the Securities Administrator
      for
      the exclusive benefit of the Class I-P Certificateholders.

     

    (b)  On
      each
      Distribution Date, the Securities Administrator will withdraw funds on deposit
      in the sub-account of the Distribution Account relating to the Group II-V
      Mortgage Loans and make distributions to the holders of the Group II-V
      Certificates in accordance with the Remittance Report for such Distribution
      Date, in the following order of priority:

     

    (ii)  The
      Available Funds related to Loan Group II for such Distribution Date will be
      distributed as follows:

     

    A) first,
      to the
      Class II-A Certificates, the related Accrued Certificate Interest for such
      Distribution Date; and

     

    B) second,
      to the
      Class II-A Certificates, the Group II Senior Principal Distribution Amount,
      until its Certificate Principal Balance has been reduced to zero.

     

    (iii)  The
      Available Funds related to Loan Group III for such Distribution Date will be
      distributed as follows:

     

    A) first,
      concurrently to the Group III Senior Certificates, the related Accrued
      Certificate Interest for such Distribution Date, on a pro rata basis, based
      on
      the related Accrued Certificate Interest amount with respect to each such Class;
      and

     

    B) second,
      concurrently, to the Class III-A-1 Certificates and Class III-A-2 Certificates,
      on a pro rata basis, based on the Certificate Principal Balance of each such
      Class, the Group III Senior Principal Distribution Amount, until the Certificate
      Principal Balance of each such Class has been reduced to zero.

     

    (iv)  The
      Available Funds related to Loan Group IV for such Distribution Date will be
      distributed as follows:

     

    A) first,
      concurrently to the Group IV Senior Certificates, the related Accrued
      Certificate Interest for such Distribution Date, on a pro rata basis, based
      on
      the related Accrued Certificate Interest amount with respect to each such Class;
      and

     

    B) second,
      concurrently, to the Class IV-A-1 Certificates and Class IV-A-2 Certificates,
      on
      a pro rata basis, based on the Certificate Principal Balance of each such Class,
      the Group IV Senior Principal Distribution Amount, until the Certificate
      Principal Balance of each such Class has been reduced to zero.

     

    (v)  The
      Available Funds related to Loan Group V for such Distribution Date will be
      distributed as follows:

     

    A) first,
      to the
      Class V-A Certificates, the related Accrued Certificate Interest for such
      Distribution Date; 

     

    B) second,
      to the
      Class V-A Certificates, the Group V Senior Principal Distribution Amount, until
      its Certificate Principal Balance has been reduced to zero.

     

    (vi)  From
      the
      Available Funds remaining after payments to the Group II-V Senior Certificates
      as described above, to the Class C-B-1, Class C-B-2, Class C-B-3, Class C-B-4,
      Class C-B-5 and Class C-B-6 Certificates sequentially, in that order, first,
      an
      amount equal to their respective Accrued Certificate Interest for such
      Distribution Date and second, their pro rata share, based on the outstanding
      Certificate Principal Balance of each such Class, of the Subordinate Principal
      Distribution Amount, until each class of Subordinate Certificates has received
      its respective pro rata share of the Subordinate Principal Distribution Amount
      for that Distribution Date; provided, however, that on any Distribution Date
      on
      which the Subordination Level for any Class of Subordinate Certificates is
      less
      than the Subordination Level as of the Closing Date, the portion of the
      Subordinate Principal Prepayment Amount otherwise payable to the Class or
      Classes of the Subordinate Certificates junior to such Class will be distributed
      to the most senior Class of Subordinate Certificates for which the Subordination
      Level is less than such percentage as of the Closing Date, and to the Class
      or
      Classes of Subordinate Certificates senior thereto, pro rata based on the
      Certificate Principal Balance of each such Class.

     

    On
      each
      Distribution Date prior to the Credit Support Depletion Date, but after the
      date
      on which the aggregate Certificate Principal Balance of the Group II-V Senior
      Certificates related to a Loan Group has been reduced to zero, all principal
      on
      the Mortgage Loans in such Loan Group will be paid to the Group II-V Senior
      Certificates of the other Loan Groups. Such amount will be paid to the Group
      II-V Senior Certificates in the other Loan Groups in the same priority as such
      Certificates would receive other distributions of principal. However, principal
      will not be distributed as described above if on that Distribution Date (a)
      the
      Class B Percentage for that Distribution Date is greater than or equal to 200%
      of the Class B Percentage as of the Closing Date and (b) the average outstanding
      Stated Principal Balance of the Mortgage Loans in each Loan Group delinquent
      60
      days or more over the last six months, as a percentage of the related Class
      B
      Component Balance, is less than 50%.

     

    In
      addition, if on any Distribution Date Loan Group II, Loan Group III, Loan Group
      IV or Loan Group V is an Undercollateralized Group, then the following will
      occur:

     

    
      	·  	
              The
                Available Funds in any other Loan Group (other than Loan Group I)
                which is
                not an Undercollateralized Group (each, an “Overcollateralized Group”)
                will be reduced, after distributions of interest to the Group II-V
                Senior
                Certificates of the Overcollateralized Group or Groups, in an aggregate
                amount equal to one month’s interest on the Principal Transfer Amount of
                the Undercollateralized Group or Groups at the Weighted Average Net
                Rate
                applicable to the Undercollateralized Group and that amount will
                be added
                to the Available Funds of the Undercollateralized Group;
                and

            

    

     

    
      	·  	
              The
                portion of the Available Funds in respect of principal on the Mortgage
                Loans in the Overcollateralized Group or Groups, after distributions
                of
                principal to the Group II-V Senior Certificates of the Overcollateralized
                Group or Groups, will be distributed to the Group II-V Senior Certificates
                of the Undercollateralized Group until the Certificate Principal
                Balance
                of the Group II-V Senior Certificates of the Undercollateralized
                Group
                equals the Aggregate Loan Group Balance of the related Loan
                Group.

            

    

     

    On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Group II-V Mortgage Loans received during the related Prepayment Period
      will be withdrawn from the related sub-account of the Distribution Account
      and
      distributed to the Class P Certificates and shall not be available for
      distribution to the holders of any other Class of Group II-V Senior Certificates
      or Subordinate Certificates. The payment of such Prepayment Charges shall not
      reduce the Certificate Principal Balance of the Class P Certificates.

     

    On
      the
      Distribution Date in June 2011, the Securities Administrator shall make a
      payment of principal to the Class P Certificates in reduction of the Certificate
      Principal Balance thereof from amounts on deposit in a separate reserve account
      established and maintained by the Securities Administrator for the exclusive
      benefit of the Class P certificateholders.

     

    On
      each
      Distribution Date, any Available Funds remaining after payment of interest
      and
      principal to the Group II-V Senior Certificates and Subordinate Certificates
      entitled thereto, as described above, will be distributed to the Class R
      Certificates; provided that if on any Distribution Date there are any Available
      Funds remaining after payment of interest and principal to a Class or Classes
      of
      Group II-V Senior Certificates and Subordinate Certificates entitled thereto,
      such amounts will be distributed to the other Classes of Group II-V Senior
      Certificates and Subordinate Certificates as payments of principal, in reduction
      of the Certificate Principal Balances thereof, on a pro rata basis, based upon
      their Certificate Principal Balances, until all amounts due to all Classes
      of
      Group II-V Senior Certificates and Subordinate Certificates have been paid
      in
      full, before any amounts are distributed to the Class R Certificates. It is
      not
      anticipated that there will be any significant amounts remaining for such
      distribution.

     

    (c)  Subject
      to Section 10.02 hereof respecting the final distribution on a Class of
      Publicly Offered Certificates, on each Distribution Date the Securities
      Administrator shall make distributions to each Holder of a Publicly Offered
      Certificate of record on the preceding Record Date either by wire transfer
      in
      immediately available funds to the account of such holder at a bank or other
      entity having appropriate facilities therefor, if (i) such Holder has so
      notified the Securities Administrator at least five (5) Business Days prior
      to
      the related Record Date and (ii) such Holder shall hold Regular Certificates
      with aggregate principal denominations of not less than $1,000,000 or evidencing
      a Percentage Interest aggregating ten percent (10%) or more with respect to
      such
      Class or, if not, by check mailed by First Class Mail to such Certificateholder
      at the address of such holder appearing in the Certificate Register.
      Notwithstanding the foregoing, but subject to Section 10.02 hereof
      respecting the final distribution, distributions with respect to Publicly
      Offered Certificates registered in the name of a Depository shall be made to
      such Depository in immediately available funds.

     

    Section
      5.05  Allocation
      of Realized Losses on the Group I Mortgage Loans.

     

    (a)  On
      or
      prior to each Determination Date, the Securities Administrator shall determine
      the amount of any Realized Loss in respect of each Group I Mortgage Loan that
      occurred during the immediately preceding calendar month, based solely on the
      reports delivered by the Servicer pursuant to this Agreement.

     

    (b)  The
      interest portion of Realized Losses shall be allocated to the Group I
      Certificates as described in Section 1.02 hereof.

     

    (c)  The
      principal portion of all Realized Losses on the Group I Mortgage Loans allocated
      to any REMIC IB Regular Interest pursuant to Section 5.05(d) shall be
      allocated on each Distribution Date as follows: first, in reduction of the
      Net
      Monthly Excess Cashflow; second, to the Class I-X Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; third, to the
      Class I-M-3 Certificates, until the Certificate Principal Balance thereof has
      been reduced to zero; fourth, to the Class I-M-2 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; and fifth,
      to
      the Class I-M-1 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero. All such Realized Losses to be allocated to the
      Certificate Principal Balances of the Mezzanine Certificates on any Distribution
      Date shall be so allocated after the actual distributions to be made on such
      date as provided above. All references above to the Certificate Principal
      Balance of any Class of Mezzanine Certificates shall be to the Certificate
      Principal Balance of such Class immediately prior to the relevant Distribution
      Date, before reduction thereof by any Realized Losses, in each case to be
      allocated to such Mezzanine Certificates, on such Distribution
      Date.

     

    Any
      allocation of the principal portion of Realized Losses to a Mezzanine
      Certificate on any Distribution Date shall be made by reducing the Certificate
      Principal Balance thereof by the amount so allocated; any allocation of Realized
      Losses to the Class I-X Certificates shall be made by reducing the amount
      otherwise payable in respect thereof pursuant to Section 5.04(a) clause
Third.
      No
      allocations of any Realized Losses shall be made to the Certificate Principal
      Balances of the Group I Senior Certificates or Class I-P
      Certificates.

     

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

     

    (d)  The
      principal portion of all Realized Losses on the Group I Mortgage Loans shall
      be
      allocated on each Distribution Date first, to REMIC IA Regular Interest
      LTI-1, until the Uncertificated Principal Balance has been reduced to zero
      and
      then to REMIC IA Regular Interest LTI-IO-A, REMIC IA Regular Interest
      LTI-IO-B, REMIC IA Regular Interest LTI-IO-C, REMIC IA Regular
      Interest LTI-IO-D, REMIC IA Regular Interest LTI-IO-E, REMIC IA
      Regular Interest LTI-IO-F, REMIC IA Regular Interest LTI-IO-G and
      REMIC IA Regular Interest LTI-IO-H, until the Uncertificated Principal
      Balances have been reduced to zero.

     

    (e)  All
      Realized Losses on the REMIC IA Regular Interests shall be allocated on
      each Distribution Date to the following REMIC IB Regular Interests in the
      specified percentages, as follows: first, to Uncertificated Accrued Interest
      payable to the REMIC IB Regular Interest LTI-AA and REMIC IB Regular
      Interest LTI-ZZ up to an aggregate amount equal to the REMIC IB Interest
      Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated
      Principal Balances of the REMIC IB Regular Interest LTI-AA and REMIC IB Regular
      Interest LTI-ZZ up to an aggregate amount equal to the REMIC IB Principal Loss
      Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated
      Principal Balances of REMIC IB Regular Interest LTI-AA, REMIC IB Regular
      Interest LTI-IM3 and REMIC IB Regular Interest LTI-ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC IB Regular
      Interest LTI-IM3 has been reduced to zero; fourth, to the Uncertificated
      Principal Balances of REMIC IB Regular Interest LTI-AA, REMIC IB Regular
      Interest LTI-IM2 and REMIC IB Regular Interest LTI-ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC IB Regular
      Interest LTI-IM2 has been reduced to zero; and fifth, to the Uncertificated
      Principal Balances of REMIC IB Regular Interest LTI-AA, REMIC IB Regular
      Interest LTI-IM1 and REMIC IB Regular Interest LTI-ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC IB Regular
      Interest LTI-IM1 has been reduced to zero.

     

    (f)  Notwithstanding
      anything to the contrary contained herein, if on any Distribution Date the
      Securities Administrator discovers, based solely on the reports delivered by
      the
      Servicer under this Agreement, that any Subsequent Recoveries have been
      collected by the Servicer with respect to a Group I Mortgage Loan, the amount
      of
      such Subsequent Recoveries will be applied to increase the Certificate Principal
      Balance of the Class of Mezzanine Certificates with the highest payment priority
      to which Realized Losses have been allocated, but not by more than the amount
      of
      Realized Losses previously allocated to that Class of Mezzanine Certificates
      pursuant to this Section 5.05. The amount of any remaining Subsequent
      Recoveries will be applied to sequentially increase the Certificate Principal
      Balance of the Mezzanine Certificates, beginning with the Class of Mezzanine
      Certificates with the next highest payment priority, up to the amount of such
      Realized Losses previously allocated to such Class of Certificates pursuant
      to
      this Section 5.05. Holders of such Certificates will not be entitled to any
      payment in respect of current interest on the amount of such increases for any
      Accrual Period preceding the Distribution Date on which such increase occurs.
      Any such increases shall be applied to the Certificate Principal Balance of
      each
      Mezzanine Certificate of such Class in accordance with its respective Percentage
      Interest.

     

    Section
      5.06  Allocation
      of Realized Losses on Group II-V Mortgage Loans.

     

    (a)  On
      or
      prior to each Determination Date, the Securities Administrator shall determine
      the amount of any Realized Loss in respect of each Group II-V Mortgage Loan
      that
      occurred during the immediately preceding calendar month.

     

    (b)  The
      interest portion of Group II-V Realized Losses shall be allocated to the Group
      II-V Certificates as described in Section 1.02 hereof.

     

    (c)  The
      principal portion of each Group II-V Realized Loss shall be allocated as
      follows:

     

    first,
      to the
      Class C-B-6 Certificates until the Certificate Principal Balance thereof has
      been reduced to zero;

     

    second,
      to the
      Class C-B-5 Certificates until the Certificate Principal Balance thereof has
      been reduced to zero;

     

    third,
      to the
      Class C-B-4 Certificates until the Certificate Principal Balance thereof has
      been reduced to zero;

     

    fourth,
      to the
      Class C-B-3 Certificates until the Certificate Principal Balance thereof has
      been reduced to zero;

     

    fifth,
      to the
      Class C-B-2 Certificates until the Certificate Principal Balance thereof has
      been reduced to zero;

     

    sixth,
      to the
      Class C-B-1 Certificates until the Certificate Principal Balance thereof has
      been reduced to zero; and

     

    seventh,
      (i)
      with respect to Realized Losses related to the Group II Mortgage Loans, to
      the
      Class II-A Certificates until its Certificate Principal Balance has been reduced
      to zero; (ii) with respect to Realized Losses related to the Group III Mortgage
      Loans, first, to the Class III-A-2 Certificates, until its Certificate Principal
      Balance has been reduced to zero and second, to the Class III-A-1 Certificates
      until its Certificate Principal Balance has been reduced to zero; (iii) with
      respect to Realized Losses related to the Group IV Mortgage Loans, first, to
      the
      Class IV-A-2 Certificates, until its Certificate Principal Balance has been
      reduced to zero and second, to the Class IV-A-1 Certificates until its
      Certificate Principal Balance has been reduced to zero; and (iv) with respect
      to
      Realized Losses related to the Group V Mortgage Loans, to the Class V-A
      Certificates, until its Certificate Principal Balance has been reduced to
      zero.

     

    (d)  Notwithstanding
      the foregoing clause (c), no such allocation of any Group II-V Realized Loss
      shall be made on a Distribution Date to any Class of Group II-V Certificates
      to
      the extent that such allocation would result in the reduction of the aggregate
      Certificate Principal Balances of all the Group II-V Certificates as of such
      Distribution Date, after giving effect to all distributions and prior
      allocations of Realized Losses on the Group II-V Mortgage Loans on such date,
      to
      an amount less than the aggregate Stated Principal Balance of all of the Group
      II-V Mortgage Loans as of the first day of the month of such Distribution Date
      (such limitation, the “Loss Allocation Limitation”).

     

    (e)  Any
      Realized Losses on the Group II-V Mortgage Loans allocated to a Class of Group
      II-V Certificates shall be allocated among the Group II-V Certificates of such
      Class in proportion to their respective Certificate Principal Balances. Any
      allocation of Realized Losses on the Group II-V Mortgage Loans shall be
      accomplished by reducing the Certificate Principal Balances of the related
      Group
      II-V Certificates on the related Distribution Date.

     

    (f)  Realized
      Losses on the Group II-V Mortgage Loans shall be allocated on the Distribution
      Date in the month following the month in which such loss was incurred and,
      in
      the case of the principal portion thereof, after giving effect to distributions
      made on such Distribution Date.

     

    (g)  Any
      Net
      Interest Shortfall shall be allocated among the Classes of Group II-V
      Certificates in proportion to the respective amounts of Accrued Certificate
      Interest that would have been allocated thereto in the absence of such Net
      Interest Shortfall for such Distribution Date. The interest portion of any
      Realized Losses on the Group II-V Mortgage Loans occurring on or prior to the
      Credit Support Depletion Date will not be allocated among any Group II-V
      Certificates, but will reduce the amount of Available Funds on the related
      Distribution Date. As a result of the subordination of the Subordinate
      Certificates in right of distribution, such Realized Losses on the Group II-V
      Mortgage Loans will be borne by the Subordinate Certificates in reverse order
      of
      their payment priority. Following the Credit Support Depletion Date, the
      interest portion of Realized Losses on the Group II-V Mortgage Loans will be
      allocated to the Group II-V Senior Certificates.

     

    (h)  Notwithstanding
      anything to the contrary contained herein, if on any Distribution Date the
      Securities Administrator discovers, based solely on the reports delivered by
      the
      Servicer that any Subsequent Recoveries have been collected by the Servicer
      with
      respect to the Group II-V Mortgage Loans, the Securities Administrator shall
      reinstate the amount of the Certificate Principal Balance of the Outstanding
      Class of Group II-V Certificates with the lowest payment priority which was
      reduced as a result of the allocation of Realized Losses on such Distribution
      Date or any prior Distribution Date. To the extent that the amount of the
      Subsequent Recoveries collected by the Servicer exceeds the amount of Realized
      Losses on the Group II-V Mortgage Loans allocated to the Outstanding Classes
      of
      Group II-V Certificates since the Closing Date, the Securities Administrator
      shall (i) reinstate and reissue any retired Private Certificate relating to
      the
      Group II-V Mortgage Loans, beginning with the retired Class of Private
      Certificates relating to the Group II-V Mortgage Loans having the most senior
      payment priority, for which Realized Losses were allocated on any Distribution
      Date since the Closing Date and (ii) use reasonable efforts to, to the extent
      permitted by the Depository, reinstate and reissue any retired Book-Entry
      Certificate, beginning with the retired Class of Book-Entry Certificates having
      the most senior payment priority, for which Realized Losses on the Group II-V
      Mortgage Loans were allocated on any Distribution Date since the Closing
      Date.

     

    Realized
      Losses on the Group II-V Mortgage Loans shall be applied after all distributions
      have been made on each Distribution Date first, so as to keep the Uncertificated
      Principal Balance of each REMIC IIA Regular Interest ending with the designation
      “GRP” equal to 1.0% of the aggregate Scheduled Principal Balance of the Mortgage
      Loans in the related Loan Group; second, to each REMIC IIA Regular Interest
      ending with the designation “SUB,” so that the Uncertificated Principal Balance
      of each such REMIC IA Regular Interest is equal to 1.0% of the excess of (x)
      the
      aggregate Scheduled Principal Balance of the Group II-V Mortgage Loans in the
      related Loan Group over (y) the Certificate Principal Balance of the related
      Group II-V Senior Certificates (except that if any such excess is a larger
      number than in the preceding distribution period, the least amount of Realized
      Losses on the Group II-V Mortgage Loans shall be applied to such REMIC IIA
      Regular Interests such that the REMIC IIA Subordinated Balance Ratio is
      maintained); and third, any remaining Realized Losses on the Group II-V Mortgage
      Loans shall be allocated to REMIC IIA Regular Interest LT-XX. 

     

    Realized
      Losses on the Group II-V Mortgage Loans shall be applied after all distributions
      have been made on each Distribution Date to each REMIC IIA Regular Interest
      in
      the same manner and priority as such Realized Losses are allocated to the
      Corresponding Certificates.

     

    Section
      5.07  Monthly
      Statements to Certificateholders.

     

    (a)  Not
      later
      than each Distribution Date, the Securities Administrator shall prepare and
      make
      available to each Holder of Certificates, the Depositor and the Credit Risk
      Manager via its website a statement setting forth the following information
      for
      the Certificates:

     

    (i)  the
      Interest Accrual Period and general Distribution Dates for each Class of
      Certificates;

     

    (ii)  the
      Pass-Through Rate for each Class of Certificates with respect to the current
      Accrual Period;

     

    (iii)  with
      respect to each Loan Group, the total cash flows received and the general
      sources thereof;

     

    (iv)  the
      amount of the related distribution to Holders of each Class allocable to
      principal, separately identifying (A) the aggregate amount of any Principal
      Prepayments included therein, (B) the aggregate of all scheduled payments of
      principal included therein, (C) the amount of Prepayment Charges distributed
      to
      the Class I-P Certificates and Class P Certificates and (D) the Extra Principal
      Distribution Amount;

     

    (v)  the
      amount distributed to Holders of each Class on such Distribution Date allocable
      to interest;

     

    (vi)  the
      Certificate Principal Balance or Certificate Notional Balance of each Class
      of
      Certificates, if applicable, after giving effect (i) to all distributions
      allocable to principal on such Distribution Date and (ii) the allocation of
      any
      Realized Losses for such Distribution Date;

     

    (vii)  the
      aggregate amount of P&I Advances included in the distributions on the
      Distribution Date;

     

    (viii)  the
      aggregate amount of Relief Act Interest Shortfalls for such Distribution
      Date;

     

    (ix)  the
      aggregate amount of any Prepayment Interest Shortfall for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to
      Section 3.27 of this Agreement or the Master Servicer pursuant to
      Section 4.14 of this Agreement;

     

    (x)  the
      cumulative amount of Realized Losses for the Group I Mortgage Loans and the
      Group II-V Mortgage Loans to date and, in addition, if the Certificate Principal
      Balance of any Class of Certificates have been reduced to zero, the cumulative
      amount of any Realized Losses that have not been allocated to any Class of
      Certificates;

     

    (xi)  the
      Overcollateralization Amount and the Credit Enhancement Percentage, any
      Overcollateralization Increase Amount and any Overcollateralization Reduction
      Amount for such Distribution Date

     

    (xii)  with
      respect to each loan group, the amount of any Prepayment Charges remitted by
      the
      Servicer;

     

    (xiii)  the
      number, aggregate principal balance, weighted average remaining term to maturity
      and weighted average Mortgage Rate of the Mortgage Loans as of the related
      Due
      Date;

     

    (xiv)  with
      respect to each loan group, the number and Scheduled Principal Balance of all
      the Mortgage Loans for the following Distribution Date;

     

    (xv)  the
      number and aggregate principal balance of any Mortgage Loans that were (A)
      delinquent (exclusive of Mortgage Loans in foreclosure) using the “OTS” method
      (1) one scheduled payment is delinquent, (2) two scheduled payments are
      delinquent, (3) three scheduled payments are delinquent and (4) foreclosure
      proceedings have been commenced, and loss information for the period; the number
      and aggregate principal balance of any Mortgage Loans in respect of which (A)
      one scheduled payment is delinquent, (B) two scheduled payments are delinquent,
      (C) three or more scheduled payments are delinquent and (D) foreclosure
      proceedings have been commenced, and loss information for the
      period;

     

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

     

    (xvii)  the
      total
      number and principal balance of any real estate owned or REO Properties in
      each
      Loan Group and the Mortgage Loans in the aggregate as of the close of business
      on the Determination Date preceding such Distribution Date;

     

    (xviii)  the
      three
      month rolling average of the percent equivalent of a fraction, the numerator
      of
      which is the aggregate scheduled principal balance of the Group I Mortgage
      Loans
      that are sixty (60) days or more delinquent or are in bankruptcy or foreclosure
      or are REO Properties, and the denominator of which is the scheduled principal
      balances of all of the Group I Mortgage Loans as of the last day of such
      Distribution Date; 

     

    (xix)  the
      aggregate scheduled principal balance, for each of the Group I Mortgage Loans,
      Group II Mortgage Loans, Group III Mortgage Loans, Group IV Mortgage Loans
      and
      Group V Mortgage Loans that are sixty (60) days or more delinquent or are in
      bankruptcy or foreclosure or are REO properties;

     

    (xx)  the
      aggregate Servicing Fee received by the Servicer, and the master servicing
      fees,
      if any, received by the Master Servicer during the related Due
      Period;

     

    (xxi)  the
      amount of the Credit Risk Management Fees paid to the Credit Risk Manager and/or
      the Sponsor for such Distribution Date;

     

    (xxii)  the
      amount, if any, of other fees or expenses accrued and paid, with an
      identification of the payee and the general purpose of such fees;

     

    (xxiii)  with
      respect to the Group I Certificates, the amount of any Net WAC Rate Carryover
      Amounts and the amount in the Net
      WAC
      Reserve Fund after
      all
      deposits and withdrawals on such Distribution Date; 

     

    (xxiv)  amounts
      payable in respect of the Cap Contract;

     

    (xxv)  with
      respect to Loan Group I, whether the Stepdown Date has occurred and whether
      any
      Trigger Event is in effect; and

     

    (xxvi)  any
      legal
      proceedings pending against the Sponsor, the Depositor or the Trustee, or their
      respective property, that is material to Certificateholders, including
      proceedings known to be contemplated by governmental authorities.

     

    The
      Securities Administrator may make the foregoing monthly statement (and, at
      its
      option, any additional files containing the same information in an alternative
      format) available each month to Certificateholders via the Securities
      Administrator’s internet website. The Securities Administrator’s internet
      website shall initially be located at “www.ctslink.com”. Assistance in using the
      website can be obtained by calling the Securities Administrator’s customer
      service desk at (301) 815-6600. Parties that are unable to use the above
      distribution options are entitled to have a paper copy mailed to them via first
      class mail by calling the customer service desk and indicating such. The
      Securities Administrator may change the way monthly statements are distributed
      in order to make such distributions more convenient or more accessible to the
      above parties.

     

    The
      Securities Administrator shall be entitled to rely on but shall not be
      responsible for the content or accuracy of any information provided by third
      parties for purposes of preparing such statement and may affix thereto any
      disclaimer it deems appropriate in its reasonable discretion (without suggesting
      liability on the part of any other party hereto).

     

    (b)  The
      Securities Administrator’s responsibility for making the above information
      available to the Certificateholders is limited to the availability, timeliness
      and accuracy of the information provided by the Servicer and the Cap Provider.
      The Securities Administrator will make available a copy of each statement
      provided pursuant to this Section 5.06 to each Rating Agency.

     

    (c)  Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall cause to be furnished upon written request to each Person
      who at any time during the calendar year was a Certificateholder, a statement
      containing the information set forth in clauses (a)(i) and (a)(ii) of this
      Section 5.06 aggregated for such calendar year or applicable portion
      thereof during which such Person was a Certificateholder. Such obligation of
      the
      Securities Administrator shall be deemed to have been satisfied to the extent
      that substantially comparable information shall be provided by the Securities
      Administrator pursuant to any requirements of the Code as from time to time
      in
      effect.

     

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

     

    (i)  The
      original projected principal and interest cash flows on the Closing Date on
      each
      Class of regular and residual interests created hereunder and on the Mortgage
      Loans, based on the Prepayment Assumption;

     

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

     

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

     

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

     

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

     

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

     

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

     

    The
      information pursuant to clauses (i), (ii), (iii) and (iv) above shall be
      provided by the Depositor pursuant to Section 9.13.

     

    Section
      5.08  REMIC
      Designations and REMIC Allocations.

     

    (a)  The
      Securities Administrator shall elect that each of REMIC IA, REMIC IB, REMIC
      IC,
      REMIC IIA and REMIC IIB shall be treated as a REMIC under Section 860D of
      the Code. Any inconsistencies or ambiguities in this Agreement or in the
      administration of this Agreement shall be resolved in a manner that preserves
      the validity of such REMIC elections. The REMIC IA Regular Interests shall
      constitute the assets of REMIC IB. The REMIC IB Regular Interests shall
      constitute the assets of REMIC IC. The REMIC IIA Regular Interests shall
      constitute the assets of REMIC IIB.

     

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

     

    (i)  first,
      to
      the Holders of REMIC IA Regular Interest LTI-IO-A, REMIC IA Regular
      Interest LTI-IO-B, REMIC IA Regular Interest LTI-IO-C, REMIC IA
      Regular Interest LTI-IO-D, REMIC IA Regular Interest LTI-IO-E,
      REMIC IA Regular Interest LTI-IO-F, REMIC IA Regular Interest LTI-IO-G
      and REMIC IA Regular Interest LTI-IO-H in an amount equal to (A) the
      Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts
      in respect thereof remaining unpaid from previous Distribution Dates and second,
      to the Holders of REMIC IA Regular Interest LTI-1, in an amount equal to
      (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B)
      any
      amounts in respect thereof remaining unpaid from previous Distribution
      Dates;

     

    (ii)  to
      the
      Holders of the REMIC IA Regular Interest LTI-IP, on the Distribution Date
      in June 2011 or any Distribution Date thereafter until $100 has been distributed
      pursuant to this clause;

     

    (iii)  on
      each
      Distribution Date, the remainder of the Available Distribution Amount for such
      Distribution Date after the distributions made pursuant to clause (i) and clause
      (ii) above, first, to the Holders of REMIC IA Regular Interest LTI-1 until
      the Uncertificated Principal Balance of such REMIC IA Regular Interest is
      reduced to zero, and second, to the Holders of REMIC IA Regular Interest
      LTI-IO-A, REMIC IA Regular Interest LTI-IO-B, REMIC IA Regular
      Interest LTI-IO-C, REMIC IA Regular Interest LTI-IO-D, REMIC IA
      Regular Interest LTI-IO-E, REMIC IA Regular Interest LTI-IO-F,
      REMIC IA Regular Interest LTI-IO-G and REMIC IA Regular Interest
      LTI-IO-H, sequentially, until the Uncertificated Principal Balance of each
      such
      REMIC IA Regular Interest is reduced to zero; and

     

    (iv)  to
      the
      Holders of the Class I-R Certificates, any amounts remaining after the
      distributions pursuant to clauses (i) through (iii) above.

     

    On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Group I Mortgage Loans received during the related Prepayment Period will be
      distributed by REMIC IA to the Holders of REMIC IA Regular Interest
      LTI-IP. The payment of the foregoing amounts to the Holders of REMIC IA
      Regular Interest LTI-IP shall not reduce the Uncertificated Principal Balance
      thereof.

     

    (c)  On
      each
      Distribution Date, the Available Distribution Amount, in the following order
      of
      priority and in accordance with the Remittance Report, shall be distributed
      by
      REMIC IB to REMIC IC on account of the REMIC IB Regular Interests or withdrawn
      from the Distribution Account and distributed to the Holders of the Class R
      Certificates, as the case may be:

     

    (i)  first,
      to
      the Holders of REMIC IB Regular Interest LTI-IO, in an amount equal to (A)
      the
      Uncertificated Accrued Interest for such REMIC IB Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates and then to Holders of REMIC IB Regular Interest
      LTI-IAA, REMIC Regular Interest LTI-IA1, REMIC IB Regular Interest LTI-IA2,
      REMIC IB Regular Interest LTI-IA3, REMIC IB Regular Interest LTI-IA4, REMIC
      IB
      Regular Interest LTI-IA5, REMIC IB Regular Interest LTI-IM1, REMIC IB Regular
      Interest LTI-IM2, REMIC IB Regular Interest LTI-IM3 and REMIC IB Regular
      Interest LTI-ZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued
      Interest for each such REMIC IB Regular Interest for such Distribution Date,
      plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates. Amounts payable as Uncertificated Accrued Interest in
      respect of REMIC IB Regular Interest LTI-ZZ shall be reduced and deferred when
      the REMIC IB Overcollateralization Amount is less than the REMIC IB Required
      Overcollateralization Amount, by the lesser of (x) the amount of such difference
      and (y) the REMIC IB Regular Interest LTI-ZZ Maximum Interest Deferral Amount
      and such amount will be payable to the Holders of REMIC Regular Interest
      LTI-IA1A, REMIC Regular Interest LTI-IA1B, REMIC IB Regular Interest LTI-IA2,
      REMIC IB Regular Interest LTI-IA3, REMIC IB Regular Interest LTI-IA4, REMIC
      IB
      Regular Interest LTI-IA5, REMIC IB Regular Interest LTI-IM1, REMIC IB Regular
      Interest LTI-IM2 and REMIC IB Regular Interest LTI-IM3 in the same proportion
      as
      the Overcollateralization Increase Amount is allocated to the Corresponding
      Certificates and the Uncertificated Principal Balance of REMIC IB Regular
      Interest LTI-ZZ shall be increased by such amount;

     

    (ii)  second,
      to the Holders of REMIC IB Regular Interests, in an amount equal to the
      remainder of the Available Distribution Amount for such Distribution Date after
      the distributions made pursuant to clause (i) above, allocated as
      follows:

     

    (A)  98.00%
      of
      such remainder (other than amounts payable under clause (c) below) to the
      Holders of REMIC IB Regular Interest LTI-IAA and REMIC IB Regular Interest
      LTI-IP, until the Uncertificated Principal Balance of such REMIC IB Regular
      Interest is reduced to zero, provided, however, that the Uncertificated
      Principal Balance of REMIC IB Regular Interest LTI-IP shall not be reduced
      until
      the Distribution Date in June 2011 or any Distribution Date thereafter, at
      which
      point such amount shall be distributed to REMIC IB Regular Interest LTI-IP,
      until $100 has been distributed pursuant to this clause;

     

    (B)  2.00%
      of
      such remainder (other than amounts payable under clause (c) below, first, to
      the
      Holders of REMIC IB Regular Interest LTI-IA1A, REMIC Regular Interest LTI-IA1B,
      REMIC IB Regular Interest LTI-IA2, REMIC IB Regular Interest LTI-IA3, REMIC
      IB
      Regular Interest LTI-IA4, REMIC IB Regular Interest LTI-IA5, REMIC IB Regular
      Interest LTI-IM1, REMIC IB Regular Interest LTI-IM2 and REMIC IB Regular
      Interest LTI-IM3, 1.00%, in the same proportion as principal payments are
      allocated to the Corresponding Certificates, until the Uncertificated Principal
      Balances of such REMIC IB Regular Interests are reduced to zero and second,
      to
      the Holders of REMIC IB Regular Interest LTI-ZZ until the Uncertificated
      Principal Balance of such REMIC IB Regular Interest is reduced to zero;
      then

     

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

     

    (iii)  third,
      to
      REMIC IB Regular Interest LTI-IP, 100% of the amount paid in respect of REMIC
      IA
      Regular Interest LTI-IP;

     

    provided,
      however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
      attributable to an Overcollateralization Reduction Amount shall be allocated
      to
      Holders of (i) REMIC IB Regular Interest LTI-IAA and REMIC IB Regular Interest
      LTI-IP, in that order and (ii) REMIC IB Regular Interest LTI-ZZ, respectively;
      provided that REMIC IB Regular Interest LTI-IP shall not be reduced until the
      Distribution Date in February 2011, at which point such amount shall be
      distributed to REMIC IB Regular Interest LTI-IP, until $100 has been distributed
      pursuant to this clause.

     

    (d)  On
      each
      Distribution Date, the following amounts, in the following order of priority
      and
      in accordance with the Remittance Report, shall be distributed by REMIC IIA
      to
      REMIC IIB on account of the REMIC IIA Regular Interests or withdrawn from the
      related Distribution Account and distributed to the Holders of the Class R-2A
      Interest, as the case may be:

     

    (i)  Interest
      shall be payable to the REMIC IIA Regular Interests at the REMIC IIA Remittance
      Rate for each such REMIC IIA Regular Interest on the related Uncertificated
      Principal Balance

     

    (ii)  Distributions
      of principal shall be deemed to be made from amounts received on the Group
      II-V
      Mortgage Loans to the REMIC IIA Regular Interests, first, so as to keep the
      Uncertificated Principal Balance of each REMIC IIA Regular Interest ending
      with
      the designation “SUB” equal to 1.00% of the aggregate Scheduled Principal
      Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC
      IIA Regular Interest ending with the designation “GRP,” so that the
      Uncertificated Principal Balance of each such REMIC IIA Regular Interest is
      equal to 1.00% of the excess of (x) the aggregate Scheduled Principal Balance
      of
      the Mortgage Loans in the related Loan Group over (y) the Certificate Principal
      Balance of the related Senior Certificates (except that if any such excess
      is a
      larger number than in the preceding distribution period, the least amount of
      principal shall be distributed to such REMIC IIA Regular Interests such that
      the
      REMIC IIA Subordinated Balance Ratio is maintained); and third, any remaining
      principal to REMIC IIA Regular Interest LT-XX.

     

    (iii)  any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-IIA Interest).

     

    (iv)  On
      each
      Distribution Date, 100% of the amount paid in respect of Prepayment Charges
      on
      the Group II-V Mortgage Loans shall be paid to REMIC IA IIA Regular Interest
      LTI-IP and on the Distribution Date in June 2011 or any Distribution Date
      thereafter, $100 shall be distributed from the Class P Certificate Account
      to
      REMIC IIA Regular Interest LTI-IP pursuant to this clause.

     

    Section
      5.09  Prepayment
      Charges.

     

    (a)  On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Group I Mortgage Loans received during the related Prepayment Period and
      deposited in the sub-account of the Distribution Account related to the Group
      I
      Mortgage Loans will be withdrawn from such sub-account of the Distribution
      Account and distributed by the Securities Administrator in accordance with
      the
      Remittance Report to the Class I-P Certificates and shall not be available
      for
      distribution to the holders of any other Class of Certificates. The payment
      of
      such Prepayment Charges shall not reduce the Certificate Principal Balance
      of
      the Class I-P Certificates.

     

    (b)  On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Group II-V Mortgage Loans received during the related Prepayment Period and
      deposited in the sub-account of the Distribution Account related to the Group
      II-V Mortgage Loans will be withdrawn from such sub-account of the Distribution
      Account and distributed by the Securities Administrator in accordance with
      the
      Remittance Report to the Class P Certificates and shall not be available for
      distribution to the holders of any other Class of Certificates. The payment
      of
      such Prepayment Charges shall not reduce the Certificate Principal Balance
      of
      the Class P Certificates.

     

    (c)  The
      Master Servicer shall not be obligated to recalculate or verify Prepayment
      Charges collected by the Servicer and remitted to the related Deposit Account
      for distribution to the related Certificateholders.

     

    Section
      5.10  Class
      I-P Certificate Account and the Class P Certificate Account.

     

    (a)  The
      Securities Administrator shall establish and maintain with itself a separate,
      segregated trust account titled “Wells Fargo Bank, N.A., for the benefit of
      Nomura Asset Acceptance Corporation, Alternative Loan Trust 2006-AF1 Class
      I-P
      Certificate Account”. On the Closing Date, the Depositor will deposit, or cause
      to be deposited in the Class I-P Certificate Account $100.00. The amount on
      deposit in the Class I-P Certificate Account shall be held uninvested. On the
      June 2011 Distribution Date, the Securities Administrator shall withdraw the
      amount on deposit in the Class I-P Certificate Account and remit such amount
      to
      the Holders of the Class I-P Certificates, in reduction of the Certificate
      Principal Balance thereof. 

     

    (b)  The
      Securities Administrator shall establish and maintain with itself a separate,
      segregated trust account titled “Wells Fargo Bank, N.A., for the benefit of
      Nomura Asset Acceptance Corporation, Alternative Loan Trust 2006-AF1 Class
      P
      Certificate Account”. On the Closing Date, the Depositor will deposit, or cause
      to be deposited in the Class P Certificate Account $100.00. The amount on
      deposit in the Class P Certificate Account shall be held uninvested. On the
      June
      2011 Distribution Date, the Securities Administrator shall withdraw the amount
      on deposit in the Class P Certificate Account and remit such amount to the
      Holders of the Class P Certificates, in reduction of the Certificate Principal
      Balance thereof. 

     

    Section
      5.11  Net
      WAC Reserve Fund.

     

    (a)  The
      Securities Administrator shall establish a Net WAC Reserve Fund on behalf of
      the
      holders of the Group I Publicly Offered Certificates (other than the Class
      I-A-IO Certificates). The Net WAC Reserve Fund must be an Eligible Account.
      The
      Net WAC Reserve Fund shall be entitled “Net WAC Reserve Fund, Wells Fargo Bank,
      National Association for the benefit of holders of Nomura Asset Acceptance
      Corporation, Mortgage Pass-Through Certificates, Series 2006-AF1, Class I-A-1A,
      Class I-A-1B, Class I-A-2, Class I-A-3, Class I-A-4, Class I-A-5, Class I-M-1,
      Class I-M-2 and Class I-M-3”. Any payments received by the Securities
      Administrator under the Cap Contract shall be deposited into the Net WAC Reserve
      Fund for the benefit of the Class I-A-1A Certificates; provided that the amount
      of any Excess Cap Payments shall be held for the benefit of the Class I-X
      Certificates and payable as part of the Class I-X Distribution Amount for the
      related Distribution Date. On the Closing Date, the Depositor will deposit,
      or
      cause to be deposited, into the Net WAC Reserve Fund $5,000. On each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to any Class of Group I Certificates, the Securities Administrator shall deposit
      the amounts pursuant to paragraphs 3, 4, 5 and 6 of clause Third
      of
      Section 5.04(a) into the Net WAC Reserve Fund and the Securities
      Administrator has been directed by the Class I-X Certificateholder to distribute
      such amounts to the Holders of the Group I Publicly Offered Certificates (other
      than the Class I-A-IO Certificates) in the amounts and priorities set forth
      in
      clause Third
      of
      Section 5.04(a).

     

    (b)  The
      Net
      WAC Reserve Fund is an “outside reserve fund” within the meaning of Treasury
      Regulation §1.860G-2(h) and shall be an asset of the Trust Fund but not an asset
      of any REMIC. The Securities Administrator on behalf of the Trust Fund shall
      be
      the nominal owner of the Net WAC Reserve Fund. The Class I-X Certificateholders
      shall be the beneficial owners of the Net WAC Reserve Fund, subject to the
      power
      of the Securities Administrator to transfer amounts under Section 5.04(a).
      Amounts in the Net WAC Reserve Fund shall be held either uninvested in a trust
      or deposit account of the Securities Administrator with no liability for
      interest or other compensation thereof or, at the written direction of the
      Majority Class I-X Certificateholder, be invested in Permitted Investments
      that
      mature no later than the Business Day prior to the next succeeding Distribution
      Date. All net income and gain from such investments shall be distributed to
      the
      Majority Class I-X Certificateholder, not as a distribution in respect of any
      interest in any REMIC (pursuant to Section 5.10(d)). All amounts earned on
      amounts on deposit in the Net WAC Reserve Fund shall be taxable to the Majority
      Class I-X Certificateholder. Any losses on such investments shall be deposited
      in the Net WAC Reserve Fund by the Majority Class I-X Certificateholder out
      of
      its own funds immediately as realized. In the event that the Majority Class
      I-X
      Certificateholder shall fail to provide investment instructions to the
      Securities Administrator, the amounts on deposit in the Net WAC Reserve Fund
      shall be held uninvested.

     

    (c)  For
      federal tax return and information reporting, the value of the right of the
      holder of the Class I-A-1A Certificates to receive payments from the Net WAC
      Reserve Fund shall be $58,000 and the amount allocated to the right of the
      holders of the Group I Publicly Offered Certificates (other than the Class
      I-A-1A Certificates and the Class I-A-IO Certificates) to receive payments
      from
      the Net WAC Reserve Fund in respect of any Net WAC Rate Carryover Amount shall
      be zero.

     

    Section
      5.12  Reports
      Filed with Securities and Exchange Commission.

     

    (a)  (i)For
      so
      long as the Trust Fund is subject to Exchange Act reporting requirements, within
      fifteen (15) days after each Distribution Date (subject to permitted extensions
      under the Exchange Act), the Securities Administrator shall prepare and file
      on
      behalf of the Trust Fund any Form 10-D required by the Exchange Act, in form
      and
      substance as required by the Exchange Act. The Securities Administrator shall
      file each Form 10-D with a copy of the related Monthly Statement attached
      thereto. The Securities Administrator shall also include with each Form 10-D
      any
      disclosure required by the Exchange Act in addition to the Monthly Statement
      that is required to be included on Form 10-D (“Additional Form 10-D Disclosure”)
      subject to the receipt of such information by the Securities Administrator
      from
      the entity indicated on Exhibit N as the party responsible for providing that
      information. The Securities Administrator will have no duty or liability for
      any
      failure hereunder to determine or prepare any Additional Form 10-D Disclosure,
      except as set forth in the next paragraph. 

     

    (ii)  As
      set
      forth on Exhibit N hereto, within 5 calendar days after the related Distribution
      Date, (i) the parties to this transaction shall be required to provide to the
      Securities Administrator and to the Depositor, to the extent known by a
      responsible officer thereof, in EDGAR-compatible form, or in such other form
      as
      otherwise agreed upon by the Securities Administrator and such party, the form
      and substance of any Additional Form 10-D Disclosure, if applicable, together
      with an Additional Disclosure Notification in the form of Exhibit H hereto
      (an
“Additional Disclosure Notification”) and (ii) the Depositor will approve, as to
      form and substance, or disapprove, as the case may be, the inclusion of the
      Additional Form 10-D Disclosure on Form 10-D. The Depositor will be responsible
      for any reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-D Disclosure
      on Form 10-D pursuant to this paragraph. 

     

    (iii)  After
      preparing the Form 10-D, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 10-D to the Depositor (provided that
      such Form 10-D includes any Additional Form 10-D Disclosure). Within two
      Business Days after receipt of such copy, but no later than the 12th calendar
      day after the Distribution Date, the Depositor shall notify the Securities
      Administrator in writing (which may be furnished electronically) of any changes
      to or approval of such Form 10-D. In the absence of receipt of any written
      changes or approval, or if the Depositor does not request a copy of a Form
      10-D,
      the Securities Administrator shall be entitled to assume that such Form 10-D
      is
      in final form and the Securities Administrator may proceed with the execution
      and filing of the Form 10-D. A duly authorized representative of the Master
      Servicer shall sign each Form 10-D. If a Form 10-D cannot be filed on time
      or if
      a previously filed Form 10-D needs to be amended, the Securities Administrator
      will follow the procedures set forth in Section 5.12(c)(ii). Promptly (but
      no
      later than 1 Business Day) after filing with the Commission, the Securities
      Administrator will make available on its internet website a final executed
      copy
      of each Form 10-D filed by the Securities Administrator. Each party to this
      Agreement acknowledges that the performance by the Master Servicer and the
      Securities Administrator of its duties under this Section 5.12(a) related to
      the
      timely preparation, execution and filing of Form 10-D is contingent upon such
      parties strictly observing all applicable deadlines in the performance of their
      duties as set forth in this Agreement. Neither the Master Servicer nor the
      Securities Administrator shall have any liability for any loss, expense, damage,
      claim arising out of or with respect to any failure to properly prepare, execute
      and/or timely file such Form 10-D, where such failure results from the
      Securities Administrator’s inability or failure to 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.

     

    (b)  (i)As
      set
      forth on Exhibit N hereto, for so long as the Trust is subject to the Exchange
      Act reporting requirements, no later than the close of business (New York City
      time) on the 2nd Business Day after the occurrence of a Reportable Event (i)
      the
      parties to this transaction shall be required to provide to the Securities
      Administrator and to the Depositor, to the extent known by a responsible officer
      thereof, in EDGAR-compatible form, or in such other form as otherwise agreed
      upon by the Securities Administrator and such party, the form and substance
      of
      any Form 8-K Disclosure Information, if applicable, together with an Additional
      Disclosure Notification and (ii) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Form 8-K
      Disclosure Information. The Depositor will be responsible for any reasonable
      fees and expenses assessed or incurred by the Securities Administrator in
      connection with including any Form 8-K Disclosure Information on Form 8-K
      pursuant to this paragraph. 

     

    (ii)  After
      preparing the Form 8-K, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 8-K to the Depositor. Promptly, but
      no
      later than the close of business on the third Business Day after the Reportable
      Event, the Depositor shall notify the Securities Administrator in writing (which
      may be furnished electronically) of any changes to or approval of such Form
      8-K.
      In the absence of receipt of any written changes or approval, or if the
      Depositor does not request a copy of a Form 8-K, the Securities Administrator
      shall be entitled to assume that such Form 8-K is in final form and the
      Securities Administrator may proceed with the execution and filing of the Form
      8-K. A duly authorized representative of the Master Servicer shall sign each
      Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed Form
      8-K needs to be amended, the Securities Administrator will follow the procedures
      set forth in Section 5.12(c)(ii). Promptly (but no later than 1 Business Day)
      after filing with the Commission, the Securities Administrator will, make
      available on its internet website a final executed copy of each Form 8-K that
      is
      filed by the Securities Administrator. The parties to this Agreement acknowledge
      that the performance by the Master Servicer and the Securities Administrator
      of
      its duties under this Section 5.12(b) related to the timely preparation,
      execution and filing of Form 8-K is contingent upon such parties strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Agreement. Neither the Master Servicer nor the Securities Administrator shall
      have any liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare, execute and/or timely file such
      Form
      8-K, where such failure results from the Securities Administrator’s inability or
      failure to 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.

     

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

     

    (ii)  In
      the
      event that the Securities Administrator is unable to timely file with the
      Commission all or any required portion of any Form 8-K, 10-D or 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or delivered to it after the delivery deadlines set forth
      in
      this Agreement or for any other reason, the Securities Administrator will
      promptly notify electronically the Depositor. In the case of Form 10-D and
      10-K,
      the parties to this Agreement will cooperate to prepare and file a Form 12b-25
      and a 10-D/A and 10-K/A as applicable, pursuant to Rule 12b-25 of the Exchange
      Act. In the case of Form 8-K, the Securities Administrator will, upon receipt
      of
      all required Form 8-K Disclosure Information and upon the approval and direction
      of the Depositor, include such disclosure information on the next Form 10-D.
      In
      the event that any previously filed Form 8-K, 10-D or 10-K needs to be amended
      in connection with any Additional Form 10-D Disclosure (other than for the
      purpose of restating any monthly report), Additional Form 10-K Disclosure or
      Form 8-K Disclosure Information, the Securities Administrator will
      electronically notify the Depositor and such other parties to the transaction
      as
      are affected by such amendment, and such parties will cooperate to prepare
      any
      necessary 8-K/A, 10-D/A or 10-K/A. Any Form 15, Form 12b-25 or any amendment
      to
      Form 8-K, 10-D or 10-K shall be signed by a duly authorized representative,
      or
      senior officer in charge of master servicing, as applicable, of the Master
      Servicer. The parties to this Agreement acknowledge that the performance by
      the
      Master Servicer and the Securities Administrator of its duties under this
      Section 5.12(c) related to the timely preparation, execution and filing of
      Form
      15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent
      upon
      each such party performing its duties under this Section. Neither the Master
      Servicer nor the Securities Administrator shall have any liability for any
      loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare, execute and/or timely file any such Form 15, Form 12b-25 or any
      amendments to Forms 8-K, 10-D or 10-K, where such failure results from the
      Securities Administrator’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 15, Form 12b-25 or any amendments to
      Forms 8-K, 10-D or 10-K, not resulting from its own negligence, bad faith or
      willful misconduct.

     

    (d)  (i)For
      so
      long as the trust is subject to Exchange Act reporting requirements, within
      90
      days after the end of each calendar year or such earlier date as may be required
      by the Exchange Act (the “10-K
      Filing Deadline”),
      commencing in March 2007, the Securities Administrator shall prepare and file
      on
      behalf of the Trust Fund a Form 10-K, in form and substance as required by
      the
      Exchange Act. Each such Form 10-K shall include the following items, in each
      case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement, (i) an annual
      compliance statement for each Servicing Function Participant, as described
      under
      Section 3.13, (ii)(A) the annual reports on assessment of compliance with
      servicing criteria for each Servicing Function Participant, as described under
      Section 3.14, and (B) if any Servicing Function Participant’s report on
      assessment of compliance with servicing criteria described under Section 3.14
      identifies any material instance of noncompliance, disclosure identifying such
      instance of noncompliance, or if any Servicing Function Participant’s report on
      assessment of compliance with servicing criteria described under Section 3.14
      is
      not included as an exhibit to such Form 10-K, disclosure that such report is
      not
      included and an explanation why such report is not included, (iii)(A) the
      registered public accounting firm attestation report for each Servicing Function
      Participant, as described under Section 3.14, and (B) if any registered public
      accounting firm attestation report described under Section 3.14 identifies
      any
      material instance of noncompliance, disclosure identifying such instance of
      noncompliance, or if any such registered public accounting firm attestation
      report is not included as an exhibit to such Form 10-K, disclosure that such
      report is not included and an explanation why such report is not included,
      and
      (iv) a Sarbanes-Oxley Certification as described in Section 3.18. The Securities
      Administrator shall also include with each Form 10-K any disclosure or
      information in addition to (i) through (iv) above that is required to be
      included on Form 10-K as set forth on Exhibit N under Form 10-K (“Additional
      Form 10-K Disclosure”)subject
      to receipt of such information by the Securities Administrator from the entity
      indicated on Exhibit N as the responsible party for providing that information.
      The Securities Administrator will have no duty or liability for any failure
      hereunder to determine or prepare any Additional Form 10-K Disclosure, except
      as
      set forth in the next paragraph. 

     

    (i)  As
      set
      forth on Exhibit N hereto, no later than March 1 (with a ten-calendar day cure
      period) of each year that the Trust is subject to the Exchange Act reporting
      requirements, commencing in 2007, (i) the parties to this transaction shall
      be
      required to provide to the Securities Administrator and to the Depositor, to
      the
      extent known by a responsible officer thereof, in EDGAR-compatible form, or
      in
      such other form as otherwise agreed upon by the Securities Administrator and
      such party, the form and substance of any Additional Form 10-K Disclosure,
      if
      applicable, together with an Additional Disclosure Notification and (ii) the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. The
      Depositor will be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Securities Administrator in connection with including any
      Additional Form 10-K Disclosure on Form 10-K pursuant to this
      paragraph.

     

    (ii)  After
      preparing the Form 10-K, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 10-K to the Depositor. Within three
      Business Days after receipt of such copy, but no later than March 25th, the
      Depositor shall notify the Securities Administrator in writing (which may be
      furnished electronically) of any changes to or approval of such Form 10-K.
      In
      the absence of receipt of any written changes or approval, or if the Depositor
      does not request a copy of a Form 10-K, the Securities Administrator shall
      be
      entitled to assume that such Form 10-K is in final form and the Securities
      Administrator may proceed with the execution and filing of the Form 10-K. A
      senior officer of the Master Servicer in charge of the master servicing function
      shall sign the Form 10-K. If a Form 10-K cannot be filed on time or if a
      previously filed Form 10-K needs to be amended, the Securities Administrator
      will follow the procedures set forth in Section 5.12(c)(ii). Promptly (but
      no
      later than one (1) Business Day) after filing with the Commission, the
      Securities Administrator will make available on its internet website a final
      executed copy of each Form 10-K to be filed by the Securities Administrator.
      The
      parties to this Agreement acknowledge that the performance by the Master
      Servicer and the Securities Administrator of its duties under this Section
      5.12(d) related to the timely preparation, execution and filing of Form 10-K
      is
      contingent upon such parties (and any Servicing Function Participant) strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Section 5.12(d), Section 3.13, Section 3.14 and Section 3.18. Neither the Master
      Servicer nor the Securities Administrator shall have any liability for any
      loss,
      expense, damage or claim arising out of or with respect to any failure to
      properly prepare and/or timely file such Form 10-K, where such failure results
      from the Securities Administrator’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.

     

    (e)  The
      Servicer, the Master Servicer, the Depositor, the Custodian, the Sponsor and
      Securities Administrator shall indemnify and hold harmless the Depositor, the
      Trustee and their respective officers, directors and Affiliates from and against
      any losses, damages, penalties, fines, forfeitures, reasonable and necessary
      legal fees and related costs, judgments and other costs and expenses arising
      out
      of or based upon a breach of such party’s obligations under this Section 5.12 or
      such party’s negligence, bad faith or willful misconduct in connection
      therewith. 

     

    Notwithstanding
      the provisions of Section 11.01, this Section 5.12 may be amended without the
      consent of the Certificateholders.

     

    ARTICLE
      VI

    THE
      CERTIFICATES

    Section
      6.01  The
      Certificates.

     

    (a)  The
      Certificates shall be substantially in the forms attached hereto as Exhibits
      A-1
      through A-9. The Certificates shall be issuable in registered form, in the
      minimum dollar denominations, integral dollar multiples in excess thereof
      (except that one Certificate of each Class may be issued in a different amount
      which must be in excess of the applicable minimum dollar denomination) and
      aggregate dollar denominations as set forth in the following table:

    

    
      	
              Class

            	 	
              Minimum
                Denomination

            	 	
              Integral
                Multiple in Excess of Minimum

            	 	
              Original
                Certificate Principal Balance

            	 	
              Pass-Through
                Rate

            	 
	
              I-A-1A

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              155,442,000

            	 	 	
              Class
                I-A-1A Pass-Through Rate

            	 
	
              I-A-1B

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              30,000,000

            	 	 	
              Class
                I-A-1B Pass-Through Rate

            	 
	
              I-A-2

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              95,809,000

            	 	 	
              Class
                I-A-2 Pass-Through Rate

            	 
	
              I-A-3

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              25,756,000

            	 	 	
              Class
                I-A-3 Pass-Through Rate

            	 
	
              I-A-4

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              40,953,000

            	 	 	
              Class
                I-A-4 Pass-Through Rate

            	 
	
              I-A-5

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              41,764,000

            	 	 	
              Class
                I-A-5 Pass-Through Rate

            	 
	
              I-A-IO

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	 	
              N/A

            	 	 	
              Class
                I-A-IO Pass-Through Rate

            	 
	
              I-M-1

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              11,256,000

            	 	 	
              Class
                I-M-1 Pass-Through Rate

            	 
	
              I-M-2

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              9,344,000

            	 	 	
              Class
                I-M-2 Pass-Through Rate

            	 
	
              I-M-3

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              8,070,000

            	 	 	
              Class
                I-M-3 Pass-Through Rate

            	 
	
              II-A

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              22,383,000

            	 	 	
              Class
                II-A Pass-Through Rate

            	 
	
              III-A-1

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              139,053,000

            	 	 	
              Class
                III-A-1 Pass-Through Rate

            	 
	
              III-A-2

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              15,450,000

            	 	 	
              Class
                III-A-2 Pass-Through Rate

            	 
	
              IV-A-1

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              40,608,000

            	 	 	
              Class
                IV-A-1 Pass-Through Rate

            	 
	
              IV-A-2

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              4,512,000

            	 	 	
              Class
                IV-A-2 Pass-Through Rate

            	 
	
              V-A

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              27,133,000

            	 	 	
              Class
                V-A Pass-Through Rate

            	 
	
              C-B-1

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              8,259,000

            	 	 	
              Subordinate
                Pass-Through Rate

            	 
	
              C-B-2

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              4,874,000

            	 	 	
              Subordinate
                Pass-Through Rate

            	 
	
              C-B-3

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              3,114,000

            	 	 	
              Subordinate
                Pass-Through Rate

            	 
	
              C-B-4

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              2,031,000

            	 	 	
              Subordinate
                Pass-Through Rate

            	 
	
              C-B-5

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              541,000

            	 	 	
              Subordinate
                Pass-Through Rate

            	 
	
              C-B-6

            	 	
              $

            	
              25,000

            	 	
              $

            	
              1

            	 	
              $

            	
              2,846,002

            	 	 	
              Subordinate
                Pass-Through Rate

            	 
	
              I-P

            	 	
              $

            	
              1

            	 	
              $

            	
              1

            	 	
              $

            	
              100.00

            	 	 	
              N/A

            	 
	
              P

            	 	
              $

            	
              1

            	 	
              $

            	
              1

            	 	
              $

            	
              100.00

            	 	 	
              N/A

            	 
	
              I-X

            	 	
              $

            	
              1

            	 	
              $

            	
              1

            	 	
              $

            	
              6,374,320

            	 	 	
              Class
                I-X Pass-Through Rate

            	 
	
              I-R

            	 	 	
              N/A

            	 	 	
              N/A

            	 	 	
              N/A

            	 	 	
              N/A

            	 
	
              R

            	 	 	
              N/A

            	 	 	
              N/A

            	 	 	
              N/A

            	 	 	
              N/A

            	 

    

     

    Upon
      original issue, the Certificates shall be executed and authenticated by the
      Securities Administrator and delivered by the Trustee to and upon the written
      order of the Depositor. The Certificates shall be executed by manual or
      facsimile signature on behalf of the Trust Fund by the Securities Administrator
      by an authorized signatory. Certificates bearing the manual or facsimile
      signatures of individuals who were at any time the proper officers of the
      Securities Administrator shall bind the Trust, notwithstanding that such
      individuals or any of them have ceased to hold such offices prior to the
      authentication and delivery of such Certificates or did not hold such offices
      at
      the date of such Certificates. No Certificate shall be entitled to any benefit
      under this Agreement or be valid for any purpose, unless there appears on such
      Certificate a certificate of authentication substantially in the form provided
      herein executed by the Securities Administrator by manual signature, and such
      certificate of authentication shall be conclusive evidence, and the only
      evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their
      authentication.

     

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

     

    (b)  The
      Class
      I-X, Class I-P and Class P Certificates offered and sold to Qualified
      Institutional Buyers in reliance on Rule 144A under the Securities Act (“Rule
      144A”) will be issued in the form of Definitive Certificates.

     

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

     

    (a)  The
      Securities Administrator shall maintain, or cause to be maintained in accordance
      with the provisions of Section 6.09, a Certificate Register for the
      Certificates in which, subject to the provisions of subsections (b) and (c)
      below and to such reasonable regulations as it may prescribe, the Securities
      Administrator shall provide for the registration of Certificates and of
      Transfers and exchanges of Certificates as herein provided. Upon surrender
      for
      registration of Transfer of any Certificate, the Securities Administrator shall
      authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Certificates of the same Class and of like
      aggregate Percentage Interest.

     

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

     

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

     

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

     

    (b)  No
      Transfer of a Private Certificate shall be made unless such Transfer is made
      pursuant to an effective registration statement under the Securities Act and
      any
      applicable state securities laws or is exempt from the registration requirements
      under the Securities Act and such state securities laws. In the event that
      a
      Transfer is to be made in reliance upon an exemption from the Securities Act
      and
      such laws, in order to assure compliance with the Securities Act and such laws,
      the Certificateholder desiring to effect such Transfer and such
      Certificateholder’s prospective transferee shall each certify to the Securities
      Administrator in writing the facts surrounding the Transfer in substantially
      the
      forms set forth in Exhibit E (the “Transferor Certificate”) and (x) deliver a
      letter in substantially the form of either Exhibit F (the “Investment Letter”)
      or Exhibit G (the “Rule 144A Letter”) or (y) there shall be delivered to the
      Securities Administrator an Opinion of Counsel, at the expense of the
      transferor, that such Transfer may be made pursuant to an exemption from the
      Securities Act, which Opinion of Counsel shall not be an expense of the
      Depositor, the Sponsor, the Securities Administrator, the Trustee or the Trust
      Fund. The Depositor shall provide to any Holder of a Private Certificate and
      any
      prospective transferee designated by any such Holder, information regarding
      the
      related Certificates and the Mortgage Loans and such other information as shall
      be necessary to satisfy the condition to eligibility set forth in Rule
      144A(d)(4) for Transfer of any such Certificate without registration thereof
      under the Securities Act pursuant to the registration exemption provided by
      Rule
      144A. The Securities Administrator shall cooperate with the Depositor in
      providing the Rule 144A information referenced in the preceding sentence,
      including providing to the Depositor such information regarding the
      Certificates, the Mortgage Loans and other matters regarding the Trust Fund
      as
      the Depositor shall reasonably request to meet its obligation under the
      preceding sentence. Each Holder of a Private Certificate desiring to effect
      such
      Transfer shall, and does hereby agree to, indemnify the Securities
      Administrator, the Depositor and the Sponsor against any liability that may
      result if the Transfer is not so exempt or is not made in accordance with such
      federal and state laws.

     

    No
      Transfer of an ERISA Restricted Certificate shall be made unless the Securities
      Administrator shall have received either (i) a representation from the
      transferee of such Certificate acceptable to and in form and substance
      satisfactory to the Securities Administrator to the effect that such transferee
      is not an employee benefit plan subject to Section 406 of ERISA and/or a
      plan subject to Section 4975 of the Code, or a Person acting on behalf of
      any such plan or using the assets of any such plan, or (ii) in the case of
      any
      such ERISA Restricted Certificate presented for registration in the name of
      an
      employee benefit plan subject to ERISA, or a plan subject to Section 4975
      of the Code (or comparable provisions of any subsequent enactments), or a
      trustee of any such plan or any other person acting on behalf of any such plan,
      an Opinion of Counsel satisfactory to the Securities Administrator for the
      benefit of the Securities Administrator, the Depositor and the Servicer and
      on
      which they may rely to the effect that the purchase and holding of such ERISA
      Restricted Certificate is permissible under applicable law, will not result
      in
      any prohibited transactions under ERISA or Section 4975 of the Code and
      will not subject the Securities Administrator, the Depositor or any Servicer
      to
      any obligation in addition to those expressly undertaken in this Agreement,
      which Opinion of Counsel shall not be an expense of the Securities
      Administrator, the Depositor or any Servicer. Notwithstanding anything else
      to
      the contrary herein, any purported transfer of an ERISA Restricted Certificate
      to or on behalf of an employee benefit plan subject to Section 406 of ERISA
      and/or a plan subject to Section 4975 of the Code other than in compliance
      with the foregoing shall be void and of no effect; provided that the restriction
      set forth in this sentence shall not be applicable if there has been delivered
      to the Securities Administrator an Opinion of Counsel meeting the requirements
      of clause (ii) of the first sentence of this paragraph. The Securities
      Administrator shall not be under any liability to any Person for any
      registration of transfer of any ERISA Restricted Certificate that is in fact
      not
      permitted by this Section 6.02(b) or for making any payments due on such
      Certificate to the Holder thereof or taking any other action with respect to
      such Holder under the provisions of this Agreement. The Securities Administrator
      shall be entitled, but not obligated, to recover from any Holder of any ERISA
      Restricted Certificate that was in fact an employee benefit plan subject to
      Section 406 of ERISA or a plan subject to Section 4975 of the Code or
      a Person acting on behalf of any such plan at the time it became a Holder or,
      at
      such subsequent time as it became such a plan or Person acting on behalf of
      such
      a plan, all payments made on such ERISA Restricted Certificate at and after
      either such time. Any such payments so recovered by the Securities Administrator
      shall be paid and delivered by the Securities Administrator to the last
      preceding Holder of such Certificate that is not such a plan or Person acting
      on
      behalf of a plan.

     

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

     

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

     

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

     

    (B)  In
      connection with any proposed Transfer of any Ownership Interest in a Residual
      Certificate, the Securities Administrator shall require delivery to it, and
      shall not register the Transfer of any Residual Certificate until its receipt
      of, an affidavit and agreement (a “Transfer Affidavit and Agreement,” in the
      form attached hereto as Exhibit D) from the proposed Transferee, in form and
      substance satisfactory to the Securities Administrator, representing and
      warranting, among other things, that such Transferee is a Permitted Transferee,
      that it is not acquiring its Ownership Interest in the Residual Certificate
      that
      is the subject of the proposed Transfer as a nominee, trustee or agent for
      any
      Person that is not a Permitted Transferee, that for so long as it retains its
      Ownership Interest in a Residual Certificate, it will endeavor to remain a
      Permitted Transferee, and that it has reviewed the provisions of this
      Section 6.02(d) and agrees to be bound by them.

     

    (C)  Notwithstanding
      the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
      under clause (B) above, if an authorized officer of the Securities Administrator
      who is assigned to this transaction has actual knowledge that the proposed
      Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
      in a Residual Certificate to such proposed Transferee shall be
      effected.

     

    (D)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (x) to require a Transfer Affidavit and Agreement from any other
      Person to whom such Person attempts to transfer its Ownership Interest in a
      Residual Certificate and (Y) not to transfer its Ownership Interest unless
      it
      provides a Transferor Affidavit (in the form attached hereto as Exhibit E)
      to
      the Securities Administrator stating that, among other things, it has no actual
      knowledge that such other Person is not a Permitted Transferee.

     

    (E)  Each
      Person holding or acquiring an Ownership Interest in a Residual Certificate,
      by
      purchasing an Ownership Interest in such Certificate, agrees to give the
      Securities Administrator written notice that it is a “pass-through interest
      holder” within the meaning of temporary Treasury regulation
      Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership
      Interest in a Residual Certificate, if it is, or is holding an Ownership
      Interest in a Residual Certificate on behalf of, a “pass-through interest
      holder.”

     

    (ii)  The
      Securities Administrator will register the Transfer of any Residual Certificate
      only if it shall have received the Transfer Affidavit and Agreement and all
      of
      such other documents as shall have been reasonably required by the Securities
      Administrator as a condition to such registration. In addition, no Transfer
      of a
      Residual Certificate shall be made unless the Securities Administrator shall
      have received a representation letter from the Transferee of such Certificate
      to
      the effect that such Transferee is a Permitted Transferee.

     

    (iii)  (A)
      If any
      purported Transferee shall become a Holder of a Residual Certificate in
      violation of the provisions of this Section 6.02(d), then the last
      preceding Permitted Transferee shall be restored, to the extent permitted by
      law, to all rights as holder thereof retroactive to the date of registration
      of
      such Transfer of such Residual Certificate. The Securities Administrator shall
      be under no liability to any Person for any registration of Transfer of a
      Residual Certificate that is in fact not permitted by this Section 6.02(d)
      or for making any payments due on such Certificate to the holder thereof or
      for
      taking any other action with respect to such holder under the provisions of
      this
      Agreement.

     

    (B)  If
      any
      purported Transferee shall become a holder of a Residual Certificate in
      violation of the restrictions in this Section 6.02(d) and to the extent
      that the retroactive restoration of the rights of the holder of such Residual
      Certificate as described in clause (iii)(A) above shall be invalid, illegal
      or
      unenforceable, then the Securities Administrator shall have the right, without
      notice to the holder or any prior holder of such Residual Certificate, to sell
      such Residual Certificate to a purchaser selected by the Securities
      Administrator on such terms as the Securities Administrator may choose. Such
      purported Transferee shall promptly endorse and deliver each Residual
      Certificate in accordance with the instructions of the Securities Administrator.
      Such purchaser may be the Securities Administrator itself or any Affiliate
      of
      the Securities Administrator. The proceeds of such sale, net of the commissions
      (which may include commissions payable to the Securities Administrator or its
      Affiliates), expenses and taxes due, if any, will be remitted by the Securities
      Administrator to such purported Transferee. The terms and conditions of any
      sale
      under this clause (iii)(B) shall be determined in the sole discretion of the
      Securities Administrator, and the Securities Administrator shall not be liable
      to any Person having an Ownership Interest in a Residual Certificate as a result
      of its exercise of such discretion.

     

    (iv)  The
      Securities Administrator shall make available to the Internal Revenue Service
      and those Persons specified by the REMIC Provisions all information necessary
      to
      compute any tax imposed (A) as a result of the Transfer of an Ownership Interest
      in a Residual Certificate to any Person who is a Disqualified Organization,
      including the information described in Treasury regulations sections
      1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the “excess inclusions” of
      such Residual Certificate and (B) as a result of any regulated investment
      company, real estate investment trust, common trust fund, partnership, trust,
      estate or organization described in Section 1381 of the Code that holds an
      Ownership Interest in a Residual Certificate having as among its record holders
      at any time any Person which is a Disqualified Organization. Reasonable
      compensation for providing such information may be charged or collected by
      the
      Securities Administrator.

     

    (v)  The
      provisions of this Section 6.02(d) set forth prior to this subsection (v)
      may be modified, added to or eliminated, provided that there shall have been
      delivered to the Securities Administrator at the expense of the party seeking
      to
      modify, add to or eliminate any such provision the following:

     

    (A)  written
      notification from each Rating Agency to the effect that the modification,
      addition to or elimination of such provisions will not cause such Rating Agency
      to downgrade its then-current ratings of any Class of Certificates;
      and

     

    (B)  an
      Opinion of Counsel, in form and substance satisfactory to the Securities
      Administrator, to the effect that such modification of, addition to or
      elimination of such provisions will not cause any REMIC to cease to qualify
      as a
      REMIC and will not cause any REMIC, as the case may be, to be subject to an
      entity-level tax caused by the Transfer of any Residual Certificate to a Person
      that is not a Permitted Transferee or a Person other than the prospective
      transferee to be subject to a REMIC-tax caused by the Transfer of a Residual
      Certificate to a Person that is not a Permitted Transferee.

     

    (d)  Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Securities Administrator maintained
      for such purpose pursuant to Section 9.11, the Securities Administrator
      shall execute, authenticate and deliver, in the name of the designated
      Transferee or Transferees, one or more new Certificates of the same Class of
      a
      like aggregate Percentage Interest.

     

    (e)  At
      the
      option of the Holder thereof, any Certificate may be exchanged for other
      Certificates of the same Class with authorized denominations and a like
      aggregate Percentage Interest, upon surrender of such Certificate to be
      exchanged at any office or agency of the Securities Administrator maintained
      for
      such purpose pursuant to Section 9.11. Whenever any Certificates are so
      surrendered for exchange, the Securities Administrator shall execute,
      authenticate and deliver, the Certificates which the Certificateholder making
      the exchange is entitled to receive. Every Certificate presented or surrendered
      for transfer or exchange shall (if so required by the Securities Administrator)
      be duly endorsed by, or be accompanied by a written instrument of transfer
      in
      the form satisfactory to the Securities Administrator duly executed by, the
      Holder thereof or his attorney duly authorized in writing. In addition, (i)
      with
      respect to each Class R Certificate, the holder thereof may exchange, in the
      manner described above, such Class R Certificate for three separate
      certificates, each representing such holder's respective Percentage Interest
      in
      the Class R-1A Interest, the Class R-1B Interest and the Class R-1C Interest,
      respectively, in each case that was evidenced by the Class I-R Certificate
      being
      exchanged and (ii) with respect to each Class R Certificate, the holder thereof
      may exchange, in the manner described above, such Class R Certificate for two
      separate certificates, each representing such holder's respective Percentage
      Interest in the Class R-2 Interest and the Class R-2B Interest, respectively,
      in
      each case that was evidenced by the Class R Certificate being
      exchanged.

     

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

     

    (g)  The
      preparation and delivery of all certificates and opinions referred to above
      in
      this Section 6.02 shall not be an expense of the Trust Fund, the Securities
      Administrator, the Depositor or the Sponsor.

     

    (h)  All
      Certificates surrendered for transfer and exchange shall be canceled and
      destroyed by the Securities Administrator in accordance with its customary
      procedures.

     

    Section
      6.03  Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (a)
      any mutilated Certificate is surrendered to the Securities Administrator, or
      the
      Securities Administrator receives evidence to its satisfaction of the
      destruction, loss or theft of any Certificate and of the ownership thereof
      and
      (b) there is delivered to the Securities Administrator such security or
      indemnity as may be required by them to save each of them harmless, then, in
      the
      absence of notice to the Securities Administrator that such Certificate has
      been
      acquired by a bona fide purchaser, the Securities Administrator shall execute,
      authenticate and deliver, in exchange for or in lieu of any such mutilated,
      destroyed, lost or stolen Certificate, a new Certificate of like Class, tenor
      and Percentage Interest. In connection with the issuance of any new Certificate
      under this Section 6.03, the Securities Administrator may require the
      payment of a sum sufficient to cover any tax or other governmental charge that
      may be imposed in relation thereto and any other expenses (including the fees
      and expenses of the Securities Administrator) connected therewith. Any
      replacement Certificate issued pursuant to this Section 6.03 shall
      constitute complete and indefeasible evidence of ownership in the Trust Fund,
      as
      if originally issued, whether or not the lost, stolen or destroyed Certificate
      shall be found at any time. All Certificates surrendered to the Securities
      Administrator under the terms of this Section 6.03 shall be canceled and
      destroyed by the Securities Administrator in accordance with its standard
      procedures without liability on its part.

     

    Section
      6.04  Persons
      Deemed Owners.

     

    The
      Depositor, the Servicer, the Trustee, the Master Servicer, the Securities
      Administrator and any of their agents 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 none of the Depositor, the Servicer, the Trustee, the Master
      Servicer, the Securities Administrator nor any of their agents shall be affected
      by any notice to the contrary.

     

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

     

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

     

    Section
      6.06  Book-Entry
      Certificates.

     

    The
      Regular Certificates, upon original issuance, shall be issued in the form of
      one
      or more typewritten Certificates representing the Book- Entry Certificates,
      to
      be delivered to the Depository by or on behalf of the Depositor. Such
      Certificates shall initially be registered on the Certificate Register in the
      name of the Depository or its nominee, and no Certificate Owner of such
      Certificates will receive a definitive certificate representing such Certificate
      Owner’s interest in such Certificates, except as provided in Section 6.08.
      Unless and until definitive, fully registered Certificates (“Definitive
      Certificates”) have been issued to the Certificate Owners of such Certificates
      pursuant to Section 6.08:

     

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

     

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

     

    (c)  registration
      of the Book-Entry Certificates may not be transferred by the Securities
      Administrator except to another Depository;

     

    (d)  the
      rights of the respective Certificate Owners of such Certificates shall be
      exercised only through the Depository and the Depository Participants and shall
      be limited to those established by law and agreements between the Owners of
      such
      Certificates and the Depository and/or the Depository Participants. Pursuant
      to
      the Depository Agreement, unless and until Definitive Certificates are issued
      pursuant to Section 6.08, the Depository will make book-entry transfers
      among the Depository Participants and receive and transmit distributions of
      principal and interest on the related Certificates to such Depository
      Participants;

     

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

     

    (f)  the
      Depositor, the Servicer, the Trustee, the Master Servicer and the Securities
      Administrator may rely and shall be fully protected in relying upon information
      furnished by the Depository with respect to its Depository Participants;
      and

     

    (g)  to
      the
      extent that the provisions of this Section conflict with any other
      provisions of this Agreement, the provisions of this Section shall
      control.

     

    For
      purposes of any provision of this Agreement requiring or permitting actions
      with
      the consent of, or at the direction of, Certificateholders evidencing a
      specified percentage of the aggregate unpaid principal amount of any Class
      of
      Certificates, such direction or consent may be given by Certificate Owners
      (acting through the Depository and the Depository Participants) owning
      Book-Entry Certificates evidencing the requisite percentage of principal amount
      of such Class of Certificates.

     

    Section
      6.07  Notices
      to Depository.

     

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

     

    Section
      6.08  Definitive
      Certificates.

     

    If,
      after
      Book-Entry Certificates have been issued with respect to any Certificates,
      (a)
      the Depositor or the Depository advises the Securities Administrator that the
      Depository is no longer willing or able to discharge properly its
      responsibilities under the Depository Agreement with respect to such
      Certificates and the Securities Administrator or the Depositor is unable to
      locate a qualified successor, (b) the Depositor, at its sole option, advises
      the
      Securities Administrator that it elects to terminate the book-entry system
      with
      respect to such Certificates through the Depository or (c) after the occurrence
      and continuation of either of the events described in clauses (a) or (b) above,
      Certificate Owners of such Book-Entry Certificates having not less than fifty
      one percent (51%) of the Voting Rights evidenced by any Class of Book-Entry
      Certificates advise the Securities Administrator and the Depository in writing
      through the Depository Participants that the continuation of a book-entry system
      with respect to Certificates of such Class through the Depository (or its
      successor) is no longer in the best interests of the Certificate Owners of
      such
      Class, then the Securities Administrator shall notify all Certificate Owners
      of
      such Certificates, through the Depository, of the occurrence of any such event
      and of the availability of Definitive Certificates to applicable Certificate
      Owners requesting the same. The Depositor shall provide the Securities
      Administrator with an adequate inventory of certificates to facilitate the
      issuance and transfer of Definitive Certificates. Upon surrender to the
      Securities Administrator of any such Certificates by the Depository, accompanied
      by registration instructions from the Depository for registration, the
      Securities Administrator shall countersign and deliver such Definitive
      Certificates. Neither the Depositor nor the Securities Administrator shall
      be
      liable for any delay in delivery of such instructions and each may conclusively
      rely on, and shall be protected in relying on, such instructions. Upon the
      issuance of such Definitive Certificates, all references herein to obligations
      imposed upon or to be performed by the Depository shall be deemed to be imposed
      upon and performed by the Securities Administrator, to the extent applicable
      with respect to such Definitive Certificates and the Securities Administrator
      shall recognize the Holders of such Definitive Certificates as
      Certificateholders hereunder.

     

    Section
      6.09  Maintenance
      of Office or Agency.

     

    Certificates
      may be surrendered for registration of transfer or exchange at the applicable
      Corporate Trust Office of the Securities Administrator. The Securities
      Administrator will give prompt written notice to the Certificateholders of
      any
      change in such location of any such office or agency.

     

    ARTICLE
      VII

    THE
      DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

     

    Section
      7.01  Liabilities
      of the Depositor, the Servicer and the Master Servicer.

     

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

     

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

     

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

     

    (b)  The
      Depositor, the Servicer or the Master Servicer may be merged or consolidated,
      or
      any person resulting from any merger or consolidation to which the Depositor,
      the Servicer or the Master Servicer shall be a party, or any Person succeeding
      to the business of the Depositor, the Servicer or the Master Servicer shall
      be
      the successor of the Depositor, the Servicer or the Master Servicer hereunder,
      without the execution or filing of any paper or further act on the part of
      any
      of the parties hereto, anything herein to the contrary notwithstanding, provided
      that any Successor Servicer shall have represented that it meets the eligibility
      criteria set forth in Section 8.02.

     

    Section
      7.03  Indemnification
      of the Depositor and Servicing Function Participants.

     

    (a)  The
      Depositor agrees to indemnify the Indemnified Persons for, and to hold them
      harmless against, any loss, liability or expense (including reasonable legal
      fees and disbursements of counsel) incurred on their part that may be sustained
      in connection with, arising out of, or relating to, any claim or legal action
      (including any pending or threatened claim or legal action) relating to this
      Agreement or the Certificates (i) related to the Depositor’s failure to perform
      its duties in compliance with this Agreement (except as any such loss, liability
      or expense shall be otherwise reimbursable pursuant to this Agreement) or (ii)
      incurred by reason of the Depositor’s willful misfeasance, bad faith or gross
      negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder. This indemnity shall survive
      the
      resignation of and the termination of this Agreement.

     

    (b)  The
      Servicer agrees to indemnify the Indemnified Persons for, and to hold them
      harmless against, any loss, liability or expense (including reasonable legal
      fees and disbursements of counsel) incurred on their part that may be sustained
      in connection with, arising out of, or relating to, any claim or legal action
      (including any pending or threatened claim or legal action) relating to the
      Servicer’s gross negligence in the performance of its duties under this
      Agreement or failure to service the Mortgage Loans in material compliance with
      the terms of this Agreement and for a material breach of any representation,
      warranty or covenant of the Servicer contained herein. The Servicer shall
      immediately notify the Trustee if a claim is made by a third party with respect
      to this Agreement or the Mortgage Loans, assume (with the consent of the Trustee
      and with counsel reasonably satisfactory to the Trustee) the defense of any
      such
      claim and pay all expenses in connection therewith, including counsel fees,
      and
      promptly appeal or pay, discharge and satisfy any judgment or decree which
      may
      be entered against it or any Indemnified Person in respect of such claim, but
      failure to so notify the Servicer shall not limit its obligations hereunder.
      The
      Servicer agrees that it will not enter into any settlement of any such claim
      without the consent of the Indemnified Persons unless such settlement includes
      an unconditional release of such Indemnified Persons from all liability that
      is
      the subject matter of such claim. The provisions of this Section 7.03(b)
      shall survive termination of this Agreement.

     

    (c)  Each
      Servicing Function Participant shall indemnify and hold harmless the Servicer,
      the Master Servicer, the Securities Administrator, the Trustee, the Depositor
      and the Sponsor and their respective directors, officers, employees, agents,
      and
      affiliates from and against any and all claims, losses, damages, penalties,
      fines, forfeitures, reasonable legal fees and related costs, judgments and
      other
      costs and expenses arising out of or based upon (a) any breach by such party
      of
      any if its obligations hereunder, including particularly its obligations to
      provide any Assessment of Compliance, Attestation Report, Compliance Statement,
      Back-up Certification or any information, data or materials required to be
      included in any Exchange Act report, (b) any material misstatement or material
      omission in any information, data or materials required to be contained in
      (i)
      any compliance certificate delivered by the such party pursuant to Section
      3.13
      of this Agreement, (ii) any assessment or attestation delivered by such party
      pursuant to Section 3.14 of this Agreement, (iii) any back-up certification
      (in
      the form of Exhibit M) delivered by such party pursuant to Section 3.18 of
      this
      Agreement or (iv) any disclosure materials delivered by such party pursuant
      to
      Section 5.12 or (c) the negligence, bad faith or willful misconduct of such
      party in connection with its performance hereunder. If the indemnification
      provided for herein is unavailable or insufficient to hold harmless the
      Servicer, the Master Servicer, the Securities Administrator, the Trustee, the
      Depositor and the Sponsor, then each such party agrees that it shall contribute
      to the amount paid or payable by the Master Servicer, the Securities
      Administrator, the Trustee, the Depositor and the Sponsor as a result of any
      claims, losses, damages or liabilities incurred by Master Servicer, the
      Securities Administrator, the Trustee, the Depositor and the Sponsor in such
      proportion as is appropriate to reflect the relative fault of the Master
      Servicer, the Securities Administrator, the Trustee, the Depositor and the
      Sponsor on the one hand and such party on the other. This indemnity shall
      survive the termination or resignation of the parties hereto or the termination
      of this Agreement.

     

    Section
      7.04  Limitations
      on Liability of the Depositor, Securities Administrator, Master Servicer,
      Servicer and Others.

     

    Subject
      to the obligation of the Depositor and the Servicer to indemnify the Indemnified
      Persons pursuant to Section 7.03:

     

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

     

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

     

    (c)  The
      Depositor, the Securities Administrator, the Master Servicer, the Servicer,
      the
      Trustee, the Custodian and any director, officer, employee or agent of the
      Depositor, the Securities Administrator, the Master Servicer, the Servicer,
      the
      Trustee or the Custodian shall be indemnified by the Trust Fund and held
      harmless thereby against any loss, liability or expense (including reasonable
      legal fees and disbursements of counsel) incurred on their part that may be
      sustained in connection with, arising out of, or relating to this Agreement,
      the
      Custodial Agreement or the Certificates (including any pending or threatened
      claim or legal action), other than (i) with respect to the Servicer, such loss,
      liability or expense related to the Servicer’s failure to perform its duties in
      compliance with this Agreement (except as any such loss, liability or expense
      shall be otherwise reimbursable pursuant to this Agreement) or, with respect
      to
      the Custodian, to the Custodian’s failure to perform its duties hereunder, (ii)
      with respect to the Servicer, any such loss, liability or expense incurred
      by
      reason of the Servicer’s willful misfeasance, bad faith or gross negligence in
      the performance of its duties hereunder or (iii) with respect to Custodian,
      any
      such loss, liability or expense incurred by reason of the Custodian’s willful
      misfeasance, bad faith or gross negligence in the performance of its duties
      hereunder.

     

    (d)  The
      Depositor the Securities Administrator or the Master Servicer shall not be
      under
      any obligation to appear in, prosecute or defend any legal action that is not
      incidental to its duties under this Agreement and that in its opinion may
      involve it in any expense or liability; provided, however, that each of the
      Depositor, the Securities Administrator and the Master Servicer may in its
      discretion, undertake any such action which it may deem necessary or desirable
      with respect to this Agreement and the rights and duties of the parties hereto
      and the interests of the Certificateholders hereunder. In such event, the legal
      expenses and costs of such action and any liability resulting therefrom (except
      any loss, liability or expense incurred by reason of willful misfeasance, bad
      faith or gross negligence in the performance of duties hereunder or by reason
      of
      reckless disregard of obligations and duties hereunder) shall be expenses,
      costs
      and liabilities of the Trust Fund, and the Depositor, the Securities
      Administrator and the Master Servicer shall be entitled to be reimbursed
      therefor out of the Distribution Account as provided by Section 3.32.
      Nothing in this Subsection 7.04(d) shall affect the Master Servicer’s obligation
      to take such actions as are necessary to ensure the servicing and administration
      of the Mortgage Loans pursuant to this Agreement.

     

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

     

    (f)  The
      Trustee shall not be liable for any acts or omissions of the Servicer, the
      Depositor or the Custodian.

     

    Section
      7.05  The
      Servicer Not to Resign.

     

    (a)  The
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except upon the determination that its duties hereunder are no longer
      permissible under applicable law or the performance of such duties are no longer
      possible in order to comply with applicable law and such incapacity or
      impossibility cannot be cured by the Servicer. Any determination permitting
      the
      resignation of the Servicer shall be evidenced by an Opinion of Counsel to
      such
      effect delivered to the Master Servicer which Opinion of Counsel shall be in
      form and substance acceptable to the Master Servicer. No appointment of a
      successor to the Servicer shall be effective hereunder unless (a) the Rating
      Agencies have confirmed in writing that such appointment will not result in
      a
      downgrade, qualification or withdrawal of the then current ratings assigned
      to
      the Certificates, (b) such successor shall have represented that it is meets
      the
      eligibility criteria set forth in Section 8.02 and (c) such successor has
      agreed in writing to assume the obligations of the Servicer hereunder. The
      Servicer shall provide a copy of the written confirmation of the Rating Agencies
      and the agreement executed by such successor to the Master Servicer. No such
      resignation shall become effective until a successor servicer or the Master
      Servicer shall have assumed the Servicer’s responsibilities and obligations
      hereunder. The Servicer shall notify the Master Servicer and the Rating Agencies
      of its resignation.

     

    (b)  Except
      as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits or privileges hereunder to any other Person, or delegate to
      or
      subcontract with, or authorize or appoint any other Person to perform any of
      the
      duties, covenants or obligations to be performed by the Servicer hereunder.
      The
      foregoing prohibition on assignment shall not prohibit the Servicer from
      designating a Subservicer as payee of any indemnification amount payable to
      the
      Servicer hereunder; provided, however, that as provided in Section 3.03, no
      Subservicer or Subcontractor shall be a third-party beneficiary hereunder and
      the parties hereto shall not be required to recognize any Subservicer or
      Subcontractor as an indemnitee under this Agreement.

     

    Section
      7.06  Termination
      of the Servicer Without Cause; Appointment of Special Servicer.

     

    (a)  For
      so
      long as the Sponsor retains ownership of the servicing rights with respect
      to
      any of the Mortgage Loans, the Sponsor may, at its option, terminate the
      servicing responsibilities of the Servicer hereunder with respect to such
      Mortgage Loans without cause. No such termination shall become effective unless
      and until a successor to such Servicer shall have been appointed to service
      and
      administer the related Mortgage Loans pursuant to the terms and conditions
      of
      this Agreement. No appointment shall be effective unless (i) such successor
      servicer meets the eligibility criteria contained in Section 8.02, (ii) the
      Master Servicer shall have consented to such appointment, (iii) the Rating
      Agencies have been notified in writing of such appointment and such successor
      servicer meets the Minimum Servicing Requirements, (iv) such successor has
      agreed to assume the obligations of the Servicer hereunder to the extent of
      the
      Mortgage Loans and (v) all amounts reimbursable to the Servicer pursuant to
      the
      terms of this Agreement shall have been paid to the Servicer by the successor
      appointed pursuant to the terms of this Section 7.06 or by the Sponsor
      including without limitation, all unreimbursed Advances and Servicing Advances
      made by the Servicer and all out-of-pocket expenses of the Servicer incurred
      in
      connection with the transfer of servicing to such successor. The Sponsor shall
      provide a copy of the written confirmation of the Rating Agencies and the
      agreement executed by such successor to the Trustee and the Master
      Servicer.

     

    The
      rights of the Sponsor to terminate the Servicer pursuant to this Section 7.06(a)
      will cease to exist if the Sponsor sells or otherwise divests itself of its
      ownership of the servicing rights with respect to the Mortgage Loans; provided,
      however, that this Section 7.06(a) will be operative at any time the Sponsor
      retains or comes into possession of such servicing rights.

     

    (b)  In
      addition, the Sponsor may, at its option, appoint a special servicer with
      respect to certain of the Mortgage Loans. The Sponsor and the Servicer shall
      negotiate in good faith with any proposed special servicer with respect to
      the
      duties and obligations of such special servicer with respect to any such
      Mortgage Loan. Any Subservicing Agreement shall contain terms and provisions
      not
      inconsistent with this Agreement and shall obligate the special servicer to
      service such Mortgage Loans in accordance with Accepted Servicing Practices.
      The
      fee payable to the special servicer for the performance of such duties and
      obligations will paid from the Servicing Fee collected by the Servicer with
      respect to each such Mortgage Loan and will be remitted to such special servicer
      by the Servicer. 

     

    Section
      7.07  Limitation
      on Resignation of the Master Servicer.

     

    The
      Master Servicer shall not resign from the obligations and duties hereby imposed
      on it except upon determination that its duties hereunder are no longer
      permissible under applicable law. Any such determination pursuant to the
      preceding sentence permitting the resignation of the Master Servicer shall
      be
      evidenced by an Opinion of Counsel to such effect obtained at the expense of
      the
      Master Servicer and delivered to the Trustee and the Rating Agencies. No
      resignation of the Master Servicer shall become effective until the Trustee
      or a
      successor Master Servicer meeting the criteria specified in Section 7.08
      shall have assumed the Master Servicer’s responsibilities, duties, liabilities
      (other than those liabilities arising prior to the appointment of such
      successor) and obligations under this Agreement.

     

    Section
      7.08  Assignment
      of Master Servicing.

     

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in its entirety as Master Servicer under this Agreement; provided,
      however, that: (i) the purchaser or transferee accepting such assignment and
      delegation and assuming the obligations of the Master Servicer hereunder (a)
      shall have a net worth of not less than $15,000,000 (unless otherwise approved
      by each Rating Agency pursuant to clause (ii) below); (b) shall be reasonably
      satisfactory to the Trustee (as evidenced in a writing signed by the Trustee);
      and (c) shall execute and deliver to the Trustee an agreement, in form and
      substance reasonably satisfactory to the Trustee, which contains an assumption
      by such Person of the due and punctual performance and observance of each
      covenant and condition to be performed or observed by it as master servicer
      under this Agreement, any custodial agreement from and after the effective
      date
      of such agreement; (ii) each Rating Agency shall be given prior written notice
      of the identity of the proposed successor to the Master Servicer and each Rating
      Agency’s rating of the Certificates in effect immediately prior to such
      assignment, sale and delegation will not be downgraded, qualified or withdrawn
      as a result of such assignment, sale and delegation, as evidenced by a letter
      to
      such effect delivered to the Master Servicer and the Trustee; and (iii) the
      Master Servicer assigning the master servicing shall deliver to the Trustee
      an
      officer’s certificate and an Opinion of Independent counsel, each stating that
      all conditions precedent to such action under this Agreement have been completed
      and such action is permitted by and complies with the terms of this Agreement.
      No such assignment or delegation shall affect any liability of the Master
      Servicer arising out of acts or omissions prior to the effective date
      thereof.

     

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

     

    Each
      of
      the Master Servicer and the Servicer shall afford (and any Subservicing
      Agreement shall provide that each Subservicer or Subcontractor shall afford)
      the
      Depositor and the Trustee, upon reasonable notice, during normal business hours,
      access to all records maintained by the Master Servicer or the Servicer (and
      any
      such Subservicer or Subcontractor) in respect of the Servicer’s rights and
      obligations hereunder and access to officers of the Master Servicer or the
      Servicer (and those of any such Subservicer or Subcontractor) responsible for
      such obligations, and the Master Servicer shall have access to all such records
      maintained by the Servicer and any Subservicers. Upon request, each of the
      Master Servicer and the Servicer shall furnish to the Depositor and the Trustee
      its (and any such Subservicer’s or Subcontractor’s) most recent financial
      statements and such other information relating to the Master Servicer’s or the
      Servicer’s capacity to perform its obligations under this Agreement as it
      possesses (and that any such Subservicer or Subcontractor possesses). To the
      extent the Depositor and the Trustee are informed that such information is
      not
      otherwise available to the public, the Depositor and the Trustee shall not
      disseminate any information obtained pursuant to the preceding two sentences
      without the Master Servicer’s or the Servicer’s written consent, except as
      required pursuant to this Agreement or to the extent that it is appropriate
      to
      do so (i) to its legal counsel, auditors, taxing authorities or other
      governmental agencies and the Certificateholders, (ii) pursuant to any law,
      rule, regulation, order, judgment, writ, injunction or decree of any court
      or
      governmental authority having jurisdiction over the Depositor and the Trustee
      or
      the Trust Fund, and in any case, the Depositor or the Trustee, (iii) disclosure
      of any and all information that is or becomes publicly known, or information
      obtained by the Trustee from sources other than the Depositor, the Servicer
      or
      the Master Servicer, (iv) disclosure as required pursuant to this Agreement
      or
      (v) disclosure of any and all information (A) in any preliminary or final
      offering circular, registration statement or contract or other document
      pertaining to the transactions contemplated by the Agreement approved in advance
      by the Depositor, the Servicer or the Master Servicer or (B) to any affiliate,
      independent or internal auditor, agent, employee or attorney of the Trustee
      having a need to know the same, provided that the Trustee advises such recipient
      of the confidential nature of the information being disclosed, shall use its
      best efforts to assure the confidentiality of any such disseminated non-public
      information. Nothing in this Section 7.09 shall limit the obligation of the
      Servicer to comply with any applicable law prohibiting disclosure of information
      regarding the Mortgagors and the failure of the Servicer to provide access
      as
      provided in this Section 7.09 as a result of such obligation shall not
      constitute a breach of this Section. Nothing in this Section 7.09 shall
      require the Servicer to collect, create, collate or otherwise generate any
      information that it does not generate in its usual course of business. The
      Servicer shall not be required to make copies of or ship documents to any party
      unless provisions have been made for the reimbursement of the costs thereof.
      The
      Depositor may, but is not obligated to, enforce the obligations of the Master
      Servicer and the Servicer under this Agreement and may, but is not obligated
      to,
      perform, or cause a designee to perform, any defaulted obligation of the Master
      Servicer or the Servicer under this Agreement or exercise the rights of the
      Master Servicer or the Servicer under this Agreement; provided that neither
      the
      Master Servicer nor the Servicer shall be relieved of any of its obligations
      under this Agreement by virtue of such performance by the Depositor or its
      designee. The Depositor shall not have any responsibility or liability for
      any
      action or failure to act by the Master Servicer or the Servicer and is not
      obligated to supervise the performance of the Master Servicer or the Servicer
      under this Agreement or otherwise.

     

    ARTICLE
      VIII

    DEFAULT;
      TERMINATION OF SERVICER AND MASTER SERVICER

     

    Section
      8.01  Events
      of Default.

     

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

     

    (i)  any
      failure by the Servicer to remit to the Securities Administrator any payment
      required to be made under the terms of this Agreement which continues unremedied
      for a period of two Business Days; or

     

    (ii)  failure
      on the part of the
      Servicer to
      duly
      observe or perform in any material respect any other of the covenants or
      agreements on the part of the Servicer set forth in this Agreement (other than
      those described in (viii) and (ix) below), the breach of which has a material
      adverse effect and which continue unremedied for a period of thirty days after
      the date on which written notice of such failure, requiring the same to be
      remedied, shall have been given to the Servicer by the Master Servicer or to
      the
      Servicer and the Master Servicer by the holders of Certificates evidencing
      not
      less than twenty-five percent (25%) of the Voting Rights evidenced by the
      Certificates; or

     

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

     

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

     

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

     

    (vi)  the
      Servicer attempts to assign its right to servicing compensation hereunder (other
      than any payment by the Servicer to the Sponsor of any portion of the Servicing
      Fee payable to the Servicer as provided in a separate side letter between the
      Sponsor and the Servicer) or the Servicer attempts to sell or otherwise dispose
      of all or substantially all of its property or assets or to assign this
      Agreement or the servicing responsibilities hereunder or to delegate its duties
      hereunder or any portion thereof except, in each case as otherwise permitted
      herein; or

     

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

     

    (viii)  so
      long
      as the Trust Fund is subject to Exchange Act reporting requirements, failure
      by
      the Servicer to duly perform, within the required time period, its obligations
      under Sections 3.13, 3.14, 3.18 or 5.12, which default shall not be subject
      to notice or a cure period;

     

    (ix)  after
      the
      Trust Fund ceases to be subject to Exchange Act reporting requirements, any
      failure by the Servicer to duly perform, within the required time period, its
      obligation to provide the annual statements of compliance and attestation
      reports described in Sections 3.13 and 3.14 hereof, which failure continues
      unremedied for a period of ten (10) Business Days after the date on which
      written notice of such failure, requiring the same to be remedied, has been
      given to the Servicer by the Master Servicer; or

     

    (x)  any
      failure by the Servicer (or any successor thereto) to provide, within the
      required time period set forth in Section 3.28 hereof, any required reports
      or
      data pertaining to the Mortgage Loans, which failure continues unremedied for
      a
      period of thirty (30) days after the date on which written notice of such
      failure, requiring the same to be remedied, has been given to the Servicer
      (or
      any successor thereto) by the Master Servicer;

     

    then,
      and
      in each and every such case, so long as a Servicer Default shall not have been
      remedied, the Master Servicer, by notice in writing to the Servicer shall with
      respect to a payment default by the Servicer pursuant to Section 8.01(i) of
      this Agreement and, upon the occurrence and continuance of any other Servicer
      Default, may, and, at the written direction of Certificateholders evidencing
      not
      less than 25% of the Voting Rights shall, in addition to whatever rights the
      Trustee on behalf of the Certificateholders may have under Section 7.03 and
      at law or equity to damages, including injunctive relief and specific
      performance, terminate all the rights and obligations of the Servicer under
      this
      Agreement and in and to the Mortgage Loans and the proceeds thereof without
      compensating the Servicer for the same with respect to a default by the
      Servicer. On or after the receipt by the Servicer of such written notice, all
      authority and power of the Servicer under this Agreement whether with respect
      to
      the related Mortgage Loans or otherwise, shall pass to and be vested in the
      Master Servicer. Upon written request from the Master Servicer, the Servicer
      shall prepare, execute and deliver, any and all documents and other instruments,
      place in the Trustee’s (or its Custodian’s) possession all Mortgage Files
      relating to the related Mortgage Loans, and do or accomplish all other acts
      or
      things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement or assignment
      of
      the Mortgage Loans and related documents, or otherwise, at such Servicer’s sole
      expense. The defaulting Servicer shall cooperate with the Master Servicer in
      effecting the termination of the Servicer’s responsibilities and rights
      hereunder including, without limitation, the transfer to such successor for
      administration by it of all cash amounts which shall at the time be credited
      by
      the defaulting Servicer to the Custodial Account or Escrow Account or thereafter
      received with respect to the related Mortgage Loans or any related REO Property
      (provided, however, that the defaulting Servicer shall continue to be entitled
      to receive all amounts accrued or owing to it under this Agreement on or prior
      to the date of such termination, whether in respect of Advances, Servicing
      Advances, accrued and unpaid Servicing Fees or otherwise, and shall continue
      to
      be entitled to the benefits of Section 7.04, notwithstanding any such
      termination, with respect to events occurring prior to such termination). The
      Master Servicer shall not have knowledge of a Servicer Default unless a
      Responsible Officer of the Master Servicer has actual knowledge or unless
      written notice of any Servicer Default is received by the Master Servicer at
      its
      address for notice and such notice references the Certificates, the Trust Fund
      or this Agreement.

     

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

     

    (i)  any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Master Servicer contained in this Agreement, or the breach by the Master
      Servicer of any representation and warranty contained in Section 2.03,
      which continues unremedied for a period of thirty (30) days after the date
      on
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the Master Servicer by the Depositor or the Trustee or to
      the
      Master Servicer, the Depositor and the Trustee by the Holders of Certificates
      entitled to at least twenty-five percent (25%) of the Voting Rights;
      or

     

    (ii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises in an involuntary case under any present or future federal or
      state
      bankruptcy, insolvency or similar law or the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceeding, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Master Servicer
      and such decree or order shall have remained in force undischarged or unstayed
      for a period of ninety (90) days; or

     

    (iii)  the
      Master Servicer shall consent to the appointment of a conservator or receiver
      or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities or similar proceedings of or relating to it or of or relating to
      all
      or substantially all of its property; or

     

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

     

    (v)  so
      long
      as the Trust Fund is subject to Exchange Act reporting requirements, failure
      by
      the Master Servicer to duly perform, within the required time period, its
      obligations under Sections 3.13, 3.14, 3.18 or 5.12.

     

    If
      a
      Master Servicer Default shall occur, then, and in each and every such case,
      so
      long as such Master Servicer Default shall not have been remedied, the Depositor
      or the Trustee may, and at the written direction of the Holders of Certificates
      entitled to at least 51% of Voting Rights, the Trustee shall, by notice in
      writing to the Master Servicer (and to the Depositor if given by the Trustee
      or
      to the Trustee if given by the Depositor) with a copy to each Rating Agency,
      terminate all of the rights and obligations of the Master Servicer in its
      capacity as Master Servicer under this Agreement, to the extent permitted by
      law, and in and to the Mortgage Loans and the proceeds thereof. On or after
      the
      receipt by the Master Servicer of such written notice, all authority and power
      of the Master Servicer under this Agreement, whether with respect to the
      Certificates (other than as a Holder of any Certificate) or the Mortgage Loans
      or otherwise including, without limitation, the compensation payable to the
      Master Servicer under this Agreement, shall pass to and be vested in the Trustee
      pursuant to and under this Section, and, without limitation, the Trustee is
      hereby authorized and empowered, as attorney-in-fact or otherwise, to execute
      and deliver, on behalf of and at the expense of the Master Servicer, any and
      all
      documents and other instruments and to do or accomplish all other acts or things
      necessary or appropriate to effect the purposes of such notice of termination,
      whether to complete the transfer and endorsement or assignment of the Mortgage
      Loans and related documents, or otherwise. The Master Servicer agrees promptly
      (and in any event no later than ten Business Days subsequent to such notice)
      to
      provide the Trustee with all documents and records requested by it to enable
      it
      to assume the Master Servicer’s functions under this Agreement, and to cooperate
      with the Trustee in effecting the termination of the Master Servicer’s
      responsibilities and rights under this Agreement (provided, however, that the
      Master Servicer shall continue to be entitled to receive all amounts accrued
      or
      owing to it under this Agreement on or prior to the date of such termination
      and
      shall continue to be entitled to the benefits of Section 7.03,
      notwithstanding any such termination, with respect to events occurring prior
      to
      such termination). For purposes of this Section 8.01, the Trustee shall not
      be deemed to have knowledge of a Master Servicer Default unless a Responsible
      Officer of the Trustee assigned to and working in the Trustee’s Corporate Trust
      Office has actual knowledge thereof or unless written notice of any event which
      is in fact such a Master Servicer Default is received by the Trustee and such
      notice references the Certificates, the Trust Fund or this Agreement. The
      Trustee shall promptly notify the Rating Agencies of the occurrence of a Master
      Servicer Default of which it has knowledge as provided above.

     

    Notwithstanding
      the above, the Trustee may, if it shall be unwilling to continue to so act,
      or
      shall, if it is unable to so act, petition a court of competent jurisdiction
      to
      appoint, or appoint on its own behalf any established housing and home finance
      institution servicer, master servicer, servicing or mortgage servicing
      institution having a net worth of not less than $15,000,000 and meeting such
      other standards for a successor master servicer as are set forth in this
      Agreement, as the successor to such Master Servicer in the assumption of all
      of
      the responsibilities, duties or liabilities of a master servicer, like the
      Master Servicer.

     

    To
      the
      extent that the costs and expenses of the Trustee related to the termination
      of
      the Master Servicer, appointment of a successor Master Servicer or the transfer
      and assumption of the master servicing by the Trustee (including, without
      limitation, (i) all legal costs and expenses and all due diligence costs and
      expenses associated with an evaluation of the potential termination of the
      Master Servicer as a result of a Master Servicer Default and (ii) all costs
      and
      expenses associated with the complete transfer of the master servicing,
      including all servicing files and all servicing data and the completion,
      correction or manipulation of such servicing data as may be required by the
      successor Master Servicer to correct any errors or insufficiencies in the
      servicing data or otherwise to enable the successor Master Servicer to master
      service the Mortgage Loans in accordance with this Agreement) are not fully
      and
      timely reimbursed by the terminated Master Servicer, the Trustee shall be
      entitled to reimbursement of such costs and expenses from the Distribution
      Account. Neither the Trustee nor any other successor master servicer shall
      be
      deemed to be in default hereunder by reason of any failure to make, or any
      delay
      in making, any distribution hereunder or any portion thereof or any failure
      to
      perform, or any delay in performing, any duties or responsibilities hereunder,
      in either case caused by the failure of the Master Servicer to deliver or
      provide, or any delay in delivering or providing, any cash, information,
      documents or records to it. Furthermore, neither the Trustee nor any other
      successor master servicer shall be liable for any acts or omissions of the
      terminated Master Servicer.

     

    Section
      8.02  Master
      Servicer to Act; Appointment of Successor.

     

    On
      and
      after the time the Servicer receives a notice of termination pursuant to
      Section 8.01, the Master Servicer shall become the successor to such
      Servicer with respect to the transactions set forth or provided for herein
      and
      after a transition period (not to exceed 120 days), shall be subject to all
      the
      responsibilities, duties and liabilities relating thereto placed on the Servicer
      by the terms and provisions hereof, and applicable law including the obligation
      to make Advances pursuant to Article V hereof, except as otherwise provided
      herein; provided, however, that the Master Servicer’s obligation to make
      Advances in its capacity as Successor Servicer shall not be subject to such
      120-day transition period and the Master Servicer will make any Advance required
      to be made by the terminated Servicer on the Distribution Date on which the
      terminated Servicer was required to make such Advance. Effective on the date
      of
      such notice of termination, as compensation therefor, the Master Servicer shall
      be entitled to all fees, costs and expenses relating to the Mortgage Loans
      that
      the terminated Servicer would have been entitled to if it had continued to
      act
      hereunder, provided, however, that the Master Servicer shall not be (i) liable
      for any acts or omissions of the terminated Servicer, (ii) obligated to make
      Advances if it is prohibited from doing so under applicable law or determines
      that such Advance, if made, would constitute a Nonrecoverable Advance, (iii)
      responsible for expenses of the terminated Servicer pursuant to
      Section 2.03 or (iv) obligated to deposit losses on any Permitted
      Investment directed by the terminated Servicer. Notwithstanding the foregoing,
      the Master Servicer may, if it shall be unwilling to so act, or shall, if it
      is
      prohibited by applicable law from making Advances pursuant to Article VI of
      this
      Agreement or if it is otherwise unable to so act, appoint, or petition a court
      of competent jurisdiction to appoint, any established mortgage loan servicing
      institution the appointment of which does not adversely affect the then current
      rating of the Certificates by each Rating Agency as the successor to the
      Servicer hereunder in the assumption of all or any part of the responsibilities,
      duties or liabilities of the Servicer hereunder. Any Successor Servicer shall
      (i) be an institution that is a Fannie Mae and Freddie Mac approved
      seller/servicer in good standing, that has a net worth of at least $15,000,000
      and (ii) be willing to act as successor servicer of the Mortgage Loans under
      this Agreement, and shall have executed and delivered to the Depositor and
      the
      Trustee an agreement accepting such delegation and assignment, that contains
      an
      assumption by such Person of the rights, powers, duties, responsibilities,
      obligations and liabilities of the terminated Servicer (other than any
      liabilities of the terminated Servicer hereof incurred prior to termination
      of
      the Servicer under Section 8.01), with like effect as if originally named
      as a party to this Agreement, provided that each Rating Agency shall have
      acknowledged in writing that its rating of the Certificates in effect
      immediately prior to such assignment and delegation will not be qualified or
      reduced as a result of such assignment and delegation. If the Master Servicer
      assumes the duties and responsibilities of the terminated Servicer in accordance
      with this Section 8.02, the Master Servicer shall not resign as servicer
      until a Successor Servicer has been appointed and has accepted such appointment.
      Pending appointment of a successor to the terminated Servicer hereunder, the
      Master Servicer, unless the Master Servicer is prohibited by law from so acting,
      shall act in such capacity as hereinabove provided. In connection with such
      appointment and assumption, the Master Servicer may make such arrangements
      for
      the compensation of such successor out of payments on the Mortgage Loans or
      otherwise as it and such successor shall agree; provided that no such
      compensation shall be in excess of that permitted the terminated Servicer
      hereunder. The Master Servicer and such successor shall take such action,
      consistent with this Agreement, as shall be necessary to effectuate any such
      succession. Neither the Master Servicer nor any other Successor Servicer shall
      be deemed to be in default hereunder by reason of any failure to make, or any
      delay in making, any distribution hereunder or any portion thereof or any
      failure to perform, or any delay in performing, any duties or responsibilities
      hereunder, in either case caused by the failure of the Servicer to deliver
      or
      provide, or any delay in delivering or providing, any cash, information,
      documents or records to it.

     

    The
      costs
      and expenses of the Master Servicer in connection with the termination of the
      Servicer, appointment of a Successor Servicer and, if applicable, any transfer
      of servicing, including, without limitation, all costs and expenses associated
      with the complete transfer of all servicing data and the completion, correction
      or manipulation of such servicing data as may be required by the Master Servicer
      to correct any errors or insufficiencies in the servicing data or otherwise
      to
      enable the Master Servicer or the Successor Servicer to service the related
      Mortgage Loans properly and effectively, to the extent not paid by the
      terminated Servicer as may be required herein shall be payable to the Master
      Servicer from the Distribution Account pursuant to Section 3.32. Any
      successor to the terminated Servicer as successor servicer under this Agreement
      shall give notice to the applicable Mortgagors of such change of servicer and
      shall, during the term of its service as successor servicer maintain in force
      the policy or policies that the terminated Servicer is required to maintain
      pursuant to Section 3.05.

     

    Section
      8.03  Notification
      to Certificateholders.

     

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

     

    (b)  Within
      sixty (60) days after the occurrence of any Servicer Default or Master Servicer
      Default, the Trustee shall transmit by mail to all Certificateholders notice
      of
      each such Servicer Default or Master Servicer Default hereunder known to the
      Trustee, unless such default shall have been cured or waived.

     

    Section
      8.04  Waiver
      of Servicer Defaults and Master Servicer Defaults.

     

    The
      Trustee may waive only by written notice from Certificateholders evidencing
      66-2/3% of the Voting Rights (unless such default materially and adversely
      affects all Certificateholders, in which case the written direction shall be
      from all of the Certificateholders) any default by the Servicer or Master
      Servicer in the performance of its obligations hereunder and its consequences.
      Upon any such waiver of a past default, such default shall cease to exist,
      and
      any Servicer Default or Master Servicer Default arising therefrom shall be
      deemed to have been remedied for every purpose of this Agreement. No such waiver
      shall extend to any subsequent or other default or impair any right consequent
      thereon except to the extent expressly so waived in writing.

     

    ARTICLE
      IX

    CONCERNING
      THE TRUSTEE AND SECURITIES ADMINISTRATOR

     

    Section
      9.01  Duties
      of Trustee and Securities Administrator.

     

    (a)  The
      Trustee, prior to the occurrence of a Master Servicer Default, and after the
      curing or waiver of all Master Servicer Defaults, which may have occurred,
      and
      the Securities Administrator each undertake to perform such duties and only
      such
      duties as are specifically set forth in this Agreement as duties of the Trustee
      and the Securities Administrator, respectively. If a Master Servicer Default
      has
      occurred and has not been cured or waived, the Trustee shall exercise such
      of
      the rights and powers vested in it by this Agreement, and use the same degree
      of
      care and skill in their exercise, as a prudent person would exercise or use
      under the circumstances in the conduct of such Person’s own affairs. Any
      permissive right of the Trustee enumerated in this Agreement shall not be
      construed as a duty.

     

    (b)  Each
      of
      the Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to it, which are specifically required to be furnished
      pursuant to any provision of this Agreement, shall examine them to determine
      whether they conform to the requirements of this Agreement. If any such
      instrument is found not to conform to the requirements of this Agreement in
      a
      material manner, the Trustee or the Securities Administrator, as the case may
      be, shall take such action as it deems appropriate to have the instrument
      corrected, and if the instrument is not corrected to its satisfaction, the
      Securities Administrator will provide notice to the Trustee thereof and the
      Trustee will provide notice to the Certificateholders.

     

    (c)  The
      Trustee shall promptly remit to the Servicer any complaint, claim, demand,
      notice or other document (collectively, the “Notices”) delivered to the Trustee
      as a consequence of the assignment of any Mortgage Loan hereunder and relating
      to the servicing of the Mortgage Loans; provided than any such notice (i) is
      delivered to the Trustee at its Corporate Trust Office, (ii) contains
      information sufficient to permit the Trustee to make a determination that the
      real property to which such document relates is a Mortgaged Property. The
      Trustee shall have no duty hereunder with respect to any Notice it may receive
      or which may be alleged to have been delivered to or served upon it unless
      such
      Notice is delivered to it or served upon it at its Corporate Trust Office and
      such Notice contains the information required pursuant to clause (ii) of the
      preceding sentence.

     

    (d)  
      No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Securities Administrator from liability for its own negligent action, its own
      negligent failure to act or its own misconduct; provided, however,
      that:

     

    (i)  Prior
      to
      the occurrence of a Master Servicer Default and after the curing or waiver
      of
      all such Master Servicer Defaults which may have occurred with respect to the
      Trustee and at all times with respect to the Securities Administrator, the
      duties and obligations of the Trustee and the Securities Administrator shall
      be
      determined solely by the express provisions of this Agreement, neither the
      Trustee nor the Securities Administrator shall be liable except for the
      performance of its duties and obligations as are specifically set forth in
      this
      Agreement, no implied covenants or obligations shall be read into this Agreement
      against the Trustee or the Securities Administrator and, in the absence of
      bad
      faith on the part of the Trustee or the Securities Administrator, respectively,
      the Trustee or the Securities Administrator, respectively, may conclusively
      rely
      and shall be fully protected in acting or refraining from acting, as to the
      truth of the statements and the correctness of the opinions expressed therein,
      upon any certificates or opinions furnished to the Trustee or the Securities
      Administrator, respectively, that conform to the requirements of this
      Agreement;

     

    (ii)  Neither
      the Trustee nor the Securities Administrator shall be liable in its individual
      capacity for an error of judgment made in good faith by a Responsible Officer
      or
      Responsible Officers of the Trustee or an officer or officers of the Securities
      Administrator, respectively, unless it shall be proved that the Trustee or
      Securities Administrator, respectively, was negligent in ascertaining the
      pertinent facts;

     

    (iii)  Neither
      the Trustee nor the Securities Administrator shall be liable with respect to
      any
      action taken, suffered or omitted to be taken by it in good faith and believed
      by it to be authorized or within the rights or powers conferred upon it by
      this
      Agreement or in accordance with the directions of the Holders of Certificates
      evidencing not less than 25% of the aggregate Voting Rights of the Certificates,
      if such action or non-action relates to the time, method and place of conducting
      any proceeding for any remedy available to the Trustee or the Securities
      Administrator or exercising any trust or other power conferred upon the Trustee
      or the Securities Administrator under this Agreement;

     

    (iv)  The
      Trustee shall not be required to take notice or be deemed to have notice or
      knowledge of any default or Master Servicer Default unless a Responsible Officer
      of the Trustee shall have actual knowledge thereof. In the absence of such
      notice, the Trustee may conclusively assume there is no such default or Master
      Servicer Default;

     

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

     

    (vi)  Anything
      in this Agreement to the contrary notwithstanding, in no event shall the Trustee
      or the Securities Administrator be liable for special, indirect, punitive or
      consequential loss or damage of any kind whatsoever (including but not limited
      to lost profits), even if the Trustee or the Securities Administrator has been
      advised of the likelihood of such loss or damage and regardless of the form
      of
      action and whether or not any such damages were foreseeable or contemplated;
      and

     

    (vii)  None
      of
      the Sponsor, the Depositor or the Trustee shall be responsible for the acts
      or
      omissions of the other, it being understood that this Agreement shall not be
      construed to render them partners, joint venturers or agents of one
      another.

     

    Neither
      the Trustee nor the Securities Administrator shall be required to expend or
      risk
      its own funds or otherwise incur liability, financial or otherwise, in the
      performance of any of its duties hereunder, or in the exercise of any of its
      rights or powers, if there is reasonable ground for believing that the repayment
      of such funds or adequate indemnity against such risk or liability is not
      reasonably assured to it, and none of the provisions contained in this Agreement
      shall in any event require the Trustee or the Securities Administrator to
      perform, or be responsible for the manner of performance of, any of the
      obligations of the terminated Servicer hereunder.

     

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

     

    Section
      9.02  Certain
      Matters Affecting the Trustee and Securities Administrator.

     

    (a)  Except
      as
      otherwise provided in Section 9.01:

     

    (i)  The
      Trustee and the Securities Administrator may conclusively rely and shall be
      fully protected in acting or refraining from acting in reliance on any
      resolution or certificate of the Sponsor, the Depositor or the Servicer, any
      certificates of auditors or any other certificate, statement, instrument,
      opinion, report, notice, request, consent, order, appraisal, bond or other
      paper
      or document believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties;

     

    (ii)  The
      Trustee and the Securities Administrator may consult with counsel and any advice
      of such counsel or any Opinion of Counsel shall be full and complete
      authorization and protection with respect to any action taken or suffered or
      omitted by it hereunder in good faith and in accordance with such advice or
      Opinion of Counsel:

     

    (iii)  Neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the trusts or powers vested in it by this Agreement, other
      than
      its obligation to give notices pursuant to this Agreement, or to institute,
      conduct or defend any litigation hereunder or in relation hereto at the request,
      order or direction of any of the Certificateholders pursuant to the provisions
      of this Agreement, unless such Certificateholders shall have offered to the
      Trustee or the Securities Administrator, as the case may be, reasonable security
      or indemnity satisfactory to it against the costs, expenses and liabilities
      which may be incurred therein or thereby. Nothing contained herein shall,
      however, relieve the Trustee of the obligation, upon the occurrence of a Master
      Servicer Default of which a Responsible Officer of the Trustee has actual
      knowledge (which has not been cured or waived), to exercise such of the rights
      and powers vested in it by this Agreement, and to use the same degree of care
      and skill in their exercise, as a prudent person would exercise or use under
      the
      circumstances in the conduct of his own affairs;

     

    (iv)  Neither
      the Trustee nor the Securities Administrator shall be liable in its individual
      capacity for any action taken, suffered or omitted by it in good faith and
      believed by it to be authorized or within the discretion or rights or powers
      conferred upon it by this Agreement;

     

    (v)  Prior
      to
      the occurrence of a Master Servicer Default hereunder and after the curing
      or
      waiver of all Master Servicer Defaults which may have occurred with respect
      to
      the Trustee and at all times with respect to the Securities Administrator,
      neither the Trustee nor the Securities Administrator shall be bound to make
      any
      investigation into the facts or matters stated in any resolution, certificate,
      statement, instrument, opinion, report, notice, request, consent, order,
      approval, bond or other paper or document, unless requested in writing to do
      so
      by Holders of Certificates evidencing not less than twenty-five percent (25%)
      of
      the aggregate Voting Rights of the Certificates and provided that the payment
      within a reasonable time to the Trustee or the Securities Administrator of
      the
      costs, expenses or liabilities likely to be incurred by it in the making of
      such
      investigation is, in the opinion of the Trustee or the Securities Administrator,
      as applicable, not reasonably assured to the Trustee or the Securities
      Administrator, as applicable, by the security afforded to it by the terms of
      this Agreement, the Trustee or the Securities Administrator, as applicable,
      may
      require reasonable indemnity against such expense or liability as a condition
      to
      taking any such action. The reasonable expense of every such examination shall
      be paid by the Certificateholders requesting the investigation;

     

    (vi)  The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or through Affiliates, nominees, custodians, agents
      or
      attorneys. The Trustee shall not be liable or responsible for the misconduct
      or
      negligence of any of the Trustee’s agents or attorneys or paying agent appointed
      hereunder by the Trustee with due care;

     

    (vii)  Should
      the Trustee deem the nature of any action required on its part to be unclear,
      the Trustee may require prior to such action that it be provided by the
      Depositor with reasonable further instructions; the right of the Trustee to
      perform any discretionary act enumerated in this Agreement shall not be
      construed as a duty, and the Trustee shall not be accountable for other than
      its
      gross negligence or willful misconduct in the performance of any such
      act;

     

    (viii)  The
      Trustee shall not be required to give any bond or surety with respect to the
      execution of the trust created hereby or the powers granted
      hereunder;

     

    (ix)  The
      Trustee shall not have any duty to conduct any affirmative investigation as
      to
      the occurrence of any condition requiring the repurchase of any Mortgage Loan
      by
      any Person pursuant to this Agreement, or the eligibility of any Mortgage Loan
      for purposes of this Agreement;

     

    (x)  The
      Trustee shall have no duty hereunder with respect to any complaint, claim,
      demand, notice or other document it may receive or which may be alleged to
      have
      been delivered or served upon it by the parties as a consequence of the
      assignment of any Mortgage Loan hereunder; provided, however that the Trustee
      shall promptly remit to the Servicer upon receipt any such complaint, claim,
      demand, notice or other document (i) which is delivered to the Trustee at is
      Corporate Trust Office, (ii) of which a Responsible Officer has actual knowledge
      and (iii) which contains information sufficient to permit the Trustee to make
      a
      determination that the real property to which such document relates is a
      Mortgaged Property; and

     

    (xi)  The
      Trustee is hereby directed by the Depositor to execute the Cap Contract on
      behalf of the Trust Fund in the form presented to it by the Depositor and shall
      have no responsibility for the contents of the Cap Contract, including, without
      limitation, the representations and warranties contained therein. Any funds
      payable by the Trustee under the Cap Contract at closing shall be paid by the
      Depositor. Notwithstanding anything to the contrary contained herein or in
      the
      Cap Contract, the Trustee shall not be required to make any payments to the
      counterparty under the Cap Contract.

     

    (xii)  None
      of
      the Securities Administrator, the Master Servicer, the Servicer, the Sponsor,
      the Depositor, the Custodian or the Trustee shall be responsible for the acts
      or
      omissions of the others, it being understood that this Agreement shall not
      be
      construed to render them partners, joint venturers or agents of one
      another.

     

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

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Securities Administrator, the authentication of the Securities Administrator
      on the Certificates, the acknowledgements of the Trustee contained in Article
      II
      and the representations and warranties of the Trustee in Section 9.12)
      shall be taken as the statements of the Depositor, and neither the Trustee
      nor
      the Securities Administrator assumes any responsibility for their correctness.
      Neither the Trustee nor the Securities Administrator makes any representations
      or warranties as to the validity or sufficiency (other than as specifically
      set
      forth in Section 9.12) of the Cap Contract, the Certificates (other than
      the signature of the Securities Administrator and authentication of the
      Securities Administrator on the Certificates) or of any Mortgage Loan except
      as
      expressly provided in Section 2.02. The Securities Administrator’s signature and
      authentication (or authentication of its agent) on the Certificates shall be
      solely in its capacity as Securities Administrator and shall not constitute
      the
      Certificates an obligation of the Securities Administrator in any other
      capacity. The Trustee and the Securities Administrator shall not be accountable
      for the use or application by the Depositor of any of the Certificates or of
      the
      proceeds of such Certificates, or for the use or application of any funds paid
      to the Depositor with respect to the Mortgage Loans.

     

    Section
      9.04  Trustee
      and Securities Administrator May Own Certificates.

     

    Each
      of
      the Trustee and the Securities Administrator in its individual capacity or
      in
      any other capacity other than as Trustee or Securities Administrator hereunder
      may become the owner or pledgee of any Certificates and may transact business
      with other interested parties and their Affiliates with the same rights it
      would
      have if it were not the Trustee or the Securities Administrator.

     

    Section
      9.05  Fees
      and Expenses of Trustee and Securities Administrator.

     

    The
      fees
      of the Trustee and the Securities Administrator hereunder shall be paid in
      accordance with a side letter agreement with the Master Servicer and at the
      sole
      expense of the Master Servicer. In addition, the Trustee, the Securities
      Administrator, the Custodian and any director, officer, employee or agent of
      the
      Trustee, the Securities Administrator and the Custodian shall be indemnified
      by
      the Trust Fund and held harmless against any loss, liability or expense
      (including reasonable attorney’s fees and expenses) incurred by the Trustee, the
      Custodian or the Securities Administrator including any pending or threatened
      claim or legal action arising out of or in connection with the acceptance or
      administration of its respective obligations and duties under this Agreement,
      including the Cap Contract and any and all other agreements related hereto,
      other than any loss, liability or expense (i) for which the Trustee is
      indemnified by the Master Servicer or the Servicer, (ii) that constitutes a
      specific liability of the Trustee or the Securities Administrator pursuant
      to
      this Agreement or (iii) any loss, liability or expense incurred by reason of
      willful misfeasance, bad faith or negligence in the performance of duties
      hereunder by the Trustee or the Securities Administrator or by reason of
      reckless disregard of obligations and duties hereunder. In no event shall the
      Trustee or the Securities Administrator be liable for special, indirect or
      consequential loss or damage of any kind whatsoever (including but not limited
      to lost profits), even if it has been advised of the likelihood of such loss
      or
      damage and regardless of the form of action. The Master Servicer agrees to
      indemnify the Trustee, from, and hold the Trustee harmless against, any loss,
      liability or expense (including reasonable attorney’s fees and expenses)
      incurred by the Trustee by reason of the Master Servicer’s willful misfeasance,
      bad faith or gross negligence in the performance of its duties under this
      Agreement or by reason of the Master Servicer’s reckless disregard of its
      obligations and duties under this Agreement. The indemnities in this
      Section 9.05 shall survive the termination or discharge of this Agreement
      and the resignation or removal of the Master Servicer, the Trustee, the
      Securities Administrator or the Custodian. Any payment hereunder made by the
      Master Servicer to the Trustee shall be from the Master Servicer’s own funds,
      without reimbursement from any REMIC therefor.

     

    Section
      9.06  Eligibility
      Requirements for Trustee and Securities Administrator.

     

    The
      Trustee and the Securities Administrator shall at all times be a corporation
      or
      an association (other than the Depositor, the Sponsor or any Affiliate of the
      foregoing) organized and doing business under the laws of any state or the
      United States of America, authorized under such laws to exercise corporate
      trust
      powers, having a combined capital and surplus of at least $50,000,000 (or a
      member of a bank holding company whose capital and surplus is at least
      $50,000,000) and subject to supervision or examination by federal or state
      authority. If such corporation or association publishes reports of conditions
      at
      least annually, pursuant to law or to the requirements of the aforesaid
      supervising or examining authority, then for the purposes of this
      Section the combined capital and surplus of such corporation or association
      shall be deemed to be its combined capital and surplus as set forth in its
      most
      recent report of conditions so published. In case at any time the Trustee or
      the
      Securities Administrator, as applicable, shall cease to be eligible in
      accordance with the provisions of this Section, the Trustee or the Securities
      Administrator, as applicable, shall resign immediately in the manner and with
      the effect specified in Section 9.07.

     

    Additionally,
      the Securities Administrator (i) may not be an originator, Master Servicer,
      Servicer, Depositor or an affiliate of the Depositor unless the Securities
      Administrator is in an institutional trust department, (ii) must be authorized
      to exercise corporate trust powers under the laws of its jurisdiction of
      organization, and (iii) must be rated at least "A-1" by S&P (or such rating
      acceptable to Fitch pursuant to a rating confirmation). Wells Fargo Bank, N.A.
      shall act as Securities Administrator for so long as it is Master Servicer
      under
      this Agreement.

     

    Section
      9.07  Resignation
      and Removal of Trustee and Securities Administrator.

     

    The
      Trustee and the Securities Administrator may at any time resign (including,
      without limitation, and in the case of the Securities Administrator, upon the
      resignation or removal of the Master Servicer) and be discharged from the trust
      hereby created by giving written notice thereof to the Depositor, to the Master
      Servicer, to the Securities Administrator (or the Trustee, if the Securities
      Administrator resigns) and to the Certificateholders. Upon receiving such notice
      of resignation, the Depositor shall promptly appoint a successor trustee or
      successor securities administrator by written instrument, in duplicate, which
      instrument shall be delivered to the resigning Trustee or Securities
      Administrator, as applicable, and to the successor trustee or successor
      securities administrator, as applicable. A copy of such instrument shall be
      delivered to the Certificateholders, the Trustee, the Securities Administrator
      and the Master Servicer by the Depositor. If no successor trustee or successor
      securities administrator shall have been so appointed and have accepted
      appointment within thirty (30) days after the giving of such notice of
      resignation, the resigning Trustee or Securities Administrator, as the case
      may
      be, may, at the expense of the Trust Fund, petition any court of competent
      jurisdiction for the appointment of a successor trustee or successor securities
      administrator, as applicable.

     

    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 9.06 and shall fail to resign
      after written request therefor by the Depositor, or if at any time the Trustee
      or the Securities Administrator shall become incapable of acting, or shall
      be
      adjudged bankrupt or insolvent, or a receiver of the Trustee or the Securities
      Administrator or of its property shall be appointed, or any public officer
      shall
      take charge or control of the Trustee or the Securities Administrator or of
      its
      property or affairs for the purpose of rehabilitation, conservation or
      liquidation, then the Depositor may remove the Trustee or the Securities
      Administrator, as applicable and appoint a successor trustee or successor
      securities administrator, as applicable, by written instrument, in duplicate,
      which instrument shall be delivered to the Trustee or the Securities
      Administrator so removed and to the successor trustee or successor securities
      administrator. A copy of such instrument shall be delivered to the
      Certificateholders, the Trustee, the Securities Administrator and the Master
      Servicer by the Depositor.

     

    The
      Holders of Certificates entitled to at least fifty-one percent (51%) of the
      Voting Rights may at any time remove the Trustee or the Securities Administrator
      and appoint a successor trustee or successor securities administrator by written
      instrument or instruments, in triplicate, signed by such Holders or their
      attorneys-in-fact duly authorized, one complete set of which instruments shall
      be delivered to the Depositor, one complete set to the Trustee or the Securities
      Administrator so removed and one complete set to the successor so appointed.
      A
      copy of such instrument shall be delivered to the Certificateholders, the
      Trustee (in the case of the removal of the Securities Administrator), the
      Securities Administrator (in the case of the removal of the Trustee) and the
      Master Servicer by the Depositor.

     

    Any
      resignation or removal of the Trustee or the Securities Administrator and
      appointment of a successor trustee or successor securities administrator
      pursuant to any of the provisions of this Section shall not become
      effective until acceptance of appointment by the successor trustee or successor
      securities administrator, as applicable, as provided in
      Section 9.08.

     

    Notwithstanding
      anything to the contrary contained herein, the Master Servicer and the
      Securities Administrator shall at all times be the same Person.

     

    Section
      9.08  Successor
      Trustee or Securities Administrator. 

     

    Any
      successor trustee or successor securities administrator appointed as provided
      in
      Section 9.07 hereof shall execute, acknowledge and deliver to the Depositor
      and to its predecessor trustee or predecessor securities administrator
      instrument accepting such appointment hereunder and thereupon the resignation
      or
      removal of the predecessor trustee or predecessor securities administrator
      shall
      become effective and such successor trustee or successor securities
      administrator, without any further act, deed or conveyance, shall become fully
      vested with all the rights, powers, duties and obligations of its predecessor
      hereunder, with the like effect as if originally named as trustee or securities
      administrator herein. The predecessor trustee or predecessor securities
      administrator shall deliver to the successor trustee or successor securities
      administrator all Mortgage Loan Documents and related documents and statements
      to the extent held by it hereunder, as well as all monies, held by it hereunder,
      and the Depositor and the predecessor trustee or predecessor securities
      administrator shall execute and deliver such instruments and do such other
      things as may reasonably be required for more fully and certainly vesting and
      confirming in the successor trustee or successor securities administrator all
      such rights, powers, duties and obligations.

     

    No
      successor trustee or successor securities administrator shall accept appointment
      as provided in this Section 9.08 unless at the time of such acceptance such
      successor trustee or successor securities administrator shall be eligible under
      the provisions of Section 9.07 hereof and its appointment shall not
      adversely affect the then current rating of the Certificates.

     

    Upon
      acceptance of appointment by a successor trustee or successor securities
      administrator as provided in this Section 9.08, the successor trustee or
      successor securities administrator shall mail notice of the succession of such
      trustee or securities administrator hereunder to all Holders of Certificates.
      If
      the successor trustee or successor securities administrator fails to mail such
      notice within ten days after acceptance of appointment, the Depositor shall
      cause such notice to be mailed at the expense of the Trust Fund.

     

    Section
      9.09  Merger
      or Consolidation of Trustee or Securities Administrator.

     

    Any
      corporation, state bank or national banking association into which the Trustee
      or Securities Administrator may be merged or converted or with which it may
      be
      consolidated or any corporation, state bank or national banking association
      resulting from any merger, conversion or consolidation to which the Trustee
      or
      the Securities Administrator shall be a party, or any corporation, state bank
      or
      national banking association succeeding to substantially all of the corporate
      trust business of the Trustee or Securities Administrator or shall be the
      successor of the Trustee or Securities Administrator hereunder, provided that
      such corporation shall be eligible under the provisions of Section 9.06
      without the execution or filing of any paper or further act on the part of
      any
      of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    Section
      9.10  Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of the REMIC IA or REMIC
      IIA
      or property securing the same may at the time be located, the Trustee shall
      have
      the power and shall execute and deliver all instruments to appoint one or more
      Persons approved by the Trustee to act as co-trustee or co-trustees, jointly
      with the Trustee, or separate trustee or separate trustees, of all or any part
      of REMIC IA or REMIC IIA, and to vest in such Person or Persons, in such
      capacity, and for the benefit of the Holders of the Certificates, such title
      to
      REMIC IA or REMIC IIA, or any part thereof, and, subject to the other provisions
      of this Section 9.10, such powers, duties, obligations, rights and trusts
      as the Trustee may consider necessary or desirable. No co-trustee or separate
      trustee hereunder shall be required to meet the terms of eligibility as a
      successor trustee under Section 9.06 hereunder and no notice to Holders of
      Certificates of the appointment of co-trustee(s) or separate trustee(s) shall
      be
      required under Section 9.08 hereof.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 9.10 all rights, powers, duties and obligations conferred or
      imposed upon the Trustee shall be conferred or imposed upon and exercised or
      performed by the Trustee and such separate trustee or co-trustee jointly, except
      to the extent that under any law of any jurisdiction in which any particular
      act
      or acts are to be performed by the Trustee (whether as Trustee hereunder or
      as
      successor to a defaulting Master Servicer hereunder), the Trustee shall be
      incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to REMIC
      IA or REMIC IIA or any portion thereof in any such jurisdiction) shall be
      exercised and performed by such separate trustee or co-trustee at the direction
      of the Trustee.

     

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

     

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

     

    Section
      9.11  Appointment
      of Office or Agency.

     

    The
      Certificates may be surrendered for registration of transfer or exchange at
      the
      Securities Administrator’s office initially located at Sixth Street and
      Marquette Avenue, Minneapolis, Minnesota 55479, and presented for final
      distribution at the Corporate Trust Office of the Securities Administrator
      where
      notices and demands to or upon the Securities Administrator in respect of the
      Certificates and this Agreement may be served.

     

    Section
      9.12  Representations
      and Warranties.

     

    The
      Trustee hereby represents and warrants to the Master Servicer, the Securities
      Administrator, the Servicer and the Depositor as applicable, as of the Closing
      Date, that:

     

    (i)  It
      is a
      national banking association duly organized, validly existing and in good
      standing under the laws of the United States of America.

     

    (ii)  The
      execution and delivery of this Agreement by it, and the performance and
      compliance with the terms of this Agreement by it, will not violate its articles
      of association or bylaws or constitute a default (or an event which, with notice
      or lapse of time, or both, would constitute a default) under, or result in
      the
      breach of, any material agreement or other instrument to which it is a party
      or
      which is applicable to it or any of its assets.

     

    (iii)  It
      has
      the full power and authority to enter into and consummate all transactions
      contemplated by this Agreement, has duly authorized the execution, delivery
      and
      performance of this Agreement, and has duly executed and delivered this
      Agreement.

     

    (iv)  This
      Agreement, assuming due authorization, execution and delivery by the other
      parties hereto, constitutes a valid, legal and binding obligation of it,
      enforceable against it in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, insolvency, receivership, reorganization, moratorium
      and
      other laws affecting the enforcement of creditors’ rights generally, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law.

     

    (v)  It
      is not
      in violation of, and its execution and delivery of this Agreement and its
      performance and compliance with the terms of this Agreement will not constitute
      a violation of, any law, any order or decree of any court or arbiter, or any
      order, regulation or demand of any federal, state or local governmental or
      regulatory authority, which violation, in its good faith and reasonable
      judgment, is likely to affect materially and adversely either the ability of
      it
      to perform its obligations under this Agreement or its financial
      condition.

     

    No
      litigation is pending or, to the best of its knowledge, threatened against
      it,
      which would prohibit it from entering into this Agreement or, in its good faith
      reasonable judgment, is likely to materially and adversely affect either the
      ability of it to perform its obligations under this Agreement or its financial
      condition.

     

    Section
      9.13  Tax
      Matters.

     

    It
      is
      intended that the Trust Fund shall constitute, and that the affairs of the
      Trust
      Fund shall be conducted so that each REMIC formed hereunder qualifies as, a
      “real estate mortgage investment conduit” as defined in and in accordance with
      the REMIC Provisions. In furtherance of such intention, the Securities
      Administrator covenants and agrees that it shall act as agent (and the
      Securities Administrator is hereby appointed to act as agent) on behalf of
      the
      Trust Fund. The Securities Administrator, as agent on behalf of the Trust Fund,
      shall do or refrain from doing, as applicable, the following: (a) the Securities
      Administrator shall prepare and file, or cause to be prepared and filed, in
      a
      timely manner, U.S. Real Estate Mortgage Investment Conduit Income Tax Returns
      (Form 1066 or any successor form adopted by the Internal Revenue Service) and
      prepare and file or cause to be prepared and filed with the Internal Revenue
      Service and applicable state or local tax authorities income tax or information
      returns for each taxable year with respect to each such REMIC containing such
      information and at the times and in the manner as may be required by the Code
      or
      state or local tax laws, regulations, or rules, and furnish or cause to be
      furnished to Certificateholders the schedules, statements or information at
      such
      times and in such manner as may be required thereby; (b) the Securities
      Administrator shall apply for an employer identification number with the
      Internal Revenue Service via a Form SS-4 or other comparable method for each
      REMIC that is or becomes a taxable entity, and within thirty days of the Closing
      Date, furnish or cause to be furnished to the Internal Revenue Service, on
      Forms
      8811 or as otherwise may be required by the Code, the name, title, address,
      and
      telephone number of the person that the holders of the Certificates may contact
      for tax information relating thereto, together with such additional information
      as may be required by such Form, and update such information at the time or
      times in the manner required by the Code for the Trust Fund; (c) the Securities
      Administrator shall make or cause to be made elections, on behalf of each REMIC
      formed hereunder to be treated as a REMIC on the federal tax return of such
      REMIC for its first taxable year (and, if necessary, under applicable state
      law); (d) the Securities Administrator shall prepare and forward, or cause
      to be
      prepared and forwarded, to the Certificateholders and to the Internal Revenue
      Service and, if necessary, state tax authorities, all information returns and
      reports as and when required to be provided to them in accordance with the
      REMIC
      Provisions, including without limitation, the calculation of any original issue
      discount using the Prepayment Assumption; (e) the Securities Administrator
      shall
      provide information necessary for the computation of tax imposed on the transfer
      of a Residual Certificate to a Person that is not a Permitted Transferee, or
      an
      agent (including a broker, nominee or other middleman) of a Person that is
      not a
      Permitted Transferee, or a pass-through entity in which a Person that is not
      a
      Permitted Transferee is the record holder of an interest (the reasonable cost
      of
      computing and furnishing such information may be charged to the Person liable
      for such tax); (f) the Securities Administrator shall, to the extent under
      its
      control, conduct the affairs of the Trust Fund at all times that any
      Certificates are outstanding so as to maintain the status of each REMIC formed
      hereunder as a REMIC under the REMIC Provisions; (g) the Securities
      Administrator shall not knowingly or intentionally take any action or omit
      to
      take any action that would cause the termination of the REMIC status of any
      REMIC formed hereunder; (h) the Securities Administrator shall pay, from the
      sources specified in the last paragraph of this Section 9.12, the amount of
      any federal, state and local taxes, including prohibited transaction taxes
      as
      described below, imposed on any REMIC formed hereunder prior to the termination
      of the Trust Fund when and as the same shall be due and payable (but such
      obligation shall not prevent the Securities Administrator or any other
      appropriate Person from contesting any such tax in appropriate proceedings
      and
      shall not prevent the Securities Administrator from withholding payment of
      such
      tax, if permitted by law, pending the outcome of such proceedings); (i) the
      Trustee shall sign or cause to be signed federal, state or local income tax
      or
      information returns or any other document prepared by the Securities
      Administrator pursuant to this Section 9.13 requiring a signature thereon
      by the Trustee; (j) the Securities Administrator shall maintain records relating
      to each REMIC formed hereunder including but not limited to the income,
      expenses, assets and liabilities of each such REMIC and adjusted basis of the
      Trust Fund property determined at such intervals as may be required by the
      Code,
      as may be necessary to prepare the foregoing returns, schedules, statements
      or
      information; (k) the Securities Administrator shall, for federal income tax
      purposes, maintain books and records with respect to the REMICs on a calendar
      year and on an accrual basis; (l) the Securities Administrator shall not enter
      into any arrangement not otherwise provided for in this Agreement by which
      the
      REMICs will receive a fee or other compensation for services nor permit the
      REMICs to receive any income from assets other than “qualified mortgages” as
      defined in Section 860G(a)(3) of the Code or “permitted investments” as
      defined in Section 860G(a)(5) of the Code; and (m) as and when necessary
      and appropriate, the Securities Administrator shall represent the Trust Fund
      in
      any administrative or judicial proceedings relating to an examination or audit
      by any governmental taxing authority, request an administrative adjustment
      as to
      any taxable year of any REMIC formed hereunder, enter into settlement agreements
      with any governmental taxing agency, extend any statute of limitations relating
      to any tax item of the Trust Fund, and otherwise act on behalf of each REMIC
      formed hereunder in relation to any tax matter involving any such
      REMIC.

     

    In
      order
      to enable the Securities Administrator to perform its duties as set forth
      herein, the Depositor shall provide, or cause to be provided, to the Securities
      Administrator within ten (10) days after the Closing Date all information or
      data that the Securities Administrator 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 Securities Administrator promptly
      upon written request therefor, any such additional information or data that
      the
      Securities Administrator may, from time to time, request in order to enable
      the
      Securities Administrator to perform its duties as set forth herein. The
      Depositor hereby indemnifies the Securities Administrator for any losses,
      liabilities, damages, claims or expenses of the Securities Administrator arising
      from any errors or miscalculations of the Securities Administrator that result
      from any failure of the Depositor to provide, or to cause to be provided,
      accurate information or data to the Securities Administrator on a timely
      basis.

     

    In
      the
      event that any tax is imposed on “prohibited transactions” of any REMIC as
      defined in Section 860F(a)(2) of the Code, on the “net income from
      foreclosure property” of the Trust Fund as defined in Section 860G(c) of
      the Code, on any contribution to any REMIC after the startup day pursuant to
      Section 860G(d) of the Code, or any other tax is imposed, including,
      without limitation, any federal, state or local tax or minimum tax imposed
      upon
      any of REMIC, and is not paid as otherwise provided for herein, such tax shall
      be paid by (i) the Securities Administrator, if any such other tax arises out
      of
      or results from a breach by the Securities Administrator of any of its
      obligations under this Section, (ii) any party hereto (other than the Securities
      Administrator) to the extent any such other tax arises out of or results from
      a
      breach by such other party of any of its obligations under this Agreement or
      (iii) in all other cases, or in the event that any liable party hereto fails
      to
      honor its obligations under the preceding clauses (i) or (ii), any such tax
      (a)
      with respect to REMIC IA will be paid first with amounts otherwise to be
      distributed to the Class I-R Certificateholders, and second with amounts
      otherwise to be distributed to all other Certificateholders in the following
      order of priority: first, to the Class I-M-3 Certificates, second, to the Class
      I-M-2 Certificates, third, to the Class I-M-1 Certificates, and fourth, to
      the
      Group I Senior Certificates (pro rata based on the amounts to be distributed);
      and (b) with respect to REMIC IIA will be paid first with amounts otherwise
      to
      be distributed to the Class R Certificateholders, and second with amounts
      otherwise to be distributed to all other Certificateholders in the following
      order of priority: first, to
      the
      Class C-B-6 Certificates, second,
      to the Class C-B-5 Certificates, third, to the Class C-B-4 Certificates, fourth,
      to the Class C-B-3 Certificates, fifth, to the Class C-B-2 Certificates, sixth,
      to the Class C-B-1 Certificates, and sixth, to the Group II-V Senior
      Certificates (pro rata based on amounts to be distributed). Notwithstanding
      anything to the contrary contained herein, to the extent that such tax is
      payable by the Holder of any Certificates, the Securities Administrator is
      hereby authorized to retain on any Distribution Date, from the Holders of the
      Class R Certificates (and, if necessary, second, from the Holders of the other
      Certificates in the priority specified in the preceding sentence), funds
      otherwise distributable to such Holders in an amount sufficient to pay such
      tax.
      The Securities Administrator shall include in its monthly report to
      Certificateholders distributions to such parties taking into account the
      priorities described in the second preceding sentence. The Securities
      Administrator agrees to promptly notify in writing the party liable for any
      such
      tax of the amount thereof and the due date for the payment thereof.
      Notwithstanding the foregoing, however, in no event shall the Securities
      Administrator have any liability (1) for any action or omission that is taken
      in
      accordance with and in compliance with the express terms of, or which is
      expressly permitted by the terms of this Agreement, (2) for any losses other
      than arising out of a grossly negligent performance by the Securities
      Administrator of its duties and obligations set forth herein, and (3) for any
      special or consequential damages to Certificateholders (in addition to payment
      of principal and interest on the Certificates).

     

    ARTICLE
      X

    TERMINATION

     

    Section
      10.01  Termination
      Upon Liquidation or Repurchase of all Mortgage Loans.

     

    Subject
      to Section 10.03, the obligations and responsibilities of the Depositor,
      the Sponsor, the Securities Administrator, the Master Servicer and the Trustee
      created hereby with respect to the Trust Fund shall terminate (other than the
      obligations of the Master Servicer to the Trustee pursuant to Section 9.05
      and of the Securities Administrator to make payments in respect of the REMIC
      IA
      Regular Interests or the REMIC IIA Regular Interests or the Group I Certificates
      or the Group II-V Certificates as hereinafter set forth) upon the earlier of
      (a)
      (i) the Master Servicer’s exercise of its optional right to purchase the Group I
      Mortgage Loans and related REO Properties (the “Group I Clean-up Call”) and (ii)
      the Master Servicer’s exercise of its optional right to purchase the Group II-V
      Mortgage Loans and related REO Properties (the “Group II-V Clean-up Call”) and
      (b) the later of (i)(x) the maturity or other liquidation (or any Advance with
      respect thereto) of the last Group I Mortgage Loan remaining in the Trust Fund
      and the disposition of all related REO Property and (y) the maturity or other
      liquidation (or any Advance with respect thereto) of the last Group II-V
      Mortgage Loan remaining in the Trust Fund and the disposition of all related
      REO
      Property and (ii)(x) the distribution to the Group I Certificateholders of
      all
      amounts required to be distributed to them pursuant to this Agreement and (y)
      the distribution to the Group II-V Certificateholders of all amounts required
      to
      be distributed to them pursuant to this Agreement, in each case as applicable.
      In no event shall the trusts created hereby continue beyond the earlier of
      (i)
      the expiration of twenty-one (21) years from the death of the last survivor
      of
      the descendants of Joseph P. Kennedy, the late Ambassador of the United States
      to the Court of St. James, living on the date hereof and (ii) the Latest
      Possible Maturity Date.

     

    The
      Group
      I Cleanup Call and the Group II-V Cleanup Call shall, in each case, be
      exercisable at a price (the “Termination Price”) equal to the sum of (i) 100% of
      the Stated Principal Balance of the Group I Mortgage Loans or Group II-V
      Mortgage Loans, as applicable, (ii) accrued interest thereon at the applicable
      Mortgage Rate to, but not including, the first day of the month of such
      purchase, (iii) the appraised value of any related REO Property (up to the
      Stated Principal Balance of the related Mortgage Loan), such appraisal to be
      conducted by an appraiser mutually agreed upon by the Master Servicer and the
      Trustee, (iv) unreimbursed out-of-pocket costs of the Securities Administrator,
      the Master Servicer, the Servicer or the Trustee, including unreimbursed
      servicing advances and the principal portion of any unreimbursed Advances,
      made
      on the related Mortgage Loans prior to the exercise of such repurchase right
      and
      (v) any other amounts due and owing to the Trustee, the Securities
      Administrator, the Master Servicer and the Custodian payable pursuant to this
      Agreement or the Custodial Agreement.

     

    The
      right
      to exercise the Group I Cleanup Call and the Group II-V Cleanup Call pursuant
      to
      the preceding paragraph shall be exercisable if the Stated Principal Balance
      of
      all of the Group I Mortgage Loans or Group II-V Mortgage Loans, as applicable,
      at the time of any such repurchase, is less than or equal to ten percent (10%)
      of the aggregate Cut-off Date Principal Balance of the related Mortgage
      Loans.

     

    Section
      10.02  Final
      Distribution on the Certificates.

     

    If
      on any
      Determination Date, (i) the Securities Administrator determines based on the
      reports delivered by the Master Servicer under this Agreement that there are
      no
      Outstanding Mortgage Loans in Loan Group I, Loan Group II, Loan Group III,
      Loan
      Group IV and Loan Group V, and no other funds or assets in the Trust Fund with
      respect to Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan
      Group V other than the funds in the Distribution Account, the Securities
      Administrator shall notify the Trustee and send a final distribution notice
      promptly to each related Certificateholder or (ii) the Securities Administrator
      determines that a Class of Certificates shall be retired after a final
      distribution on such Class, the Securities Administrator shall notify the
      Trustee and the Certificateholders within five (5) Business Days after such
      Determination Date that the final distribution in retirement of such Class
      of
      Certificates is scheduled to be made on the immediately following Distribution
      Date. Any final distribution made pursuant to the immediately preceding sentence
      will be made only upon presentation and surrender of the related Certificates
      at
      the office of the Securities Administrator set forth herein. If the Master
      Servicer elects to exercise a Cleanup Call pursuant to Section 10.01, at
      least twenty (20) days prior to the date notice is to be mailed to the related
      Certificateholders, the Master Servicer shall notify the Securities
      Administrator and the Trustee of the date the Master Servicer intends to
      exercise such Cleanup Call. The Master Servicer shall remit the Termination
      Price to the Securities Administrator on behalf of the related REMIC on the
      Business Day prior to the Distribution Date for such Optional Termination by
      the
      Master Servicer.

     

    Notice
      of
      the exercise of a Cleanup Call, specifying the Distribution Date on which the
      related Certificateholders may surrender their Certificates for payment of
      the
      final distribution and cancellation, shall be given promptly by the Securities
      Administrator by letter to the related Certificateholders mailed no later than
      the fifteenth (15th) day of the month of such final distribution. Any such
      notice shall specify (a) the Distribution Date upon which final distribution
      on
      such Certificates will be made upon presentation and surrender of such
      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 such Certificates at the office therein
      specified. The Securities Administrator will give such notice to each Rating
      Agency at the time such notice is given to the related
      Certificateholders.

     

    In
      the
      event such notice is given, the Master Servicer shall deposit in the
      Distribution Account on the Business Day prior to the applicable Distribution
      Date in an amount equal to the final distribution in respect of the Certificates
      related to the Loan Group or Loan Groups for which the Cleanup Call is being
      exercised. Upon certification to the Trustee by the Securities Administrator
      of
      the making of such final deposit, the Trustee shall promptly release or cause
      to
      be released to the Master Servicer the Mortgage Files for the remaining Mortgage
      Loans in the related Loan Group or Loan Groups for which the Cleanup Call is
      being exercised, and the Trustee shall execute all assignments, endorsements
      and
      other instruments delivered to it and necessary to effectuate such
      transfer.

     

    Upon
      presentation and surrender of the related Certificates, the Securities
      Administrator shall cause to be distributed to Certificateholders of each such
      Class the amounts allocable to such Certificates held in the related sub-account
      of the Distribution Account in the order and priority set forth in
      Section 5.04 hereof on the final Distribution Date and in proportion to
      their respective Percentage Interests.

     

    In
      the
      event that any affected Certificateholders shall not surrender Certificates
      for
      cancellation within six (6) months after the date specified in the above
      mentioned written notice, the Securities Administrator shall give a second
      written notice to the remaining affected Certificateholders to surrender their
      Certificates for cancellation and receive the final distribution with respect
      thereto. If within six (6) months after the second notice all the applicable
      Certificates shall not have been surrendered for cancellation, the Securities
      Administrator may take appropriate steps, or may appoint an agent to take
      appropriate steps, to contact the remaining affected Certificateholders
      concerning surrender of their Certificates, and the cost thereof shall be paid
      out of the funds and other assets that remain a part of the Trust Fund. If
      within two (2) years after the second notice all affected Certificates shall
      not
      have been surrendered for cancellation, the related Residual Certificateholders
      shall be entitled to all unclaimed funds and other assets of the Trust Fund
      related to the Loan Group or Loan Groups for which the Cleanup Call was
      exercised that remain subject hereto and the Securities Administrator shall
      release such funds upon written direction.

     

    Section
      10.03  Additional
      Termination Requirements.

     

    In
      the
      event of (i) the exercise by the Master Servicer of the Group I Cleanup Call
      and
      the Group II-V Cleanup Call pursuant to the terms of this Agreement, or (ii)
      the
      final payment on or other liquidation of the last Group I Mortgage Loan or
      REO
      Property in REMIC IA and the final payment on or other liquidation of the last
      Group II-V Mortgage Loan or REO Property in REMIC IIA pursuant to
      Section 10.01, the following additional requirements, unless the Trustee
      has been supplied with an Opinion of Counsel, at the expense of the Master
      Servicer (in the case of the exercise of the Group I Cleanup Call or the Group
      II-V Cleanup Call) or the Depositor, to the effect that the failure of the
      Trust
      Fund to comply with the requirements of this Section 10.03 will not (i)
      result in the imposition of taxes on “prohibited transactions” of a REMIC, or
      (ii) cause any REMIC to fail to qualify as a REMIC at any time that the related
      Certificates are outstanding:

     

    
      	(1)  	
              The
                Master Servicer (in the case of the exercise of either the Group
                I Cleanup
                Call or the Group II-V Cleanup Call) or the Depositor (in all other
                cases)
                shall establish a ninety-day liquidation period and notify the Trustee
                thereof, and the Trustee shall in turn specify the first day of such
                period in a statement attached to the tax return for each of REMIC
                IA,
                REMIC IB, REMIC IC or REMIC IIA and REMIC IIB, as applicable, pursuant
                to
                Treasury Regulation Section 1.860F-1. The Master Servicer or the
                Depositor, as applicable, shall satisfy all the requirements of a
                qualified liquidation under Section 860F of the Code and any
                regulations thereunder, as evidenced by an Opinion of Counsel obtained
                at
                the expense of the Master Servicer or the Depositor, as
                applicable;

            

    

     

    
      	(2)  	
              During
                such ninety-day liquidation period, and at or prior to the time of
                making
                the final payment on the Certificates, the Master Servicer (in the
                case of
                the exercise of either the Group I Cleanup Call or the Group II-V
                Cleanup
                Call) or the Depositor (in all other cases) shall sell all of the
                assets
                of REMIC IA or REMIC IIA, as applicable, for cash;
                and

            

    

     

    
      	(3)  	
              At
                the time of the making of the final payment on the Group I Certificates
                or
                the Group II-V Certificates, the Trustee shall distribute or credit,
                or
                cause to be distributed or credited, to the Holders of the related
                Residual Certificates all cash on hand in the Trust Fund (other than
                cash
                retained to meet claims), and the Trust Fund shall terminate at that
                time.

            

    

     

    By
      their
      acceptance of the Certificates, the Holders thereof hereby authorize the Master
      Servicer (in the case of the exercise of the Group I Cleanup Call or the Group
      II-V Cleanup Call) or the Depositor (in all other cases) to specify the
      ninety-day liquidation period for REMIC IA, REMIC IB and REMIC IC or REMIC
      IIA
      and REMIC IIB, as applicable, which authorization shall be binding upon all
      successor Certificateholders.

     

    The
      Trustee as agent for each REMIC hereby agrees to adopt and sign such a plan
      of
      complete liquidation upon the written request of the Master Servicer or the
      Depositor, as applicable, and the receipt of the Opinion of Counsel referred
      to
      in Section 10.03(1) and to take such other action in connection therewith
      as may be reasonably requested by the Master Servicer or the Depositor, as
      applicable.

     

    ARTICLE
      XI

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01  Amendment.

     

    This
      Agreement may be amended from time to time by parties hereto, without the
      consent of any of the Certificateholders to cure any ambiguity, to correct
      or
      supplement any provisions herein, to change the manner in which the Distribution
      Account maintained by the Securities Administrator or the Custodial Accounts
      maintained by the Servicer is maintained or to make such other provisions with
      respect to matters or questions arising under this Agreement as shall not be
      inconsistent with any other provisions herein if such action shall not, as
      evidenced by an Opinion of Counsel, adversely affect in any material respect
      the
      interests of any Certificateholder; provided that any such amendment shall
      be
      deemed not to adversely affect in any material respect the interests of the
      Certificateholders and no such Opinion of Counsel shall be required if the
      Person requesting such amendment obtains a letter from each Rating Agency
      stating that such amendment would not result in the downgrading or withdrawal
      of
      the respective ratings then assigned to the Certificates; provided further
      that
      any such amendment shall be deemed not to adversely affect in any material
      respect the interests of the Certificateholders and no such Opinion of Counsel
      nor any letter from the Rating Agencies stating that such amendment would not
      result in the downgrading or withdrawal of the respective ratings then assigned
      to the Certificates shall be required if such amendment is to effect a transfer
      of servicing pursuant to Section 7.06(a) to a servicer satisfying the Minimum
      Servicing Requirements.

     

    Notwithstanding
      the foregoing, without the consent of the Certificateholders, the parties hereto
      may at any time and from time to time amend this Agreement to modify, eliminate
      or add to any of its provisions to such extent as shall be necessary or
      appropriate to maintain the qualification of each REMIC as a REMIC under the
      Code or to avoid or minimize the risk of the imposition of any tax on any REMIC
      pursuant to the Code that would be a claim against any REMIC at any time prior
      to the final redemption of the Certificates, provided that the Trustee has
      been
      provided an Opinion of Counsel, which opinion shall be an expense of the party
      requesting such opinion but in any case shall not be an expense of the Trustee
      or the Trust Fund, to the effect that such action is necessary or appropriate
      to
      maintain such qualification or to avoid or minimize the risk of the imposition
      of such a tax.

     

    This
      Agreement may also be amended from time to time by the parties hereto and the
      Holders of each Class of Certificates affected thereby evidencing over 50%
      of
      the Voting Rights of such Class or Classes for the purpose of adding any
      provisions to or changing in any manner or eliminating any of the provisions
      of
      this Agreement or of modifying in any manner the rights of the Holders of
      Certificates; provided that no such amendment shall (i) reduce in any manner
      the
      amount of, or delay the timing of, payments required to be distributed on any
      Certificate without the consent of the Holder of such Certificate, (ii) cause
      any REMIC to cease to qualify as a REMIC or (iii) reduce the aforesaid
      percentages of Certificates of each Class the Holders of which are required
      to
      consent to any such amendment without the consent of the Holders of all
      Certificates of such Class then outstanding.

     

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

     

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

     

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

     

    The
      Trustee may, but shall not be obligated to enter into any amendment that affects
      its rights, duties or immunities under this Agreement or otherwise.

     

    Section
      11.02  Recordation
      of Agreement; Counterparts.

     

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

     

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

     

    Section
      11.03  Governing
      Law.

     

    THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE
      LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
      IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
      HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
      LAWS WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF OTHER THAN
      THE
      PROVISIONS OF SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
      LAW.

     

    Section
      11.04  Intention
      of Parties.

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Notes,
      Mortgages, assignments of Mortgages, title insurance policies and any
      modifications, extensions and/or assumption agreements and private mortgage
      insurance policies relating to the Mortgage Loans by the Sponsor to the
      Depositor, and by the Depositor to the Trust Fund be, and be construed as,
      an
      absolute sale thereof to the Depositor or the Trust Fund, as applicable. It
      is,
      further, not the intention of the parties that such conveyance be deemed a
      pledge thereof by the Sponsor to the Depositor, or by the Depositor to the
      Trust
      Fund. However, in the event that, notwithstanding the intent of the parties,
      such assets are held to be the property of the Sponsor or the Depositor, as
      applicable, or if for any other reason this Agreement is held or deemed to
      create a security interest in such assets, then (i) this Agreement shall be
      deemed to be a security agreement within the meaning of the Uniform Commercial
      Code of the State of New York and (ii) each conveyance provided for in this
      Agreement shall be deemed to be an assignment and a grant by the Sponsor or
      the
      Depositor, as applicable, for the benefit of the Certificateholders, of a
      security interest in all of the assets that constitute the Trust Fund, whether
      now owned or hereafter acquired.

     

    The
      Depositor for the benefit of the Certificateholders shall, to the extent
      consistent with this Agreement, take such actions as may be necessary to ensure
      that, if this Agreement were deemed to create a security interest in the assets
      of the Trust Fund, such security interest would be deemed to be a perfected
      security interest of first priority under applicable law and will be maintained
      as such throughout the term of the Agreement.

     

    Section
      11.05  Notices.

     

    The
      Securities Administrator shall use its best efforts to promptly provide notice
      to each Rating Agency with respect to each of the following of which it has
      actual knowledge:

     

    
      	(1)  	
              Any
                material change or amendment to this
                Agreement;

            

    

     

    
      	(2)  	
              The
                occurrence of any Servicer Default or Master Servicer Default that
                has not
                been cured;

            

    

     

    
      	(3)  	
              The
                resignation or termination of the Servicer, the Master Servicer or
                the
                Trustee and the appointment of any successor;
                and

            

    

     

    
      	(4)  	
              The
                final payment to
                Certificateholders.

            

    

     

    In
      addition, the Securities Administrator shall, upon request, promptly furnish
      to
      each Rating Agency copies of the following:

     

    
      	(1)  	
              Each
                Annual Statement of Compliance described in Section 3.13 of this
                Agreement; and

            

    

     

    
      	(2)  	
              Each
                Assessment of Compliance and Attestation Report described in
                Section 3.14.

            

    

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when delivered at or mailed by registered mail,
      return receipt requested, postage prepaid, or by recognized overnight courier,
      or by facsimile transmission to a number provided by the appropriate party
      if
      receipt of such transmission is confirmed to (i) in the case of the Depositor,
      Nomura Asset Acceptance Corp., 2 World Financial Center, Building B, New York,
      New York 10281 Attention: Nomura Asset Acceptance Corporation, Alternative
      Loan
      Trust, Series 2006-AF1; (ii) in the case of the Sponsor, Nomura Credit &
Capital, Inc., 2 World Financial Center, Building B, New York, New York 10281,
      Attention: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series
      2006-AF1 or such other address as may be hereafter furnished to the other
      parties hereto by the Sponsor in writing; (iii) in the case of the Servicer,
      GMAC Mortgage Corporation, 500 Enterprise Road Horsham, Pennsylvania 19044,
      Attention: Ken Perkins; (iv) in the case of the Trustee, at each Corporate
      Trust
      Office or such other address as the Trustee may hereafter furnish to the other
      parties hereto; (v) in the case of the Custodian, Wells Fargo Bank, N.A., 24
      Executive Park, Suite 100, Irvine, California 92614, (vi) in the case of the
      Securities Administrator, its Corporate Trust Office; (vii) in the case of
      the
      Master Servicer, P.O. Box 98, Columbia, Maryland 21046 (or for overnight
      deliveries, 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention Client
      Manager - NAAC 2006-AF1) and (viii) in the case of the Rating Agencies, (a)
      Standard & Poor’s, 55 Water Street, 41st
      Floor,
      New York, New York 10041, Attention: Mortgage Surveillance Group and (b) Moody’s
      Investors Service, Inc., 99 Church Street, New York, New York 10007, Attention:
      Home Equity Monitoring. Any notice delivered to the Sponsor or the Trustee
      under
      this Agreement shall be effective only upon receipt. Any notice required or
      permitted to be mailed to a Certificateholder, unless otherwise provided herein,
      shall be given by first-class mail, postage prepaid, at the address of such
      Certificateholder as shown in the Certificate Register; any notice so mailed
      within the time prescribed in this Agreement shall be conclusively presumed
      to
      have been duly given, whether or not the Certificateholder receives such
      notice.

     

    Section
      11.06  Severability
      of Provisions.

     

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

     

    Section
      11.07  Assignment.

     

    Notwithstanding
      anything to the contrary contained herein, except as provided pursuant to
      Section 7.02, this Agreement may not be assigned by the Sponsor or the
      Depositor.

     

    Section
      11.08  Limitation
      on Rights of Certificateholders.

     

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

     

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

     

    No
      Certificateholder shall have any right by virtue or by availing itself of any
      provisions of this Agreement to institute any suit, action or proceeding in
      equity or at law upon or under or with respect to this Agreement, unless such
      Holder previously shall have given to the Trustee, a written notice of a
      Servicer Default and of the continuance thereof, as hereinbefore provided,
      the
      Holders of Certificates evidencing not less than twenty-five percent (25%)
      of
      the Voting Rights evidenced by the Certificates shall also have made written
      request to the Trustee to institute such action, suit or proceeding in its
      own
      name as Trustee, hereunder and shall have offered to the Trustee such indemnity
      satisfactory to it as it may require against the costs, expenses, and
      liabilities to be incurred therein or thereby, and the Trustee or for sixty
      (60)
      days after its receipt of such notice, request and offer of indemnity shall
      have
      neglected or refused to institute any such action, suit or proceeding; it being
      understood and intended, and being expressly covenanted by each
      Certificateholder with every other Certificateholder and the Trustee, that
      no
      one or more Holders of Certificates shall have any right in any manner whatever
      by virtue or by availing itself or themselves of any provisions of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of the Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder or to enforce any right under this Agreement, except
      in
      the manner herein provided and for the common benefit of all Certificateholders.
      For the protection and enforcement of the provisions of this Section 11.08,
      each and every Certificateholder or the Trustee shall be entitled to such relief
      as can be given either at law or in equity.

     

    Section
      11.09  Certificates
      Nonassessable and Fully Paid.

     

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

     

    Section
      11.10  Intention
      of the Parties and Interpretation.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.13, 3.14,
      3.18 and 5.12 of this Agreement is to facilitate compliance by the Sponsor
      and
      the Depositor with the provisions of Regulation AB promulgated by the SEC under
      the Exchange Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may be amended from
      time to time and subject to clarification and interpretive advice as may be
      issued by the staff of the SEC from time to time. Therefore, each of the parties
      agrees that (a) the obligations of the parties hereunder shall be interpreted
      in
      such a manner as to accomplish that purpose, (b) the parties’ obligations
      hereunder will be supplemented and modified as necessary to be consistent with
      any such amendments, interpretive advice or guidance, convention or consensus
      among active participants in the asset-backed securities markets, advice of
      counsel, or otherwise in respect of the requirements of Regulation AB and (c)
      the parties shall comply with requests made by the Sponsor 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.

     

    Notwithstanding
      the foregoing, the Servicer shall be under no obligation to provide any
      information in addition to that required by Sections 3.13, 3.14, 3.18 and 5.12
      of this Agreement as of the Closing Date that the Depositor deems required
      under
      Regulation AB if (i) the Servicer does not believe that such additional
      information is required under Regulation AB and (ii) the Servicer is not
      providing such additional information for its own securitizations, unless the
      Depositor pays all reasonable costs incurred by the Servicer in connection
      with
      the preparation and delivery of such additional information and the Servicer
      is
      given reasonable time to establish the necessary systems and procedures to
      produce such additional information.

     

    Section
      11.11  Early
      Termination of the Cap Contract.

     

    In
      the
      event that the Cap Contract is canceled or otherwise terminated for any reason
      (other than the exhaustion of the interest rate protection provided thereby),
      the Sponsor shall, to the extent a replacement contract is available, direct
      the
      Trustee to execute a replacement contract comparable to the Cap Contract which
      was cancelled or otherwise terminated, providing interest rate protection which
      is equal to the then-existing protection provided by the Cap Contract, which
      was
      cancelled or otherwise terminated provided, however, that the cost of any such
      replacement contract providing the same interest rate protection provided by
      such replacement contract may be reduced to a level such that the cost of such
      replacement contract shall not exceed the amount of any early termination
      payment. If the Trustee is unable to locate a qualified successor Cap Provider,
      any early termination payment will be remitted to the Net WAC Reserve Fund
      for
      the benefit of the
      Class
      I-A-1A Certificates
      for
      distribution by the Securities Administrator to the Class I-A-1A Certificates
      in
      accordance with Section 5.04(a), clause Third,
      item
      3.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
           

        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Sponsor, the Servicer, the Master Servicer,
      the Securities Administrator and the Trustee have caused their names to be
      signed hereto by their respective officers thereunto duly authorized as of
      the
      day and year first above written.

     

    
      	 	
              NOMURA
                ASSET ACCEPTANCE
                CORPORATION,

            
	 	
              as
                Depositor

            
	 	
              By:
                

            	/s/
              John P. Graham
	 	
              Name:
                

            	
              
John
              P. Graham
	 	
              Title:
                

            	President
	 	 
	 	
              NOMURA
                CREDIT & CAPITAL, INC.,

            
	 	
              as
                Sponsor

            
	 	
              By:
                 

            	/s/
              Jeane
              Leschak 
	 	
              Name:
                

            	
              
Jeane
              Leschak
	 	
              Title:
                

            	Vice President
	 	 
	 	
              WELLS
                FARGO
                BANK, NATIONAL
                ASSOCIATION,

            
	 	
              as
                Master Servicer and Securities Administrator

            
	 	
              By:
                

            	/s/ Amy Doyle 
	 	
              Name:
                

            	
              
Amy
              Doyle
	 	
              Title:
                

            	Vice President
	 	 
	 	
              HSBC
                BANK
                USA, NATIONAL
                ASSOCIATION,

            
	 	
              as
                Trustee

            
	 	
              By:
                 

            	/s/
              Elena
              Zheng 
	 	
              Name:
                

            	
              
Elena
              Zheng
	 	
              Title:
                

            	Assistant Vice President
	 	 
	 	
              GMAC
                MORTGAGE CORPORATION,

            
	 	
              as
                Servicer

            
	 	
              By:
                

            	/s/ Wesley B. Howland 
	 	
              Name:
                

            	
              
Wesley
              B. Howland
	 	
              Title:
                

            	Vice President
	 	 
	 	
              With
                respect to Sections 3.33 and 3.34

            
	 	 
	 	
              PORTFOLIO
                SURVEILLANCE ANALYTICS, LLC

            
	 	
              By:
                

            	/s/ Kevin J. Cooke 
	 	
              Name:
                

            	
              
Kevin
              J. Cooke
	 	
              Title:
                

            	Managing
              Partner

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            

    

    

    On
      this
      ___ day of May 2006, before me, a notary public in and for said State, appeared
      _____________, personally known to me on the basis of satisfactory evidence
      to
      be an authorized representative of Nomura Asset Acceptance Corporation, one
      of
      the corporations that executed the within instrument, and also known to me
      to be
      the person who executed it on behalf of such corporation and acknowledged to
      me
      that such corporation executed the within instrument.

     

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

     

    
      	
              ____________________________

            
	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            

    

    

    On
      this
      ____ day of May 2006 before me, a notary public in and for said State,
      appeared_______________, personally known to me on the basis of satisfactory
      evidence to be an authorized representative of Nomura Credit & Capital,
      Inc., that executed the within instrument, and also known to me to be the person
      who executed it on behalf of such corporation, and acknowledged to me that
      such
      corporation executed the within instrument.

     

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

     

    
      	
              ____________________________

            
	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            

    

    

    On
      this
      ____ day of May 2006 before me, a notary public in and for said State,
      appeared_______________, personally known to me on the basis of satisfactory
      evidence to be an authorized representative of Nomura Credit & Capital,
      Inc., that executed the within instrument, and also known to me to be the person
      who executed it on behalf of such corporation, and acknowledged to me that
      such
      corporation executed the within instrument.

     

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

     

    
      	
              ____________________________

            
	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	
              STATE
                OF 

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY

            	
              )

            

    

    

    On
      this
      ____ day of May 2006, before me, a notary public in and for said State, appeared
      _________________, personally known to me on the basis of satisfactory evidence
      to be an authorized representative of Portfolio Surveillance Analytics, LLC,
      one
      of the corporations that executed the within instrument, and also known to
      me to
      be the person who executed it on behalf of such corporation and acknowledged
      to
      me that such corporation executed the within instrument.

     

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

     

    
      	
              ____________________________

            
	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF 

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF 

            	
              )

            

    

    

    On
      this
      ____ day of May 2006, before me, a notary public in and for said State, appeared
      _______________, personally known to me on the basis of satisfactory evidence
      to
      be an authorized representative of HSBC Bank USA, National Association that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of such corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

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

     

    
      	
              ____________________________

            
	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF 

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF 

            	
              )

            

    

    

    On
      this
      ____ day of May 2006, before me, a notary public in and for said State, appeared
      _______________, personally known to me on the basis of satisfactory evidence
      to
      be an authorized representative of Wells Fargo Bank, National Association that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of such entity, and acknowledged to me that such entity
      executed the within instrument.

     

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

     

    
      	
              ____________________________

            
	
              Notary
                Public

            

    

    [Notarial
      Seal]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      EXHIBIT
        A-1

      

      FORM
        OF CLASS
        I-A-[1][2][3][4][5][A][B] CERTIFICATE

      

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

      

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

      

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
        EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
        OF
        CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
        TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
        PERSON
        IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
        HEREIN.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                Certificate
                  No. __

              	
                Initial
                  Pass-Through Rate: [Variable][____%]

              
	 	 
	
                Class
                  I-A-[1][2][3][4][5][A][B] Senior

              	 
	 	 
	
                Date
                  of Pooling and Servicing Agreement

                and
                  Cut-off Date: May 1, 2006

              	
                Aggregate
                  Initial Certificate Principal Balance of the Class
                  I-A-[1][2][3][4][5][A][B] Certificates as of the Cut-off
                  Date:

                $ 

              
	
                Trustee:
                  HSBC Bank USA, National Association

              	 
	
                First
                  Distribution Date: June 25, 2006

              	
                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:
                  

                $

              
	 	
                Master
                  Servicer and Securities Administrator:

                Wells
                  Fargo Bank, N.A.

              
	
                Assumed
                  Final Distribution Date:

                May
                  25, 2036

              	
                CUSIP:
                  [__________________]

              
	 	 

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-AF1

      

      evidencing
        a fractional undivided interest in the distributions allocable to the Class
        I-A-[1][2][3][4][5][A][B] Certificates with respect to a Trust Fund consisting
        primarily of a pool of conventional one- to four-family fixed and adjustable
        rate mortgage loans sold by NOMURA ASSET ACCEPTANCE CORPORATION.

      

      

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Nomura Asset Acceptance Corporation
        (“NAAC”) or the Trustee or any of their affiliates or any other person. Neither
        this Certificate nor the underlying Mortgage Loans are guaranteed or insured
        by
        any governmental entity or by NAAC or the Trustee or any of their affiliates
        or
        any other person. None of NAAC, the Trustee or any of their affiliates will
        have
        any obligation with respect to any certificate or other obligation secured
        by or
        payable from payments on the Certificates.

      

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional first lien, fixed and adjustable rate mortgage
        loans
        secured by one- to four-family residences, units in planned unit developments
        and individual condominium units (collectively, the “Mortgage Loans”) sold by
        NAAC. The Mortgage Loans were sold by Nomura Credit & Capital, Inc. (the
“Sponsor”)
        to
        NAAC. The Trust Fund was created pursuant to the Pooling and Servicing Agreement
        dated as of the Cut-off Date specified above (the “Agreement”), among NAAC, as
        depositor (the “Depositor”), the Sponsor, GMAC Mortgage Corporation, as
        servicer, HSBC Bank USA, National Association, as trustee (the “Trustee”) and
        Wells Fargo Bank, N.A., as master servicer (the “Master Servicer”) and
        securities administrator (the “Securities Administrator”), a summary of certain
        of the pertinent provisions of which is set forth hereafter. To the extent
        not
        defined herein, capitalized terms used herein shall have the meaning ascribed
        to
        them in the Agreement. This Certificate is issued under and is subject to
        the
        terms, provisions and conditions of the Agreement, to which Agreement the
        Holder
        of this Certificate by virtue of its acceptance hereof assents and by which
        such
        Holder is bound.

      

      Interest
        on this Certificate will accrue during [FOR CLASS I-A-1A CERTIFICATES][the
        period from and including the 25th day of the calendar month preceding the
        calendar month in which such Distribution Date occurs (or with respect to
        the
        first Accrual Period, the Closing Date) to and including the 24th day of
        the
        calendar month in which such Distribution Date occurs] [FOR CLASS
        I-A-[1B][2][3][4][5]][the calendar month immediately preceding the calendar
        month in which such Distribution Date occurs] on the Certificate Principal
        Balance hereof at a per annum Pass-Through Rate equal to [FOR CLASS I-A-1A
        CERTIFICATES][the lesser of (i) One-Month LIBOR plus [______]% per annum
        and
        (ii) the Net WAC Rate Cap for such Distribution Date] [FOR CLASS I-A-[1B][2][3]]
        CERTIFICATES][ the Initial Pass-Through Rate set forth on the face hereof
        for
        the First Distribution Date and, for each Distribution Date thereafter, the
        lesser of (i) [______]% per annum and (ii) the Net WAC Rate Cap for such
        Distribution Date] [FOR CLASS I-A-[4][5] CERTIFICATES][ the Initial Pass-Through
        Rate set forth on the face hereof for the First Distribution Date, and for
        each
        Distribution Date thereafter, the lesser of (i)(a) with respect to any
        Distribution Date which occurs on or prior to the Optional Termination Date,
        [_____]% per annum and (b) with respect to each Distribution Date which occurs
        thereafter, [_____]% per annum and (ii) the Net WAC Rate Cap for such
        Distribution Date]. The Securities Administrator will distribute on the 25th
        day
        of each month, or, if such 25th day is not a Business Day, the immediately
        following Business Day (each, a “Distribution Date”), commencing on the First
        Distribution Date specified above, to the Person in whose name this Certificate
        is registered on the applicable Record Date, an amount equal to the product
        of
        the Percentage Interest evidenced by this Certificate and the amount (of
        interest and principal, if any) required to be distributed to the Holders
        of
        Certificates of the same Class as this Certificate. The Assumed Final
        Distribution Date is the Distribution Date in the month of the latest scheduled
        maturity date of any Group I Mortgage Loan and is not likely to be the date
        on
        which the Certificate Principal Balance of this Class of Certificates will
        be
        reduced to zero. 

      

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The initial Certificate Principal Balance of this
        Certificate is set forth above. The Certificate Principal Balance hereof
        will be
        reduced to the extent of distributions allocable to principal
        hereon.

      

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

      

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Trustee
        is not
        liable to the Certificateholders for any amount payable under this Certificate
        or the Agreement or, except as expressly provided in the Agreement, subject
        to
        any liability under the Agreement.

      

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator. The Group I Certificates are limited in
        right
        of payment to certain collections and recoveries respecting the Group I Mortgage
        Loans and other assets included in the Trust Fund relating to the Group I
        Mortgage Loans, all as more specifically set forth in the
        Agreement.

      

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Classes or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. Any such consent by the Holder of this Certificate shall
        be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

      

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

      

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

      

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Trustee, the Securities
        Administrator and any agent of any of them may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        the Depositor, the Master Servicer, the Trustee, the Securities Administrator
        or
        any such agent shall be affected by notice to the contrary.

      

      The
        obligations created by the Agreement with respect to the Group I Certificates
        (other than the obligations to make payments to the holders of the Group
        I
        Certificates) shall terminate upon the earlier of (i) the later of (A) the
        maturity or other liquidation (or Advance with respect thereto) of the last
        Group I Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Group I
        Mortgage Loan and (B) the remittance of all funds due under the Agreement
        with
        respect to the Group I Mortgage Loans, or (ii) the optional repurchase by
        the
        party named in the Agreement of all the Group I Mortgage Loans and other
        assets
        of the Trust Fund relating to the Group I Mortgage Loans in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the Distribution Date on which the aggregate Stated Principal Balance of
        the
        Group I Mortgage Loans is less than the percentage of the aggregate Stated
        Principal Balance specified in the Agreement of the Group I Mortgage Loans
        at
        the Cut-off Date. The exercise of such right will effect the early retirement
        of
        the Group I Certificates. In no event, however, will the Trust Fund created
        by
        the Agreement continue beyond the earlier of (i) the expiration of 21 years
        after the death of certain persons identified in the Agreement and (ii) the
        Assumed Final Distribution Date.

      

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      
        	
                Dated: May
                  __, 2006

              	 	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class I-A-[1][2][3][4][5][A][B] Certificates referred to in the
        within-mentioned Agreement.

       

      
        	 	 	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

      

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:
                  

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

      

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-2

      

      FORM
        OF CLASS I-A-IO CERTIFICATE

      

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

      

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
        EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
        OF
        CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
        TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
        PERSON
        IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
        HEREIN.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                Certificate
                  No. ___

              	
                Pass-Through
                  Rate: ___%

              
	 	 
	
                Class
                  I-A-IO Senior

              	 
	
                Date
                  of Pooling and Servicing Agreement and Cut-off Date: May 1,
                  2006

              	
                Aggregate
                  Initial Certificate Notional Balance of the Class I-A-IO Certificates
                  as
                  of the Cut-off Date:

                $_______________

              
	 	 
	
                First
                  Distribution Date:

                June
                  25, 2006

              	
                Initial
                  Certificate Notional Balance of this Certificate as of the Cut-off
                  Date:
                  

                $_______________

              
	 	 
	
                Trustee:
                  HSBC Bank USA, National Association

              	 
	 	
                Master
                  Servicer and Securities Administrator: Wells Fargo Bank,
                  N.A.

              
	
                Final
                  Scheduled Distribution Date:

                May
                  25, 2008

              	
                CUSIP:
                  [__________________]

              
	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE 

      SERIES
        2006-AF1

      

      evidencing
        a fractional undivided interest in the distributions allocable to the Class
        I-A-IO Certificates with respect to a Trust Fund consisting primarily of
        a pool
        of conventional one- to four-family fixed and adjustable rate mortgage loans
        sold by NOMURA ASSET ACCEPTANCE CORPORATION.

      

      

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Nomura Asset Acceptance Corporation
        (“NAAC”) or the Trustee or any of their affiliates or any other person. Neither
        this Certificate nor the underlying Mortgage Loans are guaranteed or insured
        by
        any governmental entity or by NAAC or the Trustee or any of their affiliates
        or
        any other person. None of NAAC, the Trustee or any of their affiliates will
        have
        any obligation with respect to any certificate or other obligation secured
        by or
        payable from payments on the Certificates.

      

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional first lien, fixed and adjustable rate mortgage
        loans
        secured by one- to four-family residences, units in planned unit developments
        and individual condominium units (collectively, the “Mortgage Loans”) sold by
        NAAC. The Mortgage Loans were sold by Nomura Credit & Capital, Inc. (the
“Seller”) to NAAC. The Trust Fund was created pursuant to the Pooling and
        Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among NAAC, as depositor (the “Depositor”), the Seller, GMAC
        Mortgage Corporation, as servicer, HSBC Bank USA, National Association, as
        trustee (the “Trustee”) and Wells Fargo Bank, N.A., as master servicer (the
“Master Servicer”) and securities administrator (the “Securities
        Administrator”), a summary of certain of the pertinent provisions of which is
        set forth hereafter. To the extent not defined herein, capitalized terms
        used
        herein shall have the meaning ascribed to them in the Agreement. This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of its acceptance hereof assents and by which such Holder is
        bound.

      

      Interest
        on this Certificate will accrue during the month prior to the month in which
        a
        Distribution Date (as hereinafter defined) occurs on the Certificate Notional
        Balance hereof at a per annum rate equal to the lesser of (a)(i) [____]%
        per
        annum for each Distribution Date from June 2006 to and including the
        distribution date in May 2008 and (ii) 0% thereafter and (b) the weighted
        average of the Net Mortgage Rates of the Group I Mortgage Loans. The Securities
        Administrator will distribute on the 25th day of each month, or, if such
        25th
        day is not a Business Day, the immediately following Business Day (each,
        a
“Distribution Date”), commencing on the First Distribution Date specified above,
        to the Person in whose name this Certificate is registered at the close of
        business on the last Business Day of the calendar month immediately preceding
        the month in which the Distribution Date occurs, an amount equal to the product
        of the Percentage Interest evidenced by this Certificate and the amount of
        interest required to be distributed to the Holders of Certificates of the
        same
        Class as this Certificate.

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The initial Certificate Notional Balance of this
        Certificate is set forth above. 

      

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

      

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Trustee
        is not
        liable to the Certificateholders for any amount payable under this Certificate
        or the Agreement or, except as expressly provided in the Agreement, subject
        to
        any liability under the Agreement.

      

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator. The Group I Certificates are limited in
        right
        of payment to certain collections and recoveries respecting the Group I Mortgage
        Loans and other assets included in the Trust Fund relating to the Group I
        Mortgage Loans, all as more specifically set forth in the
        Agreement.

      

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. Any such consent by the Holder of this Certificate shall
        be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

      

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

      

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

      

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Trustee, the Securities
        Administrator and any agent of any of them may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        the Depositor, the Master Servicer, the Trustee, the Securities Administrator
        or
        any such agent shall be affected by notice to the contrary.

      

      The
        obligations created by the Agreement with respect to the Group I Certificates
        (other than the obligations to make payments to the holders of the Group
        I
        Certificates) shall terminate upon the earlier of (i) the later of (A) the
        maturity or other liquidation (or Advance with respect thereto) of the last
        Group I Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Group I
        Mortgage Loan and (B) the remittance of all funds due under the Agreement
        with
        respect to the Group I Mortgage Loans, or (ii) the optional repurchase by
        the
        party named in the Agreement of all the Group I Mortgage Loans and other
        assets
        of the Trust Fund relating to the Group I Mortgage Loans in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the Distribution Date on which the aggregate Stated Principal Balance of
        the
        Group I Mortgage Loans is less than the percentage of the aggregate Stated
        Principal Balance specified in the Agreement of the Group I Mortgage Loans
        at
        the Cut-off Date. The exercise of such right will effect the early retirement
        of
        the Group I Certificates. In no event, however, will the Trust Fund created
        by
        the Agreement continue beyond the earlier of (i) the expiration of 21 years
        after the death of certain persons identified in the Agreement and (ii) the
        Assumed Final Distribution Date.

      

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      
        	
                Dated: May
                  __, 2006

              	 	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class I-A-IO Certificates referred to in the within-mentioned
        Agreement.

      

      
        	 	 	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

      

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

      

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-3

      

       

      FORM
        OF CLASS
        [II][III][IV][V]-A-[1][2] CERTIFICATE

       

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

       

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

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
        EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
        OF
        CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
        TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
        PERSON
        IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
        HEREIN.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No. [__]

              	
                Pass-Through
                  Rate: _____%

              
	 	 
	
                Class
                  [II][III][IV][V]-A-[1][2]

              	 
	 	
                 

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

                May
                  1, 2006

              	
                Aggregate
                  Initial Certificate Principal Balance of the Class
                  [II][III][IV][V]-A-[1][2] Certificates as of the Cut-off
                  Date:

                $
                  __________________

              
	
                Trustee:
                  HSBC Bank USA, National Association

              	 
	
                First
                  Distribution Date:

                June
                  25, 2006

              	
                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:

                $
                  __________________

              
	 	
                Master
                  Servicer and Securities Administrator: Wells Fargo Bank,
                  N.A.

              
	
                Assumed
                  Final Distribution Date:

                June
                  25, 2036

              	
                CUSIP:
                  [__________________]

              
	 	 

      

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-AF1

       

      evidencing
        a fractional undivided interest in the distributions allocable to the Class
        [II][III][IV][V]-A-[1][2] Certificates with respect to a Trust Fund consisting
        primarily of a pool of conventional one- to four-family fixed and adjustable
        rate mortgage loans sold by NOMURA ASSET ACCEPTANCE CORPORATION.

       

      

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Nomura Asset Acceptance Corporation
        (“NAAC”) or the Trustee or any of their affiliates or any other person. Neither
        this Certificate nor the underlying Mortgage Loans are guaranteed or insured
        by
        any governmental entity or by NAAC or the Trustee or any of their affiliates
        or
        any other person. None of NAAC, the Trustee or any of their affiliates will
        have
        any obligation with respect to any certificate or other obligation secured
        by or
        payable from payments on the Certificates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional first lien, fixed and adjustable rate mortgage
        loans
        secured by one- to four-family residences, units in planned unit developments
        and individual condominium units (collectively, the “Mortgage Loans”) sold by
        NAAC. The Mortgage Loans were sold by Nomura Credit & Capital, Inc. (the
“Sponsor”) to NAAC. The Trust Fund was created pursuant to the Pooling and
        Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among NAAC, as depositor (the “Depositor”), the Sponsor, GMAC
        Mortgage Corporation, as servicer, (the “Servicer”), Wells Fargo Bank, N.A. as
        master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”) and HSBC Bank USA, National Association, as trustee
        (the “Trustee”), a summary of certain of the pertinent provisions of which is
        set forth hereafter. To the extent not defined herein, capitalized terms
        used
        herein shall have the meaning ascribed to them in the Agreement. This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of its acceptance hereof assents and by which such Holder is
        bound.

       

      Interest
        on this Certificate will accrue during the calendar month prior to the calendar
        month in which a Distribution Date (as hereinafter defined) occurs on the
        Certificate Principal Balance hereof at a per annum Pass-Through Rate equal
        to
        [for Class II-A Certificates: the weighted average of the net mortgage rates
        of
        the Group II Mortgage Loans] [for
        Class III-A-[1][2] Certificates: the weighted average of the net mortgage
        rates
        of the Group III Mortgage Loans]
        [for
        Class IV-A Certificates: the weighted average of the net mortgage rates of
        the
        Group IV Mortgage Loans] [for Class V-A Certificates: the weighted average
        of
        the net mortgage rates of the Group V Mortgage Loans]. The Securities
        Administrator will distribute on the 25th day of each month, or, if such
        25th
        day is not a Business Day, the immediately following Business Day (each,
        a
“Distribution Date”), commencing on the First Distribution Date specified above,
        to the Person in whose name this Certificate is registered at the close of
        business on the last Business Day of the calendar month immediately preceding
        the month in which the Distribution Date occurs, an amount equal to the product
        of the Percentage Interest evidenced by this Certificate and the amount (of
        interest and principal, if any) required to be distributed to the Holders
        of
        Certificates of the same Class as this Certificate. The Assumed Final
        Distribution Date in June 2036 which is not likely to be the date on which
        the
        Certificate Principal Balance of this Class of Certificates will be reduced
        to
        zero.

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The initial Certificate Principal Balance of this
        Certificate is set forth above. The Certificate Principal Balance hereof
        will be
        reduced to the extent of distributions allocable to principal hereon and
        Realized Losses allocable hereto.

       

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

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Trustee
        is not
        liable to the Certificateholders for any amount payable under this Certificate
        or the Agreement or, except as expressly provided in the Agreement, subject
        to
        any liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator. The Group II-V Certificates are limited
        in
        right of payment to certain collections and recoveries respecting the Group
        II-V
        Mortgage Loans and other assets included in the Trust Fund relating to the
        Group
        II-V Mortgage Loans, all as more specifically set forth in the
        Agreement.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Classes or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. Any such consent by the Holder of this Certificate shall
        be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Trustee, the Securities
        Administrator and any agent of any of them may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        Depositor, the Master Servicer, the Trustee, the Securities Administrator
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement with respect to the Group II-V Certificates
        (other than the obligations to make payments to the holders of the Group
        II-V
        Certificates) shall terminate upon the earlier of (i) the later of (A) the
        maturity or other liquidation (or Advance with respect thereto) of the last
        Group II-V Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Group
        II-V Mortgage Loan and (B) the remittance of all funds due under the Agreement
        with respect to the Group II-V Mortgage Loans, or (ii) the optional repurchase
        by the party named in the Agreement of all the Group II-V Mortgage Loans
        and
        other assets of the Trust Fund relating to the Group II-V Mortgage Loans
        in
        accordance with the terms of the Agreement. Such optional repurchase may
        be made
        only on or after the Distribution Date on which the aggregate Stated Principal
        Balance of the Group II-V Mortgage Loans is less than the percentage of the
        aggregate Stated Principal Balance specified in the Agreement of the Group
        II-V
        Mortgage Loans at the Cut-off Date. The exercise of such right will effect
        the
        early retirement of the Group II-V Certificates. In no event, however, will
        the
        Trust Fund created by the Agreement continue beyond the earlier of (i) the
        expiration of 21 years after the death of certain persons identified in the
        Agreement and (ii) the Assumed Final Distribution Date.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      
        	
                Dated:
                  May __, 2006

              	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 
	 	
                By:
                  _________________________________________________

              
	 	
                Authorized
                  Signatory

              

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class [II][III][IV][V]-A-[1][2] Certificates referred to in the
        within-mentioned Agreement.

       

      

      
        	 	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 
	 	
                By:
                  __________________________________________________

              
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

       

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

      

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-4

      

      FORM
        OF CLASS I-M-[1][2][3] CERTIFICATE

      

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE GROUP I SENIOR
        CERTIFICATES [[,/AND] THE CLASS I-M-1 CERTIFICATES][AND THE CLASS I-M-2
        CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED
        BELOW).

      

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

      

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

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO MAKE THE REPRESENTATIONS
        SET
        FORTH IN SECTION 6.02(b) OF THE AGREEMENT.

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
        EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
        OF
        CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
        TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
        PERSON
        IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
        HEREIN.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No. __

              	
                Pass-Through
                  Rate: ___%

              
	 	 
	
                Class
                  I-M-[1][2][3]
                  Subordinate

              	 
	 	 
	
                Date
                  of Pooling and Servicing Agreement

                and
                  Cut-off Date: May 1, 2006

              	
                Aggregate
                  Initial Certificate Principal Balance of this Class I-M-[1][2][3]
                  Certificate as of the Cut-off Date:

                $_______________

              
	
                Trustee:
                  HSBC Bank USA, National Association

              	 
	
                First
                  Distribution Date:

                June
                  25, 2006

              	
                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:
                  

                $________________

              
	 	
                Master
                  Servicer and Securities Administrator: Wells Fargo Bank,
                  N.A.

              
	
                Assumed
                  Final Distribution Date:

                May
                  25, 2036

              	
                CUSIP:
                  [__________________]

              
	 	 

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-AF1

      

      evidencing
        a fractional undivided interest in the distributions allocable to the Class
        I-M-[1][2][3] Certificates with respect to a Trust Fund consisting primarily
        of
        a pool of conventional one- to four-family fixed and adjustable rate mortgage
        loans sold by NOMURA ASSET ACCEPTANCE CORPORATION.

      

      

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Nomura Asset Acceptance Corporation
        (“NAAC”) or the Trustee or any of their affiliates or any other person. Neither
        this Certificate nor the underlying Mortgage Loans are guaranteed or insured
        by
        any governmental entity or by NAAC or the Trustee or any of their affiliates
        or
        any other person. None of NAAC, the Trustee or any of their affiliates will
        have
        any obligation with respect to any certificate or other obligation secured
        by or
        payable from payments on the Certificates.

      

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional first lien, fixed and adjustable rate mortgage
        loans
        secured by one- to four-family residences, units in planned unit developments
        and individual condominium units (collectively, the “Mortgage Loans”) sold by
        NAAC. The Mortgage Loans were sold by Nomura Credit & Capital, Inc. (the
“Seller”) to NAAC. The Trust Fund was created pursuant to the Pooling and
        Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among NAAC, as depositor (the “Depositor”), the Seller, GMAC
        Mortgage Corporation, as servicer, HSBC Bank USA, National Association, as
        trustee (the “Trustee”) and Wells Fargo Bank, N.A. as master servicer (the
“Master Servicer”) and securities administrator (the “Securities
        Administrator”), a summary of certain of the pertinent provisions of which is
        set forth hereafter. To the extent not defined herein, capitalized terms
        used
        herein shall have the meaning ascribed to them in the Agreement. This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of its acceptance hereof assents and by which such Holder is
        bound.

      

      Interest
        on this Certificate will accrue during the calendar month prior to the calendar
        month in which a Distribution Date (as hereinafter defined) occurs on the
        Certificate Principal Balance hereof at a per annum Pass-Through Rate equal
        to
        the Initial Pass-Through Rate set forth on the face hereof for the First
        Distribution Date and, for each Distribution Date thereafter, the lesser
        of
        (i)(a) with respect to each Distribution Date which occurs on or prior to
        the
        Optional Termination Date, [____]% per annum and (b) with respect to each
        Distribution Date which occurs thereafter, [____]% per annum and (ii) the
        Net
        WAC Rate Cap for such Distribution Date. The Securities Administrator will
        distribute on the 25th day of each month, or, if such 25th day is not a Business
        Day, the immediately following Business Day (each, a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered at the close of business on the
        last
        Business Day of the calendar month immediately preceding the month in which
        the
        Distribution Date occurs, an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount (of interest and
        principal, if any) required to be distributed to the Holders of Certificates
        of
        the same Class as this Certificate. The Assumed Final Distribution Date is
        the
        Distribution Date in the month of the latest scheduled maturity date of any
        Group I Mortgage Loan and is not likely to be the date on which the Certificate
        Principal Balance of this Class of Certificates will be reduced to
        zero.

      

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The initial Certificate Principal Balance of this
        Certificate is set forth above. The Certificate Principal Balance hereof
        will be
        reduced to the extent of distributions allocable to principal hereon and
        any
        Realized Losses allocable hereto.

      

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

      

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Trustee
        is not
        liable to the Certificateholders for any amount payable under this Certificate
        or the Agreement or, except as expressly provided in the Agreement, subject
        to
        any liability under the Agreement.

      

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator. The Group I Certificates are limited in
        right
        of payment to certain collections and recoveries respecting the Group I Mortgage
        Loans and other assets included in the Trust Fund relating to the Group I
        Mortgage Loans, all as more specifically set forth in the
        Agreement.

      

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. Any such consent by the Holder of this Certificate shall
        be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

      

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      Any
        transferee of this Certificate shall be deemed to make the representations set
        forth in Section 6.02(b) of the Agreement.

      

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

      

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Trustee, the Securities
        Administrator and any agent of any of them may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        the Depositor, the Master Servicer, the Trustee, the Securities Administrator
        or
        any such agent shall be affected by notice to the contrary.

      

      The
        obligations created by the Agreement with respect to the Group I Certificates
        (other than the obligations to make payments to the holders of the Group
        I
        Certificates) shall terminate upon the earlier of (i) the later of (A) the
        maturity or other liquidation (or Advance with respect thereto) of the last
        Group I Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Group I
        Mortgage Loan and (B) the remittance of all funds due under the Agreement
        with
        respect to the Group I Mortgage Loans, or (ii) the optional repurchase by
        the
        party named in the Agreement of all the Group I Mortgage Loans and other
        assets
        of the Trust Fund relating to the Group I Mortgage Loans in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the Distribution Date on which the aggregate Stated Principal Balance of
        the
        Group I Mortgage Loans is less than the percentage of the aggregate Stated
        Principal Balance specified in the Agreement of the Group I Mortgage Loans
        at
        the Cut-off Date. The exercise of such right will effect the early retirement
        of
        the Group I Certificates. In no event, however, will the Trust Fund created
        by
        the Agreement continue beyond the earlier of (i) the expiration of 21 years
        after the death of certain persons identified in the Agreement and (ii) the
        Assumed Final Distribution Date.

      

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      
        	
                Dated: May
                  __, 2006

              	 	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class I-M-[1][2][3] Certificates referred to in the within-mentioned
        Agreement.

      

      
        	 	 	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

      

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

      

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                Account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                Assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-5

      

       

      FORM
        OF CLASS
        C-B-[1][2][3][4][5][6] CERTIFICATE

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE GROUP II-V SENIOR
        CERTIFICATES [,/AND
        THE CLASS C-B-1 CERTIFICATES]
        [,/AND THE CLASS C-B-2 CERTIFICATES] [,/AND THE CLASS C-B-3 CERTIFICATES]
        [,/AND
        THE CLASS C-B-4 CERTIFICATES] [AND THE CLASS C-B-5 CERTIFICATES] AS DESCRIBED
        IN
        THE AGREEMENT (AS DEFINED BELOW).

       

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

       

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

       

      [CLASS
        C-B-[1][2][3] ONLY: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
        REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT
        FOR
        REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
        AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT
        IS
        MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
        CEDE & CO., HAS AN INTEREST HEREIN.]

       

      [CLASS
        C-B-[1][2][3] ONLY: ANY TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO
        MAKE
        THE REPRESENTATIONS SET FORTH IN SECTION 6.02(b) OF THE AGREEMENT REFERRED
        TO
        HEREIN.]

       

      [CLASS
        C-B-[4][5][6] ONLY: THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED
        UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER
        ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE,
        AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
        TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE
        LAWS
        AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A
        PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
        WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A
        QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN
        EACH
        CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
        RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED
        BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (3) IN CERTIFICATED
        FORM
        TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE
        501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE ACT OR ANY ENTITY IN
        WHICH
        ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS PURCHASING NOT FOR
        DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (A) THE RECEIPT
        BY
        THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED
        IN
        THE AGREEMENT AND (B) THE RECEIPT BY THE SECURITIES ADMINISTRATOR OF SUCH
        OTHER
        EVIDENCE ACCEPTABLE TO THE SECURITIES ADMINISTRATOR THAT SUCH REOFFER, RESALE,
        PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE
        LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF
        THE
        UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION.]

       

      [CLASS
        C-B-[4][5][6] ONLY: NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON,
        UNLESS THE TRANSFEREE PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(b)
        OF
        THE AGREEMENT.]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No. [__]

              	
                Pass-Through
                  Rate: ____%

              
	 	 
	
                Class
                  C-B-[1][2][3][4][5][6]

              	 
	 	 
	
                Date
                  of Pooling and Servicing Agreement

                and
                  Cut-off Date: May 1, 2006

              	
                Aggregate
                  Initial Certificate Principal Balance of the Class C-B-[1][2][3][4][5][6]
                  Certificates as of the Cut-off Date:

                $
                  ______________

              
	
                Trustee:
                  HSBC Bank USA, National Association

              	 
	
                First
                  Distribution Date: June 25, 2006

              	
                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:

                $
                  ______________

              
	 	
                Master
                  Servicer and Securities Administrator: Wells Fargo Bank,
                  N.A.

              
	
                Assumed
                  Final Distribution Date:

                June
                  25, 2036

              	
                CUSIP:
                  [__________________]

              
	 	 

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-AF1

       

      evidencing
        a fractional undivided interest in the distributions allocable to the Class
        C-B-[1][2][3][4][5][6] Certificates with respect to a Trust Fund consisting
        primarily of a pool of conventional one- to four-family fixed and adjustable
        rate mortgage loans sold by NOMURA ASSET ACCEPTANCE CORPORATION.

       

      

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Nomura Asset Acceptance Corporation
        (“NAAC”) or the Trustee or any of their affiliates or any other person. Neither
        this Certificate nor the underlying Mortgage Loans are guaranteed or insured
        by
        any governmental entity or by NAAC or the Trustee or any of their affiliates
        or
        any other person. None of NAAC, the Trustee or any of their affiliates will
        have
        any obligation with respect to any certificate or other obligation secured
        by or
        payable from payments on the Certificates.

       

      This
        certifies that [Cede & Co.] [Nomura Securities International, Inc.] is the
        registered owner of the Percentage Interest evidenced hereby in the beneficial
        ownership interest of Certificates of the same Class as this Certificate
        in a
        trust (the “Trust Fund”) generally consisting of conventional first lien, fixed
        and adjustable rate mortgage loans secured by one- to four-family residences,
        units in planned unit developments and individual condominium units
        (collectively, the “Mortgage Loans”) sold by NAAC. The Mortgage Loans were sold
        by Nomura Credit & Capital, Inc. (the “Sponsor”) to NAAC. The Trust Fund was
        created pursuant to the Pooling and Servicing Agreement dated as of the Cut-off
        Date specified above (the “Agreement”), among NAAC, as depositor (the
“Depositor”), the Sponsor, GMAC Mortgage Corporation, as servicer, (the
“Servicer”), Wells Fargo Bank, N.A. as master servicer (the “Master Servicer”)
        and securities administrator (the “Securities Administrator”) and HSBC Bank USA,
        National Association, as trustee (the “Trustee”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, capitalized terms used herein shall have the meaning ascribed to
        them in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of its acceptance hereof assents and by which
        such
        Holder is bound.

       

      Interest
        on this Certificate will accrue during the calendar month immediately preceding
        the calendar month in which the related Distribution Date occurs on the
        Certificate Principal Balance hereof at a per annum rate equal to the weighted
        average (weighted in each case on the basis of the result of subtracting
        from
        each loan group the current aggregate Certificate Principal Balance of the
        related Group II-V Senior Certificates of the net mortgage rates of the Group
        II
        Mortgage Loans, Group III Mortgage Loans, Group IV Mortgage Loans and Group
        V
        Mortgage Loans. The Securities Administrator will distribute on the 25th
        day of
        each month, or, if such 25th day is not a Business Day, the immediately
        following Business Day (each, a “Distribution Date”), commencing on the First
        Distribution Date specified above, to the Person in whose name this Certificate
        is registered at the close of business on the last day (or if such last day
        is
        not a Business Day, the Business Day immediately preceding such last day)
        of the
        calendar month immediately preceding the month in which the Distribution
        Date
        occurs, an amount equal to the product of the Percentage Interest evidenced
        by
        this Certificate and the amount (of interest and principal, if any) required
        to
        be distributed to the Holders of Certificates of the same Class as this
        Certificate. The Assumed Final Distribution Date is the Distribution Date
        in
        June 2036 which is not likely to be the date on which the Certificate Principal
        Balance of this Class of Certificates will be reduced to zero.

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The initial Certificate Principal Balance of this
        Certificate is set forth above. The Certificate Principal Balance hereof
        will be
        reduced to the extent of distributions allocable to principal hereon and
        any
        Realized Losses allocable hereto.

       

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

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Trustee
        is not
        liable to the Certificateholders for any amount payable under this Certificate
        or the Agreement or, except as expressly provided in the Agreement, subject
        to
        any liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator. The Group II-V Certificates are limited
        in
        right of payment to certain collections and recoveries respecting the Group
        II-V
        Mortgage Loans and other assets included in the Trust Fund relating to the
        Group
        II-V Mortgage Loans, all as more specifically set forth in the
        Agreement.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. Any such consent by the Holder of this Certificate shall
        be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      [Class
        C-B-[4][5][6]: No transfer of this Certificate shall be made unless the transfer
        is made pursuant to an effective registration statement under the Securities
        Act
        of 1933, as amended (the “1933 Act”), and an effective registration or
        qualification under applicable state securities laws, or is made in a
        transaction that does not require such registration or qualification. In
        the
        event that such a transfer of this Certificate is to be made without
        registration or qualification, the Securities Administrator shall require
        receipt of (i) if such transfer is purportedly being made in reliance upon
        Rule
        144A under the 1933 Act, written certifications from the Holder of the
        Certificate desiring to effect the transfer, and from such Holder’s prospective
        transferee, substantially in the forms attached to the Agreement as Exhibit
        E
        and either F or G, as applicable, and (ii) in all other cases, an Opinion
        of
        Counsel satisfactory to it that such transfer may be made without such
        registration or qualification (which Opinion of Counsel shall not be an expense
        of the Trust Fund or of the Depositor or the Securities Administrator in
        their
        respective capacities as such), together with copies of the written
        certification(s) of the Holder of the Certificate desiring to effect the
        transfer and/or such Holder’s prospective transferee upon which such Opinion of
        Counsel is based. Neither the Depositor nor the Securities Administrator
        is
        obligated to register or qualify the Class of Certificates specified on the
        face
        hereof under the 1933 Act or any other securities law or to take any action
        not
        otherwise required under the Agreement to permit the transfer of such
        Certificates without registration or qualification. Any Holder desiring to
        effect a transfer of this Certificate shall be required to indemnify the
        Securities Administrator, the Depositor and the Sponsor 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.]

       

      [Class
        C-B-[1][2][3] only: Any transferee of this Certificate shall be deemed to
        make
        the representations set forth in Section 6.02(b) of the Agreement.]

       

      [Class
        C-B-[4][5][6] only: No transfer of this Certificate shall be made to any
        person
        unless the Transferee provides a certification pursuant to Section 6.02(b)
        of
        the Agreement.]

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Trustee, the Securities
        Administrator and any agent of any of them may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        the Depositor, the Master Servicer, the Trustee, the Securities Administrator
        or
        any such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement with respect to the Group II-V Certificates
        (other than the obligations to make payments to the holders of the Group
        II-V
        Certificates) shall terminate upon the earlier of (i) the later of (A) the
        maturity or other liquidation (or Advance with respect thereto) of the last
        Group II-V Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Group
        II-V Mortgage Loan and (B) the remittance of all funds due under the Agreement
        with respect to the Group II-V Mortgage Loans, or (ii) the optional repurchase
        by the party named in the Agreement of all the Group II-V Mortgage Loans
        and
        other assets of the Trust Fund relating to the Group II-V Mortgage Loans
        in
        accordance with the terms of the Agreement. Such optional repurchase may
        be made
        only on or after the Distribution Date on which the aggregate Stated Principal
        Balance of the Group II-V Mortgage Loans is less than the percentage of the
        aggregate Stated Principal Balance specified in the Agreement of the Group
        II-V
        Mortgage Loans at the Cut-off Date. The exercise of such right will effect
        the
        early retirement of the Group II-V Certificates. In no event, however, will
        the
        Trust Fund created by the Agreement continue beyond the earlier of (i) the
        expiration of 21 years after the death of certain persons identified in the
        Agreement and (ii) the Assumed Final Distribution Date.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      
        	
                Dated:
                  May __, 2006

              	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 
	 	
                By:
                  ___________________________________________________

              
	 	
                Authorized
                  Signatory

              

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class C-B-[1][2][3][4][5][6] Certificates referred to in the
        within-mentioned Agreement.

       

      

      
        	 	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 
	 	
                By:
                  ___________________________________________________

              
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

      

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

      

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-6

      

      FORM
        OF CLASS I-P CERTIFICATE

      

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

       

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

      

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(b) OF THE
        AGREEMENT.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No. ___

              	
                Percentage
                  Interest: 100%

              
	 	 
	
                Class
                  I-P

              	 
	 	 
	
                Date
                  of Pooling and Servicing Agreement and Cut-off Date: May 1,
                  2006

              	
                Aggregate
                  Initial Certificate Principal Balance of the Class I-P Certificates
                  as of
                  the Cut-off Date: $100

              
	 	 
	
                First
                  Distribution Date: June 25, 2006

              	
                Initial
                  Certificate Principal Balance of the Certificate as of the Cut-off
                  Date:
                  $100

                 

              
	
                Trustee:
                  HSBC Bank USA, National Association

              	 
	 	
                Master
                  Servicer and Securities Administrator: Wells Fargo Bank,
                  N.A.

              
	
                Assumed
                  Final Distribution Date: May 25, 2036

              	 
	 	
                CUSIP:
                  [__________________]

              

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-AF1

      

      evidencing
        a fractional undivided interest in the distributions allocable to the Class
        I-P
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        conventional one- to four-family fixed and adjustable rate mortgage loans
        sold
        by NOMURA ASSET ACCEPTANCE CORPORATION.

      

      

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Nomura Asset Acceptance Corporation
        (“NAAC”) or the Trustee referred to below or any of their affiliates or any
        other person. Neither this Certificate nor the underlying Mortgage Loans
        are
        guaranteed or insured by any governmental entity or by NAAC or the Trustee
        or
        any of their affiliates or any other person. None of NAAC, the Trustee or
        any of
        their affiliates will have any obligation with respect to any certificate
        or
        other obligation secured by or payable from payments on the
        Certificates.

      

      This
        certifies that Nomura Securities International, Inc. is the registered owner
        of
        the Percentage Interest evidenced hereby in the beneficial ownership interest
        of
        Certificates of the same Class as this Certificate in a trust (the “Trust Fund”)
        generally consisting of conventional first lien, fixed and adjustable rate
        mortgage loans secured by one- to four-family residences, units in planned
        unit
        developments and individual condominium units (collectively, the “Mortgage
        Loans”) sold by NAAC. The Mortgage Loans were sold by Nomura Credit &
Capital, Inc. (the “Seller”) to NAAC. The Trust Fund was created pursuant to the
        Pooling and Servicing Agreement dated as of the Cut-off Date specified above
        (the “Agreement”), among NAAC, as depositor (the “Depositor”), the Seller, GMAC
        Mortgage Corporation, as servicer, and HSBC Bank USA, National Association,
        as
        trustee (the “Trustee”) and Wells Fargo Bank, N.A. as master servicer (the
“Master Servicer) and securities administrator (the “Securities Administrator”),
        a summary of certain of the pertinent provisions of which is set forth
        hereafter. To the extent not defined herein, capitalized terms used herein
        shall
        have the meaning ascribed to them in the Agreement. This Certificate is issued
        under and is subject to the terms, provisions and conditions of the Agreement,
        to which Agreement the Holder of this Certificate by virtue of its acceptance
        hereof assents and by which such Holder is bound.

      

      The
        Securities Administrator will distribute on the 25th day of each month, or,
        if
        such 25th day is not a Business Day, the immediately following Business Day
        (each, a “Distribution Date”), commencing on the First Distribution Date
        specified above, to the Person in whose name this Certificate is registered
        at
        the close of business on the last day (or if such last day is not a Business
        Day, the Business Day immediately preceding such last day) of the calendar
        month
        immediately preceding the month in which the Distribution Date occurs, an
        amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Certificates
        of the
        same Class as this Certificate. The Assumed Final Distribution Date is the
        Distribution Date in the month of the latest scheduled maturity date of any
        Group I Mortgage Loan.

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice.

      

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A under the 1933 Act, written
        certifications from the Holder of the Certificate desiring to effect the
        transfer, and from such Holder’s prospective transferee, substantially in the
        forms attached to the Agreement as Exhibit E and either F or G, as applicable,
        and (ii) in all other cases, an Opinion of Counsel satisfactory to it that
        such
        transfer may be made without such registration or qualification (which Opinion
        of Counsel shall not be an expense of the Trust Fund or of the Depositor,
        the
        Securities Administrator or the Trustee in their respective capacities as
        such),
        together with copies of the written certification(s) of the Holder of the
        Certificate desiring to effect the transfer and/or such Holder’s prospective
        transferee upon which such Opinion of Counsel is based. Neither the Depositor,
        the Securities Administrator nor the Trustee is obligated to register or
        qualify
        the Class of Certificates specified on the face hereof under the 1933 Act
        or any
        other securities law or to take any action not otherwise required under the
        Agreement to permit the transfer of such Certificates without registration
        or
        qualification. Any Holder desiring to effect a transfer of this Certificate
        shall be required to indemnify the Trustee, the Securities Administrator,
        the
        Depositor and the Seller against any liability that may result if the transfer
        is not so exempt or is not made in accordance with such federal and state
        laws.

      

      No
        transfer of this Certificate shall be made to any person unless the transferee
        provides a certification pursuant to Section 6.02(b) of the
        Agreement.

      

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

      

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Securities
        Administrator is not liable to the Certificateholders for any amount payable
        under this Certificate or the Agreement or, except as expressly provided
        in the
        Agreement, subject to any liability under the Agreement.

      

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator. The Group I Certificates are limited in
        right
        of payment to certain collections and recoveries respecting the Group I Mortgage
        Loans and other assets included in the Trust Fund relating to the Group I
        Mortgage Loans, all as more specifically set forth in the
        Agreement.

      

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. Any such consent by the Holder of this Certificate shall
        be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

      

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

      

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

      

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Trustee, the Securities
        Administrator and any agent of any of them may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        the Depositor, the Master Servicer, the Trustee, the Securities Administrator
        or
        any such agent shall be affected by notice to the contrary.

      

      The
        obligations created by the Agreement with respect to the Group I Certificates
        (other than the obligations to make payments to the holders of the Group
        I
        Certificates) shall terminate upon the earlier of (i) the later of (A) the
        maturity or other liquidation (or Advance with respect thereto) of the last
        Group I Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Group I
        Mortgage Loan and (B) the remittance of all funds due under the Agreement
        with
        respect to the Group I Mortgage Loans, or (ii) the optional repurchase by
        the
        party named in the Agreement of all the Group I Mortgage Loans and other
        assets
        of the Trust Fund relating to the Group I Mortgage Loans in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the Distribution Date on which the aggregate Stated Principal Balance of
        the
        Group I Mortgage Loans is less than the percentage of the aggregate Stated
        Principal Balance specified in the Agreement of the Group I Mortgage Loans
        at
        the Cut-off Date. The exercise of such right will effect the early retirement
        of
        the Group I Certificates. In no event, however, will the Trust Fund created
        by
        the Agreement continue beyond the earlier of (i) the expiration of 21 years
        after the death of certain persons identified in the Agreement and (ii) the
        Assumed Final Distribution Date.

      

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      
        	
                Dated: May
                  __, 2006

              	 	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class I-P Certificates referred to in the within-mentioned
        Agreement.

      

      
        	 	 	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

      

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

      

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-7

      

       

      FORM
        OF CLASS P CERTIFICATE

       

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

       

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

       

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

       

      NO
        TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(b) OF THE
        AGREEMENT.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No. [__]

              	
                Percentage
                  Interest: 100%

              
	 	 
	
                Class
                  P

              	 
	 	
                 

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

                May
                  1, 2006

                 

              	
                Aggregate
                  Initial Certificate Principal Balance of this Certificate as of
                  the
                  Cut-off Date: $100

                 

              
	
                Trustee:
                  HSBC Bank USA, National Association

                 

              	 
	
                First
                  Distribution Date:

                June
                  25, 2006

                 

              	
                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:
                  $100

                 

              
	 	
                Master
                  Servicer and Securities Administrator: Wells Fargo Bank,
                  N.A.

              
	
                Assumed
                  Final Distribution Date:

                June
                  25, 2036

              	
                CUSIP:
                  [__________________]

              
	 	 

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-AF1

       

      evidencing
        a fractional undivided interest in the distributions allocable to the Class
        P
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        conventional one- to four-family fixed and adjustable rate mortgage loans
        sold
        by NOMURA ASSET ACCEPTANCE CORPORATION.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Nomura Asset Acceptance Corporation
        (“NAAC”) or the Trustee referred to below or any of their affiliates or any
        other person. Neither this Certificate nor the underlying Mortgage Loans
        are
        guaranteed or insured by any governmental entity or by NAAC or the Trustee
        or
        any of their affiliates or any other person. None of NAAC, the Trustee or
        any of
        their affiliates will have any obligation with respect to any certificate
        or
        other obligation secured by or payable from payments on the
        Certificates.

       

      This
        certifies that Nomura Securities International, Inc. is the registered owner
        of
        the Percentage Interest evidenced hereby in the beneficial ownership interest
        of
        Certificates of the same Class as this Certificate in a trust (the “Trust Fund”)
        generally consisting of conventional first lien, adjustable rate mortgage
        loans
        secured by one- to four-family residences, units in planned unit developments
        and individual condominium units (collectively, the “Mortgage Loans”) sold by
        NAAC. The Mortgage Loans were sold by Nomura Credit & Capital, Inc. (the
“Sponsor”) to NAAC. The Trust Fund was created pursuant to the Pooling and
        Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among NAAC, as depositor (the “Depositor”), the Sponsor, GMAC
        Mortgage Corporation, as servicer, (the “Servicer”), Wells Fargo Bank, N.A. as
        master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”) and HSBC Bank USA, National Association, as trustee
        (the “Trustee”), a summary of certain of the pertinent provisions of which is
        set forth hereafter. To the extent not defined herein, capitalized terms
        used
        herein shall have the meaning ascribed to them in the Agreement. This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of its acceptance hereof assents and by which such Holder is
        bound.

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A under the 1933 Act, written
        certifications from the Holder of the Certificate desiring to effect the
        transfer, and from such Holder’s prospective transferee, substantially in the
        forms attached to the Agreement as Exhibit E and either F or G, as applicable,
        and (ii) in all other cases, an Opinion of Counsel satisfactory to it that
        such
        transfer may be made without such registration or qualification (which Opinion
        of Counsel shall not be an expense of the Trust Fund or of the Depositor
        or the
        Securities Administrator in their respective capacities as such), together
        with
        copies of the written certification(s) of the Holder of the Certificate desiring
        to effect the transfer and/or such Holder’s prospective transferee upon which
        such Opinion of Counsel is based. Neither the Depositor nor the Securities
        Administrator is obligated to register or qualify the Class of Certificates
        specified on the face hereof under the 1933 Act or any other securities law
        or
        to take any action not otherwise required under the Agreement to permit the
        transfer of such Certificates without registration or qualification. Any
        Holder
        desiring to effect a transfer of this Certificate shall be required to indemnify
        the Securities Administrator, the Depositor and the Sponsor against any
        liability that may result if the transfer is not so exempt or is not made
        in
        accordance with such federal and state laws.

       

      No
        transfer of this Certificate shall be made to any person unless the Transferee
        provides a certification pursuant to Section 6.02(b) of the
        Agreement.

       

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

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Trustee
        is not
        liable to the Certificateholders for any amount payable under this Certificate
        or the Agreement or, except as expressly provided in the Agreement, subject
        to
        any liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator. The Group II-V Certificates are limited
        in
        right of payment to certain collections and recoveries respecting the Group
        II-V
        Mortgage Loans and other assets included in the Trust Fund relating to the
        Group
        II-V Mortgage Loans, all as more specifically set forth in the
        Agreement.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. Any such consent by the Holder of this Certificate shall
        be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Trustee, the Securities
        Administrator and any agent of any of them may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        the Depositor, the Master Servicer, the Trustee, the Securities Administrator
        or
        any such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement with respect to the Group II-V Certificates
        (other than the obligations to make payments to the holders of the Group
        II-V
        Certificates) shall terminate upon the earlier of (i) the later of (A) the
        maturity or other liquidation (or Advance with respect thereto) of the last
        Group II-V Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Group
        II-V Mortgage Loan and (B) the remittance of all funds due under the Agreement
        with respect to the Group II-V Mortgage Loans, or (ii) the optional repurchase
        by the party named in the Agreement of all the Group II-V Mortgage Loans
        and
        other assets of the Trust Fund relating to the Group II-V Mortgage Loans
        in
        accordance with the terms of the Agreement. Such optional repurchase may
        be made
        only on or after the Distribution Date in which the aggregate Stated Principal
        Balance of the Group II-V Mortgage Loans is less than the percentage of the
        aggregate Stated Principal Balance specified in the Agreement of the Group
        II-V
        Mortgage Loans at the Cut-off Date. The exercise of such right will effect
        the
        early retirement of the Group II-V Certificates. In no event, however, will
        the
        Trust Fund created by the Agreement continue beyond the earlier of (i) the
        expiration of 21 years after the death of certain persons identified in the
        Agreement and (ii) the Assumed Final Distribution Date.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      
        	
                Dated:
                  May __, 2006

              	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 
	 	
                By:
                  ________________________________________________

              
	 	
                Authorized
                  Signatory

              

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class P Certificates referred to in the within-mentioned
        Agreement.

       

      

      
        	 	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 
	 	
                By:
                  _______________________________________________

              
	 	
                Authorized
                  Signatory

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

      

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

      

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-8

      

      FORM
        OF CLASS [I-]R CERTIFICATE

      

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

      

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

      

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(b) OF THE
        AGREEMENT.

      

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

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No.__

              	 
	 	 
	
                Class
                  [I-]R

              	
                Percentage
                  Interest: ____

              
	 	 
	
                Date
                  of Pooling and Servicing Agreement 

                and
                  Cut-off Date: May 1, 2006

              	 
	 	 
	
                First
                  Distribution Date:

                June
                  25, 2006

              	 
	 	 
	
                Trustee:
                  HSBC Bank USA, National Association

              	
                Master
                  Servicer and Securities Administrator: Wells Fargo Bank,
                  N.A.

              
	 	 
	
                Assumed
                  Final Distribution Date: [May][June] 25, 2036

              	 
	 	
                CUSIP:
                  [__________________] 

              

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-AF1

      

      evidencing
        a fractional undivided interest in the distributions allocable to the Class
        [I-]R Certificates with respect to a Trust Fund consisting primarily of a
        pool
        of conventional one- to four-family fixed and adjustable rate mortgage loans
        sold by NOMURA ASSET ACCEPTANCE CORPORATION.

      

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Nomura Asset Acceptance Corporation
        (“NAAC”) or the Trustee referred to below or any of their affiliates or any
        other person. Neither this Certificate nor the underlying Mortgage Loans
        are
        guaranteed or insured by any governmental entity or by NAAC or the Trustee
        or
        any of their affiliates or any other person. None of NAAC, the Trustee or
        any of
        their affiliates will have any obligation with respect to any certificate
        or
        other obligation secured by or payable from payments on the
        Certificates.

      

      This
        certifies that Nomura Securities International, Inc. is the registered owner
        of
        the Percentage Interest evidenced hereby in the beneficial ownership interest
        of
        Certificates of the same Class as this Certificate in a trust (the “Trust Fund”)
        generally consisting of conventional first lien, fixed and adjustable rate
        mortgage loans secured by one- to four-family residences, units in planned
        unit
        developments and individual condominium units (collectively, the “Mortgage
        Loans”) sold by NAAC. The Mortgage Loans were sold by Nomura Credit &
Capital, Inc. (the “Seller”) to NAAC. The Trust Fund was created pursuant to the
        Pooling and Servicing Agreement dated as of the Cut-off Date specified above
        (the “Agreement”), among NAAC, as depositor (the “Depositor”), the Seller, GMAC
        Mortgage Corporation, as servicer, and HSBC Bank USA, National Association,
        as
        trustee (the “Trustee”) and Wells Fargo Bank, N.A., as master servicer (the
“Master Servicer”) and securities administrator (the “Securities
        Administrator”), a summary of certain of the pertinent provisions of which is
        set forth hereafter. To the extent not defined herein, capitalized terms
        used
        herein shall have the meaning ascribed to them in the Agreement. This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of its acceptance hereof assents and by which such Holder is
        bound.

      

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions set forth in the Agreement to the effect that (i) each person
        holding or acquiring any Ownership Interest in this Certificate must be a
        United
        States Person and a Permitted Transferee, (ii) the transfer of any Ownership
        Interest in this Certificate will be conditioned upon the delivery to the
        Securities Administrator of, among other things, an affidavit to the effect
        that
        it is a United States Person and Permitted Transferee, (iii) any attempted
        or
        purported transfer of any Ownership Interest in this Certificate in violation
        of
        such restrictions will be absolutely null and void and will vest no rights
        in
        the purported transferee, and (iv) if any person other than a United States
        Person and a Permitted Transferee acquires any Ownership Interest in this
        Certificate in violation of such restrictions, then the Depositor will have
        the
        right, in its sole discretion and without notice to the Holder of this
        Certificate, to sell this Certificate to a purchaser selected by the Depositor,
        which purchaser may be the Depositor, or any affiliate of the Depositor,
        on such
        terms and conditions as the Depositor may choose.

      

      The
        Securities Administrator will distribute on the 25th day of each month, or,
        if
        such 25th day is not a Business Day, the immediately following Business Day
        (each, a “Distribution Date”), commencing on the First Distribution Date
        specified above, to the Person in whose name this Certificate is registered
        at
        the close of business on the last day (or if such last day is not a Business
        Day, the Business Day immediately preceding such last day) of the calendar
        month
        immediately preceding the month in which the Distribution Date occurs, an
        amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amounts required to be distributed to the Holders of Certificates
        of the
        same Class as this Certificate. The Assumed Final Distribution Date is the
        Distribution Date in the month of the latest scheduled maturity date of any
        [Group I][Group II] Mortgage Loan.

      

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice.

      

      No
        transfer of this Certificate shall be made to any person unless the transferee
        provides a certification pursuant to Section 6.02(b) of the
        Agreement.

      

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

      

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Securities
        Administrator is not liable to the Certificateholders for any amount payable
        under this Certificate or the Agreement or, except as expressly provided
        in the
        Agreement, subject to any liability under the Agreement.

      

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator.

      

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator. The [Group I][Group
        II-V] Certificates are limited in right of payment to certain collections
        and recoveries respecting the [Group I][Group II-V] Mortgage Loans and other
        assets included in the Trust Fund relating to the [Group I][Group II-V] Mortgage
        Loans, all as more specifically set forth in the Agreement.

      

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

      

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

      

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Trustee, the Securities
        Administrator and any agent of any of them may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        the Depositor, the Master Servicer, the Trustee, the Securities Administrator
        or
        any such agent shall be affected by notice to the contrary.

      

      The
        obligations created by the Agreement with respect to the [Group I][Group
        II-V]
        Certificates (other than the obligations to make payments to the holders
        of the
        [Group I][Group II-V] Certificates) shall terminate upon the earlier of (i)
        the
        later of (A) the maturity or other liquidation (or Advance with respect thereto)
        of the last [Group I][Group II-V] Mortgage Loan remaining in the Trust Fund
        and
        disposition of all property acquired upon foreclosure or deed in lieu of
        foreclosure of any [Group I][Group II-V] Mortgage Loan and (B) the remittance
        of
        all funds due under the Agreement with respect to the [Group I][Group II-V]
        Mortgage Loans, or (ii) the optional repurchase by the party named in the
        Agreement of all the [Group I][Group II-V] Mortgage Loans and other assets
        of
        the Trust Fund relating to the [Group I][Group II-V] Mortgage Loans in
        accordance with the terms of the Agreement. Such optional repurchase may
        be made
        only on or after the Distribution Date on which the aggregate Stated Principal
        Balance of the [Group I][Group II-V] Mortgage Loans is less than the percentage
        of the aggregate Stated Principal Balance specified in the Agreement of the
        [Group I][Group II-V] Mortgage Loans at the Cut-off Date. The exercise of
        such
        right will effect the early retirement of the [Group I][Group II-V]
        Certificates. In no event, however, will the Trust Fund created by the Agreement
        continue beyond the earlier of (i) the expiration of 21 years after the death
        of
        certain persons identified in the Agreement and (ii) the Assumed Final
        Distribution Date. 

      

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      
        	
                Dated: May
                  __, 2006

              	 	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class [I-]R Certificates referred to in the within-mentioned
        Agreement.

      

      
        	 	 	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ASSIGNMENT

      

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

      

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-9

      

      FORM
        OF CLASS I-X CERTIFICATE

      

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

      

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND SUBORDINATE
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE AGREEMENT REFERRED TO
        HEREIN.

      

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

      

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(b) OF THE
        AGREEMENT.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No. __

              	
                Percentage
                  Interest: ____

              
	 	 
	
                Class
                  I-X

              	
                Variable
                  Pass-Through Rate

              
	 	 
	
                Date
                  of Pooling and Servicing Agreement and Cut-off Date: May 1,
                  2006

                 

              	
                Initial
                  Certificate Notional Balance of this Certificate as of the Cut-off
                  Date:

                 

              
	
                Trustee:
                  HSBC Bank USA, National Association

                 

              	 
	
                First
                  Distribution Date: June 25, 2006

              	 
	 	
                Master
                  Servicer and Securities Administrator: Wells Fargo Bank, NA.

                 

              
	
                Assumed
                  Final Distribution Date: April 25, 2036

              	
                CUSIP:
                  [__________________]

              

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2006-AF1

      

      evidencing
        a fractional undivided interest in the distributions allocable to the Class
        I-X
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        conventional one- to four-family fixed and adjustable rate mortgage loans
        sold
        by NOMURA ASSET ACCEPTANCE CORPORATION.

      

      

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Nomura Asset Acceptance Corporation
        (“NAAC”) or the Trustee referred to below or any of their affiliates or any
        other person. Neither this Certificate nor the underlying Mortgage Loans
        are
        guaranteed or insured by any governmental entity or by NAAC or the Trustee
        or
        any of their affiliates or any other person. None of NAAC, the Trustee or
        any of
        their affiliates will have any obligation with respect to any certificate
        or
        other obligation secured by or payable from payments on the
        Certificates.

      

      This
        certifies that Nomura Securities International, Inc. is the registered owner
        of
        the Percentage Interest evidenced hereby in the beneficial ownership interest
        of
        Certificates of the same Class as this Certificate in a trust (the “Trust Fund”)
        generally consisting of conventional first lien, fixed and adjustable rate
        mortgage loans secured by one- to four-family residences, units in planned
        unit
        developments and individual condominium units (collectively, the “Mortgage
        Loans”) sold by NAAC. The Mortgage Loans were sold by Nomura Credit &
Capital, Inc. (the “Seller”) to NAAC. The Trust Fund was created pursuant to the
        Pooling and Servicing Agreement dated as of the Cut-off Date specified above
        (the “Agreement”), among NAAC, as depositor (the “Depositor”), the Seller, GMAC
        Mortgage Corporation, as servicer, HSBC Bank USA, National Association, as
        trustee (the “Trustee”) and Wells Fargo Bank, N.A., as master servicer (the
“Master Servicer”) and securities administrator (the “Securities
        Administrator”), a summary of certain of the pertinent provisions of which is
        set forth hereafter. To the extent not defined herein, capitalized terms
        used
        herein shall have the meaning ascribed to them in the Agreement. This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of its acceptance hereof assents and by which such Holder is
        bound.

      

      Interest
        on this Certificate will accrue during the month prior to the month in which
        a
        Distribution Date (as hereinafter defined) occurs on the Certificate Notional
        Balance hereof at a per annum rate equal to the Pass-Through Rate as set
        forth
        in the Agreement. The Securities Administrator will distribute on the 25th
        day
        of each month, or, if such 25th day is not a Business Day, the immediately
        following Business Day (each, a “Distribution Date”), commencing on the First
        Distribution Date specified above, to the Person in whose name this Certificate
        is registered at the close of business on the last day Business Day immediately
        preceding such Distribution Date, an amount equal to the product of the
        Percentage Interest evidenced by this Certificate and the amount required
        to be
        distributed to the Holders of Certificates of the same Class as this
        Certificate. The Assumed Final Distribution Date is the Distribution Date
        in the
        month of the latest scheduled maturity date of any Group I Mortgage Loan.
        

      

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice.

      

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A under the 1933 Act, written
        certifications from the Holder of the Certificate desiring to effect the
        transfer, and from such Holder’s prospective transferee, substantially in the
        forms attached to the Agreement as Exhibit E and either F or G, as applicable,
        and (ii) in all other cases, an Opinion of Counsel satisfactory to it that
        such
        transfer may be made without such registration or qualification (which Opinion
        of Counsel shall not be an expense of the Trust Fund or of the Depositor,
        the
        Securities Administrator or the Trustee in their respective capacities as
        such),
        together with copies of the written certification(s) of the Holder of the
        Certificate desiring to effect the transfer and/or such Holder’s prospective
        transferee upon which such Opinion of Counsel is based. Neither the Depositor,
        the Securities Administrator nor the Trustee is obligated to register or
        qualify
        the Class of Certificates specified on the face hereof under the 1933 Act
        or any
        other securities law or to take any action not otherwise required under the
        Agreement to permit the transfer of such Certificates without registration
        or
        qualification. Any Holder desiring to effect a transfer of this Certificate
        shall be required to indemnify the Trustee, the Securities Administrator,
        the
        Depositor and the Seller against any liability that may result if the transfer
        is not so exempt or is not made in accordance with such federal and state
        laws.

      

      No
        transfer of this Certificate shall be made to any person unless the transferee
        provides a certification pursuant to Section 6.02(b) of the
        Agreement.

       

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

      

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Securities
        Administrator is not liable to the Certificateholders for any amount payable
        under this Certificate or the Agreement or, except as expressly provided
        in the
        Agreement, subject to any liability under the Agreement.

      

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator. The Group I Certificates are limited in
        right
        of payment to certain collections and recoveries respecting the Group I Mortgage
        Loans and other assets included in the Trust Fund relating to the Group I
        Mortgage Loans, all as more specifically set forth in the
        Agreement.

      

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. Any such consent by the Holder of this Certificate shall
        be
        conclusive and binding on such Holder and upon all future Holders of this
        Certificate and of any Certificate issued upon the transfer hereof or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

      

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

      

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

      

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Trustee, the Securities
        Administrator and any agent of any of them may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        the Depositor, the Master Servicer, the Trustee, the Securities Administrator
        or
        any such agent shall be affected by notice to the contrary.

      

      The
        obligations created by the Agreement with respect to the Group I Certificates
        (other than the obligations to make payments to the holders of the Group
        I
        Certificates) shall terminate upon the earlier of (i) the later of (A) the
        maturity or other liquidation (or Advance with respect thereto) of the last
        Group I Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Group I
        Mortgage Loan and (B) the remittance of all funds due under the Agreement
        with
        respect to the Group I Mortgage Loans, or (ii) the optional repurchase by
        the
        party named in the Agreement of all the Group I Mortgage Loans and other
        assets
        of the Trust Fund relating to the Group I Mortgage Loans in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the Distribution Date on which the aggregate Stated Principal Balance of
        the
        Group I Mortgage Loans is less than the percentage of the aggregate Stated
        Principal Balance specified in the Agreement of the Group I Mortgage Loans
        at
        the Cut-off Date. The exercise of such right will effect the early retirement
        of
        the Group I Certificates. In no event, however, will the Trust Fund created
        by
        the Agreement continue beyond the earlier of (i) the expiration of 21 years
        after the death of certain persons identified in the Agreement and (ii) the
        Assumed Final Distribution Date.

      

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      
        	
                Dated: May
                  __, 2006

              	 	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class I-X Certificates referred to in the within-mentioned
        Agreement.

      

      
        	 	 	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

      

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

      

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        B

      

      

      MORTGAGE
        LOAN SCHEDULE

      

      The
        Preliminary and Final Mortgage Loan Schedules shall set forth the following
        information with respect to each Mortgage Loan:

      

      
        	
                (a)

              	
                the
                  loan number;

              
	 	 
	
                (b)

              	
                the
                  Mortgage Rate in effect as of the Cut-off Date;

              
	 	 
	
                (c)

              	
                the
                  Servicing Fee Rate; 

              
	 	 
	
                (d)

              	
                the
                  Net Mortgage Rate in effect as of the Cut-off Date;

              
	 	 
	
                (e)

              	
                the
                  maturity date;

              
	 	 
	
                (f)

              	
                the
                  original principal balance;

              
	 	 
	
                (g)

              	
                the
                  Cut-off Date Principal Balance;

              
	 	 
	
                (h)

              	
                the
                  original term;

              
	 	 
	
                (i)

              	
                the
                  remaining term;

              
	 	 
	
                (j)

              	
                the
                  property type;

              
	 	 
	
                (k)

              	
                with
                  respect to each MOM Loan, the related MIN;

              
	 	 
	
                (l)

              	
                the
                  Custodian;

              
	 	 
	
                (m)

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

              
	 	 
	
                (n)

              	
                with
                  respect to each Group II-V Mortgage Loan, the first Adjustment
                  Date;

              
	 	 
	
                (o)

              	
                with
                  respect to each Group II-V Mortgage Loan, the Gross
                  Margin;

              
	 	 
	
                (p)

              	
                with
                  respect to each Group II-V Mortgage Loan, the Maximum Mortgage
                  Interest
                  Rate under the terms of the Mortgage Note;

              
	 	 
	
                (q)

              	
                with
                  respect to each Group II-V Mortgage Loan, the Minimum Mortgage
                  Interest
                  Rate under the terms of the Mortgage Note;

              
	 	 
	
                (r)

              	
                with
                  respect to each Group II-V Mortgage Loan, the Periodic Rate
                  Cap;

              
	 	 
	
                (s)

              	
                with
                  respect to each Group II-V Mortgage Loan, the first Adjustment
                  Date
                  immediately following the Cut-off Date; and

              
	 	 
	
                (s)

              	
                with
                  respect to each Group II-V Mortgage Loan, the
                  Index.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      FORM
        OF MORTGAGE LOAN PURCHASE AGREEMENT

      

      This
        is a
        Mortgage Loan Purchase Agreement (this “Agreement”), dated May 25, 2006, between
        Nomura Credit & Capital, Inc., a Delaware corporation (the “Seller”) and
        Nomura Asset Acceptance Corporation, a Delaware corporation (the
“Purchaser”).

      

      Preliminary
        Statement

      

      The
        Seller intends to sell the Mortgage Loans (as hereinafter identified) and
        the
        Cap Contract to the Purchaser on the terms and subject to the conditions
        set
        forth in this Agreement. The Purchaser intends to deposit the Mortgage Loans
        into a mortgage pool comprising the Trust Fund. The Trust Fund will be evidenced
        by a single series of mortgage pass-through certificates designated as Nomura
        Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-AF1, Mortgage
        Pass-Through Certificates (the “Certificates”). The Certificates will consist of
        Twenty-Seven (27) classes of certificates. The Certificates will be issued
        pursuant to a pooling and servicing agreement for Series 2006-AF1, dated
        as of
        May 1, 2006 (the “Pooling and Servicing Agreement”), among the Purchaser as
        depositor, GMAC Mortgage Corporation as servicer (the “Servicer”), Wells Fargo
        Bank, N.A. as master servicer and securities administrator (“Wells Fargo”), the
        Seller as sponsor and HSBC Bank USA, National Association as trustee (the
        “Trustee”). The Purchaser will sell the Class I-A-1A, Class I-A-1B, Class I-A-2,
        Class I-A-3, Class I-A-4, Class I-A-5, Class I-A-IO, Class I-M-1, Class I-M-2
        and Class I-M-3, Class II-A, Class III-A-1, Class III-A-2, Class IV-A-1,
        Class
        IV-A-2, Class V-A, Class C-B-1, Class C-B-2 and Class C-B-3 Certificates
        to
        Nomura Securities International, Inc. (the “Underwriter”), pursuant to the
        Amended and Restated Underwriting Agreement, dated February 26, 2004, as
        amended
        and restated to and including January 1, 2006, between the Purchaser and
        the
        Underwriter, and the Terms Agreement, dated May 25, 2006 (collectively, the
        “Underwriting Agreement”), between the Purchaser and the Underwriter.
        Capitalized terms used but not defined herein shall have the meanings set
        forth
        in the Pooling and Servicing Agreement. Pursuant to the custodial agreement,
        dated as of May 1, 2006 (the “Custodial Agreement”), among the Trustee, the
        Servicer, and Wells Fargo Bank, N.A. as the custodian (the “Custodian”), the
        Trustee desires to have the Custodian take possession of the Mortgages and
        Mortgage Notes, along with certain other documents specified in the Custodial
        Agreement, as the custodian of the Trustee, in accordance with the terms
        and
        conditions thereof.

      

      The
        parties hereto agree as follows:

      

      SECTION
        1.   Agreement
        to Purchase.
        The
        Seller hereby sells, and the Purchaser hereby purchases, on May 25, 2006
        (the
“Closing Date”), certain conventional, one-to four family, fixed-rate and
        adjustable-rate mortgage loans secured by first liens on residential real
        properties (the “Mortgage Loans”), having an aggregate principal balance as of
        the close of business on May 1, 2006 (the “Cut-off Date”) of approximately
        $695,572,322 (the “Closing Balance”), after giving effect to all payments due on
        the Mortgage Loans on or before the Cut-off Date, whether or not received,
        including the right to any Prepayment Charges payable by the related Mortgagors
        in connection with any Principal Prepayments on the Mortgage Loans.

      

      SECTION
        2.   Mortgage
        Loan Schedule.
        The
        Purchaser and the Seller have agreed upon which of the mortgage loans owned
        by
        the Seller are to be purchased by the Purchaser pursuant to this Agreement
        and
        the Seller will prepare or cause to be prepared on or prior to the Closing
        Date
        a final schedule (the “Closing Schedule”) that describes such Mortgage Loans and
        sets forth all of the Mortgage Loans to be purchased under this Agreement,
        including the Prepayment Charges. The Closing Schedule will conform to the
        requirements set forth in this Agreement and to the definition of “Mortgage Loan
        Schedule” under the Pooling and Servicing Agreement.

      

      SECTION
        3.   Consideration.

      

      (a)  In
        consideration for the Mortgage Loans to be purchased hereunder, the Purchaser
        shall, as described in Section 10, (i) pay to or upon the order of the Seller
        in
        immediately available funds an amount (the “Purchase Price”) equal to (i)
        $____________*
        and (ii)
        a 100% interest in the Class C-B-4, Class C-B-5, Class C-B-6, Class I-X,
        Class
        I-P, Class P, Class I-R and Class R certificates (collectively the “Private
        Certificates”) which shall be registered in the name of the
        Underwriter.

      

      (b)  The
        Purchaser or any assignee, transferee or designee of the Purchaser shall
        be
        entitled to all scheduled payments of principal due after the Cut-off Date,
        all
        other payments of principal due and collected after the Cut-off Date, and
        all
        payments of interest on the Mortgage Loans allocable to the period after
        the
        Cut-off Date. All scheduled payments of principal and interest due on or
        before
        the Cut-off Date and collected after the Cut-off Date shall belong to the
        Seller.

      

      (c)  Pursuant
        to the Pooling and Servicing Agreement, the Purchaser will assign all of
        its
        right, title and interest in and to the Mortgage Loans, together with its
        rights
        under this Agreement, to the Trustee for the benefit of the
        Certificateholders.

      

      SECTION
        4.   Transfer
        of the Mortgage Loans.

      

      (a)  Possession
        of Mortgage Files.
        The
        Seller does hereby sell to the Purchaser, without recourse but subject to
        the
        terms of this Agreement, all of its right, title and interest in, to and
        under
        the Mortgage Loans, including the related Prepayment Charges. The contents
        of
        each Mortgage File not delivered to the Purchaser or to any assignee, transferee
        or designee of the Purchaser on or prior to the Closing Date are and shall
        be
        held in trust by the Seller for the benefit of the Purchaser or any assignee,
        transferee or designee of the Purchaser. Upon the sale of the Mortgage Loans,
        the ownership of each Mortgage Note, the related Mortgage and the other contents
        of the related Mortgage File is vested in the Purchaser and the ownership
        of all
        records and documents with respect to the related Mortgage Loan prepared
        by or
        that come into the possession of the Seller on or after the Closing Date
        shall
        immediately vest in the Purchaser and shall be delivered immediately to the
        Purchaser or as otherwise directed by the Purchaser.

      

      (b) Delivery
        of Mortgage Loan Documents.
        Pursuant
        to various conveyance documents to be executed on the Closing Date and pursuant
        to the Pooling and Servicing Agreement, the Purchaser will assign on the
        Closing
        Date all of its right, title and interest in and to the Mortgage Loans to
        the
        Trustee for the benefit of the Certificateholders. In connection with the
        transfer and assignment of the Mortgage Loans, the Seller has delivered or
        will
        deliver or cause to be delivered to the Trustee by the Closing Date or such
        later date as is agreed to by the Purchaser and the Seller (each of the Closing
        Date and such later date is referred to as a “Mortgage
        File Delivery Date”),
        the
        items of each Mortgage File as defined in section 2.01 of the Pooling and
        Servicing Agreement, provided,
        however,
        that in
        lieu of the foregoing, the Seller may deliver the following documents, under
        the
        circumstances set forth below: (x) in lieu of the original Mortgage, assignments
        to the Trustee or intervening assignments thereof which have been delivered,
        are
        being delivered or will upon receipt of recording information relating to
        the
        Mortgage required to be included thereon, be delivered to recording offices
        for
        recording and have not been returned in time to permit their delivery as
        specified above, the Seller may deliver a true copy thereof with a certification
        by the Seller on the face of such copy, substantially as follows: “Certified to
        be a true and correct copy of the original, which has been transmitted for
        recording;” (y) in lieu of the Mortgage, assignments to the Trustee or
        intervening assignments thereof, if the applicable jurisdiction retains the
        originals of such documents or if the originals are lost (in each case, as
        evidenced by a certification from the Seller to such effect), the Seller
        may
        deliver photocopies of such documents containing an original certification
        by
        the judicial or other governmental authority of the jurisdiction where such
        documents were recorded; and (z) in lieu of the Mortgage Notes relating to
        the
        Mortgage Loans, each identified in the list delivered by the Purchaser to
        the
        Trustee on the Closing Date and attached hereto as Exhibit
        2
        the
        Seller may deliver lost note affidavits and indemnities of the Seller; and
        provided further, however, that in the case of Mortgage Loans which have
        been
        prepaid in full after the Cut-off Date and prior to the Closing Date, the
        Seller, in lieu of delivering the above documents, may deliver to the Trustee
        a
        certification by the Seller to such effect. The Seller shall deliver such
        original documents (including any original documents as to which certified
        copies had previously been delivered) or such certified copies to the Trustee
        promptly after they are received. The Seller shall cause the Mortgage and
        intervening assignments, if any, and the assignment of the Mortgage to be
        recorded not later than 180 days after the Closing Date, or, in lieu of such
        assignments, shall provide an Opinion of Counsel pursuant to Section 6 hereof
        to
        the effect that the recordation of such assignment is not necessary to protect
        the Trustee’s interest in the related Mortgage Loan. Upon the request of the
        Purchaser, the Seller will assist the Purchaser in effecting the assignment
        referred to above.

       

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

      

      (d) Acceptance
        of Mortgage Loans.
        The
        documents delivered pursuant to Section 4(b) hereof shall be reviewed by
        the
        Purchaser or any assignee, transferee or designee of the Purchaser at any
        time
        before or after the Closing Date (and with respect to each document permitted
        to
        be delivered after the Closing Date, within seven (7) days of its delivery)
        to
        ascertain that all required documents have been executed and received and
        that
        such documents relate to the Mortgage Loans identified on the Mortgage Loan
        Schedule.

      

      (e) Transfer
        of Interest in Agreements.
        The
        Purchaser has the right to assign its interest under this Agreement, in whole
        or
        in part, to the Trustee, as may be required to effect the purposes of the
        Pooling and Servicing Agreement, without the consent of the Seller, and the
        assignee shall succeed to the rights and obligations hereunder of the Purchaser.
        Any expense reasonably incurred by or on behalf of the Purchaser or the Trustee
        in connection with enforcing any obligations of the Seller under this Agreement
        will be promptly reimbursed by the Seller.

      

      SECTION
        5.   Examination
        of Mortgage Files.
        

      

      (a)  On
        or
        before the Mortgage File Delivery Date, the Seller will have made the Mortgage
        Files available to the Purchaser or its agent for examination which may be
        at
        the offices of the Trustee or the Seller and/or the Seller’s custodian. The fact
        that the Purchaser or its agent has conducted or has failed to conduct any
        partial or complete examination of the Mortgage Files shall not affect the
        Purchaser’s rights to demand cure, repurchase, substitution or other relief as
        provided in this Agreement. In furtherance of the foregoing, the Seller shall
        make the Mortgage Files available to the Purchaser or its agent from time
        to
        time so as to permit the Purchaser to confirm the Seller’s compliance with the
        delivery and recordation requirements of this Agreement and the Pooling and
        Servicing Agreement. In addition, upon request of the Purchaser, the Seller
        agrees to provide to the Purchaser, the Underwriter and to any investors
        or
        prospective investors in the Certificates information regarding the Mortgage
        Loans and their servicing, to make the Mortgage Files available to the
        Purchaser, the Underwriter and to such investors or prospective investors
        (which
        may be at the offices of the Seller and/or the Seller’s custodian) and to make
        available personnel knowledgeable about the Mortgage Loans for discussions
        with
        the Purchaser, the Underwriter and such investors or prospective investors,
        upon
        reasonable request during regular business hours, sufficient to permit the
        Purchaser, the Underwriter and such investors or potential investors to conduct
        such due diligence as any such party reasonably believes is
        appropriate.

      

      (b)  Pursuant
        to the Pooling and Servicing Agreement, on the Closing Date the Custodian
        on
        behalf of the Trustee, for the benefit of the Certificateholders, will review
        items of the Mortgage Files as set forth on Exhibit
        1
        and will
        deliver to the Seller a certification in the form attached as Exhibit 1 to
        the
        Custodial Agreement.

      

      (c)  Pursuant
        to the Pooling and Servicing Agreement, the Trustee or the Custodian, on
        behalf
        of the Trustee, will review the Mortgage Files within 180 days of the Closing
        Date and will deliver to the Seller a final certification substantially in
        the
        form of Exhibit C-2 to the Custodial Agreement. If the Custodian is unable
        to
        deliver a final certification with respect to the items listed in Exhibit
        2
        due to
        any document that is missing, has not been executed or is unrelated, determined
        on the basis of the Mortgagor name, original principal balance and loan number,
        to the Mortgage Loans identified in the Final Mortgage Loan Schedule (a
“Material
        Defect”),
        pursuant to Section 6 of the Custodial Agreement, the Custodian will notify
        the
        Trustee of such Material Defect and the Trustee shall notify the Seller of
        such
        Material Defect. The Seller shall correct or cure any such Material Defect
        within ninety (90) days from the date of notice from the Trustee of the Material
        Defect and if the Seller does not correct or cure such Material Defect within
        such period and such defect materially and adversely affects the interests
        of
        the Certificateholders in the related Mortgage Loan, the Seller will, in
        accordance with the terms of the Pooling and Servicing Agreement, within
        ninety
        (90) days of the date of notice, provide the Trustee with a Substitute Mortgage
        Loan (if within two (2) years of the Closing Date) or purchase the related
        Mortgage Loan at the applicable Purchase Price; provided,
        however,
        that if
        such defect relates solely to the inability of the Seller to deliver the
        original security instrument or intervening assignments thereof, or a certified
        copy because the originals of such documents, or a certified copy, have not
        been
        returned by the applicable jurisdiction, the Seller shall not be required
        to
        purchase such Mortgage Loan if the Seller delivers such original documents
        or
        certified copy promptly upon receipt, but in no event later than 360 days
        after
        the Closing Date. The foregoing repurchase obligation shall not apply in
        the
        event that the Seller cannot deliver such original or copy of any document
        submitted for recording to the appropriate recording office in the applicable
        jurisdiction because such document has not been returned by such office;
        provided that the Seller shall instead deliver a recording receipt of such
        recording office or, if such receipt is not available, a certificate of the
        Seller or a Servicing Officer confirming that such documents have been accepted
        for recording, and delivery to the Trustee shall be effected by the Seller
        within thirty (30) days of its receipt of the original recorded
        document.

      

      (d)  At
        the
        time of any substitution, the Seller shall deliver or cause to be delivered
        the
        Replacement Mortgage Loan, the related Mortgage File and any other documents
        and
        payments required to be delivered in connection with a substitution pursuant
        to
        the Pooling and Servicing Agreement. At the time of any purchase or
        substitution, the Trustee shall (i) assign to the Seller and cause the
        Custodian, on behalf of the Trustee, to release the documents (including,
        but
        not limited to, the Mortgage, Mortgage Note and other contents of the Mortgage
        File) in the possession of the Custodian, on behalf of the Trustee, relating
        to
        the Deleted Mortgage Loan and (ii) execute and deliver such instruments of
        transfer or assignment, in each case without recourse, as shall be necessary
        to
        vest in the Seller title to such Deleted Mortgage Loan.

      

      SECTION
        6. Recordation
        of Assignments of Mortgage.

      

      (a) The
        Seller will, promptly after the Closing Date, cause each Mortgage and each
        assignment of Mortgage from the Seller to the Trustee, and all unrecorded
        intervening assignments, if any, delivered on or prior to the Closing Date,
        to
        be recorded in all recording offices in the jurisdictions where the related
        Mortgaged Properties are located; provided,
        however,
        the
        Seller need not cause to be recorded any assignment for which (a) the related
        Mortgaged Property is located in (a) any jurisdiction under the laws of which,
        as evidenced by an Opinion of Counsel delivered by the Seller to the Trustee
        and
        the Rating Agencies, the recordation of such assignment is not necessary
        to
        protect the Trustee’s interest in the related Mortgage Loan or (b) MERS is
        identified on the Mortgage or on a properly recorded assignment of the Mortgage
        as mortgagee of record solely as nominee for Seller and its successors and
        assigns; provided,
        however,
        notwithstanding the delivery of any Opinion of Counsel, each assignment of
        Mortgage shall be submitted for recording by the Seller in the manner described
        above, at no expense to the Trust Fund or Trustee, upon the earliest to occur
        of
        (i) reasonable direction by the Holders of Certificates evidencing Percentage
        Interests aggregating not less than twenty-five percent (25%) of the Trust,
        (ii)
        the occurrence of an Event of Default, (iii) the occurrence of a bankruptcy,
        insolvency or foreclosure relating to the Seller, (iv) the occurrence of
        a
        servicing transfer as described in Section 8.02 of the Pooling and Servicing
        Agreement or (v) with respect to any assignment of Mortgage, the occurrence
        of a
        bankruptcy, insolvency or foreclosure relating to the Mortgagor under the
        related Mortgage.

      

      (b) While
        each such Mortgage or assignment is being recorded, if necessary, the Seller
        shall leave or cause to be left with the Custodian, on behalf of the Trustee,
        a
        certified copy of such Mortgage or assignment. In the event that, within
        180
        days of the Closing Date, the Trustee has not been provided with an Opinion
        of
        Counsel as described above or received evidence of recording with respect
        to
        each Mortgage Loan delivered to the Purchaser pursuant to the terms hereof
        or as
        set forth above and the related Mortgage Loan is not a MOM Loan, the failure
        to
        provide evidence of recording or such Opinion of Counsel shall be considered
        a
        Material Defect, and the provisions of Section 5(c) and (d) shall apply.
        All
        customary recording fees and reasonable expenses relating to the recordation
        of
        the assignments of mortgage to the Trustee or the Opinion of Counsel, as
        the
        case may be, shall be borne by the Seller.

      

      SECTION
        7. Representations,
        Warranties and Covenants of the Seller.

      

      The
        Seller hereby represents and warrants to the Purchaser, as of the date hereof
        and as of the Closing Date, and covenants, that:

      

      (i) The
        Seller is a corporation duly organized, validly existing and in good standing
        under the laws of the State of Delaware and is qualified and in good standing
        to
        do business in each jurisdiction where such qualification is necessary, except
        where the failure so to qualify would not reasonably be expected to have
        a
        material adverse effect on the Seller’s business as presently conducted or on
        the Seller’s ability to enter into this Agreement and to consummate the
        transactions contemplated hereby.

      

      (ii) The
        Seller has duly authorized the execution, delivery and performance of this
        Agreement, has duly executed and delivered this Agreement, and this Agreement,
        assuming due authorization, execution and delivery by the Purchaser, constitutes
        a legal, valid and binding obligation of the Seller, enforceable against
        it in
        accordance with its terms except as the enforceability thereof may be limited
        by
        bankruptcy, insolvency or reorganization or by general principles of
        equity.

      

      (iii) The
        execution, delivery and performance of this Agreement by the Seller (x) does
        not
        conflict and will not conflict with, does not breach and will not result
        in a
        breach of and does not constitute and will not constitute a default (or an
        event, which with notice or lapse of time or both, would constitute a default)
        under (A) any terms or provisions of the organizational documents of the
        Seller,
        (B) any term or provision of any material agreement, contract, instrument
        or
        indenture, to which the Seller is a party or by which the Seller or any of
        its
        property is bound, or (C) any law, rule, regulation, order, judgment, writ,
        injunction or decree of any court or governmental authority having jurisdiction
        over the Seller or any of its property and (y) does not create or impose
        and
        will not result in the creation or imposition of any lien, charge or encumbrance
        which would have a material adverse effect upon the Mortgage Loans or any
        documents or instruments evidencing or securing the Mortgage Loans.

      

      (iv) No
        consent, approval, authorization or order of, registration or filing with,
        or
        notice on behalf of the Seller to any governmental authority or court is
        required, under federal laws or the laws of the State of New York, for the
        execution, delivery and performance by the Seller of, or compliance by the
        Seller with, this Agreement or the consummation by the Seller of any other
        transaction contemplated hereby and by the Pooling and Servicing Agreement;
        provided, however, that the Seller makes no representation or warranty regarding
        federal or state securities laws in connection with the sale or distribution
        of
        the Certificates.

      

      (v) This
        Agreement does not contain any untrue statement of material fact or omit
        to
        state a material fact necessary to make the statements contained herein not
        misleading. The written statements, reports and other documents prepared
        and
        furnished or to be prepared and furnished by the Seller pursuant to this
        Agreement or in connection with the transactions contemplated hereby taken
        in
        the aggregate do not contain any untrue statement of material fact or omit
        to
        state a material fact necessary to make the statements contained therein
        not
        misleading.

      

      (vi) The
        Seller is not in violation of, and the execution and delivery of this Agreement
        by the Seller and its performance and compliance with the terms of this
        Agreement will not constitute a violation with respect to, any order or decree
        of any court or any order or regulation of any federal, state, municipal
        or
        governmental agency having jurisdiction over the Seller or its assets, which
        violation might have consequences that would materially and adversely affect
        the
        condition (financial or otherwise) or the operation of the Seller or its
        assets
        or might have consequences that would materially and adversely affect the
        performance of its obligations and duties hereunder.

      

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

      

      (viii) Immediately
        prior to the sale of the Mortgage Loans to the Purchaser as herein contemplated,
        the Seller was the owner of the related Mortgage and the indebtedness evidenced
        by the related Mortgage Note, and, upon the payment to the Seller of the
        Purchase Price, in the event that the Seller retains or has retained record
        title, the Seller shall retain such record title to each Mortgage, each related
        Mortgage Note and the related Mortgage Files with respect thereto in trust
        for
        the Purchaser as the owner thereof from and after the date hereof.

      

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

      

      (x) The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Seller, and the transfer, assignment and
        conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant
        to
        this Agreement are not subject to the bulk transfer or any similar statutory
        provisions in effect in any relevant jurisdiction, except any as may have
        been
        complied with.

      

      (xi) The
        Seller has not dealt with any broker, investment banker, agent or other person,
        except for the Purchaser or any of its affiliates, that may be entitled to
        any
        commission or compensation in connection with the sale of the Mortgage Loans
        (except that an entity that previously financed the Seller’s ownership of the
        Mortgage Loans may be entitled to a fee to release its security interest
        in the
        Mortgage Loans, which fee shall have been paid and which security interest
        shall
        have been released on or prior to the Closing Date).

      

      (xii) There
        is
        no litigation currently pending or, to the best of the Seller’s knowledge
        without independent investigation, threatened against the Seller that would
        reasonably be expected to adversely affect the transfer of the Mortgage Loans,
        the issuance of the Certificates or the execution, delivery, performance
        or
        enforceability of this Agreement, or that would result in a material adverse
        change in the financial condition of the Seller.

      

      (xiii) The Seller
        is a HUD approved mortgagee pursuant to Section 203 of the National Housing
        Act.

      

      SECTION
        8.  Representations
        and Warranties of the Seller Relating to the Mortgage Loans.

      

      The
        Seller hereby represents and warrants to the Purchaser that as to each Mortgage
        Loan as of the Closing Date:

      

      (i) Information
        provided to the Rating Agencies, including the loan level detail, is true
        and
        correct according to the Rating Agency requirements;

      

      (ii) With
        respect to the Group I Mortgage Loans, no fraud has taken place on the part
        of
        the Mortgagor or any other party involved in the origination or servicing
        of the
        Mortgage Loan;

      

      (iii) No
        Monthly Payment required to be made under any Mortgage Loan has been, or
        will
        be, contractually delinquent by one month or more on, or at any time preceding,
        the date such Mortgage Loan was purchased by the Seller;

      

      (iv) Neither
        the Seller nor the related originator of the Mortgage Loan has advanced any
        Monthly Payment required under the terms of the Mortgage Note;

      

      (v) There
        are
        no delinquent taxes, assessment liens or insurance premiums affecting the
        related Mortgaged Property;

      

      (vi) The
        terms
        of the Mortgage Note and the Mortgage have not been materially impaired,
        waived,
        altered or modified in any respect, except by written instruments, recorded
        in
        the applicable public recording office if necessary to maintain the lien
        priority of the Mortgage. The substance of any such waiver, alteration or
        modification has been approved by the title insurer, to the extent required
        by
        the related policy. No Mortgagor has been released, in whole or in part,
        except
        in connection with an assumption agreement (approved by the title insurer
        to the
        extent required by the policy) and which assumption agreement has been delivered
        to the Trustee;

      

      (vii) The
        Mortgaged Property is insured against loss by fire and hazards of extended
        coverage (excluding earthquake insurance) in an amount which is at least
        equal
        to the lesser of (i) the amount necessary to compensate for any damage or
        loss
        to the improvements which are a part of such property on a replacement cost
        basis or (ii) the outstanding principal balance of the Mortgage Loan. If
        the
        Mortgaged Property is in an area identified on a flood hazard map or flood
        insurance rate map issued by the Federal Emergency Management Agency as having
        special flood hazards (and such flood insurance has been made available),
        a
        flood insurance policy meeting the requirements of the current guidelines
        of the
        Federal Insurance Administration is in effect. All such insurance policies
        contain a standard mortgagee clause naming the originator of the Mortgage
        Loan,
        its successors and assigns as mortgagee and the Seller has not engaged in
        any
        act or omission which would impair the coverage of any such insurance policies.
        Except as may be limited by applicable law, the Mortgage obligates the Mortgagor
        thereunder to maintain all such insurance at the Mortgagor's cost and expense,
        and on the Mortgagor's failure to do so, authorizes the holder of the Mortgage
        to maintain such insurance at Mortgagor's cost and expense and to seek
        reimbursement therefor from the Mortgagor;

      

      (viii) Any
        and
        all requirements of any federal, state or local law including, without
        limitation, usury, truth in lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity, fair housing, predatory, abusive
        lending or disclosure laws applicable to the origination and servicing of
        the
        Mortgage Loans have been complied with in all material respects;

      

      (ix) The
        Mortgage has not been satisfied, cancelled, subordinated or rescinded, in
        whole
        or in part, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such satisfaction, cancellation, subordination, rescission
        or
        release;

      

      (x) 
        The
        Mortgage was recorded or was submitted for recording in accordance with all
        applicable laws and is a valid, existing and enforceable perfected first
        lien on
        the Mortgaged Property including all improvements on the Mortgaged Property,
        subject only to (a) the lien of the current real property taxes and (b)
        covenants, conditions and restrictions, rights of way and
        easements;

      

      (xi) The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, insured under the related title
        policy, and enforceable in accordance with its terms, except to the extent
        that
        the enforceability thereof may be limited by a bankruptcy, insolvency or
        reorganization;

      

      (xii) The
        Seller is the sole legal, beneficial and equitable owner of the Mortgage
        Note
        and the Mortgage and has the full right to convey, transfer and sell the
        Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
        lien,
        pledge, charge, claim or security interest and immediately upon the sale,
        assignment and endorsement of the Mortgage Loans from the Seller to the
        Purchaser, the Purchaser shall have good and indefeasible title to and be
        the
        sole legal owner of the Mortgage Loans subject only to any encumbrance, equity,
        lien, pledge, charge, claim or security interest arising out of the Purchaser’s
        actions;

      

      (xiii) Each
        Mortgage Loan is covered by a valid and binding American Land Title Association
        lender's title insurance policy issued by a title insurer qualified to do
        business in the jurisdiction where the Mortgaged Property is located, which
        title insurance policy is generally acceptable to Fannie Mae and Freddie
        Mac. No
        claims have been filed under such lender's title insurance policy, and the
        Seller has not done, by act or omission, anything that would impair the coverage
        of the lender's title insurance policy;

      

      (xiv) There
        is
        no material default, breach, violation event or event of acceleration existing
        under the Mortgage or the Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a material default, breach, violation or event of acceleration,
        and
        the Seller has not, nor has its predecessors, waived any material default,
        breach, violation or event of acceleration;

      

      (xv) There
        are
        no mechanics' or similar liens or claims which have been filed for work,
        labor
        or material provided to the related Mortgaged Property prior to the origination
        of the Mortgage Loan which are or may be liens prior to, or equal or coordinate
        with, the lien of the related Mortgage, except as may be disclosed in the
        related title policy;

      

      (xvi) Each
        Mortgage Note is payable on the first day of each month in equal monthly
        installments of principal and interest (subject to adjustment in the case
        of the
        adjustable rate Mortgage Loans), with interest calculated on a 30/360 basis
        and
        payable in arrears, sufficient to amortize the Mortgage Loan fully by the
        stated
        maturity date over an original term from commencement of amortization to
        not
        more than thirty (30) years. No Mortgage Loan is a balloon loan. No Mortgage
        Loan permits negative amortization;

      

      (xvii) The
        servicing practices used in connection with the servicing of the Mortgage
        Loans
        have been in all respects reasonable and customary in the mortgage servicing
        industry of like mortgage loan servicers, servicing mortgage loans similar
        to
        the Mortgage Loans in the same jurisdiction as the Mortgaged
        Property;

      

      (xviii) At
        the
        time of origination of the Mortgage Loan there was no proceeding pending
        for the
        total or partial condemnation of the Mortgaged Property and, as of the date
        such
        Mortgage Loan was purchased by the Purchaser, to the best of the Purchaser’s
        knowledge there is no proceeding pending for the total or partial condemnation
        of the Mortgaged Property;

      

      (xix) The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (a) in the case of a Mortgage designated as
        a deed
        of trust, by trustee's sale, and (b) otherwise by judicial
        foreclosure;

      

      (xx) The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the related Mortgage referred to in subsection (x) above;

      

      (xxi) In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Seller to the trustee under the deed of trust, except in
        connection with a trustee's sale after default by the Mortgagor;

      

      (xxii) The
        Mortgage Loan is not subject to any valid right of rescission, set-off,
        counterclaim or defense, including without limitation the defense of usury,
        nor
        will the operation of any of the terms of the Mortgage Note or the Mortgage,
        or
        the exercise of any right thereunder, render either the Mortgage Note or
        the
        Mortgage unenforceable, in whole or in part, or subject to any such right
        of
        rescission, set-off, counterclaim or defense, including without limitation
        the
        defense of usury, and no such right of rescission, set-off, counterclaim
        or
        defense has been asserted with respect thereto;

      

      (xxiii) The
        Mortgaged Property is free of material damage and in good repair, excepting
        therefrom any Mortgage Loan subject to an escrow withhold as shown on the
        Mortgage Loan Schedule;

      

      (xxiv) All
        of
        the improvements which were included in determining the appraised value of
        the
        Mortgaged Property lie wholly within the Mortgaged Property's boundary lines
        and
        no improvements on adjoining properties encroach upon the Mortgaged Property,
        excepting therefrom: (i) any encroachment insured against in the lender's
        title
        insurance policy identified in clause (xiii) above, (ii) any encroachment
        generally acceptable to mortgage loan originators doing business in the same
        jurisdiction as the Mortgaged Property, and (iii) any encroachment which
        does
        not materially interfere with the benefits of the security intended to be
        provided by such Mortgage;

      

      (xxv) All
        parties to the Mortgage Note had the legal capacity to execute the Mortgage
        Note
        and the Mortgage, and the Mortgage Note and the Mortgage have been duly executed
        by such parties;

      

      (xxvi) To
        the
        best of the Seller’s knowledge, at the time of origination of the Mortgage Loan,
        no appraised improvement located on or being part of the Mortgaged Property
        was
        in violation of any applicable zoning law or regulation and all inspections,
        licenses and certificates required in connection with the origination of
        any
        Mortgage Loan with respect to the occupancy of the Mortgaged Property, have
        been
        made or obtained from the appropriate authorities;

      

      (xxvii) No
        Mortgagor has notified the Seller of any relief requested or allowed under
        the
        Servicemember’s Civil Relief Act;

      

      (xxviii) All
        parties which have held an interest in the Mortgage Loan are (or during the
        period in which they held and disposed of such interest, were) (1) in compliance
        with any and all applicable licensing requirements of the state wherein the
        Mortgaged Property is located, (2) organized under the laws of such state,
        (3)
        qualified to do business in such state, (4) a federal savings and loan
        association or national bank, (5) not doing business in such state, or (6)
        exempt from the applicable licensing requirements of such state;

      

      (xxix) The
        Mortgage File contains an appraisal of the related Mortgaged Property which
        was
        made prior to the approval of the Mortgage Loan by a qualified appraiser,
        duly
        appointed by the related originator and was made in accordance with the
        Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and
        the
        Uniform Standards of Professional Appraisal Practice;

      

      (xxx) Except
        as
        may otherwise be limited by applicable law, the Mortgage contains an enforceable
        provision for the acceleration of the payment of the unpaid principal balance
        of
        the Mortgage Loan in the event that the Mortgaged Property is sold or
        transferred without the prior written consent of the Mortgagee
        thereunder;

      

      (xxxi) The
        Mortgage Loan does not contain any provision which would constitute a “buydown”
provision and pursuant to which Monthly Payments are paid or partially paid
        with
        funds deposited in a separate account established by the related originator,
        the
        Mortgagor or anyone on behalf of the Mortgagor, or paid by any source other
        than
        the Mortgagor. The Mortgage Loan is not a “graduated payment mortgage loan” and
        the Mortgage loan does not have a shared appreciation or other contingent
        interest feature;

      

      (xxxii) To
        the
        best of the Seller's knowledge there is no action or proceeding directly
        involving the Mortgaged Property presently pending in which compliance with
        any
        environmental law, rule or regulation is at issue and the Seller has received
        no
        notice of any condition at the Mortgaged Property which is reasonably likely
        to
        give rise to an action or proceeding in which compliance with any environmental
        law, rule or regulation is at issue;

      

      (xxxiii) Each
        Mortgage Loan is an obligation which is principally secured by an interest
        in
        real property within the meaning of Treasury Regulation section 1.860G-2(a);
        

      

      (xxxiv) Each
        Mortgage Loan is directly secured by a first lien on, and consists of a single
        parcel of, real property with a detached one-to-four family residence erected
        thereon, a townhouse or an individual condominium unit in a condominium project,
        or an individual unit in a planned unit development (“PUD”). No residence or
        dwelling is a leasehold, mobile home or a manufactured dwelling unless it
        is an
        Acceptable Manufactured Dwelling. An “Acceptable Manufactured Dwelling” is a
        manufactured dwelling, which is permanently affixed to a foundation and treated
        as “real estate” under applicable law. No Mortgaged Property is used for
        commercial purposes. Mortgaged Properties which contain a home office shall
        not
        be considered as being used for commercial purposes as long as the Mortgaged
        Property has not been altered for commercial purposes and is not storing
        any
        chemicals or raw materials other than those commonly used for homeowner repair,
        maintenance and/or household purposes;

      

      (xxxv) The
        Mortgage Interest Rate payable by the Mortgagor is subject to adjustment
        at the
        time and in the amounts as are set forth in the related Mortgage Note;

      

      (xxxvi)
        The first scheduled Monthly Payment under the terms of each Mortgage Note
        was
        received by the Servicer by the 30th day following the related due
        date;

      

      (xxxvii)
        To the best of the Seller’s knowledge, the servicer for each Mortgage Loan has
        accurately and fully reported its borrower credit files to each of the credit
        repositories in a timely manner;

      

      (xxxviii)
        No Mortgage Loan is subject to the Home Ownership and Equity Protection Act
        of
        1994 (“HOEPA”) or any comparable law and no Mortgage Loan is classified and/or
        defined as a “high cost”, “covered”, “high risk home” or “predatory” loan under
        any other state, federal or local law or regulation or ordinance (or a similarly
        classified loan using different terminology under a law imposing heightened
        regulatory scrutiny or additional legal liability for residential mortgage
        loans
        having high interest rates, points and/or fees);

      

      (xxxix) No
        Mortgage Loan was selected from the mortgage loans in the Seller’s portfolio in
        a manner so as to affect adversely the interests of the Purchaser;

      

      (xl) Each
        Mortgage File contains a full appraisal on form 1004 or 2055 with an interior
        inspection (or the equivalent form for two-to four-family and investor
        properties), or on a similar alternate form which includes substantially
        similar
        information to that required such forms, as applicable;

      

      (xli) Each
        Mortgage Loan is and will be a mortgage loan arising out of the originator’s
        practice in accordance with the originator’s underwriting
        guidelines;

      

      (xlii) 
        As of
        the Closing Date, the Seller has no knowledge of any fact that should lead
        it to
        expect that the Mortgage Loan will not be paid in full when due;

      

      (xliii) No
        loan
        is a high cost loan or a covered loan, as applicable (as such terms are defined
        in the then current Standard & Poor’s LEVELS Version 5.6 Glossary Revised,
        Appendix E;

      

      (xliv) No
        Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
        is
        governed by the Georgia Fair Lending Act;

       

      (xlv) The
        prepayment penalties included in the transaction are enforceable and were
        originated in compliance with all applicable federal, state and local
        laws;

       

      (xlvi) The
        information set forth in the applicable part of the Mortgage Loan Schedule
        relating to the existence of a Prepayment Charge is complete, true and correct
        in all material respects at the date or dates on which such information is
        furnished respecting with such information is furnished, and each prepayment
        penalty is permissible and enforceable in accordance with its terms upon
        the
        mortgagor's full and voluntary principal prepayment under applicable law,
        except
        to the extent that: (1) the enforceability thereof may be limited by bankruptcy,
        insolvency, moratorium, receivership and other similar laws relating to
        creditors' rights; (2) the collectability thereof may be limited due to
        acceleration in connection with a foreclosure or other involuntary prepayment;
        or (3) subsequent changes in applicable law may limit or prohibit enforceability
        thereof; and

       

      (xlvii) Each
        mortgage loan and prepayment penalty associated with the mortgage loan at
        origination complied in all material respects with applicable local, state
        and
        federal laws, including, without limitation, usury, equal credit opportunity,
        real estate settlement procedures, truth-in-lending and disclosure laws,
        and the
        consummation of the transactions contemplated hereby will not involve the
        violation of any such laws.

      

      SECTION
        9. Repurchase
        Obligation for Defective Documentation and for Breach of Representation and
        Warranty.

      

      (a)  The
        representations and warranties contained in Section 8 shall not be impaired
        by
        any review and examination of loan files or other documents evidencing or
        relating to the Mortgage Loans or any failure on the part of the Seller or
        the
        Purchaser to review or examine such documents and shall inure to the benefit
        of
        any assignee, transferee or designee of the Purchaser, including the Trustee
        for
        the benefit of the Certificateholders. With respect to the representations
        and
        warranties contained herein as to which the Seller has no knowledge, if it
        is
        discovered that the substance of any such representation and warranty was
        inaccurate as of the date such representation and warranty was made or deemed
        to
        be made, and such inaccuracy materially and adversely affects the value of
        the
        related Mortgage Loan or the interest therein of the Purchaser or the
        Purchaser’s assignee, transferee or designee, then notwithstanding the lack of
        knowledge by the Seller with respect to the substance of such representation
        and
        warranty being inaccurate at the time the representation and warranty was
        made,
        the Seller shall take such action described in the following paragraph in
        respect of such Mortgage Loan. Notwithstanding anything to the contrary
        contained herein, any breach of a representation or warranty contained in
        clauses (xxxiii), (xxxviii) and/or (xliii) of Section 8 above, shall be
        automatically deemed to affect materially and adversely the interests of
        the
        Purchaser or the Purchaser’s assignee, transferee or designee. 

      

      Upon
        discovery by the Seller, the Purchaser or any assignee, transferee or designee
        of the Purchaser of any materially defective document in, or that any material
        document was not transferred by the Seller (as listed on an exception report
        attached to the initial certification prepared by the Custodian, on behalf
        of
        the Trustee), or of a breach of any of the representations and warranties
        contained in Section 8 that materially and adversely affects the value of
        any
        Mortgage Loan or the interest therein of the Purchaser or the Purchaser’s
        assignee, transferee or designee, the party discovering such breach shall
        give
        prompt written notice to the Seller. Within 365 days of its discovery or
        its
        receipt of notice of any such missing documentation that was not transferred
        by
        the Seller as described above, or of materially defective documentation,
        or
        within 120 days of any such breach of a representation and warranty, the
        Seller
        promptly shall deliver such missing document or cure such defect or breach
        in
        all material respects or, in the event the Seller cannot deliver such missing
        document or cannot cure such defect or breach, the Seller shall, within 365
        days
        of its discovery or receipt of notice of any such missing or materially
        defective documentation or within 120 days of any such breach of a
        representation and warranty, either (i) repurchase the affected Mortgage
        Loan at
        the Purchase Price (as such term is defined in the Pooling and Servicing
        Agreement) or (ii) pursuant to the provisions of the Pooling and Servicing
        Agreement, cause the removal of such Mortgage Loan from the Trust Fund and
        substitute one or more Replacement Mortgage Loans. The Seller shall amend
        the
        Closing Schedule to reflect the withdrawal of such Mortgage Loan from the
        terms
        of this Agreement and the Pooling and Servicing Agreement. The Seller shall
        deliver to the Purchaser such amended Closing Schedule and shall deliver
        such
        other documents as are required by this Agreement or the Pooling and Servicing
        Agreement within five (5) days of any such amendment. Any repurchase pursuant to
        this Section 9(a) shall be accomplished by transfer to an account designated
        by
        the Purchaser of the amount of the Purchase Price in accordance with Section
        2.03 of the Pooling and Servicing Agreement. Any repurchase required by this
        Section shall be made in a manner consistent with Section 2.03 of the Pooling
        and Servicing Agreement. 

      

      (b)  If
        the
        representation made by the Seller in Section 7(xiii) is breached, the Seller
        shall not have the right or obligation to cure, substitute or repurchase
        the
        affected Mortgage Loan but shall remit to the Servicer for deposit in the
        Collection Account, prior to the next succeeding Servicer Remittance Date,
        the
        amount of the Prepayment Charge indicated on the applicable part of the Mortgage
        Loan Schedule to be due from the Mortgagor in the circumstances less any
        amount
        collected and remitted to the Servicer for deposit into the Collection
        Account.

      

      (c)  It
        is
        understood and agreed that the obligations of the Seller set forth in this
        Section 9 to cure or repurchase a defective Mortgage Loan (and to make payments
        pursuant to Section 9(b)) constitute the sole remedies of the Purchaser against
        the Seller respecting a missing document or a breach of the representations
        and
        warranties contained in Section 8. 

      

      SECTION
        10. Closing;
        Payment for the Mortgage Loans. The
        closing of the purchase and sale of the Mortgage Loans shall be held at the
        New
        York City office of Thacher Proffitt & Wood llp
        at 10:00
        a.m. New York City time on the Closing Date.

      

      The
        closing shall be subject to each of the following conditions:

      

      (a) All
        of
        the representations and warranties of the Seller under this Agreement shall
        be
        true and correct in all material respects as of the date as of which they
        are
        made and no event shall have occurred which, with notice or the passage of
        time,
        would constitute a default under this Agreement;

      

      (b) The
        Purchaser shall have received, or the attorneys of the Purchaser shall have
        received in escrow (to be released from escrow at the time of closing), all
        Closing Documents as specified in Section 11 of this Agreement, in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the respective
        terms thereof;

      

      (c) The
        Seller shall have delivered or caused to be delivered and released to the
        Purchaser or to its designee, all documents (including without limitation,
        the
        Mortgage Loans) required to be so delivered by the Purchaser pursuant to
        Section
        2.01 of the Pooling and Servicing Agreement; and

      

      (d) All
        other
        terms and conditions of this Agreement and the Pooling and Servicing Agreement
        shall have been complied with.

      

      Subject
        to the foregoing conditions, the Purchaser shall deliver or cause to be
        delivered to the Seller on the Closing Date, against delivery and release
        by the
        Seller to the Trustee of all documents required pursuant to the Pooling and
        Servicing Agreement, the consideration for the Mortgage Loans as specified
        in
        Section 3 of this Agreement.

      

      SECTION
        11. Closing
        Documents.
        Without
        limiting the generality of Section 8 hereof, the closing shall be subject
        to
        delivery of each of the following documents:

      

      (a) An
        Officers’ Certificate of the Seller, dated the Closing Date, upon which the
        Purchaser and the Underwriter may rely with respect to certain facts regarding
        the sale of the Mortgage Loans by the Seller to the Purchaser;

      

      (b) An
        Opinion of Counsel of the Seller, dated the Closing Date and addressed to
        the
        Purchaser and the Underwriter;

      

      (c) Such
        opinions of counsel as the Rating Agencies or the Trustee may request in
        connection with the sale of the Mortgage Loans by the Seller to the Purchaser
        or
        the Seller’s execution and delivery of, or performance under, this Agreement;
        and

      

      (d) Such
        further information, certificates, opinions and documents as the Purchaser
        or
        the Underwriter may reasonably request.

      

      SECTION
        12. Costs.
        The
        Seller shall pay (or shall reimburse the Purchaser or any other Person to
        the
        extent that the Purchaser or such other Person shall pay) all costs and expenses
        incurred in connection with the transfer and delivery of the Mortgage Loans,
        including without limitation, fees for title policy endorsements and
        continuations, the fees and expenses of the Seller’s accountants and attorneys,
        the costs and expenses incurred in connection with producing the Servicer’s loan
        loss, foreclosure and delinquency experience, and the costs and expenses
        incurred in connection with obtaining the documents referred to in Sections
        11(b) and 11(c), the costs and expenses of printing (or otherwise reproducing)
        and delivering this Agreement, the Pooling and Servicing Agreement, the
        Certificates, the prospectus and prospectus supplement, and any private
        placement memorandum relating to the Certificates and other related documents,
        the initial fees, costs and expenses of the Trustee and its counsel, the
        fees
        and expenses of the Purchaser’s counsel in connection with the preparation of
        all documents relating to the securitization of the Mortgage Loans, the filing
        fee charged by the Securities and Exchange Commission for registration of
        the
        Certificates and the fees charged by any rating agency to rate the Certificates.
        The Seller shall pay all costs and expenses related to recording the Assignments
        of Mortgage. All other costs and expenses in connection with the transactions
        contemplated hereunder shall be borne by the party incurring such
        expense.

      

      SECTION
        13. Mandatory
        Delivery; Grant of Security Interest.
        The
        sale and delivery on the Closing Date of the Mortgage Loans described on
        the
        Mortgage Loan Schedule in accordance with the terms and conditions of this
        Agreement is mandatory. It is specifically understood and agreed that each
        Mortgage Loan is unique and identifiable on the date hereof and that an award
        of
        money damages would be insufficient to compensate the Purchaser for the losses
        and damages incurred by the Purchaser in the event of the Seller’s failure to
        deliver the Mortgage Loans on or before the Closing Date. The Seller hereby
        grants to the Purchaser a lien on and a continuing security interest in the
        Seller’s interest in each Mortgage Loan and each document and instrument
        evidencing each such Mortgage Loan to secure the performance by the Seller
        of
        its obligation hereunder, and the Seller agrees that it holds such Mortgage
        Loans in custody for the Purchaser, subject to the Purchaser’s (i) right, prior
        to the Closing Date, to reject any Mortgage Loan to the extent permitted
        by this
        Agreement and (ii) obligation to deliver or cause to be delivered the
        consideration for the Mortgage Loans pursuant to Section 3 hereof. Any Mortgage
        Loans rejected by the Purchaser shall concurrently therewith be released
        from
        the security interest created hereby. All rights and remedies of the Purchaser
        under this Agreement are distinct from, and cumulative with, any other rights
        or
        remedies under this Agreement or afforded by law or equity and all such rights
        and remedies may be exercised concurrently, independently or
        successively.

      

      Notwithstanding
        the foregoing, if on the Closing Date, each of the conditions set forth in
        Section 10 hereof shall have been satisfied and the Purchaser shall not have
        paid or caused to be paid the Purchase Price, or any such condition shall
        not
        have been waived or satisfied and the Purchaser determines not to pay or
        cause
        to be paid the Purchase Price, the Purchaser shall immediately effect the
        redelivery of the Mortgage Loans, if delivery to the Purchaser has occurred,
        and
        the security interest created by this Section 13 shall be deemed to have
        been
        released.

      

      SECTION
        14. Notices.
        All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if personally delivered to or mailed by
        registered mail, postage prepaid, or transmitted by fax and, receipt of which
        is
        confirmed by telephone, if to the Purchaser, addressed to the Purchaser at
        Two
        World Financial Center, Building B, 21st
        Floor,
        New York, New York 10281, fax: (212) 667-1024, Attention: Legal Department
        (NAAC
        2006-AF1), or such other address as may hereafter be furnished to the Seller
        in
        writing by the Purchaser; and if to the Seller, addressed to the Seller at
        Two
        World Financial Center, Building B, 21st
        Floor,
        New York, New York 10281, fax: (212) 667-9680, Attention: Brett Marvin, or
        to
        such other address as the Seller may designate in writing to the
        Purchaser.

      

      SECTION
        15. Severability
        of Provisions.
        Any
        part, provision, representation or warranty of this Agreement that is prohibited
        or that is held to be void or unenforceable shall be ineffective to the extent
        of such prohibition or unenforceability without invalidating the remaining
        provisions hereof. Any part, provision, representation or warranty of this
        Agreement that is prohibited or unenforceable or is held to be void or
        unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
        to the extent of such prohibition or unenforceability without invalidating
        the
        remaining provisions hereof, and any such prohibition or unenforceability
        in any
        jurisdiction as to any Mortgage Loan shall not invalidate or render
        unenforceable such provision in any other jurisdiction. To the extent permitted
        by applicable law, the parties hereto waive any provision of law which prohibits
        or renders void or unenforceable any provision hereof.

      

      SECTION
        16. Agreement
        of Parties.
        The
        Seller and the Purchaser each agree to execute and deliver such instruments
        and
        take such actions as either of the others may, from time to time, reasonably
        request in order to effectuate the purpose and to carry out the terms of
        this
        Agreement and the Pooling and Servicing Agreement.

      

      SECTION
        17. Survival.
        The
        Seller agrees that the representations, warranties and agreements made by
        it
        herein and in any certificate or other instrument delivered pursuant hereto
        shall be deemed to be relied upon by the Purchaser, notwithstanding any
        investigation heretofore or hereafter made by the Purchaser or on its behalf,
        and that the representations, warranties and agreements made by the Seller
        herein or in any such certificate or other instrument shall survive the delivery
        of and payment for the Mortgage Loans and shall continue in full force and
        effect, notwithstanding any restrictive or qualified endorsement on the Mortgage
        Notes and notwithstanding subsequent termination of this Agreement, the Pooling
        and Servicing Agreement or the Trust Fund.

      

      SECTION
        18. GOVERNING
        LAW.
        THIS AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF
        THE
        PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
        LAWS
        (EXCLUDING THE CHOICE OF LAW PROVISIONS) AND DECISIONS OF THE STATE OF NEW
        YORK.
        THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW
        YORK
        GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

      

      SECTION
        19. Miscellaneous.
        This
        Agreement may be executed in two or more counterparts, each of which when
        so
        executed and delivered shall be an original, but all of which together shall
        constitute one and the same instrument. This Agreement shall inure to the
        benefit of and be binding upon the parties hereto and their respective
        successors and assigns. This Agreement supersedes all prior agreements and
        understandings relating to the subject matter hereof. Neither this Agreement
        nor
        any term hereof may be changed, waived, discharged or terminated orally,
        but
        only by an instrument in writing signed by the party against whom enforcement
        of
        the change, waiver, discharge or termination is sought. The headings in this
        Agreement are for purposes of reference only and shall not limit or otherwise
        affect the meaning hereof.

      

      It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        by the Seller to the Purchaser as provided in Section 4 hereof be, and be
        construed as, a sale of the Mortgage Loans by the Seller to the Purchaser
        and
        not as a pledge of the Mortgage Loans by the Seller to the Purchaser to secure
        a
        debt or other obligation of the Seller. However, in the event that,
        notwithstanding the aforementioned intent of the parties, the Mortgage Loans
        are
        held to be property of the Seller, then (a) it is the express intent of the
        parties that such conveyance be deemed a pledge of the Mortgage Loans by
        the
        Seller to the Purchaser to secure a debt or other obligation of the Seller
        and
        (b) (1) this Agreement shall also be deemed to be a security agreement within
        the meaning of Articles 8 and 9 of the New York Uniform Commercial Code;
        (2) the
        conveyance provided for in Section 4 hereof shall be deemed to be a grant
        by the
        Seller to the Purchaser of a security interest in all of the Seller’s right,
        title and interest in and to the Mortgage Loans and all amounts payable to
        the
        holders of the Mortgage Loans in accordance with the terms thereof and all
        proceeds of the conversion, voluntary or involuntary, of the foregoing into
        cash, instruments, securities or other property, including without limitation
        all amounts, other than investment earnings, from time to time held or invested
        in the Collection Account whether in the form of cash, instruments, securities
        or other property; (3) the possession by the Purchaser or its agent of Mortgage
        Notes, the related Mortgages and such other items of property that constitute
        instruments, money, negotiable documents or chattel paper shall be deemed
        to be
“possession by the secured party” for purposes of perfecting the security
        interest pursuant to Section 9-305 of the New York Uniform Commercial Code;
        and
        (4) notifications to persons holding such property and acknowledgments, receipts
        or confirmations from persons holding such property shall be deemed
        notifications to, or acknowledgments, receipts or confirmations from, financial
        intermediaries, bailees or agents (as applicable) of the Purchaser for the
        purpose of perfecting such security interest under applicable law. Any
        assignment of the interest of the Purchaser pursuant to Section 4(d) hereof
        shall also be deemed to be an assignment of any security interest created
        hereby. The Seller and the Purchaser shall, to the extent consistent with
        this
        Agreement, take such actions as may be necessary to ensure that, if this
        Agreement were deemed to create a security interest in the Mortgage Loans,
        such
        security interest would be deemed to be a perfected security interest of
        first
        priority under applicable law and will be maintained as such throughout the
        term
        of this Agreement and the Pooling and Servicing Agreement.

      

      

      

      [Signature
        page to follow]

       

      

        

        
          *
            Please
            contact Nomura Credit & Capital, Inc. for pricing
            information.

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Purchaser and the Seller have caused their names to
        be
        signed by their respective officers thereunto duly authorized as of the date
        first above written.

      

      NOMURA
        CREDIT & CAPITAL, INC.

      

      

      By:_______________________________________

      Name: Jeane
        Leschak 

      Title: Vice
        President

      

      

      NOMURA
        ASSET ACCEPTANCE CORPORATION

      

      

      By:_______________________________________

      Name: 
        John P.
        Graham

      Title: 
        President

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        1

      

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser
        or its
        designee, and which shall be delivered to the Purchaser or its designee pursuant
        to the terms of the Agreement.

       

      (a)  the
        original Mortgage Note (including all riders thereto) bearing all intervening
        endorsements necessary to show a complete chain of endorsements from the
        original payee, endorsed in blank, via
        original signature,
        and, if
        previously endorsed, signed in the name of the last endorsee by a duly qualified
        officer of the last endorsee. If
        the
        Mortgage Loan was acquired by the last endorsee in a merger, the endorsement
        must be by “[name of last endorsee], successor by merger to [name of
        predecessor]”. If the Mortgage Loan was acquired or originated by the last
        endorsee while doing business under another name, the endorsement must be
        by
“[name of last endorsee], formerly known as [previous name]”;

       

      (b)  the
        original Assignment of Mortgage executed in blank;

       

      (c)  the
        original of any guarantee executed in connection with the Mortgage Note,
        if
        any;

       

      (d)  the
        original Mortgage (including all riders thereto) with evidence of recording
        thereon and the original recorded power of attorney, if the Mortgage was
        executed pursuant to a power of attorney, with evidence of recording thereon,
        and in the case of each MOM Loan, the original Mortgage, noting the presence
        of
        the MIN of the Mortgage Loan and either language indicating that the Mortgage
        Loan is a MOM Loan or if the Mortgage Loan was not a MOM Loan at origination,
        the original Mortgage and the assignment thereof to MERS®, with evidence of
        recording indicated thereon; or, if the original Mortgage with evidence of
        recording thereon has not been returned by the public recording office where
        such Mortgage has been delivered for recordation or such Mortgage has been
        lost
        or such public recording office retains the original recorded Mortgage, a
        photocopy of such Mortgage, together with (i) in the case of a delay caused
        by
        the public recording office, an Officer’s Certificate of the title insurer
        insuring the Mortgage, the escrow agent, the seller or the Servicer stating
        that
        such Mortgage has been delivered to the appropriate public recording office
        for
        recordation and that the original recorded Mortgage or a copy of such Mortgage
        certified by such public recording office to be a true and complete copy
        of the
        original recorded Mortgage will be promptly delivered to the Custodian upon
        receipt thereof by the party delivering the Officer’s Certificate or by the
        Servicer; or (ii) in the case of a Mortgage where a public recording office
        retains the original recorded Mortgage or in the case where a Mortgage is
        lost
        after recordation in a public recording office, a copy of such Mortgage with
        the
        recording information thereon certified by such public recording office to
        be a
        true and complete copy of the original recorded Mortgage;

       

      (e)  the
        originals of all assumption, modification, consolidation or extension
        agreements, with evidence of recording thereon, if any;

       

      (f)  the
        originals of any intervening assignments of mortgage with evidence of recording
        thereon evidencing a complete chain of ownership from the originator of the
        Mortgage Loan to the last assignee, or if any such intervening assignment
        of
        mortgage has not been returned from the applicable public recording office
        or
        has been lost or if such public recording office retains the original recorded
        intervening assignments of mortgage, a photocopy of such intervening assignment
        of mortgage, together with (i) in the case of a delay caused by the public
        recording office, an Officer’s Certificate of the title insurer insuring the
        Mortgage, the escrow agent, the seller or the Servicer stating that such
        intervening assignment of mortgage has been delivered to the appropriate
        public
        recording office for recordation and that such original recorded intervening
        assignment of mortgage or a copy of such intervening assignment of mortgage
        certified by the appropriate public recording office to be a true and complete
        copy of the original recorded intervening assignment of mortgage will be
        promptly delivered to the Custodian upon receipt thereof by the party delivering
        the Officer’s Certificate or by the Servicer; or (ii) in the case of an
        intervening assignment of mortgage where a public recording office retains
        the
        original recorded intervening assignment of mortgage or in the case where
        an
        intervening assignment of mortgage is lost after recordation in a public
        recording office, a copy of such intervening assignment of mortgage with
        recording information thereon certified by such public recording office to
        be a
        true and complete copy of the original recorded intervening assignment of
        mortgage;

       

      (g)  if
        the
        Mortgage Note, the Mortgage, any Assignment of Mortgage, or any other related
        document has been signed by a Person on behalf of the Mortgagor, the original
        power of attorney or other instrument that authorized and empowered such
        Person
        to sign;

       

      (h)  the
        original lender’s title insurance policy in the form of an ALTA mortgage title
        insurance policy
        or,
        if the
        original lender’s title insurance policy has not been issued, the irrevocable
        commitment to issue the same; and

       

      (i)  the
        original of any security agreement, chattel mortgage or equivalent document
        executed in connection with the Mortgage, if any.

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        2

      FORM
        OF LOST NOTE AFFIDAVIT

      

      Loan
        #:
        ______________

      Borrower:
        ____________

      

      LOST
        NOTE
        AFFIDAVIT

      

      

      I,
        as
        _____________________ of ____________________, a _______________ am authorized
        to make this Affidavit on behalf of Nomura Credit & Capital, Inc. (the
“Seller”). In connection with the administration of the Mortgage Loans held by
        ______________________, a _______________ [corporation] as Seller on behalf
        of
        ____________________ (the “Purchaser”), _______________________ (the
“Deponent”), being duly sworn, deposes and says that:

      

      1. The
        Seller’s address
        is:                 
____________________________

      
        	 	 	 	 	 	 	 	
                ____________________________

              

      

      
        	 	 	 	 	 	 	 	
                ____________________________

              

      

      

      2. The
        Seller previously delivered to the Purchaser a signed Initial Certification
        with
        respect to such Mortgage and/or Assignment of Mortgage;

      

      3. Such
        Mortgage Note and/or Assignment of Mortgage was assigned or sold to the
        Purchaser by __________________, a _________________ pursuant to the terms
        and
        provisions of a Mortgage Loan Purchase Agreement dated as of May 25,
        2006;

      

      4. Such
        Mortgage Note and/or Assignment of Mortgage is not outstanding pursuant to
        a
        request for release of Documents;

      

      5. Aforesaid
        Mortgage Note and/or Assignment of Mortgage (the “Original”) has been
        lost;

      

      6. Deponent
        has made or caused to be made a diligent search for the Original and has
        been
        unable to find or recover same;

      

      7. The
        Seller was the Seller of the Original at the time of the loss; and

      

      8. Deponent
        agrees that, if said Original should ever come into Seller’s possession, custody
        or power, Seller will immediately and without consideration surrender the
        Original to the Purchaser.

      

      9. Attached
        hereto is a true and correct copy of (i) the Note, endorsed in blank by the
        Mortgagee and (ii) the Mortgage or Deed of Trust (strike one) which secures the
        Note, which Mortgage or Deed of Trust is recorded in the county where the
        property is located.

      10. Deponent
        hereby agrees that the Seller (a) shall indemnify and hold harmless the
        Purchaser, its successors and assigns, against any loss, liability or damage,
        including reasonable attorney’s fees, resulting from the unavailability of any
        Notes, including but not limited to any loss, liability or damage arising
        from
        (i) any false statement contained in this Affidavit, (ii) any claim of any
        party
        that purchased a mortgage loan evidenced by the Lost Note or any interest
        in
        such mortgage loan, (iii) any claim of any borrower with respect to the
        existence of terms of a mortgage loan evidenced by the Lost Note on the related
        property to the fact that the mortgage loan is not evidenced by an original
        note
        and (iv) the issuance of a new instrument in lieu thereof (items (i) through
        (iv) above hereinafter referred to as the “Losses”) and (b) if required by any
        Rating Agency in connection with placing such Lost Note into a Pass-Through
        Transfer, shall obtain a surety from an insurer acceptable to the applicable
        Rating Agency to cover any Losses with respect to such Lost Note.

      

      11. This
        Affidavit is intended to be relied upon by the Purchaser, its successors
        and
        assigns. Nomura Credit & Capital, Inc., represents and warrants that is has
        the authority to perform its obligations under this Affidavit of Lost
        Note.

      

      Executed
        this _ day of _______, 200_.

      

      

      

      By:
        ____________________________

      Name:

      Title:

      

      

      On
        this
        __ day of ______, 200_, before me appeared ______________________ to me
        personally known, who being duly sworn did say that he is the
        _______________________ of ____________________, a ______________________
        and
        that said Affidavit of Lost Note was signed and sealed on behalf of such
        corporation and said acknowledged this instrument to be the free act and
        deed of
        said entity.

      

      Signature:

      

      [Seal]

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        D

      

      FORM
        OF
        TRANSFER AFFIDAVIT

      

      Affidavit
        pursuant to Section 860E(e)(4) of the Internal Revenue Code of 1986, as amended,
        and for other purposes 

      

      
        	
                STATE
                  OF

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF

              	
                )

              	 

      

      

      

      [NAME
        OF
        OFFICER], being first duly sworn, deposes and says:

      

      1. That
        he/she is [Title of Officer] of [Name of Investor] (the “Investor”), a [savings
        institution] [corporation] duly organized and existing under the laws of
        [the
        State of _____] [the United States], on behalf of which he makes this
        affidavit.

      

      2. That
        (i)
        the Investor is not a “disqualified organization” as defined in Section
        860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”), and
        will not be a disqualified organization as of [Closing Date] [date of purchase];
        (ii) it is not acquiring the Nomura Asset Acceptance Corporation, Alternative
        Loan Trust, Mortgage Pass Through Certificates, Series 2006-AF1, Class [I-]R
        Certificates (the “Residual Certificates”) for the account of a disqualified
        organization; (iii) it consents to any amendment of the Pooling and Servicing
        Agreement that shall be deemed necessary by Nomura Asset Acceptance Corporation
        (upon advice of counsel) to constitute a reasonable arrangement to ensure
        that
        the Residual Certificates will not be owned directly or indirectly by a
        disqualified organization; and (iv) it will not transfer such Residual
        Certificates unless (a) it has received from the transferee an affidavit
        in
        substantially the same form as this affidavit containing these same four
        representations and (b) as of the time of the transfer, it does not have
        actual
        knowledge that such affidavit is false.

      

      3. That
        the
        Investor is one of the following: (i) a citizen or resident of the United
        States, (ii) a corporation or partnership (including an entity treated as
        a
        corporation or partnership for federal income tax purposes) created or organized
        in, or under the laws of, the United States or any state thereof or the District
        of Columbia (except, in the case of a partnership, to the extent provided
        in
        regulations), provided that no partnership or other entity treated as a
        partnership for United States federal income tax purposes shall be treated
        as a
        United States Person unless all persons that own an interest in such partnership
        either directly or through any entity that is not a corporation for United
        States federal income tax purposes are United States Persons, (iii) an estate
        whose income is subject to United States federal income tax regardless of
        its
        source, or (iv) a trust other than a “foreign trust,” as defined in Section 7701
        (a)(31) of the Code.

      

      4. That
        the
        Investor’s taxpayer identification number is
        ______________________.

      

      5. That
        no
        purpose of the acquisition of the Residual Certificates is to avoid or impede
        the assessment or collection of tax.

      

      6. That
        the
        Investor understands that, as the holder of the Residual Certificates, the
        Investor may incur tax liabilities in excess of any cash flows generated
        by such
        Residual Certificates.

      

      7. That
        the
        Investor intends to pay taxes associated with holding the Residual Certificates
        as they become due.

      

      IN
        WITNESS WHEREOF, the Investor has caused this instrument to be executed on
        its
        behalf, pursuant to authority of its Board of Directors, by its [Title of
        Officer] this ____ day of _________, 20__.

      

      
        	 	 	 	 	 	 	 	
                [NAME
                  OF INVESTOR]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                [Name
                  of Officer]

              
	 	 	 	 	 	 	 	 	
                [Title
                  of Officer]

              
	 	 	 	 	 	 	 	 	
                [Address
                  of Investor for receipt of distributions]

              
	 	 	 	 	 	 	 	 	
                Address
                  of Investor for receipt of tax
                  information:

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Personally
        appeared before me the above-named [Name of Officer], known or proved to
        me to
        be the same person who executed the foregoing instrument and to be the [Title
        of
        Officer] of the Investor, and acknowledged to me that he/she executed the
        same
        as his/her free act and deed and the free act and deed of the
        Investor.

      

      Subscribed
        and sworn before me this ___ day of _________, 20___.

      

      NOTARY
        PUBLIC

      

      COUNTY
        OF

      

      STATE
        OF

      

      

      My
        commission expires the ___ day of ___________________, 20___.

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        E

      

      FORM
        OF
        TRANSFEROR CERTIFICATE

      

      

      ______________,
        2006

      

      

      Nomura
        Asset Acceptance Corporation

      2
        World
        Financial Center, Building B

      New
        York,
        New York 10281

      

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Nomura Asset Acceptance Corporation,

      Alternative
        Loan Trust, Series 2006-AF1

      

      
        	
                Re:

              	
                Nomura
                  Asset Acceptance Corporation 

                Mortgage
                  Pass-Through Certificates, Series 2006-AF1,
                  Class__

              

      

      

      Ladies
        and Gentlemen:

      

      In
        connection with the sale by ___________ (the “Seller”) to ________ (the
“Purchaser”) of $_________ Initial Certificate Principal Balance of Mortgage
        Pass-Through Certificates, Series 2006-AF1, Class _____ (the “Certificates”),
        issued pursuant to the Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”), dated as of May 1, 2006, among Nomura Asset Acceptance
        Corporation, as depositor (the “Depositor”), Nomura Credit & Capital, Inc.,
        as sponsor, GMAC Mortgage Corporation, as servicer, HSBC Bank USA, National
        Association, as trustee (the “Trustee”) and Wells Fargo Bank, N.A. as master
        servicer (the “Master Servicer”) and securities administrator (the “Securities
        Administrator”). The Seller hereby certifies, represents and warrants to, and
        covenants with, the Depositor, the Securities Administrator and the Trustee
        that:

      

      Neither
        the Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
        disposed of or otherwise transferred any Certificate, any interest in any
        Certificate or any other similar security to any person in any manner, (b)
        has
        solicited any offer to buy or to accept a pledge, disposition or other transfer
        of any Certificate, any interest in any Certificate or any other similar
        security from any person in any manner, (c) has otherwise approached or
        negotiated with respect to any Certificate, any interest in any Certificate
        or
        any other similar security with any person in any manner, (d) has made any
        general solicitation by means of general advertising or in any other manner,
        or
        (e) has taken any other action, that (as to any of (a) through (e) above)
        would
        constitute a distribution of the Certificates under the Securities Act of
        1933
        (the “Act”), that would render the disposition of any Certificate a violation of
        Section 5 of the Act or any state securities law, or that would require
        registration or qualification pursuant thereto. The Seller will not act in
        any
        manner set forth in the foregoing sentence with respect to any Certificate.
        The
        Seller has not and will not sell or otherwise transfer any of the Certificates,
        except in compliance with the provisions of the Pooling and Servicing
        Agreement.

      

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                ___________________________________________

              
	 	 	 	 	 	 	 	
                (Seller)

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        F

      

      FORM
        OF
        INVESTOR REPRESENTATION LETTER (NON-RULE 144A)

      

      ___________,2006

      

      

      Nomura
        Asset Acceptance Corporation 

      2
        World
        Financial Center

      New
        York,
        New York 10281

      

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Nomura Asset Acceptance Corporation,

      Alternative
        Loan Trust, Series 2006-AF1

      

      
        	
                Re:

              	
                Nomura
                  Asset Acceptance Corporation, Alternative Loan Trust, Mortgage
                  Pass-Through Certificates, Series
                  2006-AF1

              

      

      

      Ladies
        and Gentlemen:

      

      _______________
        (the “Purchaser”) intends to purchase from ____________ (the “Seller”)
        $_________ Initial Certificate Principal Balance of Mortgage Pass-Through
        Certificates, Series 2006-AF1, Class _____ (the “Certificates”), issued pursuant
        to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”),
        dated as of May 1, 2006, among Nomura Asset Acceptance Corporation, as depositor
        (the “Depositor”), Nomura Credit & Capital, Inc., as sponsor, GMAC Mortgage
        Corporation, as servicer, HSBC Bank USA, National Association, as trustee
        (the
“Trustee”) and Wells Fargo Bank, N.A., as master servicer and securities
        administrator. All terms used herein and not otherwise defined shall have
        the
        meanings set forth in the Pooling and Servicing Agreement. The Purchaser
        hereby
        certifies, represents and warrants to, and covenants with, the Depositor,
        the
        Securities Administrator and the Trustee that:

      

      
        	
                1.

              	
                The
                  Purchaser understands that (a) the Certificates have not been and
                  will not
                  be registered or qualified under the Securities Act of 1933, as
                  amended
                  (the “Act”) or any state securities law, (b) the Depositor is not required
                  to so register or qualify the Certificates, (c) the Certificates
                  may be
                  resold only if registered and qualified pursuant to the provisions
                  of the
                  Act or any state securities law, or if an exemption from such registration
                  and qualification is available, (d) the Pooling and Servicing Agreement
                  contains restrictions regarding the transfer of the Certificates
                  and (e)
                  the Certificates will bear a legend to the foregoing
                  effect.

              
	 	 
	
                2.

              	
                The
                  Purchaser is acquiring the Certificates for its own account for
                  investment
                  only and not with a view to or for sale in connection with any
                  distribution thereof in any manner that would violate the Act or
                  any
                  applicable state securities laws.

              
	 	 
	
                3.

              	
                The
                  Purchaser is (a) a substantial, sophisticated institutional investor
                  having such knowledge and experience in financial and business
                  matters,
                  and, in particular, in such matters related to securities similar
                  to the
                  Certificates, such that it is capable of evaluating the merits
                  and risks
                  of investment in the Certificates, (b) able to bear the economic
                  risks of
                  such an investment and (c) an “accredited investor” within the meaning of
                  Rule 501 (a) promulgated pursuant to the Act.

              
	 	 
	
                4.

              	
                The
                  Purchaser has been furnished with, and has had an opportunity to
                  review
                  (a) a copy of the Pooling and Servicing Agreement and (b) such
                  other
                  information concerning the Certificates, the Mortgage Loans and
                  the
                  Depositor as has been requested by the Purchaser from the Depositor
                  or the
                  Seller and is relevant to the Purchaser’s decision to purchase the
                  Certificates. The Purchaser has had any questions arising from
                  such review
                  answered by the Depositor or the Seller to the satisfaction of
                  the
                  Purchaser. 

              
	 	 
	
                5.

              	
                The
                  Purchaser has not and will not nor has it authorized or will it
                  authorize
                  any person to (a) offer, pledge, sell, dispose of or otherwise
                  transfer
                  any Certificate, any interest in any Certificate or any other similar
                  security to any person in any manner, (b) solicit any offer to
                  buy or to
                  accept a pledge, disposition of other transfer of any Certificate,
                  any
                  interest in any Certificate or any other similar security from
                  any person
                  in any manner, (c) otherwise approach or negotiate with respect
                  to any
                  Certificate, any interest in any Certificate or any other similar
                  security
                  with any person in any manner, (d) make any general solicitation
                  by means
                  of general advertising or in any other manner or (e) take any other
                  action, that (as to any of (a) through (e) above) would constitute
                  a
                  distribution of any Certificate under the Act, that would render
                  the
                  disposition of any Certificate a violation of Section 5 of the
                  Act or any
                  state securities law, or that would require registration or qualification
                  pursuant thereto. The Purchaser will not sell or otherwise transfer
                  any of
                  the Certificates, except in compliance with the provisions of the
                  Pooling
                  and Servicing Agreement.

              

      

      

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                ___________________________________________

              
	 	 	 	 	 	 	 	
                (Purchaser)

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:

              

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      FORM
        OF
        RULE 144A INVESTMENT LETTER

      

      [Date]

      Nomura
        Credit & Capital, Inc.

      2
        World
        Financial Center, Building B

      New
        York,
        New York 10281

      

      Nomura
        Asset Acceptance Corporation 

      2
        World
        Financial Center

      New
        York,
        New York 10281

      

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Nomura Asset Acceptance Corporation,

      Alternative
        Loan Trust, Series 2006-AF1

      

      
        	
                Re:

              	
                Nomura
                  Asset Acceptance Corporation, Alternative Loan Trust, Mortgage
                  Pass-Through Certificates, Series 2006-AF1 (the “Certificates”), including
                  the Class [ ] Certificates (the “Private Certificates”) 

              

      

      

      Dear
        Ladies and Gentlemen:

      

      In
        connection with our purchase of Private Certificates, we confirm
        that:

      

      
        	
                (i)

              	
                we
                  understand that the Private Certificates are not being registered
                  under
                  the Securities Act of 1933, as amended (the “Act”) or any applicable state
                  securities or “Blue Sky” laws, and are being sold to us in a transaction
                  that is exempt from the registration requirements of such
                  laws;

              
	 	 
	
                (ii)

              	
                any
                  information we desired concerning the Certificates, including the
                  Private
                  Certificates, the trust in which the Certificates represent the
                  entire
                  beneficial ownership interest (the “Trust”) or any other matter we deemed
                  relevant to our decision to purchase Private Certificates has been
                  made
                  available to us; 

              
	 	 
	
                (iii)

              	
                we
                  are able to bear the economic risk of investment in Private Certificates;
                  we are an institutional “accredited investor” as defined in Section 501(a)
                  of Regulation D promulgated under the Act and a sophisticated
                  institutional investor and we agree to obtain a representation
                  from any
                  transferee that such transferee is an institutional “accredited investor”
                  so long as we are required to obtain a representation letter regarding
                  compliance with the Act;

              
	 	 
	
                (iv)

              	
                we
                  are acquiring Private Certificates for our own account, not as
                  nominee for
                  any other person, and not with a present view to any distribution
                  or other
                  disposition of the Private Certificates;

              
	 	 
	
                (v)

              	
                we
                  agree the Private Certificates must be held indefinitely by us
                  (and may
                  not be sold, pledged, hypothecated or in any way disposed of) unless
                  subsequently registered under the Act and any applicable state
                  securities
                  or “Blue Sky” laws or an exemption from the registration requirements of
                  the Act and any applicable state securities or “Blue Sky” laws is
                  available;

              
	 	 
	
                (vi)

              	
                we
                  agree that in the event that at some future time we wish to dispose
                  of or
                  exchange any of the Private Certificates (such disposition or exchange
                  not
                  being currently foreseen or contemplated), we will not transfer
                  or
                  exchange any of the Private Certificates unless:

              
	 	 
	 	
                (A)
                  (1) the sale is to an Eligible Purchaser (as defined below), (2)
                  if
                  required by the Pooling and Servicing Agreement (as defined below)
                  a
                  letter to substantially the same effect as either this letter or,
                  if the
                  Eligible Purchaser is a Qualified Institutional Buyer as defined
                  under
                  Rule 144A of the Act, the Rule 144A and Related Matters Certificate
                  in the
                  form attached to the Pooling and Servicing Agreement (as defined
                  below)
                  (or such other documentation as may be acceptable to the Trustee)
                  is
                  executed promptly by the purchaser and delivered to the addressees
                  hereof
                  and (3) all offers or solicitations in connection with the sale,
                  whether
                  directly or through any agent acting on our behalf, are limited
                  only to
                  Eligible Purchasers and are not made by means of any form of general
                  solicitation or general advertising whatsoever; and

              
	 	
                (B) if
                  the Private Certificate is not registered under the Act (as to
                  which we
                  acknowledge you have no obligation), the Private Certificate is
                  sold in a
                  transaction that does not require registration under the Act and
                  any
                  applicable state securities or “blue sky” laws and, if HSBC Bank USA,
                  National Association (the “Trustee”) so requests, a satisfactory Opinion
                  of Counsel is furnished to such effect, which Opinion of Counsel
                  shall be
                  an expense of the transferor or the transferee; 

              
	
                (vii)

              	
                we
                  agree to be bound by all of the terms (including those relating
                  to
                  restrictions on transfer) of the Pooling and Servicing, pursuant
                  to which
                  the Trust was formed; we have reviewed carefully and understand
                  the terms
                  of the Pooling and Servicing Agreement; 

              
	 	 
	
                (viii)

              	
                we
                  either: (i) are not acquiring the Private Certificate directly
                  or
                  indirectly by, or on behalf of, an employee benefit plan or other
                  retirement arrangement which is subject to Title I of the Employee
                  Retirement Income Security Act of 1974, as amended, and/or section
                  4975 of
                  the Internal Revenue Code of 1986, as amended, or (ii) are providing
                  the
                  opinion of counsel specified in Section 6.02(b) of the Agreement.
                  

              
	 	 
	
                (ix)  

              	
                we
                  understand that each of the Class ___ Certificates bears, and will
                  continue to bear, legends substantially to the following effect:
“THIS
                  CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
                  ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE
                  SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE,
                  AGREES
                  THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
                  TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
                  APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES
                  ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A
                  QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A
“QIB”),
                  PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT
                  OF A
                  QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
                  RESALE,
                  PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
                  (2)
                  PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144
                  UNDER THE
                  SECURITIES ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN
                  “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE
                  501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE ACT OR ANY
                  ENTITY IN
                  WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS PURCHASING
                  NOT
                  FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO
                  (A) THE
                  RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY
                  IN THE
                  FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE SECURITIES
                  ADMINISTRATOR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE SECURITIES
                  ADMINISTRATOR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS
                  IN
                  COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR
                  IN EACH
                  CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED
                  STATES AND ANY OTHER APPLICABLE JURISDICTION.

              
	 	
                NO TRANSFER
                  OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
                  PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(b) OF THE AGREEMENT
                  

              

      

      

      “Eligible
        Purchaser”
means
        a
        corporation, partnership or other entity which we have reasonable grounds
        to
        believe and do believe (i) can make representations with respect to itself
        to
        substantially the same effect as the representations set forth herein, and
        (ii)
        is either a Qualified Institutional Buyer as defined under Rule 144A of the
        Act
        or an institutional “Accredited Investor” as defined under Rule 501 of the
        Act.

      

      Terms
        not
        otherwise defined herein shall have the meanings assigned to them in the
        Pooling
        and Servicing Agreement, dated as of May 1, 2006 (the “Pooling and Servicing
        Agreement’), between Nomura Asset Acceptance Corporation, as depositor, Nomura
        Credit & Capital, Inc., as sponsor, GMAC Mortgage Corporation, as servicer,
        HSBC Bank USA, National Association, as trustee and Wells Fargo Bank, N.A.
        as
        master servicer and securities administrator (the “Securities
        Administrator”).

      

      If
        the
        Purchaser proposes that its Certificates be registered in the name of a nominee
        on its behalf, the Purchaser has identified such nominee below, and has caused
        such nominee to complete the Nominee Acknowledgment at the end of this
        letter.

      

      Name
        of
        Nominee (if any): ___________________________________________

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, this document has been executed by the undersigned who is
        duly
        authorized to do so on behalf of the undersigned Eligible Purchaser on the
        ___
        day of ________, 20___.

      

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                ___________________________________________

              
	 	 	 	 	 	 	 	
                [PURCHASER]

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Authorized
                  Officer)

              
	 	 	 	 	 	 	 	 	
                [By:

              	 
	 	 	 	 	 	 	 	 	 	
                Attorney-in-fact]

              

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Nominee
        Acknowledgment

      

      The
        undersigned hereby acknowledges and agrees that as to the Certificates being
        registered in its name, the sole beneficial owner thereof is and shall be
        the
        Purchaser identified above, for whom the undersigned is acting as
        nominee.

      
        	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                [NAME
                  OF NOMINEE]

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Authorized
                  Officer)

              
	 	 	 	 	 	 	 	 	
                [By:

              	 
	 	 	 	 	 	 	 	 	 	
                Attorney-in-fact]

              

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

      

      FORM
        OF
        ADDITIONAL DISCLOSURE NOTIFICATION

      

      Wells
        Fargo Bank, N.A. as Securities Administrator 

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045-1951

      Fax:
        (410) 715-2380

      E-mail:
        cts.sec.notifications@wellsfargo.com

       

      Attn:
        Corporate Trust Services - Nomura Asset Acceptance Corporation, Alternative
        Loan
 Trust,
        Series 2006-AF1, Mortgage Pass-Through Certificates -SEC REPORT  PROCESSING

       

      RE:
        **Additional Form [10-K][10-D][8-K] Disclosure**Required

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section [ ] of the Pooling and Servicing Agreement, dated
        as of
        May 1, 2006, among the Purchaser as depositor, Nomura Credit &Capital, Inc.
        as sponsor, GMAC Mortgage Corporation as servicer (“GMAC”), Wells Fargo Bank,
        National Association as master servicer and securities administrator, the
        Undersigned, as [ ], hereby notifies you that certain events have come to
        our
        attention that [will][may] need to be disclosed on Form
        [10-K][10-D][8-K].

       

      Description
        of Additional Form [10-K][10-D][8-K]Disclosure:

      

       

      List
        of
        Any Attachments hereto to be included in the Additional Form [10-K][10-D][8-K]
        Disclosure:

       

      Any
        inquiries related to this notification should be directed to [   ],
        phone number: [   ]; email address: [   ].

       

      [NAME
        OF
        PARTY]

      as
        [role]

       

      By:
        __________________________

      Name:

      Title: 

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      

      DTC
        Letter of Representations

      [provided
        upon request]

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

      

      

      Schedule
        of Mortgage Loans with Lost Notes

      

      NONE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

       

      APPENDIX
        E - Standard & Poor’s Anti-Predatory Lending
        Categorization

      

      

      Standard
        & Poor’s has categorized loans governed by anti-predatory lending laws in
        the Jurisdictions listed below into three categories based upon a combination
        of
        factors that include (a) the risk exposure associated with the assignee
        liability and (b) the tests and thresholds set forth in those laws. Note
        that
        certain loans classified by the relevant statute as Covered are included
        in
        Standard & Poor’s High Cost Loan Category because they included thresholds
        and tests that are typical of what is generally considered High Cost by the
        industry. 

      

      Standard
        & Poor’s High Cost Loan Categorization

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Arkansas
                  

              	
                Arkansas
                  Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 et
                  seq.
                  

                Effective
                  July 16, 2003 

              	
                High
                  Cost Home Loan 

              
	
                Cleveland
                  Heights, OH 

              	
                Ordinance
                  No. 72-2003 (PSH), Mun. Code §§ 757.01 et
                  seq.
                  

                Effective
                  June 2, 2003 

              	
                Covered
                  Loan 

              
	
                Colorado
                  

              	
                Consumer
                  Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 et
                  seq.
                  

                Effective
                  for covered loans offered or entered into on or after January 1,
                  2003.
                  Other provisions of the Act took effect on June 7, 2002 

              	
                Covered
                  Loan 

              
	
                Connecticut
                  

              	
                Connecticut
                  Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746
                  et
                  seq.
                  

                Effective
                  October 1, 2001 

              	
                High
                  Cost Home Loan 

              
	
                District
                  of Columbia 

              	
                Home
                  Loan Protection Act, D.C. Code §§ 26-1151.01 et
                  seq.
                  

                Effective
                  for loans closed on or after January 28, 2003 

              	
                Covered
                  Loan 

              
	
                Florida
                  

              	
                Fair
                  Lending Act, Fla. Stat. Ann. §§ 494.0078 et
                  seq.
                  

                Effective
                  October 2, 2002 

              	
                High
                  Cost Home Loan 

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003) 

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.
                  

                Effective
                  October 1, 2002 - March 6, 2003

              	
                High
                  Cost Home Loan 

              

      

      Standard
        & Poor’s High Cost Loan Categorization

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  as amended (Mar. 7, 2003 - current) 

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.
                  

                Effective
                  for loans closed on or after March 7, 2003 

              	
                High
                  Cost Home Loan 

              
	
                HOEPA
                  Section 32 

              	
                Home
                  Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                  §§ 226.32 and 226.34 

                Effective
                  October 1, 1995, amendments October 1, 2002 

              	
                High
                  Cost Loan 

              
	
                Illinois
                  

              	
                High
                  Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et
                  seq.
                  

                Effective
                  January 1, 2004 (prior to this date, regulations under Residential
                  Mortgage License Act effective from May 14, 2001) 

              	
                High
                  Risk Home Loan 

              
	
                Kansas
                  

              	
                Consumer
                  Credit Code, Kan. Stat. Ann. §§ 16a-1-101 et
                  seq.
                  

                Sections
                  16a-1-301 and 16a-3-207 became effective April 14, 1999; Section
                  16a-3-308a became effective July 1, 1999 

              	
                High
                  Loan to Value Consumer Loan (id.
                  §
                  16a-3-207) and; 

              
	
                High
                  APR Consumer Loan (id.
                  §
                  16a-3-308a) 

              
	
                Kentucky
                  

              	
                2003
                  KY H.B. 287 - High Cost Home Loan Act, Ky. Rev. Stat. §§ 360.100
                  et
                  seq.
                  

                Effective
                  June 24, 2003 

              	
                High
                  Cost Home Loan 

              
	
                Maine
                  

              	
                Truth
                  in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et
                  seq.
                  

                Effective
                  September 29, 1995 and as amended from time to time 

              	
                High
                  Rate High Fee Mortgage 

              
	
                Massachusetts
                  

              	
                Part
                  40 and Part 32, 209 C.M.R. §§ 32.00 et
                  seq.
                  and 209 C.M.R. §§ 40.01 et
                  seq.
                  

                Effective
                  March 22, 2001 and amended from time to time

              	
                High
                  Cost Home Loan 

              

      

      

       

      Standard
        & Poor’s High Cost Loan Categorization

       

      
         

        
          	
                  State/Jurisdiction

                	
                  Name
                    of Anti-Predatory Lending Law/Effective Date

                	
                  Category
                    under Applicable Anti-Predatory Lending Law

                
	
                  Nevada
                    

                	
                  Assembly
                    Bill No. 284, Nev. Rev. Stat. §§ 598D.010 et
                    seq.
                    

                  Effective
                    October 1, 2003 

                	
                  Home
                    Loan 

                
	
                  New
                    Jersey 

                	
                  New
                    Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                    et
                    seq.
                    

                  Effective
                    for loans closed on or after November 27, 2003 

                	
                  High
                    Cost Home Loan 

                
	
                  New
                    Mexico 

                	
                  Home
                    Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et
                    seq.
                    

                  Effective
                    as of January 1, 2004; Revised as of February 26, 2004 

                	
                  High
                    Cost Home Loan 

                
	
                  New
                    York 

                	
                  N.Y.
                    Banking Law Article 6-l 

                  Effective
                    for applications made on or after April 1, 2003 

                	
                  High
                    Cost Home Loan 

                
	
                  North
                    Carolina 

                	
                  Restrictions
                    and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                    et
                    seq.
                    

                  Effective
                    July 1, 2000; amended October 1, 2003 (adding open-end lines
                    of credit)
                    

                	
                  High
                    Cost Home Loan 

                
	
                  Ohio
                    

                	
                  H.B.
                    386 (codified in various sections of the Ohio Code), Ohio Rev.
                    Code Ann.
                    §§ 1349.25 et
                    seq.
                    

                  Effective
                    May 24, 2002 

                	
                  Covered
                    Loan 

                
	
                  Oklahoma
                    

                	
                  Consumer
                    Credit Code (codified in various sections of Title 14A) 

                  Effective
                    July 1, 2000; amended effective January 1, 2004 

                	
                  Subsection
                    10 Mortgage 

                
	
                  South
                    Carolina 

                	
                  South
                    Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                    et
                    seq.
                    

                  Effective
                    for loans taken on or after January 1, 2004

                	
                  High
                    Cost Home Loan 

                
	
                  West
                    Virginia 

                	
                  West
                    Virginia Residential Mortgage Lender, Broker and Servicer Act,
                    W. Va. Code
                    Ann. §§ 31-17-1 et
                    seq.
                    

                  Effective
                    June 5, 2002 

                	
                  West
                    Virginia Mortgage Loan Act Loan 

                

        

         

        
Standard
          & Poor’s Covered Loan Categorization 

      

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003) 

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.
                  

                Effective
                  October 1, 2002 - March 6, 2003 

              	
                Covered
                  Loan 

              
	
                New
                  Jersey 

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et
                  seq.
                  

                Effective
                  November 27, 2003 - July 5, 2004 

              	
                Covered
                  Home Loan 

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Standard
        & Poor’s Home Loan Categorization

      

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003) 

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.
                  

                Effective
                  October 1, 2002 - March 6, 2003 

              	
                Home
                  Loan 

              
	
                New
                  Jersey 

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et
                  seq.
                  

                Effective
                  for loans closed on or after November 27, 2003

              	
                Home
                  Loan 

              
	
                New
                  Mexico 

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et
                  seq.
                  

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004 

              	
                Home
                  Loan 

              
	
                North
                  Carolina 

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  et
                  seq.
                  

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)
                  

              	
                Consumer
                  Home Loan 

              
	
                South
                  Carolina 

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  et
                  seq.
                  

                Effective
                  for loans taken on or after January 1, 2004 

              	
                Consumer
                  Home Loan 

              

      

      

      Revised
        4/18/06 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

      

      SERVICING
        CRITERIA

      

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

       

      Schedule
        1122 (Pooling and Servicing Agreement)

       

      Assessments
        of Compliance and Attestation Reports Servicing Criteria1 

      

      
        	
                Reg.
                  AB Item 1122(d) Servicing Criteria

              	
                Depositor

              	
                Sponsor

              	
                Servicer

              	
                Trustee

              	
                Custodian

              	
                Paying
                  Agent

              	
                Master
                  Servicer

              	
                Securities
                  Administrator

              
	
                (1) General
                  Servicing Considerations

              	 	 	 	 	 	 	 	 
	
                (i) monitoring
                  performance or other triggers and events of default

              	 	 	
                X

              	 	 	 	
                X

              	
                X

              
	
                (ii) monitoring
                  performance of vendors of activities outsourced

              	 	 	
                X

              	 	 	 	 	 
	
                (iii) maintenance
                  of back-up servicer for pool assets

              	 	 	 	 	 	 	 	 
	
                (iv) fidelity
                  bond and E&O policies in effect

              	 	 	
                X

              	 	 	 	
                X

              	 
	
                (2) Cash
                  Collection and Administration

              	 	 	 	 	 	 	 	 
	
                (i) timing
                  of deposits to custodial account

              	 	 	
                X

              	 	 	
                X

              	
                X

              	
                X

              
	
                (ii) wire
                  transfers to investors by authorized personnel

              	 	 	
                X

              	 	 	
                X

              	 	
                X

              
	
                (iii) advances
                  or guarantees made, reviewed and approved as required

              	 	 	
                X

              	 	 	 	
                X

              	 
	
                (iv) accounts
                  maintained as required

              	 	 	
                X

              	 	 	
                X

              	
                X

              	
                X

              
	
                (v) accounts
                  at federally insured depository institutions

              	 	 	
                X

              	 	 	
                X

              	
                X

              	
                X

              
	
                (vi) unissued
                  checks safeguarded

              	 	 	
                X

              	 	 	
                X

              	 	
                X

              
	
                (vii) monthly
                  reconciliations of accounts

              	 	 	
                X

              	 	 	
                X

              	
                X

              	
                X

              
	
                (3) Investor
                  Remittances and Reporting

              	 	 	 	 	 	 	 	 
	
                (i) investor
                  reports

              	 	 	
                X

              	 	 	
                X

              	
                X

              	
                X

              
	
                (ii) remittances

              	 	 	
                X

              	 	 	
                X

              	 	
                X

              
	
                (iii) proper
                  posting of distributions

              	 	 	
                X

              	 	 	
                X

              	 	
                X

              
	
                (iv) reconciliation
                  of remittances and payment statements

              	 	 	 	 	 	
                X

              	
                X

              	
                X

              
	
                (4) Pool
                  Asset Administration

              	 	 	 	 	 	 	 	 
	
                (i) maintenance
                  of pool collateral

              	 	 	
                X

              	 	
                X

              	 	 	 
	
                (ii) safeguarding
                  of pool assets/documents

              	 	 	
                X

              	 	
                X

              	 	 	 
	
                (iii) additions,
                  removals and substitutions of pool assets

              	
                X

              	
                X

              	
                X

              	 	 	 	 	 
	
                (iv) posting
                  and allocation of pool asset payments to pool assets

              	 	 	
                X

              	 	 	 	 	 
	
                (v) reconciliation
                  of servicer records

              	 	 	
                X

              	 	 	 	 	 
	
                (vi) modifications
                  or other changes to terms of pool assets

              	 	 	
                X

              	 	 	 	 	 
	
                (vii) loss
                  mitigation and recovery actions

              	 	 	
                X

              	 	 	 	 	 
	
                (viii)records
                  regarding collection efforts

              	 	 	
                X

              	 	 	 	 	 
	
                (ix) adjustments
                  to variable interest rates on pool assets

              	 	 	
                X

              	 	 	 	 	 
	
                (x) matters
                  relating to funds held in trust for obligors

              	 	 	
                X

              	 	 	 	 	 
	
                (xi) payments
                  made on behalf of obligors (such as for taxes or
                  insurance)

              	 	 	
                X

              	 	 	 	 	 
	
                (xii) late
                  payment penalties with respect to payments made on behalf of obligors
                  

              	 	 	
                X

              	 	 	 	 	 
	
                (xiii)records
                  with respect to payments made on behalf of obligors

              	 	 	
                X

              	 	 	 	 	 
	
                (xiv) recognition
                  and recording of delinquencies, charge-offs and uncollectible
                  accounts

              	 	 	
                X

              	 	 	 	
                X

              	
                X

              
	
                (xv) maintenance
                  of external credit enhancement or other support

              	
                X

              	
                X

              	 	 	 	 	 	
                X
                  (If required pursuant to Agreement)

              

      

      

       

      

      

        

        
          *
            The
            descriptions of the Item 1122(d) servicing criteria use key words and
            phrases
            and are not verbatim recitations of the servicing criteria. Refer to
            Regulation
            AB, Item 1122 for a full description of servicing
            criteria.

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        M

      

       

      BACK-UP
        CERTIFICATION

       

      Re: __________
        (the “Trust”)

       

       

      Mortgage
        Pass-Through Certificates, Series 2006-AF1

       

      I,
        [identify the certifying individual], certify to Nomura Asset Acceptance
        Corporation (the “Depositor”), HSBC Bank USA, National Association (the
“Trustee”) and Wells Fargo Bank, N.A. (the “Master Servicer”), and their
        respective officers, directors and affiliates, and with the knowledge and
        intent
        that they will rely upon this certification, that:

       

      (1) I
        have
        reviewed the servicer compliance statement of the Servicer provided in
        accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
        report on assessment of the Servicer’s compliance with the servicing criteria
        set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided
        in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act
        of
        1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
        report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
        Act and Section 1122(b) of Regulation AB (the “Attestation
        Report”), and all servicing reports, officer’s certificates and other
        information relating to the servicing of the Mortgage Loans by the Servicer
        during 200[ ] that were delivered by the Servicer to the Master Servicer
        pursuant to the Agreement (collectively, the “Servicer Servicing
        Information”);

       

      (2) Based
        on
        my knowledge, the Servicer Servicing Information, taken as a whole, does
        not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Servicer Servicing Information;

       

      (3) Based
        on
        my knowledge, all of the Servicer Servicing Information required to be provided
        by the Servicer under the Agreement has been provided to the Master
        Servicer;

       

      (4) I
        am
        responsible for reviewing the activities performed by the Servicer as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Servicer has fulfilled its obligations under the Agreement in all material
        respects; and

       

      (5) The
        Compliance Statement required to be delivered by the Servicer pursuant to
        the
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Servicer and by any Subservicer or Subcontractor pursuant
        to the
        Agreement, have been provided to the Master Servicer. Any material instances
        of
        noncompliance described in such reports have been disclosed to the Master
        Servicer. Any material instance of noncompliance with the Servicing Criteria
        has
        been disclosed in such reports.

       

      Capitalized
        terms used and not otherwise defined herein have the meanings assigned thereto
        in the Pooling and Servicing Agreement (the “Agreement”), dated as of May 1,
        2006, among Nomura Asset Acceptance Corporation, Nomura Credit & Capital,
        Inc., GMAC Mortgage Corporation, Wells Fargo Bank, N.A. and HSBC Bank USA,
        National Association

      

       

      

       

      
        	
                Date:

              	 
	 
	 
	
                [Signature]

              
	 
	
                [Title]

              

      

      

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the party identified
        as responsible for preparing the Securities Exchange Act Reports pursuant
        to
        Section 5.12. An asterisk indicates that the Responsible Party is responsible
        for aggregating the information it receives from other Responsible
        Parties.

      

      Under
        Item 1 of Form 10-D: a) items marked “5.07 statement” are required to be
        included in the periodic Distribution Date statement under Section 5.07,
        provided by the Securities Administrator based on information received from
        the
        Master Servicer; and b) items marked “Form 10-D report” are required to be in
        the Form 10-D report but not the 5.07 statement, provided by the party
        indicated. Information under all other Items of Form 10-D is to be included
        in
        the Form 10-D report.

      

      Additional
        Form 10-D Disclosure

      

      

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  1: Distribution and Pool Performance Information

                 

              	 
	
                Information
                  included in the [Monthly Statement]

              	
                Servicer

                Master
                  Servicer

                Securities
                  Administrator

              
	
                Any
                  information required by 1121 which is NOT included on the [Monthly
                  Statement]

              	
                Depositor

              
	
                Item
                  2: Legal Proceedings

                 

                Any
                  legal proceeding pending against the following entities or their
                  respective property, that is material to Certificateholders, including
                  any
                  proceeding sknown to be contemplated by governmental
                  authorities:

              	 
	
                ▪
                  Issuing Entity (Trust Fund)

              	
                Trustee,
                  Master Servicer, Securities Administrator and Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Seller
                  (if a party to the Pooling and Servicing Agreement) or
                  Depositor

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Custodian

              	
                Custodian

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

              
	
                ▪
                  Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                  Administrator)

              	
                Servicer

              
	
                ▪
                  Any other party contemplated by 1100(d)(1)

              	
                Depositor

              
	
                Item
                  3: Sale of Securities and Use of Proceeds

                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	
                Depositor

              
	
                Item
                  4: Defaults Upon Senior Securities

                 

                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	
                Securities
                  Administrator

                Trustee

              
	
                Item
                  5: Submission of Matters to a Vote of Security
                  Holders

                 

                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Securities
                  Administrator

                Trustee

              
	
                Item
                  6: Significant Obligors of Pool Assets

                 

                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                Item
                  7: Significant Enhancement Provider Information

                 

                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

              	 
	
                ▪
                  Determining applicable disclosure threshold

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information*

              	 
	
                ▪
                  Determining current maximum probable exposure

              	
                Depositor

              
	
                ▪
                  Determining current significance percentage

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                Item
                  8: Other Information

                 

                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                Any
                  party responsible for the applicable Form 8-K Disclosure
                  item

              
	
                Item
                  9: Exhibits

              	 
	
                Monthly
                  Statement to Certificateholders

              	
                Securities
                  Administrator

              
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	
                Depositor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Additional
        Form 10-K Disclosure

      

      

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                Item
                  1B: Unresolved Staff Comments

                 

              	
                Depositor

              
	
                Item
                  9B: Other Information

                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  15: Exhibits, Financial Statement Schedules

              	
                Securities
                  Administrator

                Depositor

              
	
                Reg
                  AB Item 1112(b): Significant Obligors of Pool
                  Assets

              	 
	
                Significant
                  Obligor Financial Information*

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                Reg
                  AB Item 1114(b)(2): Credit Enhancement Provider Financial
                  Information

              	 
	
                ▪
                  Determining applicable disclosure threshold

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                Reg
                  AB Item 1115(b): Derivative Counterparty Financial
                  Information

              	 
	
                ▪
                  Determining current maximum probable exposure

              	
                Depositor

              
	
                ▪
                  Determining current significance percentage

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                Reg
                  AB Item 1117: Legal Proceedings

                 

                Any
                  legal proceeding pending against the following entities or their
                  respective property, that is material to Certificateholders, including
                  any
                  proceeding sknown to be contemplated by governmental
                  authorities:

              	 
	
                ▪
                  Issuing Entity (Trust Fund)

              	
                Trustee,
                  Master Servicer, Securities Administrator and Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Seller
                  (if a party to the Pooling and Servicing Agreement) or
                  Depositor

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Custodian

              	
                Custodian

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

              
	
                ▪
                  Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                  Administrator)

              	
                Servicer

              
	
                ▪
                  Any other party contemplated by 1100(d)(1)

              	
                Depositor

              
	
                Reg
                  AB Item 1119: Affiliations and Relationships

              	 
	
                Whether
                  (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                  of
                  the following parties, and (b) to the extent known and material,
                  any of
                  the following parties are affiliated with one another:

              	
                Depositor
                  as to (a) 

                Sponsor/Seller
                  as to (a)

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor/Sponsor

              
	
                Whether
                  there are any “outside the ordinary course business arrangements” other
                  than would be obtained in an arm’s length transaction between (a) the
                  Sponsor (Seller), Depositor or Issuing Entity on the one hand,
                  and (b) any
                  of the following parties (or their affiliates) on the other hand,
                  that
                  exist currently or within the past two years and that are material
                  to a
                  Certificateholder’s understanding of the Certificates:

              	
                Depositor
                  as to (a) 

                Sponsor/Seller
                  as to (a)

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor/Sponsor

              
	
                Whether
                  there are any specific relationships involving the transaction
                  or the pool
                  assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                  on
                  the one hand, and (b) any of the following parties (or their affiliates)
                  on the other hand, that exist currently or within the past two
                  years and
                  that are material:

              	
                Depositor
                  as to (a) 

                Sponsor/Seller
                  as to (a)

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor/Sponsor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Form
        8-K
        Disclosure Information

      

      

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Item
                  1.01- Entry into a Material Definitive Agreement

                 

                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                 

                Examples:
                  servicing agreement, custodial agreement.

                 

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                All
                  parties

              
	
                Item
                  1.02- Termination of a Material Definitive Agreement

                 

                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party. 

                 

                Examples:
                  servicing agreement, custodial agreement.

              	
                All
                  parties

              
	
                Item
                  1.03- Bankruptcy or Receivership

                 

                Disclosure
                  is required regarding the bankruptcy or receivership, with respect
                  to any
                  of the following: 

              	 
	
                ▪
                  Sponsor (Seller)

              	
                Depositor/Sponsor
                  (Seller)

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Affiliated Servicer

              	
                Servicer

              
	
                ▪
                  Other Servicer servicing 20% or more of the pool assets at the
                  time of the
                  report

              	
                Servicer

              
	
                ▪
                  Other material servicers

              	
                Servicer

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Significant Obligor

              	
                Depositor

              
	
                ▪
                  Credit Enhancer (10% or more)

              	
                Depositor

              
	
                ▪
                  Derivative Counterparty

              	
                Depositor

              
	
                ▪
                  Custodian

              	
                Custodian

              
	
                Item
                  2.04- Triggering Events that Accelerate or Increase a Direct Financial
                  Obligation or an Obligation under an Off-Balance Sheet
                  Arrangement

                 

                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                 

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the monthly statements to the certificateholders.

              	
                Depositor

                Master
                  Servicer

                Securities
                  Administrator

              
	
                Item
                  3.03- Material Modification to Rights of Security
                  Holders

                 

                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement.

              	
                Securities
                  Administrator

                Trustee

                Depositor

              
	
                Item
                  5.03- Amendments of Articles of Incorporation or Bylaws; Change
                  of Fiscal
                  Year

                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”.

              	
                Depositor

              
	
                Item
                  6.01- ABS Informational and Computational
                  Material

              	
                Depositor

              
	
                Item
                  6.02- Change of Servicer or Securities Administrator

                 

                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers or
                  trustee.

              	
                Master
                  Servicer/Securities Administrator/Depositor/

                Servicer/Trustee

              
	
                Reg
                  AB disclosure about any new servicer or master servicer is also
                  required.

              	
                Servicer/Master
                  Servicer/Depositor

              
	
                Reg
                  AB disclosure about any new Trustee is also required.

              	
                Trustee

              
	
                Item
                  6.03- Change in Credit Enhancement or External
                  Support

                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  

              	
                Depositor/Securities
                  Administrator

              
	
                Reg
                  AB disclosure about any new enhancement provider is also
                  required.

              	
                Depositor

              
	
                Item
                  6.04- Failure to Make a Required Distribution

              	
                Securities
                  Administrator

                Trustee

              
	
                Item
                  6.05- Securities Act Updating Disclosure

                 

                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	
                Item
                  7.01- Reg FD Disclosure

              	
                All
                  parties

              
	
                Item
                  8.01- Other Events

                 

                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to
                  certificateholders.

              	
                Depositor

              
	
                Item
                  9.01- Financial Statements and Exhibits

              	
                Responsible
                  party for reporting/disclosing the financial statement or
                  exhibit

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                EXHIBIT
                  X-1

              
	
                Standard
                  File Layout - Master Servicing

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	
                 

              	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file. It is not separated by first
                  and
                  last name.

              	
                 

              	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  servicer's fee rate for a loan as reported by the Servicer.
                  

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  servicer's fee amount for a loan as reported by the Servicer.
                  

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer. 

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer. 

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment amount.
                  

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                 

              	
                 

              	
                 

              	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO 

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer. 

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	
                 

              	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        X-2

      

      Exhibit: Standard
        File Layout - Delinquency Reporting

      

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR

              	 	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	 	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  Client Number

              	 	 
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	 	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  Name of the Borrower.

              	 	 
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	 	 
	
                PROP_ADDRESS

              	
                Street
                  Name and Number of Property

              	 	
                 

              
	
                PROP_STATE

              	
                The
                  state where the property located.

              	 	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	 	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	 	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	 	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted. 

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  Date The Loss Mitigation Is Actually Completed

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	 	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The
                  date the servicer initiates eviction of the borrower.

              	 	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	 	
                MM/DD/YYYY

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	 	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  Date Of REO Sale

              	 	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	 	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	 	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a property inspection is performed.

              	 	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	 	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                If
                  applicable:

              	
                 

              	 	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  Code Describing Status of Loan

              	 	 
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a loan.
                  Code
                  indicates the reason why the loan is in default for this
                  cycle.

              	 	 
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of Mortgage Insurance Claim Filed

              	 	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  Claim Was Filed With Pool Insurance Company

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of Claim Filed With Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  Paid On Claim By Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD Disbursed Part A Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part A Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD Disbursed Part B Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part B Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA Claim Was Filed With the Veterans Admin

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin. Disbursed VA Claim Payment

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans Admin. Paid on VA Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      Standard
        File Codes - Delinquency Reporting

       

      The
        Loss
        Mit Type
        field
        should show the approved Loss Mitigation Code as follows: 

       

      
        	·  	
                ASUM
                  - Approved
                  Assumption

              

      

       

      
        	·  	
                BAP
                  - Borrower
                  Assistance Program

              

      

       

      
        	·  	
                CO
                  -
                  Charge Off

              

      

       

      
        	·  	
                DIL
                  -
                  Deed-in-Lieu

              

      

       

      
        	·  	
                FFA
                  -
                  Formal Forbearance Agreement

              

      

       

      
        	·  	
                MOD
                  -
                  Loan Modification

              

      

       

      
        	·  	
                PRE
                  -
                  Pre-Sale

              

      

       

      
        	·  	
                SS
                  -
                  Short Sale

              

      

       

      
        	·  	
                MISC
                  - Anything
                  else approved by the PMI or Pool
                  Insurer

              

      

      

       

      NOTE:
        Wells
        Fargo Bank will accept alternative Loss Mitigation Types to those above,
        provided that they are consistent with industry standards. If Loss Mitigation
        Types other than those above are used, the Servicer must supply Wells Fargo
        Bank
        with a description of each of the Loss Mitigation Types prior to sending
        the
        file.

       

      The
        Occupant
        Code
        field
        should show the current status of the property code as follows:

       

      
        	·  	
                Mortgagor

              

      

       

      
        	·  	
                Tenant

              

      

       

      
        	·  	
                Unknown
                  

              

      

       

      
        	·  	
                Vacant

              

      

       

       

      The
        Property
        Condition
        field
        should show the last reported condition of the property as follows:

       

      
        	·  	
                Damaged

              

      

       

      
        	·  	
                Excellent

              

      

       

      
        	·  	
                Fair

              

      

       

      
        	·  	
                Gone

              

      

       

      
        	·  	
                Good

              

      

       

      
        	·  	
                Poor

              

      

       

      
        	·  	
                Special
                  Hazard

              

      

       

      
        	·  	
                Unknown

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

      The
        FNMA
        Delinquent Reason Code
        field
        should show the Reason for Delinquency as follows: 

       

      

      
        	
                Delinquency
                  Code

              	
                Delinquency
                  Description

              
	
                001

              	
                FNMA-Death
                  of principal mortgagor

              
	
                002

              	
                FNMA-Illness
                  of principal mortgagor

              
	
                003

              	
                FNMA-Illness
                  of mortgagor’s family member

              
	
                004

              	
                FNMA-Death
                  of mortgagor’s family member

              
	
                005

              	
                FNMA-Marital
                  difficulties

              
	
                006

              	
                FNMA-Curtailment
                  of income

              
	
                007

              	
                FNMA-Excessive
                  Obligation

              
	
                008

              	
                FNMA-Abandonment
                  of property

              
	
                009

              	
                FNMA-Distant
                  employee transfer

              
	
                011

              	
                FNMA-Property
                  problem

              
	
                012

              	
                FNMA-Inability
                  to sell property

              
	
                013

              	
                FNMA-Inability
                  to rent property

              
	
                014

              	
                FNMA-Military
                  Service

              
	
                015

              	
                FNMA-Other

              
	
                016

              	
                FNMA-Unemployment

              
	
                017

              	
                FNMA-Business
                  failure

              
	
                019

              	
                FNMA-Casualty
                  loss

              
	
                022

              	
                FNMA-Energy
                  environment costs

              
	
                023

              	
                FNMA-Servicing
                  problems

              
	
                026

              	
                FNMA-Payment
                  adjustment

              
	
                027

              	
                FNMA-Payment
                  dispute

              
	
                029

              	
                FNMA-Transfer
                  of ownership pending

              
	
                030

              	
                FNMA-Fraud

              
	
                031

              	
                FNMA-Unable
                  to contact borrower

              
	
                INC

              	
                FNMA-Incarceration

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

      

       

      The
        FNMA
        Delinquent Status Code
        field
        should show the Status of Default as follows: 

       

      

      
        	
                Status
                  Code

              	
                Status
                  Description

              
	
                09

              	
                Forbearance

              
	
                17

              	
                Pre-foreclosure
                  Sale Closing Plan Accepted

              
	
                24

              	
                Government
                  Seizure

              
	
                26

              	
                Refinance

              
	
                27

              	
                Assumption

              
	
                28

              	
                Modification

              
	
                29

              	
                Charge-Off

              
	
                30

              	
                Third
                  Party Sale

              
	
                31

              	
                Probate

              
	
                32

              	
                Military
                  Indulgence

              
	
                43

              	
                Foreclosure
                  Started

              
	
                44

              	
                Deed-in-Lieu
                  Started

              
	
                49

              	
                Assignment
                  Completed

              
	
                61

              	
                Second
                  Lien Considerations

              
	
                62

              	
                Veteran’s
                  Affairs-No Bid

              
	
                63

              	
                Veteran’s
                  Affairs-Refund

              
	
                64

              	
                Veteran’s
                  Affairs-Buydown

              
	
                65

              	
                Chapter
                  7 Bankruptcy

              
	
                66

              	
                Chapter
                  11 Bankruptcy

              
	
                67

              	
                Chapter
                  13 Bankruptcy

              

      

       

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        X-3

      

      

      Exhibit
        : Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

       

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due on the remittance report date.
        Late
        submissions may result in claims not being passed until the following month.
        The
        Servicer is responsible to remit all funds pending loss approval and /or
        resolution of any disputed items. 

       

      The
        numbers on the 332 form correspond with the numbers listed
        below.

       

      Liquidation
        and Acquisition Expenses:

       

      1. The
        Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      2. The
        Total
        Interest Due less the aggregate amount of servicing fee that would have been
        earned if all delinquent payments had been made as agreed. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      3.
         Accrued
        Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
        Loan
        as calculated on a monthly basis. For documentation, an Amortization Schedule
        from date of default through liquidation breaking out the net interest and
        servicing fees advanced is required.

       

      4-12. Complete
        as applicable. Required documentation:

       

      *
        For
        taxes and insurance advances - see page 2 of 332 form - breakdown required
        showing period of
        coverage, base tax, interest, penalty. Advances prior to default require
        evidence of servicer efforts to recover advances.

       

      *
        For
        escrow advances - complete payment history (to
        calculate advances from last positive escrow balance forward)

       

      *
        Other
        expenses -  copies of corporate advance history showing all payments

       

      *
        REO
        repairs > $1500 require explanation

       

      *
        REO
        repairs >$3000 require evidence of at least 2 bids.

       

      *
        Short
        Sale or Charge Off require P&L supporting the decision and WFB’s approved
        Officer Certificate 

       

      *
        Unusual
        or extraordinary items may require further documentation. 

       

      13.  The
        total
        of lines 1 through 12.

       

      Credits:
        

       

      14-21. Complete
        as applicable. Required documentation:

       

      *
        Copy of
        the HUD 1 from the REO sale. If a 3rd Party Sale, bid instructions
        and Escrow Agent / Attorney Letter of Proceeds Breakdown.

       

      *
        Copy of
        EOB for any MI or gov't guarantee 

       

      *
        All
        other credits need to be clearly defined on the 332
        form            

       

      
        	 	
                22.

              	
                The
                  total of lines 14 through 21.

              

      

       

      Please
        Note: For
        HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
        Part
        B/Supplemental proceeds.

       

      Total
        Realized Loss (or Amount of Any Gain)

       

      23. The
        total
        derived from subtracting line 22 from 13. If the amount represents a realized
        gain, show
        the
        amount in parenthesis ( ). 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        3A: Calculation
        of Realized Loss/Gain Form 332

      
         

        Prepared
          by: __________________   Date:
          _______________

        Phone:
          ______________________         Email
          Address:_____________________

         

        
          	
                  Servicer
                    Loan No.

                	 	
                  Servicer
                    Name

                	 	
                  Servicer
                    Address 

                   

                

        

         

        WELLS
          FARGO BANK, N.A. Loan No._____________________________

         

        Borrower's
          Name: _________________________________________________________

        Property
          Address: _________________________________________________________

         

        Liquidation
          Type: REO Sale  
          3rd
          Party Sale  
Short
          Sale 
Charge
          Off 

         

        Was
          this loan granted a Bankruptcy deficiency or cramdown  Yes                            
          No

        If
“Yes”,
          provide deficiency or cramdown amount
          ________________________________________

         

        Liquidation
          and Acquisition Expenses:

        

          
            	
                    (1)

                  	
                    Actual
                      Unpaid Principal Balance of Mortgage Loan

                  	
                    $
                      ______________

                  	
                    (1)

                  
	
                    (2)

                  	
                    Interest
                      accrued at Net Rate

                  	
                    ________________

                  	
                    (2)

                  
	
                    (3)

                  	
                    Accrued
                      Servicing Fees

                  	
                    ________________

                  	
                    (3)

                  
	
                    (4)

                  	
                    Attorney's
                      Fees

                  	
                    ________________

                  	
                    (4)

                  
	
                    (5)

                  	
                    Taxes
                      (see page 2)

                  	
                    ________________

                  	
                    (5)

                  
	
                    (6)

                  	
                    Property
                      Maintenance

                  	
                    ________________

                  	
                    (6)

                  
	
                    (7)

                  	
                    MI/Hazard
                      Insurance Premiums (see page 2)

                  	
                    ________________

                  	
                    (7)

                  
	
                    (8)

                  	
                    Utility
                      Expenses

                  	
                    ________________

                  	
                    (8)

                  
	
                    (9)

                  	
                    Appraisal/BPO

                  	
                    ________________

                  	
                    (9)

                  
	
                    (10)

                  	
                    Property
                      Inspections

                  	
                    ________________

                  	
                    (10)

                  
	
                    (11)

                  	
                    FC
                      Costs/Other Legal Expenses

                  	
                    ________________

                  	
                    (11)

                  
	
                    (12)

                  	
                    Other
                      (itemize)

                  	
                    $________________

                  	
                    (12)

                  
	
                    Cash
                      for Keys__________________________

                  	 	
                    ________________

                  	 
	
                    HOA/Condo
                      Fees_______________________

                  	 	
                    ________________

                  	 
	
                    ______________________________________

                  	 	
                    ________________

                  	 
	
                    ______________________________________

                  	 	
                    ________________

                  	 
	
                    Total
                      Expenses

                  	 	
                    $
                      _______________

                  	
                    (13)

                  
	
                    Credits:

                  	 	 	 
	
                    (14)

                  	
                    Escrow
                      Balance

                  	
                    $
                      _______________

                  	
                    (14)

                  
	
                    (15)

                  	
                    HIP
                      Refund

                  	
                    ________________

                  	
                    (15)

                  
	
                    (16)

                  	
                    Rental
                      Receipts

                  	
                    ________________

                  	
                    (16)

                  
	
                    (17)

                  	
                    Hazard
                      Loss Proceeds

                  	
                    ________________

                  	
                    (17)

                  
	
                    (18)

                  	
                    Primary
                      Mortgage Insurance / Gov’t Insurance

                  	
                    ________________

                  	
                    (18a)

                  
	 	
                    HUD
                      Part A

                  	 	 
	 	
                    HUD
                      Part B

                  	
                    ________________

                  	
                    (18b)

                  
	
                    (19)

                  	
                    Pool
                      Insurance Proceeds

                  	
                    ________________

                  	
                    (19)

                  
	
                    (20)

                  	
                    Proceeds
                      from Sale of Acquired Property

                  	
                    ________________

                  	
                    (20)

                  
	
                    (21)

                  	
                    Other
                      (itemize)

                  	
                    ________________

                  	
                    (21)

                  
	
                    _________________________________________

                  	 	
                    _________________

                  	 
	
                    _________________________________________

                  	
                     

                  	
                    _________________

                  	 
	
                    Total
                      Credits

                  	
                     $________________

                  	
                     

                  	
                    (22)

                  
	
                    Total
                      Realized Loss (or Amount of Gain)

                  	
                     $________________

                  	
                     

                  	
                    (23)

                  

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Escrow
        Disbursement Detail

      

      

      
        	
                Type

                (Tax
                  /Ins.)

              	
                Date
                  Paid

              	
                Period
                  of Coverage

              	
                Total
                  Paid

              	
                Base
                  Amount

              	
                Penalties

              	
                Interest

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]