Document:

Exhibit
      4.2

    

     

    TBW
      MORTGAGE TRUST [    ], as Issuer

     

    TBALT
      CORP.,
      as
      Depositor

     

    [  
       ],

    as
      Securities Administrator and Master Servicer

     

    [TAYLOR,
      BEAN & WHITAKER MORTGAGE CORP.],
      as
      Seller and Servicer

     

    [   
      ], as Servicer

     

    and
      

     

    [   
      ], as Indenture Trustee

     

    
      
        

      

    

     

    FORM
      OF

     

    TRANSFER
      AND SERVICING AGREEMENT

     

    Dated
      as
      of [    ]

     

    
      
 

    TBW
      MORTGAGE TRUST [    ]

    MORTGAGE
      BACKED NOTES

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF CONTENTS

    

    
      	 	 	 	 	
              Page

            
	
              ARTICLE
                I 

              DEFINITIONS

            	 	 
	 	 	 	 	 
	
              Section
                1.01. 

            	 	
              Definitions

            	 	
              3

            
	
              Section
                1.02. 

            	 	
              Calculations
                With Respect to the Mortgage Loans

            	 	
              37

            
	
              Section
                1.03. 

            	 	
              Calculations
                With Respect to Accrued Interest

            	 	
              37

            
	 	 	 	 	 
	
              ARTICLE
                II

              CONVEYANCE
                OF MORTGAGE LOANS

            	 	 
	 	 	 	 	 
	
              Section
                2.01.

            	 	
              Creation
                and Declaration of Trust Estate; Conveyance of Mortgage
                Loans

            	 	
              37

            
	
              Section
                2.02. 

            	 	
              Acceptance
                of Trust Estate; Review of Documentation

            	 	
              42

            
	
              Section
                2.03. 

            	 	
              Grant
                Clause

            	 	
              44

            
	
              Section
                2.04. 

            	 	
              Option
                to Contribute Derivative Instrument

            	 	
              45

            
	 	 	 	 	 
	
              ARTICLE
                III

              REPRESENTATIONS
                AND WARRANTIES

            	 	 
	 	 	 	 	 
	
              Section
                3.01. 

            	 	
              Representations
                and Warranties of the Depositor and the Seller

            	 	
              46

            
	
              Section
                3.02. 

            	 	
              Discovery
                of Breach

            	 	
              48

            
	
              Section
                3.03. 

            	 	
              Repurchase,
                Purchase or Substitution of Mortgage Loans

            	 	
              48

            
	
              Section
                3.04. 

            	 	
              Representations
                and Warranties of the Depositor with respect to Security
                Interest

            	 	
              49

            
	 	 	 	 	 
	
              ARTICLE
                IV

              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS BY THE 

              SERVICER[S]

            	 	 
	 	 	 	 	 
	
              Section
                4.01. 

            	 	
              Servicer[s]
                to Perform Servicing Responsibilities

            	 	
              50

            
	
              Section
                4.02. 

            	 	
              Servicing
                of the Mortgage Loans

            	 	
              51

            
	
              Section
                4.03. 

            	 	
              Payments
                to the Master Servicer

            	 	
              66

            
	
              Section
                4.04. 

            	 	
              General
                Servicing Procedures

            	 	
              69

            
	
              Section
                4.05. 

            	 	
              Representations,
                Warranties and Agreements

            	 	
              73

            
	
              Section
                4.06. 

            	 	
              The
                Servicer[s]

            	 	
              76

            
	
              Section
                4.07. 

            	 	
              Termination
                for Cause

            	 	
              79

            
	
              Section
                4.08. 

            	 	
              Successor
                to Servicer

            	 	
              80

            
	
              Section
                4.09. 

            	 	
              [Subservicers
                and Subservicing Agreements; Subcontractors]

            	 	
              82

            
	
              Section
                4.10. 

            	 	
              Superior
                Liens

            	 	
              83

            

    

    

    
      
        
        

      

      
        i

        
          

        

      

       

    

    

    
      	
              ARTICLE
                V

              ADMINISTRATION
                AND MASTER SERVICING OF MORTGAGE LOANS BY THE 

              MASTER
                SERVICER AND THE SECURITIES ADMINISTRATOR

            	 	 
	 	 	 
	
              Section
                5.01. 

            	 	
              Duties
                of the Master Servicer; Representations and Warranties

            	 	
              84

            
	
              Section
                5.02. 

            	 	
              Master
                Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance
                Policy

            	 	
              86

            
	
              Section
                5.03. 

            	 	
              Master
                Servicer’s Financial Statements and Related Information

            	 	
              87

            
	
              Section
                5.04. 

            	 	
              Power
                to Act; Procedures

            	 	
              87

            
	
              Section
                5.05. 

            	 	
              Enforcement
                of [Servicer’s/Servicers'] and Master Servicer’s
                Obligations

            	 	
              88

            
	
              Section
                5.06. 

            	 	
              Collection
                Account

            	 	
              89

            
	
              Section
                5.07. 

            	 	
              Application
                of Funds in the Collection Account

            	 	
              90

            
	
              Section
                5.08. 

            	 	
              Reports
                to Indenture Trustee and Noteholders

            	 	
              92

            
	
              Section
                5.09. 

            	 	
              Termination
                of Servicer; Successor Servicers

            	 	
              97

            
	
              Section
                5.10. 

            	 	
              Master
                Servicer Liable for Enforcement

            	 	
              98

            
	
              Section
                5.11. 

            	 	
              Assumption
                of Master Servicing by Indenture Trustee

            	 	
              98

            
	
              Section
                5.12. 

            	 	
              Release
                of Mortgage Files

            	 	
              99

            
	
              Section
                5.13. 

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

            	 	
              100

            
	
              Section
                5.14. 

            	 	
              Opinion

            	 	
              101

            
	
              Section
                5.15. 

            	 	
              Indenture
                Trustee To Retain Possession of Certain Insurance Policies and
                Documents

            	 	
              101

            
	
              Section
                5.16. 

            	 	
              Compensation
                to the Master Servicer

            	 	
              102

            
	
              Section
                5.17. 

            	 	
              Annual
                Officer’s Certificate as to Compliance

            	 	
              102

            
	
              Section
                5.18. 

            	 	
              Annual
                Independent Accountants’ Servicing Report

            	 	
              103

            
	
              Section
                5.19. 

            	 	
              Merger
                or Consolidation

            	 	
              103

            
	
              Section
                5.20. 

            	 	
              Resignation
                of Master Servicer

            	 	
              104

            
	
              Section
                5.21. 

            	 	
              Assignment
                or Delegation of Duties by the Master Servicer

            	 	
              104

            
	
              Section
                5.22. 

            	 	
              Limitation
                on Liability of the Master Servicer and Others

            	 	
              104

            
	
              Section
                5.23. 

            	 	
              Indemnification;
                Third Party Claims

            	 	
              105

            
	
              Section
                5.24. 

            	 	
              Alternative
                Index

            	 	
              106

            
	
              Section
                5.25. 

            	 	
              Transfer
                of Servicing

            	 	
              106

            
	
              Section
                5.26. 

            	 	
              Compliance
                with Safeguarding Customer Information Requirements

            	 	
              107

            
	 	 	 	 	 
	
              ARTICLE
                VI 

              DEPOSITS
                AND PAYMENTS TO HOLDERS

            	 	 
	 	 	 	 	 
	
              Section
                6.01. 

            	 	
              The
                Note Payment Account

            	 	
              107

            
	
              Section
                6.02. 

            	 	
              Payments
                from the Note Payment Account

            	 	
              108

            
	
              Section
                6.03. 

            	 	
              Control
                of the Trust Account

            	 	
              112

            
	
              Section
                6.04. 

            	 	
              Monthly
                Advances by Master Servicer and Servicer[s]

            	 	
              115

            
	
              Section
                6.05. 

            	 	
              [Cap]
                [Swap] Agreements

            	 	
              116

            

    

    

    
      
        
        

      

      
        ii

        
          

        

      

       

    

    

    
      	
              Section
                6.06. 

            	 	
              The
                Capitalized Interest Account

            	 	
              119

            
	
              Section
                6.07. 

            	 	
              [The
                Pre-Funding Account] [The Revolving Account]

            	 	
              119

            
	 	 	 	 	 
	
              ARTICLE
                VII

              THE
                SECURITIES ADMINISTRATOR

            	 	 
	 	 	 	 	 
	
              Section
                7.01. 

            	 	
              Duties
                of the Securities Administrator

            	 	
              120

            
	
              Section
                7.02. 

            	 	
              Records

            	 	
              121

            
	
              Section
                7.03. 

            	 	
              Compensation
                and Indemnity

            	 	
              121

            
	
              Section
                7.04. 

            	 	
              Additional
                Information to be Furnished to the Issuer

            	 	
              121

            
	
              Section
                7.05. 

            	 	
              Independence
                of the Securities Administrator

            	 	
              121

            
	
              Section
                7.06. 

            	 	
              No
                Joint Venture

            	 	
              121

            
	
              Section
                7.07. 

            	 	
              Other
                Activities of Securities Administrator

            	 	
              121

            
	
              Section
                7.08. 

            	 	
              Resignation
                and Removal of Securities Administrator

            	 	
              122

            
	
              Section
                7.09. 

            	 	
              Action
                upon Termination, Resignation or Removal of the Securities
                Administrator

            	 	
              123

            
	 	 	 	 	 
	
              ARTICLE
                VIII

              MASTER
                SERVICER EVENTS OF DEFAULT

            	 	 
	 	 	 	 	 
	
              Section
                8.01. 

            	 	
              Master
                Servicer Events of Default; Indenture Trustee To Act; Appointment
                of
                Successor

            	 	
              124

            
	
              Section
                8.02. 

            	 	
              Additional
                Remedies of Indenture Trustee Upon Event of Default

            	 	
              128

            
	
              Section
                8.03. 

            	 	
              Waiver
                of Defaults

            	 	
              128

            
	
              Section
                8.04. 

            	 	
              Notification
                to Holders

            	 	
              129

            
	
              Section
                8.05. 

            	 	
              Directions
                by Noteholders and Duties of Indenture Trustee During Master Servicer
                Event of Default

            	 	
              129

            
	
              Section
                8.06. 

            	 	
              Action
                Upon Certain Failures of the Master Servicer and Upon Master Servicer
                Event of Default

            	 	
              129

            
	
              Section
                8.07. 

            	 	
              Preparation
                of Reports

            	 	
              130

            
	 	 	 	 	 
	
              ARTICLE
                IX

              TERMINATION

            	 	 
	 	 	 	 	 
	
              Section
                9.01. 

            	 	
              Termination

            	 	
              131

            
	
              Section
                9.02. 

            	 	
              Termination
                Prior to Maturity Date; Optional Redemption

            	 	
              131

            
	
              Section
                9.03. 

            	 	
              Certain
                Notices upon Final Payment

            	 	
              132

            
	 	 	 	 	 
	
              ARTICLE
                X

              MISCELLANEOUS
                PROVISIONS

            	 	 
	 	 	 	 	 
	
              Section
                10.01. 

            	 	
              Binding
                Nature of Agreement; Assignment

            	 	
              132

            
	
              Section
                10.02. 

            	 	
              Entire
                Agreement

            	 	
              132

            
	
              Section
                10.03. 

            	 	
              Amendment

            	 	
              133

            

    

    

    
      
        
        

      

      
        iii

        
          

        

      

       

    

    

    
      	
              Section
                10.04. 

            	 	
              Acts
                of Noteholders

            	 	
              134

            
	
              Section
                10.05. 

            	 	
              Recordation
                of Agreement

            	 	
              134

            
	
              Section
                10.06. 

            	 	
              Governing
                Law

            	 	
              134

            
	
              Section
                10.07. 

            	 	
              Notices

            	 	
              135

            
	
              Section
                10.08. 

            	 	
              Severability
                of Provisions

            	 	
              136

            
	
              Section
                10.09. 

            	 	
              Indulgences;
                No Waivers

            	 	
              136

            
	
              Section
                10.10. 

            	 	
              Headings
                Not To Affect Interpretation

            	 	
              137

            
	
              Section
                10.11. 

            	 	
              Benefits
                of Agreement

            	 	
              137

            
	
              Section
                10.12. 

            	 	
              Special
                Notices to [the Swap Counterparty and] the Rating Agencies

            	 	
              137

            
	
              Section
                10.13. 

            	 	
              Counterparts

            	 	
              138

            
	
              Section
                10.14. 

            	 	
              Agreement
                of the Issuer

            	 	
              138

            
	
              Section
                10.15. 

            	 	
              Execution
                by the Issuer

            	 	
              138

            

    

    

    
      
        
        

      

      
        iv

        
          

        

      

       

    

    ATTACHMENTS

     

    
      	
              Exhibit
                A-1

            	 	
              Form
                of Initial Certification

            
	
              Exhibit
                A-2

            	 	
              Form
                of Interim Certification

            
	
              Exhibit
                A-3

            	 	
              Form
                of Final Certification

            
	
              Exhibit
                A-4

            	 	
              Form
                of Endorsement

            
	
              Exhibit
                A-5

            	 	
              Form
                of Request For Release

            
	
              Exhibit
                B

            	 	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                C

            	 	
              Custodial
                Agreement 

            
	
              Exhibit
                D

            	 	
              Custodial
                Account Letter Agreement 

            
	
              Exhibit
                E

            	 	
              Escrow
                Account Letter Agreement

            
	
              Exhibit
                F

            	 	
              Standard
                Layout For Monthly Defaulted Loan Report

            
	
              Exhibit
                [    ]

            	 	
              [   
                ] Swap Agreement

            
	 	 	 
	
              Schedule
                A

            	 	
              Mortgage
                Loan Schedule

            
	
              [Schedule
                B

            	 	
              Revolving
                Credit Loans Schedule]

            

    

    

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    This
      TRANSFER AND SERVICING AGREEMENT, dated as of [    ] (this
“Agreement” or this “Transfer and Servicing Agreement”), is by and among TBW
      MORTGAGE TRUST [    ], a Delaware statutory trust, as issuer (the
“Issuer”), TBALT CORP., a Delaware corporation, as depositor (the “Depositor”),
      [    ], as indenture trustee (the “Indenture Trustee”),
      [    ], as securities administrator (in such capacity, the
“Securities Administrator”) and master servicer (in such capacity, the “Master
      Servicer”)[, [    ], as Servicer (the “[    ]
      Servicer”)] and [TAYLOR, BEAN & WHITAKER MORTGAGE CORP.], a [Florida]
      corporation, as seller (in such capacity, the “Seller”) and servicer (in such
      capacity, the “[TBW] Servicer” [and together with [    ], the
“Servicers”)].

     

    PRELIMINARY
      STATEMENT

     

    WHEREAS,
      the Depositor has acquired all of the rights, title and interest of the Seller
      in certain conventional, first and second lien, adjustable rate, residential
      mortgage loans identified in Schedule A hereto (the “Mortgage Loans”) from the
      Seller pursuant to the Mortgage Loan Purchase Agreement, and at the Closing
      Date
      is the owner of the Mortgage Loans and the other property being conveyed by
      it
      to the Issuer hereunder for inclusion in the Trust Estate; 

     

    WHEREAS,
      the Depositor has duly authorized the execution and delivery of this Agreement
      to provide for the conveyance to the Issuer of the Mortgage Loans and the other
      property constituting the Trust Estate;

     

    WHEREAS,
      on the Closing Date, the Depositor will acquire the Notes and the Ownership
      Certificate from the Issuer as consideration for its transfer to the Issuer
      of
      the Mortgage Loans and the other property constituting the Trust Estate;

     

    WHEREAS,
      pursuant to the Indenture, the Issuer will pledge the Mortgage Loans and the
      other property constituting the Trust Estate to the Indenture Trustee as
      security for the Notes;

     

    WHEREAS,
      the Issuer desires that the Servicer[s] service the Mortgage Loans upon such
      transfer to the Issuer pursuant to this Agreement, and the Servicer[s]
      [has/have] agreed to do so;

     

    WHEREAS,
      the Master Servicer shall be obligated under this Agreement, among other things,
      to supervise the servicing of the Mortgage Loans on behalf of the Issuer, and
      shall have the right, under certain circumstances, to terminate the rights
      and
      obligations of the [related] Servicer under this Agreement upon the occurrence
      and continuance of a Servicing Event of Default as provided herein;

     

    WHEREAS,
      the parties hereto acknowledge and agree that, at the direction of the
      Depositor, the Seller will assign all of its rights with respect to the Mortgage
      Loans to the Indenture Trustee;

     

    WHEREAS,
      the Issuer desires to have the Securities Administrator perform certain duties
      consistent with the terms of this Agreement; and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    WHEREAS,
      the Securities Administrator has the capacity to provide the services required
      hereby and is willing to perform such services on the terms set forth
      herein.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

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

     

    The
      following table sets forth (or describes) the class designation, Note Interest
      Rate, initial Class Principal Amount and minimum denomination for each Class
      of
      Notes issued pursuant to the Indenture:

     

    
      	
               

               

               

              Class

              Designation

            	 	
               

               

               

              Note
                Interest Rate

            	 	
               

              Initial

              Class
                Principal Amount or Class Notional Amount

            	 	
               

               

               

              Minimum

              Denominations

            	 
	
              Class
                [    ]

            	 	 	
              (1

            	
              )

            	
              $

            	
              [    
                

            	
              ]

            	
              $

            	
              [   
                 

            	
              ]

            
	
              Class
                [    ]

            	 	 	
              (2

            	
              )

            	
              $

            	
              [    
                

            	
              ]

            	
              $

            	
              [   
                 

            	
              ]

            
	
              Class
                [    ]

            	 	 	
              (3

            	
              )

            	
              $

            	
              [    
                

            	
              ]

            	
              $

            	
              [   
                 

            	
              ]

            

    

     

    
      

    

    
      	(1)  	
              [The
                Note Interest Rate with respect to any Payment Date (and the related
                Accrual Period) for the Class [   
                ] Notes
                is the per annum rate equal to the least of (i) LIBOR plus [   
                ]% per
                annum, (ii) the Maximum Note Interest Rate and (iii) the Available
                Funds
                Rate with respect to such Payment Date;
                provided,
                that the per annum rate calculated pursuant to clause (i) above with
                respect to the Class [   
                ]
                Notes will be equal to LIBOR plus [   
                ]%
                per annum beginning on the Step-up Date (and the related Accrual
                Period)
                and on each Payment Date (and the related Accrual Period)
                thereafter.]

            

    

     

    
      	(2)  	
              [The
                Note Interest Rate with respect to any Payment Date (and the related
                Accrual Period) for the Class [   
                ]
                Notes is the per annum rate equal to the least of (i) LIBOR plus
                [   
                ]%
                per annum, (ii) the Maximum Note Interest Rate and (iii) the Available
                Funds Rate with respect to such Payment Date;
                provided,
                that the per annum rate calculated pursuant to clause (i) above with
                respect to the Class [   
                ]
                Notes will be equal to LIBOR plus [   
                ]%
                per annum beginning on the Step-up Date (and the related Accrual
                Period)
                and on each Payment Date (and the related Accrual Period)
                thereafter.]

            

    

     

    
      	(3)  	
              [The
                Note Interest Rate with respect to any Payment Date (and the related
                Accrual Period) for the Class [   
                ]Notes
                is the per annum rate equal to the least of (i) LIBOR plus [   
                ]%
                per annum, (ii) the Maximum Note Interest Rate and (iii) the Available
                Funds Rate with respect to such Payment Date;
                provided,
                that the per annum rate calculated pursuant to clause (i) above with
                respect to the Class [   
                ]
                Notes will be equal to LIBOR plus [   
                ]%
                per annum beginning on the Step-up Date (and the related Accrual
                Period)
                and on each Payment Date (and the related Accrual Period)
                thereafter.]

            

    

    

    [May
      vary
      in accordance with transaction.]

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01.   Definitions.
      The
      following words and phrases, unless the context otherwise requires, shall have
      the following meanings:

     

    [[   
      ]-year Hybrid Loan Balance:
      With
      respect to any Payment Date, the aggregate Scheduled Principal Balances of
      all
      [    ]-year hybrid mortgage loans included in the Mortgage Pool.
      As of the Cut-off Date, the [    ]-year Hybrid Loan Balance is
      equal to approximately $[    ].]

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    [[   
      ]-year Hybrid Scheduled Notional Balance:
      With
      respect to any Payment Date, the corresponding scheduled notional balance set
      forth in the table entitled “[    ]-year Hybrid Swap Agreement”
attached as Exhibit [    ].]

     

    [[   
      ]-year Hybrid Swap Agreement:
      The
      interest rate swap agreement relating to [    ]-year hybrid loans
      documented pursuant to an ISDA Master Agreement, together with a schedule and
      confirmation, between the Securities Administrator, on behalf of the Trust,
      and
      the Swap Counterparty.]

     

    Accepted
      Servicing Practices:
      With
      respect to any Mortgage Loan, those mortgage loan servicing practices (including
      collection procedures) of prudent mortgage banking institutions which service
      mortgage loans of the same type as such Mortgage Loan in the jurisdiction where
      the related Mortgaged Property is located, and which are in accordance with
      Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
      defined in the Fannie Mae Guides including future updates.

     

    Accountant:
      A
      Person engaged in the practice
      of
      accounting who (except when this Agreement provides that an Accountant must
      be
      Independent) may be employed by or affiliated with the Depositor or an Affiliate
      of the Depositor.

     

    Accounts:
      Any or
      all of the Custodial Accounts, the Escrow Accounts, the Collection Account,
      the
      Note Payment Account, the Certificate Distribution Account, [the Cap Account],
      [the Swap Account] and any other accounts created or maintained by the Master
      Servicer, the Securities Administrator or the Servicer[s] pursuant to this
      Agreement.

     

    Accrual
      Period:
      With
      respect to any Payment Date and any Class of Notes, the period beginning on
      immediately preceding Payment Date (or on the Closing Date, in the case of
      the
      first Accrual Period) and ending on the day immediately preceding the related
      Payment Date.

     

    Accrued
      Note Interest:
      With
      respect to any Payment Date and any Class of Notes, the aggregate amount of
      interest accrued at the applicable Note Interest Rate during the related Accrual
      Period on the Class Principal Amount of such Class immediately prior to such
      Payment Date, provided,
      however,
      that for
      any class of Notes and any Payment Date, Accrued Note Interest will be reduced
      by the amount specified in clause (a) of the definition of Deferred Interest,
      if
      any for such Class and Payment Date.

     

    [Additional
      Mortgage Loan:
      A
      Mortgage Loan that is conveyed as of the Transfer Date to the Trust by the
      Depositor pursuant to a Transfer Supplement to the Mortgage Loan Purchase
      Agreement, which Mortgage Loan shall be identified in such Transfer Supplement
      as a Additional Mortgage Loan and added by the Depositor to the Mortgage Loan
      Schedule.]

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Adjustment
      Date:
      With
      respect to any Mortgage Loan, the date on which an adjustment is made to the
      Monthly Payment to correspond to an adjustment in the related Mortgage
      Note.

     

    Administration
      Agreement:
      The
      administration agreement dated as of [    ], among the Issuer,
      the Indenture Trustee, the Securities Administrator, the Owner Trustee and
      the
      Depositor.

     

    [Addition
      Notice:
      With
      respect to each sale of [Subsequent Mortgage Loans] [Additional Mortgage Loans]
      to the Trust pursuant to Section [    ] of this Agreement, a
      notice from the Depositor substantially in the form of Exhibit
      [    ] hereto delivered to the Indenture Trustee, the Master
      Servicer, the Securities Administrator, the Custodian and each Rating
      Agency.

     

    [Additional
      Termination Event:
      As
      defined in the related Swap Agreement.]

     

    [Advance
      Reimbursement Shortfall Amount:
      As
      defined in Section 4.02(a).]

     

    [Affected
      Party:
      As
      defined in the related Swap Agreement.]

     

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

     

    Agreement:
      This
      Transfer and Servicing Agreement and all amendments and supplements
      hereto.

     

    Ancillary
      Income:
      All
      income derived from the Mortgage Loans, excluding Servicing
      Fees
      attributable to the Mortgage Loans and other amounts treated as payment proceeds
      of the Mortgage Loans, including but not limited to, late charges, fees received
      with respect to checks or bank drafts returned by the related bank for
      non-sufficient funds, assumption fees, optional insurance administrative fees
      and all other incidental fees and charges.

     

    Appraised
      Value:
      With
      respect to any Mortgaged Property, the value thereof as determined by an
      appraisal made for the originator of the Mortgage Loan at the time of
      origination of the Mortgage Loan by an appraiser who met the requirements of
      the
      [related] Servicer and Fannie Mae, or as determined by use of an automated
      valuation model, provided, however, that the use of an automated valuation
      model
      shall be permitted only upon the presentation by the [related] Servicer to
      the
      Indenture Trustee of an approval letter acceptable to the Indenture Trustee
      from
      each of the Rating Agencies, which letters shall state that use of an automated
      valuation model shall have no adverse effect in any material respect on the
      interests of any Noteholder.

     

    Assignment
      of Mortgage:
      An
      assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form, which is sufficient under the laws of the jurisdiction wherein
      the related Mortgaged Property is located to reflect of record the sale of
      the
      Mortgage, which assignment, notice of transfer or equivalent instrument may
      be
      in the form of one or more blanket assignments covering Mortgages secured by
      Mortgaged Properties located in the same county, if permitted by
      law.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Available
      Funds Rate:
      [With
      respect to any Payment Date and the Notes, the per annum rate equal to the
      product of (1) (a) 360 divided
      by
      (b) the
      actual number of days in the Accrual Period, and (2) (a) Interest Funds for
      such
      Payment Date [less any
      Net
      Swap Payment or Swap Termination Payment owed to the Swap Counterparty for
      such
      Payment Date, including amounts remaining unpaid from previous Payment Dates,
      pursuant to any Swap Agreement, to the extent that any such Swap Termination
      Payment is not due to a Swap Counterparty Trigger Event],
      divided
      by
      (b) the
      aggregate Class Principal Amount of the Notes as of the first day of the related
      Accrual Period.][May vary in accordance with transaction.]

     

    Authorized
      Officer:
      Any
      Person who may execute
      an
      Officer’s Certificate on behalf of the Issuer.

     

    Bankruptcy:
      As to
      any Person, the making of an assignment for the benefit of creditors, the filing
      of a voluntary petition in bankruptcy, adjudication as a bankrupt or insolvent,
      the entry of an order for relief in a bankruptcy or insolvency proceeding,
      the
      seeking of reorganization, arrangement, composition, readjustment, liquidation,
      dissolution or similar relief, or seeking, consenting to or acquiescing in
      the
      appointment of a trustee, receiver or liquidator, dissolution, or termination,
      as the case may be, of such Person pursuant to the provisions of either the
      Bankruptcy Code, or any other similar state laws.

     

    Bankruptcy
      Code:
      The
      United States Bankruptcy Code of 1986, as amended.

     

    Bankruptcy
      Loss:
      Any loss
      resulting from a bankruptcy court, in connection with a personal bankruptcy
      of a
      borrower, (1) establishing the value of a Mortgaged Property at an amount less
      than the Outstanding Principal Balance of the Mortgage Loan secured by such
      Mortgaged Property or (2) reducing the amount of the Monthly Payment on the
      related Mortgage Loan, in each case, as reported by the [related] Servicer
      to
      the Master Servicer.

     

    Basis
      Risk Shortfall:
      [With
      respect to each Payment Date and any Class of Notes, an
      amount
      equal to the sum of (1) the excess, if any, of (a) Accrued Note Interest
      calculated without regard to the Available Funds Rate over (b) the aggregate
      of
      interest accrued on such Class at an interest rate equal to the Available Funds
      Rate, (2) any amount described in clause (1) above for such Class remaining
      unpaid from prior Payment Dates and (3) interest on the amount in clause (2)
      above at such Class's applicable Note Interest Rate (without regard to the
      Available Funds Rate).]

     

    Basis
      Risk Shortfall Carryforward Amount:
      With
      respect to each Class of Notes and any Payment Date, an amount equal to the
      aggregate amount of Basis Risk Shortfall for such Class of Notes on such Payment
      Date, plus any unpaid Basis Risk Shortfall for such Class of Notes from prior
      Payment Dates, plus interest thereon at the Note Interest Rate for such Payment
      Date for such Class for the related Accrual Period, to the extent previously
      unpaid from Monthly Excess Cashflow [or from proceeds of the [Cap] [Swap]
      Agreements].

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Book-Entry
      Notes:
      As
      defined in the Indenture.

     

    Business
      Day:
      Any day
      other than (i) a Saturday or a Sunday or (ii) a day on which banking
      institutions in New York, New York or, if other than New York, the city in
      which
      the Corporate Trust Office of the Indenture Trustee is located, or the States
      of
      Delaware, Georgia, Maryland, Massachusetts, Minnesota or Texas are authorized
      or
      obligated by law or executive order to be closed.

     

    [Cap
      Account:
      A
      separate account established and maintained by the Securities Administrator
      for
      the benefit of the Noteholders pursuant to Section 6.05.]

     

    [Cap
      Agreement Payment Date:
      With
      respect to any Cap Agreement, one Business Day immediately prior to the related
      Payment Date, beginning with the Payment Date in [   
      ]
      and
      ending with the Payment Date in [   
      ].]

     

    [Cap
      Agreements:
      The
      interest rate cap agreements dated on or before the Closing Date between the
      Issuer and the Cap Counterparty.]

     

    [Capitalized
      Interest Account:
      The
      capitalized interest account established by the [Securities Administrator]
      for
      the benefit of the [Noteholders and the Depositor].]

     

    [Capitalized
      Interest Requirement:
      As to
      any Payment Date to and including the Payment Date following the end of the
      Pre-Funding Period and each Mortgage Pool, an amount equal to the product of
      (i)
      the weighted average Net Mortgage Rate of the Mortgage Loans in such Mortgage
      Pool divided by 12, multiplied by (ii) the excess of (a) the balance in the
      related Pre-Funding Account as of the Closing Date over (b) the aggregate
      Scheduled Principal Balance of the Subsequent Mortgage Loans included in the
      related Mortgage Pool that will have a scheduled interest payment included
      in
      the Interest Funds for such Payment Date.]

     

    [Cap
      Counterparty:
      [    ].]

     

    [Cap
      Receipt:
      With
      respect to any Cap Agreement Payment Date, any amount received from the Cap
      Counterparty under any Cap Agreement.]

     

    Certificate:
      The
      Ownership Certificate.

     

    Certificate
      Distribution Account:
      As
      defined in the Trust Agreement. 

     

    Certificate
      of Trust:
      As
      defined in the Trust Agreement.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    Certificate
      Registrar:
      As
      defined in the Trust Agreement, the initial Certificate Registrar shall be
      the
      Securities Administrator.

     

    Certificateholder:
      Any
      registered holder of the Ownership Certificate.

     

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

     

    Class:
      All
      Notes bearing the same class designation.

     

    Class
      [    ] Principal Payment Amount:
      [With
      respect to any Payment Date on or after the Stepdown Date, as long as a Trigger
      Event has not occurred with respect to such Payment Date, an amount equal to
      the
      excess of (x) the aggregate Class Principal Amount of the Class [   
      ]
      Notes
      immediately prior to such Payment Date over (y) the lesser of (A) the product
      of
      (i) [   
      ]%
      and
      (ii) the aggregate Scheduled Principal Balance of the Mortgage Loans as of
      the
      last day of the related Collection Period and (B) the aggregate Scheduled
      Principal Balance of the Mortgage Loans as of the last day of the related
      Collection Period minus
      the
      Overcollateralization Floor.]

     

    Class
      [    ]
      Principal Payment Amount:
      [With
      respect to any Payment Date on or after the Stepdown Date, as long as a Trigger
      Event has not occurred with respect to such Payment Date, an
      amount
      equal to the lesser of (x) the remaining Principal Payment Amount for that
      Payment Date after payment of the Class [    ] Principal Payment
      Amount and (y) the excess, if any, of (A) the sum of (1) the aggregate Class
      Principal Amount of the Class [    ] Notes (after taking into
      account the payment of the Class [    ] Principal Payment Amount
      for such Payment Date) and (2) the Class Principal Amount of the Class
      [    ] Notes immediately prior to such Payment Date, over (B) the
      lesser of (a) the product of (i) approximately [    ]% and (ii)
      the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last
      day of the related Collection Period, and (b) the aggregate Scheduled Principal
      Balance of the Mortgage Loans as of the last day of the related Collection
      Period minus
      the
      Overcollateralization Floor.]

     

    Class
      [    ]
      Principal Payment Amount:
      [With
      respect to any Payment Date on or after the Stepdown Date, as long as a Trigger
      Event has not occurred with respect to such Payment Date, an
      amount
      equal to the lesser of (x) the remaining Principal Payment Amount for that
      Payment Date after payment of the Class [    ]Principal Payment
      Amount and the Class [    ] Principal Payment Amount and (y) the
      excess, if any, of (A) the sum of (1) the aggregate Class Principal Amount
      of
      the Class [    ] Notes (after taking into account the payment of
      the Class [    ] Principal Payment Amount for such Payment Date),
      (2) the Class Principal Amount of the Class [    ] Notes (after
      taking into account the payment of the Class [    ] Principal
      Payment Amount for such Payment Date) and (3) the Class Principal Amount of
      the
      Class [    ] Notes immediately prior to such Payment Date, over
      (B) the lesser of (a) the product of (i) approximately [    ]%
      and (ii) the aggregate Scheduled Principal Balance of the Mortgage Loans as
      of
      the last day of the related Collection Period, and (b) the aggregate Scheduled
      Principal Balance of the Mortgage Loans as of the last day of the related
      Collection Period minus
      the
      Overcollateralization Floor.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Class
      Principal Amount:
      With
      respect to any Class of
      Notes as
      of any Payment Date, its initial Class Principal Amount as of the Closing Date,
      as reduced by all amounts previously paid on that Class in respect of principal
      prior to such Payment Date.

     

    Clearing
      Agency:
      An
      organization registered as a “clearing agency” pursuant to Section 17A of the
      Exchange Act, as amended. As of the Closing Date, the Clearing Agency shall
      be
      The Depository Trust Company.

     

    Closing
      Date:
      [   
      ].

     

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

     

    Collateral:
      As
      defined in the Indenture.

     

    Collection
      Account:
      A
      separate account maintained by the Master Servicer established in the name
      of
      the Indenture Trustee and for the benefit of the Noteholders pursuant to Section
      5.06.

     

    Collection
      Period:
      [With
      respect to any Payment Date, the one-month period commencing on the second
      day
      of the calendar month immediately preceding the month in which such Payment
      Date
      occurs and ending on the first day
      of the
      month in which such Payment Date occurs].

     

    Combined
      Loan-to-Value Ratio:
      With
      respect to a Second Lien Mortgage Loan, at any time, the ratio, expressed as
      a
      percentage, of the sum of (1) the principal balance of such Mortgage Loan and
      (2) the principal balance of the related first lien mortgage loan, each as
      of
      the applicable date of determination, to (a) in the case of a purchase, the
      lesser of the sale price of the Mortgaged Property and its appraised value
      at
      the time of sale or (b) in the case of a refinancing or modification, the
      appraised value of the Mortgaged Property at the time of the refinancing or
      modification.

     

    Commission:
      The
      United States Securities and Exchange Commission.

     

    Compensating
      Interest Payment:
      With
      respect to any Payment Date, an amount equal to the lesser of (x) the aggregate
      Prepayment Interest Shortfall Amount with respect to such Payment Date and
      (y)
      the aggregate Servicing
      Fee
      payable
      to the Servicer[s] in respect of such Payment Date.

     

    Condemnation
      Proceeds:
      All
      awards of settlements in respect of a Mortgaged Property, whether permanent
      or
      temporary, partial or entire, by exercise of the power of eminent domain or
      condemnation, to the extent not required to be released to a Mortgagor in
      accordance with the terms of the related mortgage loan documents.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    [Conforming
      Balance Mortgage Loan:
      A First
      Lien Mortgage Loan that has a Scheduled Principal Balance as of the Cut-off
      Date
      that is less than or equal to the Fannie Mae maximum original loan amount
      limitation for one-to four-family Mortgaged Properties for the applicable
      jurisdiction in which the Mortgaged Property is located.]

     

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

     

    Corporate
      Trust Office:
      With
      respect to (i) the Securities Administrator, the Certificate Registrar and
      the
      Note Registrar, the principal corporate trust office of the Securities
      Administrator which, for purposes of presentment of Securities for transfer
      and
      exchange and final payment, is located at [   
      ];
      and
      (iii) the Indenture Trustee, the principal office of the Indenture Trustee
      at
      which at any particular time its corporate trust business shall be administered,
      which office at the date of execution of this Agreement is located
      at
      [    ],
      or at
      such other address as the Indenture Trustee may designate from time to time
      by
      notice to the Noteholders and the Trust, or the principal corporate trust office
      of any successor Indenture Trustee at the address designated by such successor
      Indenture Trustee by notice to the Noteholders and the Trust.

     

    [Credit
      Advance Rate:
      The
      related per annum interest rate set forth in the related Mortgage Note with
      respect to any Revolving Credit Loan.]

     

    [Credit
      Line:
      With
      respect to a Revolving Credit Loan, the maximum principal amount which may
      be
      advanced to a Mortgagor under the terms of the related Mortgage
      Note.]

     

    [Credit
      Line Advance:
      With
      respect to a Revolving Credit Loan, a principal disbursement to a Mortgagor
      under the terms of the related Mortgage Note (collectively, “Credit Line
      Advances”).]

     

    Cumulative
      Loss Trigger Event:
      A
      Cumulative Loss Trigger Event shall have occurred with respect to any Payment
      Date beginning in [    ] if the fraction, expressed as a
      percentage, obtained by dividing (x) the aggregate amount of Realized Losses
      incurred on the Mortgage Loans from the Cut-off Date through the last day of
      the
      related Collection Period by (y) the Cut-off Date Balance, exceeds the
      applicable percentage described below with respect to such Payment
      Date:

     

    
      	
              Payment
                Date

            	 	
              Loss
                Percentage

            	 
	
              [   
                ]
                through [   
                ] 

            	 	 	
              [   
                ]%

            	
               

            
	
              [   
                ]
                through [   
                ] 

            	 	 	
              [   
                ]%

            	
               

            
	
              [   
                ]
                through [   
                ] 

            	 	 	
              [   
                ]%

            	
               

            

    

    

     

    Custodial
      Account:
      The
      separate custodial account (other than an Escrow Account) established and
      maintained by the [related] Servicer pursuant to Section 4.02(d) of
      this Agreement.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Custodial
      Agreement:
      The
      custodial agreement dated as of [    ], relating to the custody
      of certain of the Mortgage Loans, substantially in the form attached as Exhibit
      C hereto, among the Custodian, the Issuer, the Master Servicer, the Depositor
      and the Indenture Trustee.

     

    Custodian:
      The
      custodian appointed pursuant to the Custodial Agreement, and any successor
      thereto. The initial Custodian is [    ].

     

    Custodian
      Fee:
      The
      annual on-going fee payable by the Master Servicer on behalf of the Trust to
      the
      Custodian from income on funds held in the Collection Account as provided in
      Section 5.07 and pursuant to the terms of the separate fee letter agreement
      for
      TBW Mortgage Trust [    ] Mortgage Backed Notes.

     

    Cut-off
      Date:
      [    ].

     

    Cut-off
      Date Balance:
      $[    ].

     

    Deferred
      Interest:
      With
      respect to any Class of Notes for any Payment Date, an amount equal to the
      sum
      of (a) the aggregate amount of interest accrued at the applicable Note Interest
      Rate during the related Accrual Period on the Principal Deficiency Amount for
      that Class, (b) any amounts due pursuant to clause (a) for such Class for prior
      Payment Dates that remain unpaid and (c) interest accrued during the Accrual
      Period related to such Payment Date on the amount described in clause (b) at
      the
      Note Interest Rate applicable to such Class.

     

    [Defaulting
      Party:
      As
      defined in the related Swap Agreement.]

     

    Deficient
      Valuation:
      With
      respect to any Mortgage Loan, a valuation of the Mortgaged Property by a court
      of competent jurisdiction in an amount less than the unpaid principal balance
      of
      the Mortgage Loan secured by such Mortgaged Property.

     

    Deleted
      Mortgage Loan:
      A
      Mortgage Loan that is repurchased from the Trust Estate pursuant to the terms
      hereof or as to which one or more Qualifying Substitute Mortgage Loans are
      substituted therefor.

     

    Delinquency
      Event:
      A
      Delinquency Event shall have occurred with respect to any Payment Date if the
      Rolling Three Month Delinquency Rate as of the last day of the immediately
      preceding calendar month equals or exceeds [    ]% of the Senior
      Enhancement Percentage for such Payment Date.

     

    Delinquency
      Rate:
      With
      respect to any calendar month, the fraction, expressed as a percentage, the
      numerator of which is the aggregate Scheduled Principal Balance of all Mortgage
      Loans 60 days Delinquent or more (including all foreclosures, bankruptcies
      and
      REO Properties) as of the close of business on the last day of such month and
      as
      reported by the [related] Servicer to the Master Servicer, and the denominator
      of which is the Pool
      Balance
      as of
      the close of business on the last day of such month.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Delinquent:
      For
      reporting purposes, a Mortgage Loan is “delinquent” when any payment
      contractually due thereon has not been made by the close of business on the
      Due
      Date therefor. Such 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 first 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” and the second immediately succeeding month
      and “90 days Delinquent” and the third immediately succeeding
      month.

     

    Depositor:
      TBALT
      Corp., a Delaware corporation.

     

    Depository
      Agreement:
      The
      agreement dated [    ], between the Issuer and The Depository
      Trust Company, as the initial Clearing Agency, relating to the Book-Entry
      Notes.

     

    Determination
      Date:
      With
      respect to each Payment Date, the [15]th day of the related calendar month,
      or,
      if such day is not a Business Day, the immediately preceding Business
      Day.

     

    Due
      Date:
      With
      respect to each Mortgage Loan, the day of the month each Monthly Payment is
      due.

     

    Eligible
      Account:
      Either
      (i) an account or accounts maintained with a federal or state chartered
      depository institution or trust company that complies with the definition of
      Eligible Institution or (ii) an account or accounts the deposits in which are
      insured by the FDIC to the limits established by such corporation, provided
      that any
      such deposits not so insured shall be maintained in an account at a depository
      institution or trust company whose commercial paper or other short term debt
      obligations (or, in the case of a depository institution or trust company which
      is the principal subsidiary of a holding company, the commercial paper or other
      short term debt or deposit obligations of such holding company or depository
      institution, as the case may be) have been rated by each Rating Agency in its
      highest short-term rating category, or (iii) a segregated trust account or
      accounts (which shall be a “special deposit account”) maintained with the
      Securities Administrator or any other federal or state chartered depository
      institution or trust company, acting in its fiduciary capacity, in a manner
      acceptable to the Rating Agencies. Eligible Accounts may bear
      interest.

     

    Eligible
      Institution:
      Any of
      the following:

     

    
      
        	
              	(i)	
                An
                  institution whose:

              

      

    

     

    (A)  commercial
      paper, short-term debt obligations, or other short-term deposits are rated
      at
      least “A-1+” and “P-1” or long-term unsecured debt obligations are rated at
      least “AA-” or “Aa3” by S&P and Moody’s, respectively (or assigned
      comparable ratings by the other Rating Agencies), if the amounts on deposit
      are
      to be held in the account for no more than 365 days; or

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (B)  commercial
      paper, short-term debt obligations, demand deposits, or other short-term
      deposits are rated at least “A-2” and “P-1” by S&P and Moody’s, respectively
      (or assigned comparable ratings by the other Rating Agencies), if the amounts
      on
      deposit are to be held in the account for no more than 30 days and are not
      intended to be used as credit enhancement. Upon the loss of the required rating
      set forth in this clause (ii), the accounts shall be transferred immediately
      to
      accounts which have the required rating. Furthermore, commingling by the
      Servicer[s] is acceptable at the A-2 and P-1 rating level if the [related]
      Servicer is a bank, thrift or depository and provided the [related] Servicer
      has
      the capability to immediately segregate funds and commence remittance to an
      Eligible Deposit Account upon a downgrade; or

     

    (ii)  the
      corporate trust department of a federal depositor institution or state-chartered
      depositor institution subject to regulations regarding fiduciary funds on
      deposit similar to Title 12 of the U.S. Code of Federal Regulation Section
      9.10(b), which, in either case, has corporate trust powers and is acting in
      its
      fiduciary capacity.

     

    Eligible
      Investments:
      Any one
      or more of the following obligations or securities:

     

    (i)  direct
      obligations of, and obligations fully guaranteed as to timely payment of
      principal and interest by, the United States of America or any agency or
      instrumentality of the United States of America the obligations of which are
      backed by the full faith and credit of the United States of America (“Direct
      Obligations”);

     

    (ii)  federal
      funds, or demand and time deposits in, certificates of deposits of, or bankers’
acceptances issued by, any depository institution or trust company (including
      U.S. subsidiaries of foreign depositories and the Indenture Trustee or the
      Securities Administrator or any agent of the Indenture Trustee or the Securities
      Administrator, acting in its respective commercial capacity) incorporated or
      organized under the laws of the United States of America or any state thereof
      and subject to supervision and examination by federal or state banking
      authorities, so long as at the time of investment or the contractual commitment
      providing for such investment the commercial paper or other short-term debt
      obligations of such depository institution or trust company (or, in the case
      of
      a depository institution or trust company which is the principal subsidiary
      of a
      holding company, the commercial paper or other short-term debt or deposit
      obligations of such holding company or deposit institution, as the case may
      be)
      have been rated by each Rating Agency in its highest short-term rating category
      or one of its two highest long-term rating categories;

     

    (iii)  repurchase
      agreements collateralized by Direct Obligations or securities guaranteed by
      Ginnie Mae, Fannie Mae or Freddie Mac with any registered broker/dealer subject
      to Securities Investors’ Protection Corporation jurisdiction or any commercial
      bank insured by the FDIC, if such broker/dealer or bank has an uninsured,
      unsecured and unguaranteed obligation rated by each Rating Agency in its highest
      short-term rating category;

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (iv)  securities
      bearing interest or sold at a discount issued by any corporation incorporated
      under the laws of the United States of America or any state thereof which have
      a
      credit rating from each Rating Agency, at the time of investment or the
      contractual commitment providing for such investment, at least equal to one
      of
      the two highest long-term credit rating categories of each Rating Agency;
provided,
      however,
      that
      securities issued by any particular corporation will not be Eligible Investments
      to the extent that investment therein will cause the then outstanding principal
      amount of securities issued by such corporation and held as part of the Trust
      Estate to exceed [20]% of the sum of the Pool Balance and the aggregate
      principal amount of all Eligible Investments in the Collection Account;
provided,
      further,
      that
      such securities will not be Eligible Investments if they are published as being
      under review with negative implications from any Rating Agency;

     

    (v)  commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not more
      than 180 days after the date of issuance thereof) rated by each Rating Agency
      in
      its highest short-term rating category;

     

    (vi)  a
      Qualified GIC;

     

    (vii)  certificates
      or receipts representing direct ownership interests in future interest or
      principal payments on obligations of the United States of America or its
      agencies or instrumentalities (which obligations are backed by the full faith
      and credit of the United States of America) held by a custodian in safekeeping
      on behalf of the holders of such receipts; and

     

    (viii)  any
      other
      demand, money market, common trust fund or time deposit or obligation, or
      interest-bearing or other security or investment (including those managed or
      advised by the Indenture Trustee, the Master Servicer, the Securities
      Administrator, or any Affiliate thereof), (A) rated in the highest rating
      category by each Rating Agency or (B) that would not adversely affect the then
      current rating assigned by each Rating Agency of any of the Notes. Such
      investments in this subsection (viii) may include money market mutual funds
      or
      common trust funds, including any fund for which [    ] (the
“Bank”) in its capacity other than as the Master Servicer, the Securities
      Administrator or an affiliate thereof serves as an investment advisor,
      administrator, shareholder servicing agent, and/or custodian or subcustodian,
      notwithstanding that (x) the Bank, the Indenture Trustee, the Master Servicer
      or
      any affiliate thereof charges and collects fees and expenses from such funds
      for
      services rendered, (y) the Bank, the Indenture Trustee, the Securities
      Administrator, the Master Servicer or any affiliate thereof charges and collects
      fees and expenses for services rendered pursuant to this Agreement, and (z)
      services performed for such funds and pursuant to this Agreement may converge
      at
      any time. The Bank or an affiliate thereof is specifically authorized to charge
      and collect from the Issuer such fees as are collected from all investors in
      such funds for services rendered to such funds (but not to exceed investment
      earnings thereon);

     

    provided,
      however,
      that no
      such instrument shall be an Eligible Investment if such instrument evidences
      either (i) a right to receive only interest payments with respect to the
      obligations underlying such instrument, or (ii) both principal and interest
      payments derived from obligations underlying such instrument and the principal
      and interest payments with respect to such instrument provide a yield to
      maturity of greater than 120% of the yield to maturity at par of such underlying
      obligations, provided
      that any
      such investment will be a “permitted investment” within the meaning of Section
      860G(a)(5) of the Code.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    Errors
      and Omissions Insurance:
      Errors
      and Omissions Insurance to be maintained by [the/each] Servicer in accordance
      with Section 4.02.

     

    Escrow
      Account:
      The
      separate escrow account (other than a Custodial Account) established and
      maintained by [the/each] Servicer pursuant to Section 4.02(f) of
      this Agreement.

     

    Escrow
      Payments:
      With
      respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
      assessments, water rates, sewer rents, municipal charges, mortgage insurance
      premiums, fire and hazard insurance premiums, condominium charges, and any
      other
      payments required to be escrowed by the Mortgagor with the mortgagee pursuant
      to
      the Mortgage or any other document.

     

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

     

    Extra
      Principal Payment Amount:
      [With
      respect to any Payment Date, the lesser of (1) the Monthly Excess Interest
      for
      such Payment Date and (2) the excess, if any, of (a) the Overcollateralization
      Target Amount over (b) the Overcollateralized Amount on such Payment Date (after
      giving effect to payment to the Notes of Principal Funds on such Payment
      Date).]

     

    Fannie
      Mae:
      Fannie
      Mae, a federally chartered and privately owned corporation organized and
      existing under the Federal National Mortgage Association Charter Act, or any
      successor thereto.

     

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

     

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

     

    FHA
      Regulations:
      Regulations promulgated by HUD under the National Housing Act, codified in
      24
      Code of Federal Regulations, and other HUD issuances relating to FHA loans,
      including the related handbooks, circulars, notices and mortgagee
      letters.

     

    
      
        
        

      

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

     

    [First
      Lien Mortgage Loans:
      Mortgage Loans secured by mortgages or deeds of trust or similar security
      instruments creating a first lien on the related Mortgaged
      Property.]

     

    Fitch:
      Fitch,
      Inc., or any successor in interest.

     

    Freddie
      Mac:
      The
      Federal Home Loan Mortgage Corporation, a corporate instrumentality of the
      United States created and existing under Title III of the Emergency Home Finance
      Act of 1970, as amended, or any successor thereto.

     

    Ginnie
      Mae:
      The
      Government National Mortgage Association, a wholly owned corporate
      instrumentality of the United States within HUD.

     

    Gross
      Margin:
      With
      respect to a Mortgage Loan, a fixed percentage amount specified in the related
      mortgage note that is added to an index to determine the related Mortgage
      Rate.

     

    Guidelines:
      As
      defined in Section 4.02(p).

     

    Holder
      or
Noteholder:
      The
      registered holder of any Note or Ownership Certificate as recorded on the books
      of the Note Registrar or the Certificate Registrar except that, solely for
      the
      purposes of taking any action or giving any consent pursuant to this Agreement,
      any Note registered in the name of the Depositor, the Master Servicer, the
      Servicer[s], the Seller, the Securities Administrator or the Indenture Trustee
      or any Affiliate thereof (unless any such Person owns 100% of a Class) shall
      be
      deemed not to be outstanding in determining whether the requisite percentage
      necessary to effect any such consent has been obtained, except that, in
      determining whether the Indenture Trustee and Securities Administrator shall
      be
      protected in relying upon any such consent, only Notes and an Ownership
      Certificate which a Responsible Officer thereof has actual knowledge to be
      so
      held shall be disregarded. The Indenture Trustee and Securities Administrator
      may request and conclusively rely on certifications by the Depositor
      in
      determining whether any Note, or Ownership Certificate are registered to an
      Affiliate of the Depositor.

     

    [Home
      Equity Accepted Servicing Practices:
      With
      respect to any Revolving Credit Loan, those mortgage loan servicing practices
      (including collection procedures) of prudent mortgage banking institutions
      which
      service home equity mortgage loans of the same type as such Revolving Credit
      Loan in the jurisdiction where the related Mortgaged Property is
      located.]

     

    HUD:
      The
      United States Department of Housing and Urban Development, or any successor
      thereto and including the Federal Housing Commissioner and the Secretary of
      Housing and Urban Development where appropriate under the FHA
      Regulations.

     

    Indenture:
      The
      Indenture dated as of [    ], among the Issuer, the Indenture
      Trustee and the Securities Administrator, as such may be amended or supplemented
      from time to time.

     

    
      
        
        

      

      
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    Indenture
      Events of Default:
      As
      defined in Section 5.01 of the Indenture.

     

    Indenture
      Trustee:
      [    ], not in its individual capacity but solely as Indenture
      Trustee, or any successor in interest.

     

    Indenture
      Trustee Fee:
      The
      annual on-going fee payable by the Master Servicer on behalf of the Trust to
      the
      Indenture Trustee from income on funds held in the Collection Account as
      provided in Section 5.07 and pursuant to the terms of the separate fee letter
      agreement for TBW Mortgage
      Trust [    ] Mortgage Backed Notes.

     

    Independent:
      When
      used with respect to any Accountants, a Person who is “independent” within the
      meaning of Rule 2-01(b) of the Commission’s Regulation S-X. When used with
      respect to any other Person, a Person who (a) is in fact independent of another
      specified Person and any Affiliate of such other Person, (b) does not have
      any
      material direct financial interest in such other Person or any Affiliate of
      such
      other Person, and (c) is not connected with such other Person or any Affiliate
      of such other Person as an officer, employee, promoter, underwriter, trustee,
      partner, director or Person performing similar functions.

     

    Index:
      [Either
      the One-Month LIBOR Index or the Six-Month LIBOR Index].

     

    [Initial
      Mortgage Loan:
      A
      Mortgage Loan that is conveyed to the Trust pursuant to this Agreement on the
      Closing Date. The Initial Mortgage Loans subject to this Agreement are
      identified on the Mortgage Loan Schedule.]

     

    Initial
      Purchase Date:
      The
      first Payment Date following the month in which the Pool Balance is initially
      reduced to less than [    ]% of the Cut-off Date
      Balance.

     

    Insurance
      Policy:
      Any
      primary mortgage insurance policy, standard hazard insurance policy, flood
      insurance policy, earthquake insurance policy or title insurance policy relating
      to the Mortgage Loans or the Mortgaged Properties, to be in effect as of the
      Closing Date or thereafter during the term of this Agreement.

     

    Insurance
      Proceeds:
      Any
      amounts paid by an insurer under a primary mortgage insurance policy, any
      standard hazard insurance policy, flood insurance policy, title insurance policy
      or any other insurance policy relating to the Mortgage Loans or related
      mortgaged properties other than amounts to cover expenses incurred by the
      [related] Servicer in connection with procuring such proceeds, applied to the
      restoration and repair of the related Mortgaged Property or to be paid to the
      borrower pursuant to the related Mortgage Note or state law.

     

    Interest
      Funds:
      [With
      respect to any Payment Date, the sum of (1) all interest received or advanced
      by
      the [related] Servicer or the Master Servicer for the related Collection Period
      and available in the Note Payment Account on that Payment Date, (2) all
      Compensating Interest Payments paid with respect to Mortgage Loans that were
      prepaid during the related Prepayment Period and (3) the portion of any purchase
      price or other amount paid with respect to the Mortgage Loans allocable to
      interest; net of any fees or other amounts reimbursable to the Master Servicer,
      the Servicer[s], the Securities Administrator, the Indenture Trustee, the
      Custodian and the Owner Trustee as provided in the Operative Agreements.] [For
      each Payment Date up to and including the Payment Date in [          ],
      20[   
      ],
      Interest Funds shall include amounts distributable from the Capitalized Interest
      Account in an amount equal to the product of (i) the weighted average Net
      Mortgage Rate of the Mortgage Loans divided by 12, multiplied by (ii) the excess
      of (a) the balance in the Pre-Funding Account as of the Closing Date, over
      (b)
      the aggregate principal balance of the Subsequent Mortgage Loans that will
      have
      an interest payment included in the Interest Funds for such Payment
      Date.]

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    Issuer:
      TBW Mortgage
      Trust [    ].

     

    Lender
      Paid Mortgage Insurance Rate:
      The
      Lender Paid Mortgage Insurance Rate shall be a rate per annum equal to the
      percentage shown on the Mortgage Loan Schedule.

     

    [Lender
      Primary Mortgage Insurance Policy or LPMI Policy:
      Any
      Primary Mortgage Insurance Policy for which premiums are paid by the [related]
      Servicer.]

     

    [Level
      I LPMI:
      an LPMI
      Policy for First Lien Mortgage Loans with Loan-to-Value Ratios at origination
      ranging from [    ]% to [    ]%.]

     

    [Level
      II LPMI:
      an LPMI
      Policy for First Lien Mortgage Loans with Loan-to-Value Ratios at origination
      ranging from [    ]% to [    ]%.]

     

    [Level
      III LPMI:
      an LPMI
      Policy for First Lien Mortgage Loans with Loan-to-Value Ratios at origination
      ranging from [    ]% to [    ]%.]

     

    [Level
      IV LPMI:
      an LPMI
      Policy for First Lien Mortgage Loans with Loan-to-Value Ratios at origination
      ranging from [    ]% to [    ]%.]

     

    LIBOR:
      [(a)
      With respect to the first Accrual Period, the per annum rate of
      [    ]%. With respect to each subsequent Accrual Period, a per
      annum rate determined on the LIBOR Determination Date in the following manner
      by
      the Securities Administrator on the basis of the “Interest Settlement Rate” set
      by the British Bankers’ Association (the “BBA”) for one-month United States
      dollar deposits, as such rates appear on the Telerate Page 3750, as of 11:00
      a.m. (London time) on such LIBOR Determination Date.

     

    (b) If
      on
      such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
      appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the
      Telerate Page 3750 is not available on such date, the Securities Administrator
      will determine such rate on the basis of the offered rates of the Reference
      Banks for one-month United States dollar deposits, as such rates appear on
      the
      Reuters Screen LIBO Page, as of 11:00 a.m. (London time) on such LIBOR
      Determination Date.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    (c) If
      LIBOR
      is determined under clause (b) above, on each LIBOR Determination Date, LIBOR
      for the related Accrual Period for the Notes will be established by the
      Securities Administrator as follows:

     

    (1) If
      on
      such LIBOR Determination Date two or more Reference Banks provide such offered
      quotations, LIBOR for the related Accrual Period for the Notes shall be the
      arithmetic mean of such offered quotations (rounded upwards if necessary to
      the
      nearest whole multiple of [    ]%).

     

    (2) If
      on
      such LIBOR Determination Date fewer than two Reference Banks provide such
      offered quotations, LIBOR for the related Accrual Period shall be the higher
      of
      (x) LIBOR as determined on the previous LIBOR Determination Date and (y) the
      Reserve Interest Rate.

     

    (d) The
      establishment of LIBOR by the Securities Administrator and the Securities
      Administrator’s subsequent calculation of the Note Interest Rate applicable to
      the Notes for the relevant Accrual Period, in the absence of manifest error,
      will be final and binding.]

     

    LIBOR
      Business Day:
      Any day
      on which banks in London and New York are open and conducting transactions
      in
      foreign currency and exchange.

     

    LIBOR
      Determination Date:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period.

     

    Liquidated
      Mortgage Loan:
      Any
      defaulted Mortgage Loan as to which the [related] Servicer has determined that
      all amounts that it expects to recover from or on account of such Mortgage
      Loan
      have been recovered, [and any Second Lien Mortgage Loan that is more than 180
      days Delinquent], in each case, as reported by the [related] Servicer to the
      Master Servicer.

     

    Liquidation
      Expenses:
      Expenses that are incurred by the Master Servicer or the [related] Servicer,
      as
      applicable, in connection with the liquidation of any defaulted Mortgage Loan
      and are not recoverable under the applicable primary mortgage insurance policy,
      if any, including, without limitation, foreclosure and rehabilitation expenses,
      legal expenses and unreimbursed amounts, if any, expended pursuant to Sections
      4.02(c), 4.02(j) or 4.02(o).

     

    Liquidation
      Proceeds:  Cash
      received in connection with the liquidation of a defaulted Mortgage Loan,
      whether through the sale or assignment of such Mortgage Loan, trustee’s sale,
      foreclosure sale, payment in full, discounted payoff or otherwise, or the sale
      of the related REO Property, if the Mortgaged Property is acquired in
      satisfaction of the Mortgage Loan.

     

    Loan-to-Value
      Ratio:
      With
      respect to a First Lien Mortgage Loan, at any time, the ratio, expressed as
      a
      percentage, of the principal balance of such Mortgage Loan as of the applicable
      date of determination, to (a) in the case of a purchase, the lesser of the
      sale
      price of the Mortgaged Property and its appraised value at the time of sale
      or
      (b) in the case of a refinancing or modification, the appraised value of the
      Mortgaged Property at the time of the refinancing or modification.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    Majority
      Noteholders:
      Until
      such time as the sum of the Class Principal Amounts of all Classes of Notes
      has
      been reduced to zero, the holder or holders of in excess of 50% of the aggregate
      Class Principal Amount of all Classes of Notes; and thereafter, the holder
      of
      the Ownership Certificate.

     

    Margin:
      With
      respect to each adjustable rate Mortgage Loan, the fixed percentage amount
      set
      forth in each related Mortgage Note which is added to the Index in order to
      determine the related Mortgage Rate, as set forth in the Mortgage Loan
      Schedule.

     

    Master
      Servicer:
      [    ], or any successor in interest, or if any successor master
      servicer shall be appointed as herein provided, then such successor master
      servicer.

     

    Master
      Servicer Errors and Omission Insurance Policy:
      Any
      errors and omission insurance policy required to be obtained by the Master
      Servicer satisfying the requirements of Section 5.02.

     

    Master
      Servicer Event of Default:
      Any one
      of the conditions or circumstances enumerated in Section 8.01(a).

     

    Master
      Servicer Fidelity Bond:
      Any
      fidelity bond to be maintained by the [related] Servicer in accordance with
      Section 5.02.

     

    Master
      Servicer Remittance Date:
      [With
      respect to each Payment Date, the Business Day immediately preceding such
      Payment Date.]

     

    Material
      Defect:
      With
      respect to any Mortgage Loan, as defined in Section 2.02(c) hereof.

     

    Maturity
      Date:
      The
      Payment Date in [    ].

     

    Maximum
      Mortgage Rate:
      The
      maximum level to which a Mortgage Rate can adjust in accordance with its terms,
      regardless of changes in the applicable Index.

     

    Maximum
      Note Interest Rate:
      [    ]% per annum.

     

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

     

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

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

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

     

    Minimum
      Mortgage Rate:
      The
      minimum level to which a Mortgage Rate can adjust in accordance with its terms,
      regardless of changes in the applicable Index.

     

    Monthly
      Advance:
      An
      advance made by the Servicer[s] pursuant to Section 4.03(c) or the Master
      Servicer pursuant to Section 6.04, as applicable, with respect to delinquent
      payments of principal and interest on the Mortgage Loans, adjusted to the
      related Net Mortgage Rate.

     

    Monthly
      Excess Cashflow:
      [With
      respect to any Payment Date, (a) the sum of (1) the Overcollateralization
      Release Amount for such date, (2) Monthly Excess Interest for such date and
      (3)
      any Principal
      Payment Amount for such date remaining after application pursuant to either
      clauses (i)(1) through (7) or clauses (ii)(1) through (7), as applicable, of
      Section 6.02(b) on such date minus
      (b) the
      Extra Principal Payment Amount for such date.]

     

    Monthly
      Excess Interest:
      [With
      respect to any Payment Date, the amount of Interest Funds remaining after
      application pursuant to clauses (i) through (vii) of Section 6.02(a) on such
      Date.]

     

    Monthly
      Payment:
      With
      respect to any Mortgage Loan and any month, the scheduled payment or payments
      of
      principal and interest due during such month on such mortgage loan, which either
      is payable by a mortgagor in such month under the related mortgage note, or
      in
      the case of any Mortgaged Property acquired through foreclosure or deed-in-lieu
      of foreclosure, would otherwise have been payable under the related Mortgage
      Note.

     

    [Moody’s:
      Moody’s
      Investors Service, Inc., or any successor in interest.]

     

    Mortgage:
      A
      mortgage, deed of trust or other instrument encumbering a fee simple interest
      in
      real property securing a Mortgage Note.

     

    Mortgage
      File:
      The
      mortgage documents listed in Section 2.01(c) pertaining to a particular Mortgage
      Loan required to be delivered to the Indenture Trustee (or the Custodian)
      pursuant to this Agreement.

     

    Mortgage
      Loan:
      The
      conventional, adjustable rate, first and second lien residential mortgage loans
      sold by the Seller to the Depositor pursuant to the Mortgage Loan Purchase
      Agreement and subsequently transferred by the Depositor to the Issuer pursuant
      to this Agreement, [including any [Subsequent Mortgage Loan] [Additional
      Mortgage Loan]].

     

    Mortgage
      Loan Purchase Agreement:
      The
      mortgage loan purchase agreement dated as of [    ], between the
      Seller and the Depositor.

     

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan,
      as such schedule may be amended from time to time to reflect the addition of
      Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust, [including
      any [Subsequent Mortgage Loan] [Additional Mortgage Loan]]. The
      Depositor shall be responsible for providing the Master Servicer and the
      Custodian on behalf of the Indenture Trustee with all amendments to the Mortgage
      Loan Schedule.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

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

     

    Mortgage
      Pool:
      The
      pool of Mortgage Loans in the Trust Estate.

     

    Mortgaged
      Property:
      With
      respect to any Mortgage Loan, the underlying real property securing such
      Mortgage Loan.

     

    Mortgage
      Rate:
      With
      respect to any Mortgage Loan, its applicable interest rate determined as
      provided in the related mortgage note, as reduced by any Relief Act
      Reduction.

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Net
      Liquidation Proceeds:
      All
      amounts, net of (1) unreimbursed expenses and (2) unreimbursed Monthly Advances
      and Servicing Advances, received and retained in connection with the liquidation
      of defaulted Mortgage Loans, through Insurance Proceeds or Condemnation
      Proceeds, by foreclosure or otherwise, together with any net proceeds received
      on a monthly basis with respect to any Mortgaged Properties acquired by
      foreclosure or deed in lieu of foreclosure.

     

    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan at any time, the Mortgage Rate thereof reduced
      by
      the Servicing Fee Rate for such Mortgage Loan and any Lender Paid Mortgage
      Insurance Rate.

     

    [Net
      Swap Payment:
      With
      respect to each Payment Date, the net payment required to be made pursuant
      to
      the terms of the related Swap Agreement, as calculated by the Swap Counterparty,
      which net payment shall not take into account any Swap Termination
      Payment.]

     

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

     

    [Non-Conforming
      Balance Mortgage Loan:
      Any
      First Lien Mortgage Loan other than a Conforming Balance Mortgage
      Loan.]

     

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

     

    Nonrecoverable
      Advance:
      Any
      advance previously made by the [related] Servicer pursuant to Section 4.03(c)
      or
      by the Master Servicer pursuant to Section 6.04 or any Servicing Advance which,
      in the good faith judgment of the [related] Servicer or the Master Servicer,
      as
      applicable, may not be ultimately recoverable by the [related] Servicer or
      the
      Master Servicer from Liquidation Proceeds, Insurance Proceeds, Condemnation
      Proceeds or otherwise. The determination by the [related] Servicer or the Master
      Servicer, as applicable, that it has made a Nonrecoverable Advance, shall be
      evidenced by an Officer's Certificate of the Servicer or the Master Servicer,
      as
      applicable, delivered to the Indenture Trustee and the Master Servicer (in
      the
      case of the [related] Servicer) and detailing the reasons for such
      determination

     

    
      
        
        

      

      
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    Note:
      Any of
      the Class [    ], Class [    ] and Class
      [    ] Notes.

     

    Note
      Interest Rate:
      [With
      respect to each Payment Date and each Class of Notes, an adjustable rate equal
      to the least of (1) One-Month LIBOR plus the related Note Margin, (2) the
      Maximum Note Interest Rate and (3) the Available Funds Rate with respect to
      such
      Payment Date.]

     

    Note
      Margin:
      With
      respect to the Class [    ] Notes, on any Payment Date prior to
      the Step-up Date, [    ]% per annum, and on any Payment Date on
      and after the Step-up Date, [    ]% per annum. With respect to
      the Class [    ] Notes, on any Payment Date prior to the Step-up
      Date, [    ]% per annum, and on any Payment Date on and after the
      Step-up Date, [    ]% per annum. With respect to the Class
      [    ] Notes, on any Payment Date prior to the Step-up Date,
      [    ]% per annum, and on any Payment Date on and after the
      Step-up Date, [    ]% per annum. 

     

    Note
      Payment Account:
      The
      note payment account maintained by or on behalf of the Securities Administrator
      for the benefit of the Noteholders pursuant to Section 6.01.

     

    Note
      Register
      and
Note
      Registrar:
      As
      defined in the Indenture.

     

    Offering
      Document:
      The
      Prospectus.

     

    Officer’s
      Certificate:
      A
      certificate signed by the Chairman of the Board, any Vice Chairman, the
      President, any Executive Vice President, any Senior Vice President, any Vice
      President or any Assistant Vice President of a Person.

     

    One-Month
      LIBOR or One-Month LIBOR Index:
      The
      Interest Settlement Rate for U.S. dollar deposits of one-month maturity set
      by
      the BBA as of 11:00 a.m. (London time) on the LIBOR Determination
      Date.

     

    Operative
      Agreements:
      The
      Trust Agreement, the Certificate of Trust of the Issuer, this Agreement, the
      Mortgage Loan Purchase Agreement, the Indenture, the Custodial Agreement, the
      Depository Agreement, [any Cap Agreement], [any Swap Agreement], the
      Administration Agreement and each other document contemplated by any of the
      foregoing to which the Depositor, the Seller, the Master Servicer, the
      Servicer[s], the Owner Trustee, the Securities Administrator, the Indenture
      Trustee, the Custodian or the Issuer is a party.

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, reasonably acceptable in form and substance to
      the
      Seller, the Securities Administrator, the Indenture
      Trustee and/or
      the
      Master Servicer, as applicable, and who may be in-house or outside counsel
      to
      the Seller, the Servicer[s], the Depositor, the Master Servicer, the Securities
      Administrator or the Indenture
      Trustee but
      which
      must be Independent outside counsel with respect to any such opinion of counsel
      concerning federal income tax or ERISA matters.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    [Original
      Capitalized Interest Amount:
      $[    ].]

    

    Overcollateralized
      Amount:
      With
      respect to any Payment Date, the amount, if any, by which (1) the aggregate
      Scheduled Principal Balance of the Mortgage Loans exceeds (2) the aggregate
      Class Principal Amount of the Notes as of such Payment Date (assuming that
      100%
      of Principal Funds is applied as a principal payment on the Notes on such
      Payment Date).

    

    Overcollateralization
      Deficiency:
      [With
      respect to any Payment Date, the amount, if any, by which (1) the
      Overcollateralization Target Amount for such Payment Date exceeds (2) the
      Overcollateralized Amount for such Payment Date, calculated for this purpose
      after giving effect to the reduction on such Payment Date of the Class Principal
      Amounts of the Notes resulting from the payment of Principal Funds on such
      Payment Date].

     

    Overcollateralization
      Floor:
      $[    ].

     

    Overcollateralization
      Release Amount:
      [With
      respect to any Payment Date, the lesser of (x) the Principal Funds for such
      Payment Date and (y) the excess, if any, of (1) the Overcollateralization Amount
      for such Payment Date (assuming that 100% of such Principal Funds is applied
      as
      a principal payment on such Payment Date) over (2) the Overcollateralization
      Target Amount for such Payment Date (with the amount determined pursuant to
      clause (y) deemed to be $0 if the Overcollateralization Amount is less than
      or
      equal to the Overcollateralization Target Amount on that Payment
      Date)].

     

    Overcollateralization
      Target Amount:
      [With
      respect to any Payment Date (a) prior to the Stepdown Date, [   
]% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of
      the
      Cut-off Date, (b) on or after the Stepdown Date and if a Trigger Event is not
      in
      effect, the greater of (i) the lesser of (1) [    ]% of the
      aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off
      Date and (2) [    ]% of the then current aggregate Scheduled
      Principal Balance of the Mortgage Loans as of that Payment Date and (ii)
      $[    ] and (c) on or after the Stepdown Date and if a Trigger
      Event is in effect, the Overcollateralization Target Amount for the immediately
      preceding Payment Date.]

     

    Ownership
      Certificate:
      An
      equity certificate representing a 100% undivided beneficial ownership interest
      in the Trust, substantially in the form attached as part of Exhibit A to the
      Trust Agreement.

     

    Owner
      Trustee:
      [    ], a [    ] banking corporation, and any
      successor in interest, not in its individual capacity, but solely as owner
      trustee under the Trust Agreement.

     

    
      
        
        

      

      
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    Owner
      Trustee Fee:
      The
      annual on-going fee payable by the Master Servicer on behalf of the Trust to
      the
      Owner Trustee from income on funds held in the Collection Account as provided
      in
      Section 5.07 and pursuant to the terms of a separate fee letter
      agreement.

     

    Payahead:
      Any
      Monthly Payment intended by the related borrower to be applied in a Collection
      Period subsequent to the Collection Period in which such payment was
      received.

     

    Paying
      Agent:
      Initially,
      the Securities Administrator, in its capacity as paying agent under the
      Indenture and the Trust Agreement, or any successor to the Securities
      Administrator in such capacity.

     

    Payment
      Date:
      The
      [25]th day of each month or, if such [25]th day is not a Business Day, the
      next
      succeeding Business Day, commencing in [    ].

     

    Percentage
      Interest:
      The
      Percentage Interest evidenced thereby shall equal (i) with respect to the
      Ownership Certificate, the Percentage Interest specified on the face of such
      certificate; or (ii) with respect to any Note, the initial Note Principal Amount
      thereof divided
      by
      the
      initial Class Principal Amount of all Notes of the same Class.

     

    Periodic
      Cap:
      With
      respect to each Mortgage Loan, the maximum adjustment that can be made to the
      Mortgage Rate on each Adjustment Date in accordance with its terms, regardless
      of changes in the applicable Index.

     

    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.

     

    Pool
      Balance:
      As of
      any date of determination, the aggregate of the Scheduled Principal Balances
      of
      the Mortgage Loans in the Mortgage Pool as of such date [plus, during the
      [Pre-Funding Period] [Revolving Period], the amount of the [Pre-Funding Amount]
      [Revolving Amount] applicable to such Mortgage Pool which has not been
      previously applied towards the purchase of [Subsequent Mortgage Loans]
      [Additional Mortgage Loans].

     

    [Pre-Funding
      Account: The pre-funding account established by the Securities Administrator
      pursuant to Section [    ].]

     

    [Pre-Funding
      Amount: The amount deposited by the Securities Administrator into the
      Pre-Funding Account on the Closing Date.]

     

    [Pre-Funding
      Period: The period beginning on the Closing Date and ending on
      [    ].]

     

    Prepayment
      Interest Shortfall:
      The
      amount by which one month's interest at the Mortgage Rate (as reduced by the
      Servicing Fee Rate) on a Mortgage Loan as to which a voluntary prepayment has
      been made exceeds the amount of interest actually received in connection with
      such prepayment.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    Prepayment
      Period:
      [With
      respect to any Payment Date, the immediately preceding calendar
      month].

     

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

     

    Prime
      Rate:
      The
      prime rate of the United States money center commercial banks as published
      in
The
      Wall Street Journal,
      Northeast Edition.

     

    [   
      ] Principal Deficiency Amount:
      With
      respect to any Payment Date, the lesser of (a) the excess, if any, of (1) the
      Total Principal Deficiency Amount over (2) the sum of the [    ]
      Principal Deficiency Amount and the [    ] Principal Deficiency
      Amount, in each case for that Payment Date and (b) the Class Principal Amount
      of
      the Class [    ] Notes immediately prior to such Payment
      Date.

     

    [   
      ] Principal Deficiency Amount:
      With
      respect to any Payment Date, the lesser of (a) the excess, if any, of (1) the
      Total Principal Deficiency Amount over (2) the [    ]Principal
      Deficiency Amount for that Payment Date and (b) the Class Principal Amount
      of
      the Class [    ] Notes immediately prior to such Payment
      Date.

     

    [   
      ] Principal Deficiency Amount:
      With
      respect to any Payment Date, the lesser of (a) the Total Principal Deficiency
      Amount for that Payment Date, and (b) the Class Principal Amount of the
      Class [    ] Notes immediately prior to such Payment
      Date.

     

    Principal
      Deficiency Amount:
      With
      respect to the Class [    ] Notes, the [    ]
      Principal Deficiency Amount; with respect to the Class [    ]
      Notes, the [    ] Principal Deficiency Amount; and with respect
      to the Class [    ] Notes, the [    ] Principal
      Deficiency Amount.

     

    Principal
      Funds:
      [With
      respect to any Payment Date, the sum of (1) the principal portion of all
      scheduled monthly payments on the related Mortgage Loans due on the related
      Due
      Date, to the extent received or advanced; (2) the principal portion of all
      proceeds of the repurchase of a Mortgage Loan (or, in the case of a
      substitution, certain amounts representing a principal adjustment) as required
      by the Mortgage Loan Purchase Agreement during the preceding calendar month;
      (3)
      the principal portion of all other unscheduled collections received during
      the
      preceding calendar month in respect of the related mortgage loans, including
      full and partial prepayments, the proceeds of any purchase of Mortgage Loans
      by
      the Seller, the Servicer[s] or the Residual Holder, Liquidation Proceeds,
      Condemnation Proceeds and Insurance Proceeds; net of any fees payable to, and
      other amounts reimbursable to, the Master Servicer, the Servicer[s], the
      Securities Administrator, the Indenture Trustee, the Custodian and the Owner
      Trustee as provided in the Operative Agreements (to the extent not reimbursed
      from Interest Funds)]. [On the first Payment Date after the end of the Revolving
      Period, Principal Funds shall include amounts allocable to principal that were
      deposited in the Revolving Account during the Revolving Period and not withdrawn
      to purchase Additional Mortgage Loans.] [On the first Payment Date after the
      end
      of the Pre-Funding Period, Principal Funds shall include amounts allocable
      to
      principal that were deposited in the Pre-Funding Account during the Pre-Funding
      Period and not withdrawn to purchase Subsequent Mortgage Loans.]

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    Principal
      Payment Amount:
      [With
      respect to any Payment Date, (a) the sum of (1) the Principal Funds for such
      Payment Date and (2) the Extra Principal Payment Amount for such Payment Date
      minus
      (b)
      the
      Overcollateralization Release Amount for such date].

    

    Principal
      Prepayment:
      Any
      payment or other recovery of principal on a Mortgage Loan which is received
      in
      advance of its scheduled Due Date to the extent that it is not accompanied
      by an
      amount as to interest representing scheduled interest due on any date or dates
      in any month or months subsequent to the month of prepayment, including
      Insurance Proceeds and Repurchase Proceeds, but excluding the principal portion
      of Net Liquidation Proceeds received at the time a mortgage loan becomes a
      Liquidated Mortgage Loan.

    

    Proceeding:
      Any
      suit in equity, action at law or other judicial or administrative
      proceeding.

     

    Prospectus:
      The
      prospectus supplement dated [    ], together with the
      accompanying prospectus dated [    ], relating to the
Class
      [   
      ],
      Class
[   
      ] and
      Class
[   
      ]
      Notes.

     

    Purchase
      Price:
      [With
      respect to the purchase of a Mortgage Loan or related REO Property pursuant
      to
      this Agreement, an amount equal to the sum of (a) 100% of the unpaid principal
      balance of such Mortgage Loan, (b) accrued interest thereon at the applicable
      Mortgage Rate, from the date as to which interest was last paid to (but not
      including) the Due Date in the Collection Period immediately preceding the
      related Payment Date, (c) the amount of any costs and damages incurred by the
      Trust in connection with any violation of any applicable federal, state or
      local
      predatory or abusive lending law in connection with the origination of such
      Mortgage Loan, (d) the fair market value of all other property being purchased
      [and (e) any Swap Termination Payment payable to the Swap Counterparty due
      to
      the exercise of the option to purchase the Mortgage Loans. The [related]
      Servicer and the Master Servicer shall be reimbursed from the Purchase Price
      for
      any Mortgage Loan or related REO Property for any Monthly Advances and Servicing
      Advances made or other amounts advanced with respect to such Mortgage Loan
      that
      are reimbursable to the [related] Servicer or the Master Servicer under this
      Agreement, together with any accrued and unpaid compensation due to the
      [related] Servicer or the Master Servicer hereunder].

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    Qualified
      GIC:
      A
      guaranteed investment contract or surety bond providing for the investment
      of
      funds in the Collection Account and insuring a minimum, fixed or floating rate
      of return on investments of such funds, which contract or surety bond
      shall:

     

    be
      an
      obligation of an insurance company or other corporation whose long-term debt
      is
      rated by each Rating Agency in one of its two highest rating categories or,
      if
      such insurance company has no long-term debt, whose claims paying ability is
      rated by each Rating Agency in one of its two highest rating categories, and
      whose short-term debt is rated by each Rating Agency in its highest rating
      category;

     

    (i)  provide
      that the Master Servicer on behalf of the Indenture Trustee may exercise all
      of
      the rights under such contract or surety bond without the necessity of taking
      any action by any other Person;

     

    (ii)  provide
      that if at any time the then current credit standing of the obligor under such
      guaranteed investment contract is such that continued investment pursuant to
      such contract of funds would result in a downgrading of any rating of the Notes,
      the Securities Administrator shall terminate such contract without penalty
      and
      be entitled to the return of all funds previously invested thereunder, together
      with accrued interest thereon at the interest rate provided under such contract
      to the date of delivery of such funds to the Securities
      Administrator;

     

    (iii)  provide
      that the Indenture Trustee’s interest therein shall be transferable to any
      successor trustee hereunder; and

     

    (iv)  provide
      that the funds reinvested thereunder and accrued interest thereon be returnable
      to the Collection Account not later than the Business Day prior to any Payment
      Date.

     

    Qualified
      Insurer:
      An
      insurance company duly qualified as such under the laws of the states in which
      the related Mortgaged Properties are located, duly authorized and licensed
      in
      such states to transact the applicable insurance business and to write the
      insurance provided and whose claims paying ability is rated by each Rating
      Agency in its highest rating category or whose selection as an insurer will
      not
      adversely affect the rating of the Notes.

     

    Qualifying
      Substitute Mortgage Loan:
      [A
      mortgage loan tendered to the Indenture Trustee or the Custodian pursuant to
      the
      Mortgage Loan Purchase Agreement or this Agreement, as applicable, in each
      case,
      (i) which has an outstanding principal balance not greater nor materially less
      than the Mortgage Loan for which it is to be substituted; (ii) which has a
      Mortgage Rate and Net Mortgage Rate not less than, and not materially greater
      than, such Mortgage Loan; (iii) which has a maturity date not materially earlier
      or later than such Mortgage Loan and not later than the latest maturity date
      of
      any Mortgage Loan; (iv) which is of the same property type and occupancy type
      as
      such Mortgage Loan; (v) with respect to a First Lien Mortgage Loan, which has
      a
      Loan-to-Value Ratio not greater than the Loan-to-Value Ratio of such Mortgage
      Loan; (vi) with respect to a Second Lien Mortgage Loan, which has a Combined
      Loan-to-Value Ratio not greater than the Combined Loan-to-Value Ratio of such
      Mortgage Loan (vii) which is current in payment of principal and interest as
      of
      the date of substitution; (viii) as to which the payment terms do not vary
      in
      any material respect from the payment terms of the Mortgage Loan for which
      it is
      to be substituted and (ix) which has a Gross Margin and Maximum Mortgage Rate
      no
      less than those of such Mortgage Loan, has the same Index and interval between
      Adjustment Dates as such Mortgage Loan, and a Minimum Lifetime Mortgage Rate
      no
      lower than that of such Mortgage Loan].

     

    
      
        
        

      

      
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    Rating
      Agency:
      Each of
      [    ] and [    ].

     

    Realized
      Loss:
      With
      respect to a Mortgage Loan is (1) a Bankruptcy Loss or (2) as to any Liquidated
      Mortgage Loan, the unpaid principal balance thereof plus accrued and unpaid
      interest thereon at the related Mortgage Rate through the last day of the month
      of liquidation less the Net Liquidation Proceeds with respect to such Mortgage
      Loan and the related Mortgaged Property.

     

    Reference
      Banks:
      Leading
      banks selected by the Securities Administrator and engaged in transactions
      in
      Eurodollar deposits in the international Eurocurrency market (1) with an
      established place of business in London, (2) whose quotations appear on the
      Reuters Screen LIBO Page on the Determination Date in question, (3) which have
      been designated as such by the Securities Administrator and (4) not controlling,
      controlled by, or under common control with, the Depositor, the Indenture
      Trustee, the Securities Administrator, the Master Servicer, the Servicer[s],
      the
      Seller or any successor servicer.

     

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

     

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

     

    Relief
      Act Reduction:
      With
      respect to a Mortgage Loan, a reduction of the applicable Mortgage Rate by
      application of the Servicemembers Civil Relief Act or similar state or local
      laws.

     

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

     

    Repurchase
      Proceeds:
      The
      purchase price proceeds in connection with any repurchase of a Mortgage Loan
      by
      the Seller and any cash deposit in connection with the substitution of a
      Mortgage Loan.

     

    Request
      for Release:
      A
      request for release in the form attached hereto as Exhibit A-5.

     

    Residual
      Holder:
      The
      holder of the Ownership Certificate.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    Responsible
      Officer:
      Any
      vice president, any assistant vice president, any assistant secretary, any
      associate, any assistant treasurer, or any other officer of the Indenture
      Trustee or the Securities Administrator, as applicable, customarily performing
      functions similar to those performed by any of the above-designated officers
      and, in each case, having direct responsibility for the administration of the
      Operative Agreements and also, with respect to a particular matter, any other
      officer to whom such matter is referred because of such officer’s knowledge of
      and familiarity with the particular subject.

     

    [Revolving
      Account:
      The
      revolving account maintained by the Securities Administrator in which Revolving
      Deposits are deposited by the Securities Administrator to be used to acquire
      Additional Mortgage Loans during the Revolving Period.]

     

    [Revolving
      Amount:
      With
      respect to each Payment Date during the Revolving Period, the total amount
      of
      Revolving Deposits deposited in the Revolving Account on such Payment
      Date.]

     

    [Revolving
      Credit Loan Schedule:
      A
      schedule of the Revolving Credit Loans setting forth information with respect
      to
      such Revolving Credit Loans (including any MERS identification number (if
      available) with respect to each MERS Mortgage Loan, attached hereto as [Schedule
      B].]

     

    [Revolving
      Credit Loan:
      A
      Mortgage Loan that is identified as a Revolving Credit Loan on the Revolving
      Credit Loan Schedule, which Revolving Credit Loan includes without limitation
      the Revolving Credit Loan documents, the monthly payments, Principal
      Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
      REO disposition proceeds, and all other rights, benefits, proceeds and
      obligations arising from or in connection with such Revolving Credit
      Loan.]

     

    [Revolving
      Deposits:
      With
      respect to any Payment Date during the Revolving Period, all payments that
      would
      otherwise be made to Noteholders in respect of principal [and excess interest]
      that is deposited in the Revolving Account on such Payment Date.]

     

    Reuters
      Screen LIBO Page:
      The
      display designated as page “LIBO” on the Reuters Monitor Money Rates Service (or
      such other page as may replace the LIBO page on that service for the purpose
      of
      displaying London interbank offered rates of major banks).

     

    Rolling
      Three Month Delinquency Rate:
      With
      respect to any Payment Date, the average of the Delinquency Rates for each
      of
      the three (or one and two, in the case of the first and second Payment Dates,
      respectively) immediately preceding calendar months.

     

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

     

    Scheduled
      Principal Balance:
      [With
      respect to any Mortgage Loan and any Payment Date (1) the unpaid principal
      balance of such mortgage loan as of the close of business on the related Due
      Date (giving effect to the principal payment to be made on such Due Date and
      irrespective of any delinquency in its payment), as specified in the
      amortization schedule at the time relating thereto (before any adjustment to
      such amortization schedule by reason of any bankruptcy or similar proceeding
      occurring after the Cut-off Date (other than a Deficient Valuation) or any
      moratorium or similar waiver or grace period) less (2) any Principal Prepayments
      and the principal portion of any Net Liquidation Proceeds received during or
      prior to the immediately preceding Prepayment Period; provided
      that the
      Scheduled Principal Balance of any Liquidated Mortgage Loan is
      zero].

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    [Second
      Lien Mortgage Loans:
      Mortgage Loans secured by mortgages or deeds of trust or similar security
      instruments creating a second lien on the related Mortgaged
      Property.]

     

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

     

    Securities
      Administrator:
      [    ], not in its individual capacity but solely as Securities
      Administrator, or any successor in interest.

     

    Securities
      Intermediary:
      The
      Person acting as Securities Intermediary under this Agreement (which is the
      Securities Administrator), its successor in interest, and any successor
      Securities Intermediary appointed pursuant to Section 6.03.

     

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

     

    Seller:
      [Taylor, Bean & Whitaker Mortgage Corp.]

     

    Senior
      Enhancement Percentage:
      With
      respect to any Payment Date, the fraction, expressed as a percentage, the
      numerator of which is the sum of the aggregate Class Principal Amount of the
      Subordinate Notes and the Overcollateralization Amount (which, for purposes
      of
      this definition only, will not be less than zero) after giving effect to
      payments on such Payment Date, and the denominator of which is the Pool Balance
      for such Payment Date.

     

    Senior
      Notes:
      The
Class
      [   
      ] Notes.

     

    Servicer:
      [Taylor, Bean & Whitaker Mortgage Corp. (“TBW Mortgage Corp.”)], or its
      successor in interest or assigns or any successor to the Servicer under this
      Agreement as herein provided.

     

    Servicer
      Errors and Omission Insurance Policy:
      Any
      errors and omission insurance policy required to be obtained by [the/a] Servicer
      satisfying the requirements of Section 4.02(l).

     

    Servicer
      Event of Default:
      Any one
      of the conditions or circumstances enumerated in Section 4.07 with respect
      to
      [the/a] Servicer.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    Servicer
      Fidelity Bond:
      Any
      fidelity bond to be maintained by [the/a] Servicer in accordance with Section
      4.02(l).

     

    Servicer
      Remittance Date:
      The
      [18]th day of any month, or if such [18]th day is not a Business Day, the first
      Business Day immediately preceding such [18]th day.

     

    Servicing
      Advances:
      All
      reasonable and customary “out-of-pocket” costs and expenses, including costs and
      expenses of foreclosures (including reasonable attorneys' fees and
      disbursements) incurred in the performance by [the/a] Servicer of its servicing
      obligations, including, but not limited to, the cost of (1) the preservation,
      restoration, inspection and protection of the Mortgaged Properties, (2) any
      enforcement or judicial proceedings and (3) the management and liquidation
      of
      Mortgaged Properties acquired in satisfaction of the related
      mortgage.

     

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

     

    Servicing
      Fee:
      The
      monthly fee calculated at the Servicing Fee Rate on the outstanding principal
      balance of each Mortgage Loan, including any Liquidated Mortgage
      Loan.

     

    Servicing
      Fee Rate:
      [For
      each Second Lien Mortgage Loan, [    ]% per annum; for each
      Non-Conforming Balance Mortgage Loan without an LPMI Policy, [   
]% per annum; for each Non-Conforming Balance Mortgage Loan with Level I LPMI,
      [    ]%; for each Non-Conforming Balance Mortgage Loan with Level
      II LPMI, [    ]%; for each Non-Conforming Balance Mortgage Loan
      with Level III LPMI, [    ]%; for each Non-Conforming Balance
      Mortgage Loan with Level IV LPMI, [    ]%; for each Conforming
      Balance Mortgage Loan without an LPMI Policy but with a Mortgage Rate that
      adjusts every one month or six months from origination, [    ]%
      per annum; for each Conforming Balance Mortgage Loan with Level I LPMI and
      with
      a Mortgage Rate that adjusts every one month or six months from origination,
      [    ]% per annum; for each Conforming Balance Mortgage Loan with
      Level II LPMI and with a Mortgage Rate that adjusts every one month or six
      months from origination, [    ]% per annum; for each Conforming
      Balance Mortgage Loan with Level III LPMI and with a Mortgage Rate that adjusts
      every one month or six months from origination, [    ]% per
      annum; for each Conforming Balance Mortgage Loan with Level IV LPMI and with
      a
      Mortgage Rate that adjusts every one month or six months from origination,
      [    ]% per annum; for each Conforming Balance Mortgage Loan
      without an LPMI Policy but with an initial fixed rate period of three, five
      or
      seven years, [    ]% per annum until the first Adjustment Date
      and thereafter [    ]% per annum; for each Conforming Balance
      Mortgage Loan with Level I LPMI and with an initial fixed rate period of three,
      five or seven years, [    ]% per annum until the first Adjustment
      Date and thereafter [    ]% per annum; for each Conforming
      Balance Mortgage Loan with Level II LPMI and with an initial fixed rate period
      of three, five or seven years, [    ]% per annum until the first
      Adjustment Date and thereafter [    ]% per annum; for each
      Conforming Balance Mortgage Loan with Level III LPMI and with an initial fixed
      rate period of three, five or seven years, [    ]% per annum
      until the first Adjustment Date and thereafter [    ]% per annum;
      and for each Conforming Balance Mortgage Loan with Level IV LPMI and with an
      initial fixed rate period of three, five or seven years, [0.65]% per annum
      until
      the first Adjustment Date and thereafter [0.775]% per annum.]

     

    
      
        
        

      

      
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    Servicing
      File:
      With
      respect to each Mortgage Loan, the file retained by [the/a] Servicer, which
      may
      be in electronic media so long as original documents are not required for
      purposes of realization of Liquidation Proceeds, Condemnation Proceeds or
      Insurance Proceeds, consisting of all documents in the Mortgage File which
      are
      not delivered to the Custodian, the originals of such mortgage loan documents
      which are held in trust for the Indenture Trustee by the [related]
      Servicer.

     

    Servicing
      Officer:
      Any
      officer of [the/a] Servicer involved in or responsible for, the administration
      and servicing of the Mortgage Loans whose name appears on a list of servicing
      officers furnished by [the/such] Servicer to the Master Servicer upon request,
      as such list may from time to time be amended.

     

    Six-Month
      LIBOR Index:
      The
      interbank offered rates for six-month United States dollar deposits in the
      London market, calculated as provided in the related mortgage note.

     

    Stepdown
      Date:
      [The
      earlier to occur of (1) the first Payment Date on which the Class Principal
      Amount of the Class [    ] Notes has been reduced to zero and (2)
      the later to occur of (a) the Payment Date occurring in [    ]
      and (b) the first Payment Date on which the Senior Enhancement Percentage
      (calculated for this purpose after giving effect to payments or other recoveries
      in respect of the Mortgage Loans during the related Collection Period but before
      giving effect to payments on the Notes on such Payment Date) is greater than
      or
      equal to approximately [    ]%].

     

    Step-up
      Date:
      [The
      first Payment Date after the Initial Purchase Date].

     

    Subcontractor:
      Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing (as “servicing” is commonly understood by participants in the
      mortgage-backed securities market) of Mortgage Loans but performs one or more
      discrete functions identified in Item 1122(d) of Regulation AB with respect
      to
      Mortgage Loans under the direction or authority of [the/a] Servicer [or a
      Subservicer].

     

    Subordinate
      Notes:
      The
      Class [    ] Notes.

     

    [Subsequent
      Cut-off Date:
      The
      date specified as the Cut-off Date with respect to a [Subsequent Mortgage Loan]
      [Additional Mortgage Loan] in the related Transfer Supplement, which shall
      be no
      later than [    ].]

     

    [Subsequent
      Mortgage Loan:
      A
      Mortgage Loan that is conveyed as of the Transfer Date to the Trust by the
      Depositor pursuant to a Transfer Supplement to the Mortgage Loan Purchase
      Agreement, which Mortgage Loan shall be identified in such Transfer Supplement
      as a Subsequent Mortgage Loan and added by the Depositor to the Mortgage Loan
      Schedule.]

     

    
      
        
        

      

      
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    [Subsequent
      Mortgage Loans:
      Those
      Mortgage Loans which are intended to be acquired by the Trust from time to
      time
      subsequent to the Closing Date but prior to [    ].]

     

    [Subservicer:
      Any
      Person that services Mortgage Loans on behalf of the Servicer or any
      Subservicer, performing the substantial majority of the material functions
      required to be performed by the Servicer under this Agreement that are
      identified in Item 1122(d) of Regulation AB.]

     

    [Subservicing
      Agreement:
      The
      subservicing agreement dated as of [    ], between the Servicer
      and the Subservicer.]

     

    Substitution
      Amount:
      [The
      amount, if any, by which the Scheduled Principal Balance of a Deleted Mortgage
      Loan exceeds the Scheduled Principal Balance of the related Qualifying
      Substitute Mortgage Loan, or aggregate Scheduled Principal Balance, if
      applicable, plus
      unpaid
      interest thereon, any related unpaid Monthly Advances or Servicing Advances
      or
      unpaid Servicing Fees and the amount of any costs and damages incurred by the
      Trust Estate associated with a violation of any applicable federal, state or
      local predatory or abusive lending law in connection with the origination of
      such Deleted Mortgage Loan].

     

    Superior
      Lien:
      With
      respect to any Mortgage Loan, any other mortgage relating to the corresponding
      Mortgaged Property which creates a lien on the Mortgaged Property which is
      senior to the lien of the Mortgage Loan.

     

    [Swap
      Account:
      A
      separate account established and maintained by the Securities Administrator
      for
      the benefit of the Noteholders pursuant to Section 6.05.]

     

    [Swap
      Agreements:
      The
      [    ]-year Hybrid Swap Agreement, the [    ]-year
      Hybrid Swap Agreement and the [    ]-year Hybrid Swap
      Agreement.]

     

    [Swap
      Counterparty:
      The
      counterparty to the Trust either (a) entitled to receive payments from the
      Trust
      or (b) required to make payments to the Trust, in either case pursuant to the
      terms of the Swap Agreements, and any successor in interest or assign.
      Initially, the Swap Counterparty shall be [   
      ].]

     

    [Swap
      Counterparty Trigger Event:
      A Swap
      Counterparty Trigger Event shall have occurred if any of a Swap Default with
      respect to which the Swap Counterparty is a Defaulting Party, a Termination
      Event with respect to which the Swap Counterparty is the sole Affected Party
      or
      an Additional Termination Event with respect to which the Swap Counterparty
      is
      the sole Affected Party has occurred.]

     

    [Swap
      Default:
      Any of
      the circumstances constituting an “Event of Default” under the related Swap
      Agreement.]

     

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

     

    
      
        
        

      

      
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    Telerate
      Page 3750:
      The
      display currently so designated as “Page 3750” on the Moneyline Telerate Service
      (or such other page selected by the Master Servicer as may replace Page 3750
      on
      that service for the purpose of displaying daily comparable rates on
      prices).

     

    [Termination
      Event:
      As
      defined in the related Swap Agreement.]

     

    Termination
      Price:
      [The
      sum, as calculated by the [related] Servicer, of (a) 100% of the aggregate
      outstanding principal balance of the Mortgage Loans, plus accrued interest
      thereon at the applicable Mortgage Rate, (b) the fair market value of the REO
      Property and all other property being purchased, (c) any unreimbursed Servicing
      Advances, (d) any costs and damages incurred by the Trust as a result of
      violation of any applicable federal, state or local predatory or abusive lending
      law in connection with the origination of any Mortgage Loan and (e) all other
      amounts to be paid or reimbursed to the Master Servicer, the Securities
      Administrator, the Indenture Trustee, the Owner Trustee, the Custodian [and
      the
      Swap Counterparty] under the Operative Agreements].

     

    Title
      Insurance Policy:
      A title
      insurance policy maintained with respect to a Mortgage Loan.

     

    Total
      Principal Deficiency Amount:
      [With
      respect to any Payment Date, the excess, if any, of the aggregate Class
      Principal Amount of the Notes after giving effect to payments on such Payment
      Date over the Pool Balance as of the last day of the related Collection
      Period].

     

    [Transfer
      Date:
      Any
      date during the [Pre-Funding Period] [Revolving Period] on which [Subsequent
      Mortgage Loans] [Additional Mortgage Loans] are conveyed by the Depositor to
      the
      Trust pursuant to Section [    ], as specified in the applicable
      Transfer Supplement.

     

    [Transfer
      Price:
      With
      respect to any [Subsequent Mortgage Loan] [Additional Mortgage Loan], the price
      specified in the Transfer Supplement which shall be no less than the outstanding
      principal balance of such [Subsequent Mortgage Loan] [Additional Mortgage Loan]
      as of the Subsequent Cut-off Date specified in the Transfer
      Supplement.]

     

    [Transfer
      Supplement:
      With
      respect to each sale of [Subsequent Mortgage Loans] [Additional Mortgage Loans]
      from the Seller to the Depositor pursuant to the Mortgage Loan Purchase
      Agreement, the transfer supplement entered into between the Seller and the
      Depositor, substantially in the form of Exhibit [    ] to the
      Mortgage Loan Purchase Agreement.

     

    Trigger
      Event:
      [A
      Trigger Event shall have occurred with respect to any Payment Date if (a) a
      Delinquency Event has occurred for such Payment Date, (b) a Cumulative Loss
      Trigger Event has occurred for such Payment Date or (c) a Principal Deficiency
      Amount exists for such Payment Date].

     

    
      
        
        

      

      
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    Trust:
      The
      Issuer.

     

    Trust
      Accounts:
      The
      Collection Account, the Note Payment Account, [the Capitalized Interest
      Account], [the Revolving Account] and [the Pre-Funding Account].

     

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

     

    Trust
      Agreement:
      The
      trust agreement dated as of [    ], among the Owner Trustee, the
      Depositor and the Securities Administrator.

     

    Trust
      Estate:
      The
      assets of the Issuer and pledged by the Issuer to the Indenture Trustee under
      the Indenture, which assets consist of all accounts, accounts receivable,
      contract rights, general intangibles, chattel paper, instruments, documents,
      money, deposit accounts, certificates of deposit, goods, notes, drafts, letters
      of credit, advices of credit, investment property, uncertificated securities
      claims and rights to payment of any and every kind consisting of, arising from
      or relating to any of the following: (a) the Mortgage Loans listed in the
      Mortgage Loan Schedule, and principal due and payable after the Cut-off Date,
      but not including interest and principal due and payable on any Mortgage Loans
      on or before the Cut-off Date, together with the Mortgage Files relating to
      such
      Mortgage Loans; (b) any Insurance Proceeds, REO Property, Liquidation Proceeds
      and other recoveries (in each case, subject to clause (a) above), (c) the Trust
      Accounts, any Custodial Account, any Escrow Account, [the Cap Account] [the
      Swap
      Account] and all amounts deposited therein pursuant to the applicable provisions
      of this Agreement, (d) any Insurance Policies, (e) the rights of the Depositor
      under the Mortgage Loan Purchase Agreement, [(f) the rights of the Trust under
      each [Cap] [Swap] Agreement] and (g) all income, revenues, issues, products,
      revisions, substitutions, replacements, profits, rents and all cash and non-cash
      proceeds of the foregoing.

     

    UCC:
      The
      Uniform Commercial Code as enacted in the relevant jurisdiction.

     

    Underwriters:
      [    ].

     

    Voting
      Interests:
      [The
      portion of the voting rights of all the Notes that is allocated to any Note
      for
      purposes of the voting provisions of this Agreement. At all times during the
      term of this Agreement, 98% of all voting rights will be allocated among the
      holders of the Notes as provided below. The portion of such voting rights
      allocated to such Notes will be based on the fraction, expressed as a
      percentage, the numerator of which is the aggregate Class Principal Amount
      then
      outstanding and the denominator of which is the aggregate outstanding principal
      balance of the Notes. At all times during the term of the Indenture and this
      Agreement, the holders of Ownership Certificate be allocated 2% of the voting
      rights. The voting rights allocation to any Class of Notes or the Ownership
      Certificate will be allocated among all holders of each such Class or Ownership
      Certificate in proportion to the outstanding Class Principal Amount of such
      Notes or Percentage Interest of the Ownership Certificate].

     

    
      
        
        

      

      
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    Section
      1.02.   Calculations
      With Respect to the Mortgage Loans.
      Calculations required to be made pursuant to this Agreement with respect to
      any
      Mortgage Loan in the Trust Estate shall be made based upon current information
      as to the terms of the Mortgage Loans and reports of payments received from
      the
      Mortgagor on such Mortgage Loans provided by the Servicer[s] to the Master
      Servicer.

     

    Section
      1.03.   Calculations
      With Respect to Accrued Interest.
      [Accrued interest, if any, on any Note shall be calculated based upon a 360-day
      year and the actual number of days in each Accrual Period].

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS

     

    Section
      2.01.   Creation
      and Declaration of Trust Estate; Conveyance of Mortgage Loans.

     

    (a)  [Initial]
      Mortgage Loans.
      As of
      the Closing Date, in consideration of the Issuer’s delivery of the Notes and the
      Ownership Certificate to the Depositor or its designee, and
      concurrently with
      the
      execution and delivery of this Agreement, the Depositor does hereby transfer,
      assign, set over, deposit with and otherwise convey to the Issuer, without
      recourse, subject to Section 3.01, in trust, all the right, title and interest
      of the Depositor in and to all accounts, accounts receivable, contract rights,
      general intangibles, chattel paper, instruments, documents, money, deposit
      accounts, certificates of deposit, goods, notes, drafts, letters of credit,
      advices of credit, investment property, uncertificated securities claims and
      rights to payment of any and every kind consisting of, arising from or relating
      to any of the following: (a) the Mortgage Loans listed in the Mortgage Loan
      Schedule, and principal due and payable after the Cut-off Date, but not
      including interest and principal due and payable on any Mortgage Loans on or
      before the Cut-off Date, together with the Mortgage Files relating to such
      Mortgage Loans, (b) any Insurance Proceeds, REO Property, Liquidation Proceeds
      and other recoveries (in each case, subject to clause (a) above), (c) all Escrow
      Payments, (d) any Insurance Policies, (e) the rights of the Depositor under
      the
      Mortgage Loan Purchase Agreement, (f) the Depositor’s security interest in any
      collateral pledged to secure the Mortgage Loans, including the Mortgaged
      Properties, [(g) all Credit Line Advances created with respect to Revolving
      Credit Loans] and [(h)] all income, revenues, issues, products, revisions,
      substitutions, replacements, profits, rents and all cash and non-cash proceeds
      of the foregoing to have and to hold, in trust; and the Indenture Trustee
      declares that, subject to the review provided for in Section 2.02, it has
      received and shall hold the Trust Estate, as Indenture Trustee, in trust, for
      the benefit and use of the Noteholders and for the purposes and subject to
      the
      terms and conditions set forth in this Agreement, and, concurrently with such
      receipt, the Issuer has issued and delivered the Notes and the Ownership
      Certificate to or upon the order of the Depositor, in exchange for the Mortgage
      Loans and the other property of the Trust Estate.

     

    
      
        
        

      

      
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    (b)  [[Subsequent
      Mortgage Loans] [Additional Mortgage Loans].
      On each
      Transfer Date occurring during the [Pre-Funding Period] [Revolving Period],
      provided that each condition set forth in this Section 2.01(b) is satisfied,
      the
      Depositor shall convey to the Issuer, and the Issuer shall purchase pursuant
      to
      this Section 2.01(b), all [Subsequent Mortgage Loans] [Additional Mortgage
      Loans] which satisfy the criteria set forth in this Section 2.01(b) then offered
      for sale by the Depositor; provided,
      however,
      that
      the related aggregate Transfer Price shall not exceed the [Pre-Funding Amount]
      [Revolving Amount].

     

    Subject
      to the conditions set forth in this Section 2.01(b), in consideration of the
      Securities Administrator’s delivery on the related Transfer Date to the
      Depositor or its designee, or upon the order of the Depositor, of the Transfer
      Price for the related [Subsequent Mortgage Loans] [Additional Mortgage Loans]
      from amounts on deposit in the related [Pre-Funding Account] [Revolving Amount],
      the Depositor shall, on each Transfer Date, sell, transfer, assign, set over
      and
      otherwise convey to the Issuer, without recourse, but subject to the other
      terms
      and provisions of this Agreement, all of the right, title and interest of the
      Depositor in and to each [Subsequent Mortgage Loan] [Additional Mortgage Loan]
      (including all interest and principal thereon received after the related
      Subsequent Cut-off Date specified in the Transfer Supplement) identified in
      the
      Addition Notice delivered by the Depositor on such Transfer Date and all items
      in the related Mortgage File. In connection therewith, the Depositor shall
      amend
      the Mortgage Loan Schedule to reflect the inclusion of such [Subsequent Mortgage
      Loan] [Additional Mortgage Loan] in the Mortgage Pool as part of the assets
      of
      the Trust Estate. The Depositor shall promptly deliver to the Indenture Trustee,
      the Securities Administrator and the Master Servicer a copy of the Mortgage
      Loan
      Schedule as so amended. 

     

    Concurrently
      with the execution and delivery of each Transfer Supplement, the Depositor
      does
      hereby assign to the Issuer all of its rights and interest under the Mortgage
      Loan Purchase Agreement with respect to the [Subsequent Mortgage Loans]
      [Additional Mortgage Loans] added to the Mortgage Loan Purchase Agreement
      pursuant to such Transfer Supplement, but only to the extent assigned under
      the
      Mortgage Loan Purchase Agreement. The Issuer hereby accepts such assignment,
      and
      shall be entitled to exercise all the rights of the Depositor under the Mortgage
      Loan Purchase Agreement as amended by the related Transfer Supplement as if,
      for
      such purpose, it were the Depositor.

     

    The
      Depositor shall on any Transfer Date transfer to the Issuer the applicable
      [Subsequent Mortgage Loans] [Additional Mortgage Loans] and the other property
      and rights related thereto described in the immediately preceding paragraph,
      as
      applicable, and the Issuer shall purchase such [Subsequent Mortgage Loans]
      [Additional Mortgage Loans], property and rights only upon the satisfaction
      of
      each of the following conditions on or prior to the related Transfer
      Date:

     

    (i)  [                 ];

     

    
      
        
        

      

      
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    (ii)  [                                   
];
      and

     

    (iii)  [                      
                 
      ].

     

    [To
      be
      added for each transaction with Subsequent Mortgage Loans or Additional Mortgage
      Loans]

     

    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Issuer all of its rights and interest under the Mortgage Loan
      Purchase Agreement but without delegation of any of its obligations thereunder.
      The Issuer hereby accepts such assignment, and shall be entitled to exercise
      all
      the rights of the Depositor under the Mortgage Loan Purchase Agreement as if,
      for such purpose, it were the Depositor. Upon the issuance of the Notes,
      ownership in the Trust Estate shall be vested in the Issuer, subject to the
      lien
      created by the Indenture in favor of the Indenture Trustee, for the benefit
      of
      the Noteholders. The foregoing sale, transfer, assignment, set-over, deposit
      and
      conveyance does not and is not intended to result in creation or assumption
      by
      the Indenture Trustee of any obligation of the Depositor, the Seller, or any
      other Person in connection with the Mortgage Loans or any other agreement or
      instrument relating thereto except as specifically set forth
      herein.

     

    It
      is
      agreed and understood by the Seller, the Depositor and the Issuer (and the
      Depositor so represents and recognizes) that it is not intended that any
      Mortgage Loan to be included in the Trust Estate be (i) a "High-Cost Home Loan"
      as defined in the New Jersey Home Ownership Act effective November 27, 2003,
      (ii) a "High-Cost Home Loan" as defined in the New Mexico Home Loan Protection
      Act effective January 1, 2004, (iii) a "High-Cost Home Mortgage Loan" as defined
      in the Massachusetts Predatory Home Loan Practices Act effective November 7,
      2004 or (iv) a "High Cost Home Loan" as defined in the Indiana Home Loan
      Practices Act effective January 1, 2005.

     

    (c)  In
      connection with such transfer and assignment, the Depositor does hereby deliver
      to, and deposit with, or cause to be delivered to and deposited with, the
      Indenture Trustee, and/or the Custodian acting on the Indenture Trustee’s
      behalf, the following documents or instruments with respect to each Mortgage
      Loan (each a “Mortgage File”) so transferred and assigned:

     

    (i)  the
      original Mortgage Note, endorsed either (A) in blank or (B) to the order of
      the
      Indenture Trustee in the form of the Form of Endorsement set forth in Exhibit
      A-4 hereto, or with respect to any lost Mortgage Note, an original Lost Note
      Affidavit, in the form set forth in Exhibit B hereto, stating that the original
      Mortgage Note was lost, misplaced or destroyed, together with a copy of the
      related Mortgage Note;

     

    (ii)  except
      as
      provided below, the original Mortgage with evidence of recording thereon (if
      the
      related Mortgage Loan is a MERS Mortgage Loan, the Mortgage shall note the
      MIN
      and contain language that such Mortgage Loan is a MERS Mortgage Loan). If in
      connection with any Mortgage Loan, [the/a] Servicer cannot deliver or cause
      to
      be delivered the original Mortgage with evidence of recording thereon on or
      prior to the Closing Date because of a delay caused by the public recording
      office where such Mortgage has been delivered for recordation or because such
      Mortgage has been lost or because such public recording office retains the
      original recorded Mortgage, [the/such] Servicer shall deliver or cause to be
      delivered to the Custodian a photocopy of such Mortgage together with (i) in
      the
      case of a delay caused by the public recording office, an Officer’s Certificate
      of the [related] 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 [related]
      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;

     

    
      
        
        

      

      
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    (iii)  with
      respect to each Non-MERS Mortgage Loan, an original Assignment of Mortgage
      (which may be in the form of a blanket assignment if permitted in the
      jurisdiction where the Mortgaged Property is located) with evidence of recording
      thereon unless an Opinion of Counsel described in clause (c) below is delivered
      to the Indenture Trustee and the Rating Agencies, in which case, the Assignment
      of Mortgage shall be in form and substance acceptable for recording. The
      Mortgage shall be assigned either (A) in blank, without recourse, or (B) to
      “U.S. Bank National Association, as Indenture Trustee of the TBW Mortgage
      Trust 20[    ]-[    ]”, without recourse or (C) to
      the order of the Indenture Trustee;

     

    (iv)  an
      original copy of any intervening assignment of Mortgage showing a complete
      chain
      of assignments or, in the case of an intervening assignment that has not been
      received by the [related] Servicer from the public recording office, an
      Officer’s Certificate of the [related] Servicer stating that such intervening
      assignment has been delivered to the appropriate public recording office for
      recordation and that the original recorded intervening assignment or a copy
      of
      such intervening assignment certified by such public recording office to be
      a
      true and complete copy of the original recorded intervening assignment will
      be
      promptly delivered to the Custodian upon receipt thereof by the [related]
      Servicer, or in the case of an intervening assignment where a public recording
      office retains the original recorded intervening assignment, a copy of such
      intervening assignment with the recording information thereon certified by
      such
      public recording office to be a true and complete copy of the original recorded
      intervening assignment; or in the case of an intervening assignment that has
      been lost, a written Opinion of Counsel for the Seller that such original
      intervening assignment is not required to enforce the Indenture Trustee’s
      interest in the Mortgage Loans;

     

    (v)  the
      original or a certified copy of lender’s Title Insurance Policy (or, in lieu
      thereof, a commitment to issue such Title Insurance Policy, with an original
      or
      a certified copy of such Title Insurance Policy to follow as soon after the
      Closing Date as reasonably practicable) or attorney’s opinion of title and
      abstract of title; 

     

    
      
        
        

      

      
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    (vi)  the
      original or copy of the policy or certificate of primary mortgage guaranty
      insurance, to the extent available, if any;

     

    (vii)  the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any, or as to any such agreement which cannot be
      delivered prior to the Closing Date because of a delay caused by the public
      recording office where such assumption, modification or substitution agreement
      has been delivered for recordation, a photocopy of such assumption, modification
      or substitution agreement, pending delivery of the original thereof, together
      with an Officer’s Certificate of the Depositor certifying that the copy of such
      assumption, modification or substitution agreement delivered to the Custodian
      is
      a true copy and that the original of such agreement has been forwarded to the
      public recording office; [and]

     

    (viii)  the
      original of any security agreement or equivalent instrument executed in
      connection with the Mortgage or as to any security agreement or equivalent
      instrument that cannot be delivered on or prior to the Closing Date because
      of a
      delay caused by the public recording office where such document has been
      delivered for recordation, a photocopy of such document, pending delivery of
      the
      original thereof, together with an Officer’s Certificate of the Depositor
      certifying that the copy of such security agreement, chattel mortgage or their
      equivalent delivered to the Custodian is a true copy and that the original
      of
      such document has been forwarded to the public recording
      office[;and]

     

    (ix)  [all
      Revolving Credit Loan documents.]

     

    The
      Depositor and the Seller acknowledge and agree that the form of endorsement
      attached hereto as Exhibit A-4 is intended to effect the transfer to the
      Indenture Trustee, for the benefit of the Noteholders, of the Mortgage Notes
      and
      the Mortgages.

     

    (d)  Assignments
      of Mortgage with respect to each Non-MERS Mortgage Loan shall be recorded;
      provided,
      however,
      that
      such Assignments of Mortgage need not be recorded if, on or prior to the Closing
      Date, the Seller delivers an Opinion of Counsel (which must be Independent
      counsel) acceptable to the Rating Agencies, to the effect that recording in
      such
      states is not required to protect the Indenture Trustee’s interest in the
      related Non-MERS Mortgage Loans.

     

    (e)  In
      instances where a Title Insurance Policy is required to be delivered to the
      Indenture Trustee or the Custodian on behalf of the Indenture Trustee under
      clause (b)(vi) above and is not so delivered, the Seller will provide a copy
      of
      such Title Insurance Policy to the Indenture Trustee, or to the Custodian on
      behalf of the Indenture Trustee no later than ninety (90) days of the receipt
      by
      the Seller of the recorded documents from the applicable public recording
      office.

     

    
      
        
        

      

      
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    (f)  For
      Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date
      and prior to the Closing Date, the Depositor, in lieu of delivering the above
      documents, herewith delivers to the Indenture Trustee, or to the Custodian
      on
      behalf of the Indenture Trustee, an Officer’s Certificate which shall include a
      statement to the effect that all amounts received in connection with such
      prepayment that are required to be deposited in the Collection Account pursuant
      to Section 5.06 have been so deposited. All original documents that are not
      delivered to the Indenture Trustee or the Custodian on behalf of the Indenture
      Trustee shall be held by the [related] Servicer in trust for the benefit of
      the
      Indenture Trustee and the Noteholders.

     

    Section
      2.02.   Acceptance
      of Trust Estate; Review of Documentation. 

     

    (a)  Subject
      to the provisions of Section 2.01, the Issuer acknowledges receipt of the assets
      transferred by the Depositor of the assets included in the Trust Estate and
      has
      directed that the documents referred to in Section 2.01 and all other assets
      included in the definition of “Trust Estate” be delivered to the Indenture
      Trustee (or the Custodian) on its behalf.

     

    The
      Indenture Trustee, by execution and delivery hereof, acknowledges receipt by
      it
      or by the Custodian on its behalf of the Mortgage Files pertaining to the
      Mortgage Loans listed on the Mortgage Loan Schedule, subject to review thereof
      by the Indenture Trustee, or by the Custodian on behalf of the Indenture
      Trustee, under this Section 2.02. The Indenture Trustee, or the Custodian on
      behalf of the Indenture Trustee, will execute and deliver to the Depositor,
      the
      Master Servicer, the Servicer[s] (and the Indenture Trustee if delivered by
      the
      Custodian) on the Closing Date an Initial Certification in the form annexed
      hereto as Exhibit A-1.

     

    (b)  Within
      90
      days after the Closing Date, the Indenture Trustee or the Custodian on behalf
      of
      the Indenture Trustee, will, for the benefit of Noteholders, review each
      Mortgage File to ascertain that all required documents set forth in Section
      2.01
      have been received and appear on their face to contain the requisite signatures
      by or on behalf of the respective parties thereto, and shall deliver to the
      Depositor, the Seller and the Issuer (and the Indenture Trustee if delivered
      by
      the Custodian) an Interim Certification in the form annexed hereto as Exhibit
      A-2 to the effect that, as to each Mortgage Loan listed in the Mortgage Loan
      Schedule (other than any Mortgage Loan prepaid in full or any specifically
      identified in such certification as not covered by such certification), (i)
      all
      of the applicable documents specified in Section 2.01(c) are in its possession
      and (ii) such documents have been reviewed by it and appear to relate to such
      Mortgage Loan. The Indenture Trustee, or the Custodian on behalf of the
      Indenture Trustee, shall determine whether such documents are executed and
      endorsed, but shall be under no duty or obligation to inspect, review or examine
      any such documents, instruments, certificates or other papers to determine
      that
      the same are valid, binding, legally effective, properly endorsed, genuine,
      enforceable or appropriate for the represented purpose or that they have
      actually been recorded or are in recordable form or that they are other than
      what they purport to be on their face. Neither the Indenture Trustee nor the
      Custodian shall have any responsibility for verifying the genuineness or the
      legal effectiveness of or authority for any signatures of or on behalf of any
      party or endorser or for the perfection or priority of any
      document.

     

    
      
        
        

      

      
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    (c)  If
      in the
      course of the review described in paragraph (b) above the Indenture Trustee
      discovers any document or documents constituting a part of a Mortgage File
      that
      is missing, does not appear regular on its face (i.e.,
      is
      mutilated, damaged, defaced, torn or otherwise physically altered) or appears
      to
      be unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule,
      as
      applicable (each, a “Material Defect”), the Indenture Trustee or the Custodian,
      discovering such Material Defect shall identify the Mortgage Loan to which
      such
      Material Defect relates in the Interim Certification delivered to the Depositor
      and the Master Servicer. Within 90 days of its receipt of such notice, the
      Seller shall be required to cure such Material Defect (and, in such event,
      the
      Seller shall provide the Indenture Trustee and the Custodian with an Officer’s
      Certificate confirming that such cure has been effected). If the Seller does
      not
      so cure such Material Defect, if a loss has been incurred with respect to such
      Mortgage Loan that would, if such Mortgage Loan were not purchased from the
      Trust Estate, constitute a Realized Loss, and such loss is attributable to
      the
      failure of the Seller to cure such Material Defect, the Seller shall repurchase
      the related Mortgage Loan from the Trust Estate at the Purchase Price. A loss
      shall be deemed to be attributable to the failure of the Seller to cure a
      Material Defect if, as determined by the Seller acting in good faith, absent
      such Material Defect, such loss would not have been incurred. The Seller may,
      in
      lieu of repurchasing a Mortgage Loan pursuant to this Section 2.02, substitute
      for such Mortgage Loan a Qualifying Substitute Mortgage Loan subject to the
      provisions of Section 3.03. The failure of the Indenture Trustee or the
      Custodian to deliver the Interim Certification within 90 days after the Closing
      Date shall not affect or relieve the Seller of its obligation to repurchase
      any
      Mortgage Loan pursuant to this Section 2.02 or any other Section of this
      Agreement requiring the repurchase of Mortgage Loans from the Trust
      Estate.

     

    (d)  Within
      180 days following the Closing Date, the Indenture Trustee, or the Custodian,
      shall deliver to the Depositor, the Master Servicer and the Servicer[s] (and
      the
      Indenture Trustee if delivered by the Custodian) a Final Certification
      substantially in the form attached as Exhibit A-3 evidencing the completeness
      of
      the Mortgage Files in its possession or control, with any exceptions noted
      thereto.

     

    (e)  Nothing
      in this Agreement shall be construed to constitute an assumption by the Trust
      Estate, the Indenture Trustee, the Custodian or the Noteholders of any
      unsatisfied duty, claim or other liability on any Mortgage Loan or to any
      Mortgagor.

     

    (f)  Notwithstanding
      anything to the contrary contained herein, each of the parties hereto
      acknowledges that the Custodian shall perform the applicable review of the
      Mortgage Loans and respective certifications thereof as provided in the
      Custodial Agreement.

     

    (g)  Upon
      execution of this Agreement, the Depositor hereby delivers to the Indenture
      Trustee and the Indenture Trustee acknowledges a receipt of the Mortgage Loan
      Purchase Agreement.

     

    (h)  For
      purposes of the determinations required to be made by the Indenture Trustee
      or
      the Custodian pursuant to paragraphs (a) through (d) of this Section 2.02,
      the
      Indenture Trustee or the Custodian, as applicable, shall be entitled to
      conclusively rely upon the diskette, tape or other electronic media provided
      by
      or on behalf of the Seller with respect to the Mortgage Loans as to whether
      (i)
      any guarantee was executed in connection with any Mortgage Loan, (ii) any
      assumption, modification or substitution agreement was executed in connection
      with any Mortgage Loan, (iii) primary mortgage guaranty insurance is required
      with respect to any Mortgage Loan or (iv) any security agreement or equivalent
      instrument was executed in connection with any Mortgage Loan.

     

    
      
        
        

      

      
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    Section
      2.03.   Grant
      Clause.

     

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

     

    (b)  The
      Depositor and, at the Depositor’s direction, the Issuer shall, to the extent
      consistent with this Agreement, take such reasonable actions as may be necessary
      to ensure that, if this Agreement were deemed to create a security interest
      in
      the Mortgage Loans and the other property of the Trust Estate, such security
      interest would be deemed to be a perfected security interest of first priority
      under applicable law and will be maintained as such throughout the term of
      this
      Agreement. Without limiting the generality of the foregoing, the Depositor
      shall
      prepare and file any UCC financing statements that are necessary to perfect
      the
      Indenture Trustee’s security interest in or lien on the Mortgage Loans, as
      evidenced by an Officer’s Certificate of the Depositor, and furnish a copy of
      each such filed financing statement to the Securities Administrator. The
      Indenture Trustee shall prepare and file, at the expense of the Issuer, all
      filings necessary to maintain the effectiveness of any original filings
      necessary under the Relevant UCC to perfect the Indenture Trustee’s security
      interest in or lien on the Mortgage Loans, including without limitation (x)
      continuation statements, and (y) to the extent that a Responsible Officer of
      the
      Indenture Trustee has received written notice of such change or transfer, such
      other statements as may be occasioned by (1) any change of name of the Seller,
      the Depositor or the Issuer, (2) any change of location of the place of business
      or the chief executive office of the Seller or the Depositor or (3) any transfer
      of any interest of the Seller or the Depositor in any Mortgage
      Loan.

     

    
      
        
        

      

      
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    Neither
      the Depositor nor the Issuer shall organize under the law of any jurisdiction
      other than the State under which each is organized as of the Closing Date
      (whether changing its jurisdiction of organization or organizing under an
      additional jurisdiction) without giving thirty (30) days prior written notice
      of
      such action to its immediate and mediate transferee, including the Indenture
      Trustee. Before effecting such change, each of the Depositor or the Issuer
      proposing to change its jurisdiction of organization shall prepare and file
      in
      the appropriate filing office any financing statements or other statements
      necessary to continue the perfection of the interests of its immediate and
      mediate transferees, including the Indenture Trustee, in the Mortgage Loans.
      In
      connection with the transactions contemplated by this Agreement and the
      Indenture, each of the Depositor and the Issuer authorizes its immediate or
      mediate transferee to file in any filing office any initial financing
      statements, any amendments to financing statements, any continuation statements,
      or any other statements or filings described in this Section
      2.03(b).

     

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

     

    Section
      2.04.   Option
      to Contribute Derivative Instrument

     

    At
      any
      time on or after the Closing Date, the Seller shall have the right to contribute
      to, and deposit into, the Trust a derivative contract or comparable instrument
      (a “Derivative Instrument”). The Derivative Instrument may have a notional
      amount in excess of the sum of the beneficial interests in the Trust. Any such
      instrument shall constitute a fully prepaid agreement. The Securities
      Administrator shall have no tax reporting duties with respect to any such
      Derivative Instrument.

     

    
      
        
        

      

      
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    ARTICLE
      III

     

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      3.01.   Representations
      and Warranties of the Depositor and the Seller. 

     

    (a)  The
      Depositor hereby represents and warrants to the Issuer, the Indenture Trustee
      for the benefit of Noteholders, the Securities Administrator, the Master
      Servicer, the Seller and the Servicer[s] as of the Closing Date or such other
      date as is specified, that:

     

    (i)  This
      Agreement constitutes a legal, valid and binding obligation of the Depositor,
      enforceable against the Depositor in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in effect
      affecting the enforcement of creditors’ rights in general and except as such
      enforceability may be limited by general principles of equity (whether
      considered in a proceeding at law or in equity);

     

    (ii)  Immediately
      prior to the transfer by the Depositor to the Trust Estate of each Mortgage
      Loan, the Depositor had good and equitable title to each Mortgage Loan (insofar
      as such title was conveyed to it by the Seller) subject to no prior lien, claim,
      participation interest, mortgage, security interest, pledge, charge or other
      encumbrance or other interest of any nature; 

     

    (iii)  As
      of the
      Closing Date, the Depositor has transferred all right, title and interest in
      the
      Mortgage Loans to the Trust Estate; 

     

    (iv)  The
      Depositor has not transferred the Mortgage Loans to the Trust Estate with any
      intent to hinder, delay or defraud any of its creditors; and

     

    (v)  The
      Depositor has been duly organized and is validly existing as a corporation
      in
      good standing under the laws of Delaware, with full power and authority to
      own
      its assets and conduct its business as presently being conducted.

     

    (b)  The
      Seller hereby represents and warrants to the Issuer, the Indenture Trustee
      for
      the benefit of Noteholders, the Securities Administrator, the Master Servicer
      and the Depositor as of the Closing Date or such other date as is specified,
      that:

     

    (i)  the
      Seller is a [Florida] corporation, duly organized validly existing and in good
      standing under the laws of the [State of Florida], and has the corporate power
      to own its assets and to transact the business in which it is currently engaged.
      The Seller is duly qualified to do business as a foreign corporation and is
      in
      good standing in each jurisdiction in which the character of the business
      transacted by it or any properties owned or leased by it requires such
      qualification and in which the failure so to qualify would have a material
      adverse effect on the business, properties, assets, or condition (financial
      or
      other) of the Seller;

     

    
      
        
        

      

      
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    (ii)  the
      Seller has the corporate power and authority to make, execute, deliver and
      perform this Agreement and all of the transactions contemplated under the
      Agreement, and has taken all necessary corporate action to authorize the
      execution, delivery and performance of this Agreement. When executed and
      delivered, this Agreement will constitute the legal, valid and binding
      obligation of the Seller enforceable in accordance with its terms, except as
      enforcement of such terms may be limited by bankruptcy, insolvency or similar
      laws affecting the enforcement of creditors’ rights generally and by the
      availability of equitable remedies;

     

    (iii)  the
      Seller is not required to obtain the consent of any other party or any consent,
      license, approval or authorization from, or registration or declaration with,
      any governmental authority, bureau or agency in connection with the execution,
      delivery, performance, validity or enforceability of this Agreement, except
      for
      such consent, license, approval or authorization, or registration or
      declaration, as shall have been obtained or filed, as the case may be, prior
      to
      the Closing Date;

     

    (iv)  the
      execution, delivery and performance of this Agreement by the Seller will not
      violate any provision of any existing law or regulation or any order or decree
      of any court applicable to the Seller or any provision of the articles of
      incorporation or bylaws of the Seller, or constitute a material breach of any
      mortgage, indenture, contract or other agreement to which the Seller is a party
      or by which the Seller may be bound; and

     

    (v)  no
      litigation or administrative proceeding of or before any court, tribunal or
      governmental body is currently pending, or to the knowledge of the Seller
      threatened, against the Seller or any of its properties or with respect to
      this
      Agreement which in the opinion of the Seller has a reasonable likelihood of
      resulting in a material adverse effect on the transactions contemplated by
      this
      Agreement.

     

    (c)  The
      Seller hereby makes for the benefit of the Issuer, the Indenture Trustee for
      the
      benefit of Noteholders, the Securities Administrator, the Master Servicer and
      the Depositor as of the Closing Date or such other date as is specified, with
      respect to the Mortgage Loans, the representations and warranties set forth
      in
      Exhibit A of the Mortgage Loan Purchase Agreement.

     

    (d)  To
      the
      extent that any fact, condition or event with respect to a Mortgage Loan
      constitutes a breach of a representation or warranty of the Seller under
      subsection (c) above or the Mortgage Loan Purchase Agreement, the only right
      or
      remedy of the Indenture Trustee or any Noteholder hereunder shall be their
      rights to enforce the obligations of the Seller under any applicable
      representation or warranty made by it. The Indenture Trustee on behalf of the
      Issuer acknowledges that the Depositor shall have no obligation or liability
      with respect to any breach of any representation or warranty with respect to
      the
      Mortgage Loans (except as set forth in Section 3.01(a)(ii)) under any
      circumstances.

     

    
      
        
        

      

      
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    Section
      3.02.   Discovery
      of Breach.
      It is
      understood and agreed that the representations and warranties (i) of the
      Depositor set forth in Section 3.01(a), (ii) of the Seller set forth in Section
      3.01(b) and (c) and (iii) of [the/each] Servicer pursuant to Section 4.05 of
      this Agreement, shall each survive delivery of the Mortgage Files and the
      Assignment of Mortgage of each Mortgage Loan to the Indenture Trustee and shall
      continue throughout the term of this Agreement. With
      respect to the representations and warranties which are made to the best of
      the
      Seller’s knowledge, if it is discovered by the Depositor, the Seller, the
      Securities Administrator, the Indenture
      Trustee,
      the Master Servicer, the Underwriters or the Servicer[s] that the substance
      of
      such representation and warranty is inaccurate and such inaccuracy materially
      and adversely affects the value of the Mortgage Loans or the interests of the
      Noteholders or the Indenture
      Trustee
      therein, notwithstanding such Seller’s lack of knowledge with respect to the
      substance of such representation or warranty, remedies for breach will apply
      to
      such inaccuracy. Any
      breach of the representation and warranty set forth in clauses (cc), (ee) and
      (ff) of Exhibit A of the Mortgage Loan Purchase Agreement shall be deemed to
      materially and adversely affect the interest of the Trust in that Mortgage
      Loan,
      notwithstanding the Seller’s lack of knowledge with respect to the substance of
      such representation and warranty. Upon discovery by any of the Depositor, the
      Master Servicer, the Securities Administrator or the Indenture Trustee of a
      breach of any of such representations and warranties made by the Seller that
      adversely and materially affects the value of the related Mortgage Loan, the
      party discovering such breach shall give prompt written notice to the other
      parties. Within 90 days of the discovery by the Seller of a breach of any
      representation or warranty given to the Indenture Trustee by the Seller or
      the
      Seller’s receipt of written notice of such a breach, the Seller shall either (a)
      cure such breach in all material respects, (b) repurchase such Mortgage Loan
      or
      any property acquired in respect thereof from the Indenture Trustee at the
      Purchase Price or (c) substitute a Qualifying Substitute Mortgage Loan for
      the
      affected Mortgage Loan.

     

    Section
      3.03.   Repurchase,
      Purchase or Substitution of Mortgage Loans. 

     

    (a)  [With
      respect to any Mortgage Loan repurchased by the Seller pursuant to Section
      3.02(b) of this Agreement, the principal portion of the funds in respect of
      such
      repurchase of a Mortgage Loan will be considered a Principal Prepayment and
      the
      Purchase Price shall be deposited in the Collection Account. Upon receipt by
      the
      Securities Administrator of the full amount of the Purchase Price for a Deleted
      Mortgage Loan and notification thereof has been made to the Indenture Trustee,
      or upon receipt of notification from the Custodian that it had received the
      Mortgage File for a Qualifying Substitute Mortgage Loan substituted for a
      Deleted Mortgage Loan (and any applicable Substitution Amount), the Indenture
      Trustee shall release or cause to be released and reassign to the Depositor
      or
      the Seller, as applicable, the related Mortgage File for the Deleted Mortgage
      Loan and shall execute and deliver such instruments of transfer or assignment,
      in each case without recourse, representation or warranty, as shall be necessary
      to vest in such party or its designee or assignee title to any Deleted Mortgage
      Loan released pursuant hereto, free and clear of all security interests, liens
      and other encumbrances created by this Agreement and the Indenture, which
      instruments shall be prepared by the [related] Servicer and the Indenture
      Trustee shall have no further responsibility with respect to the Mortgage File
      relating to such Deleted Mortgage Loan. 

     

    
      
        
        

      

      
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    (b)  With
      respect to each Qualifying Substitute Mortgage Loan to be delivered to the
      Indenture Trustee (or the Custodian) in exchange for a Deleted Mortgage Loan:
      (i) the Depositor or the Seller, as applicable, must deliver to the Indenture
      Trustee (or a Custodian) the Mortgage File for the Qualifying Substitute
      Mortgage Loan containing the documents set forth in Section 2.01(c) along with
      a
      written certification certifying as to the delivery of such Mortgage File and
      containing the granting language set forth in Section 2.01(a); and (ii) the
      Seller and the Depositor will be deemed to have made, with respect to such
      Qualifying Substitute Mortgage Loan, each of the representations and warranties
      made by it with respect to the related Deleted Mortgage Loan. As soon as
      practicable after the delivery of any Qualifying Substitute Mortgage Loan
      hereunder, the Indenture Trustee, at the expense of the Depositor and at the
      direction and with the cooperation of the [related] Servicer shall (i) with
      respect to a Qualifying Substitute Mortgage Loan that is a Non-MERS Mortgage
      Loan, cause the Assignment of Mortgage to be recorded by the [related] Servicer
      if required pursuant to Section 2.01(d), or (ii) with respect to a Qualifying
      Substitute Mortgage Loan that is a MERS Mortgage Loan, cause to be taken such
      actions as are necessary to cause the Indenture Trustee (on behalf of the
      Issuer) to be clearly identified as the owner of each such Mortgage Loan on
      the
      records of MERS if required pursuant to Section 2.01(d).]

     

    Section
      3.04.   Representations
      and Warranties of the Depositor with respect to Security
      Interest.
      (a)
      With respect to the Mortgage Notes, the Depositor represents and warrants
      that:

     

    (i)  This
      Agreement creates a valid and continuing security interest (as defined in the
      applicable UCC in the Mortgage Notes in favor of the Issuer, which security
      interest is prior to all other liens, and is enforceable as such against
      creditors of and purchasers from the Issuer;

     

    (ii)  The
      Mortgage Notes constitute “instruments” within the meaning of the applicable
      UCC;

     

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

     

    (iv)  The
      Depositor has received all consents and approvals required by the terms of
      the
      Mortgage Notes to the pledge of the Mortgage Notes hereunder to the
      Issuer;

     

    (v)  All
      original executed copies of each Mortgage Note have been or will be delivered
      to
      the Custodian, as set forth in this Transfer and Servicing
      Agreement;

     

    
      
        
        

      

      
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    (vi)  The
      Depositor has received a written acknowledgement from the Custodian that it
      is
      holding the Mortgage Notes solely on behalf and for the benefit of the
      Issuer;

     

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

     

    (viii)  None
      of
      the Mortgage Notes has any marks or notations indicating that they have been
      pledged, assigned or otherwise conveyed to any Person other than the
      Issuer.

     

    (b)  The
      representations and warranties set forth in this Section 3.04 shall survive
      the
      Closing Date and shall not be waived.

     

    ARTICLE
      IV

     

    ADMINISTRATION
      AND SERVICING OF THE

    MORTGAGE
      LOANS BY THE SERVICER[S]

     

    Section
      4.01.   Servicer[s]
      to Perform Servicing Responsibilities.

     

    (a)  Contract
      for Servicing; Possession of Servicing Files.
      The
      Issuer does hereby contract with the Servicer[s] for the servicing of the
      Mortgage Loans for the benefit of the Issuer and the Indenture Trustee. The
      Servicer[s] shall maintain a Servicing File with respect to each Mortgage Loan
      in order to service such Mortgage Loans pursuant to this Agreement and each
      Servicing File delivered to the Servicer[s] shall be held in trust by the
      Servicer[s] for the benefit of the Issuer and the Indenture Trustee. The
      [Servicer’s/Servicers’] possession of any portion of the Mortgage Loan documents
      shall be at the will of the Indenture Trustee for the sole purpose of
      facilitating servicing of the related Mortgage Loan pursuant to this Agreement,
      and such retention and possession by the Servicer shall be in a custodial
      capacity only. The ownership of each Mortgage Note, Mortgage, and the contents
      of the Servicing File shall be vested in the Indenture Trustee and the ownership
      of all records and documents with respect to the related Mortgage Loan prepared
      by or which come into the possession of the Servicer[s] shall immediately vest
      in the Indenture Trustee and shall be retained and maintained, in trust, by
      the
      Servicer[s] at the will of the Indenture Trustee in such custodial capacity
      only. The Servicing File retained by the Servicer[s] pursuant to this Agreement
      shall be identified in accordance with the [Servicer’s/Servicers’] file tracking
      system to reflect the ownership of the related Mortgage Loan by the Indenture
      Trustee. The Servicer[s] shall release from [its/their] custody the contents
      of
      any Servicing File retained by [it/them] only in accordance with this
      Agreement.

     

    
      
        
        

      

      
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    (b)  Books
      and Records.
      All
      rights arising out of the Mortgage Loans shall be vested in the Indenture
      Trustee, subject to the [Servicer’s/Servicers’] rights to service and administer
      the Mortgage Loans hereunder in accordance with the terms of this Agreement.
      All
      funds received on or in connection with a Mortgage Loan, other than the
      Servicing Fee and other compensation and reimbursement to which the Servicer[s]
      and the Master Servicer are entitled as set forth herein, including but not
      limited to Section 4.04(c), shall be received and held by them in trust for
      the
      benefit of the Indenture Trustee pursuant to the terms of this
      Agreement.

     

    The
      Servicer[s] shall forward to the Custodian original documents evidencing an
      assumption, modification, consolidation or extension of any Mortgage Loan
      entered into in accordance with Section 4.02(a) within one week of their
      execution; provided,
      however,
      that
      the Servicer[s] shall provide the Custodian with a Servicer certified true
      copy
      of any such document submitted for recordation within one week of its execution,
      and shall provide the original of any document submitted for recordation or
      a
      copy of such document certified by the appropriate public recording office
      to be
      a true and complete copy of the original within 180 days of its submission
      for
      recordation.

     

    Section
      4.02.   Servicing
      of the Mortgage Loans. 

     

    (a)  Servicer[s]
      to Service.
      The
      Servicer[s][, acting directly or through one or more Subservicers as provided
      in
      Section 4.09,] shall service and administer the Mortgage Loans from and after
      the Closing Date and, except where prior consent of the Master Servicer is
      required under this Agreement, in accordance with this Agreement and with
      Accepted Servicing Practices, and shall have full power and authority, acting
      alone, to do or cause to be done any and all things in connection with such
      servicing and administration which the Servicer[s] may deem necessary or
      desirable and consistent with the terms of this Agreement and with Accepted
      Servicing Practices and exercise the same care that it customarily employs
      for
      its own account. Except as set forth in this Agreement, the Servicer[s] shall
      service the Mortgage Loans in strict compliance with the servicing provisions
      of
      the Fannie Mae Guides (special servicing option), which include, but are not
      limited to, provisions regarding the liquidation of Mortgage Loans, the
      collection of Mortgage Loan payments, the payment of taxes, insurance and other
      charges, the maintenance of hazard insurance with a Qualified Insurer, the
      maintenance of mortgage impairment insurance, the maintenance of fidelity bond
      and errors and omissions insurance, inspections, the restoration of Mortgaged
      Property, the maintenance of Primary Mortgage Insurance Policies and Lender
      Primary Mortgage Insurance Policies, insurance claims, the title, management
      and
      disposition of REO Property, permitted withdrawals with respect to REO Property,
      liquidation reports, and reports of foreclosures and abandonments of Mortgaged
      Property, the transfer of Mortgaged Property, the release of Mortgage Files,
      annual statements, and examination of records and facilities. In the event
      of
      any conflict, inconsistency or discrepancy between any of the servicing
      provisions of this Agreement and any of the servicing provisions of the Fannie
      Mae Guides, the provisions of this Agreement shall control and be binding upon
      the Servicer[s] and the other parties hereto.

     

    
      
        
        

      

      
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    Consistent
      with the terms of this Agreement, the Servicer[s] may waive, modify or vary
      any
      term of any Mortgage Loan or consent to the postponement of any such term or
      in
      any manner grant indulgence to any Mortgagor if in the [Servicer's/Servicers’]
      reasonable and prudent determination such waiver, modification, postponement
      or
      indulgence is not materially adverse to the Issuer, Indenture Trustee and the
      Noteholders, provided, however, that unless the [related] Servicer has obtained
      the prior written consent of the Master Servicer, the Servicer[s] shall not
      permit any modification with respect to any Mortgage Loan that would change
      the
      Mortgage Rate, defer for more than [ninety (90)] days or forgive any payment
      of
      principal or interest, reduce or increase the outstanding principal balance
      (except for actual payments of principal) or change the final maturity date
      on
      such Mortgage Loan. In the event of any such modification which has been agreed
      to in writing by the Master Servicer and which permits the deferral of interest
      or principal payments on any Mortgage Loan, the Servicer[s] shall, on the
      Business Day immediately preceding the Servicer Remittance Date in any month
      in
      which any such principal or interest payment has been deferred, deposit in
      the
      Custodial Account from its own funds, in accordance with Section 4.03(c), the
      difference between (a) such month's principal and one month's interest at the
      Net Mortgage Rate on the unpaid principal balance of such Mortgage Loan and
      (b)
      the amount paid by the Mortgagor. The Servicer[s] shall be entitled to
      reimbursement for such advances to the same extent as for all other advances
      pursuant to Section 4.03. Without limiting the generality of the foregoing,
      the
      Servicer[s] shall continue, and [is/are] hereby authorized and empowered, to
      prepare, execute and deliver on behalf of itself, the Issuer and the Indenture
      Trustee, all instruments of satisfaction or cancellation, or of partial or
      full
      release, discharge and all other comparable instruments, with respect to the
      Mortgage Loans and with respect to the Mortgaged Properties. Notwithstanding
      anything herein to the contrary, the Servicer[s] may not enter into a
      forbearance agreement or similar arrangement with respect to any Mortgage Loan
      which runs more than one hundred eighty (180) days after the first delinquent
      Due Date. Any such agreement shall be approved by the Master Servicer and,
      if
      required, by the Primary Mortgage Insurance Policy insurer and Lender Primary
      Mortgage Insurance Policy insurer.

     

    In
      servicing and administering the Mortgage Loans, the Servicer[s] shall employ
      Accepted Servicing Practices, giving due consideration to the reliance by the
      Issuer, Indenture Trustee and Noteholders on the Servicer[s]. [Notwithstanding
      the appointment of any Subservicer pursuant to Section 4.09, the Servicer shall
      remain liable for the performance of all of the servicing obligations and
      responsibilities under this Agreement.]

     

    [The
      Servicer[s] shall, in accordance with Home Equity Accepted Servicing Practices,
      approve and make disbursements of principal in connection with Mortgagor drafts
      upon the credit line approved in connection with each Revolving Credit Loan.
      The
      Servicer[s] shall provide to the Mortgagors all checks, drafts or other
      documentation necessary for such Mortgagors to obtain a Credit Line Advance.
      On
      each Servicer Remittance Date, with respect to each Credit Line Advance
      disbursed by the [related] Servicer and reported to the [Master Servicer and
      the
      Securities Administrator], the [related] Servicer shall be entitled to reimburse
      itself, from amounts on deposit in the Custodial Account, in an amount equal
      to
      (i) the principal amount of each unreimbursed Credit Line Advance disbursed
      by
      [related] Servicer with respect to a Revolving Credit Loan and (ii) interest,
      at
      the Credit Advance Rate, on the principal amount of each such Credit Line
      Advance from the date such Credit Line Advance was disbursed by [related]
      Servicer to but not including such date reimbursement is received by the
      [related] Servicer. In the event that there are insufficient funds on deposit
      in
      the Custodial Account on any Servicer Remittance Date to reimburse the [related]
      Servicer as provided in the preceding sentence (such shortfall, an “Advance
      Reimbursement Shortfall Amount”), the [related] Servicer shall deliver to the
      [Master Servicer and the Securities Administrator] a request for reimbursement
      of the amount of such Advance Reimbursement Shortfall Amount at least three
      Business Days prior to such Servicer Remittance Date. The [Securities
      Administrator] shall promptly reimburse the [related] Servicer on such Servicer
      Remittance Date for such Advance Reimbursement Shortfall Amount.]

     

    
      
        
        

      

      
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    [The
      Servicer[s], at [its/their] discretion and in accordance with Home Equity
      Accepted Servicing Practices, may perform any of the following actions in
      connection with a Revolving Credit Loan:

     

    (i)
      with
      the approval of the [Master Servicer and the Securities Administrator], increase
      the amount of the related Credit Line;

     

    (ii)
       with
      the
      approval of the [Master Servicer and the Securities Administrator], terminate
      a
      dormant Revolving Credit Loan, to the extent permitted under the related
      Mortgage Note; 

     

    (iii)
       permit
      payments from the Mortgagor of interest only during the period when Credit
      Line
      Advances may be made; or

     

    (iv)
       with
      the
      approval of the [Master Servicer and the Securities Administrator], eliminate
      the ability of the Mortgagor to make future drafts upon the Credit Line, or
      reduce the Credit Line, to the extent permitted under the related Mortgage
      Note.]

     

    [Notwithstanding
      anything to the contrary contained herein, the Servicer[s] shall, in servicing
      the Revolving Credit Loans, follow and comply with the servicing guidelines
      established by Fannie Mae, and the Servicer[s] may waive, modify or vary any
      term of any Revolving Credit Loan or consent to the postponement of strict
      compliance with any such term or in any manner grant indulgence to any Mortgagor
      if in the [related] Servicer’s reasonable and prudent determination such waiver,
      modification, postponement or indulgence is in the best interests of the
      Noteholders and is consistent with the terms of this Agreement; provided,
      however,
      that if
      the Mortgagor is in default with respect to the Revolving Credit Loan or such
      default is, in the judgment of the Servicer, reasonably foreseeable, the
      [related] Servicer shall not permit any modification of any material term of
      any
      Revolving Credit Loan, including any modification that would change the mortgage
      interest rate, defer or forgive the payment of principal or interest, reduce
      or
      increase the outstanding principal balance (except for actual payments of
      principal) or change the final maturity date on such Revolving Credit Loan.
      In
      the event of any such modification which permits the deferral of interest or
      principal payments on any Revolving Credit Loan, the [related] Servicer shall,
      on the Business Day immediately preceding the Servicer Remittance Date in any
      month in which any such principal or interest payment has been deferred, make
      a
      Monthly Advance pursuant to the provisions of Section 4.03(c), in an amount
      equal to the difference between (i) such month’s principal and one month’s
      interest at the Mortgage Rate on the unpaid principal balance of such Revolving
      Credit Loan and (ii) the amount paid by the Mortgagor. The Servicer[s] shall
      be
      entitled to reimbursement for such Monthly Advances to the same extent as for
      all other Monthly Advances made pursuant to Section 4.03(c). Without limiting
      the generality of the foregoing, the Servicer[s] shall continue, and [is/are]
      hereby authorized and empowered, to execute and deliver on behalf of itself
      and
      the [Master Servicer and the Securities Administrator], all instruments of
      satisfaction or cancellation, or of partial or full release, discharge and
      all
      other comparable instruments, with respect to the Revolving Credit Loans and
      with respect to the Mortgaged Properties. Upon the request of [the/a] Servicer,
      the [Master Servicer and the Securities Administrator] shall execute and deliver
      to the [related] Servicer any powers of attorney and other documents, furnished
      to it by the [related] Servicer and reasonably satisfactory to the [Master
      Servicer and the Securities Administrator], necessary or appropriate to enable
      the [related] Servicer to carry out its servicing and administrative duties
      under this Agreement. Notwithstanding anything contained herein to the contrary,
      the Servicer[s] shall not, without the [Master Servicer’s and the Securities
      Administrator’s] written consent: (i) initiate any action suit or proceeding
      solely under the [Master Servicer’s or the Securities Administrator’s] name
      without indicating the [related] Servicer’s representative capacity; or (ii)
      take any action with the intent to cause, and that actually causes, the [Master
      Servicer and the Securities Administrator] to be registered to do business
      in
      any state. Promptly after the execution of any assumption, modification,
      consolidation or extension of any Revolving Credit Loan, the [related] Servicer
      shall forward to the [Master Servicer] copies of any documents evidencing such
      assumption, modification, consolidation or extension. 

     

    
      
        
        

      

      
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    In
      servicing and administering the Revolving Credit Loans, the Servicer[s] shall
      employ procedures (including collection procedures) and exercise the same care
      that it customarily employs and exercises in servicing and administering
      mortgage loans for its own account, giving due consideration to Home Equity
      Accepted Servicing Practices where such practices do not conflict with the
      requirements of this Agreement and the Fannie Mae Guides.]

     

    (b)  Servicer
      Discretion.
      In
      managing the liquidation of defaulted Mortgage Loans, the [related] Servicer
      will have sole discretion, subject to the terms of this Agreement, to sell
      defaulted Mortgage Loans; provided,
      however,
      that
      the [related] Servicer shall not take any action that is inconsistent with
      or
      prejudices the interests of the Noteholders in any Mortgage Loan or the rights
      and interests of the Depositor, the Indenture Trustee and the Noteholders under
      this Agreement.

     

    
      
        
        

      

      
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    (c)  Collection
      and Liquidation of Mortgage Loans.
      Continuously from the date hereof until the date each Mortgage Loan ceases
      to be
      subject to this Agreement, the Servicer[s] will proceed diligently to collect
      all payments due under each Mortgage Loan when the same shall become due and
      payable and shall, to the extent such procedures shall be consistent with this
      Agreement, Accepted Servicing Practices, and the terms and provisions of any
      related Primary Mortgage Insurance Policy and Lender Primary Mortgage Insurance
      Policy, follow such collection procedures as it follows with respect to mortgage
      loans comparable to the Mortgage Loans and held for its own account. Further,
      the Servicer[s] will take special care in ascertaining and estimating annual
      escrow payments, and all other charges that, as provided in the Mortgage, will
      become due and payable, so that the installments payable by the Mortgagors
      will
      be sufficient to pay such charges as and when they become due and
      payable.

     

    The
      Servicer[s] shall use [its/their] best efforts, consistent with the procedures
      that [the/each] Servicer would use in servicing loans for its own account,
      consistent with Accepted Servicing Practices, any Primary Mortgage Insurance
      Policies and Lender Primary Mortgage Insurance Policies and the best interest
      of
      the Issuer, the Indenture Trustee and the Noteholders, to foreclose upon or
      otherwise comparably convert the ownership of properties securing such of the
      Mortgage Loans as come into and continue in default and as to which no
      satisfactory arrangements can be made for collection of delinquent payments
      pursuant to Section 4.02(a). Foreclosure or comparable proceedings shall be
      initiated within [ninety (90)] days of default for Mortgaged Properties for
      which no satisfactory arrangements can be made for collection of delinquent
      payments, subject to state and federal law and regulation. The Servicer[s]
      shall
      use [its/their] best efforts to realize upon defaulted Mortgage Loans in such
      manner as will maximize the receipt of principal and interest by the Trust,
      taking into account, among other things, the timing of foreclosure proceedings.
      The Servicer, on behalf of the Issuer, the Indenture Trustee and the
      Noteholders, may also, in its discretion, as an alternative to foreclosure,
      sell
      defaulted Mortgage Loans at fair market value to third parties, if the [related]
      Servicer reasonably believes that such sale would maximize proceeds to the
      Trust
      (on a present value basis) with respect to each such Mortgage Loan. The
      foregoing is subject to the provisions that, in any case in which a Mortgaged
      Property shall have suffered damage, the Servicer shall not be required to
      expend its own funds toward the restoration of such property unless it shall
      determine in its discretion (i) that such restoration will increase the proceeds
      of liquidation of the related Mortgage Loan to the Trust after reimbursement
      to
      itself for such expenses, and (ii) that such expenses will be recoverable by
      the
      [related] Servicer through Insurance Proceeds, Condemnation Proceeds or
      Liquidation Proceeds from the related Mortgaged Property, as contemplated in
      Section 4.02(e). Servicer shall obtain prior approval of Purchaser or the Master
      Servicer as to repair or restoration expenses in excess of ten thousand dollars
      ($10,000). The [related] Servicer shall notify the Master Servicer in writing
      of
      the commencement of foreclosure proceedings and not less than five (5) days
      prior to the acceptance or rejection of any offer of reinstatement. The
      [related] Servicer shall be responsible for all costs and expenses incurred
      by
      it in any such proceedings or functions; provided, however, that it shall be
      entitled to reimbursement thereof from the related property, as contemplated
      in
      Section 4.02(e). Notwithstanding anything to the contrary contained herein,
      in
      connection with a foreclosure or acceptance of a deed in lieu of foreclosure,
      in
      the event the [related] Servicer has reasonable cause to believe that a
      Mortgaged Property is contaminated by hazardous or toxic substances or wastes,
      or if the Master Servicer or the Indenture Trustee otherwise requests an
      environmental inspection or review of such Mortgaged Property, such an
      inspection or review is to be conducted by a qualified inspector at the Master
      Servicer’s or Indenture Trustee’s expense, as applicable. Upon completion of the
      inspection, the [related] Servicer shall promptly provide the Master Servicer
      and the Indenture Trustee with a written report of the environmental inspection.
      After reviewing the environmental inspection report, the Master Servicer shall
      determine how the [related] Servicer shall proceed with respect to the Mortgaged
      Property.

     

    
      
        
        

      

      
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    Notwithstanding
      the generality of the preceding paragraph, the [related] Servicer shall take
      such actions generally in accordance with the [related] Servicer’s established
      default timeline and in accordance with Accepted Servicing Practices with
      respect to each Mortgage Loan and Mortgagor for which there is a delinquency
      until such time as the related Mortgagor is current with all payments due under
      the Mortgage Loan.

     

    (d)  Establishment
      of and Deposits to Custodial Account.  

     

    (i)  The
      Servicer[s] shall segregate and hold all funds collected and received pursuant
      to the Mortgage Loans separate and apart from any of its own funds and general
      assets and shall initially establish and maintain one or more Custodial
      Accounts, in the form of time deposit or demand accounts, each of which accounts
      shall be titled “[Taylor, Bean & Whitaker Mortgage Corp. in trust for
      [    ], as Indenture Trustee, for the TBW Mortgage Trust
      [    ] Mortgage Backed Notes” and referred to herein as a
“Custodial Account.” Each Custodial Account shall be an Eligible Account. Any
      funds deposited in the Custodial Account shall at all times be insured by the
      FDIC up to the FDIC insurance limits, or must be invested in Eligible
      Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited
      in the Custodial Account may be drawn on by the Servicer in accordance with
      Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced
      by a letter agreement in the form of Exhibit D hereto. A
      copy of
      such certification or letter agreement shall be furnished to the Indenture
      Trustee, the Master Servicer and, upon request, to any subsequent owner of
      the
      Mortgage Loans. The
      Servicer shall deposit or cause to be deposited into the Custodial Account,
      no
      later than 48 hours after receipt of funds, and retain therein the following
      payments and collections received or made by it subsequent to the Cut-off Date,
      or received by it prior to the Cut-off Date but allocable to a period subsequent
      thereto, other than in respect of principal and interest on the Mortgage Loans
      due on or before the Cut-off Date:

     

    (1)  all
      payments
      on account of principal, including Principal Prepayments and related penalties,
      on the Mortgage Loans;

     

    (2)  all
      payments on account of interest on the Mortgage Loans adjusted to the Net
      Mortgage Rate;

     

    (3)  all
      Net
      Liquidation Proceeds;

     

    
      
        
        

      

      
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    (4)  any
      amounts required to be deposited by the Servicer[s] in connection with any
      REO
      Property pursuant to Section 4.02(o) and in connection therewith, the [related]
      Servicer shall provide the Master Servicer with written detail itemizing all
      of
      such amounts;

     

    (5)  all
      Insurance Proceeds including amounts required to be deposited pursuant to
      Section 4.02(j), other than proceeds to be held in the Escrow Account and
      applied to the restoration or repair of the Mortgaged Property or released
      to
      the Mortgagor in accordance with Accepted Servicing Practices, the Mortgage
      Loan
      Documents or applicable law;

     

    (6)  all
      Condemnation Proceeds affecting any Mortgaged Property which are not released
      to
      the Mortgagor in accordance with Accepted Servicing Practices, the loan
      documents or applicable law;

     

    (7)  any
      Monthly Advances;

     

    (8)  with
      respect to each full or partial Principal Prepayment, any Prepayment Interest
      Shortfalls, to the extent of the [related] Servicer's aggregate Servicing Fee
      received with respect to the related Prepayment Period;

     

    (9)  any
      amounts required to be deposited by the Servicer[s] pursuant to
      Section 4.02(j) in connection with the deductible clause in any blanket
      hazard insurance policy, such deposit shall be made from the [related]
      Servicer's own funds, without reimbursement therefor; and

     

    (10)  any
      amounts
      required
      to be deposited in the Custodial Account pursuant this Agreement.

     

    The
      foregoing requirements for deposit in the Custodial Account shall be exclusive,
      it being understood and agreed that, without limiting the generality of the
      foregoing, payments in the nature of the Servicing Fee and Ancillary Income,
      need not be deposited by the [related] Servicer in the Custodial Account. Any
      interest paid on funds deposited in the Custodial Account by the depository
      institution and any income or appreciation on any investment of such funds
      shall
      accrue to the benefit of the [related] Servicer and [the/such] Servicer shall
      be
      entitled to retain and withdraw such interest from the Custodial Account
      pursuant to Section 4.02(e). The
      amount of any losses incurred in respect of any such investments shall be
      deposited in the Custodial Account by the
      [related]
      Servicer
      out of its own funds, without any right of reimbursement therefor, immediately
      as realized.

     

    (ii)  [The/Each]
      Servicer agrees that it shall not create, incur or subject any Mortgage Loans,
      or any funds that are deposited in any Custodial Account or Escrow Account,
      or
      any funds that otherwise are or may become due or payable to or for the benefit
      of the Indenture Trustee, to any claim, lien, security interest, judgment,
      levy,
      writ of attachment or other encumbrance, nor assert by legal action or otherwise
      any claim or right of setoff against any Mortgage Loan or any funds collected
      on, or in connection with, a Mortgage Loan.

     

    
      
        
        

      

      
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    (e)  Permitted
      Withdrawals from Custodial Account.
      

     

    The
      Servicer[s] may, from time to time, withdraw from the Custodial Account for
      the
      following purposes:

     

    (i)  to
      make
      payments to the Master Servicer in the amounts and in the manner provided for
      in
      Section 4.03(a);

     

    (ii)  to
      reimburse [itself/themselves] for Monthly Advances, the [Servicer's/Servicers’]
      right to reimburse itself pursuant to this subclause (ii) being limited to
      amounts received on the related Mortgage Loan which represent late collections
      (net of the related Servicing Fees) of principal and/or interest respecting
      which any such advance was made, it being understood that, in the case of such
      reimbursement, the [related] Servicer's right thereto shall be prior to the
      rights of the Noteholders, except that, where the [related] Servicer is required
      to repurchase a Mortgage Loan, pursuant to Section 3.03, the [related]
      Servicer's right to such reimbursement shall be subsequent to the payment to
      the
      Trust of the Purchase Price pursuant to such Section and all other amounts
      required to be paid to the Trust with respect to such Mortgage
      Loan;

     

    (iii)  to
      reimburse itself for unreimbursed Monthly Advances and Servicing Advances and
      any unpaid Servicing Fees (or REO administration fees described in Section
      4.02(o)), the [related] Servicer's right to reimburse itself pursuant to this
      subclause (3) with respect to any Mortgage Loan being limited to related
      proceeds from Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds
      in accordance with the relevant provisions of the Fannie Mae Guides or as
      otherwise set forth in this Agreement; any recovery shall be made upon
      liquidation of the REO Property;

     

    (iv)  to
      pay to
      itself as part of its servicing compensation (a) any interest income or
      appreciation earned on funds in the Custodial Account (all such interest to
      be
      withdrawn monthly not later than each Servicer Remittance Date), (b) the
      Servicing Fee from that portion of any payment or recovery as to interest with
      respect to a particular Mortgage Loan;

     

    (v)  to
      pay to
      itself with respect to each Mortgage Loan that has been repurchased pursuant
      to
      Section 3.03 all amounts received thereon and not distributed as of the date
      on
      which the related Purchase Price is determined,

     

    
      
        
        

      

      
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    (vi)  to
      transfer funds to another Eligible Account in accordance with Section 4.02(i)
      hereof;

     

    (vii)  to
      remove
      funds inadvertently placed in the Custodial Account by [the/a]
      Servicer;

     

    (viii)  to
      clear
      and terminate the Custodial Account upon the termination of this Agreement;
      [and]

     

    (ix)  to
      reimburse itself for any Nonrecoverable Advances and amounts reimbursable
      pursuant to Section 4.05(b) and Section 4.06(b) [; and]

     

    (x)  [to
      reimburse itself for the amount of any Credit Line Advances made by or on behalf
      of [the/a] Servicer and not timely reimbursed by the Administrator in accordance
      with Section 4.02(a) hereof.]

     

    (f)  Establishment
      of and Deposits to Escrow Account.
      The
      Servicer[s] shall segregate and hold all funds collected and received pursuant
      to a Mortgage Loan constituting Escrow Payments separate and apart from any
      of
      its own funds and general assets and shall establish and maintain one or more
      Escrow Accounts, in the form of time deposit or demand accounts, titled
“[Taylor, Bean & Whitaker Mortgage Corp.] in trust for [   
], as Indenture Trustee, for the TBW Mortgage Trust [    ].” The
      Escrow Accounts shall be an Eligible Account. Nothing herein shall require
      the
      Servicer to compel a Mortgagor to establish an Escrow Account in violation
      of
      applicable law. Funds deposited in the Escrow Account may be drawn on by the
      Servicer[s] in accordance with Section 4.02(g). The creation of any Escrow
      Account shall be evidenced by a letter agreement in the form of Exhibit E
      hereto. A copy of such certification or letter agreement shall be furnished
      to
      the Master Servicer.

     

    The
      Servicer[s] shall deposit in the Escrow Account or Accounts on a daily basis,
      and in the Escrow Account or Accounts no later than 48 hours after receipt
      of
      funds, and retain therein:

     

    (i)  all
      Escrow Payments collected on account of the Mortgage Loans, if required, for
      the
      purpose of effecting timely payment of any such items as required under the
      terms of this Agreement to be paid by the related Mortgagor to the [related]
      Servicer;

     

    (ii)  all
      Insurance Proceeds which are to be applied to the restoration or repair of
      any
      Mortgaged Property; and

     

    (iii)  all
      Servicing Advances for Mortgagors whose Escrow Payments are insufficient to
      cover escrow disbursements.

     

    The
      Servicer[s] shall make withdrawals from the Escrow Account only to effect such
      payments as are required under this Agreement, as set forth in Section 4.02(g).
      The Servicer[s] shall be entitled to retain any interest earnings paid on funds
      deposited in the Escrow Account by the depository institution, other than
      interest on escrowed funds required by law to be paid to the Mortgagor. To
      the
      extent required by law, the Servicer[s] shall pay interest on escrowed funds
      to
      the Mortgagor notwithstanding that the Escrow Account may be non-interest
      bearing or the interest earnings paid thereon are insufficient for such
      purposes. 

     

    
      
        
        

      

      
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    (g)  Permitted
      Withdrawals from Escrow Account.
      Withdrawals from the Escrow Account or Accounts may be made by the Servicer[s]
      only:

     

    (i)  to
      effect
      timely payments of ground rents, taxes, assessments, water rates, Primary
      Mortgage Insurance Policy premiums, if applicable, condominium charges, fire
      and
      hazard insurance premiums or other items constituting Escrow Payments for the
      related Mortgage;

     

    (ii)  to
      reimburse the [related] Servicer for any Servicing Advance of an Escrow Payment
      made by the [related] Servicer with respect to a related Mortgage Loan, but
      only
      from amounts received on the related Mortgage Loan which represent late
      collections of Escrow Payments thereunder;

     

    (iii)  to
      refund
      to any Mortgagor any funds found to be in excess of the amounts required to
      be
      escrowed under the terms of the related Mortgage Loan;

     

    (iv)  to
      the
      extent permitted by applicable law, for transfer to the Custodial Account and
      application to reduce the principal balance of the Mortgage Loan in accordance
      with the terms of the related Mortgage and Mortgage Note;

     

    (v)  for
      application to restoration or repair of the Mortgaged Property in accordance
      with Section 4.02(n);

     

    (vi)  to
      pay to
      the Servicer[s], or any Mortgagor to the extent required by law, any interest
      paid on the funds deposited in the Escrow Account;

     

    (vii)  to
      clear
      and terminate the Escrow Account on the termination of this Agreement. As part
      of [its/their] servicing duties, the Servicer[s] shall pay to the Mortgagors
      interest on funds in Escrow Account, to the extent required by law, and to
      the
      extent that interest earned on funds in the Escrow Account is insufficient,
      shall pay such interest from its own funds, without any reimbursement therefor;
      and

     

    (viii)  to
      pay to
      the Mortgagors or other parties Insurance Proceeds deposited in accordance
      with
      Section 4.02(f).

     

    (h)  Payment
      of Taxes, Insurance and Other Charges; Maintenance of Primary Mortgage Insurance
      Policies; Collections Thereunder.
      

     

    With
      respect to each Mortgage Loan, the Servicer[s] shall maintain accurate records
      reflecting the status of ground rents, taxes, assessments, water rates and
      other
      charges which are or may become a lien upon the Mortgaged Property and the
      status of primary mortgage insurance premiums and fire and hazard insurance
      coverage and shall obtain, from time to time, all bills for the payment of
      such
      charges, including renewal premiums and shall effect payment thereof prior
      to
      the applicable penalty or termination date and at a time appropriate for
      securing maximum discounts allowable, employing for such purpose deposits of
      the
      Mortgagor in the Escrow Account which shall have been estimated and accumulated
      by the Servicer[s] in amounts sufficient for such purposes, as allowed under
      the
      terms of the Mortgage or applicable law. To the extent that the Mortgage does
      not provide for Escrow Payments, the [related] Servicer shall determine that
      any
      such payments are made by the Mortgagor at the time they first become due.
      [The/Each] Servicer assumes full responsibility for the timely payment of all
      such bills and shall effect timely payments of all such bills irrespective
      of
      the Mortgagor's faithful performance in the payment of same or the making of
      the
      Escrow Payments and shall make advances from its own funds to effect such
      payments (which will constitute a Servicing Advance).

     

    
      
        
        

      

      
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    (i)  The
      [related] Servicer will maintain in full force and effect Primary Mortgage
      Insurance Policies or Lender Primary Mortgage Insurance Policies issued by
      a
      Qualified Insurer with respect to each Mortgage Loan for which such coverage
      is
      herein required. Such coverage will be terminated only with the approval of
      Purchaser, or as required by applicable law or regulation. The [related]
      Servicer will not cancel or refuse to renew any Primary Mortgage Insurance
      Policy or Lender Primary Mortgage Insurance Policy in effect on the Closing
      Date
      that is required to be kept in force under this Agreement unless a replacement
      Primary Mortgage Insurance Policy or Lender Primary Mortgage Insurance Policy
      for such canceled or nonrenewed policy is obtained from and maintained with
      a
      Qualified Insurer. The [related] Servicer shall not take any action which would
      result in non-coverage under any applicable Primary Mortgage Insurance Policy
      or
      Lender Primary Mortgage Insurance Policy of any loss which, but for the actions
      of the [related] Servicer would have been covered thereunder. In connection
      with
      any assumption or substitution agreement entered into or to be entered into
      pursuant to Section 4.04(a), the [related] Servicer shall promptly notify the
      insurer under the related Primary Mortgage Insurance Policy or Lender Primary
      Mortgage Insurance Policy, if any, of such assumption or substitution of
      liability in accordance with the terms of such policy and shall take all actions
      which may be required by such insurer as a condition to the continuation of
      coverage under the Primary Mortgage Insurance Policy or Lender Primary Mortgage
      Insurance Policy. If such Primary Mortgage Insurance Policy or Lender Primary
      Mortgage Insurance Policy is terminated as a result of such assumption or
      substitution of liability, the [related] Servicer shall obtain a replacement
      Primary Mortgage Insurance Policy or Lender Primary Mortgage Insurance Policy
      as
      provided above.

     

    In
      connection with [its/their] activities as servicer, [the/each] Servicer agrees
      to prepare and present, on behalf of itself and the Issuer, claims to the
      insurer under any Private Mortgage Insurance Policy in a timely fashion in
      accordance with the terms of such Primary Mortgage Insurance Policy or Lender
      Primary Mortgage Insurance Policy and, in this regard, to take such action
      as
      shall be necessary to permit recovery under any Primary Mortgage Insurance
      Policy or Lender Primary Mortgage Insurance Policy respecting a defaulted
      Mortgage Loan. Pursuant to Section 4.02(d), any amounts collected by the
      Servicer[s] under any Primary Mortgage Insurance Policy or Lender Primary
      Mortgage Insurance Policy shall be deposited in the Custodial Account, subject
      to withdrawal pursuant to Section 4.02(e).

     

    
      
        
        

      

      
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    (i)  Protection
      of Accounts.
      The
      Servicer[s] may transfer the Custodial Account or the Escrow Account to a
      different Eligible Institution from time to time. Such transfer shall be made
      only upon obtaining the consent of the Master Servicer, which consent shall
      not
      be withheld unreasonably, and the [related] Servicer shall give notice to the
      Master Servicer and the Indenture Trustee of any change in the location of
      the
      Custodial Account.

     

    (j)  Maintenance
      of Hazard Insurance.
      The
      Servicer[s] shall cause to be maintained for each Mortgage Loan fire and hazard
      insurance with extended coverage as is acceptable to Fannie Mae or Freddie
      Mac
      and customary in the area where the Mortgaged Property is located in an amount
      which is equal to the lesser of (i) the maximum insurable value of the
      improvements securing such Mortgage Loan or (ii) the greater of (a) the
      outstanding principal balance of the Mortgage Loan, and (b) an amount such
      that
      the proceeds thereof shall be sufficient to prevent the Mortgagor and/or the
      mortgagee from becoming a co-insurer. If required by the Flood Disaster
      Protection Act of 1973, as amended, each Mortgage Loan shall be covered by
      a
      flood insurance policy meeting the requirements of the current guidelines of
      the
      Federal Insurance Administration in effect with an insurance carrier acceptable
      to Fannie Mae or Freddie Mac, in an amount representing coverage not less than
      the least of (i) the outstanding principal balance of the Mortgage Loan, (ii)
      the maximum insurable value of the improvements securing such Mortgage Loan
      or
      (iii) the maximum amount of insurance which is available under the Flood
      Disaster Protection Act of 1973, as amended. If at any time during the term
      of
      the Mortgage Loan, [the/a] Servicer determines in accordance with applicable
      law
      and pursuant to the Fannie Mae Guides that a Mortgaged Property is located
      in a
      special flood hazard area and is not covered by flood insurance or is covered
      in
      an amount less than the amount required by the Flood Disaster Protection Act
      of
      1973, as amended, the [related] Servicer shall notify the related Mortgagor
      that
      the Mortgagor must obtain such flood insurance coverage, and if said Mortgagor
      fails to obtain the required flood insurance coverage within forty-five (45)
      days after such notification, the [related] Servicer shall immediately force
      place the required flood insurance on the Mortgagor's behalf. The Servicer[s]
      shall also maintain on each REO Property, fire and hazard insurance with
      extended coverage in an amount which is at least equal to the maximum insurable
      value of the improvements which are a part of such property, and, to the extent
      required and available under the Flood Disaster Protection Act of 1973, as
      amended, flood insurance in an amount as provided above. Any amounts collected
      by [the/a] Servicer under any such policies other than amounts to be deposited
      in the Escrow Account and applied to the restoration or repair of the Mortgaged
      Property or REO Property, or released to the Mortgagor in accordance with
      Accepted Servicing Practices, shall be deposited in the Custodial Account,
      subject to withdrawal pursuant to Section 4.02(e). It is understood and agreed
      that no other additional insurance need be required by the Servicer[s] of the
      Mortgagor or maintained on property acquired in respect of the Mortgage Loan,
      other than pursuant to this Agreement, the Fannie Mae Guides or such applicable
      state or federal laws and regulations as shall at any time be in force and
      as
      shall require such additional insurance. All such policies shall be endorsed
      with standard mortgagee clauses with loss payable to the [related] Servicer
      and
      its successors and/or assigns and shall provide for at least thirty (30) days
      prior written notice of any cancellation, reduction in the amount or material
      change in coverage to the [related] Servicer. The Servicer[s] shall not
      interfere with the Mortgagor's freedom of choice in selecting either his
      insurance carrier or agent, provided, however, that the Servicer[s] shall not
      accept any such insurance policies from insurance companies unless such
      companies are Qualified Insurers.

     

    
      
        
        

      

      
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    (k)  Maintenance
      of Mortgage Impairment Insurance.
      In the
      event that [the/a] Servicer shall obtain and maintain a blanket policy issued
      by
      an insurer acceptable to Fannie Mae or Freddie Mac insuring against hazard
      losses on all of the Mortgage Loans, then, to the extent such policy provides
      coverage in an amount equal to the amount required pursuant to Section 4.02(j)
      and otherwise complies with all other requirements of Section 4.02(j), it shall
      conclusively be deemed to have satisfied its obligations as set forth in Section
      4.02(j), it being understood and agreed that such policy may contain a
      deductible clause, in which case the [related] Servicer shall, in the event
      that
      there shall not have been maintained on the related Mortgaged Property or REO
      Property a policy complying with Section 4.02(j), and there shall have been
      a
      loss which would have been covered by such policy, deposit in the Custodial
      Account the amount not otherwise payable under the blanket policy because of
      such deductible clause. In connection with [its/their] activities as servicer[s]
      of the Mortgage Loans, [the/each] Servicer agrees to prepare and present, on
      behalf of the Master Servicer and the Indenture Trustee, claims under any such
      blanket policy in a timely fashion in accordance with the terms of such policy.
      Upon request of the Master Servicer or Indenture Trustee, the [related] Servicer
      shall cause to be delivered to the Master Servicer or the Indenture Trustee,
      as
      applicable, a certified true copy of such policy and shall use its best efforts
      to obtain a statement from the insurer thereunder that such policy shall in
      no
      event be terminated or materially modified without thirty (30) days’ prior
      written notice to the Master Servicer and the Indenture Trustee.

     

    (l)   Maintenance
      of Fidelity Bond and Errors and Omissions Insurance.
      [The/Each] Servicer shall maintain, at its own expense, a blanket fidelity
      bond
      and an errors and omissions insurance policy, with broad coverage with
      responsible companies on all officers, employees or other persons acting in
      any
      capacity with regard to the Mortgage Loan to handle funds, money, documents
      and
      papers relating to the Mortgage Loan. The Servicer Fidelity Bond shall be in
      the
      form of the Mortgage Banker's Blanket Bond and shall protect and insure the
      Servicer[s] against losses, including forgery, theft, embezzlement and fraud
      of
      such persons. The Servicer Errors and Omissions Insurance Policy shall protect
      and insure the Servicer[s] against losses arising out of errors and omissions
      and negligent acts of such persons. Such Servicer Errors and Omissions Insurance
      Policy shall also protect and insure the Servicer[s] against losses in
      connection with the failure to maintain any insurance policies required pursuant
      to this Agreement and the release or satisfaction of a Mortgage Loan without
      having obtained payment in full of the indebtedness secured thereby. No
      provision of this Section 4.02(l) requiring the Servicer Fidelity Bond or the
      Servicer Errors and Omissions Insurance Policy shall diminish or relieve [the/a]
      Servicer from its duties and obligations as set forth in this Agreement. The
      minimum coverage under any such bond and insurance policy shall be at least
      equal to the corresponding amounts required by Fannie Mae in the Fannie Mae
      Guides. Upon request of the Master Servicer or the Indenture Trustee, the
      [related] Servicer shall deliver to the Master Servicer and the Indenture
      Trustee a certificate from the surety and the insurer as to the existence of
      the
      Servicer Fidelity Bond and the Servicer Errors and Omissions Insurance Policy
      and shall obtain a statement from the surety and the insurer that such Servicer
      Fidelity Bond or Servicer Errors and Omissions Insurance Policy shall in no
      event be terminated or materially modified without thirty (30) days prior
      written notice to the Master Servicer. The [related] Servicer shall notify
      the
      Master Servicer and the Indenture Trustee within five (5) business days of
      receipt of notice that such Servicer Fidelity Bond or Servicer Errors and
      Omissions Insurance Policy will be, or has been, materially modified or
      terminated. The Issuer must be named as a loss payee on the Servicer Fidelity
      Bond and as an additional insured on the Servicer Errors and Omissions Insurance
      Policy. Upon request by the Master Servicer, the [related] Servicer shall
      provide the Master Servicer with an insurance certificate certifying coverage
      under this Section 4.02(l), and will provide an update to such certificate
      upon
      request, or upon renewal or material modification of coverage.

     

    
      
        
        

      

      
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    (m)   Inspections.
      The
      Servicer[s] shall inspect the Mortgaged Property as often as deemed necessary
      by
      [the/each] Servicer to assure itself that the value of the Mortgaged Property
      is
      being preserved. In addition, the Servicer[s] shall inspect the Mortgaged
      Property and/or take such other actions as may be necessary or appropriate
      in
      accordance with Accepted Servicing Practices or as may be required by the
      primary mortgage guaranty insurer. The Servicer[s] shall keep a written report
      of each such inspection.

     

    (n)   Restoration
      of Mortgaged Property.
      The
      Servicer[s] need not obtain the approval of the Master Servicer prior to
      releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor
      to be
      applied to the restoration or repair of the Mortgaged Property if such release
      is in accordance with Accepted Servicing Practices. At a minimum, the
      Servicer[s] shall comply with the following conditions in connection with any
      such release of Insurance Proceeds or Condemnation Proceeds:

     

    (i)  the
      Servicer[s] shall receive satisfactory independent verification of completion
      of
      repairs and issuance of any required approvals with respect thereto;

     

    (ii)  the
      Servicer[s] shall take all steps necessary to preserve the priority of the
      lien
      of the Mortgage, including, but not limited to requiring waivers with respect
      to
      mechanics’ and materialmen’s liens; and 

     

    (iii)  pending
      repairs or restoration, the Servicer[s] shall place the Insurance Proceeds
      or
      Condemnation Proceeds in the Escrow Account.

     

    (o)  Title,
      Management and Disposition of REO Property.
      [In the
      event that title to the Mortgaged Property is acquired in foreclosure or by
      deed
      in lieu of foreclosure, the deed or certificate of sale shall be taken in the
      name of the Indenture Trustee or its designee, or in the event the Indenture
      Trustee or its designee is not authorized or permitted to hold title to real
      property in the state where the REO Property is located, or would be adversely
      affected under the “doing business” or tax laws of such state by so holding
      title, the deed or certificate of sale shall be taken in the name of such Person
      or Persons as shall be consistent with an Opinion of Counsel obtained by the
      [related] Servicer from an attorney duly licensed to practice law in the state
      where the REO Property is located. Any Person or Persons holding such title
      other than the Issuer shall acknowledge in writing that such title is being
      held
      as nominee for the benefit of the Issuer.

     

    
      
        
        

      

      
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    The
      Servicer[s] shall notify the Master Servicer in accordance with the Fannie
      Mae
      Guides of each acquisition of REO Property upon such acquisition (and, in any
      event, shall provide notice of the consummation of any foreclosure sale within
      three (3) Business Days from the date the [related] Servicer receives notice
      of
      such consummation), together with a copy of the drive by appraisal or brokers
      price opinion of the Mortgaged Property obtained in connection with such
      acquisition, and thereafter assume the responsibility for marketing such REO
      property in accordance with Accepted Servicing Practices. Thereafter, the
      [related] Servicer shall continue to provide certain administrative services
      to
      the Master Servicer relating to such REO Property as set forth in this Section
      4.02(o). No Servicing Fee shall be assessed or otherwise accrue on any REO
      Property from and after the date on which it becomes an REO
      Property.

     

    The
      [related] Servicer shall, either itself or through an agent selected by the
      [related] Servicer, and in accordance with the Fannie Mae Guides manage,
      conserve, protect and operate each REO Property in the same manner that it
      manages, conserves, protects and operates other foreclosed property for its
      own
      account, and in the same manner that similar property in the same locality
      as
      the REO Property is managed. The [related] Servicer shall cause each REO
      Property to be inspected promptly upon the acquisition of title thereto and
      shall cause each REO Property to be inspected at least monthly thereafter or
      more frequently as required by the circumstances. The [related] Servicer shall
      make or cause to be made a written report of each such inspection. Such reports
      shall be retained in the Mortgage File and copies thereof shall be forwarded
      by
      the [related] Servicer to the Master Servicer.

     

    The
      Servicer[s] shall use [its/their] best efforts to dispose of the REO Property
      as
      soon as possible and shall sell such REO Property in any event within one year
      after title has been taken to such REO Property, unless the [related] Servicer
      determines, and gives an appropriate notice to the Master Servicer to such
      effect, that a longer period is necessary for the orderly liquidation of such
      REO Property. If a longer period than one (1) year is permitted under the
      foregoing sentence and is necessary to sell any REO Property, the [related]
      Servicer shall report monthly to the Master Servicer as to the progress being
      made in selling such REO Property. No REO Property shall be marketed for less
      than the Appraised Value, without the prior consent of Master Servicer. No
      REO
      Property shall be sold for less than ninety five percent (95%) of its Appraised
      Value, without the prior consent of Indenture Trustee. All requests for
      reimbursement of Servicing Advances shall be in accordance with the Fannie
      Mae
      Guides. The disposition of REO Property shall be carried out by the [related]
      Servicer at such price, and upon such terms and conditions, as the [related]
      Servicer deems to be in the best interests of the Trust (subject to the above
      conditions) only with the prior written consent of the Master Servicer. The
      Servicer[s] shall provide monthly reports to the Master Servicer in reference
      to
      the status of the marketing of the REO Properties.]

     

    
      
        
        

      

      
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    (p)  Compliance
      with Safeguarding Customer Information Requirements.
      The
      Servicer[s] [has/have] implemented and will maintain security measures designed
      to meet the objectives of the Interagency Guidelines Establishing Standards
      for
      Safeguarding Customer Information published in final form on February 1, 2001,
      66 Fed. Reg. 8616, and the rules promulgated thereunder, as amended from time
      to
      time (the “Guidelines”).

     

    (q)  Notification
      of Maturity Date.
      With
      respect to each Mortgage Loan, the Servicer[s] shall execute and deliver to
      the
      Mortgagor any and all necessary notices required under applicable law and the
      terms of the related Mortgage Note and Mortgage regarding the maturity date
      if
      required under applicable law.

     

    (r)  Purchase
      of Defaulted Mortgage Loans.
      [The/Each] Servicer, in its sole discretion, shall have the right to elect
      (by
      written notice sent to the Indenture Trustee, the Master Servicer and the
      Securities Administrator) to purchase for its own account from the Trust Estate
      any Mortgage Loan that is (as of the first day of a calendar quarter) 90 days
      or
      more Delinquent or is an REO Property at a price equal to the Purchase Price;
      provided,
      however, that (i) such Mortgage Loan is still 90 days or more delinquent or
      is
      an REO Property as of the date of such purchase and (ii) this purchase option,
      if not theretofore exercised, shall terminate on the date prior to the last
      day
      of the related calendar quarter. This purchase option, if not exercised, shall
      not be thereafter reinstated unless the delinquency is cured and the Mortgage
      Loan thereafter again becomes 90 days or more delinquent or becomes an REO
      Property, in which case the option shall again become exercisable as of the
      first day of the related calendar quarter. The principal portion of the funds
      in
      respect of such purchase of a Mortgage Loan will be considered a Principal
      Prepayment and the Purchase Price shall be deposited in the Collection Account.
      Upon receipt by the Securities Administrator of the full amount of the Purchase
      Price for such Mortgage Loan and notification thereof has been made to the
      Indenture Trustee, the Indenture Trustee shall release or cause to be released
      and reassign to the [related] Servicer the related Mortgage File for such
      Mortgage Loan and shall execute and deliver such instruments of transfer or
      assignment, in each case without recourse, representation or warranty, as shall
      be necessary to vest in such party or its designee or assignee title to any
      such
      Mortgage Loan released pursuant hereto, free and clear of all security
      interests, liens and other encumbrances created by this Agreement and the
      Indenture, which instruments shall be prepared by the [related] Servicer and
      the
      Indenture Trustee shall have no further responsibility with respect to the
      Mortgage File relating to such 90 days Delinquent Mortgage Loan purchased by
      the
      [related] Servicer. 

     

    Section
      4.03.   Payments
      to the Master Servicer. 

     

    (a)  Remittances.
      [On
      each Servicer Remittance Date, the Servicer[s] shall remit by wire transfer
      of
      immediately available funds to the Master Servicer (i) all amounts credited
      to
      the Custodial Account as of the close of business on the preceding Determination
      Date, net of charges against or withdrawals from the Custodial Account pursuant
      to Section 4.02(e), plus (ii) all Monthly Advances, if any, which the
      Servicer[s] [is/are] obligated to remit pursuant to Section 4.03(c), plus,
      (iii)
      Compensating Interest Payments, minus
      (iv) any
      amounts attributable to Monthly Payments collected but due on a Due Date or
      Dates subsequent to the preceding Determination Date, which amounts shall be
      remitted on the Servicer Remittance Date next succeeding the Collection Period
      for such amounts. It is understood that, by operation of Section 4.02(d), the
      remittance on the first Servicer Remittance Date with respect to the Mortgage
      Loans is to include principal collected after the Cut- off Date through the
      preceding Determination Date plus interest, adjusted to the Net Mortgage Rate
      collected through such Determination Date exclusive of any portion thereof
      allocable to the period prior to the Cut-off Date, with the adjustments
      specified in clauses (ii), (iii) and (iv) above.

     

    
      
        
        

      

      
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    With
      respect to any remittance received by the Master Servicer after the Servicer
      Remittance Date, the Servicer[s] shall pay to the Master Servicer interest
      on
      any such late payment at a per annum rate equal to the Prime Rate, adjusted
      as
      of the date of each change plus two (2) percentage points, but in no event
      greater than the maximum amount permitted by applicable law. Such interest
      shall
      cover the period commencing with the day following the Business Day such payment
      was due and ending with the Business Day on which such payment is made to the
      Master Servicer, both inclusive. The payment by [the/a] Servicer of any such
      interest shall not be deemed an extension of time for payment or a waiver of
      any
      Event of Default by [the/such] Servicer. On each Servicer Remittance Date,
      [the/each] Servicer shall provide a remittance report detailing all amounts
      being remitted pursuant to this Section 4.03(a).

     

    All
      remittances required to be made to the Master Servicer shall be made to the
      following wire account or to such other account as may be specified by the
      Master Servicer from time to time:

     

    (b)  Statements
      to Master Servicer and Securities Administrator.
      The
      Servicer[s] shall furnish to Master Servicer an individual loan accounting
      report, as of the last Business Day of each month, in the
      [Servicer's/Servicers’] assigned loan number order to document Mortgage Loan
      payment activity on an individual Mortgage Loan basis. With respect to each
      month, the corresponding individual loan accounting report shall be received
      by
      the Master Servicer no later than the [fifth] Business Day of the following
      month on a disk or tape or other computer-readable format in such format as
      may
      be mutually agreed upon by both Master Servicer and Servicer, and no later
      than
      the [fifth] Business Day of the following month in hard copy, and shall contain
      the following:

     

    (i)  With
      respect to each Monthly Payment, the amount of such remittance allocable to
      principal (including a separate breakdown of any Principal Prepayment, including
      the date of such prepayment, and any prepayment penalties or premiums, along
      with a detailed report of interest on principal prepayment amounts remitted
      in
      accordance with Section 4.02(d));

     

    (ii)  with
      respect to each Monthly Payment, the amount of such remittance allocable to
      interest;

     

    
      
        
        

      

      
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    (iii)  the
      amount of servicing compensation received by the Servicer[s] during the prior
      distribution period;

     

    (iv)  the
      aggregate Scheduled Principal Balance of the Mortgage Loans;

     

    (v)  the
      aggregate of any expenses reimbursed to the Servicer[s] during the prior
      distribution period pursuant to Section 4.02(e); and

     

    (vi)  The
      number and aggregate outstanding principal balances of Mortgage Loans (a)
      Delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more and (4)
      180
      days or more and charged-off; (b) as to which foreclosure has commenced; and
      (c)
      as to which REO Property has been acquired.

     

    The
      Servicer[s] shall provide a monthly remittance report to the Master Servicer
      in
      a mutually agreeable format. The Servicer[s] shall also provide a default report
      containing the information specified in Exhibit F attached hereto with each
      such
      report.

     

    The
      Servicer[s] shall prepare and file any and all information statements or other
      filings required to be delivered to any governmental taxing authority or to
      the
      Master Servicer and the Securities Administrator pursuant to any applicable
      law
      with respect to the Mortgage Loans and the transactions contemplated hereby.
      In
      addition, the Servicer[s] shall provide the Master Servicer and the Securities
      Administrator with such information as may be requested by it and required
      for
      the completion of any tax reporting responsibility of the Securities
      Administrator within such reasonable time frame as shall enable the Securities
      Administrator to timely file each Schedule Q (or other applicable tax report
      or
      return) required to be filed by it.

     

    (c)  Monthly
      Advances by Servicer[s].
      Not
      later than the close of business on the Business Day preceding each Servicer
      Remittance Date, the Servicer[s] shall deposit in the Custodial Account an
      amount equal to all payments not previously advanced by the [related] Servicer,
      whether or not deferred pursuant to Section 4.03(a), of principal (due after
      the
      Cut-off Date) and interest not allocable to the period prior to the Cut-off
      Date, adjusted to the Net Mortgage Rate, which were due on a Mortgage Loan
      and
      delinquent at the close of business on the related Determination Date; provided,
      however, that the Servicer[s] may use the Amount Held for Future Distribution
      (as defined below) then on deposit in the Custodial Account to make such Monthly
      Advances. The Servicer[s] shall deposit any portion of the Amount Held for
      Future Distribution used to pay Monthly Advances into the Custodial Account
      on
      any future Servicer Remittance Date to the extent that the funds that are
      available in the Custodial Account for remittance to the Master Servicer on
      such
      Servicer Remittance Date are less than the amount of payments required to be
      made to the Master Servicer on such Servicer Remittance Date.

     

    The
      “Amount Held for Future Distribution” as to any Servicer Remittance Date shall
      be the total of the amounts held in the Custodial Account at the close of
      business on the preceding Determination Date which were received after the
      Cut-off Date on account of (i) Liquidation Proceeds, Insurance Proceeds,
      Condemnation Proceeds and Principal Prepayments received or made in the month
      of
      such Servicer Remittance Date, and (ii) payments which represent early receipt
      of Monthly Payments of principal and interest due on a date or dates subsequent
      to the related Due Date.

     

    
      
        
        

      

      
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    The
      [Servicer's/Servicers’] obligation to make such Monthly Advances as to any
      Mortgage Loan will continue through the last Monthly Payment due prior to the
      payment in full of the Mortgage Loan, or through the Servicer Remittance Date
      prior to the date on which the Mortgaged Property liquidates (including
      Insurance Proceeds, proceeds from the sale of REO Property or Condemnation
      Proceeds) with respect to the Mortgage Loan unless the [related] Servicer deems
      such advance to be a Nonrecoverable Advance. In such event, the [related]
      Servicer shall deliver to the Master Servicer an Officer's Certificate of
      [the/such] Servicer to the effect that an officer of the Servicer has reviewed
      the related Mortgage File and has made the reasonable determination that any
      additional advances are nonrecoverable.

     

    (d)  Liquidation
      Reports.
      Upon
      the foreclosure sale of any Mortgaged Property, the acquisition thereof by
      the
      Indenture Trustee pursuant to a deed in lieu of foreclosure or the charge off
      of
      a Mortgage Loan that is 180 days Delinquent, the Servicer[s] shall submit to
      the
      Indenture Trustee and the Master Servicer a monthly liquidation report with
      respect to such Mortgaged Property. The Servicer[s] shall also provide reports
      on the status of REO Property containing such information as the Indenture
      Trustee may reasonably request.

     

    (e)  Credit
      Reporting.
      For
      each Mortgage Loan, in accordance with its current servicing practices, the
      Servicer[s] will accurately and fully report its underlying borrower credit
      files to each of the following credit repositories or their successors: Equifax
      Credit Information Services, Inc., Trans Union, LLC and Experian Information
      Solution, Inc., on a monthly basis in a timely manner.

     

    Section
      4.04.   General
      Servicing Procedures.

     

    Transfers
      of Mortgaged Property.
      [The/Each] Servicer will, to the extent it has actual knowledge of any
      conveyance or prospective conveyance by any Mortgagor of the Mortgaged Property
      (whether by absolute conveyance or by contract of sale, and whether or not
      the
      Mortgagor remains or is to remain liable under the Mortgage Note and/or the
      Mortgage), exercise its rights to accelerate the maturity of such Mortgage
      Loan
      under any “due-on-sale” clause to the extent permitted by law; provided,
      however, that the [related] Servicer shall not exercise any such rights if
      prohibited by law or the terms of the Mortgage Note from doing so or if the
      exercise of such rights would impair or threaten to impair any recovery under
      the related Primary Mortgage Insurance Policy or Lender Primary Mortgage
      Insurance Policy, if any. If [the/a] Servicer reasonably believes it is unable
      under applicable law to enforce such “due-on- sale” clause, [the/such] Servicer
      will enter into an assumption agreement with the person to whom the Mortgaged
      Property has been conveyed or is proposed to be conveyed, pursuant to which
      such
      person becomes liable under the Mortgage Note and, to the extent permitted
      by
      applicable state law, the Mortgagor remains liable thereon. Where an assumption
      is allowed pursuant to this Section 4.04(a), the [related] Servicer, with the
      prior consent of the Master Servicer, the Indenture Trustee and the primary
      mortgage insurer, if any, is authorized to enter into a substitution of
      liability agreement with the person to whom the Mortgaged Property has been
      conveyed or is proposed to be conveyed pursuant to which the original mortgagor
      is released from liability and such Person is substituted as mortgagor and
      becomes liable under the related Mortgage Note. Any such substitution of
      liability agreement shall be in lieu of an assumption agreement.

     

    
      
        
        

      

      
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    In
      connection with any such assumption or substitution of liability, the
      Servicer[s] shall follow the underwriting practices and procedures of the
      [related] Servicer. With respect to an assumption or substitution of liability,
      the Mortgage Rate borne by the related Mortgage Note, the amount of the Monthly
      Payment and the maturity date may not be changed (except pursuant to the terms
      of the Mortgage Note). If the credit of the proposed transferee does not meet
      such underwriting criteria, the [related] Servicer diligently shall, to the
      extent permitted by the Mortgage or the Mortgage Note and by applicable law,
      accelerate the maturity of the Mortgage Loan. The [related] Servicer shall
      notify the Master Servicer and the Indenture Trustee that any such substitution
      of liability or assumption agreement has been completed and shall forward to
      the
      Custodian the original of any such substitution of liability or assumption
      agreement, which document shall be added to the related Mortgage File and shall,
      for all purposes, be considered a part of such Mortgage File to the same extent
      as all other documents and instruments constituting a part thereof. All fees
      collected by the Servicer[s] for entering into an assumption or substitution
      of
      liability agreement shall belong to [the/such] Servicer.

     

    Notwithstanding
      the foregoing paragraphs of this Section or any other provision of this
      Agreement, [the/a] Servicer shall not be deemed to be in default, breach or
      any
      other violation of its obligations hereunder by reason of any assumption of
      a
      Mortgage Loan by operation of law or any assumption which the [related] Servicer
      may be restricted by law from preventing, for any reason whatsoever. For
      purposes of this Section 4.04(a), the term "assumption" is deemed to also
      include a sale of the Mortgaged Property subject to the Mortgage that is not
      accompanied by an assumption or substitution of liability
      agreement.

     

    (a)  Satisfaction
      of Mortgages and Release of Mortgage Files.
      Upon
      the payment in full of any Mortgage Loan, or the receipt by the [related]
      Servicer of a notification that payment in full will be escrowed in a manner
      customary for such purposes, [the/such] Servicer shall immediately notify the
      Master Servicer by a certification of a Servicing Officer, which certification
      shall include a statement to the effect that all amounts received or to be
      received in connection with such payment which are required to be deposited
      in
      the Custodial Account pursuant to Section 4.02(d) have been or will be so
      deposited, and the [related] Servicer shall request delivery to it of the
      portion of the Mortgage File held by the Custodian in accordance with the
      provisions of Section 5.12.

     

    In
      the
      event [the/a] Servicer satisfies or releases a Mortgage without having obtained
      payment in full of the indebtedness secured by the Mortgage or should it
      otherwise prejudice any right the Trust may have under the mortgage instruments,
      the [related] Servicer, upon written demand, shall remit within [two (2)]
      Business Days to the Trust the then outstanding principal balance of the related
      Mortgage Loan by deposit thereof in the Custodial Account. The Servicer[s]
      shall
      maintain the Servicer Fidelity Bond and the Servicer Errors and Omissions
      Insurance Policy insuring the Servicer[s] against any loss it may sustain with
      respect to any Mortgage Loan not satisfied in accordance with the procedures
      set
      forth herein.

     

    
      
        
        

      

      
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    (b)  Servicing
      Compensation.
      [As
      compensation for [its/their] services hereunder, the Servicer[s] shall be
      entitled to withdraw from the Custodial Account (to the extent of interest
      payments collected on the Mortgage Loans) or to retain from interest payments
      collected on the Mortgage Loans, the Servicing Fee, subject to Compensating
      Interest Payments. Additional servicing compensation in the form of assumption
      fees, as provided in Section 4.04(a), and late payment charges or otherwise
      shall be retained by the [related] Servicer to the extent not required to be
      deposited in the Custodial Account. No Servicing Fee shall be payable in
      connection with partial Monthly Payments. The Servicer[s] shall be required
      to
      pay all expenses incurred by it in connection with its servicing activities
      hereunder and shall not be entitled to reimbursement therefor except as
      specifically provided for in this Agreement.]

     

    (c)  Annual
      Audit Report.
      On or
      before [February 28th]
      of each
      year beginning [February 28], [       ],
      [the/each] Servicer at its expense shall cause a firm of independent public
      accountants which is a member of the American Institute of Certified Public
      Accountants to furnish to the Seller, the Master Servicer, the Indenture Trustee
      and the Depositor in a form acceptable for filing with the Commission as an
      exhibit to a Form 10-K a report on the assessment of compliance made by
      [the/each] Servicer and delivered pursuant to subsection (d) of this Section
      4.04, which report shall be in accordance with Rules 1-02(a)(3) and 2-02(g)
      of
      Regulation S-X under the Securities Act and the Exchange Act. In addition,
      on an
      annual basis, Servicer[s] shall provided the Seller, the Master Servicer, the
      Indenture Trustee and the Depositor with copies of its audited financial
      statements.

     

    (d)  Annual
      Compliance Certifications.

     

    (i)  On
      or
      before [February 28th]
      of each
      year beginning [February 28], [        ],
      [the/each] Servicer shall deliver to the Seller, the Master Servicer, the
      Indenture Trustee and the Depositor a servicer’s certificate stating, as to each
      signer thereof, that (i) a review of the activities of the [related] Servicer
      during such preceding fiscal year and of performance under this Agreement has
      been made under such officers’ supervision, and (ii) to the best of such
      officers’ knowledge, based on such review, the [related] Servicer has fulfilled
      all its obligations under this Agreement for such year, or, if there has been
      a
      default in the fulfillment of any such obligation, specifying each such default
      known to such officers and the nature and status thereof, including the steps
      being taken by the [related] Servicer to remedy such default.

     

    (ii)  On
      or
      before [February 28th]
      of each
      year beginning [February 28], [        ], the
      Servicer shall deliver to the Seller, the Master Servicer, the Indenture Trustee
      and the Depositor a report regarding the [each] Servicer’s assessment of
      compliance with the Servicing Criteria during the immediately preceding calendar
      year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item
      1122 of Regulation AB.

     

    
      
        
        

      

      
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    (iii)  For
      so
      long as a certificate under the Sarbanes-Oxley Act of 2002, as amended is
      required to be delivered on behalf of the Trust, a Servicing Officer shall
      execute and deliver on or prior to [February 28th]
      of each
      applicable year, commencing in 2006, or at any other time upon thirty (30)
      days
      written request, an Officer’s Certificate to the Depositor for the benefit of
      the Depositor and its officers, directors and affiliates, certifying as to
      the
      following matters:

     

    (1)  I
      have
      reviewed the servicer compliance statement of the [related] 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 pursuant to
      the Transfer and Servicing Agreement (the “Transfer and Servicing Agreement”)
      [dated as of [      ] by and among
      [            ]
      (collectively, the “Servicing Information”);

     

    (2)  Based
      on
      my knowledge, the 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 as of the end of
      200[  ];

     

    (3)  Based
      on
      my knowledge, all of the Servicing Information required to be provided by the
      [related] Servicer under the Transfer and Servicing Agreement has been provided
      to the Master Servicer;

     

    (4)  I
      am
      responsible for reviewing the activities performed by the [related] Servicer
      as
      servicer under the Transfer and Servicing 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 [related] Servicer has fulfilled its obligations under
      the Transfer and Servicing Agreement; and

     

    (5)  The
      Compliance Statement, the Servicing Assessment and the Attestation Report
      required to be included in the Annual Report on Form 10-K filed by the Depositor
      have been provided to the [Depositor] [Master Servicer]. Any material instances
      of noncompliance described in such reports have been disclosed to the Depositor.
      Any material instance of noncompliance with the Servicing Criteria has been
      disclosed in such reports.

     

    
      
        
        

      

      
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    (iv)  The
      Servicer[s] shall indemnify and hold harmless the Issuer, the Depositor and
      the
      Master Servicer and their respective officers, directors, agents and affiliates
      from and against any losses, damages, penalties, fines, forfeitures, reasonable
      legal fees and related costs, judgments and other costs and expenses arising
      out
      of or based upon a breach by [the/a] Servicer or any of its officers, directors,
      agents or affiliates of its obligations under this Section 4.04(e) for the
      negligence, bad faith or willful misconduct of the [related] Servicer in
      connection therewith. If the indemnification provided for herein is unavailable
      or insufficient to hold harmless any of the foregoing parties, then the
      [related] Servicer agrees that it shall contribute to the amount paid or payable
      by the indemnified party or parties as a result of the losses, claims, damages
      or liabilities of the indemnified party or parties in such proportion as is
      appropriate to reflect the relative fault of the indemnified party or parties
      on
      the one hand and the [related] Servicer on the other in connection with a breach
      of [the/such] Servicer’s obligations under this Section 4.04(e) or [the/such]
      Servicer’s negligence, bad faith or willful misconduct in connection
      therewith.

     

    Section
      4.05.   Representations,
      Warranties and Agreements.

     

    (a)  Representations,
      Warranties and Agreements of the Servicer[s].
      [The/Each] Servicer, as a condition to the consummation of the transactions
      contemplated hereby, hereby makes the following representations and warranties
      to the Master Servicer, the Depositor, the Seller, the Indenture Trustee and
      the
      Securities Administrator, as of the Closing Date:

     

    (i)  Due
      Organization and Authority.
      [The/Each] Servicer is a corporation duly organized, validly existing and in
      good standing under the laws of the State of [Georgia]
      [        ] and has all licenses necessary to carry
      out [its/their] business as now being conducted; [the/each] Servicer has the
      full power and authority and legal right to execute, deliver and perform, and
      to
      enter into and consummate all transactions contemplated by this Agreement and
      to
      conduct its business as presently conducted, has duly authorized the execution,
      delivery and performance of this Agreement and any agreements contemplated
      hereby, has duly executed and delivered this Agreement and any agreements
      contemplated hereby, and this Agreement and any agreements contemplated hereby,
      constitutes a legal, valid and binding obligation of the Servicer[s],
      enforceable against it in accordance with its terms, and all requisite corporate
      action has been taken by the Servicer[s] to make this Agreement and all
      agreements contemplated hereby valid and binding upon the Servicer[s] in
      accordance with their terms;

     

    (ii)  Ordinary
      Course of Business.
      The
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Servicer[s];

     

    
      
        
        

      

      
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    (iii)  No
      Conflicts.
      Neither
      the execution and delivery of this Agreement nor the consummation of the
      transactions contemplated hereby, or the fulfillment of or compliance with
      the
      terms and conditions of this Agreement will conflict with any of the terms,
      conditions or provisions of the [Servicer’s/Servicers’] charter or by-laws or
      materially conflict with or result in a material breach of any of the terms,
      conditions or provisions of any legal restriction or any agreement or instrument
      to which the [related] Servicer is now a party or by which it is bound, or
      constitute a default or result in an acceleration under any of the foregoing,
      or
      result in the material violation of any law, rule, regulation, order, judgment
      or decree to which the [related] Servicer or their properties are
      subject;

     

    (iv)  Ability
      to Perform.
      [The/Each] Servicer does not believe, nor does it have any reason or cause
      to
      believe, that it cannot perform each and every covenant contained in this
      Agreement;

     

    (v)  No
      Litigation Pending.
      There
      is no litigation, suit, proceeding or investigation pending or, to the best
      of
      the [Servicer’s/Servicers’] knowledge, threatened, or any order or decree
      outstanding, with respect to the Servicer[s] which, either in any one instance
      or in the aggregate, is reasonably likely to have a material adverse effect
      on
      the sale of the Mortgage Loans, the execution, delivery, performance or
      enforceability of this Agreement, or which is reasonably likely to have a
      material adverse effect on the financial condition of the
      Servicer[s];

     

    (vi)  No
      Consent Required.
      No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Servicer[s]
      of or compliance by the Servicer[s] with this Agreement, or if required, such
      approval has been obtained prior to the Closing Date;

     

    (vii)  Servicing
      Practices.
      The
      servicing practices used by the Servicer[s] have been legal and in accordance
      with applicable laws and regulations and the mortgage loan documents, and in
      all
      material respects proper and prudent in the mortgage servicing business. Each
      Mortgage Loan has been serviced in all material respects with Accepted Servicing
      Practices. With respect to escrow deposits and payments that the Servicer[s],
      on
      behalf of the Trust, is entitled to collect, all such payments are in the
      possession of, or under the control of, the Servicer[s], and there exist no
      deficiencies in connection therewith for which customary arrangements for
      repayment thereof have not been made. All escrow payments have been collected
      in
      full compliance with state and federal law and the provisions of the related
      Mortgage Note and Mortgage. As to any Mortgage Loan that is the subject of
      an
      escrow, escrow of funds is not prohibited by applicable law and has been
      established. No escrow deposits or other charges or payments due under the
      Mortgage Note have been capitalized under any Mortgage or the related Mortgage
      Note;

     

    (viii)  Ability
      to Service.
      [The/Each] Servicer is equipped with such facilities, procedures and personnel
      necessary for the sound servicing of such mortgage loans. [The/Each] Servicer
      is
      duly qualified, licensed, registered and otherwise authorized under all
      applicable federal, state and local laws, and regulations, if applicable, and
      is
      in good standing to sell mortgage loans to and service mortgage loans for Fannie
      Mae and Freddie Mac and no event has occurred which would make [the/a] Servicer
      unable to comply with eligibility requirements or which would require
      notification to either Fannie Mae or Freddie Mac;

     

    
      
        
        

      

      
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    (ix)  Servicing
      Fee.
      [The/Each] Servicer acknowledges and agrees that the Servicing Fee represents
      reasonable compensation for performing such services and that the entire
      Servicing Fee shall be treated by the Servicer[s], for accounting and tax
      purposes, as compensation for the servicing and administration of the Mortgage
      Loans pursuant to this Agreement; and

     

    (x)  No
      Commissions to Third Parties.
      The
      Servicer[s] [has/have] not dealt with any broker or agent or anyone else who
      might be entitled to a fee or commission in connection with this transaction
      other than the Seller.

     

    (b)  Remedies
      for Breach of Representations and Warranties of the Servicer[s].
      It is
      understood and agreed that the representations and warranties set forth in
      Sections 4.05(a) shall survive the engagement of the Servicer[s] to perform
      the
      servicing responsibilities as of the Closing Date hereunder and the delivery
      of
      the Servicing Files to the Servicer[s] and shall inure to the benefit of the
      Master Servicer and the Indenture Trustee. Upon discovery by either the
      Servicer[s], the Master Servicer or the Indenture Trustee of a breach of any
      of
      the foregoing representations and warranties which materially and adversely
      affects the ability of [the/a] Servicer to perform its duties and obligations
      under this Agreement or otherwise materially and adversely affects the value
      of
      the Mortgage Loans, the Mortgaged Property or the priority of the security
      interest on such Mortgaged Property or the interests of the Master Servicer
      or
      the Indenture Trustee, the party discovering such breach shall give prompt
      written notice to the other parties.

     

    Within
      [sixty (60)] days of the earlier of either discovery by or notice to the
      [related] Servicer of any breach of a representation or warranty set forth
      in
      Section 4.05(a) which materially and adversely affects the ability of the
      [related] Servicer to perform its duties and obligations under this Agreement
      or
      otherwise materially and adversely affects the value of the Mortgage Loans,
      the
      Mortgaged Property or the priority of the security interest on such Mortgaged
      Property, the [related] Servicer shall use its best efforts promptly to cure
      such breach in all material respects and, if such breach cannot be cured, the
      [related] Servicer shall, at the Master Servicer’s option, assign its rights and
      obligations under this Agreement (or respecting the affected Mortgage Loans)
      to
      a successor servicer.

     

    In
      addition, the Servicer[s] shall indemnify all other parties to this Agreement
      and hold each of them harmless against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments,
      and other costs and expenses resulting from any claim, demand, defense or
      assertion based on or grounded upon, or resulting from, a breach of the
      [Servicer’s/Servicers’] representations and warranties contained in
      Section 4.05(a).

     

    
      
        
        

      

      
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    Any
      cause
      of action against [the/a] Servicer relating to or arising out of the breach
      of
      any representations and warranties made in Section 4.05(a) shall accrue upon
      (i)
      discovery of such breach by the [related] Servicer or notice thereof by the
      Master Servicer or the Indenture Trustee to the [related] Servicer, (ii) failure
      by the [related] Servicer to cure such breach within the applicable cure period,
      and (iii) demand upon the [related] Servicer by the Master Servicer or the
      Indenture Trustee for compliance with this Agreement.

     

    (c) Additional
      Indemnification by the Servicer[s].
      The
      Servicer[s] shall indemnify the Master Servicer, the Issuer, the Indenture
      Trustee, and the Securities Administrator and hold each of them harmless against
      any and all claims, losses, damages, penalties, fines, forfeitures, reasonable
      and necessary legal fees and related costs, judgments, and any other costs,
      fees
      and expenses (collectively, the “Liabilities”) that the indemnified party may
      sustain in any way related to the failure of the [related] Servicer to perform
      its duties and service the Mortgage Loans in accordance with the terms of this
      Agreement. The [related] Servicer shall immediately notify the Master Servicer,
      the Indenture Trustee and the Securities Administrator if a claim is made by
      a
      third party with respect to this Agreement or the Mortgage Loans that may result
      in such Liabilities, and the [related] Servicer shall assume (with the prior
      written consent of the indemnified party) the defense of any such claim and
      pay
      all expenses in connection therewith, including counsel fees, promptly pay,
      discharge and satisfy any judgment or decree which may be entered against it
      or
      any indemnified party in respect of such claim and follow any written
      instructions received from such indemnified party in connection with such claim.
      The Servicer[s] shall be reimbursed promptly from the Custodial Account for
      all
      amounts advanced by it pursuant to the preceding sentence except when the claim
      is in any way related to the [Servicer’s/Servicers’] indemnification pursuant to
      this Section 4.05(c), the failure of the [related] Servicer to service and
      administer the Mortgage Loans in accordance with the terms of this Agreement,
      the breach of a representation or warranty set forth in Section 4.05(a) or
      the
      gross negligence, bad faith or willful misconduct of the [related]
      Servicer.

     

    Section
      4.06.   The
      Servicer.

     

    (a)  Merger
      or Consolidation of [the/a] Servicer.
      [The/Each] Servicer shall keep in full effect its existence, rights and
      franchises as a corporation under the laws of the state of its incorporation
      except as permitted herein, and shall obtain and preserve its qualification
      to
      do business as a foreign corporation in each jurisdiction in which such
      qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, or any of the Mortgage Loans and to perform
      its duties under this Agreement.

     

    Any
      Person into which the [related] Servicer may be merged or consolidated, or
      any
      corporation resulting from any merger, conversion or consolidation to which
      the
      [related] Servicer shall be a party, or any Person succeeding to the business
      of
      the [related] Servicer whether or not related to loan servicing, shall be the
      successor of the Servicer hereunder, without the execution or filing of any
      paper or any further act on the part of any of the parties hereto, anything
      herein to the contrary notwithstanding; provided, however, that the successor
      or
      surviving Person, or the parent company of such successor or surviving Person,
      shall be an institution (i) having a generally accepted accounting principals
      (“GAAP”) net worth not less than $25,000,000, (ii) which is a HUD-approved
      mortgagee whose primary business is in origination and servicing of residential
      mortgage loans, and (iii) who is a Fannie Mae or Freddie Mac approved
      seller/servicer in good standing; provided, however, that if such successor
      or
      surviving Person does not have a GAAP net worth of at least $25,000,000, the
      parent company of such successor or surviving Person shall act as guarantor
      with
      respect to such successor's obligations under this Agreement.

     

    
      
        
        

      

      
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    (b)  Limitation
      on Liability of the Servicer[s] and Others.
      Neither
      the Servicer[s] nor any of the directors, officers, employees or agents of
      the
      Servicer[s] shall be under any liability to the Master Servicer, the Depositor,
      the Issuer, the Indenture Trustee or the Securities Administrator for any action
      taken or for refraining from the taking of any action in good faith pursuant
      to
      this Agreement, or for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Servicer[s] or any such person against
      any
      breach of warranties or representations made herein, or failure to perform
      its
      obligations in strict compliance with any standard of care set forth in this
      Agreement, or any liability which would otherwise be imposed by reason of any
      breach of the terms and conditions of this Agreement (except to the extent
      otherwise covered by Section 4.05(c)). The Servicer[s] and any director,
      officer, employee or agent of the Servicer[s] may rely in good faith on any
      document of any kind prima facie properly executed and submitted by any Person
      respecting any matters arising hereunder. The Servicer[s] shall not be under
      any
      obligation to appear in, prosecute or defend any legal action which is not
      incidental to its duties to service the Mortgage Loans in accordance with this
      Agreement and which in its opinion may involve it in any expense or liability;
      provided,
      however,
      that
      the [related] Servicer may undertake any such action which it may deem necessary
      or desirable in respect of this Agreement and the rights and duties of the
      parties hereto. In such event, the [related] Servicer shall be entitled to
      reimbursement from the Custodial Account for the reasonable legal expenses
      and
      costs of such action. 

     

    The
      Servicer[s] and any director, officer, employee or agent of the Servicer[s]
      shall be indemnified and held harmless by the Trust against any and all
      Liabilities incurred in connection with any legal action relating to this
      Agreement or the Notes, except to the extent such Liabilities resulted from
      or
      arose out of the negligence, bad faith or willful misfeasance in the performance
      of the [Servicer’s/Servicers’] (or any director, officer, employee or agent of
      [the/a] Servicer) duties hereunder or by reason of its reckless disregard of
      its
      obligations and duties hereunder.

     

    (c)  Limitation
      on Resignation and Assignment by the Servicer[s].
      The
      Servicer[s] shall not assign this Agreement or resign from the obligations
      and
      duties hereby imposed on it except by mutual consent of the Servicer[s] and
      the
      Master Servicer or upon the determination that its duties hereunder are no
      longer permissible under applicable law and such incapacity cannot be cured
      by
      the [related] Servicer. Any such determination permitting the resignation of
      the
      [related] Servicer shall be evidenced by an Opinion of Counsel to such effect
      delivered to the Seller, the Master Servicer and the Indenture Trustee, which
      Opinion of Counsel shall be in form and substance acceptable to each of them.
      No
      such resignation shall become effective until a successor shall have assumed
      the
      Servicer's responsibilities and obligations hereunder in the manner provided
      in
      Section 4.08.

     

    
      
        
        

      

      
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    With
      respect to the retention of the [related] Servicer to service the Mortgage
      Loans
      hereunder, the [related] Servicer acknowledges that the Seller, Master Servicer
      and Indenture Trustee have acted in reliance upon the [related] Servicer's
      independent status, the adequacy of its servicing facilities, plan, personnel,
      records and procedures, its integrity, reputation and financial standing and
      the
      continuance thereof. Without in any way limiting the generality of this Section,
      the Servicer[s] shall not either assign this Agreement or the servicing
      hereunder or delegate [its/their] rights or duties hereunder or any portion
      thereof, or sell or otherwise dispose of all or substantially all of its
      property or assets, other than in the normal course of business, without the
      prior written approval of the Seller, the Master Servicer and the Indenture
      Trustee, which consent shall not be unreasonably withheld; provided
      that the
      [related] Servicer may assign the Agreement and the servicing hereunder without
      the consent of the Seller, the Master Servicer and the Indenture Trustee to
      an
      affiliate of the Servicer to which all servicing of the [related] Servicer
      is
      assigned so long as (i) such affiliate is a Fannie Mae and Freddie Mac approved
      servicer and (ii) if it is intended that such affiliate be spun off to the
      shareholders of the [related] Servicer, such affiliate has a GAAP net worth
      of
      at least $25,000,000 and (iii) such affiliate shall deliver to the Seller,
      the
      Master Servicer and the Indenture Trustee a certification pursuant to which
      such
      affiliate shall agree to be bound by the terms and conditions of this Agreement
      and shall certify that such affiliate is a Fannie Mae and Freddie Mac approved
      servicer in good standing.

     

    Without
      in any way limiting the generality of this Section 4.06(c), in the event that
      [the/a] Servicer shall assign this Agreement or the servicing responsibilities
      hereunder or delegate its duties hereunder or any portion thereof without (i)
      satisfying the requirements set forth herein or (ii) the prior written consent
      of the then such parties shall have the right to terminate this Agreement,
      without any payment of any penalty or damages and without any liability
      whatsoever to the [related] Servicer (other than with respect to accrued but
      unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
      party. Nothing in this Section shall restrict the right of the [related]
      Servicer to cause the Mortgage Loans to be subserviced as provided in this
      Agreement.

     

    (d)  Successor
      Servicers.
      The
      provisions of Sections 4.06(a), (b) and (c) shall apply to any successor to
      [the/a] Servicer hereunder.

     

    
      
        
        

      

      
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    Section
      4.07.   Termination
      for Cause. 

     

    Any
      of
      the following occurrences shall constitute an event of default (each, a
“Servicer Event of Default”) on the part of the Servicer[s]:

     

    (i)  [any
      failure by the Servicer[s] to remit to the Master Servicer any payment required
      to be made under the terms of this Agreement which continues unremedied for
      a
      period of one (1) Business Day; or

     

    (ii)  failure
      by the Servicer[s] duly to observe or perform in any material respect any other
      of the covenants or agreements on the part of the Servicer set forth in this
      Agreement (other than Sections 4.04(d) and 4.04(e)) which continues unremedied
      for a period of thirty (30) days after the date on which written notice of
      such
      failure, requiring the same to be remedied, shall have been given to the
      Servicer[s] by the Master Servicer and the remedial period provided for herein
      has expired; or

     

    (iii)  the
      [related] Servicer ceases to be qualified to transact business in any
      jurisdiction where it is currently so qualified, but only to the extent such
      non-qualification materially and adversely affects the Servicer's ability to
      perform its obligations hereunder; or

     

    (iv)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      for
      the appointment of a conservator or receiver or liquidator in any insolvency,
      readjustment of debt, including bankruptcy, marshalling of assets and
      liabilities or similar proceedings, or for the winding-up or liquidation of
      its
      affairs, shall have been entered against the Servicer[s] and such decree or
      order shall have remained in force undischarged or unstayed for a period of
      [sixty (60)] days; or

     

    (v)  the
      Servicer[s] 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 the [related] Servicer
      or
      of or relating to all or substantially all of its property; or

     

    (vi)  the
      Servicer[s] shall admit in writing its inability to pay its debts 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,
      voluntarily suspend payment of its obligations; or

     

    (vii)  the
      [related] Servicer ceases to be approved by either Fannie Mae or Freddie Mac
      as
      a mortgage loan seller or servicer for more than [thirty (30)] days;
      or

     

    (viii)  the
      [related] Servicer attempts to assign its right to servicing compensation
      hereunder or the Servicer attempts, without the consent of the Master Servicer,
      to sell or otherwise dispose of all or substantially all of its property or
      assets or to assign this Agreement or the servicing responsibilities hereunder
      or to delegate its duties hereunder or any portion thereof; or

     

    (ix)  the
      [related] Servicer fails to meet the eligibility criteria set forth in the
      last
      sentence of Section 4.06(a); or

     

    
      
        
        

      

      
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    (x)  failure
      by the Servicer[s] to duly perform, within the required time period, its
      obligations under Sections 4.04(d) or 4.04(e) which failure continues unremedied
      for a period of [fifteen (15)] days after the date on which written notice
      of
      such failure, requiring the same to be remedied, shall have been given to the
      Servicer[s] by the Master Servicer.]

     

    Then,
      and
      in each and every such case, so long as an Event of Default shall not have
      been
      remedied, the Master Servicer, by notice in writing to the [related] Servicer,
      in addition to whatever rights the Master Servicer may have under Sections
      3.03
      and 4.05(c) and at law or equity or to damages, including injunctive relief
      and
      specific performance, may, and shall, if so directed by the Majority
      Noteholders, terminate all the rights and obligations of the [related] Servicer
      under this Agreement and in and to the Mortgage Loans and the proceeds thereof
      without compensating the [related] Servicer for the same. On or after the
      receipt by the [related] Servicer of such written notice, all authority and
      power of the [related] Servicer under this Agreement, whether with respect
      to
      the Mortgage Loans or otherwise, shall pass to and be vested in the successor
      appointed pursuant to Section 4.08. Upon written request from the Master
      Servicer, the [related] Servicer shall prepare, execute and deliver, any and
      all
      documents and other instruments, place in such successor's possession all
      Mortgage Files, and do or accomplish all other acts or things necessary or
      appropriate to effect the purposes of such notice of termination, whether to
      complete the transfer and endorsement or assignment of the Mortgage Loans and
      related documents, or otherwise, at the [related] Servicer's sole expense.
      The
      [related] Servicer agrees to cooperate with the Master Servicer and such
      successor in effecting the termination of the [related] 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 [related] Servicer to the Custodial Account
      or Escrow Account or thereafter received with respect to the Mortgage Loans
      or
      any REO Property.

     

    By
      a
      written notice, the Master Servicer may waive any default by the Servicer in
      the
      performance of its obligations hereunder and its consequences. Upon any waiver
      of a past default, such default shall cease to exist, and any Event of Default
      arising therefrom shall be deemed to have been remedied for every purpose of
      this Agreement. No such waiver shall extend to any subsequent or other default
      or impair any right consequent thereon except to the extent expressly so
      waived.

     

    Section
      4.08.   Successor
      to Servicer[s].
      Prior
      to termination of the [related] Servicer's responsibilities and duties under
      this Agreement pursuant to Sections 4.06(c), 4.07 and 5.10, the Master Servicer
      shall (i) succeed to and assume all of the [related] Servicer's
      responsibilities, rights, duties and obligations under this Agreement, or (ii)
      appoint a successor having the characteristics set forth in Section 4.06(a)
      hereof acceptable to the Rating Agencies, as evidenced by a letter from each
      Rating Agency to the effect that such an appointment will not result in a
      qualification, withdrawal or downgrade of the then current rating of any of
      the
      Notes, and which shall succeed to all rights and assume all of the
      responsibilities, duties and liabilities of the [related] Servicer under this
      Agreement prior to the termination of the [related] Servicer's responsibilities,
      duties and liabilities under this Agreement. In connection with such appointment
      and assumption, the Master Servicer may make such arrangements for the
      compensation of such successor out of payments on Mortgage Loans as the Master
      Servicer and such successor shall agree. In the event that the [related]
      Servicer's duties, responsibilities and liabilities under this Agreement should
      be terminated pursuant to the aforementioned Sections, the [related] Servicer
      shall discharge such duties and responsibilities during the period from the
      date
      it acquires knowledge of such termination until the effective date thereof
      with
      the same degree of diligence and prudence which it is obligated to exercise
      under this Agreement, and shall take no action whatsoever that might impair
      or
      prejudice the rights or financial condition of its successor. The resignation
      or
      removal of the [related] Servicer pursuant to the aforementioned Sections shall
      not become effective until a successor shall be appointed pursuant to this
      Section and shall in no event relieve the [related] Servicer of the
      representations and warranties made pursuant to Section 4.05(a) and the remedies
      available to the Master Servicer and the Indenture Trustee under Sections
      4.05(b) and 4.05(c), it being understood and agreed that the provisions of
      such
      Sections 4.05(a), 4.05(b) and 4.05(c) shall be applicable to the [related]
      Servicer notwithstanding any such resignation or termination of the [related]
      Servicer, or the termination of this Agreement.

     

    
      
        
        

      

      
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    Any
      successor appointed as provided herein shall execute, acknowledge and deliver
      to
      the [related] Servicer and to the Master Servicer an instrument accepting such
      appointment, whereupon such successor shall become fully vested with all the
      rights, powers, duties, responsibilities, obligations and liabilities of the
      [related] Servicer, with like effect as if originally named as a party to this
      Agreement. Any termination or resignation of the [related] Servicer or this
      Agreement pursuant to Section 4.06(c), 4.07 or 5.10 shall not affect any claims
      that the Master Servicer may have against the Servicer arising prior to any
      such
      termination or resignation.

     

    The
      [related] Servicer shall promptly deliver to the successor the funds in the
      Custodial Account and the Escrow Account and the Mortgage Files and related
      documents and statements held by it hereunder and the [related] Servicer shall
      account for all funds. The [related] Servicer shall execute and deliver such
      instruments and do such other things all as may reasonably be required to more
      fully and definitely vest and confirm in the successor all such rights, powers,
      duties, responsibilities, obligations and liabilities of the [related] Servicer.
      Within [ten (10)] Business Days of the execution and delivery of such
      instruments, the successor shall reimburse the [related] Servicer for
      unrecovered Servicing Advances which the successor retains hereunder and which
      would otherwise have been recovered by the [related] Servicer pursuant to this
      Agreement but for the appointment of the successor servicer.

     

    Upon
      a
      successor's acceptance of appointment as such, the [related] Servicer shall
      notify by mail the Indenture Trustee, the Master Servicer, the Securities
      Administrator, the Seller and the Depositor of such appointment.

     

    
      
        
        

      

      
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    Section
      4.09.   [Subservicers
      and Subservicing Agreements; Subcontractors.

     

    (a)  The
      Mortgage Loans may be subserviced by a Subservicer on behalf of the [related]
      Servicer provided
      that the
      Subservicer is an entity that engages in the business of servicing loans, and
      in
      either case shall be authorized to transact business, and licensed to service
      mortgage loans, in the state or states where the related Mortgaged Properties
      it
      is to service are situated, if and to the extent required by applicable law
      to
      enable the Subservicer to perform its obligations hereunder and under the
      related subservicing Agreement, and in either case shall be a Freddie Mac or
      Fannie Mae approved mortgage servicer in good standing, and no event has
      occurred, including but not limited to a change in insurance coverage, which
      would make it unable to comply with the eligibility requirements for lenders
      imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or Freddie
      Mac, or which would require notification to Fannie Mae or Freddie Mac. In
      addition, each Subservicer will obtain and preserve its qualifications to do
      business as a foreign corporation and its licenses to service mortgage loans,
      in
      each jurisdiction in which such qualifications and/or licenses are or shall
      be
      necessary to protect the validity and enforceability of this Agreement, or
      any
      of the Mortgage Loans and to perform or cause to be performed its duties under
      the related Subservicing Agreement. The [related] Servicer may perform any
      of
      its servicing responsibilities hereunder or may cause the Subservicer to perform
      any such servicing responsibilities on its behalf, but the use by the [related]
      Servicer of the Subservicer shall not release the [related] Servicer from any
      of
      its obligations hereunder and the [related] Servicer shall remain responsible
      hereunder for all acts and omissions of the Subservicer as fully as if such
      acts
      and omissions were those of the [related] Servicer. The [related] Servicer
      shall
      pay all fees and expenses of the Subservicer from its own funds, and the
      Subservicer's fee shall not exceed the Servicing Fee. The [related] Servicer
      shall notify the Master Servicer promptly in writing upon the appointment of
      any
      Subservicer. 

     

    (b)  At
      the
      cost and expense of the [related] Servicer, without any right of reimbursement
      from the Custodial Account, the [related] Servicer shall be entitled to
      terminate the rights and responsibilities of the subservicer and arrange for
      any
      servicing responsibilities to be performed by a successor Subservicer meeting
      the requirements in the preceding paragraph, provided, however, that nothing
      contained herein shall be deemed to prevent or prohibit the [related] Servicer,
      at the Servicer’s option, from electing to service the Mortgage Loans itself. In
      the event that the [related] Servicer’s responsibilities and duties under this
      Agreement are terminated and if requested to do so by the Master Servicer,
      the
      [related] Servicer shall at its own cost and expense terminate the rights and
      responsibilities of the Subservicer effective as of the date of termination
      of
      the [related] Servicer. The [related] Servicer shall pay all fees, expenses
      or
      penalties necessary in order to terminate the rights and responsibilities of
      the
      subservicer from the [related] Servicer’s own funds without reimbursement from
      the Trust Estate.

     

    (c)  Any
      Subservicing Agreement and any other transactions or services relating to the
      Mortgage Loans involving a Subservicer shall be deemed to be between the
      Subservicer and the [related] Servicer alone and the Master Servicer and the
      Indenture Trustee shall not be deemed parties thereto and shall have no claims,
      rights, obligations, duties or liabilities with respect to any Subservicer,
      except that the Indenture Trustee shall have such claims or rights that arise
      as
      a result of any funds held by a Subservicer in trust for or on behalf of the
      Issuer. Notwithstanding the execution of any subservicing agreement, the
      [related] Servicer shall not be relieved of any liability hereunder and shall
      remain obligated and liable for the servicing and administration of the Mortgage
      Loans.

     

    
      
        
        

      

      
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    (d)  Any
      Subservicing Agreement and any other transactions or services relating to the
      Mortgage Loans involving the subservicer shall be deemed to be between the
      Subservicer and [related] Servicer alone, and none of the Master Servicer,
      the
      Indenture Trustee, the Depositor or the Issuer shall have no obligations, duties
      or liabilities with respect to the subservicer including no obligation, duty
      or
      liability of such parties to pay the Subservicer's fees and expenses. For
      purposes of distributions and advances by the Servicer pursuant to this
      Agreement, the [related] Servicer shall be deemed to have received a payment
      on
      a Mortgage Loan when the Subservicer has received such payment.

     

    (e)  As
      a
      condition to the utilization of any Subservicer determined to be “participating
      in the servicing function” within the meaning of Item 1122, the [related]
      Servicer shall obtain from any such Subservicer used by the Servicer for the
      benefit of the Depositor such Subservicer’s written agreement (in form and
      substance satisfactory to the Depositor) to comply with the provisions of
      Sections 4.04(c) and (d) of this Agreement to the same extent as if such
      Subservicer were the [related] Servicer.

     

    (f)  As
      a
      condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122, the
      [related] Servicer shall obtain from any such Subcontractor used by the Servicer
      (or by any Subservicer) for the benefit of the Depositor such Subcontractor’s
      written agreement (in form and substance satisfactory to the Depositor) to
      comply with the provisions of Sections 4.04(c) and (d) of this Agreement to
      the
      same extent as if such Subcontractor were the [related] Servicer.]

     

    Section
      4.10.   Superior
      Liens.

     

    (a)  The
      Servicer[s] shall file (or cause to be filed) a request for notice of any action
      by a superior lienholder under a Superior Lien for the protection of the
      Indenture Trustee’s interest, where permitted by local law and whenever
      applicable state law does not require that a junior lienholder be named as
      a
      party defendant in foreclosure proceedings in order to foreclosure such junior
      lienholder’s equity of redemption.

     

    (b)  
      If
      [the/a] Servicer is notified that any superior lienholder has accelerated or
      intends to accelerate the obligations secured by the Superior Lien, or has
      declared or intends to declare a default under the mortgage or the promissory
      note secured thereby, or has filed or intends to file an election to have the
      Mortgaged Property sold or foreclosed, the [related] Servicer shall take, on
      behalf of the Trust, whatever actions are necessary to protect the interests
      of
      the Trust in accordance with Accepted Servicing Practices. The [related]
      Servicer shall not make such a Servicing Advance except to the extent that
      it
      determines in its reasonable good faith judgment that such advance would be
      recoverable from Liquidation Proceeds on the related Mortgage Loan. The Servicer
      shall thereafter take such action as is necessary to recover the amount so
      advanced.

     

    
      
        
        

      

      
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    (c)  The
      Servicer[s] may, in accordance with Accepted Servicing Practices, consent to
      the
      refinancing of any Superior Lien on a Mortgaged Property.

     

    ARTICLE
      V

     

    ADMINISTRATION
      AND MASTER SERVICING OF MORTGAGE LOANS

    BY
      THE
      MASTER SERVICER AND THE SECURITIES ADMINISTRATOR

     

    Section
      5.01.   Duties
      of the Master Servicer; Representations and Warranties. 

     

    (a)  For
      and
      on behalf of the Issuer, the Indenture Trustee and the Noteholders, the Master
      Servicer shall master service the Mortgage Loans from and after the Closing
      Date
      in accordance with the provisions of this Article V. The Master Servicer hereby
      represents and warrants to the Depositor, the Issuer, the Indenture Trustee,
      the
      Securities Administrator and the Servicer[s], as of the Closing Date,
      that:

     

    (i)  it
      is
      validly existing and in good standing as a federally chartered national banking
      association and as Master Servicer has full power and authority to transact
      any
      and all business contemplated by this Agreement and to execute, deliver and
      comply with its obligations under the terms of this Agreement, the execution,
      delivery and performance of which have been duly authorized by all necessary
      corporate action on the part of the Master Servicer. The Master Servicer is
      duly
      qualified to do business as a foreign corporation and is in good standing in
      each jurisdiction in which the character of the business transacted by it or
      properties owned or leased by it requires such qualification and in which the
      failure to so qualify would have a material adverse effect on the business,
      properties, assets, or condition (financial or other) of the Master Servicer
      or
      the validity or enforceability of this Agreement;

     

    (ii)  the
      execution and delivery of this Agreement by the Master Servicer and its
      performance and compliance with the terms of this Agreement will not (A) violate
      the Master Servicer’s charter or bylaws, (B) violate any law or regulation or
      any administrative decree or order to which it is subject or (C) 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 contract,
      agreement or other instrument to which the Master Servicer is a party or by
      which it is bound or to which any of its assets are subject, which violation,
      default or breach would materially and adversely affect the Master Servicer’s
      ability to perform its obligations under this Agreement;

     

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

     

    
      
        
        

      

      
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    (iv)  the
      Master Servicer is not in default with respect to any order or decree of any
      court or any order or regulation of any federal, state, municipal or
      governmental agency to the extent that any such default would materially and
      adversely affect its performance hereunder;

     

    (v)  the
      Master Servicer is not a party to or bound by any agreement or instrument or
      subject to any charter provision, bylaw or any other corporate restriction
      or
      any judgment, order, writ, injunction, decree, law or regulation that may
      materially and adversely affect its ability as Master Servicer to perform its
      obligations under this Agreement or that requires the consent of any third
      person to the execution of this Agreement or the performance by the Master
      Servicer of its obligations under this Agreement; 

     

    (vi)  no
      litigation is pending or, to the best of the Master Servicer’s knowledge,
      threatened against the Master Servicer which would prohibit its entering into
      this Agreement or performing its obligations under this Agreement;

     

    (vii)  the
      Master Servicer, or an affiliate thereof the primary business of which is the
      servicing of residential mortgage loans, is a Fannie Mae- or Freddie
      Mac-approved seller/servicer of residential mortgage loans for Fannie Mae,
      Freddie Mac and HUD;

     

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

     

    (ix)  the
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Master Servicer;

     

    (x)  the
      Master Servicer has obtained a Master Servicer Errors and Omissions Insurance
      Policy and a Master Servicer Fidelity Bond in accordance with Section 5.02
      each
      of which is in full force and effect, and each of which provides at least such
      coverage as is required hereunder; and

     

    (xi)  the
      information about the Master Servicer under the heading “The Master Servicer” in
      the Offering Documents relating to the Master Servicer does not include an
      untrue statement of a material fact and does not omit to state a material fact,
      with respect to the statements made, necessary in order to make the statements
      in light of the circumstances under which they were made not
      misleading.

     

    
      
        
        

      

      
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    (b)  It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 5.01 shall survive the execution and delivery of this Agreement. The
      Master Servicer shall indemnify the Seller, the Depositor, the Issuer, the
      Indenture Trustee, the Owner Trustee, the Securities Administrator and the
      Servicer[s] and hold them harmless against any loss, damages, penalties, fines,
      forfeitures, legal fees and related costs, judgments, and other costs and
      expenses resulting from any claim, demand, defense or assertion based on or
      grounded upon, or resulting from, a breach of the Master Servicer’s
      representations and warranties contained in this Section 5.01. It is understood
      and agreed that the enforcement of the obligation of the Master Servicer set
      forth in this Section to indemnify the foregoing parties as provided in this
      Section constitutes the sole remedy (other than as set forth in Section 8.01)
      of
      such parties respecting a breach of the foregoing representations and
      warranties. Such indemnification shall survive any termination of the Master
      Servicer as Master Servicer hereunder, and any termination of this
      Agreement.

     

    Any
      cause
      of action against the Master Servicer relating to or arising out of the breach
      of any representations and warranties made in this Section shall accrue upon
      discovery of such breach by the Seller, the Depositor, the Issuer, the Indenture
      Trustee, the Securities Administrator or the Servicer[s] or notice thereof
      by
      any one of such parties to the other parties. Notwithstanding anything in this
      Agreement to the contrary, the Master Servicer shall not be liable for special,
      indirect or consequential losses or damages of any kind whatsoever (including,
      but not limited to, lost profits).

     

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

     

    (a)  The
      Master Servicer, at its expense, shall maintain in effect a Master Servicer
      Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy,
      affording coverage with respect to all directors, officers, employees and other
      Persons acting on such Master Servicer’s behalf, and covering errors and
      omissions in the performance of the Master Servicer’s obligations hereunder. The
      Master Servicer Errors and Omissions Insurance Policy and the Master Servicer
      Fidelity Bond shall be in such form and amount that would be consistent with
      coverage customarily maintained by master servicers of mortgage loans similar
      to
      the Mortgage Loans and shall by its terms not be cancelable without thirty
      days’
prior written notice to the Indenture Trustee. The Master Servicer shall provide
      the Depositor and the Indenture Trustee, upon request, with a copy of such
      policy and fidelity bond. The Master Servicer shall (i) require the
      Servicer[s] to maintain a Servicer Errors and Omissions Insurance Policy and
      a
      Servicer Fidelity Bond in accordance with the provisions of Section 4.02(l)
      of
      this Agreement, (ii) cause the Servicer[s] to provide to the Master Servicer
      certificates evidencing that such policy and bond is in effect and to furnish
      to
      the Master Servicer any notice of cancellation, non-renewal or modification
      of
      the policy or bond received by it, as and to the extent provided in Section
      4.02(l) of the Agreement, and (iii) furnish copies of such policies and of
      the
      certificates and notices referred to in clause (ii) to the Indenture Trustee
      upon request.

     

    (b)  The
      Master Servicer shall promptly report to the Indenture Trustee and the
      Securities Administrator any material changes that may occur in the Master
      Servicer Fidelity Bond or the Master Servicer Errors and Omissions Insurance
      Policy and shall furnish either such party, on request, certificates evidencing
      that such bond and insurance policy are in full force and effect. The Master
      Servicer shall promptly report to the Indenture Trustee and the Securities
      Administrator all cases of embezzlement or fraud, if such events involve funds
      relating to the Mortgage Loans. The total losses, regardless of whether claims
      are filed with the applicable insurer or surety, shall be disclosed in such
      reports together with the amount of such losses covered by insurance. If a
      bond
      or insurance claim report is filed with any of such bonding companies or
      insurers, the Master Servicer shall promptly furnish a copy of such report
      to
      the Indenture Trustee and the Securities Administrator. Any amounts relating
      to
      the Mortgage Loans collected by the Master Servicer under any such bond or
      policy shall be promptly remitted by the Master Servicer to the Securities
      Administrator for deposit into the Collection Account. Any amounts relating
      to
      the Mortgage Loans collected by the Servicer[s] under any such bond or policy
      shall be remitted to the Master Servicer.

     

    
      
        
        

      

      
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    Section
      5.03.   Master
      Servicer’s Financial Statements and Related Information.
      For
      each year this Agreement is in effect, the Master Servicer shall deliver to
      the
      Securities Administrator, the Indenture Trustee, each Rating Agency and the
      Depositor a copy of its annual unaudited financial statements on or prior to
      [    ] of each year, beginning [    ]. Such
      financial statements shall include a balance sheet, income statement, statement
      of retained earnings, statement of additional paid-in capital, statement of
      changes in financial position and all related notes and schedules and shall
      be
      in comparative form, certified by a nationally recognized firm of Independent
      Accountants to the effect that such statements were examined and prepared in
      accordance with generally accepted accounting principles applied on a basis
      consistent with that of the preceding year.

     

    Section
      5.04.   Power
      to Act; Procedures.

     

    (a)  The
      Master Servicer shall master service the Mortgage Loans, provided
      that the
      Master Servicer shall not take, or knowingly permit the Servicer[s] to take,
      any
      action that is inconsistent with or prejudices the interests of the Issuer,
      the
      Indenture Trustee or the Noteholders in any Mortgage Loan or the rights and
      interests of the Depositor, the Issuer, the Indenture Trustee and the
      Noteholders under this Agreement and the Indenture. The Master Servicer shall
      represent and protect the interests of the Issuer, the Indenture Trustee and
      the
      Noteholders in the same manner as it protects its own interests in mortgage
      loans in its own portfolio in any claim, proceeding or litigation regarding
      a
      Mortgage Loan. Without limiting the generality of the foregoing, the Master
      Servicer in its own name, and the Servicer[s], to the extent such authority
      is
      delegated to such Servicer[s] under this Agreement, is hereby authorized and
      empowered by the Indenture Trustee when the Master Servicer or such Servicer,
      as
      the case may be, believes it appropriate in its best judgment and in accordance
      with Accepted Servicing Practices, to execute and deliver, on behalf of itself
      and the Noteholders, the Securities Administrator, the Indenture Trustee 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 Mortgaged Properties. The
      Indenture Trustee shall furnish the Master Servicer, upon request, with any
      powers of attorney (on the standard form used by the Indenture Trustee)
      empowering the Master Servicer or the Servicer[s] 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
      Indenture Trustee shall execute and deliver such other documents as the Master
      Servicer may request, necessary or appropriate to enable the Master Servicer
      to
      master service the Mortgage Loans and carry out its duties hereunder, and to
      allow the Servicer[s] to service the Mortgage Loans in each case in accordance
      with Accepted Servicing Practices (and the Indenture Trustee or the Securities
      Administrator shall have no liability for misuse of any such powers of attorney
      by the Master Servicer or the Servicer[s]). If the Master Servicer or the
      Indenture 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
      Indenture Trustee or that the Indenture Trustee would be adversely affected
      under the “doing business” or tax laws of such state if such action is taken in
      its name, then upon request of the Indenture Trustee, the Master Servicer shall
      join with the Indenture Trustee in the appointment of a co-trustee pursuant
      to
      Section [6.10] of the Indenture. In no event shall the Master Servicer, without
      the Indenture Trustee’s written consent: (i) initiate any action, suit or
      proceeding solely under the Indenture Trustee’s name without indicating the
      Master Servicer’s representative capacity or (ii) take any action with the
      intent to cause, and which actually does cause, the Indenture Trustee to be
      registered to do business in any state. The Master Servicer shall indemnify
      the
      Indenture Trustee for any and all costs, liabilities and expenses incurred
      by
      the Indenture Trustee in connection with the negligent or willful misuse of
      such
      powers of attorney by the Master Servicer. In the performance of its duties
      hereunder, the Master Servicer shall be an independent contractor and shall
      not,
      except in those instances where it is taking action in the name of the Indenture
      Trustee, be deemed to be the agent of the Indenture Trustee.

     

    
      
        
        

      

      
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    (b)  In
      master
      servicing and administering the Mortgage Loans, the Master Servicer shall employ
      procedures and exercise the same care that it customarily employs and exercises
      in master servicing and administering loans for its own account, giving due
      consideration to Accepted Servicing Practices where such practices do not
      conflict with this Agreement. 

     

    Section
      5.05.   Enforcement
      of [Servicer’s/Servicers’] and Master Servicer’s Obligations. 

     

    (a)  The
      Master Servicer shall not be required to (i) take any action with respect to
      the
      servicing of any Mortgage Loan that the Servicer is not required to take under
      this Agreement and (ii) cause the Servicer[s] to take any action or refrain
      from
      taking any action if this Agreement does not require the Servicer[s] to take
      such action or refrain from taking such action.

     

    (b)  The
      Master Servicer, for the benefit of the Issuer, the Indenture Trustee and the
      Noteholders, shall enforce the obligations of the Servicer[s] hereunder, and
      shall, in the event that [the/a] Servicer fails to perform its obligations
      in
      accordance herewith, terminate the rights and obligations of the [related]
      Servicer hereunder and either act as servicer of the related Mortgage Loans
      or
      cause other parties hereto to either assume the obligations of the [related]
      Servicer under this Agreement (or agree to execute and deliver a successor
      servicing or subservicing agreement with a successor servicer). Such
      enforcement, including, without limitation, the legal prosecution of claims,
      termination of servicing or subservicing rights and the pursuit of other
      appropriate remedies, shall be in such form and carried out to such an extent
      and at such time as the Master Servicer, in its good faith business judgment,
      would require were it the owner of the related Mortgage Loans. The Master
      Servicer shall pay the costs of such enforcement at its own expense, and shall
      be reimbursed therefor initially (i) from a general recovery resulting from
      such
      enforcement only to the extent, if any, that such recovery exceeds all amounts
      due in respect of the related Mortgage Loans, (ii) from a specific recovery
      of
      costs, expenses or attorneys’ fees against the party against whom such
      enforcement is directed, and then, (iii) to the extent that such amounts are
      insufficient to reimburse the Master Servicer for the costs of such enforcement,
      from the Collection Account.

     

    
      
        
        

      

      
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    Section
      5.06.   Collection
      Account.

     

    (a)  On
      the
      Closing Date, the Master Servicer shall open and shall thereafter maintain
      a
      segregated account held in trust in the name of the Indenture Trustee (the
      “Collection Account”), entitled “Collection Account, [    ], as
      Indenture Trustee, in trust for Holders of the TBW
      Mortgage Trust [    ], Mortgage Backed Notes.” The Collection
      Account shall relate solely to the Notes issued by the Issuer, and funds
      deposited in the Collection Account shall not be commingled with any other
      monies.

     

    (b)  The
      Collection Account shall be an Eligible Account. If an existing Collection
      Account ceases to be an Eligible Account, the Securities Administrator shall
      establish a new Collection Account that is an Eligible Account within [ten
      (10)]
      days and transfer all funds and investment property on deposit in such existing
      Collection Account into such new Collection Account.

     

    (c)  The
      Master Servicer shall give to the Securities Administrator and the Indenture
      Trustee prior written notice of the name and address of the depository
      institution at which the Collection Account is maintained and the account number
      of such Collection Account. The Master Servicer shall take such actions as
      are
      necessary to cause the depository institution holding the Collection Account
      to
      hold such account in the name of the Indenture Trustee. On each Payment Date,
      the entire amount on deposit in the Collection Account relating to the Mortgage
      Loans (subject to permitted withdrawals set forth in Section 5.07), other than
      amounts not included in Interest Funds or Principal Funds to be paid to
      Noteholders for such Payment Date, shall be applied to make the requested
      payment of principal and/or interest on each Class of Notes.

     

    (d)  [The
      Master Servicer shall deposit or cause to be deposited in the Collection Account
      on the earlier of the applicable Payment Date and one Business Day following
      receipt thereof, the following amounts received or payments made by the Master
      Servicer (other than in respect of principal of and interest on the Mortgage
      Loans due on or before the
      Cut-off Date):

     

    (i)  all
      remittances from the Custodial Account to the Master Servicer pursuant to
      Section 4.03;

     

    
      
        
        

      

      
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    (ii)  all
      Monthly Advances made by the Servicer[s] or the Master Servicer pursuant to
      Section 6.04 hereof and any payment in respect of Prepayment Interest Shortfalls
      paid by the Master Servicer pursuant to Section 5.16 hereof; and

     

    (iii)  the
      Purchase Price of any Mortgage Loan repurchased by the Depositor or the Seller
      during the related Prepayment Period or any other Person and any Substitution
      Amount related to any Qualifying Substitute Mortgage Loan.

     

    (e)  Funds
      in
      the Collection Account may be invested by the Master Servicer in Eligible
      Investments selected by and at the written direction of the Master Servicer,
      which shall mature not later than one Business Day prior to the next Payment
      Date (or on the Payment Date with respect to any Eligible Investment of the
      Master Servicer or any other fund managed or advised by it or any Affiliate)
      and
      any such Eligible Investment shall not be sold or disposed of prior to its
      maturity. All such Eligible Investments shall be made in the name of the Master
      Servicer in trust for the benefit of the Indenture Trustee and the Noteholders.
      All income and gain net of the Indenture Trustee Fee, the Owner Trustee Fee,
      the
      Custodian Fee and any losses realized from any such investment of funds on
      deposit in the Collection Account shall be for the benefit of the Master
      Servicer and shall be subject to its withdrawal or order from time to time,
      subject to Section 5.07 and shall not be part of the Trust Estate. The amount
      of
      any losses incurred in respect of any such investments shall be deposited in
      such Collection Account by the Master Servicer out of its own funds, without
      any
      right of reimbursement therefor, immediately as realized. The foregoing
      requirements for deposit in the Collection Account are exclusive, it being
      understood and agreed that, without limiting the generality of the foregoing,
      payments of interest on funds in the Collection Account and payments in the
      nature of late payment charges, assumption fees and other incidental fees and
      charges relating to the Mortgage Loans need not be deposited by the Master
      Servicer in the Collection Account and may be retained by the Master Servicer
      or
      the Servicer[s], as applicable, as additional servicing compensation. If the
      Master Servicer deposits in the Collection Account any amount not required
      to be
      deposited therein, it may at any time withdraw such amount from such Collection
      Account.] 

     

    Section
      5.07.   Application
      of Funds in the Collection Account.
      The
      Master Servicer shall withdraw funds from the Collection Account for payments
      to
      the Note Payment Account pursuant to Section 6.01. In addition, the Master
      Servicer may prior to making the payment pursuant to Section 6.01 from time
      to
      time make withdrawals from the Collection Account for the following
      purposes:

     

    (i)  [to
      pay
      to the Indenture Trustee and the Owner Trustee, the Indenture Trustee Fee and
      the Owner Trustee Fee, respectively, and to pay to the Custodian its fees,
      in
      each case on the Payment Date each year in the month in which such Indenture
      Trustee Fee and Owner Trustee Fee, and the fees of the Custodian, as applicable,
      are due and payable pursuant to the terms of the respective fee letter
      agreements with the Indenture Trustee, the Owner Trustee and the
      Custodian;

     

    
      
        
        

      

      
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    (ii)  to
      reimburse the Master Servicer or the Servicer[s], as applicable, for any
      previously unreimbursed Monthly Advances or Servicing Advances made by any
      such
      party, such right to reimbursement pursuant to this subclause (ii) being limited
      to amounts received on or in respect of a particular Mortgage Loan (including,
      for this purpose, Liquidation Proceeds, Condemnation Proceeds and amounts
      representing Insurance Proceeds with respect to the property subject to the
      related Mortgage) which represent late recoveries (net of the applicable
      Servicing Fee) of payments of principal or interest respecting which any such
      Monthly Advance was made, it being understood, in the case of any such
      reimbursement, that the Master Servicer’s or [related] Servicer’s right thereto
      shall be prior to the rights of the Noteholders;

     

    (iii)  to
      reimburse the Master Servicer or the Servicer[s] following a final liquidation
      of a Mortgage Loan for any previously unreimbursed Monthly Advances made by
      any
      such party (A) that such party determines in good faith will not be recoverable
      from amounts representing late recoveries of payments of principal or interest
      respecting the particular Mortgage Loan as to which such Monthly Advance was
      made or from Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds
      with respect to such Mortgage Loan and/or (B) to the extent that such
      unreimbursed Monthly Advances exceed the related Liquidation Proceeds,
      Condemnation Proceeds or Insurance Proceeds, it being understood, in the case
      of
      each such reimbursement, that the Master Servicer’s or [related] Servicer’s
      right thereto shall be prior to the rights of the Noteholders;

     

    (iv)  to
      reimburse the Master Servicer or the Servicer[s] from Liquidation Proceeds,
      Condemnation Proceeds or Insurance Proceeds for Liquidation Expenses and for
      amounts expended by it pursuant to Section 4.02(n) in good faith in connection
      with the restoration of damaged property and, to the extent that Liquidation
      Proceeds, Condemnation Proceeds or Insurance Proceeds after such reimbursement
      exceed the unpaid principal balance of the related Mortgage Loan, together
      with
      accrued and unpaid interest thereon at the applicable Mortgage Rate less the
      Servicing Fee Rate for such Mortgage Loan to the Due Date next succeeding the
      date of its receipt of such Liquidation Proceeds, Condemnation Proceeds or
      Insurance Proceeds, to pay to the Master Servicer or the Servicer[s] out of
      such
      excess the amount of any unpaid assumption fees, late payment charges or other
      Mortgagor charges on the related Mortgage Loan and to retain any excess
      remaining thereafter as additional servicing compensation, it being understood,
      in the case of any such reimbursement or payment, that such Master Servicer’s or
      [related] Servicer’s right thereto shall be prior to the rights of the
      Noteholders;

     

    (v)  to
      pay to
      the Depositor or the Seller or any other Person, as applicable, with respect
      to
      each Mortgage Loan or REO Property acquired in respect thereof that has been
      purchased pursuant to this Agreement, all amounts received thereon and not
      paid
      on the date on which the related repurchase was effected, and to pay to the
      applicable party any Monthly Advances and Servicing Advances to the extent
      specified in the definition of Purchase Price;

     

    
      
        
        

      

      
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    (vi)  to
      the
      extent not paid by the Servicer[s], to pay any insurance premium with respect
      to
      a Mortgage Loan;

     

    (vii)  to
      pay to
      the Master Servicer income earned on the investment of funds on deposit in
      the
      Collection Account;

     

    (viii)  to
      make
      payment to itself, the Master Servicer, the Securities Administrator, the
      Servicer[s], the Indenture Trustee, the Custodian, the Owner Trustee and others
      pursuant to any provision of any Operative Agreement;

     

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

     

    (x)  to
      clear
      and terminate the Collection Account pursuant to Article IX; and

     

    (xi)  to
      reimburse a successor master servicer (solely in its capacity as successor
      master servicer), for any fee or advance occasioned by a termination of the
      Master Servicer and the assumption of such duties by the Indenture Trustee
      as
      successor master servicer or a successor master servicer appointed by the
      Indenture Trustee pursuant to Section 8.01, in each case to the extent not
      reimbursed by the terminated Master Servicer, it being understood, in the case
      of any such reimbursement or payment, that the right of the Master Servicer
      or
      the Indenture Trustee thereto shall be prior to the rights of the
      Noteholders.

     

    In
      connection with withdrawals pursuant to subclauses (ii) through (iv) above,
      the
      Master Servicer’s or the [Servicer’s/Servicers’] or such other Person’s
      entitlement thereto is limited to collections or other recoveries on the related
      Mortgage Loan. The Master Servicer shall therefore keep and maintain a separate
      accounting for each Mortgage Loan for the purpose of justifying any withdrawal
      from the Collection Account it maintains pursuant to such
      subclauses.]

     

    Section
      5.08.   Reports
      to Indenture Trustee and Noteholders.

     

    (a)  On
      each
      Payment Date, the Securities Administrator shall make available to the Indenture
      Trustee, [the Swap Counterparty] and each Noteholder a report setting forth
      the
      following information (on the basis of Mortgage Loan level information obtained
      from the Servicer):

     

    (i)  [the
      aggregate amount of the payment to be made on such Payment Date to the Holders
      of each Class of Notes, to the extent applicable, allocable to principal on
      the
      Mortgage Loans, including Liquidation Proceeds, Condemnation Proceeds and
      Insurance Proceeds, stating separately the amount attributable to scheduled
      principal payments and unscheduled payments in the nature of
      principal;

     

    
      
        
        

      

      
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    (ii)  the
      aggregate amount of the payment to be made on such Payment Date to the Holders
      of each Class of Notes allocable to interest and the calculation
      thereof;

     

    (iii)  the
      amount, if any, of any payment to the Holder of the Ownership
      Certificate;

     

    (iv)  (A) the
      aggregate amount of any Monthly Advances required to be made by or on behalf
      of
      the Servicer[s] (or the Master Servicer) with respect to such Payment Date,
      (B) the aggregate amount of such Monthly Advances actually made, and
      (C) the amount, if any, by which (A) above exceeds (B) above;

     

    (v)  the
      aggregate amount of Servicing Advances required to be made by or on behalf
      of
      the Servicer (or the Master Servicer) with respect to such Payment
      Date;

     

    (vi)  the
      aggregate amount of unreimbursed Monthly Advances outstanding and Servicing
      Advances outstanding with respect to such Payment Date, in each case, including
      the general use of funds advanced and the general source of funds for
      reimbursements;

     

    (vii)  the
      aggregate amount of Nonrecoverable Advances with respect to such Payment
      Date;

     

    (viii)  the
      total
      number of Mortgage Loans, the aggregate Scheduled Principal Balance of all
      the
      Mortgage Loans as of the close of business on the last day of the related
      Collection Period, after giving effect to payments allocated to principal
      reported under clause (i) above;

     

    (ix)  the
      Class
      Principal Amount of each Class of Notes, to the extent applicable, as of such
      Payment Date after giving effect to payments allocated to principal reported
      under clause (i) above;

     

    (x)  the
      amount of any Realized Losses incurred with respect to the Mortgage Loans (x)
      in
      the applicable Prepayment Period and (y) in the aggregate since the Cut-off
      Date;

     

    (xi)  the
      amount of the Servicing Fee paid during the Collection Period to which such
      payment relates;

     

    (xii)  the
      number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported
      to the Securities Administrator by the Servicer, (a) remaining outstanding,
      (b) Delinquent 30 to 59 days on a contractual basis, (c) Delinquent 60 to
      89 days on a contractual basis, (d) Delinquent 90 or more days on a contractual
      basis, (e) 180 days or more Delinquent and charged off; (f) as to which
      foreclosure proceedings have been commenced as of the close of business on
      the
      last Business Day of the calendar month immediately preceding the month in
      which
      such Payment Date occurs, (g) in bankruptcy and (h) that are REO
      Properties;

     

    
      
        
        

      

      
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    (xiii)  the
      aggregate Scheduled Principal Balance of any Mortgage Loans with respect to
      which the related Mortgaged Property became an REO Property as of the close
      of
      business on the last Business Day of the calendar month immediately preceding
      the month in which such Payment Date occurs;

     

    (xiv)  with
      respect to substitution of Mortgage Loans in the preceding calendar month,
      the
      Scheduled Principal Balance of each Deleted Mortgage Loan and of each Qualifying
      Substitute Mortgage Loan;

     

    (xv)  the
      aggregate outstanding Prepayment Interest Shortfalls, Basis Risk Shortfalls
      and
      Basis Risk Shortfall Carryforward Amounts, if any, for each Class of Notes,
      after giving effect to the payments made on such Payment Date;

     

    (xvi)  the
      Note
      Interest Rate applicable to such Payment Date with respect to each Class of
      Notes;

     

    (xvii)  the
      Interest Funds, the Principal Funds and the Extra Principal Payment Amount
      applicable to such Payment Date;

     

    (xviii)  if
      applicable, the amount of any shortfall (i.e., the difference between the
      aggregate amounts of principal and interest which Noteholders would have
      received if there were sufficient available amounts in the Collection Account
      and the amounts actually paid); 

     

    (xix)  the
      amount of any Principal Deficiency Amount and Deferred Interest with respect
      to
      each Class of Notes, after giving effect to payments on such Payment
      Date;

     

    (xx)  [the
      amount of any Credit Line Advances, if any, made during such Collection
      Period;]

     

    (xxi)  any
      applicable Record Dates, accrual dates, determination dates for calculating
      distributions and actual Payment Dates for the Collection Period;

     

    (xxii)  the
      amount of cashflows received and the sources thereof for distributions, fees
      and
      expenses;

     

    (xxiii)  the
      amount of fees and expenses accrued and paid, the purpose of such fees and
      expenses and the identification of each payee, including the amount of fees
      paid
      to the Indenture Trustee, the Custodian, the Master Servicer, the Securities
      Administrator[, and] the Servicer[s] [and Subservicer] for such Payment
      Date;

     

    
      
        
        

      

      
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    (xxiv)  the
      amount of payments accrued and paid with respect to the Cap Counterparty,
      [insurance premiums], other credit enhancement and support for the Trust, the
      purpose of such payments and the identification of each payee;

     

    (xxv)  the
      amount of excess cash flow or excess spread and the disposition of such excess
      cash flow or excess spread;

     

    (xxvi)  delinquency
      and loss information for the distribution period with respect to the Mortgage
      Loans;

     

    (xxvii)  the
      number of properties and the unpaid principal balance with respect to each
      property relating to defaulted Mortgage Loans in the Trust;

     

    (xxviii)  
      the
      beginning and ending balances of the Note Payment Account, Collection Account
      [and any material account activity during the related period];

     

    (xxix)  
      any
      material modifications, extensions or waivers to Mortgage Loan terms, fees,
      penalties or payments during the Collection Period or that have cumulatively
      become material over time; information with respect to material breaches of
      Mortgage Loan representations or warranties or of covenants in the Operative
      Documents;

     

    (xxx)  information
      on whether a Delinquency Event or a Cumulative Loss Trigger Event has
      occurred;

     

    (xxxi)  information
      regarding any changes to the Mortgage Loans, including any additions or removals
      in connection with the [Pre-Funding Period] [Revolving Period], repurchases
      or
      substitutions;

     

    (xxxii)  the
      amounts on deposit in the [Pre-Funding Account] [Revolving
      Account];

     

    (xxxiii)  
      information regarding any material changes in the solicitation, credit granting,
      underwriting, origination, acquisition or selection criteria or procedures,
      as
      applicable, used to originate, acquire or select additional Mortgage Loans
      acquired during the [Pre-funding Period] [Revolving Period] or in connection
      with a substitution;

     

    (xxxiv)  
      any
      Overcollateralization Deficiency after giving effect to the payments made on
      such Payment Date;

     

    (xxxv)  [the
      [    ]-year Hybrid Loan Amount, the [    ]-year
      Hybrid Loan Amount and the [    ]-year Hybrid Loan Amount for
      such Payment Date;]

     

    (xxxvi)  [the
      amount of any Net Swap Payment to the Trust pursuant to the Swap Agreement,
      any
      Net Swap Payment to the Swap Counterparty made pursuant to Section 6.02, any
      Swap Termination Payment to the Trust made pursuant to Swap Agreement and any
      Swap Termination Payment to the Swap Counterparty made pursuant to Section
      6.02;] and

     

    
      
        
        

      

      
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    (xxxvii)  LIBOR
      with respect to such Payment Date.]

     

    [To
      be
      modified for each transaction]

     

    In
      the
      case of information furnished pursuant to subclauses (i), (ii) and (ix) above,
      the amounts shall (except in the case of the report delivered to the holder
      of
      the Ownership Certificate) be expressed as a dollar amount per $1,000 of
      original principal amount of Notes.

     

    The
      Securities Administrator will make such report and additional loan level
      information (and, at its option, any additional files containing the same
      information in an alternative format) available each month to the Rating
      Agencies and Noteholders via the Securities Administrator’s website. The
      Securities Administrator’s website can be accessed at [    ].
      Assistance in using the website can be obtained by calling the Securities
      Administrator’s customer service desk at [    ]. Such parties
      that are unable to use the website are entitled to have a paper copy mailed
      to
      them via first class mail by notifying the Securities Administrator at
      [    ], and indicating such. The Securities Administrator shall
      have the right to change the way such statements are distributed in order to
      make such distribution more convenient and/or more accessible to the above
      parties and the Securities Administrator shall provide timely and adequate
      notification to all above parties regarding any such changes.

     

    The
      foregoing information and reports shall be prepared and determined by the
      Securities Administrator based solely on Mortgage Loan data provided to the
      Securities Administrator by the Master Servicer (in a format agreed to by the
      Securities Administrator and the Master Servicer) no later than 12:00 p.m.
      (noon) Eastern Standard Time four Business Days prior to the Payment Date.
      In
      preparing or furnishing the foregoing information, the Securities Administrator
      and the Master Servicer shall be entitled to rely conclusively on the accuracy
      of the information or data regarding the Mortgage Loans and the related REO
      Property that has been provided to the Master Servicer by the Servicer[s],
      and
      neither the Securities Administrator nor the Master Servicer shall be obligated
      to verify, recompute, reconcile or recalculate any such information or data.
      The
      Securities Administrator, the Indenture Trustee, the Custodian and the Master
      Servicer shall be entitled to conclusively rely on the Mortgage Loan data
      provided to the Master Servicer and shall have no liability for any errors
      in
      such Mortgage Loan data. 

     

    (b)  Upon
      the
      reasonable advance written request of any Noteholder that is a savings and
      loan,
      bank or insurance company, which request, if received by the Indenture Trustee
      shall be forwarded promptly to the Securities Administrator, the Securities
      Administrator shall provide, or cause to be provided (or, to the extent that
      such information or documentation is not required to be provided by the
      Servicer[s], shall use reasonable efforts to obtain such information and
      documentation from the Servicer[s], and provide), to such Noteholder such
      reports and access to information and documentation regarding the Mortgage
      Loans
      as such Noteholder may reasonably deem necessary to comply with applicable
      regulations of the Office of Thrift Supervision or its successor or other
      regulatory authorities with respect to an investment in the Notes; provided,
      however,
      that
      the Securities Administrator shall be entitled to be reimbursed by such
      Noteholder for actual expenses incurred in providing such reports and access.
      

     

    
      
        
        

      

      
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    (c)  Within
      [ninety (90)] days, or such shorter period as may be required by statute or
      regulation, after the end of each calendar year, the Securities Administrator
      shall have prepared and shall make available to each Person who at any time
      during the calendar year was a Noteholder of record, and make available to
      Security Owners (identified as such by the Clearing Agency) in accordance with
      applicable regulations, a report summarizing the items provided to the
      Noteholders pursuant to Section 5.08(a) on an annual basis as may be required
      to
      enable such Holders to prepare their federal income tax returns. Such
      information shall include the amount of original issue discount accrued on
      each
      Class of Notes and information regarding the expenses of the Issuer. The
      Securities Administrator shall be deemed to have satisfied such requirement
      if
      it forwards such information in any other format permitted by the Code. The
      Master Servicer shall provide the Securities Administrator with such information
      as is necessary for the Securities Administrator to prepare such
      reports.

     

    (d)  The
      Securities Administrator shall furnish any other information that is required
      by
      the Code and regulations thereunder to be made available to Noteholders. The
      Master Servicer shall provide the Securities Administrator with such information
      as is necessary for the Securities Administrator to prepare such reports (and
      the Securities Administrator may rely solely upon such
      information).

     

    Section
      5.09.   Termination
      of Servicer[s]; Successor Servicers.

     

    (a)  The
      Master Servicer shall be entitled to terminate the rights and obligations of
      the
      Servicer[s] upon the occurrence of a Servicer Event of Default as set forth
      in
      Section 4.07; provided,
      however,
      that in
      the event of termination of the Servicer, the Master Servicer shall provide
      for
      the servicing of the Mortgage Loans by a successor servicer as provided in
      Section 4.08.

     

    The
      parties acknowledge that notwithstanding the preceding sentence, there may
      be a
      transition period, not to exceed 90 days, in order to effect the transfer of
      servicing to a successor servicer. The Master Servicer shall be entitled to
      be
      reimbursed by the Servicer[s] (or by the Trust Estate, if the [related] Servicer
      is unable to fulfill its obligations hereunder) for all costs associated with
      the transfer of servicing, including without limitation, any costs or expenses
      associated with the complete transfer of all servicing data and the completion,
      correction or manipulation of such servicing data, as may be required by the
      Master Servicer to correct any errors or insufficiencies in the servicing data
      or otherwise to enable the Master Servicer to service the Mortgage Loans
      properly and effectively.

     

    (b)  If
      the
      Master Servicer acts as a successor Servicer, it shall not assume liability
      for
      the representations and warranties of the Servicer that it replaces. The Master
      Servicer shall use reasonable efforts to have the successor Servicer assume
      liability for the representations and warranties made by the terminated Servicer
      and in the event of any such assumption by the successor servicer, the Master
      Servicer may, in the exercise of its business judgment, release the terminated
      Servicer from liability for such representations and warranties.

     

    
      
        
        

      

      
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    (c)  If
      the
      Master Servicer acts as a successor Servicer, it will have no obligation to
      make
      a Monthly Advance if it determines in its reasonable judgment that such Monthly
      Advance would constitute a Nonrecoverable Advance.

     

    Section
      5.10.   Master
      Servicer Liable for Enforcement.
      The
      Master Servicer shall use commercially reasonable efforts to ensure that the
      Mortgage Loans are serviced in accordance with the provisions of this Agreement
      and shall use commercially reasonable efforts to enforce the provisions of
      Article IV for the benefit of the Noteholders. The Master Servicer shall be
      entitled to enter into any agreement with any Servicer for indemnification
      of
      the Master Servicer and nothing contained in this Agreement shall be deemed
      to
      limit or modify such indemnification. Except as expressly set forth herein,
      the
      Master Servicer shall have no liability for the acts or omissions of the
      Servicer[s] in the performance by such Servicer of its obligations under Article
      IV.

     

    Section
      5.11.   Assumption
      of Master Servicing by Indenture Trustee.

     

    (a)  In
      the
      event the Master Servicer shall for any reason no longer be the Master Servicer
      (including by reason of any Master Servicer Event of Default under Section
      8.01
      of this Agreement), the Indenture Trustee shall thereupon assume all of the
      rights and obligations of such Master Servicer hereunder. The Indenture Trustee,
      its designee or any successor master servicer appointed by the Indenture Trustee
      shall be deemed to have assumed all of the Master Servicer’s interest herein,
      except that the Master Servicer shall not thereby be relieved of any liability
      or obligations of the Master Servicer accruing prior to its replacement as
      Master Servicer, and shall be liable to the Indenture Trustee, and hereby agrees
      to indemnify and hold harmless the Indenture Trustee from and against all costs,
      damages, expenses and liabilities (including reasonable attorneys’ fees)
      incurred by the Indenture Trustee as a result of such liability or obligations
      of the Master Servicer and in connection with the Indenture Trustee’s assumption
      (but not its performance, except to the extent that costs or liability of the
      Indenture Trustee are created or increased as a result of negligent or wrongful
      acts or omissions of the Master Servicer prior to its replacement as Master
      Servicer) of the Master Servicer’s obligations, duties or responsibilities
      thereunder.

     

    (b)  The
      Master Servicer that has been terminated shall, upon request of the Indenture
      Trustee but at the expense of such Master Servicer, deliver to the assuming
      party all documents and records relating to the Mortgage Loans and an accounting
      of amounts collected and held by it and otherwise use its best efforts to effect
      the orderly and efficient transfer of master servicing to the assuming party.
      

     

    
      
        
        

      

      
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    Section
      5.12.   Release
      of Mortgage Files.

     

    (a)  Upon
      (i)
      becoming aware of the payment in full of any Mortgage Loan or (ii) the receipt
      by the [related] Servicer of a notification that payment in full has been or
      will be escrowed in a manner customary for such purposes, the [related]
      Servicer, promptly notify the Indenture Trustee (or the Custodian) by a
      certification (which certification shall include a statement to the effect
      that
      all amounts received in connection with such payment that are required to be
      deposited in the Collection Account maintained by the Master Servicer pursuant
      to Section 5.06 have been or will be so deposited) of a Servicing Officer and
      shall deliver a Request for Release in the form of Exhibit A-5 hereto to the
      Indenture Trustee or the Custodian with respect to such Mortgage Loan. Upon
      receipt of such certification and Request for Release, the Indenture Trustee
      or
      the Custodian (with the consent, and at the direction of the Indenture Trustee),
      shall promptly release the related Mortgage File to the [related] Servicer
      and
      the Indenture Trustee 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 Indenture Trustee, as the mortgagee under the Mortgage
      that secured the Mortgage Loan, an instrument of satisfaction (or assignment
      of
      mortgage without recourse) regarding the Mortgaged Property subject to the
      Mortgage, which instrument of satisfaction or assignment, as the case may be,
      shall be delivered to the Person or Persons entitled thereto against receipt
      therefor of such payment, it being understood and agreed that no expenses
      incurred in connection with such instrument of satisfaction or assignment,
      as
      the case may be, shall be chargeable to the Collection Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any Primary Insurance
      Policy, the Indenture Trustee shall execute such documents as shall be prepared
      and furnished to the Indenture Trustee by the Servicer[s] (in form reasonably
      acceptable to the Indenture Trustee) and as are necessary to the prosecution
      of
      any such proceedings. The Indenture Trustee or the Custodian, shall, upon
      request of the Master Servicer or of the [related] Servicer, as applicable,
      and
      delivery to the Indenture Trustee or the Custodian, of a Request for Release
      signed by a Servicing Officer, release the related Mortgage File held in its
      possession or control to the Master Servicer (or the [related] Servicer, as
      applicable). Such trust receipt shall obligate the Master Servicer or the
      Servicer, as applicable, to return the Mortgage File to the Indenture Trustee
      or
      the Custodian, as applicable, when the need therefor by the Master Servicer
      or
      the Servicer, as applicable, no longer exists unless (i) the Mortgage Loan
      has
      been liquidated and the Liquidation Proceeds relating to the Mortgage Loan
      have
      been deposited in the Collection Account or (ii) the Mortgage File or such
      document has been delivered to an attorney, or to a public trustee or other
      public official as required by law, for purposes of initiating or pursuing
      legal
      action or other proceedings for the foreclosure of the Mortgaged Property either
      judicially or non-judicially, and the [related] Servicer has delivered to the
      Custodian a certificate of a Servicing Officer certifying as to the name and
      address of the Person to which such Mortgage File or such document was delivered
      and the purpose or purposes of such delivery.

     

    (c)  At
      any
      time that the [related] Servicer is required to deliver to the Custodian a
      Request for Release, the [related] Servicer shall deliver two copies of the
      Request for Release if delivered in hard copy or the [related] Servicer may
      furnish such Request for Release electronically to the Custodian, in which
      event
      the Servicing Officer transmitting the same shall be deemed to have signed
      the
      Request for Release. In connection with any Request for Release of a Mortgage
      File because of a repurchase of a Mortgage Loan, such Request for Release shall,
      if required, be followed by an assignment of mortgage, without recourse,
      representation or warranty from the Indenture Trustee to the Seller and the
      related Mortgage Note shall be endorsed either in blank or without recourse
      by
      the Indenture Trustee and be returned to the Seller. In connection with any
      Request for Release of a Mortgage File because of the payment in full of a
      Mortgage Loan, such Request for Release shall, if required, be accompanied
      by a
      certificate of satisfaction or other similar instrument to be executed by or
      on
      behalf of the Indenture Trustee and returned to the Servicer.

     

    
      
        
        

      

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

     

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

     

    (b)  All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer or the Servicer[s], in respect of any Mortgage Loans, whether
      from the collection of principal and interest payments or from Liquidation
      Proceeds, Condemnation Proceeds or Insurance Proceeds, shall be held by the
      Master Servicer or by the Servicer[s] for and on behalf of the Indenture Trustee
      as the Indenture Trustee’s agent and bailee for purposes of perfecting the
      Indenture Trustee’s security interest therein as provided by relevant Uniform
      Commercial Code or laws; provided,
      however,
      that the
      Master Servicer and the Servicer[s] 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[s] under this Agreement and shall be authorized
      to remit such funds to the Securities Administrator in accordance with this
      Agreement.

     

    
      
        
        

      

      
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    (c)  The
      Servicer[s] and the Master Servicer each hereby acknowledges that concurrently
      with the execution of this Agreement, the Indenture Trustee shall own or, to
      the
      extent that a court of competent jurisdiction shall deem the conveyance of
      the
      Mortgage Loans from the Seller to the Depositor not to constitute a sale, the
      Indenture Trustee shall have a security interest in the Mortgage Loans and
      in
      all Mortgage Files representing such Mortgage Loans and in all funds and
      investment property now or hereafter held by, or under the control of, the
      Servicer[s] or the Master Servicer that are collected by the Servicer[s] or
      the
      Master Servicer in connection with the Mortgage Loans, whether as scheduled
      installments of principal and interest or as full or partial prepayments of
      principal or interest or as Liquidation Proceeds, Condemnation Proceeds,
      Insurance Proceeds or otherwise, and in all proceeds of the foregoing and
      proceeds of proceeds (but excluding any fee or other amounts to which the
      Servicer[s] or the Master Servicer is entitled to hereunder); and the
      Servicer[s] and the Master Servicer each agrees that so long as the Mortgage
      Loans are assigned to and held by the Indenture Trustee or the Custodian, all
      documents or instruments constituting part of the Mortgage Files, and such
      funds
      relating to the Mortgage Loans which come into the possession or custody of,
      or
      which are subject to the control of, the Master Servicer or the Servicer[s]
      shall be held by the Master Servicer or the Servicer[s] for and on behalf of
      the
      Indenture Trustee as the Indenture Trustee’s agent and bailee for purposes of
      perfecting the Indenture Trustee’s security interest therein as provided by the
      applicable Uniform Commercial Code or other applicable laws.

     

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

     

    Section
      5.14.   Opinion.
      On or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Seller, the Indenture Trustee, the Issuer, the Securities
      Administrator and the Servicer[s] one or more Opinions of Counsel, dated the
      Closing Date, in form and substance reasonably satisfactory to the Depositor,
      as
      to the due authorization, execution and delivery of this Agreement by the Master
      Servicer and the enforceability thereof. 

     

    Section
      5.15.   Indenture
      Trustee To Retain Possession of Certain Insurance Policies and
      Documents.
      The
      Indenture Trustee (or the Custodian on behalf of the Indenture Trustee) shall
      retain possession and custody of the originals of the 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 payable in respect of the Notes have been
      paid in full and the Master Servicer otherwise has fulfilled its obligations
      under this Agreement, the Indenture 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. The Master Servicer shall promptly
      deliver or cause the Servicer[s] to deliver to the Indenture Trustee (or the
      Custodian), upon the execution or receipt thereof the originals of the primary
      mortgage insurance policies and any certificates of renewal thereof, and such
      other documents or instruments that constitute portions of the Mortgage File
      that come into the possession of the Master Servicer or the Servicer[s] from
      time to time.

     

    
      
        
        

      

      
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    Section
      5.16.   Compensation
      to the Master Servicer.
      Pursuant to Sections 5.06(e) and [6.01(d)(ii)], all income and gain realized
      from any investment of funds in the Collection Account and the Note Payment
      Account shall be for the benefit of the Master Servicer as
      compensation
      net
      of the
      sum of the Indenture Trustee Fee, Owner Trustee Fee and the Custodian Fee
      payable by the Master Servicer to the Indenture Trustee, the Owner Trustee
      and
      the Custodian, respectively, on behalf of the Trust, as provided in Section
      5.07. Notwithstanding the foregoing, the Master Servicer shall deposit in the
      Collection Account, on or before the related Payment Date, an amount equal
      to
      the lesser of (i) its master servicing compensation with respect to such Payment
      Date and (ii) the amount of any Compensating Interest Payment required to be
      paid by the Servicer[s] with respect to such Payment Date pursuant to this
      Agreement, but which is not paid by the [related] Servicer on its behalf. The
      Master Servicer shall be required to pay all expenses incurred by it in
      connection with its activities hereunder and shall not be entitled to
      reimbursement therefor except as provided in this Agreement. 

     

    Section
      5.17.   Annual
      Officer’s Certificate as to Compliance.

     

    (a)  The
      Master Servicer shall deliver to the Securities Administrator and the Indenture
      Trustee on or before [March 1st]
      of each
      calendar year, commencing on [March 1], [    ], an Officer’s
      Certificate, certifying that with respect to the period ending on the
      immediately preceding December 31: (i) such Servicing Officer has reviewed
      the
      activities of such Master Servicer during the preceding calendar year or portion
      thereof and its performance under this Agreement, (ii) to the best of such
      Servicing Officer’s knowledge, based on such review, such Master Servicer has
      performed and fulfilled its duties, responsibilities and obligations under
      this
      Agreement in all material respects throughout such year, or, if there has been
      a
      default in the fulfillment of any such duties, responsibilities or obligations,
      specifying each such default known to such Servicing Officer and the nature
      and
      status thereof, (iii) nothing has come to the attention of such Servicing
      Officer to lead such Servicing Officer to believe that [the/a] Servicer has
      failed to perform any of its duties, responsibilities and obligations set forth
      in Article IV hereunder in all material respects throughout such year, or,
      if
      there has been a material default in the performance or fulfillment of any
      such
      duties, responsibilities or obligations, specifying each such default known
      to
      such Servicing Officer and the nature and status thereof, and (iv) the Master
      Servicer has received from [the/each] Servicer an annual certificate of
      compliance and a copy of such Servicer’s annual audit report, or, if any such
      certificate or report has not been received by the Master Servicer, the Master
      Servicer is using its best reasonable efforts to obtain such certificate or
      report. In addition, the Master Servicer shall deliver to the Securities
      Administrator and the Indenture Trustee a report regarding the Master Servicer’s
      assessment of compliance with the Servicing Criteria during the immediately
      preceding calendar year, as required under Rules 13a-18 and 15d-18 of the
      Exchange Act and Item 1122 of Regulation AB.

     

    
      
        
        

      

      
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    (b)  The
      Securities Administrator shall deliver to the Indenture Trustee a report
      regarding the Securities Administrator’s assessment of compliance with the
      Servicing Criteria during the immediately preceding calendar year, as required
      under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB.

     

    (c)  Copies
      of
      such statements shall be provided to any Noteholder upon request, by the Master
      Servicer or the Securities Administrator or by the Indenture Trustee at the
      Master Servicer’s or Securities Administrator’s, as applicable, expense if the
      Master Servicer or the Securities Administrator, as applicable, failed to
      provide such copies (unless (i) the Master Servicer or the Securities
      Administrator, as the case may be, shall have failed to provide the Indenture
      Trustee (or the Securities Administrator with respect to statements provided
      by
      the Master Servicer) with such statement or (ii) the Indenture Trustee (or
      the
      Securities Administrator with respect to statements provided by the Master
      Servicer) has no actual knowledge of the Master Servicer’s or Securities
      Administrator’s failure to provide such statement).

     

    Section
      5.18.   Annual
      Independent Accountants’ Servicing Report.
      Each of
      the Master Servicer and the Securities Administrator at its expense shall cause
      a nationally recognized firm of independent certified public accountants to
      furnish to the Issuer, the Indenture Trustee, the Rating Agencies and the
      Depositor on or before March 1 of each calendar year in a form acceptable for
      filing with the Commission as an exhibit to a Form 10-K a report on the
      assessment of compliance made by the Master Servicer or the Securities
      Administrator, as the case may be, and delivered pursuant to Section 5.17,
      which
      report shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation
      S-X under the Securities Act and the Exchange Act. In addition, on an annual
      basis, Master Servicer and the Securities Administrator shall provided the
      Seller, the Indenture Trustee and the Depositor with copies of its audited
      financial statements. Copies of such statements shall be provided to any
      Noteholder upon request by the Indenture Trustee at the expense if the Master
      Servicer or the Securities Administrator, as applicable, failed to provide
      such
      copies (unless (i) the Master Servicer or the Securities Administrator, as
      the
      case may be, shall have failed to provide the Indenture Trustee (or the
      Securities Administrator with respect to statements provided by the Master
      Servicer) with such report or (ii) the Indenture Trustee (or the Securities
      Administrator with respect to statements provided by the Master Servicer) has
      no
      actual knowledge of the Master Servicer’s or Securities Administrator’s failure
      to provide such report). If such report discloses exceptions that are material,
      the Master Servicer and the Securities Administrator, as the case may be, shall
      advise the Indenture Trustee whether such exceptions have been or are
      susceptible of cure, and will take prompt action to do so.

     

    Section
      5.19.   Merger
      or Consolidation.
      Any
      Person into which the Master Servicer may be merged or consolidated, or any
      Person resulting from any merger, conversion, other change in form or
      consolidation to which the Master Servicer shall be a party, or any Person
      succeeding to the business of the Master Servicer, shall be the successor to
      the
      Master Servicer hereunder, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding; provided,
      however,
      that
      the successor or resulting Person to the Master Servicer shall be a Person
      that
      shall be qualified and approved (or that have an Affiliate that is qualified
      and
      approved) seller/servicer of residential mortgage loans for Fannie Mae, Freddie
      Mac and HUD and shall have a net worth of not less than
      $25,000,000.

     

    
      
        
        

      

      
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    Section
      5.20.   Resignation
      of Master Servicer.
      Except
      as otherwise provided in Sections 5.19 and this Section 5.20 hereof, the Master
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      unless it determines that the Master Servicer’s duties hereunder are no longer
      permissible under applicable law or are in material conflict by reason of
      applicable law with any other activities carried on by it and cannot be cured.
      Any such determination permitting the resignation of the Master Servicer shall
      be evidenced by an Opinion of Counsel that shall be Independent to such effect
      delivered to the Indenture Trustee and the Issuer. No such resignation shall
      become effective until the Indenture Trustee shall have assumed, or a successor
      master servicer shall have been appointed by the Indenture Trustee and until
      such successor shall have assumed, the Master Servicer’s responsibilities and
      obligations under this Agreement. Notice of such resignation shall be given
      promptly by the Master Servicer and the Depositor to the Indenture
      Trustee.

     

    Section
      5.21.   Assignment
      or Delegation of Duties by the Master Servicer.
      Except
      as expressly provided herein, the Master Servicer shall not assign or transfer
      any of its rights, benefits or privileges hereunder to any other Person, or
      delegate to or subcontract with, or authorize or appoint any other Person to
      perform any of the duties, covenants or obligations to be performed by the
      Master Servicer hereunder, unless the Indenture Trustee and the Depositor shall
      have consented to such action; provided,
      however,
      that
      the Master Servicer shall have the right without the prior written consent
      of
      the Indenture Trustee or the Depositor to delegate or assign to or subcontract
      with or authorize or appoint an Affiliate of the Master Servicer to perform
      and
      carry out any duties, covenants or obligations to be performed and carried
      out
      by the Master Servicer hereunder. In no case, however, shall any such
      delegation, subcontracting or assignment to an Affiliate of the Master Servicer
      relieve the Master Servicer of any liability hereunder. Notice of such permitted
      assignment shall be given promptly by the Master Servicer to the Depositor
      and
      the Indenture Trustee. If, pursuant to any provision hereof, the duties of
      the
      Master Servicer are transferred to a successor master servicer, the entire
      amount of compensation payable to the Master Servicer pursuant hereto, including
      amounts payable to or permitted to be retained or withdrawn by the Master
      Servicer pursuant to Section 5.16 hereof, shall thereafter be payable to such
      successor master servicer.

     

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

     

    (a)  The
      Master Servicer undertakes to perform such duties and only such duties as are
      specifically set forth in this Agreement. 

     

    (b)  No
      provision of this Agreement shall be construed to relieve the Master Servicer
      from liability for its own negligent action, its own negligent failure to act
      or
      its own willful misconduct; provided,
      however,
      that
      the duties and obligations of the Master Servicer shall be determined solely
      by
      the express provisions of this Agreement, the Master Servicer shall not be
      liable except for the performance of such duties and obligations as are
      specifically set forth in this Agreement; no implied covenants or obligations
      shall be read into this Agreement against the Master Servicer and, in absence
      of
      bad faith on the part of the Master Servicer, the Master Servicer may
      conclusively rely, as to the truth of the statements and the correctness of
      the
      opinions expressed therein, upon any certificates or opinions furnished to
      the
      Master Servicer and conforming to the requirements of this
      Agreement.

     

    
      
        
        

      

      
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    (c)  Neither
      the Master Servicer nor any of the directors, officers, employees or agents
      of
      the Master Servicer shall be under any liability to the Indenture Trustee or
      the
      Noteholders for any action taken or for refraining from the taking of any action
      in good faith pursuant to this Agreement, or for errors in judgment;
provided,
      however,
      that
      this provision shall not protect the Master Servicer or any such person against
      any liability that would otherwise be imposed by reason of willful misfeasance,
      bad faith or negligence in its performance of its duties or by reason of
      reckless disregard for its obligations and duties under this Agreement. The
      Master Servicer and any director, officer, employee or agent of the Master
      Servicer shall be entitled to indemnification by the Trust Estate and will
      be
      held harmless against any loss, liability or expense incurred in connection
      with
      any legal action relating to this Agreement, the Notes or any other Operative
      Agreement other than any loss, liability or expense incurred by reason of
      willful misfeasance, bad faith or negligence in the performance of his or its
      duties hereunder or by reason of reckless disregard of his or its obligations
      and duties hereunder. The Master Servicer and any director, officer, employee
      or
      agent of the Master Servicer may rely in good faith on any document of any
      kind
      prima facie properly executed and submitted by any Person respecting any matters
      arising hereunder. The Master Servicer shall be under no obligation to appear
      in, prosecute or defend any legal action that is not incidental to its duties
      to
      master service the Mortgage Loans in accordance with this Agreement and that
      in
      its opinion may involve it in any expenses or liability; provided,
      however,
      that
      the Master Servicer may in its sole discretion undertake any such action that
      it
      may deem necessary or desirable in respect to this Agreement and the rights
      and
      duties of the parties hereto and the interests of the Noteholders hereunder.
      In
      such event, the legal expenses and costs of such action and any liability
      resulting therefrom shall be expenses, costs and liabilities of the Issuer
      and
      the Master Servicer shall be entitled to be reimbursed therefor out of the
      Collection Account it maintains as provided by Section 5.07.

     

    Section
      5.23.   Indemnification;
      Third Party Claims.
      The
      Master Servicer agrees to indemnify the Depositor, the Issuer, the Indenture
      Trustee, the Owner Trustee and the Servicer[s] and hold them harmless against
      any and all claims, losses, penalties, fines, forfeitures, legal fees and
      related costs, judgments, and any other costs, liability, fees and expenses
      that
      the Depositor, the Issuer, the Indenture Trustee, the Owner Trustee or the
      Servicer[s] may sustain as a result of the failure of the Master Servicer to
      perform its duties and master service the Mortgage Loans in compliance with
      the
      terms of this Agreement. The Depositor, the Issuer, the Indenture Trustee,
      the
      Owner Trustee and the Servicer[s] shall immediately notify the Master Servicer
      if a claim is made by a third party with respect to this Agreement, the Mortgage
      Loans entitling the Depositor, the Issuer, the Indenture Trustee, the Owner
      Trustee or the Servicer to indemnification under this Section 5.23, whereupon
      the Master Servicer shall assume the defense of any such claim and pay all
      expenses in connection therewith, including counsel fees, and promptly pay,
      discharge and satisfy any judgment or decree which may be entered against it
      or
      them in respect of such claim. The failure to provide such immediate notice
      shall not affect the Master Servicer’s obligation pursuant to this Section 5.23
      to indemnify the Depositor, the Issuer, the Indenture Trustee, the Owner Trustee
      and the Servicer[s], except to the extent that the Master Servicer is materially
      prejudiced by such failure to notify.

     

    
      
        
        

      

      
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    Section
      5.24.   Alternative
      Index.
      In the
      event that the Index for any Mortgage Loan, as specified in the related Mortgage
      Note, becomes unavailable for any reason, the Servicer[s] shall select an
      alternative index in accordance with the terms of such Mortgage Note or, if
      such
      Mortgage Note does not make provision for the selection of an alternative index
      in such event, the Servicer[s] shall, subject to applicable law, select an
      alternative index based on information comparable to that used in connection
      with the original Index and, in either case, such alternative index shall
      thereafter be the Index for such Mortgage Loan.

     

    Section
      5.25.   Transfer
      of Servicing.
      [The/Each] Servicer agrees that it shall provide written notice to the Master
      Servicer and the Indenture Trustee [thirty] days prior to any proposed transfer
      or assignment by the Seller of the servicing of the Mortgage Loans. In addition,
      the ability of the Servicer[s] to transfer or assign the servicing hereunder
      to
      a successor servicer shall be subject to the following conditions:

     

    (i)  Receipt
      of written consent of the Master Servicer to such transfer, which consent shall
      not be unreasonably withheld;

     

    (ii)  Such
      successor servicer must satisfy the servicer eligibility standards set forth
      in
      Section 4.06(a);

     

    (iii)  Such
      successor servicer must execute and deliver to the Master Servicer and the
      Indenture Trustee an agreement, in form and substance reasonably satisfactory
      to
      the Master Servicer and the Indenture Trustee, that contains an assumption
      by
      such successor servicer of the due and punctual performance and observance
      of
      each covenant and condition to be performed and observed by the
      Servicer[s];

     

    (iv)  At
      the
      time of the transfer, there must be delivered to the Indenture Trustee a letter
      from each Rating Agency to the effect that such transfer of servicing will
      not
      result in a qualification, withdrawal or downgrade of the then-current rating
      of
      any of the Notes; and

     

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

     

    
      
        
        

      

      
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    Section
      5.26.   Compliance
      with Safeguarding Customer Information Requirements.
      The
      Master Servicer has implemented and will maintain security measures designed
      to
      meet the objectives of the Guidelines.

     

    ARTICLE
      VI

     

    DEPOSITS
      AND PAYMENTS TO HOLDERS

     

    Section
      6.01.   The
      Note Payment Account.

     

    (a)  The
      Paying Agent shall establish and maintain on behalf of the Noteholders, the
      Note
      Payment Account entitled “Note Payment Account, [    ], as
      Indenture Trustee, in trust for Holders of the TBW Mortgage
      Trust [    ], Mortgage Backed Notes.”

     

    (b)  The
      Note
      Payment Account shall be an Eligible Account. If the Note Payment Account ceases
      to be an Eligible Account, the Paying Agent shall establish a new Note Payment
      Account that is an Eligible Account within [10] days and transfer all funds
      and
      investment property on deposit in such existing Note Payment Account into such
      new Note Payment Account.

     

    (c)  [On
      each
      Master Servicer Remittance Date, the Master Servicer shall remit to the Paying
      Agent the entire amount on deposit in the Collection Account (subject to
      permitted withdrawals set forth in Section 5.07).

     

    
      
        
        

      

      
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    (d)  Upon
      receipt, the Paying Agent shall deposit the amount received from the Master
      Servicer pursuant to subsection (c) of this Section 6.01 into the Note Payment
      Account.

     

    (e)  Funds
      in
      the Note Payment Account may be invested by the Paying Agent in Eligible
      Investments selected by and at the written direction of the Master Servicer,
      which shall mature not later than the related Payment Date and any such Eligible
      Investment shall not be sold or disposed of prior to its maturity. All such
      Eligible Investments shall be made in the name of the Indenture Trustee in
      trust
      for the benefit of the Noteholders. All income and gain net of the Indenture
      Trustee Fee, the Owner Trustee Fee, the Custodian Fee and any losses realized
      from any such investment of funds on deposit in the Note Payment Account shall
      be for the benefit of the Master Servicer and shall be subject to withdrawal
      by
      the Paying Agent for payment to the Master Servicer from time to time in
      accordance with subsection (f) below and shall not be part of the Trust Estate.
      The amount of any losses incurred in respect of any such investments shall
      be
      deposited in the Note Payment Account by the Master Servicer out of its own
      funds, without any right of reimbursement therefor, immediately as
      realized.

     

    (f)  The
      Paying Agent shall withdraw funds from the Note Payment Account for payments
      to
      Noteholders and the Certificate Distribution Account in the manner specified
      in
      this Agreement. In addition, the Paying Agent may prior to making the payment
      pursuant to Section 6.02 from time to time make withdrawals from the Note
      Payment Account for the following purposes:

     

    (i)  to
      the
      extent not reimbursed by the Master Servicer, to make payment to itself pursuant
      to any provision of the Operative Agreements;

     

    (ii)  to
      pay to
      the Master Servicer income earned on the investment of funds on deposit in
      the
      Note Payment Account;

     

    (iii)  to
      pay to
      the Indenture Trustee, the Owner Trustee and the Custodian, amounts required
      to
      be reimbursed to them in accordance with the provisions of the Operative
      Agreements;

     

    (iv)  to
      withdraw funds deposited in error in the Note Payment Account; and

     

    (v)  to
      clear
      and terminate the Note Payment Account pursuant to Article IX.]

     

    Section
      6.02.   Payments
      from the Note Payment Account. 

     

    (a)  On
      each
      Payment Date, the Paying Agent shall pay the Interest Funds for such date,
      from
      funds in the Note Payment Account, in the following order of priority in
      accordance with the report of the Securities Administrator:

     

    (i)  [to
      the
      Swap Counterparty, the amount of any Net Swap Payment or Swap Termination
      Payment owed to the Swap Counterparty for such Payment Date (including amounts
      remaining unpaid for previous Payment Dates) pursuant to each Swap Agreement
      (to
      the extent that any such Swap Termination Payment is not due to a Swap
      Counterparty Trigger Event);]

     

    
      
        
        

      

      
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    (ii)  [concurrently,
      in proportion to the amount of Accrued Note Interest for each such Class, to
      the
      Senior Notes, Accrued Note Interest for each such Class for such Payment
      Date;

     

    (iii)  to
      the
      Class [    ] Notes, Accrued Note Interest for such Class for such
      Payment Date;

     

    (iv)  to
      the
      Class [    ] Notes, Accrued Note Interest for such Class for such
      Payment Date; and

     

    (v)  for
      application as part of Monthly Excess Interest for such Payment Date, as
      provided in subsection (d) of this Section, any Interest Funds remaining after
      application pursuant to clauses (i) through ([    ])
      above.]

     

    [To
      be
      modified in accordance with the structure of the related
      transaction.]

     

    (b)  On
      each
      Payment Date, the Paying Agent shall pay the Principal Payment Amount for such
      Payment Date from funds in the Note Payment Account as follows:

     

    (i)  [On
      each
      Payment Date during the Revolving Period, in the following order of
      priority:

     

    (1) [to
      the
      Swap Counterparty, any Net Swap Payment or Swap Termination Payment owed to
      the
      Swap Counterparty (to the extent payable but not paid from the Interest Funds
      pursuant to subsection 6.02(a)(i) above);] 

     

    (2) [On
      each
      Payment Date during the Revolving Period, to the Depositor, the purchase price
      of any Additional Mortgage Loans to be purchased by the Trust Fund from the
      Depositor on such Payment Date;];]

     

    (ii)  [After
      the
      Revolving Period and]
      On
      each
      Payment Date (a) prior to the Stepdown Date or (b) with respect to which a
      Trigger Event is in effect, in the following order of priority:

     

    (1)  [to
      the
      Swap Counterparty, any Net Swap Payment or Swap Termination Payment owed to
      the
      Swap Counterparty (to the extent payable but not paid from the Interest Funds
      pursuant to subsection 6.02(a)(i) above);]

     

    (2)  [concurrently,
      in proportion to the Class Principal Amounts thereof, to the Senior Notes,
      in
      reduction of their Class Principal Amounts until the Class Principal Amount
      of
      each such Class has been reduced to zero; 

     

    
      
        
        

      

      
        109

        
          

        

      

      
        
        

      

    

     

    (3)  to
      the
      Class [    ] Notes, in reduction of their Class Principal Amount,
      until the Class Principal Amount of such Class has been reduced to
      zero;

     

    (4)  to
      the
      Class [    ] Notes, in reduction of their Class Principal Amount,
      until the Class Principal Amount of such Class has been reduced to zero;
      and

     

    (5)  for
      application as part of Monthly Excess Cashflow for such Payment Date, as
      provided in subsection (c) of this Section, any Principal Payment Amount
      remaining after application pursuant to clauses (1) through ([   
]) above.]

     

    (iii)  On
      each
      Payment Date (a) on or after the Stepdown Date and (b) with respect to which
      a
      Trigger Event is not in effect, in the following order of priority:

     

    (1)  [to
      the
      Swap Counterparty, any Net Swap Payment or Swap Termination Payment owed to
      the
      Swap Counterparty (to the extent payable but not paid from the Interest Funds
      pursuant to subsection 6.02(a)(i) above);]

     

    (2)  [concurrently,
      in proportion to the Class Principal Amounts thereof, to the Senior Notes,
      an
      amount equal to the Class [    ] Principal Payment Amount, in
      reduction of their Class Principal Amounts until the Class Principal Amount
      of
      each such Class has been reduced to zero;

     

    (3)  to
      the
      Class [    ] Notes, an amount equal to the Class
      [    ] Principal Payment Amount, in reduction of their Class
      Principal Amount, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (4)  to
      the
      Class [    ] Notes, an amount equal to the Class
      [    ]Principal Payment Amount, in reduction of their Class
      Principal Amount, until the Class Principal Amount of such Class has been
      reduced to zero; and

     

    (5)  for
      application as part of Monthly Excess Cashflow for such Payment Date, as
      provided in subsection (c) of this Section, any Principal Payment Amount
      remaining after application pursuant to clauses (1) through ([   
]) above.]

     

    [To
      be
      modified in accordance with the structure of the related
      transaction.]

     

    
      
        
        

      

      
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    (c)  On
      each
      Payment Date, the Paying Agent shall pay the Monthly Excess Cashflow for such
      date from funds in the Note Payment Account in accordance with the report of
      the
      Securities Administrator, in the following order of priority:

     

    (i)  [On
      each
      Payment Date during the Revolving Period, to the Depositor, the purchase price
      of any Additional Mortgage Loans to be purchased by the Trust Fund from the
      Depositor on such Payment Date;]

     

    (ii)  [On
      each
      Payment Date after the Revolving Period, in the following order of
      priority:]

     

    (1)  [to
      fund
      the Extra Principal Payment Amount, to the extent of Monthly Excess Interest
      available on such Payment Date;

     

    (2)  concurrently,
      in proportion to the amount of Deferred Interest for each such class, to the
      Senior Notes, any Deferred Interest for each such Class and such Payment
      Date;

     

    (3)  to
      the
      Class [    ] Notes, any Deferred Interest for such Class and such
      Payment Date;

     

    (4)  to
      the
      Class [    ] Notes, any Deferred Interest for such Class and such
      Payment Date; 

     

    (5)  concurrently,
      in proportion to the amount of Basis Risk Shortfall Carryforward Amount for
      each
      such Class, to the Senior Notes, any Basis Risk Shortfall Carryforward Amount
      for each such Class and such Payment Date [to the extent not covered by the
      [Cap] [Swap] Agreements];

     

    (6)  to
      the
      Class [    ] Notes, any applicable Basis Risk Shortfall
      Carryforward Amount for such Class and such Payment Date [to the extent not
      covered by the [Cap] [Swap] Agreements];

     

    (7)  to
      the
      Class [    ] Notes, any applicable Basis Risk Shortfall
      Carryforward Amount for such Class and such Payment Date [to the extent not
      covered by the [Cap] [Swap] Agreements];

     

    (8)  [on
      each
      Payment Date, for payment to the Swap Counterparty, any unpaid Swap Termination
      Payment triggered by a Swap Counterparty Trigger Event owed to the Swap
      Counterparty pursuant to any Swap Agreement;]

     

    (9)  [on
      each
      Payment Date, for payment to the Swap Counterparty any amount payable in
      connection with the purchase of a substitute Swap Agreement, if any;]
      and;

     

    (10)  to
      the
      Certificate Distribution Account, for payment to the Residual Holder (or as
      otherwise provided in the Trust Agreement), any amount remaining on such Payment
      Date after application pursuant to clauses (i) through ([    ])
      above.]

     

    
      
        
        

      

      
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    [To
      be
      modified in accordance with the structure of the related
      transaction.]

     

    Section
      6.03.   Control
      of the Trust Account. 

     

    (a)  The
      Depositor and the Issuer hereby appoint the Securities Administrator as
      Securities Intermediary with respect to the Trust Accounts, and the Issuer
      has,
      pursuant to the Indenture, granted to the Indenture Trustee, for the benefit
      of
      the Noteholders, a security interest to secure all amounts due Noteholders
      hereunder in and to the Trust Accounts and the Security Entitlements to all
      Financial Assets credited to the Trust Accounts, including without limitation
      all amounts, securities, investments, Financial Assets, investment property
      and
      other property from time to time deposited in or credited to the Trust Accounts
      and all proceeds thereof. Amounts held from time to time in the Trust Accounts
      will continue to be held by the Securities Intermediary for the benefit of
      the
      Indenture Trustee, as collateral agent, for the benefit of the Noteholders.
      Upon
      the termination of the Issuer or the discharge of the Indenture, the Indenture
      Trustee shall inform the Securities Intermediary of such termination. By
      acceptance of their Notes or interests therein, the Noteholders shall be deemed
      to have appointed the Securities Administrator as Securities Intermediary.
      The
      Securities Administrator hereby accepts such appointment as Securities
      Intermediary.

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    (e)  If
      at any
      time the Securities Intermediary shall receive an Entitlement Order from the
      Indenture Trustee (or the Securities Administrator on its behalf) directing
      transfer or redemption of any Financial Asset relating to any Trust Account,
      the
      Securities Intermediary shall comply with such Entitlement Order without further
      consent by the Depositor, the Issuer or any other Person. If at any time the
      Indenture Trustee or the Securities Administrator notifies the Securities
      Intermediary in writing that the Issuer has been terminated or the Indenture
      discharged in accordance herewith and with the Trust Agreement or the Indenture,
      as applicable, and the security interest granted pursuant to the Indenture
      has
      been released, then thereafter if the Securities Intermediary shall receive
      any
      order from the Depositor or the Issuer directing transfer or redemption of
      any
      Financial Asset relating to any Trust Account, the Securities Intermediary
      shall
      comply with such Entitlement Order without further consent by the Indenture
      Trustee or any other Person;

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    (j)  Notwithstanding
      the foregoing, the Issuer shall have the power, revocable by the Indenture
      Trustee or by the Owner Trustee with the consent of the Indenture Trustee,
      to
      instruct the Indenture Trustee, the Securities Administrator and the Master
      Servicer to make withdrawals and payments from each Trust Account for the
      purpose of permitting the Master Servicer, the Securities Administrator or
      the
      Owner Trustee to carry out its respective duties hereunder or permitting the
      Indenture Trustee to carry out its duties under the Indenture.

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (iii)  Neither
      the Depositor nor the Issuer shall organize under the law of any jurisdiction
      other than the State under which each is organized as of the Closing Date
      (whether changing its jurisdiction of organization or organizing under an
      additional jurisdiction) without giving [thirty (30)] days prior written notice
      of such action to its immediate and mediate transferee, including the Indenture
      Trustee. Before effecting such change, each of the Depositor or the Issuer
      proposing to change its jurisdiction of organization shall prepare and file
      in
      the appropriate filing office any financing statements or other statements
      necessary to continue the perfection of the interests of its immediate and
      mediate transferees, including the Indenture Trustee, in the Trust Account
      Property. In connection with the transactions contemplated by the Operative
      Agreements relating to the Trust Account Property, each of the Depositor and
      the
      Issuer authorizes its immediate or mediate transferee to file in any filing
      office any initial financing statements, any amendments to financing statements,
      any continuation statements, or any other statements or filings described in
      this Section 6.03.

     

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

     

    Section
      6.04.   Monthly
      Advances by Master Servicer and Servicer[s]. 

     

    (a)  Subject
      to Section 4.03(c), Monthly Advances shall be made in respect of each Servicer
      Remittance Date as provided herein. If, on any Determination Date, [the/a]
      Servicer determines that any Monthly Payments due during the related Collection
      Period have not been received, such Servicer shall advance such amount to the
      extent provided in Section 4.03(c) hereof. If any Servicer fails to remit
      Monthly Advances required to be made under Section 4.03(c) hereof, the Master
      Servicer shall itself make, or shall cause the successor Servicer to make,
      such
      Monthly Advance on the Servicer Remittance Date immediately following such
      Determination Date. If the Master Servicer determines that a Monthly Advance
      is
      required, it shall on the Business Day immediately prior to the related Payment
      Date deposit in the Collection Account (from its own funds or funds advanced
      by
      the Servicer[s]) immediately available funds in an amount equal to such Monthly
      Advance. The Master Servicer and the Servicer[s] shall be entitled to be
      reimbursed from the Collection Account, and the Servicer shall be entitled
      to be
      reimbursed from the Custodial Account, for all Monthly Advances made by it
      as
      provided in Section 4.02(e). Notwithstanding anything to the contrary herein,
      in
      the event the Master Servicer determines in its reasonable judgment that a
      Monthly Advance is a Nonrecoverable Advance, the Master Servicer shall be under
      no obligation to make such Monthly Advance.

     

    
      
        
        

      

      
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    (b)  In
      the
      event that the Master Servicer or [related] Servicer fails for any reason to
      make a Monthly Advance required to be made pursuant to this Section 6.04, the
      Indenture Trustee, as successor Master Servicer, shall, on or before the related
      Payment Date, deposit in the Collection Account an amount equal to the excess
      of
      (a) Monthly Advances required to be made by the Master Servicer or the
      Servicer[s] that would have been deposited in such Collection Account over
      (b)
      the amount of any Monthly Advance made by the Master Servicer or the Servicer[s]
      with respect to such Payment Date; provided,
      however,
      that
      the Indenture Trustee as successor Master Servicer shall be required to make
      such Monthly Advance only if it is not prohibited by law from doing so and
      it
      has determined that such Monthly Advance would be recoverable from amounts
      to be
      received with respect to such Mortgage Loan, including late payments,
      Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, or otherwise.
      The Indenture Trustee shall be entitled to be reimbursed from the Collection
      Account for Monthly Advances made by it pursuant to this Section 6.04 as if
      it
      were the Master Servicer and shall be entitled to receive all compensation
      and
      fees of the Master Servicer in accordance with Section 8.01(b).

     

    Section
      6.05.   [Cap]
      [Swap] Agreements.

     

    (a)  The
      Securities Administrator shall establish and maintain an Eligible Account in
      its
      name, in trust for the benefit of the Noteholders, the [Cap] [Swap]
      Account.

     

    (b)  The
      Securities Administrator shall deposit any [Cap Receipts] [Net Swap Payment]
      received on any [Cap] [Swap] Agreement Payment Date into the [Cap] [Swap]
      Account. Amounts on deposit in the [Cap] [Swap] Account shall remain
      uninvested.

     

    (c)  On
      each
      Payment Date, the Securities Administrator shall distribute the amounts received
      by the Trust under each [Cap] [Swap] Agreement to holders of the Notes in the
      following order of priority:

     

    (i)  [concurrently,
      in proportion to the amount of Accrued Note Interest for each such Class, to
      the
      Senior Notes, Accrued Note Interest for each such Class for such Payment Date,
      after giving effect to payments made pursuant to Section
      6.02(a)(ii);]

     

    (ii)  [to
      the
      Class [    ] Notes, Accrued Note Interest for such Class for such
      Payment Date, after giving effect to payments made pursuant to Section
      6.02(a)(iii);]

     

    
      
        
        

      

      
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    (iii)  [to
      the
      Class [    ] Notes, Accrued Note Interest for such Class for such
      Payment Date, after giving effect to payments made pursuant to Section
      6.02(a)(iv);]

     

    (iv)  concurrently,
      pro
      rata,
      in
      proportion to the amount of Basis Risk Shortfall applicable to each such Class,
      to the Senior Notes, any applicable Basis Risk Shortfall for each such Class
      and
      such Payment Date;

     

    (v)  to
      the
      Class [    ] Notes, any applicable Basis Risk Shortfall for such
      Class and such Payment Date;

     

    (vi)  to
      the
      Class [    ] Notes, any applicable Basis Risk Shortfall for such
      Class and such Payment Date; and

     

    (vii)  to
      the
      Certificate Distribution Account, for payment to the Residual Holder (or as
      otherwise provided in the Trust Agreement), any amount remaining on such Payment
      Date after application pursuant to clauses (i) through ([    ])
      above.

     

    If
      such
      amounts are insufficient to cover the total amount of any Basis Risk Shortfall,
      the only other source of coverage will be the Monthly Excess Cashflow, if any,
      that would otherwise be payable to the Ownership Certificate. 

     

    (d)  On
      the
      date on which the [Cap] [Swap] Agreements have terminated and any amounts
      therefrom have been paid in accordance with Section 6.05(c) above, any amounts
      remaining in the [Cap] [Swap] Account shall be paid by the Securities
      Administrator to the Ownership Certificate, and the [Cap] [Swap] Account shall
      be terminated by the Securities Administrator.]

     

    (e)  [On
      each
      Payment Date for which the Securities Administrator has received a payment
      under
      a Swap Agreement, the Securities Administrator shall pay such amounts pursuant
      to priorities provided in Section 6.05(c). On each Payment Date, the Securities
      Administrator shall pay in accordance with the monthly report furnished by
      it
      with respect to such Payment Date pursuant to Section 5.08 in the order of
      priority and to the extent specified in Section 6.05(c) of this Agreement any
      payments made by the Swap Counterparty to the Securities Administrator on behalf
      of the Trust for such Payment Date with respect to the applicable Swap
      Agreement.]

     

    (f)  [If
      the
      Securities Administrator shall not have received a payment with respect to
      any
      Swap Agreement by the date on which such payment was due and payable pursuant
      to
      the terms thereof, the Securities Administrator shall make demand upon the
      Swap
      Counterparty for immediate payment, and the Indenture Trustee may, and at the
      direction of a majority (by Voting Interests) of the Noteholders shall, take
      any
      available legal action, including the prosecution of any claims in connection
      therewith. The Depositor and the Issuer shall cooperate with the Securities
      Administrator and the Indenture Trustee in connection with any such demand
      or
      action to the extent reasonably requested by the Securities Administrator or
      the
      Indenture Trustee. The reasonable legal fees and expenses incurred by the
      Indenture Trustee in connection with the prosecution of any such legal action
      shall be reimbursable to the Indenture Trustee from the Trust.]

     

    
      
        
        

      

      
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    (g)  [At
      any
      time when the Issuer is permitted to terminate a Swap Agreement pursuant to
      the
      terms of such agreement (whether due to the occurrence of an event of default,
      a
      termination event or otherwise), the Securities Administrator, on behalf of
      the
      Issuer, shall terminate such Swap Agreement in writing (i) subject to the Rating
      Agency Condition or (ii) at the written direction of any Rating Agency; provided
      that prior to or simultaneously with any termination of any Swap Agreement
      by
      the Issuer as a result of any downgrade of the ratings of the Swap Counterparty
      or its credit support provider, the Issuer shall have entered into a substitute
      Swap Agreement.]

     

    (h)  [In
      the
      event of an early termination of a Swap Agreement, the Issuer shall enter into
      a
      substitute Swap Agreement (i) within 20 days after the termination of such
      existing Swap Agreement or (ii) prior to or simultaneously with the termination
      of the existing Swap Agreement as described in Section 6.05(g) above, with
      a
      substitute counterparty acceptable to the Rating Agencies. The Depositor, on
      behalf of the Issuer, shall send written notice to the Securities Administrator,
      the Indenture Trustee and each Rating Agency, within 10 days of the termination
      of the existing Swap Agreement, identifying a proposed counterparty with respect
      to the substitute Swap Agreement. Any proposed substitute counterparty shall
      be
      subject to the prior written approval of each Rating Agency.] 

     

    (i)  [Any
      up-front fee payable to a replacement Swap Counterparty or other cost or expense
      associated with the Issuer’s entering into a new Swap Agreement pursuant to this
      Section 6.05 shall be payable by or on behalf of the Issuer from any payment
      received by the Securities Administrator in connection with any termination
      of
      the existing Swap Agreement; provided,
      however,
      if such
      amount received is not sufficient to pay such up-front fee, the difference
      shall
      be paid pursuant to Section 6.02(c)(xix).]

     

    (j)  [Any
      up-front premium payable to the Trust by a replacement Swap Counterparty in
      connection with a replacement Swap Agreement shall be distributed pursuant
      to
      the priorities provided in Section 6.05(c).]

     

    (k)   [Promptly
      upon receipt of written notice of termination of any Swap Agreement, the
      Securities Administrator shall cause notice thereof to be mailed by first-class
      mail, postage prepaid, to each Rating Agency and the Noteholders at their last
      addresses appearing upon the Note Register.]

     

    [To
      be
      modified in accordance with the structure of the related
      transaction.]

     

    
      
        
        

      

      
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    Section
      6.06.   The
      Capitalized Interest Account.

     

    [The
      Securities Administrator shall establish and maintain in its name, as Securities
      Administrator, a trust account entitled “Capitalized Interest Account,
      [    ], as Securities Administrator, in trust for the benefit of
      the Holders of “TBW Mortgage
      Trust [    ] Mortgage Backed Notes.” The Capitalized Interest
      Account shall be an Eligible Account and if the account ceases to be an Eligible
      Account, the Securities Administrator shall establish a new Capitalized Interest
      Account that is also an Eligible Account within five Business Days and transfer
      all funds and investment property on deposit in the Capitalized Interest Account
      into such new Capitalized Interest Account. On the Closing Date, the Depositor
      shall deposit in the Capitalized Interest Account the Original Capitalized
      Interest Amount. On the Business Day preceding any Payment Date occurring during
      the Pre-Funding Period, the Securities Administrator shall withdraw from the
      Capitalized Interest Account an amount equal to the Capitalized Interest
      Requirement for deposit into the Note Payment Account for distribution to
      Noteholders in accordance with this Article VI on such Payment Date. Amounts
      on
      deposit in the Capitalized Interest Account may be invested by the Securities
      Administrator in Eligible Investments at the written direction of the Depositor.
      All investment income and other gain on such investments shall be for the
      benefit of the Depositor and shall be subject to withdrawal on order of the
      Depositor from time to time. The amount of any losses incurred in respect of
      any
      such investments shall be paid by the Depositor by a deposit into the
      Capitalized Interest Account of its own funds, immediately as realized. At
      the
      end of the Pre-Funding Period, all amounts, if any, on deposit in the
      Capitalized Interest Account shall be withdrawn by the Securities Administrator
      and distributed to the Depositor and the Capitalized Interest Account shall
      be
      terminated.

    

    Section
      6.07.   [The
      Pre-Funding Account] [The Revolving Account].

     

    (a)  The
      Securities Administrator shall establish and maintain in its name, as Securities
      Administrator, a trust account entitled “[Pre-Funding Account] [Revolving
      Account], [    ], as Securities Administrator, in trust for the
      benefit of the Holders of “TBW Mortgage
      Trust [    ] Mortgage Backed Notes” and the funds therein shall
      be used solely for the purchase of [Subsequent Mortgage Loans] [Additional
      Mortgage Loans]. The [Pre-Funding Account] [Revolving Account] shall be an
      Eligible Account and if the account ceases to be an Eligible Account, the
      Securities Administrator shall establish a new [Pre-Funding Account] [Revolving
      Account] that is also an Eligible Account within five Business Days and transfer
      all funds and investment property on deposit in the [Pre-Funding Account]
      [Revolving Account] into such new [Pre-Funding Account] [Revolving Account].
      On
      the Closing Date, the Depositor shall cause to be deposited the [Pre-Funding
      Amount] [Revolving Amount], into the [Pre-Funding Account] [Revolving Account].
      On any subsequent Transfer Date, provided the conditions set forth in Section
      2.01(b) have been fully satisfied, the Securities Administrator shall cause
      to
      be withdrawn from the [Pre-Funding Account ] [Revolving Account] an amount
      equal
      to the Transfer Price of any [Subsequent Mortgage Loans] [Additional Mortgage
      Loans] as of any applicable Transfer Date sold to the Issuer and to pay such
      Transfer Price to the Depositor. In no event shall the Securities Administrator
      withdraw from the [Pre-Funding Account] [Revolving Account] an amount in excess
      of the [Pre-Funding Amount] [Revolving Amount] or withdraw funds from the
      [Pre-Funding Account] [Revolving Account] during the [Pre-Funding Period]
      [Revolving Period] for any other purpose.

     

    
      
        
        

      

      
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    (b)  Funds
      in
      the [Pre-Funding Account] [Revolving Account] may be invested by the Securities
      Administrator in Eligible Investments at the written direction of the Depositor.
      All income and gain on such investments shall be for the benefit of the
      Depositor and shall be subject to withdrawal on order by the Depositor from
      time
      to time. The amount of any losses incurred in respect of any such investments
      shall be paid by the Depositor by a deposit in the [Pre-Funding Account]
      [Revolving Account] out of its own funds, without any right of reimbursement
      therefor, immediately as realized.

     

    On
      the
      Business Day immediately following the end of the [Pre-Funding Period]
      [Revolving Period], the Securities Administrator shall transfer any amounts
      on
      deposit in the [Pre-Funding Account] [Revolving Account] to the Note Payment
      Account for distribution on the Payment Date occurring in [    ]
      as principal to the Holders of the Notes in accordance with this Article
      VI.

     

    ARTICLE
      VII

     

    THE
      SECURITIES ADMINISTRATOR

     

    Section
      7.01.   Duties
      of the Securities Administrator.
      (a) The
      Securities Administrator undertakes to perform such duties and only such duties
      as are specifically set forth in this Agreement and shall not be liable except
      for the performance of such duties and obligations as are specifically set
      forth
      in this Agreement and no implied covenants or obligations shall be read into
      this Agreement against the Securities Administrator.

     

    (b)  In
      the
      absence of bad faith on its part, the Securities Administrator may conclusively
      rely, as to the truth of the statements and the correctness of the opinions
      expressed therein, upon certificates or opinions furnished to the Securities
      Administrator and on their face conforming to the requirements of this
      Agreement; however, the Securities Administrator shall examine the certificates
      and opinions to determine whether or not they conform on their face to the
      requirements of this Agreement.

     

    (c)  The
      Securities Administrator may not be relieved from liability for its own
      negligent action, its own negligent failure to act, its own willful misconduct
      or its own bad faith, except that:

     

    (i)  this
      paragraph does not limit the effect of paragraph (b) of this
      Section;

     

    (ii)  the
      Securities Administrator shall not be liable for any error of judgment made
      in
      good faith by a Responsible Officer unless it is proved that the Securities
      Administrator was negligent in ascertaining the pertinent facts;
      and

     

    (iii)  the
      Securities Administrator shall not be liable with respect to any action it
      takes
      or omits to take in good faith in accordance with this Agreement.

     

    
      
        
        

      

      
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    Section
      7.02.   Records.
      The
      Securities Administrator shall maintain appropriate books of account and records
      relating to services performed hereunder, which books of account and records
      shall be accessible for inspection by the Issuer and the Depositor at any time
      during normal business hours with prior written notification.

     

    Section
      7.03.   Compensation
      and Indemnity.
      The
      Securities Administrator will perform the duties and provide the services under
      this Agreement for such compensation as shall be agreed upon between the
      Securities Administrator and the Master Servicer. The Issuer shall indemnify
      the
      Securities Administrator and its employees, directors and agents from funds
      in
      the Accounts, against any and all claim, loss, liability or expense (including
      attorneys’ fees) incurred by it in connection with the performance of its duties
      hereunder or under any Operative Agreement. The Securities Administrator shall
      notify the Issuer promptly of any claim for which it may seek indemnity. Failure
      by the Securities Administrator to so notify the Issuer shall not relieve the
      Issuer of its obligations hereunder. The Issuer shall defend any such claim,
      and
      the Securities Administrator may have separate counsel fees and expenses of
      such
      counsel shall be payable on behalf of the Issuer from funds in the Accounts.
      The
      Issuer shall not be required to reimburse any expense or indemnify against
      any
      loss, liability or expense incurred by the Securities Administrator through
      the
      Securities Administrator’s own willful misconduct, negligence or bad
      faith.

     

    The
      Issuer’s obligations to the Securities Administrator pursuant to this Section
      shall survive the resignation or removal of the Securities
      Administrator.

     

    Section
      7.04.   Additional
      Information to be Furnished to the Issuer.
      The
      Depositor shall furnish to the Issuer from time to time such additional
      information regarding the Collateral as the Issuer shall reasonably
      request.

     

    Section
      7.05.   Independence
      of the Securities Administrator.
      For all
      purposes of this Agreement, the Securities Administrator shall be an independent
      contractor and shall not be subject to the supervision of the Issuer or the
      Owner Trustee with respect to the manner in which it accomplishes the
      performance of its obligations hereunder. Unless expressly authorized by the
      Issuer, the Securities Administrator shall have no authority to act for or
      represent the Issuer or the Owner Trustee in any way and shall not otherwise
      be
      deemed an agent of the Issuer or the Owner Trustee.

     

    Section
      7.06.   No
      Joint Venture.
      Nothing
      contained in this Agreement (i) shall constitute the Securities Administrator
      or
      the Depositor, respectively, and either of the Issuer or the Owner Trustee,
      as
      members of any partnership, joint venture, association, syndicate,
      unincorporated business or other separate entity, (ii) shall be construed to
      impose any liability as such on any of them or (iii) shall be deemed to confer
      on any of them any express, implied or apparent authority to incur any
      obligation or liability on behalf of the others.

     

    Section
      7.07.   Other
      Activities of Securities Administrator.
      Nothing
      herein shall prevent the Securities Administrator or its Affiliates from
      engaging in other businesses or, in its sole discretion, from acting in a
      similar capacity as an Securities Administrator for any other person or entity
      even though such person or entity may engage in business activities similar
      to
      those of the Issuer or the Owner Trustee.

     

    
      
        
        

      

      
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    Section
      7.08.   Resignation
      and Removal of Securities Administrator.

     

    (a)  Subject
      to Section 7.08(d) hereof, the Securities Administrator may resign its duties
      hereunder by providing the Issuer with at least [60] days’ prior written
      notice.

     

    (b)  Subject
      to Section 7.08(d) hereof, the Issuer may remove the Securities Administrator
      without cause by providing the Securities Administrator with at least 60 days’
prior written notice.

     

    (c)  Subject
      to Section 7.08(d) hereof, the Issuer may remove the Securities Administrator
      immediately upon written notice of termination from the Issuer to the Securities
      Administrator if any of the following events shall occur:

     

    (i)  the
      Securities Administrator shall default in the performance of any of its duties
      under this Agreement and, after notice of such default, shall not cure such
      default within ten days (or, if such default cannot be cured in such time,
      shall
      not give within ten days such assurance of cure as shall be reasonably
      satisfactory to the Issuer); or

     

    (ii)  a
      court
      having jurisdiction in the premises shall (x) enter a decree or order for
      relief, which decree or order shall not have been vacated within 60 days, in
      respect of the Securities Administrator in any involuntary case under any
      applicable bankruptcy, insolvency or other similar law now or hereafter in
      effect, or (y) appoint a receiver, liquidator, assignee, custodian, trustee,
      sequestrator or similar official for the Securities Administrator or any
      substantial part of its property, or (z) order the winding-up or liquidation
      of
      the Securities Administrator’s affairs; or

     

    (iii)  the
      Securities Administrator shall commence a voluntary case under any applicable
      bankruptcy, insolvency or other similar law now or hereafter in effect, shall
      consent to the entry of an order for relief in an involuntary case under any
      such law, or shall consent to the appointment of a receiver, liquidator,
      assignee, trustee, custodian, sequestrator or similar official for the
      Securities Administrator or any substantial part of its property, shall consent
      to the taking of possession by any such official of any substantial part of
      its
      property, shall make any general assignment for the benefit of creditors or
      shall fail generally to pay its debts as they become due.

     

    The
      Securities Administrator agrees that if any of the events specified in clauses
      (ii) or (iii) of this Section 7.08(c) shall occur, it shall give written notice
      thereof to the Issuer and the Indenture Trustee within seven days after the
      occurrence of such event.

     

    (d)  No
      resignation or removal of the Securities Administrator pursuant to this Section
      shall be effective until (i) a successor Securities Administrator shall have
      been appointed by the Issuer in accordance with this Agreement and (ii) such
      successor Securities Administrator shall have agreed in writing to be bound
      by
      the terms of this Agreement in the same manner as the Securities Administrator
      is bound hereunder. If a successor Securities Administrator does not take office
      within [60] days after the retiring Securities Administrator resigns or is
      removed, the resigning or removed Securities Administrator or the Issuer may
      petition any court of competent jurisdiction for the appointment of a successor
      Securities Administrator.

     

    
      
        
        

      

      
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    (e)  [In
      the
      event of the resignation or removal of the Securities Administrator under the
      terms of this Agreement, the Issuer shall appoint a successor securities
      administrator having a combined capital of $50,000,000 as set forth in its
      most
      recent published annual report of condition and it or its parent shall have
      a
      long term debt rating of Baa3 or better by Moody’s and BBB or better by S&P.
      The appointment of any successor Securities Administrator shall be effective
      only after receipt of a letter from each Rating Agency to the effect that such
      proposed appointment will not cause a reduction or withdrawal of the then
      current ratings of the Notes.]

     

    (f)  Subject
      to Sections 7.08(d) and 7.08(d) above, the Securities Administrator acknowledges
      that upon the appointment of a successor Master Servicer pursuant to Section
      8.01, the Securities Administrator shall immediately resign and such successor
      Master Servicer shall automatically become the Securities Administrator under
      this Agreement. Any such successor Master Servicer shall be required to agree
      to
      assume the duties of the Securities Administrator under the terms and conditions
      of this Agreement and the other Operative Agreements in its acceptance of
      appointment as successor Master Servicer. Additionally, the Master Servicer
      acknowledges that upon the appointment of a successor Securities Administrator
      pursuant to this Section 7.08, the Master Servicer shall immediately resign
      and
      such successor Securities Administrator shall automatically become the Master
      Servicer under this Agreement. Any such successor Securities Administrator
      shall
      be required to agree to assume the duties of the Master Servicer under the
      terms
      and conditions of this Agreement and the other Operative Agreements in its
      acceptance of appointment as successor Securities Administrator.

     

    (g)  [The
      Securities Administrator (i) may not be an Originator, Master Servicer,
      Servicer[s], the Depositor or
      an
      affiliate of the Depositor unless the Securities Administrator is in an
      institutional trust department of the Securities Administrator, (ii) must be
      authorized to exercise corporate trust powers under the laws of its jurisdiction
      of organization, and (iii) must be rated at least "A/F1" by Fitch, if Fitch
      is a
      Rating Agency, or the equivalent rating by S&P or Moody's. If no successor
      Securities Administrator shall have been appointed and shall have accepted
      appointment within 90 days after the Securities Administrator ceases to be
      the
      Securities Administrator pursuant to this Section 7.08, then the Indenture
      Trustee shall perform the duties of the Securities Administrator pursuant to
      this Agreement. The Indenture Trustee shall be entitled to receive the same
      amount of compensation as the Securities Administrator in the event that it
      is
      required to perform the duties of Securities Administrator. The Indenture
      Trustee shall notify the Rating Agencies of any change of Securities
      Administrator.]

     

    Section
      7.09.   Action
      upon Termination, Resignation or Removal of the Securities
      Administrator.
      Promptly upon the effective date of termination of this Agreement or the
      resignation or removal of the Securities Administrator pursuant to Section
      7.08
      hereof, the Securities Administrator shall be entitled to be paid all
      reimbursable expenses, including any reasonable out-of-pocket attorneys’ fees,
      accruing to it to the date of such termination, resignation or removal. The
      Securities Administrator shall forthwith upon such termination pursuant to
      Section 7.08 deliver to the successor Securities Administrator all property
      and
      documents of or relating to the Collateral then in the custody of the Securities
      Administrator, or if this Agreement has been terminated, to the Depositor.
      In
      the event of the resignation or removal of the Securities Administrator pursuant
      to Section 7.08, the Securities Administrator shall cooperate with the Issuer
      and take all reasonable steps requested to assist the Issuer in making an
      orderly transfer of the duties of the Securities Administrator.

     

    
      
        
        

      

      
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    ARTICLE
      VIII

     

    MASTER
      SERVICER EVENTS OF DEFAULT

     

    Section
      8.01.   Master
      Servicer Events of Default; Indenture Trustee To Act; Appointment of
      Successor. 

     

    (a)  The
      occurrence of any one or more of the following events shall constitute a “Master
      Servicer Event of Default”:

     

    (i)  [Any
      failure by the Master Servicer to cause to be deposited in the Collection
      Account any amount so required to be deposited pursuant to this Agreement (other
      than a Monthly Advance), and such failure continues unremedied for a period
      of
      three Business Days after the date upon which written notice of such failure,
      requiring the same to be remedied, shall have been given to the Master Servicer;
      or

     

    (ii)  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 which continues unremedied for
      a
      period of 60 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 Indenture Trustee or the Securities Administrator or to the Master
      Servicer and the Indenture Trustee by the Majority Noteholders; 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,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Master Servicer, and such decree or order shall have
      remained in force undischarged or unstayed for a period of [60] days or any
      Rating Agency reduces or withdraws or threatens to reduce or withdraw the rating
      of the Notes because of the financial condition or loan servicing capability
      of
      such Master Servicer; or

     

    
      
        
        

      

      
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    (iv)  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, voluntary liquidation or similar proceedings of or relating to
      the
      Master Servicer or of or relating to all or substantially all of its property;
      or

     

    (v)  The
      Master Servicer shall admit in writing its inability to pay its debts generally
      as they become due, file a petition to take advantage of 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
      Master Servicer shall be dissolved, or shall dispose of all or substantially
      all
      of its assets, or consolidate with or merge into another entity or shall permit
      another entity to consolidate or merge into it, such that the resulting entity
      does not meet the criteria for a successor servicer as specified in Section
      5.19
      hereof; or

     

    (vii)  If
      a
      representation or warranty set forth in Section 5.01 hereof shall prove to
      be
      incorrect as of the time made in any respect that materially and adversely
      affects the interests of the Noteholders, and the circumstance or condition
      in
      respect of which such representation or warranty was incorrect shall not have
      been eliminated or cured within 30 days after the date on which written notice
      of such incorrect representation or warranty shall have been given to the Master
      Servicer by the Indenture Trustee or the Securities Administrator, or to the
      Master Servicer and the Indenture Trustee by the Majority Noteholders;
      or

     

    (viii)  A
      sale or
      pledge of any of the rights of the Master Servicer hereunder or an assignment
      of
      this Agreement by the Master Servicer or a delegation of the rights or duties
      of
      the Master Servicer hereunder shall have occurred in any manner not otherwise
      permitted hereunder and without the prior written consent of the Indenture
      Trustee and the Majority Noteholders; or

     

    (ix)  The
      Master Servicer has notice or actual knowledge that [the/a] Servicer at any
      time
      is not either a Fannie Mae- or Freddie Mac-approved Seller/Servicer, and the
      Master Servicer has not terminated the rights and obligations of such Servicer
      under this Agreement and replaced the Servicer with an Fannie Mae- or Freddie
      Mac-approved servicer within [60] days of the date the Master Servicer receives
      such notice or acquires such actual knowledge; or

     

    (x)  Any
      failure of the Master Servicer to remit to the Securities Administrator any
      Monthly Advance required to be made to the Securities Administrator for the
      benefit of Noteholders under the terms of this Agreement, which failure
      continues unremedied as of the close of business on the Business Day prior
      to a
      Payment Date.

     

    If
      a
      Master Servicer Event of Default described in clauses (i) through (ix) of this
      Section 8.01 shall occur, then, in each and every case, subject to applicable
      law, so long as any such Master Servicer Event of Default shall not have been
      remedied within any period of time prescribed by this Section 8.01, the
      Indenture Trustee, upon obtaining actual knowledge thereof, by notice in writing
      to the Master Servicer may, and shall, if so directed by the Majority
      Noteholders, terminate all of the rights and obligations of the Master Servicer
      hereunder and in and to the Mortgage Loans and the proceeds thereof. If a Master
      Servicer Event of Default described in clause (x) of this Section 8.01 shall
      occur, then, in each and every case, subject to applicable law, so long as
      such
      Master Servicer Event of Default shall not have been remedied within the time
      period prescribed by clause (x) of this Section 8.01, the Indenture Trustee,
      by
      notice in writing to the Master Servicer, shall promptly terminate all of the
      rights and obligations of the Master Servicer hereunder 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,
      and only in its capacity as Master Servicer under this Agreement, whether with
      respect to the Mortgage Loans or otherwise, shall pass to and be vested in
      the
      Indenture Trustee pursuant to and under the terms of this Agreement; and the
      Indenture Trustee is hereby authorized and empowered to execute and deliver,
      on
      behalf of the defaulting Master Servicer as attorney-in-fact or otherwise,
      any
      and all documents and other instruments, and to do or accomplish all other
      acts
      or things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement or assignment
      of
      the Mortgage Loans and related documents or otherwise. The defaulting Master
      Servicer agrees to cooperate with the Indenture Trustee in effecting the
      termination of the defaulting Master Servicer’s responsibilities and rights
      hereunder as Master Servicer including, without limitation, notifying the
      Servicer[s] of the assignment of the master servicing function and providing
      the
      Indenture Trustee or its designee all documents and records in electronic or
      other form reasonably requested by it to enable the Indenture Trustee or its
      designee to assume the defaulting Master Servicer’s functions hereunder and the
      transfer to the Indenture Trustee for administration by it of all amounts which
      shall at the time be or should have been deposited by the defaulting Master
      Servicer in the Collection Account maintained by such defaulting Master Servicer
      and any other account or fund maintained with respect to the Notes or thereafter
      received with respect to the Mortgage Loans. The Master Servicer being
      terminated shall bear all reasonable out-of-pocket costs of a master servicing
      transfer, including but not limited to those of the Indenture Trustee, legal
      fees and expenses, accounting and financial consulting fees and expenses, and
      costs of amending the Agreement, if necessary.]

     

    
      
        
        

      

      
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    The
      Indenture Trustee shall be entitled to be reimbursed from the Master Servicer
      (or by the Trust Estate, if the Master Servicer is unable to fulfill its
      obligations hereunder) for all costs associated with the transfer of servicing
      from the predecessor Master Servicer, including, without limitation, any costs
      or expenses associated with the complete transfer of all servicing data and
      the
      completion, correction or manipulation of such servicing data as may be required
      by the Indenture Trustee to correct any errors or insufficiencies in the
      servicing data or otherwise to enable the Indenture Trustee to master service
      the Mortgage Loans properly and effectively. If the terminated Master Servicer
      does not pay such reimbursement within thirty (30) days of its receipt of an
      invoice therefore, such reimbursement shall be an expense of the Trust Estate
      and the Indenture Trustee shall be entitled to withdraw such reimbursement
      from
      amounts on deposit in the Collection Account pursuant to Section
      5.07(viii);
      provided
      that the
      terminated Master Servicer shall reimburse the Trust Estate for any such expense
      incurred by the Trust Estate; and provided,
      further,
      that
      the Indenture Trustee shall take such action, if any, as provided in the
      Indenture and as directed by the Noteholders pursuant thereto with respect
      to
      pursuing any remedy against any party obligated to make such
      reimbursement.

     

    
      
        
        

      

      
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    Notwithstanding
      the termination of its activities as Master Servicer, each terminated Master
      Servicer shall continue to be entitled to reimbursement to the extent provided
      in Section 5.07 to the extent such reimbursement relates to the period prior
      to
      such Master Servicer’s termination.

     

    If
      any
      Master Servicer Event of Default shall occur, of which a Responsible Officer
      of
      the Indenture Trustee has actual knowledge, the Indenture Trustee shall promptly
      notify each Rating Agency of the nature and extent of such Master Servicer
      Event
      of Default. The Securities Administrator or the Master Servicer shall
      immediately give written notice by facsimile to the Indenture Trustee upon
      the
      Master Servicer’s failure to remit Monthly Advances on the date specified
      herein.

     

    (b)  On
      and
      after the time the Master Servicer receives a notice of termination from the
      Indenture Trustee pursuant to Section 8.01(a) or the Indenture Trustee receives
      the resignation of the Master Servicer evidenced by an Opinion of Counsel
      pursuant to Section 5.20, the Indenture Trustee, unless another master servicer
      shall have been appointed, shall be the successor in all respects to the Master
      Servicer in its capacity as such under this Agreement and the transactions
      set
      forth or provided for herein and shall have all the rights and powers and be
      subject to all the responsibilities, duties and liabilities relating thereto
      and
      arising thereafter placed on the Master Servicer hereunder, including the
      obligation to make Monthly Advances; provided,
      however,
      that
      any failure to perform such duties or responsibilities caused by the Master
      Servicer’s failure to provide information required by this Agreement shall not
      be considered a default by the Indenture Trustee hereunder. In addition, the
      Indenture Trustee shall have no responsibility for any act or omission of the
      Master Servicer prior to the issuance of any notice of termination and shall
      have no liability relating to the representations and warranties of the Master
      Servicer set forth in Section 5.01. In the Indenture Trustee’s capacity as such
      successor, the Indenture Trustee shall have the same limitations on liability
      herein granted to the Master Servicer. As compensation therefor, the Indenture
      Trustee shall be entitled to receive all compensation payable to the Master
      Servicer under this Agreement.

     

    (c)  Notwithstanding
      the above, the Indenture Trustee may, if it shall be unwilling to continue
      to so
      act, or shall, if it is unable to so act, appoint, or petition a court of
      competent jurisdiction to appoint, 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. Such successor Master Servicer may be an Affiliate of the
      Indenture Trustee; provided,
      however,
      that,
      unless such Affiliate meets the net worth requirements and other standards
      set
      forth herein for a successor master servicer, the Indenture Trustee, in its
      individual capacity shall agree, at the time of such designation, to be and
      remain liable to the Issuer and the Indenture Trustee for such Affiliate’s
      actions and omissions in performing its duties hereunder. In connection with
      such appointment and assumption, the Indenture Trustee may make such
      arrangements for the compensation of such successor out of payments on the
      Mortgage Loans as it and such successor shall agree; provided,
      however,
      that no
      such compensation shall be in excess of that permitted to the Master Servicer
      hereunder. The Indenture Trustee and such successor shall take such actions,
      consistent with this Agreement, as shall be necessary to effectuate any such
      succession and may make other arrangements with respect to the servicing to
      be
      conducted hereunder which are not inconsistent herewith. The Master Servicer
      shall cooperate with the Indenture Trustee and any successor master servicer
      in
      effecting the termination of the Master Servicer’s responsibilities and rights
      hereunder including, without limitation, notifying the Servicer[s] of the
      assignment of the master servicing functions and providing the Indenture Trustee
      and successor master servicer, as applicable, all documents and records in
      electronic or other form reasonably requested by it to enable it to assume
      the
      Master Servicer’s functions hereunder and the transfer to the Indenture Trustee
      or such successor master servicer, as applicable, all amounts or investment
      property which shall at the time be or should have been deposited by the Master
      Servicer in the Collection Account and any other account or fund maintained
      with
      respect to the Notes or thereafter be received with respect to the Mortgage
      Loans. Neither the Indenture 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 payment hereunder or any portion thereof caused by
      (i)
      the failure of the Master Servicer to deliver, or any delay in delivering,
      cash,
      documents or records to it, (ii) the failure of the Master Servicer to cooperate
      as required by this Agreement, (iii) the failure of the Master Servicer to
      deliver the Mortgage Loan data to the Indenture Trustee as required by this
      Agreement or (iv) restrictions imposed by any regulatory authority having
      jurisdiction over the Master Servicer. 

     

    
      
        
        

      

      
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    Section
      8.02.   Additional
      Remedies of Indenture Trustee Upon Event of Default.
      During
      the continuance of any Master Servicer Event of Default, so long as such Master
      Servicer Event of Default shall not have been remedied, the Indenture Trustee,
      in addition to the rights specified in Section 8.01, shall have the right,
      in
      its own name and as trustee of an express trust, to take all actions now or
      hereafter existing at law, in equity or by statute to enforce its rights and
      remedies and to protect the interests, and enforce the rights and remedies,
      of
      the Noteholders (including the institution and prosecution of all judicial,
      administrative and other proceedings and the filings of proofs of claim and
      debt
      in connection therewith). Except as otherwise expressly provided in this
      Agreement, no remedy provided for by this Agreement shall be exclusive of any
      other remedy, and each and every remedy shall be cumulative and in addition
      to
      any other remedy, and no delay or omission to exercise any right or remedy
      shall
      impair any such right or remedy or shall be deemed to be a waiver of any Event
      of Default.

     

    Section
      8.03.   Waiver
      of Defaults.
      The
      Majority Noteholders may, on behalf of all Noteholders, waive any default or
      Master Servicer Event of Default by the Master Servicer in the performance
      of
      its obligations hereunder, except that a default in the making of any required
      deposit to the Collection Account that would result in a failure of the
      Securities Administrator to make any required payment of principal of or
      interest on the Notes may only be waived with the consent of 100% of the
      affected Noteholders. Upon any such waiver of a past default, such default
      shall
      cease to exist, and any Event of Default arising therefrom shall be deemed
      to
      have been remedied for every purpose of this Agreement. No such waiver shall
      extend to any subsequent or other default or impair any right consequent thereon
      except to the extent expressly so waived.

     

    
      
        
        

      

      
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    Section
      8.04.   Notification
      to Holders.
      Upon
      termination of the Master Servicer or appointment of a successor to the Master
      Servicer, in each case as provided herein, the Indenture Trustee shall promptly
      mail notice thereof by first class mail to the Noteholders at their respective
      addresses appearing on the applicable Register. The Indenture Trustee shall
      also, within [45] days after the occurrence of any Master Servicer Event of
      Default known to the Indenture Trustee, give written notice thereof to
      Noteholders, unless such Event of Default shall have been cured or waived prior
      to the issuance of such notice and within such [45]-day period.

     

    Section
      8.05.   Directions
      by Noteholders and Duties of Indenture Trustee During Master Servicer Event
      of
      Default.
      During
      the continuance of any Master Servicer Event of Default, the Majority
      Noteholders may direct the time, method and place of conducting any proceeding
      for any remedy available to the Indenture Trustee, or exercising any trust
      or
      power conferred upon the Indenture Trustee, under this Agreement; provided,
      however,
      that
      the Indenture Trustee shall be under no obligation to pursue any such remedy,
      or
      to exercise any of the trusts or powers vested in it by this Agreement
      (including, without limitation, (i) the conducting or defending of any
      administrative action or litigation hereunder or in relation hereto and (ii)
      the
      terminating of the Master Servicer or any successor master servicer from its
      rights and duties as master servicer hereunder) at the request, order or
      direction of any of the Noteholders, unless such Noteholders shall have offered
      to the Indenture Trustee security or indemnity reasonably satisfactory to it
      against the cost, expenses and liabilities which may be incurred therein or
      thereby; and, provided further,
      that,
      the Indenture Trustee shall have the right to decline to follow any such
      direction if the Indenture Trustee, in accordance with an Opinion of Counsel,
      determines that the action or proceeding so directed may not lawfully be taken
      or if the Indenture Trustee in good faith determines that the action or
      proceeding so directed would involve it in personal liability for which it
      is
      not indemnified to its satisfaction or be unjustly prejudicial to the
      non-assenting Noteholders.

     

    Section
      8.06.   Action
      Upon Certain Failures of the Master Servicer and Upon Master Servicer Event
      of
      Default.
      In the
      event that a Responsible Officer of the Indenture Trustee or the Securities
      Administrator shall have actual knowledge of any action or inaction of the
      Master Servicer that would become a Master Servicer Event of Default upon the
      Master Servicer’s failure to remedy the same after notice, the Indenture Trustee
      or Securities Administrator, as applicable, shall give notice thereof to the
      Master Servicer.

     

    
      
        
        

      

      
        129

        
          

        

      

      
        
        

      

    

     

    Section
      8.07.   Preparation
      of Reports. 

     

    (a)  The
      Depositor shall prepare or cause to be prepared the initial current report
      on
      Form 8-K. Thereafter, within [15] days after each Payment Date, the Securities
      Administrator shall, in accordance with industry standards customary for
      securities similar to the Notes as required by the Exchange Act and the rules
      and regulations of the Commission (the “SEC Rules”), file with the Commission
      via the Electronic Data Gathering and Retrieval System (EDGAR), a Form 10-D
      with
      (i) a copy of the statement to the Noteholders for such Payment Date as an
      exhibit thereto and (ii) such other information as is required by Form 10-D,
      including, but not limited to, the information required by Item 1121 (§
229.1121) of Regulation AB, so long as such information is made available to
      the
Administrator
      in a
      format compatible with EDGAR filing requirements.
      Prior to
      January 30, 20[    ], the Securities Administrator shall, in
      accordance with industry standards applicable to the Notes, file a Form 15
      Suspension Notification with respect to the Issuer, if applicable. Prior to
      March 31, 20[    ] and prior to March 31 in each succeeding year
      so long as a Form 15 has not been filed for the prior calendar year, the
      Securities Administrator shall file (and the Master Servicer will execute)
      a
      Form 10-K, in substance conforming to industry standards applicable to the
      Notes, with respect to the Issuer.] The
      Form
      10-K shall include (w) the certification required pursuant to Rule 13a-14 under
      the Exchange Act and any future guidance from the Commission (the “Form 10-K
      Certification”) signed by or on behalf of the Depositor, (x)
      the
      annual certifications delivered by the Indenture Trustee, the Securities
      Administrator, the Master Servicer, the Owner Trustee, the Servicer[s] [(or
      the
      Subservicer on its behalf)], any Subcontractor and the Custodian pursuant to
      this Agreement[, the Subservicing Agreement] and the Trust Agreement, (y) the
      related public accounting firm attestation reports and (z) such other
      information as is required by the SEC Rules and Regulation AB.
      If
      any
      party’s report on assessment of compliance with servicing criteria required by
      clause (x) in the immediately preceding sentence, or the related public
      accounting firm attestation report required by clause (y) in the immediately
      preceding sentence, identifies any material instance of noncompliance with
      the
      servicing criteria specified in paragraph (d) of Item 1122 of Regulation AB
      (§
229.1122(d)), the Securities Administrator shall identify the material instance
      of noncompliance in such report in the Form 10-K; and in the event that the
      Securities Administrator is unable to include any report required by either
      clause (x) or (y) in the immediately preceding sentence in the Form 10-K, the
      Securities Administrator shall disclose such fact in the Form 10-K together
      with
      an explanation as to why such report is not included as an exhibit to the Form
      10-K. The Indenture Trustee and the Securities Administrator shall have no
      liability for any delay in filing the Form 10-K due to the failure of such
      party
      to timely sign the Form 10-K or Form 10-K Certification. The Depositor hereby
      grants, and in the case of the Form 10-K Certification, an Authorized Officer
      of
      the Depositor will grant, to the Master Servicer and the Securities
      Administrator a limited power of attorney to execute and file each such document
      on behalf of the Depositor. Such power of attorney shall continue until either
      the earlier of (i) receipt by the Master Servicer and the Securities
      Administrator from the Depositor of written termination of such power of
      attorney and (ii) the termination of the Issuer. The Depositor agrees to
      promptly furnish to the Securities Administrator, from time to time upon
      request, such further information, reports, and financial statements within
      its
      control related to this Agreement and the Mortgage Loans as the Depositor
      reasonably deems appropriate to prepare and file all necessary reports with
      the
      Commission. The Securities Administrator shall have no responsibility to file
      any items other than those specified in this section.

     

    
      
        
        

      

      
        130

        
          

        

      

      
        
        

      

    

     

    (b)  Each
      person (including their officers or directors) that signs any Form 10-K
      Certification shall be entitled to indemnification from the Trust Estate for
      any
      liability or expense incurred by it in connection with such certification,
      other
      than any liability or expense attributable to such Person’s own bad faith,
      negligence or willful misconduct. The provisions of this subsection shall
      survive any termination of this Agreement and the resignation or removal of
      such
      Person.

     

    (c)  To
      the
      extent that, following the Closing Date, the contents of Forms 8-K, 10-K or
      other Forms required by the Exchange Act and the Rules and Regulations of the
      Commission and the time by which such Forms are required to be filed, differs
      from the provisions of this Agreement, the parties hereto hereby agree that
      each
      shall reasonably cooperate to amend the provisions of this Agreement (in
      accordance with Section 10.03) in order to comply with such amended reporting
      requirements and such amendment of this Agreement. Any such amendment may result
      in the reduction of the reports filed by the Servicer[s] under the Exchange
      Act.
      Notwithstanding the foregoing, none of the Depositor, the Master Servicer,
      the
      Servicer[s] or the Securities Administrator shall be obligated to enter into
      any
      amendment pursuant to this Section that adversely affects its obligations and
      immunities under this Agreement.

     

    ARTICLE
      IX

     

    TERMINATION 

     

    Section
      9.01.   Termination. The
      respective obligations and responsibilities of the Master Servicer, the
      Securities Administrator, the Depositor, the Issuer, the Servicer[s] and the
      Indenture Trustee created hereby (other than obligations expressly stated to
      survive the termination of the Trust) shall terminate on the day after the
      day
      on which the Notes are paid in full (including payment pursuant to Section
      9.02
      below) (the “Termination Date”).

     

    Section
      9.02.   Termination
      Prior to Maturity Date; Optional Redemption. 

     

    (a)  [On
      any
      Payment Date occurring on or after the Initial Purchase Date, the Residual
      Holder shall have the option to purchase the Mortgage Loans, any REO Property
      and any other property remaining in the Trust for a price equal to the
      Termination Price. The Master Servicer and the Servicer[s] will be reimbursed
      from the Termination Price for any outstanding Monthly Advances, Servicing
      Advances and unpaid Servicing Fees and other amounts not previously reimbursed
      pursuant to the provisions of this Agreement, as applicable, and the Securities
      Administrator, the Owner Trustee, the Indenture Trustee, the Custodian [and
      the
      Swap Counterparty] shall be reimbursed for any previously unreimbursed amounts
      for which they are entitled to be reimbursed pursuant to this Agreement, the
      Indenture, the Custodial Agreement, the Trust Agreement [or any Swap Agreement],
      as applicable. If such option is exercised, the Trust will be terminated
      resulting in a mandatory redemption of the Notes. The Residual Holder shall
      deliver written notice of its intention to exercise such option to the Issuer,
      the Securities Administrator, the Indenture Trustee and the Master Servicer
      not
      less than [30] days prior to the applicable Payment Date. If the Residual Holder
      fails to exercise such option on the Initial Purchase Date, the Note Interest
      Rate for each Class of Notes will be increased as set forth in the table in
      the
      Preliminary Statement herein beginning on the Step-up Date and for each Payment
      Date thereafter.

     

    
      
        
        

      

      
        131

        
          

        

      

      
        
        

      

    

     

    In
      connection with such purchase, the Residual Holder shall direct the Servicer[s]
      to remit to the Master Servicer all amounts then on deposit in the Custodial
      Account (other than amounts permitted to be withdrawn by it pursuant to Section
      4.02(e)) for deposit to the Collection Account.

     

    (b)  Promptly
      following any such purchase pursuant to paragraph (a) of this Section and
      receipt of an Officer’s Certificate of the Residual Holder that the purchase
      price has been deposited in the Collection Account, the Indenture Trustee or
      the
      Custodian shall release the Mortgage Files to the purchaser of such Mortgage
      Loans pursuant to this Section 9.02, or otherwise upon its order.]

     

    Section
      9.03.   Certain
      Notices upon Final Payment. The
      Master Servicer or the Securities Administrator, as applicable, shall give
      the
      Issuer, the Indenture Trustee, the Owner Trustee, each Rating Agency, [the
      Swap
      Counterparty], each Noteholder and the Depositor at least [thirty (30)] days’
prior written notice of the date on which the Trust is expected to terminate
      in
      accordance with Section 9.01, or the date on which the Notes will be redeemed
      in
      accordance with Section 9.02. Not later than the fifth Business Day in the
      Collection Period in which the final payment in respect to the Notes is payable
      to the Noteholders, the Securities Administrator shall mail to the Noteholders
      a
      notice specifying the procedures with respect to such final payment. The
      Securities Administrator on behalf of the Indenture Trustee shall give a copy
      of
      such notice to each Rating Agency at the time such notice is given to
      Noteholders. Following the final payment thereon, such Notes shall become void,
      no longer outstanding and no longer evidence any right or interest in the
      Mortgage Loans, the Mortgage Files or any proceeds of the
      foregoing.

     

    ARTICLE
      X

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      10.01.   Binding
      Nature of Agreement; Assignment.
      This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and permitted assigns.

     

    Section
      10.02.   Entire
      Agreement.
      This
      Agreement contains the entire agreement and understanding among the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof. The express terms hereof control and supersede any course
      of performance and/or usage of the trade inconsistent with any of the terms
      hereof.

     

    
      
        
        

      

      
        132

        
          

        

      

      
        
        

      

    

     

    Section
      10.03.   Amendment.

     

    (a)  This
      Agreement may be amended from time to time by the parties hereto, [without
      notice to or the consent of the Swap Counterparty (except to the extent that
      the
      rights or obligations of the Swap Counterparty hereunder or under any Swap
      Agreement are affected thereby, and except to the extent the ability of the
      Securities Administrator on behalf of the Trust to perform fully and timely
      its
      obligations under any Swap Agreement is adversely affected, in which case prior
      written consent of the Swap Counterparty is required)] or any of the Holders
      of
      the Notes, (i) to cure any ambiguity, (ii) to cause the provisions herein to
      conform to or be consistent with or in furtherance of the statements made with
      respect to the Notes, the Trust or this Agreement in any Offering Document,
      or
      to correct or supplement any provision herein which may be inconsistent with
      any
      other provisions herein or in any other Operative Agreement, to make any other
      provisions with respect to matters or questions arising under this Agreement,
      (iii) to make any other provision with respect to matters or questions arising
      under this Agreement (iv) to add, delete, or amend any provisions to the extent
      necessary or desirable relating to any Class of Notes issued pursuant to a
      supplemental indenture to the Indenture that is subordinate in rights of payment
      of interest and principal to each Class of Notes issued pursuant to the
      Indenture on the Closing Date, or (v) to add, delete, or amend any provisions
      to
      the extent necessary or desirable to comply with any requirements imposed by
      the
      Code or ERISA and applicable regulations. No such amendment effected pursuant
      to
      the preceding sentence shall, as evidenced by an Opinion of Counsel (which
      shall
      be an expense of the party requesting such amendment and shall not be an expense
      of the Trust or the Indenture Trustee), (1) affect the status of the Notes
      as
      debt for federal income tax purposes and (2) nor shall such amendment effected
      pursuant to clauses (iii) or (iv) of such sentence adversely affect in any
      material respect the interests of any Holder. Prior to entering into any
      amendment without the consent of Holders pursuant to this paragraph, the
      Indenture Trustee may require an Opinion of Counsel (at the expense of the
      party
      requesting such amendment) to the effect that such amendment is permitted under
      this paragraph. Any such amendment shall be deemed not to adversely affect
      in
      any material respect any Holder, if the Indenture Trustee receives written
      confirmation from each Rating Agency that such amendment will not cause such
      Rating Agency to reduce the then current rating assigned to the
      Notes.

     

    (b)  This
      Agreement may also be amended from time to time by the parties hereto, with
      the
      consent of the Noteholders representing [66-2/3]% Voting Interests 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; provided,
      however,
      that no
      such amendment may (i) reduce in any manner the amount of, or delay the timing
      of, payments which are required to be paid on any Class of Notes, without the
      consent of the Noteholders of such Class or (ii) reduce the aforesaid
      percentages of Class Principal Amount of Notes, the Holders of which are
      required to consent to any such amendment without the consent of the Holders
      of
      100% of the Class Principal Amount of the Notes. For purposes of this paragraph,
      references to “Holder” or “Holders” shall be deemed to include, in the case of
      Book-Entry Notes, the related Note Owners.

     

    
      
        
        

      

      
        133

        
          

        

      

      
        
        

      

    

     

    (c)  Promptly
      after the execution of any such amendment, the Indenture Trustee shall furnish
      written notification of the substance of such amendment to each Holder, the
      Depositor and to each Rating Agency.

     

    (d)  It
      shall
      not be necessary for the consent of Holders under this Section 10.03 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 Holders
      shall be subject to such reasonable regulations as the Indenture Trustee may
      prescribe.

     

    Section
      10.04.   Acts
      of Noteholders.
      Except
      as otherwise specifically provided herein, whenever Noteholder action, consent
      or approval is required under this Agreement, such action, consent or approval
      shall be deemed to have been taken or given on behalf of, and shall be binding
      upon, all Noteholders if the Majority Noteholders agree to take such action
      or
      give such consent or approval.

     

    Section
      10.05.   Recordation
      of Agreement.
      To the
      extent permitted by applicable law, this Agreement, or a memorandum thereof
      if
      permitted under applicable law, 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 properties subject to the
      Mortgages are situated, and in any other appropriate public recording office
      or
      elsewhere, such recordation to be effected by the Depositor on direction and
      at
      the expense of Holders of not less than 66-2/3% of the Note Principal Balance
      of
      the Notes and of the Holder of the Ownership Certificate requesting such
      recordation, but only when accompanied by an Opinion of Counsel to the effect
      that such recordation materially and beneficially affects the interests of
      the
      Noteholders, or is necessary for the administration or servicing of the Mortgage
      Loans.

     

    Section
      10.06.   Governing
      Law.
      THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
      THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
      AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
      SUCH LAWS.

     

    
      
        
        

      

      
        134

        
          

        

      

      
        
        

      

    

     

    Section
      10.07.   Notices.
      All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given if mailed by overnight courier, addressed as
      follows or delivered by facsimile (or such other address as may hereafter be
      furnished to the other party by like notice): 

     

    (i)  if
      to the
      Seller:

     

    [Taylor,
      Bean & Whitaker Mortgage Corp.

    101
      NE
      2nd
      Street

    Ocala,
      Florida 34470]

    Attention:
      [        ]

    Facsimile:
      [         ]

    

    with
      a
      copy to:

    

    [Taylor,
      Bean & Whitaker Mortgage Corp.

    101
      NE
      2nd
      Street

    Ocala,
      Florida 34470

    Attention:
      General Counsel

    Facsimile:
      [       ]]

     

    (ii)  if
      to the
      Servicer[s]:

     

    a)
      [Taylor, Bean & Whitaker Mortgage Corp.

    101
      NE
      2nd
      Street

    Ocala,
      Florida 34470]

    Attention:
      [        ]

    Facsimile:
      [        ]

    

    with
      a
      copy to:

    

    [Taylor,
      Bean & Whitaker Mortgage Corp.

    101
      NE
      2nd
      Street

    Ocala,
      Florida 34470

    Attention:
      General Counsel

    Facsimile:
      [       ]    ]

    

    b)
      [       ]

     

    (iii)  if
      to the
      Master Servicer:

     

    [                               
        ]

    [                                 
      ]

     

    (iv)  if
      to the
      Securities Administrator:

     

    [                                  ]

    [                                
       ]

     

    
      
        
        

      

      
        135

        
          

        

      

      
        
        

      

    

     

    (v)  if
      to the
      Indenture Trustee:

     

    [                                 
      ]

    [                                 
      ]

     

     

    if
      to the
      Depositor:

     

    TBALT
      Corp.

    1690
      Stone Village Lane, No. 102

    Kennesaw,
      Georgia 30152

    Attention:
      [        ]

    Facsimile:
      [        ]

    

    with
      a
      copy to:

    

    TBALT
      Corp.

    1690
      Stone Village Lane, No. 102

    Kennesaw,
      Georgia 30152

    Attention:
      [       ]

    Facsimile:
      [        ]

    

    (vi)  if
      to the
      Issuer:

     

    [                                 
      ]

    [                                 
      ]

     

    All
      demands, notices and communications to a party hereunder shall be in writing
      and
      shall be deemed to have been duly given when delivered to such party at the
      relevant address, facsimile number or electronic mail address set forth above
      or
      at such other address, facsimile number or electronic mail address as such
      party
      may designate from time to time by written notice in accordance with this
      Section 10.07.

     

    Section
      10.08.   Severability
      of Provisions.
      If any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed 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 Notes or the rights of the Holders thereof.

     

    Section
      10.09.   Indulgences;
      No Waivers.
      Neither
      the failure nor any delay on the part of a party to exercise any right, remedy,
      power or privilege under this Agreement shall operate as a waiver thereof,
      nor
      shall any single or partial exercise of any right, remedy, power or privilege
      preclude any other or further exercise of the same or of any other right,
      remedy, power or privilege, nor shall any waiver of any right, remedy, power
      or
      privilege with respect to any occurrence be construed as a waiver of such right,
      remedy, power or privilege with respect to any other occurrence. No waiver
      shall
      be effective unless it is in writing and is signed by the party asserted to
      have
      granted such waiver.

     

    
      
        
        

      

      
        136

        
          

        

      

      
        
        

      

    

     

    Section
      10.10.   Headings
      Not To Affect Interpretation.
      The
      headings contained in this Agreement are for convenience of reference only,
      and
      they shall not be used in the interpretation hereof.

     

    Section
      10.11.   Benefits
      of Agreement.
      Nothing
      in this Agreement or in the Notes, express or implied, shall give to any Person,
      other than the parties to this Agreement and their successors hereunder and
      the
      Holders of the Notes, any benefit or any legal or equitable right, power, remedy
      or claim under this Agreement. Notwithstanding the foregoing, (i) the Owner
      Trustee shall be an express third party beneficiary of this Agreement and (ii)
      the Residual Holder shall be an express third party beneficiary with respect to
      Section 9.02.

     

    Section
      10.12.   Special
      Notices to [the Swap Counterparty and] the Rating Agencies.

     

    (a)  The
      Servicer[s] shall give prompt notice to [the Swap Counterparty and] each Rating
      Agency of the occurrence of any of the following events of which it has
      notice:

     

    (vii)  any
      amendment to this Agreement pursuant to Section 10.03; and

     

    (viii)  the
      making of a final payment hereunder.

     

    (b)  All
      notices to the Rating Agencies provided for by this Section shall be in writing
      and sent by first class mail, telecopy or overnight courier, as
      follows:

     

    if
      to
      [          ]:

     

    [                                             
      ]

    [                                             
      ]

     

    if
      to
      [          ]:

     

    [                                             
      ]

    [                                             
      ]

     

    if
      to
      [          ]:

     

    [                                             
      ]

    [                                             
      ]

     

    (c)  The
      Securities Administrator shall make available to [the Swap Counterparty and]
      the
      Rating Agencies each report prepared pursuant to Section 5.08.

     

    
      
        
        

      

      
        137

        
          

        

      

      
        
        

      

    

     

    Section
      10.13.   Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original, and all of which together shall constitute one and
      the
      same instrument.

     

    Section
      10.14.   Agreement
      of the Issuer.
      The
      Issuer hereby acknowledges and agrees that, to the extent that the Issuer is
      deemed to have any interest in any assets of the Depositor that constitute
      the
      assets of the trust for any other series of securities with respect to which
      the
      Depositor acts as depositor:

     

    (a)  the
      interest of the Issuer in such assets is subordinate to claims or rights of
      the
      holders of such other series of securities to such assets; and

     

    (b)  this
      Agreement constitutes a subordination agreement for purposes of Section 510(a)
      of the Bankruptcy Code.

     

    Section
      10.15.   Execution
      by the Issuer.
      It is
      expressly understood and agreed by the parties hereto that (a) this Agreement
      is
      executed and delivered by [        ], not
      individually or personally but solely as Owner Trustee of the Issuer, in the
      exercise of the powers and authority conferred and vested in it as trustee,
      (b)
      each of the representations, undertakings and agreements herein made on the
      part
      of the Issuer is made and intended not as personal representations, undertakings
      and agreements by [        ] but is made and
      intended for the purpose of binding only the Issuer, (c) nothing herein
      contained shall be construed as creating any liability on
      [        ], individually or personally, to
      perform any covenant either expressed or implied contained herein, all such
      liability, if any, being expressly waived by the parties hereto and by any
      person claiming by, through or under the parties hereto and (d) under no
      circumstances shall [         ] be
      personally liable for the payment of any indebtedness or expenses of the Issuer
      or be liable for the breach or failure of any obligation, representation,
      warranty or covenant made or undertaken by the Issuer under this Agreement
      or
      any other document.

     

    
      
        
        

      

      
        138

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective officers hereunto duly authorized as of the day and year
      first above written.

    
      	 	 	 
	 	
              TBW
                MORTGAGE TRUST [    ], 

              as Issuer

            
	 	 	 
	 	
              By:

            	
              [     
                ], not in its individual capacity but solely 

              as
                Owner Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
[     
                ]
	 	Title: 
               [       
              ]

    

     

    
      	 	 	 
	 	
              TBALT
                CORP., 

              as Depositor

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
[        ]
	 	Title:  
              [       
              ]

    

     

    
      	 	 	 
	 	
              [   
                ], not in its individual capacity but solely as

              Indenture
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
[    
                 ]
	 	Title:  
              [    
                 ]

    

     

    
      	 	 	 
	 	
              [   
                ],
                

              as
                Securities Administrator and Master Servicer

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
[     
                ]
	 	Title:  
              [      
               ]

    

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

      

        
          	
                  [             
                     ]

                	
                  )

                
	 	
                  )ss.:

                
	
                  [             
                     ]

                	
                  )

                

        

      

    

     

    On
      the
      [    ]th day of [    ] before me, a notary public
      in and for said State, personally appeared [    ] known to me to
      be a [    ] of [    ] that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation and acknowledged to me that such corporation executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 	 
	 	 	[     
                ]
	 	
              
                

              

              Notary
                Public

            
	[SEAL]	 

    

         

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      
        	
                [         
                    ]

              	
                )

              
	 	
                )ss.:

              
	
                [         
                    ]

              	
                )

              

      

       

    

    On
      the
      [    ]th day of [    ] before me, a notary public
      in and for said State, personally appeared [    ] known to me to
      be a [    ] of [    ] that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation and acknowledged to me that such corporation executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
       

      
        	 	 	 
	 	 	[   
                ]
	 	
                
                  

                

                Notary
                  Public

              
	[SEAL]	 

      

       

         

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    

      
        	
                [STATE
                  OF GEORGIA]

              	
                )
                  

              
	 	
                )ss.:

              
	
                [COUNTY
                  OF FULTON] 

              	
                )

              

      

    

     

    On
      the
      [    ] before me, a notary public in and for said State,
      personally appeared [    ] known to me to be an
      [    ] of TBALT Corp., one of the corporations that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      
        	 	 	 
	 	 	[   
                ]
	 	
                
                  

                

                Notary
                  Public

              
	[Notarial
                Seal]	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      

        
          	
                  [           
                    ]

                	
                  )

                
	 	
                  )ss.:

                
	
                  [            ]

                	
                  )

                

        

      

    

     

    On
      the
      [    ]th day of [    ] before me, a notary public
      in and for said State, personally appeared [    ] known to me to
      be a [    ] of [    ] that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation and acknowledged to me that such corporation executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
       

      
        	 	 	 
	 	 	[   
                ]
	 	
                
                  

                

                Notary
                  Public

              
	[SEAL]	 

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
       

      
        
          
            	
                    [         
                        ]

                  	
                    )

                  
	 	
                    )ss.:

                  
	
                    [         
                        ]

                  

          

           

        

      

    

    On
      the
      [    ]th day of [    ] before me, a notary public
      in and for said State, personally appeared [    ] known to me to
      be a [    ] of [    ] that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation and acknowledged to me that such corporation executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
       

      
        	 	 	 
	 	 	[   
                ]
	 	
                
                  

                

                Notary
                  Public

              
	[SEAL]	 

      

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-1

    

    FORM
      OF
      INITIAL CERTIFICATION

    

      
        	 	
                                                

              	 
	 	
                Date

              	 

      

    

    
    

    [        
         ]

    [        
         ]

    

    TBALT
      Corp.

    1690
      Stone Village Lane, No. 102

    Kennesaw,
      Georgia 30152

    Attention:
      [    ]

     

    
      	
            	Re:	
              Transfer
                and Servicing Agreement (the “Transfer and Servicing Agreement”) dated as
                of [      ] by and among TBALT Corp., as
                Depositor, [      ], as Indenture Trustee,
                [        ], as Securities Administrator
                and Master Servicer, TBW Mortgage
                Trust [       ], as Issuer[,] [[and] Taylor,
                Bean & Whitaker Mortgage Corp.], as Seller and [a] Servicer [and
                [        ], as a
                Servicer]

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [2.02(a)] of
      the
      Transfer and Servicing Agreement, subject to review of the contents thereof,
      the
      undersigned, as Custodian, hereby certifies that it has received the documents
      listed in Section [2.01(c)] of
      the
      Transfer and Servicing Agreement for each Mortgage File pertaining to each
      Mortgage Loan listed on Schedule A to the Transfer and Servicing Agreement,
      subject to any exceptions noted on Schedule I hereto.

     

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Transfer and Servicing Agreement.
      This certificate is subject in all respects to the terms of Section [2.02]
      of
      the Transfer and Servicing Agreement and the Transfer and Servicing Agreement
      sections cross-referenced therein.

    
      	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:

	 	Title:

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-2

     

    FORM
      OF INTERIM CERTIFICATION

    
      

        
          	 	
                                                  

                	 
	 	
                  Date

                	 

        

      

    

     

    [           
      ]

    [        
         ]

    

    TBALT
      Corp.

    1690
      Stone Village Lane, No. 102

    Kennesaw,
      Georgia 30152

    Attention:
      [    ]

     

    
      	
            	Re:	
              Transfer
                and Servicing Agreement (the “Transfer and Servicing Agreement”) dated as
                of [      ] by and among TBALT Corp., as
                Depositor, [    ], as Indenture Trustee,
                [      ], as Securities Administrator and Master
                Servicer, TBW Mortgage
                Trust [      ], as Issuer[,] [[and] Taylor, Bean
                & Whitaker Mortgage Corp.], as Seller and [a] Servicer [and
                [      ], as a
                Servicer]

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [2.02(b)] of
      the
      Transfer and Servicing Agreement, the undersigned, as Custodian, hereby
      certifies that as to each Mortgage Loan listed in the Mortgage Loan Schedule
      (other than any Mortgage Loan paid in full or listed on Schedule I hereto)
      it
      (or its custodian) has received the applicable documents listed in Section
      [2.01(c)] of the Transfer and Servicing Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents identified above and has determined that
      each such document appears regular on its face and appears to relate to the
      Mortgage Loan identified in such document.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Transfer and Servicing Agreement. This certificate is qualified
      in
      all respects by the terms of said Transfer and Servicing Agreement including,
      but not limited to, Section [2.02(b)].

    
      
        	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:

	 	Title:

      

       

       

      
        
          
          

        

        
          A-2-1

          
            

          

        

        
          
          

        

      

    

    EXHIBIT
      A-3

     

    FORM
      OF
      FINAL CERTIFICATION

    
      
        

          
            	 	
                                                    

                  	 
	 	
                    Date

                  	 

          

        

      

       

      [           
        ]

    

    [        
         ]

    

    TBALT
      Corp.

    1690
      Stone Village Lane, No. 102

    Kennesaw,
      Georgia 30152

    Attention:
      [    ]

     

    
      	
            	Re:	
              Transfer
                and Servicing Agreement (the “Transfer and Servicing Agreement”) dated as
                of [    ] by and among TBALT Corp., as Depositor,
                [    ], as Indenture Trustee, [    ], as
                Securities Administrator and Master Servicer, TBW Mortgage
                Trust [    ], as Issuer[,] [[and] Taylor, Bean &
                Whitaker Mortgage Corp.], as Seller and [a] Servicer [and
                [    ], as a
                Servicer]

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [2.02(d)] of the Transfer and Servicing Agreement,
      the
      undersigned, as Custodian on behalf of the Indenture Trustee, hereby certifies
      that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than
      any Mortgage Loan paid in full or listed on Schedule I hereto) it (or its
      custodian) has received the applicable documents listed in Section [2.01(c)]
      of
      the Transfer and Servicing Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed above and has determined that
      each
      such document appears to be complete and, based on an examination of such
      documents, the information set forth in the Mortgage Loan Schedule is correct.
      

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Transfer and Servicing Agreement. This certificate is qualified
      in
      all respects by the terms of said Transfer and Servicing Agreement.

    
      
        	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:

	 	Title:

      

    

    

     

    
      
        
        

      

      
        A-3-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-4

     

    FORM
      OF
      ENDORSEMENT

     

    Pay
      to
      the order of [   
      ],
      as
      indenture trustee (the “Indenture Trustee”) under the Transfer and Servicing
      Agreement dated as of [   
      ]
      by and
      among TBALT Corp., as Depositor, the Indenture Trustee, [   
      ],
      as
      Securities Administrator and Master Servicer, TBW Mortgage Trust [   
      ],
      as
      Issuer[,]
      [[and]
      Taylor,
      Bean & Whitaker Mortgage Corp.], as
      Seller
      and [a] Servicer [and [    ], as a Servicer], relating
      to TBW Mortgage Trust [   
      ]
      Mortgage
      Backed Notes without recourse.

    
      
        
          	 	 	 
	 	 
	 	
                  
[current
                  signatory on note]
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
Name:

	 	Title:

        

      

    

    

    

    
      
        
        

      

      
        A-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-5

    

    REQUEST
      FOR RELEASE

    

    [   
      ]

    [   
      ]

    

    [   
      ]

    [   
      ]

     

    
      	 	
              Re:

            	
              Transfer
                and Servicing Agreement (the “Transfer and Servicing Agreement”) dated as
                of [    ] by and among TBALT Corp., as Depositor,
                [    ], as Indenture Trustee, [    ], as
                Securities Administrator and Master Servicer, TBW Mortgage
                Trust [    ], as Issuer[,] [[and] Taylor, Bean &
                Whitaker Mortgage Corp.], as Seller and [a] Servicer [and
                [    ], as a
                Servicer]

            

    

    

    In
      connection with the administration of the Mortgage Loans held by the Custodian
      for the benefit of the Indenture Trustee pursuant to the above-captioned
      Transfer and Servicing Agreement, we request the release, and hereby acknowledge
      receipt, of the Mortgage File for the Mortgage Loan described below, for the
      reason indicated.

    

    Mortgage
      Loan Number:

    

    Mortgagor
      Name, Address & Zip Code:

    

    Reason
      for Requesting Documents (check one):

    

      
        	
                _____

              	 	
                1.

              	 	
                Mortgage
                  Paid in Full and proceeds have been deposited into the Collection
                  Account

              
	 	 	 	 	 
	
                _____

              	 	
                2.

              	 	
                Foreclosure

              
	 	 	 	 	 
	
                _____

              	 	
                3.

              	 	
                Substitution

              
	 	 	 	 	 
	
                _____

              	 	
                4.

              	 	
                Other
                  Liquidation

              
	 	 	 	 	 
	
                _____

              	 	
                5.

              	 	
                Nonliquidation                                
                  Reason:

              

      

    

    

      	 	 	 
	 	By:  	 
	 	
              
Name:
	 	Title:
	 	 
	 	Issuer:
	 	
              
                

              

            
	 	Address: 
	 	
              
                

              

            

    

    

    

    
      
        
        

      

      
        A-5-1

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      B

     

    FORM
      OF
      LOST NOTE AFFIDAVIT

    

    I,
      _________________________________________, being duly sworn, do hereby state
      under oath that:

    

    1. I
      am a
      duly elected ______________________ of [Taylor, Bean & Whitaker Mortgage
      Corp.] (the “Company”) and am duly authorized to make this
      affidavit.

    

    2. This
      affidavit is being delivered in connection with the transfer of the Mortgage
      Loan described in Paragraph 3 hereof by the Company pursuant to the Transfer
      and
      Servicing Agreement, dated as of [    ], among TBW Mortgage Trust
      [    ], as Issuer, TBALT Corp., as Depositor, [   
], as Master Servicer and as Securities Administrator, [Taylor, Bean &
Whitaker Mortgage Corp.] as Seller and [a] Servicer[, [    ], as
      a Servicer] and [    ], as Indenture Trustee, relating to the
      TBWMortgage Trust [    ] Mortgage Backed Notes (the “Agreement”).

    

    3. The
      ______________ is the payee under the following described Mortgage Note
      (“Mortgage Note”) which evidences the obligation of the borrower(s) to repay the
      Mortgage Loan:

     

    Loan
      Number: __________________________________

    Mortgage
      Note Date:_____________________________

    Borrower(s):
      ___________________________________

    Original
      Payee (if not the Company): ___________

    Original
      Amount:________________________________

    Mortgage
      Rate: _________________________________

    Address
      of Mortgaged Property: _________________

    ________________________________________________

    

    4. The
      Company is the lawful owner of the Mortgage Note and has not cancelled, altered,
      assigned or hypothecated the Mortgage Note.

    

    5. A
      thorough and diligent search for the executed original Mortgage Note was
      undertaken and was unsuccessful.

    

    6. Attached
      hereto is a true and correct copy of the Mortgage Note. 

    

    7. The
      Mortgage Note has not been endorsed by the Company in any manner inconsistent
      with its transfer of the Mortgage Loan under the Mortgage Loan Purchase
      Agreement.

    

    8. Without
      limiting the generality of the rights and remedies of the Indenture Trustee
      contained in the Agreement, the Company hereby confirms and agrees that in
      the
      event the inability to produce the executed original Mortgage Note results
      in a
      breach of the representations, warranties and covenants appearing in Exhibit
      A
      to the Mortgage Loan Purchase Agreement and Section [3.01] of the Agreement,
      the
      Company shall repurchase the Mortgage Loan at the Purchase Price and otherwise
      in accordance with Section [3.03] of the Agreement. In addition, the Company
      covenants and agrees to indemnify the Indenture Trustee and the Trust from
      and
      hold them harmless against any and all losses, liabilities, damages, claims
      or
      expenses arising from the Company’s failure to have delivered the Mortgage Note
      to the Indenture Trustee, including without limitation any such losses,
      liabilities, damages, claims or expenses arising from any action to enforce
      the
      indebtedness evidenced by the Mortgage Note or any claim by any third party
      who
      is the holder of such indebtedness by virtue of possession of the Mortgage
      Note.

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    

    9. In
      the
      event that the Company locates the executed original Mortgage Note, it shall
      promptly provide the Mortgage Note to the Indenture Trustee.

    

    10. Capitalized
      terms used but not otherwise defined herein shall have the meanings given to
      them in the Agreement.

    

    
      	Date:
              _______________________	 	 
	 
 	 
 	 

              
(signature)
	 	 	 
	 	 	 
	 	
              
(print
              name)
	 	 
	 	 
	 	
              
(print
              title)
	 	 

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    CUSTODIAL
      AGREEMENT

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    CUSTODIAL
      ACCOUNT LETTER AGREEMENT

    
      
        

          
            	 	
                            ______________
                      __,
                      ____                       

                  
	 	
                     

                  

          

        

      

       

    

     

    
      
        	
                To:

              	               
                	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
                (the
                  “Depository”)

              	 

      

    

    
       

    

    As
      Servicer[s] under the Transfer and Servicing Agreement dated as of
      [    ], by and among TBALT Corp., as Depositor, you, as Indenture
      Trustee, [    ], as Securities Administrator and Master Servicer,
      TBW Mortgage
      Trust [    ], as Issuer[,] [[and] Taylor, Bean & Whitaker
      Mortgage Corp.], as Seller and [a] Servicer [and [    ], as a
      Servicer] (the “Transfer and Servicing Agreement”), we hereby authorize and
      request you to establish an account, as a Custodial Account pursuant to Section
      [4.02(d)] of the Transfer and Servicing Agreement, designated as “Taylor, Bean
& Whitaker Mortgage Corp. in trust for [    ], as Indenture
      Trustee for the TBW Mortgage
      Trust [    ].” All deposits in the account shall be subject to
      withdrawal therefrom by order signed by the Servicer[s]. This letter is
      submitted to you in duplicate. Please execute and return one original to
      us.

     

    
      	 	 	 
	 	
              [TAYLOR,
                BEAN
                & WHITAKER 

              MORTGAGE
                CORP.]

              Servicer

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name: 
	 	
              
                

              

              Title: 

            
	 	
              
                

              

              Date: 

            
	 	
              
                

              

            
	 	[    ]
	 	Servicer
	 	 
	 	By: 	 
	 	 	
              
Name: 
	 	 	
              
                

              

              Title: 

            
	 	 	
              
                

              

              Date: 

            
	 	 	
              
                

              

            

    

     

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    The
      undersigned, as Depository, hereby certifies that the above described account
      has been established under Account Number __________, at the office of the
      Depository indicated above, and agrees to honor withdrawals on such account
      as
      provided above. 

     

    
      	 	 	 
	 	
              
                

              

              Depository

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name: 
	 	Title: 
	 	Date: 

    

     

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      E

     

    ESCROW
      ACCOUNT LETTER AGREEMENT

    
      
        
          

            
              	 	
                              ______________
                        __,
                        ____                       

                    
	 	
                       

                    

            

          

        

        
           

          
             

            
              
                	
                        To:

                      	      
	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
                        (the
                          “Depository”)

                      	 

              

            

          

        

      

    

    

    As
      Servicer[s] under the Transfer and Servicing Agreement dated as of
      [    ], by and among TBALT Corp., as Depositor, you, as Indenture
      Trustee, [    ], as Securities Administrator and Master Servicer,
      TBW Mortgage Trust [    ], as Issuer[,] [[and] Taylor, Bean &
Whitaker Mortgage Corp.] as Seller and Servicer [and [    ], as
      Servicer] (the “Transfer and Servicing Agreement”), we hereby authorize and
      request you to establish an account, as an Escrow Account pursuant to Section
      [4.02(f)] of the Transfer and Servicing Agreement, designated as “Taylor, Bean
& Whitaker Mortgage Corp. in trust for [    ], as Indenture
      Trustee for the TBW Mortgage
      Trust [    ].” All deposits in the account shall be subject to
      withdrawal therefrom by order signed by the Servicer[s]. This letter is
      submitted to you in duplicate. Please execute and return one original to
      us.

    
       

      
        	 	 	 
	 	
                [TAYLOR,
                  BEAN
                  & WHITAKER 

                MORTGAGE
                  CORP.]

                Servicer

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name: 
	 	
                
                  

                

              
	 	 
	 	
                [    ]

                Servicer

              
	 	 
	 	By: 	 
	 	 	
                
Name: 

      

       

    

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    The
      undersigned, as Depository, hereby certifies that the above described account
      has been established under Account Number ______, at the office of the
      Depository indicated above, and agrees to honor withdrawals on such account
      as
      provided above. 

    
       

      
        	 	 	 
	 	
                
                  

                

                Depository

              
	 
 	 
 	 
 
	 	By:  	 
	 	 	
                

              
	 	Name: 	
              
	 	 	
                

              

      

       

       

      
        
          
          

        

        
          E-2

          
            

          

        

        
          
          

        

      

    

    EXHIBIT
      F

    

    [INSERT
      FORMS OF SERVICING REMITTANCE REPORTS]

     

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

    

    MORTGAGE
      LOAN SCHEDULE

     

    
      
        
        

      

      
        Sch
          II-A-1

        
          

        

      

      
        
        

      

    

    [SCHEDULE
      B

    

    REVOLVING
      CREDIT LOAN SCHEDULE]

     

    
      
        
        

      

      
        Sch
          II-B-1Unassociated Document

    Exhibit
      4.3

     

    TBALT
      CORP., as Depositor

     

    [    
      ],

    as
      Securities Administrator and Master Servicer

     

    [TAYLOR,
      BEAN & WHITAKER MORTGAGE CORP.],
      as
      Seller and Servicer

     

    [     ],
      as Servicer

     

    and
      

     

    [     ],
      as Trustee

     

    
    

    
      

    

     

    FORM
      OF

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of [     ]

     

    
      
 

    TBW
      MORTGAGE TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES [     ]

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    

    TABLE
      OF CONTENTS

     

    
      	 	 	
              Page

            
	 	 	 
	
              ARTICLE
                I

              DEFINITIONS

            
	 
	
              Section
                1.01.
                Definitions

            	 	
              3

            
	
              Section
                1.02.
                Calculations With Respect to the Mortgage Loans

            	 	
              35

            
	
              Section
                1.03.
                Calculations With Respect to Accrued Interest

            	 	
              35

            
	 
	
              ARTICLE
                II

              CONVEYANCE
                OF MORTGAGE LOANS

            
	 
	
              Section
                2.01.
                Creation and Declaration of Trust Fund; Conveyance of Mortgage
                Loans

            	 	
              36

            
	
              Section
                2.02.
                Acceptance of Trust Fund; Review of Documentation

            	 	
              40

            
	
              Section
                2.03.
                Grant Clause

            	 	
              42

            
	
              Section
                2.04.
                Option to Contribute Derivative Instrument

            	 	
              44

            
	
              Section
                2.05.
                The Certificates

            	 	
              44

            
	
              Section
                2.06.
                Certificate Register; Registration of Transfer and Exchange of
                Certificates

            	 	
              45

            
	
              Section
                2.07.
                Mutilated, Destroyed, Lost or Stolen Certificates

            	 	
              50

            
	
              Section
                2.08.
                Persons Deemed Owners

            	 	
              50

            
	
              Section
                2.09.
                Access to List of Certificateholders’ Names and Addresses

            	 	
              50

            
	
              Section
                2.10.
                Maintenance of Office or Agency

            	 	
              51

            
	 
	
              ARTICLE
                III

              REPRESENTATIONS
                AND WARRANTIES

            
	 
	
              Section
                3.01.
                Representations and Warranties of the Depositor and the
                Seller

            	 	
              51

            
	
              Section
                3.02.
                Discovery of Breach

            	 	
              53

            
	
              Section
                3.03.
                Repurchase, Purchase or Substitution of Mortgage Loans

            	 	
              53

            
	 
	
              ARTICLE
                IV

              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS BY THE SERVICER[S]

            
	 
	
              Section
                4.01.
                Servicer[s] to Perform Servicing Responsibilities

            	 	
              54

            
	
              Section
                4.02.
                Servicing of the Mortgage Loans

            	 	
              55

            
	
              Section
                4.03.
                Payments to the Master Servicer

            	 	
              71

            
	
              Section
                4.04.
                General Servicing Procedures

            	 	
              73

            
	
              Section
                4.05.
                Representations, Warranties and Agreements

            	 	
              77

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                4.06.
                The Servicer[s]

            	 	
              80

            
	
              Section
                4.07.
                Termination for Cause

            	 	
              83

            
	
              Section
                4.08.
                Successor to [a] Servicer

            	 	
              84

            
	
              Section
                4.09.
                [Subservicers and Subservicing Agreements; Subcontractors]

            	 	
              86

            
	
              Section
                4.10.
                Superior Liens

            	 	
              87

            
	 
	
              ARTICLE
                V

              ADMINISTRATION
                AND MASTER SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER

              AND
                THE SECURITIES ADMINISTRATOR

            
	 
	
              Section
                5.01.
                Duties of the Master Servicer; Representations and
                Warranties

            	 	
              88

            
	
              Section
                5.02.
                Master Servicer Fidelity Bond and Master Servicer Errors and Omissions
                Insurance 

                                     
                Policy

            	 	
              90

            
	
              Section
                5.03.
                Master Servicer’s Financial Statements and Related
                Information

            	 	
              91

            
	
              Section
                5.04.
                Power to Act; Procedures

            	 	
              91

            
	
              Section
                5.05.
                Enforcement of Servicer’s and Master Servicer’s
                Obligations

            	 	
              92

            
	
              Section
                5.06.
                Collection Account

            	 	
              93

            
	
              Section
                5.07.
                Application of Funds in the Collection Account

            	 	
              94

            
	
              Section
                5.08.
                Reports to Trustee and Certificateholders

            	 	
              96

            
	
              Section
                5.09.
                Termination of Servicer; Successor Servicers

            	 	
              101

            
	
              Section
                5.10.
                Master Servicer Liable for Enforcement

            	 	
              101

            
	
              Section
                5.11.
                Assumption of Master Servicing by Trustee

            	 	
              102

            
	
              Section
                5.12.
                Release of Mortgage Files

            	 	
              102

            
	
              Section
                5.13.
                Documents, Records and Funds in Possession of Master Servicer to
                be Held
                for 

                                     
                Trustee

            	 	
              103

            
	
              Section
                5.14.
                Opinion

            	 	
              105

            
	
              Section
                5.15.
                Trustee To Retain Possession of Certain Insurance Policies and
                Documents

            	 	
              105

            
	
              Section
                5.16.
                Compensation to the Master Servicer

            	 	
              105

            
	
              Section
                5.17.
                Annual Officer’s Certificate as to Compliance

            	 	
              105

            
	
              Section
                5.18.
                Annual Independent Accountants’ Servicing Report

            	 	
              106

            
	
              Section
                5.19.
                Merger or Consolidation

            	 	
              107

            
	
              Section
                5.20.
                Resignation of Master Servicer

            	 	
              107

            
	
              Section
                5.21.
                Assignment or Delegation of Duties by the Master Servicer

            	 	
              107

            
	
              Section
                5.22.
                Limitation on Liability of the Master Servicer and Others

            	 	
              108

            
	
              Section
                5.23.
                Indemnification; Third Party Claims

            	 	
              109

            
	
              Section
                5.24.
                Alternative Index

            	 	
              109

            
	
              Section
                5.25.
                Transfer of Servicing

            	 	
              109

            
	
              Section
                5.26.
                Compliance with Safeguarding Customer Information
                Requirements

            	 	
              110

            
	
              Section
                5.27.
                REO Property

            	 	
              111

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                VI

              DEPOSITS
                AND PAYMENTS TO HOLDERS

            
	 
	
              Section
                6.01.
                The Distribution Account

            	 	
              112

            
	
              Section
                6.02.
                Payments from the Distribution Account

            	 	
              113

            
	
              Section
                6.03.
                Monthly Advances by Master Servicer and Servicer

            	 	
              115

            
	
              Section
                6.04. [Cap
                Agreements

            	 	
              116

            
	
              Section
                6.05.
                Allocation of Losses

            	 	
              117

            
	
              Section
                6.06.
                The Basis Risk Reserve Fund

            	 	
              117

            
	
              Section
                6.07.
                The Capitalized Interest Account

            	 	
              118

            
	
              Section
                6.08.
                [The Pre-Funding Account] [The Revolving Account]

            	 	
              118

            
	 
	
              ARTICLE
                VII

              CONCERNING
                THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

            
	 
	
              Section
                7.01.
                Duties of Trustee and the Securities Administrator

            	 	
              119

            
	
              Section
                7.02.
                Certain Matters Affecting the Trustee and the Securities
                Administrator

            	 	
              121

            
	
              Section
                7.03.
                Neither Trustee nor Securities Administrator Liable for Certificates
                or
                Mortgage 

                      Loans

            	 	
              123

            
	
              Section
                7.04.
                Trustee and Securities Administrator May Own Certificates

            	 	
              123

            
	
              Section
                7.05.
                Fees and Expenses of the Trustee, the Securities Administrator and
                Others

            	 	
              123

            
	
              Section
                7.06.
                Eligibility Requirements for the Trustee and the Securities
                Administrator

            	 	
              124

            
	
              Section
                7.07.
                Resignation and Removal of Trustee or Securities
                Administrator

            	 	
              124

            
	
              Section
                7.08.
                Successor Trustee or Securities Administrator

            	 	
              125

            
	
              Section
                7.09.
                Merger or Consolidation of Trustee or Securities
                Administrator

            	 	
              126

            
	
              Section
                7.10.
                Appointment of Co-Trustee or Separate Trustee

            	 	
              126

            
	
              Section
                7.11.
                Tax Matters

            	 	
              128

            
	
              Section
                7.12.
                REMIC-Related Covenants

            	 	
              130

            
	
              Section
                7.13.
                Reporting Requirements of the Commission and
                Indemnification

            	 	
              131

            
	 
	
              ARTICLE
                VIII

              MASTER
                SERVICER EVENTS OF DEFAULT132

            
	 
	
              Section
                8.01.
                Master Servicer Events of Default; Trustee To Act; Appointment of
                Successor

            	 	
              131

            
	
              Section
                8.02.
                Additional Remedies of Trustee Upon Event of Default

            	 	
              136

            
	
              Section
                8.03.
                Waiver of Defaults

            	 	
              136

            
	
              Section
                8.04.
                Notification to Holders

            	 	
              136

            
	
              Section
                8.05.
                Directions by Certificateholders and Duties of Trustee During Master
                Servicer 

                      Event
                of Default

            	 	
              136

            
	
              Section
                8.06.
                Action Upon Certain Failures of the Master Servicer and Upon Master
                Servicer 

                      Event
                of Default

            	 	
              137

            
	
              Section
                8.07.
                Preparation of Reports

            	 	
              137

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                IX

              TERMINATION

            
	 
	
              Section
                9.01.
                Termination

            	 	
              138

            
	
              Section
                9.02.
                Optional Termination of the Trust Fund

            	 	
              139

            
	
              Section
                9.03.
                Certain Notices upon Final Payment

            	 	
              139

            
	
              Section
                9.04.
                Additional Termination Requirements

            	 	
              140

            
	 
	
              ARTICLE
                X

              MISCELLANEOUS
                PROVISIONS

            
	 
	
              Section
                10.01.
                Binding Nature of Agreement; Assignment

            	 	
              140

            
	
              Section
                10.02.
                Entire Agreement

            	 	
              140

            
	
              Section
                10.03.
                Amendment

            	 	
              141

            
	
              Section
                10.04.
                Acts of Certificateholders

            	 	
              142

            
	
              Section
                10.05.
                Recordation of Agreement

            	 	
              142

            
	
              Section
                10.06.
                Governing Law

            	 	
              142

            
	
              Section
                10.07.
                Notices

            	 	
              142

            
	
              Section
                10.08.
                Severability of Provisions

            	 	
              144

            
	
              Section
                10.09.
                Indulgences; No Waivers

            	 	
              144

            
	
              Section
                10.10.
                Headings Not To Affect Interpretation

            	 	
              145

            
	
              Section
                10.11.
                Benefits of Agreement

            	 	
              145

            
	
              Section
                10.12.
                Special Notices to the Rating Agencies

            	 	
              145

            
	
              Section
                10.13.
                Counterparts

            	 	
              145

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

       

    

    ATTACHMENTS

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Initial Certification

            
	
              Exhibit
                A-2

            	
              Form
                of Interim Certification

            
	
              Exhibit
                A-3

            	
              Form
                of Final Certification

            
	
              Exhibit
                A-4

            	
              Form
                of Endorsement

            
	
              Exhibit
                A-5

            	
              Form
                of Request For Release

            
	
              Exhibit
                B

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                C

            	
              Custodial
                Agreement 

            
	
              Exhibit
                D

            	
              Custodial
                Account Letter Agreement 

            
	
              Exhibit
                E

            	
              Escrow
                Account Letter Agreement

            
	
              Exhibit
                F

            	
              Standard
                Layout For Monthly Defaulted Loan Report

            
	 	 
	
              Schedule
                A

            	
              Mortgage
                Loan Schedule

            
	
              [Schedule
                B

            	
              Revolving
                Credit Loans Schedule]

            

    

     

    
      
        
        

      

      
        v

        
          

        

      

       

    

    

    This
      POOLING AND SERVICING AGREEMENT, dated as of [     ] (this
“Agreement” or this “Pooling and Servicing Agreement”), is by and among TBALT
      CORP., a Delaware corporation, as depositor (the “Depositor”),
      [     ], as trustee (the “Trustee”),
      [     ], as securities administrator (in such capacity, the
“Securities Administrator”) and master servicer (in such capacity, the “Master
      Servicer”) [, [     ], as a servicer (a “Servicer”)] and
      [TAYLOR, BEAN & WHITAKER MORTGAGE CORP.], a [Florida] corporation, as seller
      (in such capacity, the “Seller”) and [a] servicer (in such capacity, [the/a]
“Servicer” and together with [     ], the
“Servicers”).

     

    PRELIMINARY
      STATEMENT

     

    WHEREAS,
      the Depositor has acquired all of the rights, title and interest of the Seller
      in certain conventional, first and second lien, adjustable rate, residential
      mortgage loans identified in Schedule A hereto (the “Mortgage Loans”) from the
      Seller pursuant to the Mortgage Loan Purchase Agreement, and at the Closing
      Date
      is the owner of the Mortgage Loans and the other property being conveyed by
      it
      to the Trustee hereunder for inclusion in the Trust Fund; 

     

    WHEREAS,
      the Depositor has duly authorized the execution and delivery of this Agreement
      to provide for the conveyance to the Trustee of the Mortgage Loans and the
      other
      property constituting the Trust Fund;

     

    WHEREAS,
      on the Closing Date, the Depositor will acquire the Certificates from the
      Trustee as consideration for its transfer to the Trustee of the Mortgage Loans
      and the other property constituting the Trust Fund; 

     

    WHEREAS,
      the Depositor desires that the Servicer[s] service the Mortgage Loans upon
      such
      transfer to the Trustee pursuant to this Agreement, and the Servicer[s]
      [has/have] agreed to do so;

     

    WHEREAS,
      the Master Servicer shall be obligated under this Agreement, among other things,
      to supervise the servicing of the Mortgage Loans on behalf of the Trust Fund,
      and shall have the right, under certain circumstances, to terminate the rights
      and obligations of the Servicer[s] under this Agreement upon the occurrence
      and
      continuance of a Servicing Event of Default as provided herein;

     

    WHEREAS,
      the parties hereto acknowledge and agree that, at the direction of the
      Depositor, the Seller will assign all of its rights with respect to the Mortgage
      Loans to the Trustee;

     

    WHEREAS,
      the Depositor desires to have the Securities Administrator perform certain
      duties consistent with the terms of this Agreement;

     

    WHEREAS,
      the Securities Administrator has the capacity to provide the services required
      hereby and is willing to perform such services on the terms set forth herein;
      and

     

    WHEREAS,
      the Trustee is accepting the Trust Fund created hereby.

     

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

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    PRELIMINARY
      STATEMENT

     

    [REMIC
      TAX ANALYSIS TO BE PROVIDED FOR EACH TRANSACTION]

     

    The
      following table sets forth (or describes) the class designation, Certificate
      Interest Rate, initial Class Principal Amount and minimum denomination for
      each
      Class of Certificates issued pursuant to this Agreement:

     

    
      	
               

              Class

              Designation

            	 	
               

              Certificate
                Interest Rate

            	 	
              Initial

              Class
                Principal Amount or Class Notional Amount

            	 	
               

              Minimum

              Denominations

            	 
	
              Class
                [     ]

            	 	 	
              (1)

            	
               

            	
               

            	
              
                $[    
                  ]

              

            	
               

            	
              $

            	
              [    
                ]

            	
               

            
	
              Class
                [     ]

            	 	 	
              (2)

            	
               

            	
               

            	
              
                $[    
                  ]

              

            	
               

            	
              $

            	
              [    
                ]

            	
               

            
	
              Class
                [     ]

            	 	 	
              (3)

            	
               

            	
               

            	
              
                $[    
                  ]

              

            	
               

            	
              $

            	
              [    
                ]

            	
               

            

    

    
       

      
        

      

    

    
      	
              (1)

            	
              [The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class [    
                ] Certificates
                is the per annum rate equal to the least of (i) LIBOR plus [    
                ]% per
                annum, (ii) the Maximum Certificate Interest Rate and (iii) the Available
                Funds Rate with respect to such Distribution Date;
                provided,
                that the per annum rate calculated pursuant to clause (i) above with
                respect to the Class [    
                ]
                Certificates will be equal to LIBOR plus [    
                ]%
                per annum beginning on the Step-up Date (and the related Accrual
                Period)
                and on each Distribution Date (and the related Accrual Period)
                thereafter.]

            

    

     

    
      	
              (2)

            	
              [The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class [    
                ] Certificates
                is the per annum rate equal to the least of (i) LIBOR plus [    
                ]% per
                annum, (ii) the Maximum Certificate Interest Rate and (iii) the Available
                Funds Rate with respect to such Distribution Date;
                provided,
                that the per annum rate calculated pursuant to clause (i) above with
                respect to the Class [    
                ]
                Certificates will be equal to LIBOR plus [    
                ]%
                per annum beginning on the Step-up Date (and the related Accrual
                Period)
                and on each Distribution Date (and the related Accrual Period)
                thereafter.]

            

    

     

    
      	
              (3)

            	
              [The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class [    
                ] Certificates
                is the per annum rate equal to the least of (i) LIBOR plus [    
                ]% per
                annum, (ii) the Maximum Certificate Interest Rate and (iii) the Available
                Funds Rate with respect to such Distribution Date;
                provided,
                that the per annum rate calculated pursuant to clause (i) above with
                respect to the Class [    
                ]
                Certificates will be equal to LIBOR plus [    
                ]%
                per annum beginning on the Step-up Date (and the related Accrual
                Period)
                and on each Distribution Date (and the related Accrual Period)
                thereafter.]

            

    

    

    [May
      vary
      in accordance with transaction.]

    
      
        
        

      

      
        2

        
          

        

      

       

    

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01. Definitions.
      The
      following words and phrases, unless the context otherwise requires, shall have
      the following meanings:

     

    Accepted
      Servicing Practices:
      With
      respect to any Mortgage Loan, those mortgage loan servicing practices (including
      collection procedures) of prudent mortgage banking institutions which service
      mortgage loans of the same type as such Mortgage Loan in the jurisdiction where
      the related Mortgaged Property is located, and which are in accordance with
      Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
      defined in the Fannie Mae Guides including future updates.

     

    Accountant:
      A
      Person engaged in the practice
      of
      accounting who (except when this Agreement provides that an Accountant must
      be
      Independent) may be employed by or affiliated with the Depositor or an Affiliate
      of the Depositor.

     

    Accounts:
      Any or
      all of the Custodial Accounts, the Escrow Accounts, the Collection Account,
      the
      Certificate Account, [the Capitalized Interest Account], [the Pre-Funding
      Account], [the Revolving Account] and any other accounts created or maintained
      by the Master Servicer, the Securities Administrator or the Servicer[s] pursuant
      to this Agreement.

     

    Accrual
      Period:
      With
      respect to any Distribution Date and any Class of Certificates, the period
      beginning on immediately preceding Distribution Date (or on the Closing Date,
      in
      the case of the first Accrual Period) and ending on the day immediately
      preceding the related Distribution Date.

     

    [Addition
      Notice:
      With
      respect to each sale of [Subsequent Mortgage Loans] [Additional Mortgage Loans]
      to the Trustee on behalf of the Trust Fund pursuant to Section
      [     ] of this Agreement, a notice from the Depositor
      substantially in the form of Exhibit [     ] hereto
      delivered to the Trustee, the Master Servicer, the Securities Administrator,
      the
      Custodian and each Rating Agency.

     

    [Additional
      Mortgage Loan:
      A
      Mortgage Loan that is conveyed as of the Transfer Date to the Trust by the
      Depositor pursuant to a Transfer Supplement to the Mortgage Loan Purchase
      Agreement, which Mortgage Loan shall be identified in such Transfer Supplement
      as a Additional Mortgage Loan and added by the Depositor to the Mortgage Loan
      Schedule.]

     

    Adjustment
      Date:
      With
      respect to any Mortgage Loan, the date on which an adjustment is made to the
      Monthly Payment to correspond to an adjustment in the related Mortgage
      Note.

     

    [Advance
      Reimbursement Shortfall Amount:
      As
      defined in Section 4.02(a).]

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    Agreement:
      This
      Pooling and Servicing Agreement and all amendments and supplements
      hereto.

     

    Ancillary
      Income:
      All
      income derived from the Mortgage Loans, excluding Servicing
      Fees
      attributable to the Mortgage Loans and other amounts treated as payment proceeds
      of the Mortgage Loans, including but not limited to, late charges, fees received
      with respect to checks or bank drafts returned by the related bank for
      non-sufficient funds, assumption fees, optional insurance administrative fees
      and all other incidental fees and charges.

     

    Applied
      Loss Amount:
      The
      amount by which the aggregate Class Principal Amount of the Offered Certificates
      exceeds the Pool Balance for any Distribution Date after giving effect to all
      Realized Losses incurred with respect to the Mortgage Loans during the related
      Collection Period and distributions of principal on such Distribution
      Date.

     

    Appraised
      Value:
      With
      respect to any Mortgaged Property, the value thereof as determined by an
      appraisal made for the originator of the Mortgage Loan at the time of
      origination of the Mortgage Loan by an appraiser who met the requirements of
      the
      Servicer[s] and Fannie Mae, or as determined by use of an automated valuation
      model.

     

    Assignment
      of Mortgage:
      An
      assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form, which is sufficient under the laws of the jurisdiction wherein
      the related Mortgaged Property is located to reflect of record the sale of
      the
      Mortgage, which assignment, notice of transfer or equivalent instrument may
      be
      in the form of one or more blanket assignments covering Mortgages secured by
      Mortgaged Properties located in the same county, if permitted by
      law.

     

    Available
      Funds Rate:
      [With
      respect to any Distribution Date and the Certificates, the per annum rate equal
      to the product of (1) (a) 360 divided
      by
      (b) the
      actual number of days in the Accrual Period, and (2) (a) Interest Funds for
      such
      Distribution Date, divided
      by
      (b) the
      aggregate Class Principal Amount of the Certificates as of the first day of
      the
      related Accrual Period.][May vary in accordance with transaction.]

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Authorized
      Officer:
      Any
      Person who may execute
      an
      Officer’s Certificate on behalf of the Trustee or the Trust Fund.

     

    Bankruptcy:
      As to
      any Person, the making of an assignment for the benefit of creditors, the filing
      of a voluntary petition in bankruptcy, adjudication as a bankrupt or insolvent,
      the entry of an order for relief in a bankruptcy or insolvency proceeding,
      the
      seeking of reorganization, arrangement, composition, readjustment, liquidation,
      dissolution or similar relief, or seeking, consenting to or acquiescing in
      the
      appointment of a trustee, receiver or liquidator, dissolution, or termination,
      as the case may be, of such Person pursuant to the provisions of either the
      Bankruptcy Code, or any other similar state laws.

     

    Bankruptcy
      Code:
      The
      United States Bankruptcy Code of 1986, as amended.

     

    Bankruptcy
      Loss:
      Any loss
      resulting from a bankruptcy court, in connection with a personal bankruptcy
      of a
      borrower, (1) establishing the value of a Mortgaged Property at an amount less
      than the Outstanding Principal Balance of the Mortgage Loan secured by such
      Mortgaged Property or (2) reducing the amount of the Monthly Payment on the
      related Mortgage Loan, in each case, as reported by the Servicer[s] to the
      Master Servicer.

     

    Basis
      Risk Payment:
      With
      respect to any Distribution Date, an amount equal to the sum of (i) any Basis
      Risk Shortfall for such Distribution Date, (ii) any Unpaid Basis Risk Shortfall
      for such Distribution Date and (iii) any Required Reserve Fund Amount for such
      Distribution Date. The amount of the Basis Risk Payment for any Distribution
      Date cannot exceed the amount of Monthly Excess Cashflow otherwise available
      for
      distribution pursuant to Section [[   ]] of this Agreement.

     

    Basis
      Risk Reserve Fund:
      A fund
      created as part of the Trust
      Fund
      pursuant to Section [[   ]] of this Agreement but which is not an
      asset of any of the REMICs.

     

    Basis
      Risk Shortfall:
      [With
      respect to each Distribution Date and any Class of Certificates, an
      amount
      equal to the sum of (1) the excess, if any, of (a) Current Interest calculated
      without regard to the Available Funds Rate over (b) the aggregate of interest
      accrued on such Class at an interest rate equal to the Available Funds Rate,
      (2)
      any amount described in clause (1) above for such Class remaining unpaid from
      prior Distribution Dates and (3) interest on the amount in clause (2) above
      at
      such Class's applicable Certificate Interest Rate (without regard to the
      Available Funds Rate).]

     

    Basis
      Risk Shortfall Carryforward Amount:
      With
      respect to each Class of Certificates and any Distribution Date, an amount
      equal
      to the aggregate amount of Basis Risk Shortfall for such Class of Certificates
      on such Distribution Date, plus any unpaid Basis Risk Shortfall for such Class
      of Certificates from prior Distribution Dates, plus interest thereon at the
      Certificate Interest Rate for such Distribution Date for such Class for the
      related Accrual Period, to the extent previously unpaid from Monthly Excess
      Cashflow [or from proceeds of the Cap Agreements].

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Book-Entry
      Certificates:
      Beneficial interests in Certificates
      designated as “Book-Entry Certificates” in this Agreement, ownership and
      transfers of which shall be evidenced or made through book entries by a
      Depository; provided
      that after
      the
      occurrence of a condition whereupon book-entry registration and transfer are
      no
      longer permitted and Definitive Certificates are to be issued to Certificate
      Owners, such Book-Entry Certificates shall no longer be “Book-Entry
      Certificates.” As of the Closing Date, the following Classes of Certificates
      constitute Book-Entry Certificates: the Class [A], Class [M] and Class [B]
      Certificates.

     

    Business
      Day:
      Any day
      other than (i) a Saturday or a Sunday or (ii) a day on which banking
      institutions in New York, New York or, if other than New York, the city in
      which
      the Corporate Trust Office of the Trustee is located, or the States of Delaware,
      Florida,
      Maryland, Massachusetts, Minnesota or Texas are authorized
      or
      obligated by law or executive order to be closed.

     

    [Cap
      Account:
      A
      separate account established and maintained by the Securities Administrator
      for
      the benefit of the Certificateholders pursuant to Section 6.05.]

     

    [Cap
      Agreement Distribution Date:
      With
      respect to any Cap Agreement, one Business Day immediately prior to the related
      Distribution Date, beginning with the Distribution Date in [    
      ]
      and
      ending with the Distribution Date in [    
      ].]

     

    [Cap
      Agreements:
      The
      interest rate cap agreements dated on or before the Closing Date between the
      Trustee and the Cap Counterparty.]

     

    [Cap
      Counterparty:
      [     ].]

     

    [Capitalized
      Interest Account:
      The
      capitalized interest account established by the [Securities Administrator]
      for
      the benefit of the [Certificateholders and the Depositor].]

     

    [Capitalized
      Interest Requirement:
      As to
      any Distribution Date to and including the Distribution Date following the
      end
      of the Pre-Funding Period and each Mortgage Pool, an amount equal to the product
      of (i) the weighted average Net Mortgage Rate of the Mortgage Loans in such
      Mortgage Pool divided by 12, multiplied by (ii) the excess of (a) the balance
      in
      the related Pre-Funding Account as of the Closing Date over (b) the aggregate
      Scheduled Principal Balance of the Subsequent Mortgage Loans included in the
      related Mortgage Pool that will have a scheduled interest payment included
      in
      the Interest Funds for such Distribution Date.]

     

    [Cap
      Receipt:
      With
      respect to any Cap Agreement Distribution Date, any amount received from the
      Cap
      Counterparty under any Cap Agreement.]

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Carryforward
      Interest:
      With
      respect to any Distribution Date and each Class of Certificates, the
      sum
      of (i) the amount, if any, by which (x) the sum of (A) Current Interest for
      such Class for the immediately preceding Distribution Date and (B) any unpaid
      Carryforward Interest for such Class from previous Distribution Dates exceeds
      (y) the amount distributed in respect of interest on such Class on such
      immediately preceding Distribution Date, and (ii) interest on such amount for
      the related Accrual Period at the applicable Certificate Interest
      Rate.

     

    Certificate:
      Any
      of
      the Class [    ], Class [     ] and Class
      [     ] Certificates and the Residual Certificates issued
      pursuant to this Agreement.

     

    Certificate
      Interest Rate:
      With
      respect to each Class of Certificates and any Distribution Date, the applicable
      per annum rate set forth or described in the Preliminary Statement
      hereto.

     

    Certificate
      Owner
      or
Owner:
      With
      respect to a Book-Entry Certificate, the Person who is the owner of such
      Book-Entry Certificate, as reflected on the books of the Depository, or on
      the
      books of a Person maintaining an account with such Depository (directly or
      as an
      indirect participant, in accordance with the rules of such Depository) and
      with
      respect to any other Class of Certificates, the Certificateholder.

     

    Certificateholder:
      The
      meaning provided in the definition
      of
“Holder.”

     

    Certificate
      Principal Amount:
      With
      respect to any Certificate (other than the Class R Certificates),
      the initial Certificate Principal Amount thereof on the Closing Date, less
      the
      amount of all principal distributions previously distributed with respect to
      such Certificate and, in the case of the Subordinate Certificates, any Applied
      Loss Amount previously allocated to such Certificate; provided,
      however,
      that on
      each Distribution Date on which a Subsequent Recovery is distributed, the
      Certificate Principal Amount of any Subordinate Certificate whose Certificate
      Principal Amount has previously been reduced by application of any Applied
      Loss
      Amount shall be increased, in order of seniority, by an amount (to be applied
      pro
      rata
      to all
      Certificates of such Class) equal to the lesser of (i) any Deferred Amount
      for
      each such Class immediately prior to such Distribution Date and (ii) the total
      amount of any Subsequent Recovery distributed on such Distribution Date to
      Certificateholders, after application (for this purpose) to any more senior
      Classes of Certificates. The Class R Certificate is issued without a Certificate
      Principal Amount.

     

    Certificate
      Register
      and
Certificate
      Registrar:
      The
register
      maintained and the registrar appointed pursuant to Section 2.06.

     

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

     

    Class:
      All
      Certificates bearing the same class designation.

     

    Class
      [ __] Principal Distribution Amount:
      [With
      respect to any Distribution Date on or after the Stepdown Date, as long as
      a
      Trigger Event has not occurred with respect to such Distribution Date, an amount
      equal to the excess of (x) the aggregate Class Principal Amount of the Class
      [  
       ]
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) [    
      ]%
      and
      (ii) the aggregate Scheduled Principal Balance of the Mortgage Loans as of
      the
      last day of the related Collection Period and (B) the aggregate Scheduled
      Principal Balance of the Mortgage Loans as of the last day of the related
      Collection Period minus
      the
      Overcollateralization Floor.]

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    Class
      [     ]
      Principal Distribution Amount:
      [With
      respect to any Distribution Date on or after the Stepdown Date, as long as
      a
      Trigger Event has not occurred with respect to such Distribution Date,
an
      amount
      equal to the lesser of (x) the remaining Principal Distribution Amount for
      that
      Distribution Date after payment of the Class [    ] Principal
      Distribution Amount and (y) the excess, if any, of (A) the sum of (1) the
      aggregate Class Principal Amount of the Class [     ]
      Certificates (after taking into account the payment of the Class
      [     ] Principal Distribution Amount for such Distribution
      Date) and (2) the Class Principal Amount of the Class [   
 ] Certificates immediately prior to such Distribution Date, over (B) the
      lesser of (a) the product of (i) approximately [    ]% and (ii)
      the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last
      day of the related Collection Period, and (b) the aggregate Scheduled Principal
      Balance of the Mortgage Loans as of the last day of the related Collection
      Period minus
      the
      Overcollateralization Floor.]

     

    Class
      [     ]
      Principal Distribution Amount:
      [With
      respect to any Distribution Date on or after the Stepdown Date, as long as
      a
      Trigger Event has not occurred with respect to such Distribution Date,
an
      amount
      equal to the lesser of (x) the remaining Principal Distribution Amount for
      that
      Distribution Date after payment of the Class [    
]Principal Distribution Amount and the Class [     ]
      Principal Distribution Amount and (y) the excess, if any, of (A) the sum of
      (1)
      the aggregate Class Principal Amount of the Class [     ]
      Certificates (after taking into account the payment of the Class
      [     ] Principal Distribution Amount for such Distribution
      Date), (2) the Class Principal Amount of the Class [     ]
      Certificates (after taking into account the payment of the Class
      [     ] Principal Distribution Amount for such Distribution
      Date) and (3) the Class Principal Amount of the Class [   
 ] Certificates immediately prior to such Distribution Date, over (B) the
      lesser of (a) the product of (i) approximately [     ]% and
      (ii) the aggregate Scheduled Principal Balance of the Mortgage Loans as of
      the
      last day of the related Collection Period, and (b) the aggregate Scheduled
      Principal Balance of the Mortgage Loans as of the last day of the related
      Collection Period minus
      the
      Overcollateralization Floor.

     

    Class
      Principal Amount:
      With
      respect to any Class of
      Certificates as of any Distribution Date, its initial Class Principal Amount
      as
      of the Closing Date, as reduced by all amounts previously paid on that Class
      in
      respect of principal prior to such Distribution Date.

     

    Class
      R Certificate:
      Each
      Class R Certificate executed by the Trustee, and authenticated and delivered
      by
      the Certificate Registrar, substantially in the form annexed hereto as Exhibit
      A
      and evidencing the ownership of the [Class LT1-R Interest], [Class LT2-R
      Interest], [Class LT3-R Interest] and the residual interest in the Upper Tier
      REMIC.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Clearing
      Agency:
      An
      organization registered as a “clearing agency” pursuant to Section 17A of the
      Exchange Act, as amended. As of the Closing Date, the Clearing Agency shall
      be
      The Depository Trust Company.

     

    Closing
      Date:
      [   
       ].

     

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

     

    Collection
      Account:
      A
      separate account maintained by the Master Servicer established in the name
      of
      the Trustee and for the benefit of the Certificateholders pursuant to Section
      5.06.

     

    Collection
      Period:
      [With
      respect to any Distribution Date, the one-month period commencing on the second
      day of the calendar month immediately preceding the month in which such
      Distribution Date occurs and ending on the first day
      of the
      month in which such Distribution Date occurs].

     

    Combined
      Loan-to-Value Ratio:
      With
      respect to a Second Lien Mortgage Loan, at any time, the ratio, expressed as
      a
      percentage, of the sum of (1) the principal balance of such Mortgage Loan and
      (2) the principal balance of the related first lien mortgage loan, each as
      of
      the applicable date of determination, to (a) in the case of a purchase, the
      lesser of the sale price of the Mortgaged Property and its appraised value
      at
      the time of sale or (b) in the case of a refinancing or modification, the
      appraised value of the Mortgaged Property at the time of the refinancing or
      modification.

     

    Commission:
      The
      United States Securities and Exchange Commission.

     

    Compensating
      Interest Payment:
      With
      respect to any Distribution Date, an amount equal to the lesser of (x) the
      aggregate Prepayment Interest Shortfall Amount with respect to such Distribution
      Date and (y) the aggregate Servicing
      Fee
      payable
      to the Servicer[s] in respect of such Distribution Date.

     

    Condemnation
      Proceeds:
      All
      awards of settlements in respect of a Mortgaged Property, whether permanent
      or
      temporary, partial or entire, by exercise of the power of eminent domain or
      condemnation, to the extent not required to be released to a Mortgagor in
      accordance with the terms of the related mortgage loan documents.

     

    [Conforming
      Balance Mortgage Loan:
      A First
      Lien Mortgage Loan that has a Scheduled Principal Balance as of the Cut-off
      Date
      that is less than or equal to the Fannie Mae maximum original loan amount
      limitation for one-to four-family Mortgaged Properties for the applicable
      jurisdiction in which the Mortgaged Property is located.]

     

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

     

    Corporate
      Trust Office:
      With
      respect to (i) the Securities Administrator, the Certificate Registrar, the
      principal corporate trust office of the Securities Administrator which, for
      purposes of presentment of Securities for transfer and exchange and final
      payment, is located at [    
      ];
      and
      (iii) the Trustee, the principal office of the Trustee at which at any
      particular time its corporate trust business shall be administered, which office
      at the date of execution of this Agreement is located at
      [     ],
      or at
      such other address as the Trustee may designate from time to time by notice
      to
      the Certificateholders, or the principal corporate trust office of any successor
      Trustee at the address designated by such successor Trustee by notice to the
      Certificateholders.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    [Credit
      Advance Rate:
      The
      related per annum interest rate set forth in the related Mortgage Note with
      respect to any Revolving Credit Loan.]

     

    [Credit
      Line:
      With
      respect to a Revolving Credit Loan, the maximum principal amount which may
      be
      advanced to a Mortgagor under the terms of the related Mortgage
      Note.]

     

    [Credit
      Line Advance:
      With
      respect to a Revolving Credit Loan, a principal disbursement to a Mortgagor
      under the terms of the related Mortgage Note (collectively, “Credit Line
      Advances”).]

     

    Cumulative
      Loss Trigger Event:
      A
      Cumulative Loss Trigger Event shall have occurred with respect to any
      Distribution Date beginning in [     ] if the fraction,
      expressed as a percentage, obtained by dividing (x) the aggregate amount of
      Realized Losses incurred on the Mortgage Loans from the Cut-off Date through
      the
      last day of the related Collection Period by (y) the Cut-off Date Balance,
      exceeds the applicable percentage described below with respect to such
      Distribution Date:

     

    
      	
              Distribution
                Date

            	 	
              Loss
                Percentage

            	 
	
              [    
                ]
                through [  
                 ] 

            	 	 	
              [   
                 ]%

            	
               

            
	
              [   
                ]
                through [  
                 ] 

            	 	 	
              [   
                 ]%

            	
               

            
	
              [   
                ]
                through [   
                ] 

            	 	 	
              [  
                  ]%

            	
               

            

    

     

    Current
      Interest:
      With
      respect to any Distribution Date and any Class of Certificates, the aggregate
      amount of interest accrued at the applicable Certificate Interest Rate during
      the related Accrual Period on the Class Principal Amount of such Class
      immediately prior to such Distribution Date.

     

    Custodial
      Account:
      The
      separate custodial account (other than an Escrow Account) established and
      maintained by the Servicer[s] pursuant to Section 4.02(d) of this Agreement.

     

    Custodial
      Agreement:
      The
      custodial agreement dated as of [     ], relating to the
      custody of certain of the Mortgage Loans, substantially in the form attached
      as
      Exhibit C hereto, among the Custodian, the Master Servicer, the Depositor and
      the Trustee.

     

    Custodian:
      The
      custodian appointed pursuant to the Custodial Agreement, and any successor
      thereto. The initial Custodian is [     
].

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Custodian
      Fee:
      The
      annual on-going fee payable by the Master Servicer on behalf of the Trust Fund
      to the Custodian from income on funds held in the Collection Account as provided
      in Section 5.07 and pursuant to the terms of the separate fee letter agreement
      for TBW Mortgage Trust Mortgage Pass-Through Certificates, Series
      [      ].

     

    Cut-off
      Date:
      [      ].

     

    Cut-off
      Date Balance:
      $[      ].

     

    Deferred
      Amount:
      With
      respect to any Distribution Date and each Class of Subordinate Certificates,
      the
      amount by which (x) the aggregate of Applied Loss Amounts previously applied
      in
      reduction of the Class Principal Amount thereof exceeds (y) the sum of (i)
      the
      aggregate of amounts previously reimbursed in respect thereof and (ii) the
      amount by which the Class Principal Amount of such Class has been increased
      due
      to any Subsequent Recovery.

     

    Deficient
      Valuation:
      With
      respect to any Mortgage Loan, a valuation of the Mortgaged Property by a court
      of competent jurisdiction in an amount less than the unpaid principal balance
      of
      the Mortgage Loan secured by such Mortgaged Property.

     

    Deleted
      Mortgage Loan:
      A
      Mortgage Loan that is repurchased from the Trust Fund pursuant to the terms
      hereof or as to which one or more Qualifying Substitute Mortgage Loans are
      substituted therefor.

     

    Delinquency
      Event:
      A
      Delinquency Event shall have occurred with respect to any Distribution Date
      if
      the Rolling Three Month Delinquency Rate as of the last day of the immediately
      preceding calendar month equals or exceeds [     ]% of the
      Senior Enhancement Percentage for such Distribution Date.

     

    Delinquency
      Rate:
      With
      respect to any calendar month, the fraction, expressed as a percentage, the
      numerator of which is the aggregate Scheduled Principal Balance of all Mortgage
      Loans 60 days Delinquent or more (including all foreclosures, bankruptcies
      and
      REO Properties) as of the close of business on the last day of such month and
      as
      reported by the Servicer[s] to the Master Servicer, and the denominator of
      which
      is the Pool
      Balance
      as of
      the close of business on the last day of such month.

     

    Delinquent:
      For
      reporting purposes, a Mortgage Loan is “delinquent” when any payment
      contractually due thereon has not been made by the close of business on the
      Due
      Date therefor. Such 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 first 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” and the second immediately succeeding month
      and “90 days Delinquent” and the third immediately succeeding
      month.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Depositor:
      TBALT
      Corp., a Delaware corporation.

     

    Depository:
      The
      initial Depository shall be The Depository Trust Company, the nominee of which
      is Cede & Co., as 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:
      The
      agreement dated [      ], between the Trustee and The
      Depository Trust Company, as the initial Clearing Agency, relating to the
      Book-Entry Certificates.

     

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

     

    Distribution
      Account:
      The
      separate Eligible Account established and maintained by the Securities
      Administrator in accordance with the provisions of Section 6.01.

     

    Distribution
      Date:
      The
      [25]th day of each month or, if such [25]th day is not a Business Day, the
      next
      succeeding Business Day, commencing in [     
].

     

    Due
      Date:
      With
      respect to each Mortgage Loan, the day of the month each Monthly Payment is
      due.

     

    Eligible
      Account:
      Either
      (i) an account or accounts maintained with a federal or state chartered
      depository institution or trust company that complies with the definition of
      Eligible Institution or (ii) an account or accounts the deposits in which are
      insured by the FDIC to the limits established by such corporation, provided
      that any
      such deposits not so insured shall be maintained in an account at a depository
      institution or trust company whose commercial paper or other short term debt
      obligations (or, in the case of a depository institution or trust company which
      is the principal subsidiary of a holding company, the commercial paper or other
      short term debt or deposit obligations of such holding company or depository
      institution, as the case may be) have been rated by each Rating Agency in its
      highest short-term rating category, or (iii) a segregated trust account or
      accounts (which shall be a “special deposit account”) maintained with the
      Securities Administrator or any other federal or state chartered depository
      institution or trust company, acting in its fiduciary capacity, in a manner
      acceptable to the Rating Agencies. Eligible Accounts may bear
      interest.

     

    Eligible
      Institution:
      Any of
      the following:

     

    
      	 	
              (i)

            	
              An
                institution whose:

            

    

     

    (A) commercial
      paper, short-term debt obligations, or other short-term deposits are rated
      at
      least “A-1+” and “P-1” or long-term unsecured debt obligations are rated at
      least “AA-” or “Aa3” by S&P and Moody’s, respectively (or assigned
      comparable ratings by the other Rating Agencies), if the amounts on deposit
      are
      to be held in the account for no more than 365 days; or

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (B) commercial
      paper, short-term debt obligations, demand deposits, or other short-term
      deposits are rated at least “A-2” and “P-1” by S&P and Moody’s, respectively
      (or assigned comparable ratings by the other Rating Agencies), if the amounts
      on
      deposit are to be held in the account for no more than 30 days and are not
      intended to be used as credit enhancement. Upon the loss of the required rating
      set forth in this clause (ii), the accounts shall be transferred immediately
      to
      accounts which have the required rating. Furthermore, commingling by the
      Servicer[s] is acceptable at the A-2 and P-1 rating level if the [related]
      Servicer is a bank, thrift or depository and provided the Servicer has the
      capability to immediately segregate funds and commence remittance to an Eligible
      Deposit Account upon a downgrade; or

     

    (ii) the
      corporate trust department of a federal depositor institution or state-chartered
      depositor institution subject to regulations regarding fiduciary funds on
      deposit similar to Title 12 of the U.S. Code of Federal Regulation Section
      9.10(b), which, in either case, has corporate trust powers and is acting in
      its
      fiduciary capacity; 

     

    Eligible
      Investments:
      Any one
      or more of the following obligations or securities:

     

    (i) direct
      obligations of, and obligations fully guaranteed as to timely payment of
      principal and interest by, the United States of America or any agency or
      instrumentality of the United States of America the obligations of which are
      backed by the full faith and credit of the United States of America (“Direct
      Obligations”);

     

    (ii) federal
      funds, or demand and time deposits in, certificates of deposits of, or bankers’
acceptances issued by, any depository institution or trust company (including
      U.S. subsidiaries of foreign depositories and the Trustee or the Securities
      Administrator or any agent of the Trustee or the Securities Administrator,
      acting in its respective commercial capacity) incorporated or organized under
      the laws of the United States of America or any state thereof and subject to
      supervision and examination by federal or state banking authorities, so long
      as
      at the time of investment or the contractual commitment providing for such
      investment the commercial paper or other short-term debt obligations of such
      depository institution or trust company (or, in the case of a depository
      institution or trust company which is the principal subsidiary of a holding
      company, the commercial paper or other short-term debt or deposit obligations
      of
      such holding company or deposit institution, as the case may be) have been
      rated
      by each Rating Agency in its highest short-term rating category or one of its
      two highest long-term rating categories;

     

    (iii) repurchase
      agreements collateralized by Direct Obligations or securities guaranteed by
      Ginnie Mae, Fannie Mae or Freddie Mac with any registered broker/dealer subject
      to Securities Investors’ Protection Corporation jurisdiction or any commercial
      bank insured by the FDIC, if such broker/dealer or bank has an uninsured,
      unsecured and unguaranteed obligation rated by each Rating Agency in its highest
      short-term rating category;

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (iv) securities
      bearing interest or sold at a discount issued by any corporation incorporated
      under the laws of the United States of America or any state thereof which have
      a
      credit rating from each Rating Agency, at the time of investment or the
      contractual commitment providing for such investment, at least equal to one
      of
      the two highest long-term credit rating categories of each Rating Agency;
provided,
      however,
      that
      securities issued by any particular corporation will not be Eligible Investments
      to the extent that investment therein will cause the then outstanding principal
      amount of securities issued by such corporation and held as part of the Trust
      Fund to exceed [20]% of the sum of the Pool Balance and the aggregate principal
      amount of all Eligible Investments in the Collection Account; provided,
      further,
      that
      such securities will not be Eligible Investments if they are published as being
      under review with negative implications from any Rating Agency;

     

    (v) commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not more
      than 180 days after the date of issuance thereof) rated by each Rating Agency
      in
      its highest short-term rating category;

     

    (vi) a
      Qualified GIC;

     

    (vii) certificates
      or receipts representing direct ownership interests in future interest or
      principal payments on obligations of the United States of America or its
      agencies or instrumentalities (which obligations are backed by the full faith
      and credit of the United States of America) held by a custodian in safekeeping
      on behalf of the holders of such receipts; and

     

    (viii) any
      other
      demand, money market, common trust fund or time deposit or obligation, or
      interest-bearing or other security or investment (including those managed or
      advised by the Trustee, the Master Servicer, the Securities Administrator,
      or
      any Affiliate thereof), (A) rated in the highest rating category by each Rating
      Agency or (B) that would not adversely affect the then current rating assigned
      by each Rating Agency of any of the Certificates. Such investments in this
      subsection (viii) may include money market mutual funds or common trust funds,
      including any fund for which [     ] (the “Bank”) in its
      capacity other than as the Master Servicer, the Securities Administrator or
      an
      affiliate thereof serves as an investment advisor, administrator, shareholder
      servicing agent, and/or custodian or subcustodian, notwithstanding that (x)
      the
      Bank, the Trustee, the Master Servicer or any affiliate thereof charges and
      collects fees and expenses from such funds for services rendered, (y) the Bank,
      the Trustee, the Securities Administrator, the Master Servicer or any affiliate
      thereof charges and collects fees and expenses for services rendered pursuant
      to
      this Agreement, and (z) services performed for such funds and pursuant to this
      Agreement may converge at any time. The Bank or an affiliate thereof is
      specifically authorized to charge and collect from the Trustee such fees as
      are
      collected from all investors in such funds for services rendered to such funds
      (but not to exceed investment earnings thereon);

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    provided,
      however,
      that no
      such instrument shall be an Eligible Investment if such instrument evidences
      either (i) a right to receive only interest payments with respect to the
      obligations underlying such instrument, or (ii) both principal and interest
      payments derived from obligations underlying such instrument and the principal
      and interest payments with respect to such instrument provide a yield to
      maturity of greater than 120% of the yield to maturity at par of such underlying
      obligations, provided
      that any
      such investment will be a “permitted investment” within the meaning of Section
      860G(a)(5) of the Code.

     

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

     

    ERISA-Restricted
      Certificate:
      Any
      Class [B], Class [      ] or Class R Certificate, and
      any other Certificate with a rating below the lowest applicable rating permitted
      under the Underwriter’s Exemption.

     

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

     

    Errors
      and Omissions Insurance:
      Errors
      and Omissions Insurance to be maintained by the Servicer[s] in accordance with
      Section 4.02.

     

    Escrow
      Account:
      The
      separate escrow account (other than a Custodial Account) established and
      maintained by the Servicer[s] pursuant to Section 4.02(f) of this Agreement.

     

    Escrow
      Payments:
      With
      respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
      assessments, water rates, sewer rents, municipal charges, mortgage insurance
      premiums, fire and hazard insurance premiums, condominium charges, and any
      other
      payments required to be escrowed by the Mortgagor with the mortgagee pursuant
      to
      the Mortgage or any other document.

     

    Event
      of Default:
      A
      Servicer Event of Default or a Master Servicer Event of Default, as
      applicable.

     

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

     

    Extra
      Principal Distribution Amount:
      [With
      respect to any Distribution Date, the lesser of (1) the Monthly Excess Interest
      for such Distribution Date and (2) the excess, if any, of (a) the
      Overcollateralization Target Amount over (b) the Overcollateralized Amount
      on
      such Distribution Date (after giving effect to payment to the Certificates
      of
      Principal Funds on such Distribution Date).]

     

    Fannie
      Mae:
      Fannie
      Mae, a federally chartered and privately owned corporation organized and
      existing under the Federal National Mortgage Association Charter Act, or any
      successor thereto.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    FHA
      Regulations:
      Regulations promulgated by HUD under the National Housing Act, codified in
      24
      Code of Federal Regulations, and other HUD issuances relating to FHA loans,
      including the related handbooks, circulars, notices and mortgagee
      letters.

     

    Final
      Scheduled Distribution Date:
      With
      respect to each Class of Certificates, the Distribution Date occurring in
[   
            ]
      20[   ].

     

    [First
      Lien Mortgage Loans:
      Mortgage Loans secured by mortgages or deeds of trust or similar security
      instruments creating a first lien on the related Mortgaged
      Property.]

     

    Fitch:
      Fitch,
      Inc., or any successor in interest.

     

    Freddie
      Mac:
      The
      Federal Home Loan Mortgage Corporation, a corporate instrumentality of the
      United States created and existing under Title III of the Emergency Home Finance
      Act of 1970, as amended, or any successor thereto.

     

    Ginnie
      Mae:
      The
      Government National Mortgage Association, a wholly owned corporate
      instrumentality of the United States within HUD.

     

    Gross
      Margin:
      With
      respect to a Mortgage Loan, a fixed percentage amount specified in the related
      mortgage note that is added to an index to determine the related Mortgage
      Rate.

     

    Guidelines:
      As
      defined in Section 4.02(p).

     

    Holder
      or
Certificateholder:
      The
      registered owner of any Certificate as recorded on the books of the Certificate
      Registrar except that, solely for the purposes of taking any action or giving
      any consent pursuant to this Agreement, any Certificate registered in the name
      of the Depositor, the Trustee, the Securities Administrator, the Master
      Servicer, the Servicer[s], [any Subservicer retained by the [related] Servicer,]
      or any Affiliate thereof shall be deemed not to be outstanding in determining
      whether the requisite percentage necessary to effect any such consent has been
      obtained, except that, in determining whether the Trustee and the Securities
      Administrator shall be protected in relying upon any such consent, only
      Certificates which a Responsible Officer of the Trustee knows to be so owned
      shall be disregarded. The Trustee may request and conclusively rely on
      certifications by the Depositor, the Securities Administrator, the Master
      Servicer or the Servicer[s] in determining whether any Certificates are
      registered to an Affiliate of the Depositor, the Securities Administrator,
      the
      Master Servicer or the Servicer[s].

     

    [Home
      Equity Accepted Servicing Practices:
      With
      respect to any Revolving Credit Loan, those mortgage loan servicing practices
      (including collection procedures) of prudent mortgage banking institutions
      which
      service home equity mortgage loans of the same type as such Revolving Credit
      Loan in the jurisdiction where the related Mortgaged Property is
      located.]

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    HUD:
      The
      United States Department of Housing and Urban Development, or any successor
      thereto and including the Federal Housing Commissioner and the Secretary of
      Housing and Urban Development where appropriate under the FHA
      Regulations.

     

    Independent:
      When
      used with respect to any Accountants, a Person who is “independent” within the
      meaning of Rule 2-01(b) of the Commission’s Regulation S-X. When used with
      respect to any other Person, a Person who (a) is in fact independent of another
      specified Person and any Affiliate of such other Person, (b) does not have
      any
      material direct financial interest in such other Person or any Affiliate of
      such
      other Person, and (c) is not connected with such other Person or any Affiliate
      of such other Person as an officer, employee, promoter, underwriter, trustee,
      partner, director or Person performing similar functions.

     

    Index:
      [Either
      the One-Month LIBOR Index or the Six-Month LIBOR Index].

     

    [Initial
      Mortgage Loan:
      A
      Mortgage Loan that is conveyed to the Trustee on behalf of the Trust Fund
      pursuant to this Agreement on the Closing Date. The Initial Mortgage Loans
      subject to this Agreement are identified on the Mortgage Loan
      Schedule.]

     

    Initial
      Purchase Date:
      The
      first Distribution Date following the month in which the Pool Balance is
      initially reduced to less than [     ]% of the Cut-off Date
      Balance.

     

    Insurance
      Policy:
      Any
      primary mortgage insurance policy, standard hazard insurance policy, flood
      insurance policy, earthquake insurance policy or title insurance policy relating
      to the Mortgage Loans or the Mortgaged Properties, to be in effect as of the
      Closing Date or thereafter during the term of this Agreement.

     

    Insurance
      Proceeds:
      Any
      amounts paid by an insurer under a primary mortgage insurance policy, any
      standard hazard insurance policy, flood insurance policy, title insurance policy
      or any other insurance policy relating to the Mortgage Loans or related
      mortgaged properties other than amounts to cover expenses incurred by the
      Servicer[s] in connection with procuring such proceeds, applied to the
      restoration and repair of the related Mortgaged Property or to be paid to the
      borrower pursuant to the related Mortgage Note or state law.

     

    Interest
      Funds:
      [With
      respect to any Distribution Date, the sum of (1) all interest received or
      advanced by the Servicer[s] or the Master Servicer for the related Collection
      Period and available in the Distribution Account on that Distribution Date,
      (2)
      all Compensating Interest Payments paid with respect to Mortgage Loans that
      were
      prepaid during the related Prepayment Period and (3) the portion of any purchase
      price or other amount paid with respect to the Mortgage Loans allocable to
      interest; net of any fees or other amounts reimbursable to the Master Servicer,
      the Servicer[s], the Securities Administrator, the Trustee and the Custodian
      as
      provided in the Operative Agreements.] [For each Distribution Date up to and
      including the Distribution Date in [   
              ],
      20[ 
       ],
      Interest Funds shall include amounts distributable from the Capitalized Interest
      Account in an amount equal to the product of (i) the weighted average Net
      Mortgage Rate of the Mortgage Loans divided by 12, multiplied by (ii) the excess
      of (a) the balance in the Pre-Funding Account as of the Closing Date, over
      (b)
      the aggregate principal balance of the Subsequent Mortgage Loans that will
      have
      an interest payment included in the Interest Funds for such Distribution
      Date.]

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    Latest
      Possible Maturity Date:
      The
      Distribution Date occurring in [      
          ]
      20[   ].

     

    Lender
      Paid Mortgage Insurance Rate:
      The
      Lender Paid Mortgage Insurance Rate shall be a rate per annum equal to the
      percentage shown on the Mortgage Loan Schedule.

     

    [Lender
      Primary Mortgage Insurance Policy or LPMI Policy:
      Any
      Primary Mortgage Insurance Policy for which premiums are paid by the
      Servicer[s].]

     

    [Level
      I LPMI:
      an LPMI
      Policy for First Lien Mortgage Loans with Loan-to-Value Ratios at origination
      ranging from [      ]% to
      [      ]%.]

     

    [Level
      II LPMI:
      an LPMI
      Policy for First Lien Mortgage Loans with Loan-to-Value Ratios at origination
      ranging from [      ]% to
      [      ]%.]

     

    [Level
      III LPMI:
      an LPMI
      Policy for First Lien Mortgage Loans with Loan-to-Value Ratios at origination
      ranging from [      ]% to
      [      ]%.]

     

    [Level
      IV LPMI:
      an LPMI
      Policy for First Lien Mortgage Loans with Loan-to-Value Ratios at origination
      ranging from [      ]% to
      [      ]%.]

     

    LIBOR:
      [(a)
      With respect to the first Accrual Period, the per annum rate of
      [     ]%. With respect to each subsequent Accrual Period, a
      per annum rate determined on the LIBOR Determination Date in the following
      manner by the Securities Administrator on the basis of the “Interest Settlement
      Rate” set by the British Bankers’ Association (the “BBA”) for one-month United
      States dollar deposits, as such rates appear on the Telerate Page 3750, as
      of
      11:00 a.m. (London time) on such LIBOR Determination Date.

     

    (b) If
      on
      such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
      appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the
      Telerate Page 3750 is not available on such date, the Securities Administrator
      will determine such rate on the basis of the offered rates of the Reference
      Banks for one-month United States dollar deposits, as such rates appear on
      the
      Reuters Screen LIBO Page, as of 11:00 a.m. (London time) on such LIBOR
      Determination Date.

     

    (c) If
      LIBOR
      is determined under clause (b) above, on each LIBOR Determination Date, LIBOR
      for the related Accrual Period for the Certificates will be established by
      the
      Securities Administrator as follows:

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    (1) If
      on
      such LIBOR Determination Date two or more Reference Banks provide such offered
      quotations, LIBOR for the related Accrual Period for the Certificates shall
      be
      the arithmetic mean of such offered quotations (rounded upwards if necessary
      to
      the nearest whole multiple of [      ]%).

     

    (2) If
      on
      such LIBOR Determination Date fewer than two Reference Banks provide such
      offered quotations, LIBOR for the related Accrual Period shall be the higher
      of
      (x) LIBOR as determined on the previous LIBOR Determination Date and (y) the
      Reserve Interest Rate.

     

    (d) The
      establishment of LIBOR by the Securities Administrator and the Securities
      Administrator’s subsequent calculation of the Certificate Interest Rate
      applicable to the Certificates for the relevant Accrual Period, in the absence
      of manifest error, will be final and binding.]

     

    LIBOR
      Business Day:
      Any day
      on which banks in London and New York are open and conducting transactions
      in
      foreign currency and exchange.

     

    LIBOR
      Determination Date:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period.

     

    Liquidated
      Mortgage Loan:
      Any
      defaulted Mortgage Loan as to which [the/a] Servicer has determined that all
      amounts that it expects to recover from or on account of such Mortgage Loan
      have
      been recovered, [and any Second Lien Mortgage Loan that is more than 180 days
      Delinquent], in each case, as reported by the [related] Servicer to the Master
      Servicer.

     

    Liquidation
      Expenses:
      Expenses that are incurred by the Master Servicer or the Servicer, as
      applicable, in connection with the liquidation of any defaulted Mortgage Loan
      and are not recoverable under the applicable primary mortgage insurance policy,
      if any, including, without limitation, foreclosure and rehabilitation expenses,
      legal expenses and unreimbursed amounts, if any, expended pursuant to Sections
      4.02(c), 4.02(j) or 4.02(o).

     

    Liquidation
      Proceeds:  Cash
      received in connection with the liquidation of a defaulted Mortgage Loan,
      whether through the sale or assignment of such Mortgage Loan, trustee’s sale,
      foreclosure sale, payment in full, discounted payoff or otherwise, or the sale
      of the related REO Property, if the Mortgaged Property is acquired in
      satisfaction of the Mortgage Loan.

     

    Loan-to-Value
      Ratio:
      With
      respect to a First Lien Mortgage Loan, at any time, the ratio, expressed as
      a
      percentage, of the principal balance of such Mortgage Loan as of the applicable
      date of determination, to (a) in the case of a purchase, the lesser of the
      sale
      price of the Mortgaged Property and its appraised value at the time of sale
      or
      (b) in the case of a refinancing or modification, the appraised value of the
      Mortgaged Property at the time of the refinancing or modification.

    
       

      Lower
        Tier REMIC:
        [                         
].

       

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    Majority
      Certificateholders:
      Until
      such time as the sum of the Class Principal Amounts of all Classes of
      Certificates has been reduced to zero, the holder or holders of in excess of
      50%
      of the aggregate Class Principal Amount of all Classes of Certificates; and
      thereafter, the holder of the Ownership Certificate.

     

    Margin:
      With
      respect to each adjustable rate Mortgage Loan, the fixed percentage amount
      set
      forth in each related Mortgage Note which is added to the Index in order to
      determine the related Mortgage Rate, as set forth in the Mortgage Loan
      Schedule.

     

    Master
      Servicer:
      [      ], or any successor in interest, or if any
      successor master servicer shall be appointed as herein provided, then such
      successor master servicer.

     

    Master
      Servicer Errors and Omission Insurance Policy:
      Any
      errors and omission insurance policy required to be obtained by the Master
      Servicer satisfying the requirements of Section 5.02.

     

    Master
      Servicer Event of Default:
      Any one
      of the conditions or circumstances enumerated in Section 8.01(a).

     

    Master
      Servicer Fidelity Bond:
      Any
      fidelity bond to be maintained by the Servicer[s] in accordance with Section
      5.02.

     

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

     

    Material
      Defect:
      With
      respect to any Mortgage Loan, as defined in Section 2.02(c) hereof.

     

    Maximum
      Mortgage Rate:
      The
      maximum level to which a Mortgage Rate can adjust in accordance with its terms,
      regardless of changes in the applicable Index.

     

    Maximum
      Certificate Interest Rate:
      [      ]% per annum.

     

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

     

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

     

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

     

    Minimum
      Mortgage Rate:
      The
      minimum level to which a Mortgage Rate can adjust in accordance with its terms,
      regardless of changes in the applicable Index.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    Monthly
      Advance:
      An
      advance made by the Servicer[s] pursuant to Section 4.03(c) or the Master
      Servicer pursuant to Section 6.04, as applicable, with respect to delinquent
      payments of principal and interest on the Mortgage Loans, adjusted to the
      related Net Mortgage Rate.

     

    Monthly
      Excess Cashflow:
      [With
      respect to any Distribution Date, (a) the sum of (1) the Overcollateralization
      Release Amount for such date, (2) Monthly Excess Interest for such date and
      (3)
      any Principal
      Distribution Amount for such date remaining after application pursuant to either
      clauses (i)(1) through (7) or clauses (ii)(1) through (7), as applicable, of
      Section 6.02(b) on such date minus
      (b) the
      Extra Principal Distribution Amount for such date.]

     

    Monthly
      Excess Interest:
      [With
      respect to any Distribution Date, the amount of Interest Funds remaining after
      application pursuant to clauses (i) through (vii) of Section 6.02(a) on such
      Date.]

     

    Monthly
      Payment:
      With
      respect to any Mortgage Loan and any month, the scheduled payment or payments
      of
      principal and interest due during such month on such mortgage loan, which either
      is payable by a mortgagor in such month under the related mortgage note, or
      in
      the case of any Mortgaged Property acquired through foreclosure or deed-in-lieu
      of foreclosure, would otherwise have been payable under the related Mortgage
      Note.

     

    [Moody’s:
      Moody’s
      Investors Service, Inc., or any successor in interest.]

     

    Mortgage:
      A
      mortgage, deed of trust or other instrument encumbering a fee simple interest
      in
      real property securing a Mortgage Note.

     

    Mortgage
      File:
      The
      mortgage documents listed in Section 2.01(b) pertaining to a particular Mortgage
      Loan required to be delivered to the Trustee (or the Custodian) pursuant to
      this
      Agreement.

     

    Mortgage
      Loan:
      The
      conventional, adjustable rate, first and second lien residential mortgage loans
      sold by the Seller to the Depositor pursuant to the Mortgage Loan Purchase
      Agreement and subsequently transferred by the Depositor to the Trustee pursuant
      to this Agreement, [including any [Subsequent Mortgage Loan] [Additional
      Mortgage Loan]].

     

    Mortgage
      Loan Purchase Agreement:
      The
      mortgage loan purchase agreement dated as of [      ],
      between the Seller and the Depositor.

     

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan,
      as such schedule may be amended from time to time to reflect the addition of
      Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund,
      including any [Subsequent Mortgage Loan] [Additional Mortgage Loan]].
The
      Depositor shall be responsible for providing the Master Servicer and the
      Custodian on behalf of the Trustee with all amendments to the Mortgage Loan
      Schedule.

      
      

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

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

     

    Mortgage
      Pool:
      The
      pool of Mortgage Loans in the Trust Fund.

     

    Mortgaged
      Property:
      With
      respect to any Mortgage Loan, the underlying real property securing such
      Mortgage Loan.

     

    Mortgage
      Rate:
      With
      respect to any Mortgage Loan, its applicable interest rate determined as
      provided in the related mortgage note, as reduced by any Relief Act
      Reduction.

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Net
      Excess Spread:
      With
      respect to any Distribution Date, (A) the fraction, expressed as a percentage,
      the numerator of which is equal to the product of (i) the amount, if any, by
      which (a) the aggregate of Interest Funds for such Distribution Date exceeds
      (b)
      the Current Interest payable with respect to the Certificates for such date
      and
      (ii) twelve, and the denominator of which is the Pool
      Balance
      for such
      Distribution Date, multiplied by (B) a fraction, the numerator of which is
      thirty and the denominator of which is the greater of thirty and the actual
      number of days in the immediately preceding calendar month

     

    Net
      Liquidation Proceeds:
      All
      amounts, net of (1) unreimbursed expenses and (2) unreimbursed Monthly Advances
      and Servicing Advances, received and retained in connection with the liquidation
      of defaulted Mortgage Loans, through Insurance Proceeds or Condemnation
      Proceeds, by foreclosure or otherwise, together with any net proceeds received
      on a monthly basis with respect to any Mortgaged Properties acquired by
      foreclosure or deed in lieu of foreclosure.

     

    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan at any time, the Mortgage Rate thereof reduced
      by
      the Servicing Fee Rate for such Mortgage Loan and any Lender Paid Mortgage
      Insurance Rate.

     

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

     

    [Non-Conforming
      Balance Mortgage Loan:
      Any
      First Lien Mortgage Loan other than a Conforming Balance Mortgage
      Loan.]

     

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

     

    Nonrecoverable
      Advance:
      Any
      advance previously made by [the/a] Servicer pursuant to Section 4.03(c) or
      by
      the Master Servicer pursuant to Section 6.04 or any Servicing Advance which,
      in
      the good faith judgment of the [related] Servicer or the Master Servicer, as
      applicable, may not be ultimately recoverable by the [related] Servicer or
      the
      Master Servicer from Liquidation Proceeds, Insurance Proceeds, Condemnation
      Proceeds or otherwise. The determination by the [related] Servicer or the Master
      Servicer, as applicable, that it has made a Nonrecoverable Advance, shall be
      evidenced by an Officer's Certificate of the [related] Servicer or the Master
      Servicer, as applicable, delivered to the Trustee and the Master Servicer (in
      the case of the [related] Servicer) and detailing the reasons for such
      determination

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    Offering
      Document:
      The
      Prospectus.

     

    Officer’s
      Certificate:
      A
      certificate signed by the Chairman of the Board, any Vice Chairman, the
      President, any Executive Vice President, any Senior Vice President, any Vice
      President or any Assistant Vice President of a Person.

     

    One-Month
      LIBOR or One-Month LIBOR Index:
      The
      Interest Settlement Rate for U.S. dollar deposits of one-month maturity set
      by
      the BBA as of 11:00 a.m. (London time) on the LIBOR Determination
      Date.

     

    Operative
      Agreements:
      This
      Agreement, the Mortgage Loan Purchase Agreement, the Custodial Agreement, the
      Depository Agreement, [any Cap Agreement], and each other document contemplated
      by any of the foregoing to which the Depositor, the Seller, the Master Servicer,
      the Servicer[s], the Securities Administrator, the Trustee or the Custodian
      is a
      party.

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, reasonably acceptable in form and substance to
      the
      Seller, the Securities Administrator, the Trustee
      and/or
      the
      Master Servicer, as applicable, and who may be in-house or outside counsel
      to
      the Seller, the Servicer[s], the Depositor, the Master Servicer, the Securities
      Administrator or the Trustee
      but
      which
      must be Independent outside counsel with respect to any such opinion of counsel
      concerning federal income tax or ERISA matters.

     

    [Original
      Capitalized Interest Amount:
      $[        ].]

    

    Overcollateralized
      Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (1) the aggregate
      Scheduled Principal Balance of the Mortgage Loans exceeds (2) the aggregate
      Class Principal Amount of the Certificates as of such Distribution Date
      (assuming that 100% of Principal Funds is applied as a principal payment on
      the
      Certificates on such Distribution Date).

    

    Overcollateralization
      Deficiency:
      [With
      respect to any Distribution Date, the amount, if any, by which (1) the
      Overcollateralization Target Amount for such Distribution Date exceeds (2)
      the
      Overcollateralized Amount for such Distribution Date, calculated for this
      purpose after giving effect to the reduction on such Distribution Date of the
      Class Principal Amounts of the Certificates resulting from the payment of
      Principal Funds on such Distribution Date].

     

    Overcollateralization
      Floor:
      $[      ].

     

    Overcollateralization
      Release Amount:
      [With
      respect to any Distribution Date, the lesser of (x) the Principal Funds for
      such
      Distribution Date and (y) the excess, if any, of (1) the Overcollateralization
      Amount for such Distribution Date (assuming that 100% of such Principal Funds
      is
      applied as a principal payment on such Distribution Date) over (2) the
      Overcollateralization Target Amount for such Distribution Date (with the amount
      determined pursuant to clause (y) deemed to be $0 if the Overcollateralization
      Amount is less than or equal to the Overcollateralization Target Amount on
      that
      Distribution Date)].

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    Overcollateralization
      Target Amount:
      [With
      respect to any Distribution Date (a) prior to the Stepdown Date,
      [      ]% of the aggregate Scheduled Principal Balance
      of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown
      Date
      and if a Trigger Event is not in effect, the greater of (i) the lesser of (1)
      [      ]% of the aggregate Scheduled Principal Balance
      of the Mortgage Loans as of the Cut-off Date and (2)
      [      ]% of the then current aggregate Scheduled
      Principal Balance of the Mortgage Loans as of that Distribution Date and (ii)
      $[      ] and (c) on or after the Stepdown Date and if
      a Trigger Event is in effect, the Overcollateralization Target Amount for the
      immediately preceding Distribution Date.]

     

    Payahead:
      Any
      Monthly Payment intended by the related borrower to be applied in a Collection
      Period subsequent to the Collection Period in which such payment was
      received.

     

    Paying
      Agent:
      Initially,
      the Securities Administrator, in its capacity as paying agent under this
      Agreement, or any successor to the Securities Administrator in such
      capacity.

     

    Percentage
      Interest:
      With
      respect to any Certificate, its percentage interest in the undivided beneficial
      ownership interest in the Trust Fund evidenced by all Certificates of the same
      Class as such Certificate. With respect to any Certificate other than the Class
      R Certificate, the Percentage Interest evidenced thereby shall equal the initial
      Certificate Principal Amount thereof divided by the initial Class Principal
      Amount of all Certificates of the same Class. With respect to the Class R
      Certificate, the Percentage Interest evidenced thereby shall be as specified
      on
      the face thereof, or otherwise be equal to 100%.

     

    Permitted
      Transferee:
      Any
      person other than a “disqualified organization” as defined in section 860E(e)(5)
      of the Code.

     

    Periodic
      Cap:
      With
      respect to each Mortgage Loan, the maximum adjustment that can be made to the
      Mortgage Rate on each Adjustment Date in accordance with its terms, regardless
      of changes in the applicable Index.

     

    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.

     

    Pool
      Balance:
      As of
      any date of determination, the aggregate of the Scheduled Principal Balances
      of
      the Mortgage Loans in the Mortgage Pool as of such date [plus, during the
      [Pre-Funding Period] [Revolving Period], the amount of the [Pre-Funding Amount]
      [Revolving Amount] applicable to such Mortgage Pool which has not been
      previously applied towards the purchase of [Subsequent Mortgage Loans]
      [Additional Mortgage Loans].

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    [Pre-Funding
      Account: The pre-funding account established by the Securities Administrator
      pursuant to Section [      ].]

     

    [Pre-Funding
      Amount: The amount deposited by the Securities Administrator into the
      Pre-Funding Account on the Closing Date.]

     

    [Pre-Funding
      Period: The period beginning on the Closing Date and ending on
      [      ].]

     

    Prepayment
      Interest Shortfall:
      The
      amount by which one month's interest at the Mortgage Rate (as reduced by the
      Servicing Fee Rate) on a Mortgage Loan as to which a voluntary prepayment has
      been made exceeds the amount of interest actually received in connection with
      such prepayment.

     

    Prepayment
      Period:
      [With
      respect to any Distribution Date, the immediately preceding calendar
      month].

     

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

     

    Prime
      Rate:
      The
      prime rate of the United States money center commercial banks as published
      in
The
      Wall Street Journal,
      Northeast Edition.

     

    Principal
      Distribution Amount:
      [With
      respect to any Distribution Date, (a) the sum of (1) the Principal Funds for
      such Distribution Date and (2) the Extra Principal Distribution Amount for
      such
      Distribution Date minus
      (b)
      the
      Overcollateralization Release Amount for such date].

     

    Principal
      Funds:
      [With
      respect to any Distribution Date, the sum of (1) the principal portion of all
      scheduled monthly payments on the related Mortgage Loans due on the related
      Due
      Date, to the extent received or advanced; (2) the principal portion of all
      proceeds of the repurchase of a Mortgage Loan (or, in the case of a
      substitution, certain amounts representing a principal adjustment) as required
      by the Mortgage Loan Purchase Agreement during the preceding calendar month;
      (3)
      the principal portion of all other unscheduled collections received during
      the
      preceding calendar month in respect of the related mortgage loans, including
      full and partial prepayments, the proceeds of any purchase of Mortgage Loans
      by
      the Seller, the Servicer[s], Liquidation Proceeds, Condemnation Proceeds and
      Insurance Proceeds; net of any fees payable to, and other amounts reimbursable
      to, the Master Servicer, the Servicer[s], the Securities Administrator, the
      Trustee and the Custodian as provided in the Operative Agreements (to the extent
      not reimbursed from Interest Funds)]. [On the first Distribution Date after
      the
      end of the Revolving Period, Principal Funds shall include amounts allocable to
      principal that were deposited in the Revolving Account during the Revolving
      Period and not withdrawn to purchase Additional Mortgage Loans.] [On the first
      Distribution Date after the end of the Pre-Funding Period, Principal Funds
      shall
      include amounts allocable to principal that were deposited in the Pre-Funding
      Account during the Pre-Funding Period and not withdrawn to purchase Subsequent
      Mortgage Loans.]

     

    
      
        
        

      

      
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    Principal
      Prepayment:
      Any
      payment or other recovery of principal on a Mortgage Loan which is received
      in
      advance of its scheduled Due Date to the extent that it is not accompanied
      by an
      amount as to interest representing scheduled interest due on any date or dates
      in any month or months subsequent to the month of prepayment, including
      Insurance Proceeds and Repurchase Proceeds, but excluding the principal portion
      of Net Liquidation Proceeds received at the time a mortgage loan becomes a
      Liquidated Mortgage Loan.

    

    Proceeding:
      Any
      suit in equity, action at law or other judicial or administrative
      proceeding.

     

    Prospectus:
      The
      prospectus supplement dated [      ], together with the
      accompanying prospectus dated [      ], relating to the
Class
      [     
      ],
      Class
[     
      ] and
      Class
[     
      ]
      Certificates.

     

    Purchase
      Price:
      [With
      respect to the purchase of a Mortgage Loan or related REO Property pursuant
      to
      this Agreement, an amount equal to the sum of (a) 100% of the unpaid principal
      balance of such Mortgage Loan, (b) accrued interest thereon at the applicable
      Mortgage Rate, from the date as to which interest was last paid to (but not
      including) the Due Date in the Collection Period immediately preceding the
      related Distribution Date, (c) the amount of any costs and damages incurred
      by
      the Trust Fund in connection with any violation of any applicable federal,
      state
      or local predatory or abusive lending law in connection with the origination
      of
      such Mortgage Loan and (d) the fair market value of all other property being
      purchased. The Servicer[s] and the Master Servicer shall be reimbursed from
      the
      Purchase Price for any Mortgage Loan or related REO Property for any Monthly
      Advances and Servicing Advances made or other amounts advanced with respect
      to
      such Mortgage Loan that are reimbursable to the Servicer[s] or the Master
      Servicer under this Agreement, together with any accrued and unpaid compensation
      due to the Servicer[s] or the Master Servicer hereunder].

     

    Qualified
      GIC:
      A
      guaranteed investment contract or surety bond providing for the investment
      of
      funds in the Collection Account and insuring a minimum, fixed or floating rate
      of return on investments of such funds, which contract or surety bond
      shall:

     

    be
      an
      obligation of an insurance company or other corporation whose long-term debt
      is
      rated by each Rating Agency in one of its two highest rating categories or,
      if
      such insurance company has no long-term debt, whose claims paying ability is
      rated by each Rating Agency in one of its two highest rating categories, and
      whose short-term debt is rated by each Rating Agency in its highest rating
      category;

     

    
      
        
        

      

      
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    (i) provide
      that the Master Servicer on behalf of the Trustee may exercise all of the rights
      under such contract or surety bond without the necessity of taking any action
      by
      any other Person;

     

    (ii) provide
      that if at any time the then current credit standing of the obligor under such
      guaranteed investment contract is such that continued investment pursuant to
      such contract of funds would result in a downgrading of any rating of the
      Certificates, the Securities Administrator shall terminate such contract without
      penalty and be entitled to the return of all funds previously invested
      thereunder, together with accrued interest thereon at the interest rate provided
      under such contract to the date of delivery of such funds to the Securities
      Administrator;

     

    (iii) provide
      that the Trustee’s interest therein shall be transferable to any successor
      trustee hereunder; and

     

    (iv) provide
      that the funds reinvested thereunder and accrued interest thereon be returnable
      to the Collection Account not later than the Business Day prior to any
      Distribution Date.

     

    Qualified
      Insurer:
      An
      insurance company duly qualified as such under the laws of the states in which
      the related Mortgaged Properties are located, duly authorized and licensed
      in
      such states to transact the applicable insurance business and to write the
      insurance provided and whose claims paying ability is rated by each Rating
      Agency in its highest rating category or whose selection as an insurer will
      not
      adversely affect the rating of the Certificates.

     

    Qualifying
      Substitute Mortgage Loan:
      [A
      mortgage loan tendered to the Trustee or the Custodian pursuant to the Mortgage
      Loan Purchase Agreement or this Agreement, as applicable, in each case, (i)
      which has an outstanding principal balance not greater nor materially less
      than
      the Mortgage Loan for which it is to be substituted; (ii) which has a Mortgage
      Rate and Net Mortgage Rate not less than, and not materially greater than,
      such
      Mortgage Loan; (iii) which has a maturity date not materially earlier or later
      than such Mortgage Loan and not later than the latest maturity date of any
      Mortgage Loan or the Final Scheduled Distribution Date; (iv) which is of the
      same property type and occupancy type as such Mortgage Loan; (v) with respect
      to
      a First Lien Mortgage Loan, which has a Loan-to-Value Ratio not greater than
      the
      Loan-to-Value Ratio of such Mortgage Loan; (vi) with respect to a Second Lien
      Mortgage Loan, which has a Combined Loan-to-Value Ratio not greater than the
      Combined Loan-to-Value Ratio of such Mortgage Loan (vii) which is current in
      payment of principal and interest as of the date of substitution; (viii) as
      to
      which the payment terms do not vary in any material respect from the payment
      terms of the Mortgage Loan for which it is to be substituted and (ix) which
      has
      a Gross Margin and Maximum Mortgage Rate no less than those of such Mortgage
      Loan, has the same Index and interval between Adjustment Dates as such Mortgage
      Loan, and a Minimum Lifetime Mortgage Rate no lower than that of such Mortgage
      Loan].

     

    Rating
      Agency:
      Each of
      [      ] and [     
].

     

    
      
        
        

      

      
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    Realized
      Loss:
      With
      respect to a Mortgage Loan is (1) a Bankruptcy Loss or (2) as to any Liquidated
      Mortgage Loan, the unpaid principal balance thereof plus accrued and unpaid
      interest thereon at the related Mortgage Rate through the last day of the month
      of liquidation less the Net Liquidation Proceeds with respect to such Mortgage
      Loan and the related Mortgaged Property.

     

    Reference
      Banks:
      Leading
      banks selected by the Securities Administrator and engaged in transactions
      in
      Eurodollar deposits in the international Eurocurrency market (1) with an
      established place of business in London, (2) whose quotations appear on the
      Reuters Screen LIBO Page on the Determination Date in question, (3) which have
      been designated as such by the Securities Administrator and (4) not controlling,
      controlled by, or under common control with, the Depositor, the Trustee, the
      Securities Administrator, the Master Servicer, the Servicer[s], the Seller
      or
      any successor servicer.

     

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

     

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

     

    Relief
      Act Reduction:
      With
      respect to a Mortgage Loan, a reduction of the applicable Mortgage Rate by
      application of the Servicemembers Civil Relief Act or similar state or local
      laws.

     

    REMIC:
      Each of
      REMIC [      ] and REMIC
      [      ], as described in the Preliminary Statement
      hereto.

     

    REMIC
      Provisions:
      The
      provisions of the federal income tax law relating to real estate mortgage
      investment conduits, which appear at sections 860A through 86OG of Subchapter
      M
      of Chapter 1 of the Code, and related provisions, and regulations, including
      proposed regulations and rulings, and administrative pronouncements promulgated
      thereunder, as the foregoing may be in effect from time to time.

     

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

     

    Repurchase
      Proceeds:
      The
      purchase price proceeds in connection with any repurchase of a Mortgage Loan
      by
      the Seller and any cash deposit in connection with the substitution of a
      Mortgage Loan.

     

    Request
      for Release:
      A
      request for release in the form attached hereto as Exhibit A-5.

     

    
      
        
        

      

      
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    Required
      Reserve Fund Amount:
      With
      respect to any Distribution Date on which the Net Excess Spread for such date
      is
      less than [0.25]%, the excess, if any, of (i) the product of [0.50]% and the
      aggregate Scheduled Principal Balance of the Mortgage Loans over (ii) the amount
      of funds on deposit in the Basis Risk Reserve Fund prior to deposits thereto
      on
      such Distribution Date. With respect to any Distribution Date on which the
      Net
      Excess Spread for such date is equal to or greater than [0.25]%, the amount,
      if
      any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis
      Risk Reserve Fund immediately prior to such date; provided,
      however,
      that on
      any Distribution Date on which the Class Principal Amount of each Class of
      LIBOR
      Certificates has been reduced to zero, the Required Reserve Fund Amount shall
      be
      zero.

     

    Residual
      Certificates:
      The
      Class R Certificates.

     

    Responsible
      Officer:
      Any
      vice president, any assistant vice president, any assistant secretary, any
      associate, any assistant treasurer, or any other officer of the Trustee or
      the
      Securities Administrator, as applicable, customarily performing functions
      similar to those performed by any of the above-designated officers and, in
      each
      case, having direct responsibility for the administration of the Operative
      Agreements and also, with respect to a particular matter, any other officer
      to
      whom such matter is referred because of such officer’s knowledge of and
      familiarity with the particular subject.

     

    Restricted
      Certificate:
      Any
      Class [B], Class [      ] or Class R
      Certificate.

     

    [Revolving
      Account:
      The
      revolving account maintained by the Securities Administrator in which Revolving
      Deposits are deposited by the Securities Administrator to be used to acquire
      Additional Mortgage Loans during the Revolving Period.]

     

    [Revolving
      Amount:
      With
      respect to each Distribution Date during the Revolving Period, the total amount
      of Revolving Deposits deposited in the Revolving Account on such Distribution
      Date.]

     

    [Revolving
      Credit Loan Schedule:
      A
      schedule of the Revolving Credit Loans setting forth information with respect
      to
      such Revolving Credit Loans (including any MERS identification number (if
      available) with respect to each MERS Mortgage Loan, attached hereto as [Schedule
      B].]

     

    [Revolving
      Credit Loan:
      A
      Mortgage Loan that is identified as a Revolving Credit Loan on the Revolving
      Credit Loan Schedule, which Revolving Credit Loan includes without limitation
      the Revolving Credit Loan documents, the monthly payments, Principal
      Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
      REO disposition proceeds, and all other rights, benefits, proceeds and
      obligations arising from or in connection with such Revolving Credit
      Loan.]

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    [Revolving
      Deposits:
      With
      respect to any Distribution Date during the Revolving Period, all payments
      that
      would otherwise be made to Certificateholders in respect of principal [and
      excess interest] that is deposited in the Revolving Account on such Distribution
      Date.]

     

    Reuters
      Screen LIBO Page:
      The
      display designated as page “LIBO” on the Reuters Monitor Money Rates Service (or
      such other page as may replace the LIBO page on that service for the purpose
      of
      displaying London interbank offered rates of major banks).

     

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

     

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

     

    Scheduled
      Principal Balance:
      [With
      respect to any Mortgage Loan and any Distribution Date (1) the unpaid principal
      balance of such mortgage loan as of the close of business on the related Due
      Date (giving effect to the principal payment to be made on such Due Date and
      irrespective of any delinquency in its payment), as specified in the
      amortization schedule at the time relating thereto (before any adjustment to
      such amortization schedule by reason of any bankruptcy or similar proceeding
      occurring after the Cut-off Date (other than a Deficient Valuation) or any
      moratorium or similar waiver or grace period) less (2) any Principal Prepayments
      and the principal portion of any Net Liquidation Proceeds received during or
      prior to the immediately preceding Prepayment Period; provided
      that the
      Scheduled Principal Balance of any Liquidated Mortgage Loan is
      zero].

     

    [Second
      Lien Mortgage Loans:
      Mortgage Loans secured by mortgages or deeds of trust or similar security
      instruments creating a second lien on the related Mortgaged
      Property.]

     

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

     

    Securities
      Administrator:
      [      ], not in its individual capacity but solely as
      Securities Administrator, or any successor in interest.

     

    Securities
      Intermediary:
      The
      Person acting as Securities Intermediary under this Agreement (which is the
      Securities Administrator), its successor in interest, and any successor
      Securities Intermediary appointed pursuant to Section 6.03.

     

    Seller:
      [Taylor, Bean & Whitaker Mortgage Corp.]

     

    Senior
      Enhancement Percentage:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      the
      numerator of which is the sum of the aggregate Class Principal Amount of the
      Subordinate Certificates and the Overcollateralization Amount (which, for
      purposes of this definition only, will not be less than zero) after giving
      effect to payments on such Distribution Date, and the denominator of which
      is
      the Pool Balance for such Distribution Date.

     

    
      
        
        

      

      
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    Senior
      Certificates:
      The
Class
      [    
      ] Certificates.

     

    Servicer[s]:
      [Each
      of] [Taylor, Bean & Whitaker Mortgage Corp.] [and
      [      ]], or [its/their] successor[s] in interest or
      assigns or any successor[s] to the Servicer[s] under this Agreement as herein
      provided.

     

    Servicer
      Errors and Omission Insurance Policy:
      Any
      errors and omission insurance policy required to be obtained by the Servicer[s]
      satisfying the requirements of Section 4.02(l).

     

    Servicer
      Event of Default:
      Any one
      of the conditions or circumstances enumerated in Section 4.07 with respect
      to
      the Servicer[s].

     

    Servicer
      Fidelity Bond:
      Any
      fidelity bond to be maintained by the Servicer[s] in accordance with Section
      4.02(l).

     

    Servicer
      Remittance Date:
      The
      [18]th day of any month, or if such [18]th day is not a Business Day, the first
      Business Day immediately preceding such [18]th day.

     

    Servicing
      Advances:
      All
      reasonable and customary “out-of-pocket” costs and expenses, including costs and
      expenses of foreclosures (including reasonable attorneys' fees and
      disbursements) incurred in the performance by the Servicer[s] of [its/their]
      servicing obligations, including, but not limited to, the cost of (1) the
      preservation, restoration, inspection and protection of the Mortgaged
      Properties, (2) any enforcement or judicial proceedings and (3) the management
      and liquidation of Mortgaged Properties acquired in satisfaction of the related
      mortgage.

     

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

     

    Servicing
      Fee:
      The
      monthly fee calculated at the Servicing Fee Rate on the outstanding principal
      balance of each Mortgage Loan, including any Liquidated Mortgage
      Loan.

     

    Servicing
      Fee Rate:
      [For
      each Second Lien Mortgage Loan, [      ]% per annum;
      for each Non-Conforming Balance Mortgage Loan without an LPMI Policy,
      [      ]% per annum; for each Non-Conforming Balance
      Mortgage Loan with Level I LPMI, [      ]%; for each
      Non-Conforming Balance Mortgage Loan with Level II LPMI,
      [      ]%; for each Non-Conforming Balance Mortgage
      Loan with Level III LPMI, [      ]%; for each
      Non-Conforming Balance Mortgage Loan with Level IV LPMI,
      [      ]%; for each Conforming Balance Mortgage Loan
      without an LPMI Policy but with a Mortgage Rate that adjusts every one month
      or
      six months from origination, [      ]% per annum; for
      each Conforming Balance Mortgage Loan with Level I LPMI and with a Mortgage
      Rate
      that adjusts every one month or six months from origination,
      [      ]% per annum; for each Conforming Balance
      Mortgage Loan with Level II LPMI and with a Mortgage Rate that adjusts every
      one
      month or six months from origination, [      ]% per
      annum; for each Conforming Balance Mortgage Loan with Level III LPMI and with
      a
      Mortgage Rate that adjusts every one month or six months from origination,
      [      ] % per annum; for each Conforming Balance
      Mortgage Loan with Level IV LPMI and with a Mortgage Rate that adjusts every
      one
      month or six months from origination, [      ]% per
      annum; for each Conforming Balance Mortgage Loan without an LPMI Policy but
      with
      an initial fixed rate period of three, five or seven years,
      [      ] % per annum until the first Adjustment Date
      and thereafter [      ]% per annum; for each Conforming
      Balance Mortgage Loan with Level I LPMI and with an initial fixed rate period
      of
      three, five or seven years, [      ]% per annum until
      the first Adjustment Date and thereafter [      ]% per
      annum; for each Conforming Balance Mortgage Loan with Level II LPMI and with
      an
      initial fixed rate period of three, five or seven years,
      [      ]% per annum until the first Adjustment Date and
      thereafter [      ]% per annum; for each Conforming
      Balance Mortgage Loan with Level III LPMI and with an initial fixed rate period
      of three, five or seven years, [      ]% per annum
      until the first Adjustment Date and thereafter [     
]% per annum; and for each Conforming Balance Mortgage Loan with Level IV LPMI
      and with an initial fixed rate period of three, five or seven years, [0.65]%
      per
      annum until the first Adjustment Date and thereafter [0.775]% per
      annum.]

     

    
      
        
        

      

      
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    Servicing
      File:
      With
      respect to each Mortgage Loan, the file retained by the Servicer[s], which
      may
      be in electronic media so long as original documents are not required for
      purposes of realization of Liquidation Proceeds, Condemnation Proceeds or
      Insurance Proceeds, consisting of all documents in the Mortgage File which
      are
      not delivered to the Custodian, the originals of such mortgage loan documents
      which are held in trust for the Trustee by the Servicer[s].

     

    Servicing
      Officer:
      Any
      officer of the Servicer[s] involved in or responsible for, the administration
      and servicing of the Mortgage Loans whose name appears on a list of servicing
      officers furnished by the Servicer[s] to the Master Servicer upon request,
      as
      such list may from time to time be amended.

     

    Six-Month
      LIBOR Index:
      The
      interbank offered rates for six-month United States dollar deposits in the
      London market, calculated as provided in the related mortgage note.

     

    Stepdown
      Date:
      [The
      earlier to occur of (1) the first Distribution Date on which the Class Principal
      Amount of the Class [      ] Certificates has been
      reduced to zero and (2) the later to occur of (a) the Distribution Date
      occurring in [      ] and (b) the first Distribution
      Date on which the Senior Enhancement Percentage (calculated for this purpose
      after giving effect to payments or other recoveries in respect of the Mortgage
      Loans during the related Collection Period but before giving effect to payments
      on the Certificates on such Distribution Date) is greater than or equal to
      approximately [      ]%].

     

    Step-up
      Date:
      [The
      first Distribution Date after the Initial Purchase Date].

     

    Subcontractor:
      Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing (as “servicing” is commonly understood by participants in the
      mortgage-backed securities market) of Mortgage Loans but performs one or more
      discrete functions identified in Item 1122(d) of Regulation AB with respect
      to
      Mortgage Loans under the direction or authority of the Servicer[s] [or a
      Subservicer].

     

    
      
        
        

      

      
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    Subordinate
      Certificates:
      The
      Class [      ] Certificates.

     

    [Subsequent
      Cut-off Date:
      The
      date specified as the Cut-off Date with respect to a [Subsequent Mortgage Loan]
      [Additional Mortgage Loan] in the related Transfer Supplement, which shall
      be no
      later than [      ].]

     

    [Subsequent
      Mortgage Loan:
      A
      Mortgage Loan that is conveyed as of the Transfer Date to the Trust by the
      Depositor pursuant to a Transfer Supplement to the Mortgage Loan Purchase
      Agreement, which Mortgage Loan shall be identified in such Transfer Supplement
      as a Subsequent Mortgage Loan and added by the Depositor to the Mortgage Loan
      Schedule.]

     

    [Subsequent
      Mortgage Loans:
      Those
      Mortgage Loans which are intended to be acquired by the Trust Fund from time
      to
      time subsequent to the Closing Date but prior to [     
].]

     

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

     

    [Subservicer:
      Any
      Person that services Mortgage Loans on behalf of [the/a] Servicer or any
      Subservicer, performing the substantial majority of the material functions
      required to be performed by [the/such] Servicer under this Agreement or any
      Reconstitution Agreement that are identified in Item 1122(d) of Regulation
      AB.]

     

    [Subservicing
      Agreement:
      The
      subservicing agreement dated as of [      ], between
      the [related] Servicer and the Subservicer.]

     

    Substitution
      Amount:
      [The
      amount, if any, by which the Scheduled Principal Balance of a Deleted Mortgage
      Loan exceeds the Scheduled Principal Balance of the related Qualifying
      Substitute Mortgage Loan, or aggregate Scheduled Principal Balance, if
      applicable, plus
      unpaid
      interest thereon, any related unpaid Monthly Advances or Servicing Advances
      or
      unpaid Servicing Fees and the amount of any costs and damages incurred by the
      Trust Fund associated with a violation of any applicable federal, state or
      local
      predatory or abusive lending law in connection with the origination of such
      Deleted Mortgage Loan].

     

    Superior
      Lien:
      With
      respect to any Mortgage Loan, any other mortgage relating to the corresponding
      Mortgaged Property which creates a lien on the Mortgaged Property which is
      senior to the lien of the Mortgage Loan.

     

    Tax
      Matters Person:
      [      ]

     

    
      
        
        

      

      
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      The
      display currently so designated as “Page 3750” on the Moneyline Telerate Service
      (or such other page selected by the Master Servicer as may replace Page 3750
      on
      that service for the purpose of displaying daily comparable rates on
      prices).

     

    Termination
      Price:
      [The
      sum, as calculated by the Servicer[s], of (a) 100% of the aggregate outstanding
      principal balance of the Mortgage Loans, plus accrued interest thereon at the
      applicable Mortgage Rate, (b) the fair market value of the REO Property and
      all
      other property being purchased, (c) any unreimbursed Servicing Advances, (d)
      any
      costs and damages incurred by the Trust Fund as a result of violation of any
      applicable federal, state or local predatory or abusive lending law in
      connection with the origination of any Mortgage Loan and (e) all other amounts
      to be paid or reimbursed to the Master Servicer, the Securities Administrator,
      the Trustee and the Custodian under the Operative Agreements].

     

    Title
      Insurance Policy:
      A title
      insurance policy maintained with respect to a Mortgage Loan.

     

    [Transfer
      Date:
      Any
      date during the [Pre-Funding Period] [Revolving Period] on which [Subsequent
      Mortgage Loans] [Additional Mortgage Loans] are conveyed by the Depositor to
      the
      Trust Fund pursuant to Section [      ], as specified
      in the applicable Transfer Supplement.

     

    [Transfer
      Price:
      With
      respect to any [Subsequent Mortgage Loan] [Additional Mortgage Loan], the price
      specified in the Transfer Supplement which shall be no less than the outstanding
      principal balance of such [Subsequent Mortgage Loan] [Additional Mortgage Loan]
      as of the Subsequent Cut-off Date specified in the Transfer
      Supplement.]

     

    [Transfer
      Supplement:
      With
      respect to each sale of [Subsequent Mortgage Loans] [Additional Mortgage Loans]
      from the Seller to the Depositor pursuant to the Mortgage Loan Purchase
      Agreement, the transfer supplement entered into between the Seller and the
      Depositor, substantially in the form of Exhibit [     
] to the Mortgage Loan Purchase Agreement.

     

    Trigger
      Event:
      [A
      Trigger Event shall have occurred with respect to any Distribution Date if
      (a) a
      Delinquency Event has occurred for such Distribution Date or (b) a Cumulative
      Loss Trigger Event has occurred for such Distribution Date.

     

    Trust
      Accounts:
      The
      Collection Account, the Distribution Account, [the Capitalized Interest
      Account], [the Pre-Funding Account] and [the Revolving Account].

     

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

     

    Trustee:
      [      ], not in its individual capacity but solely as
      Trustee, or any successor in interest.

     

    
      
        
        

      

      
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    Trustee
      Fee:
      The
      annual on-going fee payable by the Master Servicer on behalf of the Trust Fund
      to the Trustee from income on funds held in the Collection Account as provided
      in Section 5.07 and pursuant to the terms of the separate fee letter agreement
      for TBW Mortgage Trust Mortgage Pass-Through Certificates Series
      [      ].

     

    Trust
      Fund:
      The
      corpus of a trust created pursuant to this Agreement and designated as the
      “Trust Fund,” consisting of the Mortgage Loans, the assignment of the
      Depositor’s rights under the Mortgage Loan Purchase Agreement, such amounts as
      shall from time to time be held in the Collection Account, the Distribution
      Account, [Capitalized Interest Account], [Pre-Funding Account], [Revolving
      Account] and any Escrow Account, the Basis Risk Reserve Fund, any Insurance
      Policies, any REO Property and the other items referred to in, and conveyed
      to
      the Trustee under, Section [[      ]].

     

    UCC:
      The
      Uniform Commercial Code as enacted in the relevant jurisdiction.

     

    Underwriters:
      [      ].

     

    Upper
      Tier REMIC:
      [      ].

     

    Voting
      Interests:
      The
      portion of the voting rights of all the Certificates that is allocated to any
      Certificate for purposes of the voting provisions of this Agreement. At all
      times during the term of this Agreement, 98% of all Voting Interests shall
      be
      allocated to the Class [A], Class [M] and Class [B] Certificates. Voting
      Interests shall be allocated among such Certificates based on the product of
      (i)
      98% and (ii) the fraction, expressed as a percentage, the numerator of which
      is
      the aggregate Class Principal Amount of all Certificates then outstanding and
      the denominator of which is the Pool Balance then outstanding. The remainder
      of
      the Voting Interests not otherwise allocated below shall be allocated to the
      Class R Certificates. Voting Interests shall be allocated among the other
      Classes of Certificates (and among the Certificates within each such Class)
      in
      proportion to their Class Principal Amounts (or Certificate Principal Amounts)
      or Percentage Interests.

     

    Section
      1.02. Calculations
      With Respect to the Mortgage Loans.
      Calculations required to be made pursuant to this Agreement with respect to
      any
      Mortgage Loan in the Trust Fund shall be made based upon current information
      as
      to the terms of the Mortgage Loans and reports of payments received from the
      Mortgagor on such Mortgage Loans provided by the Servicer[s] to the Master
      Servicer.

     

    Section
      1.03. Calculations
      With Respect to Accrued Interest.
      [Accrued interest, if any, on any Certificate shall be calculated based upon
      a
      360-day year and the actual number of days in each Accrual Period].

     

    
      
        
        

      

      
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    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS

     

    Section
      2.01. Creation
      and Declaration of Trust Fund; Conveyance of Mortgage Loans.

     

    (a) Initial
      Mortgage Loans.
      As of
      the Closing Date, in consideration of the Trustee’s delivery of the Certificates
      to the Depositor or its designee, and concurrently with
      the
      execution and delivery of this Agreement, the Depositor does hereby transfer,
      assign, set over, deposit with and otherwise convey to the Trustee, without
      recourse, subject to Section 3.01, in trust, all the right, title and interest
      of the Depositor in and to all accounts, accounts receivable, contract rights,
      general intangibles, chattel paper, instruments, documents, money, deposit
      accounts, certificates of deposit, goods, notes, drafts, letters of credit,
      advices of credit, investment property, uncertificated securities claims and
      rights to payment of any and every kind consisting of, arising from or relating
      to any of the following: (a) the Mortgage Loans listed in the Mortgage Loan
      Schedule, and principal due and payable after the Cut-off Date, but not
      including interest and principal due and payable on any Mortgage Loans on or
      before the Cut-off Date, together with the Mortgage Files relating to such
      Mortgage Loans, (b) any Insurance Proceeds, REO Property, Liquidation Proceeds
      and other recoveries (in each case, subject to clause (a) above), (c) all Escrow
      Payments, (d) any Insurance Policies, (e) the rights of the Depositor under
      the
      Mortgage Loan Purchase Agreement, (f) the Depositor’s security interest in any
      collateral pledged to secure the Mortgage Loans, including the Mortgaged
      Properties, [(g) all Credit Line Advances created with respect to Revolving
      Credit Loans] and [(h)] all income, revenues, issues, products, revisions,
      substitutions, replacements, profits, rents and all cash and non-cash proceeds
      of the foregoing to have and to hold, in trust; and the Trustee declares that,
      subject to the review provided for in Section 2.02, it has received and shall
      hold the Trust Fund, as Trustee, in trust, for the benefit and use of the
      Certificateholders and for the purposes and subject to the terms and conditions
      set forth in this Agreement, and, concurrently with such receipt, the Trustee
      has issued and delivered the Certificates and the Ownership Certificate to
      or
      upon the order of the Depositor, in exchange for the Mortgage Loans and the
      other property of the Trust Fund.

     

    (b) [[Subsequent
      Mortgage Loans] [Additional Mortgage Loans].
      On each
      Transfer Date occurring during the [Pre-Funding Period] [Revolving Period],
      provided that each condition set forth in this Section 2.01(b) is satisfied,
      the
      Depositor shall convey to the Trust Fund, and the Trustee on behalf of the
      Trust
      Fund shall purchase pursuant to this Section 2.01(b), all [Subsequent Mortgage
      Loans] [Additional Mortgage Loans] which satisfy the criteria set forth in
      this
      Section 2.01(b) then offered for sale by the Depositor; provided,
      however,
      that
      the related aggregate Transfer Price shall not exceed the [Pre-Funding Amount]
      [Revolving Amount].

     

    Subject
      to the conditions set forth in this Section 2.01(b), in consideration of the
      Securities Administrator’s delivery on the related Transfer Date to the
      Depositor or its designee, or upon the order of the Depositor, of the Transfer
      Price for the related [Subsequent Mortgage Loans] [Additional Mortgage Loans]
      from amounts on deposit in the related [Pre-Funding Account] [Revolving Amount],
      the Depositor shall, on each Transfer Date, sell, transfer, assign, set over
      and
      otherwise convey to the Issuer, without recourse, but subject to the other
      terms
      and provisions of this Agreement, all of the right, title and interest of the
      Depositor in and to each [Subsequent Mortgage Loan] [Additional Mortgage Loan]
      (including all interest and principal thereon received after the related
      Subsequent Cut-off Date specified in the Transfer Supplement) identified in
      the
      Addition Notice delivered by the Depositor on such Transfer Date and all items
      in the related Mortgage File. In connection therewith, the Depositor shall
      amend
      the Mortgage Loan Schedule to reflect the inclusion of such [Subsequent Mortgage
      Loan] [Additional Mortgage Loan] in the Mortgage Pool as part of the assets
      of
      the Trust Estate. The Depositor shall promptly deliver to the Trustee, the
      Securities Administrator and the Master Servicer a copy of the Mortgage Loan
      Schedule as so amended. 

     

    
      
        
        

      

      
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    Concurrently
      with the execution and delivery of each Transfer Supplement, the Depositor
      does
      hereby assign to the Trust Fund all of its rights and interest under the
      Mortgage Loan Purchase Agreement with respect to the [Subsequent Mortgage Loans]
      [Additional Mortgage Loans] added to the Mortgage Loan Purchase Agreement
      pursuant to such Transfer Supplement, but only to the extent assigned under
      the
      Mortgage Loan Purchase Agreement. The Trustee on behalf of the Trust Fund hereby
      accepts such assignment, and shall be entitled to exercise all the rights of
      the
      Depositor under the Mortgage Loan Purchase Agreement as amended by the related
      Transfer Supplement as if, for such purpose, it were the Depositor.

     

    The
      Depositor shall on any Transfer Date transfer to the Trust Fund the applicable
      [Subsequent Mortgage Loans] [Additional Mortgage Loans] and the other property
      and rights related thereto described in the immediately preceding paragraph,
      as
      applicable, and the Trustee on behalf of the Trust Fund shall purchase such
      [Subsequent Mortgage Loans] [Additional Mortgage Loans], property and rights
      only upon the satisfaction of each of the following conditions on or prior
      to
      the related Transfer Date:

     

    (i) 
       [
 
                                  ];

     

    (ii)
       [
                                    ];
      and

     

    (iii) [  
                                  ].

     

    [To
      be
      added for each transaction with Subsequent Mortgage Loans or Additional Mortgage
      Loans]

     

    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 but without delegation of any of its obligations thereunder.
      The Trustee hereby accepts such assignment, and shall be entitled to exercise
      all the rights of the Depositor under the Mortgage Loan Purchase Agreement
      as
      if, for such purpose, it were the Depositor. Upon the issuance of the
      Certificates, ownership in the Trust Fund shall be vested in the Trustee for
      the
      benefit of the Certificateholders. The foregoing sale, transfer, assignment,
      set-over, deposit and conveyance does not and is not intended to result in
      creation or assumption by the Trustee of any obligation of the Depositor, the
      Seller, or any other Person in connection with the Mortgage Loans or any other
      agreement or instrument relating thereto except as specifically set forth
      herein.

     

    
      
        
        

      

      
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    It
      is
      agreed and understood by the Seller, the Depositor and the Trustee (and the
      Depositor so represents and recognizes) that it is not intended that any
      Mortgage Loan to be included in the Trust Fund be (i) a “High-Cost Home Loan” as
      defined in the New Jersey Home Ownership Act effective November 27, 2003, (ii)
      a
“High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act
      effective January 1, 2004, (iii) a “High-Cost Home Mortgage Loan” as defined in
      the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004
      or (iv) a “High Cost Home Loan” as defined in the Indiana Home Loan Practices
      Act effective January 1, 2005.

     

    (c) In
      connection with such transfer and assignment, the Depositor does hereby deliver
      to, and deposit with, or cause to be delivered to and deposited with, the
      Trustee, and/or the Custodian acting on the Trustee’s behalf, the following
      documents or instruments with respect to each Mortgage Loan (each a “Mortgage
      File”) so transferred and assigned:

     

    (i) the
      original Mortgage Note, endorsed either (A) in blank or (B) to the order of
      the
      Trustee in the form of the Form of Endorsement set forth in Exhibit A-4 hereto,
      or with respect to any lost Mortgage Note, an original Lost Note Affidavit,
      in
      the form set forth in Exhibit B hereto, stating that the original Mortgage
      Note
      was lost, misplaced or destroyed, together with a copy of the related Mortgage
      Note;

     

    (ii) except
      as
      provided below, the original Mortgage with evidence of recording thereon (if
      the
      related Mortgage Loan is a MERS Mortgage Loan, the Mortgage shall note the
      MIN
      and contain language that such Mortgage Loan is a MERS Mortgage Loan). If in
      connection with any Mortgage Loan, the Servicer[s] cannot deliver or cause
      to be
      delivered the original Mortgage with evidence of recording thereon on or prior
      to the Closing Date because of a delay caused by the public recording office
      where such Mortgage has been delivered for recordation or because such Mortgage
      has been lost or because such public recording office retains the original
      recorded Mortgage, the [related] Servicer shall deliver or cause to be delivered
      to the Custodian a photocopy of such Mortgage together with (i) in the case
      of a
      delay caused by the public recording office, an Officer’s Certificate of the
      [related] 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 [related]
      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;

     

    
      
        
        

      

      
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    (iii) with
      respect to each Non-MERS Mortgage Loan, an original Assignment of Mortgage
      (which may be in the form of a blanket assignment if permitted in the
      jurisdiction where the Mortgaged Property is located) with evidence of recording
      thereon unless an Opinion of Counsel described in clause (c) below is delivered
      to the Trustee and the Rating Agencies, in which case, the Assignment of
      Mortgage shall be in form and substance acceptable for recording. The Mortgage
      shall be assigned either (A) in blank, without recourse, or (B) to “U.S. Bank
      National Association, as Trustee of the TBW Mortgage
      Trust Mortgage Pass-Through Certificates, Series [     ]”,
      without recourse or (C) to the order of the Trustee;

     

    (iv) an
      original copy of any intervening assignment of Mortgage showing a complete
      chain
      of assignments or, in the case of an intervening assignment that has not been
      received by the Servicer[s] from the public recording office, an Officer’s
      Certificate of the [related] Servicer stating that such intervening assignment
      has been delivered to the appropriate public recording office for recordation
      and that the original recorded intervening assignment or a copy of such
      intervening assignment certified by such public recording office to be a true
      and complete copy of the original recorded intervening assignment will be
      promptly delivered to the Custodian upon receipt thereof by the [related]
      Servicer, or in the case of an intervening assignment where a public recording
      office retains the original recorded intervening assignment, a copy of such
      intervening assignment with the recording information thereon certified by
      such
      public recording office to be a true and complete copy of the original recorded
      intervening assignment; or in the case of an intervening assignment that has
      been lost, a written Opinion of Counsel for the Seller that such original
      intervening assignment is not required to enforce the Trustee’s interest in the
      Mortgage Loans;

     

    (v) the
      original or a certified copy of lender’s Title Insurance Policy (or, in lieu
      thereof, a commitment to issue such Title Insurance Policy, with an original
      or
      a certified copy of such Title Insurance Policy to follow as soon after the
      Closing Date as reasonably practicable) or attorney’s opinion of title and
      abstract of title; 

     

    (vi) the
      original or copy of the policy or certificate of primary mortgage guaranty
      insurance, to the extent available, if any;

     

    (vii) the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any, or as to any such agreement which cannot be
      delivered prior to the Closing Date because of a delay caused by the public
      recording office where such assumption, modification or substitution agreement
      has been delivered for recordation, a photocopy of such assumption, modification
      or substitution agreement, pending delivery of the original thereof, together
      with an Officer’s Certificate of the Depositor certifying that the copy of such
      assumption, modification or substitution agreement delivered to the Custodian
      is
      a true copy and that the original of such agreement has been forwarded to the
      public recording office; [and]

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

     

    (viii) the
      original of any security agreement or equivalent instrument executed in
      connection with the Mortgage or as to any security agreement or equivalent
      instrument that cannot be delivered on or prior to the Closing Date because
      of a
      delay caused by the public recording office where such document has been
      delivered for recordation, a photocopy of such document, pending delivery of
      the
      original thereof, together with an Officer’s Certificate of the Depositor
      certifying that the copy of such security agreement, chattel mortgage or their
      equivalent delivered to the Custodian is a true copy and that the original
      of
      such document has been forwarded to the public recording
      office[;and]

     

    (ix) [all
      Revolving Credit Loan documents.]

     

    The
      Depositor and the Seller acknowledge and agree that the form of endorsement
      attached hereto as Exhibit A-4 is intended to effect the transfer to the
      Trustee, for the benefit of the Certificateholders, of the Mortgage Notes and
      the Mortgages.

     

    (d) Assignments
      of Mortgage with respect to each Non-MERS Mortgage Loan shall be recorded;
      provided,
      however,
      that
      such Assignments of Mortgage need not be recorded if, on or prior to the Closing
      Date, the Seller delivers an Opinion of Counsel (which must be Independent
      counsel) acceptable to the Rating Agencies, to the effect that recording in
      such
      states is not required to protect the Trustee’s interest in the related Non-MERS
      Mortgage Loans.

     

    (e) In
      instances where a Title Insurance Policy is required to be delivered to the
      Trustee or the Custodian on behalf of the Trustee under clause (b)(vi) above
      and
      is not so delivered, the Seller will provide a copy of such Title Insurance
      Policy to the Trustee, or to the Custodian on behalf of the Trustee no later
      than ninety (90) days of the receipt by the Seller of the recorded documents
      from the applicable public recording office.

     

    (f) For
      Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date
      and prior to the Closing Date, the Depositor, in lieu of delivering the above
      documents, herewith delivers to the Trustee, or to the Custodian on behalf
      of
      the Trustee, an Officer’s Certificate which shall include a statement to the
      effect that all amounts received in connection with such prepayment that are
      required to be deposited in the Collection Account pursuant to Section 5.06
      have
      been so deposited. All original documents that are not delivered to the Trustee
      or the Custodian on behalf of the Trustee shall be held by the Servicer[s]
      in
      trust for the benefit of the Trustee and the Certificateholders.

     

    Section
      2.02. Acceptance
      of Trust Fund; Review of Documentation. 

     

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

    
      
        
        

      

      
        40

        
          

        

      

       

    

     

    The
      Trustee, by execution and delivery hereof, acknowledges receipt by it or by
      the
      Custodian on its behalf of the Mortgage Files pertaining to the Mortgage Loans
      listed on the Mortgage Loan Schedule, subject to review thereof by the Trustee,
      or by the Custodian on behalf of the Trustee, under this Section 2.02. The
      Trustee, or the Custodian on behalf of the Trustee, will execute and deliver
      to
      the Depositor, the Master Servicer, the Servicer[s] (and the Trustee if
      delivered by the Custodian) on the Closing Date an Initial Certification in
      the
      form annexed hereto as Exhibit A-1.

     

    (b) Within
      90
      days after the Closing Date, the Trustee or the Custodian on behalf of the
      Trustee, will, for the benefit of Certificateholders, review each Mortgage
      File
      to ascertain that all required documents set forth in Section 2.01 have been
      received and appear on their face to contain the requisite signatures by or
      on
      behalf of the respective parties thereto, and shall deliver to the Depositor,
      the Seller (and the Trustee if delivered by the Custodian) an Interim
      Certification in the form annexed hereto as Exhibit A-2 to the effect that,
      as
      to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any
      Mortgage Loan prepaid in full or any specifically identified in such
      certification as not covered by such certification), (i) all of the applicable
      documents specified in Section 2.01(c) are in its possession and (ii) such
      documents have been reviewed by it and appear to relate to such Mortgage Loan.
      The Trustee, or the Custodian on behalf of the Trustee, shall determine whether
      such documents are executed and endorsed, but shall be under no duty or
      obligation to inspect, review or examine any such documents, instruments,
      certificates or other papers to determine that the same are valid, binding,
      legally effective, properly endorsed, genuine, enforceable or appropriate for
      the represented purpose or that they have actually been recorded or are in
      recordable form or that they are other than what they purport to be on their
      face. Neither the Trustee nor the Custodian shall have any responsibility for
      verifying the genuineness or the legal effectiveness of or authority for any
      signatures of or on behalf of any party or endorser or for the perfection or
      priority of any document.

     

    (c) If
      in the
      course of the review described in paragraph (b) above the Trustee discovers
      any
      document or documents constituting a part of a Mortgage File that is missing,
      does not appear regular on its face (i.e.,
      is
      mutilated, damaged, defaced, torn or otherwise physically altered) or appears
      to
      be unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule,
      as
      applicable (each, a “Material Defect”), the Trustee or the Custodian,
      discovering such Material Defect shall identify the Mortgage Loan to which
      such
      Material Defect relates in the Interim Certification delivered to the Depositor
      and the Master Servicer. Within 90 days of its receipt of such notice, the
      Seller shall be required to cure such Material Defect (and, in such event,
      the
      Seller shall provide the Trustee and the Custodian with an Officer’s Certificate
      confirming that such cure has been effected). If the Seller does not so cure
      such Material Defect, if a loss has been incurred with respect to such Mortgage
      Loan that would, if such Mortgage Loan were not purchased from the Trust Fund,
      constitute a Realized Loss, and such loss is attributable to the failure of
      the
      Seller to cure such Material Defect, the Seller shall repurchase the related
      Mortgage Loan from the Trust Fund at the Purchase Price. A loss shall be deemed
      to be attributable to the failure of the Seller to cure a Material Defect if,
      as
      determined by the Seller acting in good faith, absent such Material Defect,
      such
      loss would not have been incurred. The Seller may, in lieu of repurchasing
      a
      Mortgage Loan pursuant to this Section 2.02, substitute for such Mortgage Loan
      a
      Qualifying Substitute Mortgage Loan subject to the provisions of Section 3.03.
      The failure of the Trustee or the Custodian to deliver the Interim Certification
      within 90 days after the Closing Date shall not affect or relieve the Seller
      of
      its obligation to repurchase any Mortgage Loan pursuant to this Section 2.02
      or
      any other Section of this Agreement requiring the repurchase of Mortgage Loans
      from the Trust Fund.

     

    
      
        
        

      

      
        41

        
          

        

      

       

    

     

    (d) Within
      180 days following the Closing Date, the Trustee, or the Custodian, shall
      deliver to the Depositor, the Master Servicer and the Servicer[s] (and the
      Trustee if delivered by the Custodian) a Final Certification substantially
      in
      the form attached as Exhibit A-3 evidencing the completeness of the Mortgage
      Files in its possession or control, with any exceptions noted
      thereto.

     

    (e) Nothing
      in this Agreement shall be construed to constitute an assumption by the Trust
      Fund, the Trustee, the Custodian or the Certificateholders of any unsatisfied
      duty, claim or other liability on any Mortgage Loan or to any
      Mortgagor.

     

    (f) Notwithstanding
      anything to the contrary contained herein, each of the parties hereto
      acknowledges that the Custodian shall perform the applicable review of the
      Mortgage Loans and respective certifications thereof as provided in the
      Custodial Agreement.

     

    (g) Upon
      execution of this Agreement, the Depositor hereby delivers to the Trustee and
      the Trustee acknowledges a receipt of the Mortgage Loan Purchase
      Agreement.

     

    (h) For
      purposes of the determinations required to be made by the Trustee or the
      Custodian pursuant to paragraphs (a) through (d) of this Section 2.02, the
      Trustee or the Custodian, as applicable, shall be entitled to conclusively
      rely
      upon the diskette, tape or other electronic media provided by or on behalf
      of
      the Seller with respect to the Mortgage Loans as to whether (i) any guarantee
      was executed in connection with any Mortgage Loan, (ii) any assumption,
      modification or substitution agreement was executed in connection with any
      Mortgage Loan, (iii) primary mortgage guaranty insurance is required with
      respect to any Mortgage Loan or (iv) any security agreement or equivalent
      instrument was executed in connection with any Mortgage Loan.

     

    Section
      2.03. Grant
      Clause.

     

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

     

    
      
        
        

      

      
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    (b) The
      Depositor and, at the Depositor’s direction, the Trustee shall, to the extent
      consistent with this Agreement, take such reasonable actions as may be necessary
      to ensure that, if this Agreement were deemed to create a security interest
      in
      the Mortgage Loans and the other property 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
      this
      Agreement. Without limiting the generality of the foregoing, the Depositor
      shall
      prepare and file any UCC financing statements that are necessary to perfect
      the
      Trustee’s security interest in or lien on the Mortgage Loans, as evidenced by an
      Officer’s Certificate of the Depositor, and furnish a copy of each such filed
      financing statement to the Securities Administrator. The Trustee shall prepare
      and file, at the expense of the Depositor, all filings necessary to maintain
      the
      effectiveness of any original filings necessary under the Relevant UCC to
      perfect the Trustee’s security interest in or lien on the Mortgage Loans,
      including without limitation (x) continuation statements, and (y) to the extent
      that a Responsible Officer of the Trustee has received written notice of such
      change or transfer, such other statements as may be occasioned by (1) any change
      of name of the Seller or the Depositor, (2) any change of location of the place
      of business or the chief executive office of the Seller or the Depositor or
      (3)
      any transfer of any interest of the Seller or the Depositor in any Mortgage
      Loan.

     

    The
      Depositor shall not organize under the law of any jurisdiction other than the
      State under which each is organized as of the Closing Date (whether changing
      its
      jurisdiction of organization or organizing under an additional jurisdiction)
      without giving thirty (30) days prior written notice of such action to its
      immediate and mediate transferee, including the Trustee. Before effecting such
      change, the Depositor proposing to change its jurisdiction of organization
      shall
      prepare and file in the appropriate filing office any financing statements
      or
      other statements necessary to continue the perfection of the interests of its
      immediate and mediate transferees, including the Trustee, in the Mortgage Loans.
      In connection with the transactions contemplated by this Agreement, the
      Depositor authorizes its immediate or mediate transferee to file in any filing
      office any initial financing statements, any amendments to financing statements,
      any continuation statements, or any other statements or filings described in
      this Section 2.03(b).

     

    
      
        
        

      

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

     

    Section
      2.04. Option
      to Contribute Derivative Instrument

     

    At
      any
      time on or after the Closing Date, the Seller shall have the right to contribute
      to, and deposit into, the Trust Fund a derivative contract or comparable
      instrument (a “Derivative Instrument”). The Derivative Instrument may have a
      notional amount in excess of the sum of the beneficial interests in the Trust.
      Any such instrument shall constitute a fully prepaid agreement. The Securities
      Administrator shall have no tax reporting duties with respect to any such
      Derivative Instrument.

     

    Section
      2.05. The
      Certificates.

     

    The
      Certificates shall be substantially in the forms attached as Exhibit A hereto.
      The Certificates shall be issuable in registered form, in the minimum
      denominations per Class set forth in the Preliminary Statement and, to the
      extent applicable, in integral multiples of $1 in excess thereof.

     

    Subject
      to Section 9.03 hereof respecting the final distribution on the Certificates,
      on
      each Distribution Date the Securities Administrator shall make distributions
      to
      each Certificateholder of record on the preceding Record Date either (x) 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 not later than the applicable Record
      Date and (ii) such Holder shall hold (A) 100% of the Class Principal Amount
      of
      any Class of Certificates or (B) Certificates of any Class with aggregate
      principal Denominations of not less than $1,000,000 or (y) by check mailed
      by
      first class mail to such Certificateholder at the address of such Holder
      appearing in the Certificate Register.

     

    
      
        
        

      

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

     

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

     

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

     

    (a) The
      Securities Administrator shall maintain, or cause to be maintained, a
      Certificate Register for the Trust Fund in which, subject to the provisions
      of
      subsections (b) and (c) below and to such reasonable regulations as it may
      prescribe, the 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 execute and deliver, in the name of the designated
      transferee or transferees, one or more new Certificates of the same Class and
      aggregate Percentage Interest.

     

    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 which the Certificateholder
      making the exchange is entitled to receive. Every Certificate presented or
      surrendered for registration of transfer or exchange shall be accompanied by
      a
      written instrument of transfer in form satisfactory to the 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.

     

    
      
        
        

      

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

     

    (b) No
      Person
      shall transfer a Restricted Certificate unless such transfer (i) is made
      pursuant to an effective registration statement under the Securities Act and
      any
      applicable state securities laws, (ii) is exempt from the registration
      requirements under said Act and such state securities laws and (iii) is made
      in
      compliance with the provisions of this Section. 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 [     ] (the “Transferor Certificate”) and
      deliver a letter in substantially the form of either Exhibit
      [     ] (the “Investment Letter”) or Exhibit
      [     ] (the “Rule 144A Letter”). The Depositor shall
      provide to any Holder of a Restricted 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 Restricted
      Certificate desiring to effect such transfer shall, and does hereby agree to,
      indemnify the Securities Administrator, the Trustee, the Depositor, the Seller,
      the Servicer[s] and the Master Servicer against any liability that may result
      if
      the transfer is not so exempt or is not made in accordance with such federal
      and
      state laws.

     

    No
      transfer of an ERISA-Restricted Certificate 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 (in the event such Certificate
      is a
      Restricted Certificate, such requirement is satisfied only by the Securities
      Administrator’s receipt of a representation letter from the transferee
      substantially in the form set forth in Exhibit [     ] (or
      Exhibit [     ], in the case of a Residual Certificate)), to
      the effect that such transferee is not an employee benefit plan or other
      retirement arrangement subject to Section 406 of ERISA or Section 4975 of the
      Code (collectively, a “Plan”), nor a Person acting on behalf of any such Plan or
      using the assets of any such Plan to effect such transfer, (ii) if the
      ERISA-Restricted Certificate was the subject of an ERISA-Qualifying underwriting
      and the purchaser is an insurance company, a representation substantially in
      the
      form set forth in Exhibit [     ], to the effect that the
      purchaser is an insurance company which is purchasing such Certificate with
      funds contained in an “insurance company general account” (as such term is
      defined in Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE
      95-60”)) and the acquisition and holding of the ERISA-Restricted Certificate are
      covered under Sections I and III of PTCE 95-60; or (iii) in the case of any
      such
      ERISA-Restricted Certificate presented for registration in the name of a Plan
      or
      a Person acting on behalf of such Plan or using such Plan’s assets, an Opinion
      of Counsel satisfactory to the Trustee and the Securities Administrator to
      the
      effect that the acquisition or holding of such ERISA-Restricted Certificate
      will
      not result in prohibited transactions under Section 406 of ERISA and Section
      4975 of the Code and will not subject the Trustee, the Securities Administrator,
      the Depositor, the Seller, the Master Servicer or the Servicer[s] to any
      obligation in addition to those expressly undertaken in this Agreement, which
      Opinion of Counsel will not be at the expense of any of the above parties or
      the
      Trust Fund. Notwithstanding anything else to the contrary herein, any purported
      transfer of an ERISA-Restricted Certificate to or on behalf of a Plan without
      the delivery to the Securities Administrator of a representation letter or
      an
      Opinion of Counsel satisfactory to the Securities Administrator as described
      above shall be void and of no effect. If the ERISA-Restricted Certificate is
      a
      Book-Entry Certificate, the transferee will be deemed to have made a
      representation as provided in (i) or (ii) of this paragraph, as applicable.
      

     

    
      
        
        

      

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

     

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

     

    (i) Each
      Person holding or acquiring any ownership interest in a Residual Certificate
      shall be a Permitted Transferee.

     

    (ii) No
      ownership interest in a Residual Certificate may be registered on the Closing
      Date or thereafter transferred (except for an initial registration on the
      Closing Date of the transfer to the Depositor (or an Affiliate thereof), the
      Trustee or the Securities Administrator), and the Securities Administrator
      shall
      not register the transfer of any Residual Certificate (except for an initial
      registration on the Closing Date of the transfer to the Depositor (or an
      Affiliate thereof), the Trustee or the Securities Administrator) unless, in
      addition to the certificates required to be delivered to the Securities
      Administrator under subparagraph (b) above, the Securities Administrator shall
      have been furnished with an affidavit of the Holder desiring to effect such
      transfer (a “Transferor Affidavit”) in the form attached hereto as Exhibit
      [     ] and an affidavit of the proposed transferee (a
“Transferee Affidavit”) in the form attached hereto as Exhibit
      [     ].

     

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

     

    
      
        
        

      

      
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    (iv) Any
      attempted or purported transfer of any ownership interest in a Residual
      Certificate in violation of the provisions of this Section 2.06(c) shall be
      absolutely null and void and shall vest no rights in the purported Transferee.
      If any purported transferee shall become a Holder of a Residual Certificate
      in
      violation of the provisions of this Section 2.06(c), then the last preceding
      Permitted Transferee shall be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. The 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 Section 2.06(b) and this Section 2.06(c) or for making
      any
      payments due on such Certificate to the Holder thereof or taking any other
      action with respect to such Holder under the provisions of this Agreement so
      long as the transfer was registered after receipt of the related Transferee
      Affidavit, Transferor Affidavit and either the Rule 144A Letter or the
      Investment Letter. The Securities Administrator shall be entitled but not
      obligated to recover from any Holder of a Residual Certificate that was in
      fact
      not a Permitted Transferee at the time it became a Holder or, at such subsequent
      time as it became other than a Permitted Transferee, all payments made on such
      Residual Certificate at and after either such time. Any such payments so
      recovered by the Securities Administrator shall be paid and delivered by the
      Securities Administrator to the last preceding Permitted Transferee of such
      Certificate.

     

    (v) The
      Depositor shall promptly make available, upon receipt of written request from
      the Securities Administrator, all information necessary to compute any tax
      imposed under Section 860E(e) of the Code as a result of a transfer of an
      ownership interest in a Residual Certificate to any Holder who is not a
      Permitted Transferee.

     

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

     

    
      
        
        

      

      
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    (d) The
      preparation and delivery of all certificates and opinions referred to above
      in
      this Section 2.06(d) in connection with transfer shall be at the expense of
      the
      parties to such transfers.

     

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

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owner. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners it represents
      or of brokerage firms for which it acts as agent in accordance with the
      Depository’s normal procedures.

     

    If
      (x)
      (i) the Depository or the Depositor advises the Securities Administrator in
      writing that the Depository is no longer willing or able to properly discharge
      its responsibilities as Depository, and (ii) the Securities Administrator or
      the
      Depositor is unable to locate a qualified successor, or (y) after the occurrence
      of an Event of Default, Certificate Owners representing at least 51% of the
      Certificate Balance of the Book-Entry Certificates together advise the
      Securities Administrator and the Depository through the Depository Participants
      in writing that the continuation of a book-entry system through the Depository
      is no longer in the best interests of the Certificate Owners, the Securities
      Administrator shall notify all Certificate Owners, through the Depository,
      of
      the occurrence of any such event and of the availability of Definitive
      Certificates to Certificate Owners requesting the same. Upon surrender to the
      Securities Administrator of the related Class of Certificates by the Depository,
      accompanied by the instructions from the Depository for registration, the
      Securities Administrator shall issue the Definitive Certificates. Neither the
      Depositor nor the Securities Administrator shall be liable for any delay in
      delivery of such instruction and each may conclusively rely on, and shall be
      protected in relying on, such instructions. The Depositor shall provide the
      Securities Administrator with an adequate inventory of certificates to
      facilitate the issuance and transfer of Definitive Certificates. Upon the
      issuance of Definitive Certificates all references herein to obligations imposed
      upon or to be performed by the Depository shall be deemed to be imposed upon
      and
      performed by the Securities Administrator, to the extent applicable with respect
      to such Definitive Certificates and the Securities Administrator shall recognize
      the Holders of the Definitive Certificates as Certificateholders hereunder;
      provided
      that the
      Securities Administrator shall not by virtue of its assumption of such
      obligations become liable to any party for any act or failure to act of the
      Depository.

     

    
      
        
        

      

      
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    Section
      2.07. 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 (b) there is delivered to
      the
      Depositor and 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, countersign
      and
      deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
      or
      stolen Certificate, a new Certificate of like Class, tenor and Percentage
      Interest. In connection with the issuance of any new Certificate under this
      Section 2.07, 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 2.07 shall constitute complete and indefeasible
      evidence of ownership, as if originally issued, whether or not the lost, stolen
      or destroyed Certificate shall be found at any time.

     

    Section
      2.08. Persons
      Deemed Owners.

     

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

     

    Section
      2.09. 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 which 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 such 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.

     

    
      
        
        

      

      
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    Section
      2.10. Maintenance
      of Office or Agency.

     

    Certificates
      may be surrendered for registration of transfer or exchange at the 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
      III

     

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      3.01. Representations
      and Warranties of the Depositor and the Seller. 

     

    (a) The
      Depositor hereby represents and warrants to the Trustee for the benefit of
      Certificateholders, the Securities Administrator, the Master Servicer, the
      Seller and the Servicer[s] as of the Closing Date or such other date as is
      specified, that:

     

    (i) This
      Agreement constitutes a legal, valid and binding obligation of the Depositor,
      enforceable against the Depositor in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in effect
      affecting the enforcement of creditors’ rights in general and except as such
      enforceability may be limited by general principles of equity (whether
      considered in a proceeding at law or in equity);

     

    (ii) Immediately
      prior to the transfer by the Depositor to the Trust Fund of each Mortgage Loan,
      the Depositor had good and equitable title to each Mortgage Loan (insofar as
      such title was conveyed to it by the Seller) subject to no prior lien, claim,
      participation interest, mortgage, security interest, pledge, charge or other
      encumbrance or other interest of any nature; 

     

    (iii) As
      of the
      Closing Date, the Depositor has transferred all right, title and interest in
      the
      Mortgage Loans to the Trustee on behalf of the Trust Fund; 

     

    (iv) The
      Depositor has not transferred the Mortgage Loans to the Trustee on behalf of
      the
      Trust Fund with any intent to hinder, delay or defraud any of its creditors;
      and

     

    (v) The
      Depositor has been duly organized and is validly existing as a corporation
      in
      good standing under the laws of Delaware, with full power and authority to
      own
      its assets and conduct its business as presently being conducted.

     

    
      
        
        

      

      
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    (b) The
      Seller hereby represents and warrants to the Trustee for the benefit of
      Certificateholders, the Securities Administrator, the Master Servicer and the
      Depositor as of the Closing Date or such other date as is specified,
      that:

     

    (i) the
      Seller is a [Florida] corporation, duly organized validly existing and in good
      standing under the laws of the [State of Florida], and has the corporate power
      to own its assets and to transact the business in which it is currently engaged.
      The Seller is duly qualified to do business as a foreign corporation and is
      in
      good standing in each jurisdiction in which the character of the business
      transacted by it or any properties owned or leased by it requires such
      qualification and in which the failure so to qualify would have a material
      adverse effect on the business, properties, assets, or condition (financial
      or
      other) of the Seller;

     

    (ii) the
      Seller has the corporate power and authority to make, execute, deliver and
      perform this Agreement and all of the transactions contemplated under the
      Agreement, and has taken all necessary corporate action to authorize the
      execution, delivery and performance of this Agreement. When executed and
      delivered, this Agreement will constitute the legal, valid and binding
      obligation of the Seller enforceable in accordance with its terms, except as
      enforcement of such terms may be limited by bankruptcy, insolvency or similar
      laws affecting the enforcement of creditors’ rights generally and by the
      availability of equitable remedies;

     

    (iii) the
      Seller is not required to obtain the consent of any other party or any consent,
      license, approval or authorization from, or registration or declaration with,
      any governmental authority, bureau or agency in connection with the execution,
      delivery, performance, validity or enforceability of this Agreement, except
      for
      such consent, license, approval or authorization, or registration or
      declaration, as shall have been obtained or filed, as the case may be, prior
      to
      the Closing Date;

     

    (iv) the
      execution, delivery and performance of this Agreement by the Seller will not
      violate any provision of any existing law or regulation or any order or decree
      of any court applicable to the Seller or any provision of the articles of
      incorporation or bylaws of the Seller, or constitute a material breach of any
      mortgage, indenture, contract or other agreement to which the Seller is a party
      or by which the Seller may be bound;

     

    (v) no
      litigation or administrative proceeding of or before any court, tribunal or
      governmental body is currently pending, or to the knowledge of the Seller
      threatened, against the Seller or any of its properties or with respect to
      this
      Agreement which in the opinion of the Seller has a reasonable likelihood of
      resulting in a material adverse effect on the transactions contemplated by
      this
      Agreement.

     

    (c) The
      Seller hereby makes for the benefit of the Trustee for the benefit of
      Certificateholders, the Securities Administrator, the Master Servicer and the
      Depositor as of the Closing Date or such other date as is specified, with
      respect to the Mortgage Loans, the representations and warranties set forth
      in
      Exhibit A of the Mortgage Loan Purchase Agreement.

    
      
        
        

      

      
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    (d) To
      the
      extent that any fact, condition or event with respect to a Mortgage Loan
      constitutes a breach of a representation or warranty of the Seller under
      subsection (c) above or the Mortgage Loan Purchase Agreement, the only right
      or
      remedy of the Trustee or any Certificateholder hereunder shall be their rights
      to enforce the obligations of the Seller under any applicable representation
      or
      warranty made by it. The Trustee on behalf of the Trust Fund acknowledges that
      the Depositor shall have no obligation or liability with respect to any breach
      of any representation or warranty with respect to the Mortgage Loans (except
      as
      set forth in Section 3.01(a)(ii)) under any circumstances.

     

    Section
      3.02. Discovery
      of Breach.
      It is
      understood and agreed that the representations and warranties (i) of the
      Depositor set forth in Section 3.01(a), (ii) of the Seller set forth in Section
      3.01(b) and (c) and (iii) of the Servicer[s] pursuant to Section 4.05 of this
      Agreement, shall each survive delivery of the Mortgage Files and the Assignment
      of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout
      the term of this Agreement. With
      respect to the representations and warranties which are made to the best of
      the
      Seller’s knowledge, if it is discovered by the Depositor, the Seller, the
      Securities Administrator, the Trustee,
      the
      Master Servicer, the Underwriters or the Servicer[s] that the substance of
      such
      representation and warranty is inaccurate and such inaccuracy materially and
      adversely affects the value of the Mortgage Loans or the interests of the
      Certificateholders or the Trustee
      therein,
      notwithstanding such Seller’s lack of knowledge with respect to the substance of
      such representation or warranty, remedies for breach will apply to such
      inaccuracy. Any
      breach of the representation and warranty set forth in clauses (cc), (ee) and
      (ff) of Exhibit A of the Mortgage Loan Purchase Agreement shall be deemed to
      materially and adversely affect the interest of the Trust Fund in that Mortgage
      Loan, notwithstanding the Seller’s lack of knowledge with respect to the
      substance of such representation and warranty. Upon discovery by any of the
      Depositor, the Master Servicer, the Securities Administrator or the Trustee
      of a
      breach of any of such representations and warranties made by the Seller that
      adversely and materially affects the value of the related Mortgage Loan, the
      party discovering such breach shall give prompt written notice to the other
      parties. Within 90 days of the discovery by the Seller of a breach of any
      representation or warranty given to the Trustee by the Seller or the Seller’s
      receipt of written notice of such a breach, the Seller shall either (a) cure
      such breach in all material respects, (b) repurchase such Mortgage Loan or
      any
      property acquired in respect thereof from the Trustee at the Purchase Price
      or
      (c) substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage
      Loan.

     

    Section
      3.03. Repurchase,
      Purchase or Substitution of Mortgage Loans. 

     

    (a) [With
      respect to any Mortgage Loan repurchased by the Seller pursuant to Section
      3.02(b) of this Agreement, the principal portion of the funds in respect of
      such
      repurchase of a Mortgage Loan will be considered a Principal Prepayment and
      the
      Purchase Price shall be deposited in the Collection Account. Upon receipt by
      the
      Securities Administrator of the full amount of the Purchase Price for a Deleted
      Mortgage Loan and notification thereof has been made to the Trustee, or upon
      receipt of notification from the Custodian that it had received the Mortgage
      File for a Qualifying Substitute Mortgage Loan substituted for a Deleted
      Mortgage Loan (and any applicable Substitution Amount), the Trustee shall
      release or cause to be released and reassign to the Depositor or the Seller,
      as
      applicable, the related Mortgage File for the Deleted Mortgage Loan and shall
      execute and deliver such instruments of transfer or assignment, in each case
      without recourse, representation or warranty, as shall be necessary to vest
      in
      such party or its designee or assignee title to any Deleted Mortgage Loan
      released pursuant hereto, free and clear of all security interests, liens and
      other encumbrances created by this Agreement, which instruments shall be
      prepared by the Servicer[s] and the Trustee shall have no further responsibility
      with respect to the Mortgage File relating to such Deleted Mortgage Loan.

     

    
      
        
        

      

      
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    (b) With
      respect to each Qualifying Substitute Mortgage Loan to be delivered to the
      Trustee (or the Custodian) in exchange for a Deleted Mortgage Loan: (i) the
      Depositor or the Seller, as applicable, must deliver to the Trustee (or a
      Custodian) the Mortgage File for the Qualifying Substitute Mortgage Loan
      containing the documents set forth in Section 2.01(c) along with a written
      certification certifying as to the delivery of such Mortgage File and containing
      the granting language set forth in Section 2.01(a); and (ii) the Seller and
      the
      Depositor will be deemed to have made, with respect to such Qualifying
      Substitute Mortgage Loan, each of the representations and warranties made by
      it
      with respect to the related Deleted Mortgage Loan. As soon as practicable after
      the delivery of any Qualifying Substitute Mortgage Loan hereunder, the Trustee,
      at the expense of the Depositor and at the direction and with the cooperation
      of
      the Servicer[s] shall (i) with respect to a Qualifying Substitute Mortgage
      Loan that is a Non-MERS Mortgage Loan, cause the Assignment of Mortgage to
      be
      recorded by the Servicer[s] if required pursuant to Section 2.01(d), or (ii)
      with respect to a Qualifying Substitute Mortgage Loan that is a MERS Mortgage
      Loan, cause to be taken such actions as are necessary to cause the Trustee
      (on
      behalf of the Trust Fund) to be clearly identified as the owner of each such
      Mortgage Loan on the records of MERS if required pursuant to Section
      2.01(d).]

     

    ARTICLE
      IV

     

    ADMINISTRATION
      AND SERVICING OF THE

    MORTGAGE
      LOANS BY THE SERVICER[S]

     

    Section
      4.01. Servicer[s]
      to Perform Servicing Responsibilities.

     

    (a) Contract
      for Servicing; Possession of Servicing Files.
      The
      Trustee does hereby contract with the Servicer[s] for the servicing of the
      Mortgage Loans for the benefit of the Trust Fund and the Trustee. The
      Servicer[s] shall maintain a Servicing File with respect to each Mortgage Loan
      in order to service such Mortgage Loans pursuant to this Agreement and each
      Servicing File delivered to the Servicer[s] shall be held in trust by the
      Servicer[s] for the benefit of the Trust Fund and the Trustee. [The/Each]
      Servicer’s possession of any portion of the Mortgage Loan documents shall be at
      the will of the Trustee for the sole purpose of facilitating servicing of the
      related Mortgage Loan pursuant to this Agreement, and such retention and
      possession by the [related] Servicer shall be in a custodial capacity only.
      The
      ownership of each Mortgage Note, Mortgage, and the contents of the Servicing
      File shall be vested in the Trustee and the ownership of all records and
      documents with respect to the related Mortgage Loan prepared by or which come
      into the possession of the Servicer[s] shall immediately vest in the Trustee
      and
      shall be retained and maintained, in trust, by the Servicer[s] at the will
      of
      the Trustee in such custodial capacity only. The Servicing File retained by
      the
      Servicer[s] pursuant to this Agreement shall be identified in accordance with
      the [related] Servicer’s file tracking system to reflect the ownership of the
      related Mortgage Loan by the Trustee. [The/Each] Servicer shall release from
      its
      custody the contents of any Servicing File retained by it only in accordance
      with this Agreement.

     

    
      
        
        

      

      
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    (b) Books
      and Records.
      All
      rights arising out of the Mortgage Loans shall be vested in the Trustee, subject
      to the [Servicer’s/Servicers’] rights to service and administer the Mortgage
      Loans hereunder in accordance with the terms of this Agreement. All funds
      received on or in connection with a Mortgage Loan, other than the Servicing
      Fee
      and other compensation and reimbursement to which the Servicer[s] and the Master
      Servicer are entitled as set forth herein, including but not limited to Section
      4.04(c), shall be received and held by them in trust for the benefit of the
      Trustee pursuant to the terms of this Agreement.

     

    The
      Servicer[s] shall forward to the Custodian original documents evidencing an
      assumption, modification, consolidation or extension of any Mortgage Loan
      entered into in accordance with Section 4.02(a) within one week of their
      execution; provided,
      however,
      that
      the Servicer[s] shall provide the Custodian with a Servicer certified true
      copy
      of any such document submitted for recordation within one week of its execution,
      and shall provide the original of any document submitted for recordation or
      a
      copy of such document certified by the appropriate public recording office
      to be
      a true and complete copy of the original within 180 days of its submission
      for
      recordation.

     

    Section
      4.02. Servicing
      of the Mortgage Loans. 

     

    (a) Servicer[s]
      to Service.
      The
      Servicer[s], acting directly [or through one or more Subservicers as provided
      in
      Section 4.09], shall service and administer the Mortgage Loans from and after
      the Closing Date and, except where prior consent of the Master Servicer is
      required under this Agreement, in accordance with this Agreement and with
      Accepted Servicing Practices, and shall have full power and authority, acting
      alone, to do or cause to be done any and all things in connection with such
      servicing and administration which the Servicer[s] may deem necessary or
      desirable and consistent with the terms of this Agreement and with Accepted
      Servicing Practices and exercise the same care that it customarily employs
      for
      its own account. Except as set forth in this Agreement, the Servicer[s] shall
      service the Mortgage Loans in strict compliance with the servicing provisions
      of
      the Fannie Mae Guides (special servicing option), which include, but are not
      limited to, provisions regarding the liquidation of Mortgage Loans, the
      collection of Mortgage Loan payments, the payment of taxes, insurance and other
      charges, the maintenance of hazard insurance with a Qualified Insurer, the
      maintenance of mortgage impairment insurance, the maintenance of fidelity bond
      and errors and omissions insurance, inspections, the restoration of Mortgaged
      Property, the maintenance of Primary Mortgage Insurance Policies and Lender
      Primary Mortgage Insurance Policies, insurance claims, the title, management
      and
      disposition of REO Property, permitted withdrawals with respect to REO Property,
      liquidation reports, and reports of foreclosures and abandonments of Mortgaged
      Property, the transfer of Mortgaged Property, the release of Mortgage Files,
      annual statements, and examination of records and facilities. In the event
      of
      any conflict, inconsistency or discrepancy between any of the servicing
      provisions of this Agreement and any of the servicing provisions of the Fannie
      Mae Guides, the provisions of this Agreement shall control and be binding upon
      the Servicer[s] and the other parties hereto.

     

    
      
        
        

      

      
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    Consistent
      with the terms of this Agreement, the Servicer[s] may waive, modify or vary
      any
      term of any Mortgage Loan or consent to the postponement of any such term or
      in
      any manner grant indulgence to any Mortgagor if in the [Servicer’s/Servicers’]
      reasonable and prudent determination such waiver, modification, postponement
      or
      indulgence is not materially adverse to the Trust Fund, Trustee and the
      Certificateholders, provided, however, that unless the [related] Servicer has
      obtained the prior written consent of the Master Servicer, the [related]
      Servicer shall not permit any modification with respect to any Mortgage Loan
      that would change the Mortgage Rate, defer for more than [ninety (90)] days
      or
      forgive any payment of principal or interest, reduce or increase the outstanding
      principal balance (except for actual payments of principal) or change the final
      maturity date on such Mortgage Loan. In the event of any such modification
      which
      has been agreed to in writing by the Master Servicer and which permits the
      deferral of interest or principal payments on any Mortgage Loan, the [related]
      Servicer shall, on the Business Day immediately preceding the Servicer
      Remittance Date in any month in which any such principal or interest payment
      has
      been deferred, deposit in the Custodial Account from its own funds, in
      accordance with Section 4.03(c), the difference between (a) such month's
      principal and one month's interest at the Net Mortgage Rate on the unpaid
      principal balance of such Mortgage Loan and (b) the amount paid by the
      Mortgagor. The Servicer[s] shall be entitled to reimbursement for such advances
      to the same extent as for all other advances pursuant to Section 4.03. Without
      limiting the generality of the foregoing, [the/each] Servicer shall continue,
      and is hereby authorized and empowered, to prepare, execute and deliver on
      behalf of itself, the Trust Fund and the Trustee, all instruments of
      satisfaction or cancellation, or of partial or full release, discharge and
      all
      other comparable instruments, with respect to the Mortgage Loans and with
      respect to the Mortgaged Properties. Notwithstanding anything herein to the
      contrary, the Servicer[s] may not enter into a forbearance agreement or similar
      arrangement with respect to any Mortgage Loan which runs more than one hundred
      eighty (180) days after the first delinquent Due Date. Any such agreement shall
      be approved by the Master Servicer and, if required, by the Primary Mortgage
      Insurance Policy insurer and Lender Primary Mortgage Insurance Policy
      insurer.

     

    In
      servicing and administering the Mortgage Loans, the Servicer[s] shall employ
      Accepted Servicing Practices, giving due consideration to the reliance by the
      Trustee and Certificateholders on the Servicer[s]. [Notwithstanding the
      appointment of any Subservicer pursuant to Section 4.09, the [related] Servicer
      shall remain liable for the performance of all of the servicing obligations
      and
      responsibilities under this Agreement.]

    
      
        
        

      

      
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    [The
      Servicer[s] shall, in accordance with Home Equity Accepted Servicing Practices,
      approve and make disbursements of principal in connection with Mortgagor drafts
      upon the credit line approved in connection with each Revolving Credit Loan.
      The
      Servicer[s] shall provide to the Mortgagors all checks, drafts or other
      documentation necessary for such Mortgagors to obtain a Credit Line Advance.
      On
      each Servicer Remittance Date, with respect to each Credit Line Advance
      disbursed by the Servicer[s] and reported to the [Master Servicer and the
      Securities Administrator], the [related] Servicer shall be entitled to reimburse
      itself, from amounts on deposit in the Custodial Account, in an amount equal
      to
      (i) the principal amount of each unreimbursed Credit Line Advance disbursed
      by
      the [related] Servicer with respect to a Revolving Credit Loan and (ii)
      interest, at the Credit Advance Rate, on the principal amount of each such
      Credit Line Advance from the date such Credit Line Advance was disbursed by
      the
      [related] Servicer to but not including such date reimbursement is received
      by
      the [related] Servicer. In the event that there are insufficient funds on
      deposit in the Custodial Account on any Servicer Remittance Date to reimburse
      the [related] Servicer as provided in the preceding sentence (such shortfall,
      an
“Advance Reimbursement Shortfall Amount”), the [related] Servicer shall deliver
      to the [Master Servicer and the Securities Administrator] a request for
      reimbursement of the amount of such Advance Reimbursement Shortfall Amount
      at
      least three Business Days prior to such Servicer Remittance Date. The
      [Securities Administrator] shall promptly reimburse the [related] Servicer
      on
      such Servicer Remittance Date for such Advance Reimbursement Shortfall
      Amount.]

     

    [[The/Each]
      Servicer, at its discretion and in accordance with Home Equity Accepted
      Servicing Practices, may perform any of the following actions in connection
      with
      a Revolving Credit Loan:

     

    (i)
      with
      the approval of the [Master Servicer and the Securities Administrator], increase
      the amount of the related Credit Line;

     

    (ii)
       with
      the
      approval of the [Master Servicer and the Securities Administrator], terminate
      a
      dormant Revolving Credit Loan, to the extent permitted under the related
      Mortgage Note; 

     

    (iii)
       permit
      payments from the Mortgagor of interest only during the period when Credit
      Line
      Advances may be made; or

     

    (iv)
       with
      the
      approval of the [Master Servicer and the Securities Administrator], eliminate
      the ability of the Mortgagor to make future drafts upon the Credit Line, or
      reduce the Credit Line, to the extent permitted under the related Mortgage
      Note.]

    
      
        
        

      

      
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    [Notwithstanding
      anything to the contrary contained herein, the Servicer[s] shall, in servicing
      the Revolving Credit Loans, follow and comply with the servicing guidelines
      established by Fannie Mae, and the Servicer[s] may waive, modify or vary any
      term of any Revolving Credit Loan or consent to the postponement of strict
      compliance with any such term or in any manner grant indulgence to any Mortgagor
      if in the [related] Servicer’s reasonable and prudent determination such waiver,
      modification, postponement or indulgence is in the best interests of the
      Certificateholders and is consistent with the terms of this Agreement;
provided,
      however,
      that if
      the Mortgagor is in default with respect to the Revolving Credit Loan or such
      default is, in the judgment of the [related] Servicer, reasonably foreseeable,
      the [related] Servicer shall not permit any modification of any material term
      of
      any Revolving Credit Loan, including any modification that would change the
      mortgage interest rate, defer or forgive the payment of principal or interest,
      reduce or increase the outstanding principal balance (except for actual payments
      of principal) or change the final maturity date on such Revolving Credit Loan.
      In the event of any such modification which permits the deferral of interest
      or
      principal payments on any Revolving Credit Loan, the [related] Servicer shall,
      on the Business Day immediately preceding the Servicer Remittance Date in any
      month in which any such principal or interest payment has been deferred, make
      a
      Monthly Advance pursuant to the provisions of Section 4.03(c), in an amount
      equal to the difference between (i) such month’s principal and one month’s
      interest at the Mortgage Rate on the unpaid principal balance of such Revolving
      Credit Loan and (ii) the amount paid by the Mortgagor. The Servicer[s] shall
      be
      entitled to reimbursement for such Monthly Advances to the same extent as for
      all other Monthly Advances made pursuant to Section 4.03(c). Without limiting
      the generality of the foregoing, [the/each] Servicer shall continue, and is
      hereby authorized and empowered, to execute and deliver on behalf of itself
      and
      the [Master Servicer and the Securities Administrator], all instruments of
      satisfaction or cancellation, or of partial or full release, discharge and
      all
      other comparable instruments, with respect to the Revolving Credit Loans and
      with respect to the Mortgaged Properties. Upon the request of [the/a] Servicer,
      the [Master Servicer and the Securities Administrator] shall execute and deliver
      to the [related] Servicer any powers of attorney and other documents, furnished
      to it by the Servicer and reasonably satisfactory to the [Master Servicer and
      the Securities Administrator], necessary or appropriate to enable the Servicer
      to carry out its servicing and administrative duties under this Agreement.
      Notwithstanding anything contained herein to the contrary, the Servicer[s]
      shall
      not, without the [Master Servicer’s and the Securities Administrator’s] written
      consent: (i) initiate any action suit or proceeding solely under the [Master
      Servicer’s or the Securities Administrator’s] name without indicating the
      [related] Servicer’s representative capacity; or (ii) take any action with the
      intent to cause, and that actually causes, the [Master Servicer and the
      Securities Administrator] to be registered to do business in any state. Promptly
      after the execution of any assumption, modification, consolidation or extension
      of any Revolving Credit Loan, the [related] Servicer shall forward to the
      [Master Servicer] copies of any documents evidencing such assumption,
      modification, consolidation or extension. 

     

    In
      servicing and administering the Revolving Credit Loans, [the/each] Servicer
      shall employ procedures (including collection procedures) and exercise the
      same
      care that it customarily employs and exercises in servicing and administering
      mortgage loans for its own account, giving due consideration to Home Equity
      Accepted Servicing Practices where such practices do not conflict with the
      requirements of this Agreement and the Fannie Mae Guides.]

    
      
        
        

      

      
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    (b) Servicer
      Discretion.
      In
      managing the liquidation of defaulted Mortgage Loans, the Servicer[s] will
      have
      sole discretion, subject to the terms of this Agreement, to sell defaulted
      Mortgage Loans; provided,
      however,
      that
      the Servicer[s] shall not take any action that is inconsistent with or
      prejudices the interests of the Certificateholders in any Mortgage Loan or
      the
      rights and interests of the Depositor, the Trustee and the Certificateholders
      under this Agreement.

     

    (c) Collection
      and Liquidation of Mortgage Loans.
      Continuously from the date hereof until the date each Mortgage Loan ceases
      to be
      subject to this Agreement, [the/each] Servicer will proceed diligently to
      collect all payments due under each Mortgage Loan when the same shall become
      due
      and payable and shall, to the extent such procedures shall be consistent with
      this Agreement, Accepted Servicing Practices, and the terms and provisions
      of
      any related Primary Mortgage Insurance Policy and Lender Primary Mortgage
      Insurance Policy, follow such collection procedures as it follows with respect
      to mortgage loans comparable to the Mortgage Loans and held for its own account.
      Further, the Servicer[s] will take special care in ascertaining and estimating
      annual escrow payments, and all other charges that, as provided in the Mortgage,
      will become due and payable, so that the installments payable by the Mortgagors
      will be sufficient to pay such charges as and when they become due and
      payable.

     

    [The/Each]
      Servicer shall use its best efforts, consistent with the procedures that the
      Servicer would use in servicing loans for its own account, consistent with
      Accepted Servicing Practices, any Primary Mortgage Insurance Policies and Lender
      Primary Mortgage Insurance Policies and the best interest of the Trust Fund,
      the
      Trustee and the Certificateholders, to foreclose upon or otherwise comparably
      convert the ownership of properties securing such of the Mortgage Loans as
      come
      into and continue in default and as to which no satisfactory arrangements can
      be
      made for collection of delinquent payments pursuant to Section 4.02(a).
      Foreclosure or comparable proceedings shall be initiated within [ninety (90)]
      days of default for Mortgaged Properties for which no satisfactory arrangements
      can be made for collection of delinquent payments, subject to state and federal
      law and regulation. [The/Each] Servicer shall use its best efforts to realize
      upon defaulted Mortgage Loans in such manner as will maximize the receipt of
      principal and interest by the Trust, taking into account, among other things,
      the timing of foreclosure proceedings. [The/Each] Servicer, on behalf of the
      Trust Fund, the Trustee and the Certificateholders, may also, in its discretion,
      as an alternative to foreclosure, sell defaulted Mortgage Loans at fair market
      value to third parties, if the [related] Servicer reasonably believes that
      such
      sale would maximize proceeds to the Trust Fund (on a present value basis) with
      respect to each such Mortgage Loan. The foregoing is subject to the provisions
      that, in any case in which a Mortgaged Property shall have suffered damage,
      the
      [related] Servicer shall not be required to expend its own funds toward the
      restoration of such property unless it shall determine in its discretion (i)
      that such restoration will increase the proceeds of liquidation of the related
      Mortgage Loan to the Trust Fund after reimbursement to itself for such expenses,
      and (ii) that such expenses will be recoverable by the [related] Servicer
      through Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds from
      the related Mortgaged Property, as contemplated in Section 4.02(e). [Each]
      Servicer shall obtain prior approval of Purchaser or the Master Servicer as
      to
      repair or restoration expenses in excess of ten thousand dollars ($10,000).
      The
      [related] Servicer shall notify the Master Servicer in writing of the
      commencement of foreclosure proceedings and not less than five (5) days prior
      to
      the acceptance or rejection of any offer of reinstatement. The [related]
      Servicer shall be responsible for all costs and expenses incurred by it in
      any
      such proceedings or functions; provided, however, that it shall be entitled
      to
      reimbursement thereof from the related property, as contemplated in Section
      4.02(e). Notwithstanding anything to the contrary contained herein, in
      connection with a foreclosure or acceptance of a deed in lieu of foreclosure,
      in
      the event the [related] Servicer has reasonable cause to believe that a
      Mortgaged Property is contaminated by hazardous or toxic substances or wastes,
      or if the Master Servicer or the Trustee otherwise requests an environmental
      inspection or review of such Mortgaged Property, such an inspection or review
      is
      to be conducted by a qualified inspector at the Master Servicer’s or Trustee’s
      expense, as applicable. Upon completion of the inspection, the [related]
      Servicer shall promptly provide the Master Servicer and the Trustee with a
      written report of the environmental inspection. After reviewing the
      environmental inspection report, the Master Servicer shall determine how the
      [related] Servicer shall proceed with respect to the Mortgaged
      Property.

    
      
        
        

      

      
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    Notwithstanding
      the generality of the preceding paragraph, [the/each] Servicer shall take such
      actions generally in accordance with the Servicer’s established default timeline
      and in accordance with Accepted Servicing Practices with respect to each
      Mortgage Loan and Mortgagor for which there is a delinquency until such time
      as
      the related Mortgagor is current with all payments due under the Mortgage
      Loan.

     

    (d) Establishment
      of and Deposits to Custodial Account.  

     

    (i) [The/Each]
      Servicer shall segregate and hold all funds collected and received pursuant
      to
      the Mortgage Loans separate and apart from any of its own funds and general
      assets and shall initially establish and maintain one or more Custodial
      Accounts, in the form of time deposit or demand accounts, each of which accounts
      shall be titled “[Taylor, Bean & Whitaker Mortgage Corp. in trust for
      [     ], as Trustee, for the TBW Mortgage
      Trust Mortgage Pass-Through Certificates, Series [     ]”
and referred to herein as a “Custodial Account;” [provided
      that so
      long as [     ] is the Subservicer under the Subservicing
      Agreement, each Custodial Account shall be titled “[     ]
      in trust for [     ], as Trustee, for the TBW Mortgage
      Trust Mortgage Pass-Through Certificates, Series [     ].”]
      Each Custodial Account shall be an Eligible Account. Any funds deposited in
      the
      Custodial Account shall at all times be insured by the FDIC up to the FDIC
      insurance limits, or must be invested in Eligible Investments subject to the
      provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account
      may be drawn on by the [related] Servicer in accordance with Section 4.02(e)
      hereof. The creation of any Custodial Account shall be evidenced by a letter
      agreement in the form of Exhibit D hereto. A
      copy of
      such certification or letter agreement shall be furnished to the Trustee, the
      Master Servicer and, upon request, to any subsequent owner of the Mortgage
      Loans. The
      Servicer[s] shall deposit or cause to be deposited into the Custodial Account,
      no later than 48 hours after receipt of funds, and retain therein the following
      payments and collections received or made by it subsequent to the Cut-off Date,
      or received by it prior to the Cut-off Date but allocable to a period subsequent
      thereto, other than in respect of principal and interest on the Mortgage Loans
      due on or before the Cut-off Date:

    
      
        
        

      

      
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    (1) all
      payments
      on account of principal, including Principal Prepayments and related penalties,
      on the Mortgage Loans;

     

    (2) all
      payments on account of interest on the Mortgage Loans adjusted to the Net
      Mortgage Rate;

     

    (3) all
      Net
      Liquidation Proceeds;

     

    (4) any
      amounts required to be deposited by the Servicer[s] in connection with any
      REO
      Property pursuant to Section 4.02(o) and in connection therewith, the
      Servicer[s] shall provide the Master Servicer with written detail itemizing
      all
      of such amounts;

     

    (5) all
      Insurance Proceeds including amounts required to be deposited pursuant to
      Section 4.02(j), other than proceeds to be held in the Escrow Account and
      applied to the restoration or repair of the Mortgaged Property or released
      to
      the Mortgagor in accordance with Accepted Servicing Practices, the Mortgage
      Loan
      Documents or applicable law;

     

    (6) all
      Condemnation Proceeds affecting any Mortgaged Property which are not released
      to
      the Mortgagor in accordance with Accepted Servicing Practices, the loan
      documents or applicable law;

     

    (7) any
      Monthly Advances;

     

    (8) with
      respect to each full or partial Principal Prepayment, any Prepayment Interest
      Shortfalls, to the extent of the [Servicer's/Servicers’] aggregate Servicing Fee
      received with respect to the related Prepayment Period;

     

    (9) any
      amounts required to be deposited by [the/a] Servicer pursuant to
      Section 4.02(j) in connection with the deductible clause in any blanket
      hazard insurance policy, such deposit shall be made from [the/such] Servicer's
      own funds, without reimbursement therefor; and

     

    (10) any
      amounts
      required
      to be deposited in the Custodial Account pursuant this Agreement.

     

    The
      foregoing requirements for deposit in the Custodial Account shall be exclusive,
      it being understood and agreed that, without limiting the generality of the
      foregoing, payments in the nature of the Servicing Fee and Ancillary Income,
      need not be deposited by the Servicer[s] in the Custodial Account. Any interest
      paid on funds deposited in the Custodial Account by the depository institution
      and any income or appreciation on any investment of such funds shall accrue
      to
      the benefit of the [related] Servicer and the [related] Servicer shall be
      entitled to retain and withdraw such interest from the Custodial Account
      pursuant to Section 4.02(e). The
      amount of any losses incurred in respect of any such investments shall be
      deposited in the Custodial Account by the [related]
      Servicer
      out of its own funds, without any right of reimbursement therefor, immediately
      as realized.

     

    
      
        
        

      

      
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    (ii) [The/Each]
      Servicer agrees that it shall not create, incur or subject any Mortgage Loans,
      or any funds that are deposited in any Custodial Account or Escrow Account,
      or
      any funds that otherwise are or may become due or payable to or for the benefit
      of the Trustee, to any claim, lien, security interest, judgment, levy, writ
      of
      attachment or other encumbrance, nor assert by legal action or otherwise any
      claim or right of setoff against any Mortgage Loan or any funds collected on,
      or
      in connection with, a Mortgage Loan.

     

    (e) Permitted
      Withdrawals from Custodial Account.
      

     

    The
      Servicer[s] may, from time to time, withdraw from the Custodial Account for
      the
      following purposes:

     

    (i) to
      make
      payments to the Master Servicer in the amounts and in the manner provided for
      in
      Section 4.03(a);

     

    (ii) to
      reimburse itself for Monthly Advances, [the/each] Servicer's right to reimburse
      itself pursuant to this subclause (ii) being limited to amounts received on
      the
      related Mortgage Loan which represent late collections (net of the related
      Servicing Fees) of principal and/or interest respecting which any such advance
      was made, it being understood that, in the case of such reimbursement,
      [the/each] Servicer's right thereto shall be prior to the rights of the
      Certificateholders, except that, where the [related] Servicer is required to
      repurchase a Mortgage Loan, pursuant to Section 3.03, the Servicer's right
      to
      such reimbursement shall be subsequent to the payment to the Trust Fund of
      the
      Purchase Price pursuant to such Section and all other amounts required to be
      paid to the Trust Fund with respect to such Mortgage Loan;

     

    (iii) to
      reimburse itself for unreimbursed Monthly Advances and Servicing Advances and
      any unpaid Servicing Fees (or REO administration fees described in Section
      4.02(o)), [the/each] Servicer's right to reimburse itself pursuant to this
      subclause (3) with respect to any Mortgage Loan being limited to related
      proceeds from Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds
      in accordance with the relevant provisions of the Fannie Mae Guides or as
      otherwise set forth in this Agreement; any recovery shall be made upon
      liquidation of the REO Property;

     

    (iv) to
      pay to
      itself as part of its servicing compensation (a) any interest income or
      appreciation earned on funds in the Custodial Account (all such interest to
      be
      withdrawn monthly not later than each Servicer Remittance Date), (b) the
      Servicing Fee from that portion of any payment or recovery as to interest with
      respect to a particular Mortgage Loan;

    
      
        
        

      

      
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    (v) to
      pay to
      itself with respect to each Mortgage Loan that has been repurchased pursuant
      to
      Section 3.03 all amounts received thereon and not distributed as of the date
      on
      which the related Purchase Price is determined,

     

    (vi) to
      transfer funds to another Eligible Account in accordance with Section 4.02(i)
      hereof;

     

    (vii) to
      remove
      funds inadvertently placed in the Custodial Account by the
      Servicer;

     

    (viii) to
      clear
      and terminate the Custodial Account upon the termination of this Agreement;
      [and]

     

    (ix) to
      reimburse itself for any Nonrecoverable Advances and amounts reimbursable
      pursuant to Section 4.05(b) and Section 4.06(b) [; and]

     

    (x) [to
      reimburse itself for the amount of any Credit Line Advances made by or on behalf
      of the Servicer and not timely reimbursed by the Administrator in accordance
      with Section 4.02(a) hereof.]

     

    (f) Establishment
      of and Deposits to Escrow Account.
      The
      Servicer[s] shall segregate and hold all funds collected and received pursuant
      to a Mortgage Loan constituting Escrow Payments separate and apart from any
      of
      its own funds and general assets and shall establish and maintain one or more
      Escrow Accounts, in the form of time deposit or demand accounts, titled
“[Taylor, Bean & Whitaker Mortgage Corp.] in trust for
      [     ], as Trustee, for the TBW Mortgage Trust Mortgage
      Pass-Through Certificates, Series [     ],” [provided
      that so
      long as [     ] is the Subservicer under the Subservicing
      Agreement, each Escrow Account shall be titled “[     ] in
      trust for [     ], as Trustee, for the TBW Mortgage Trust
      Mortgage Pass-Through Certificates, Series [     ].”] The
      Escrow Accounts shall be an Eligible Account. Nothing herein shall require
      the
      Servicer[s] to compel a Mortgagor to establish an Escrow Account in violation
      of
      applicable law. Funds deposited in the Escrow Account may be drawn on by the
      Servicer[s] in accordance with Section 4.02(g). The creation of any Escrow
      Account shall be evidenced by a letter agreement in the form of Exhibit E
      hereto. A copy of such certification or letter agreement shall be furnished
      to
      the Master Servicer.

     

    The
      Servicer[s] shall deposit in the Escrow Account or Accounts on a daily basis,
      and in the Escrow Account or Accounts no later than 48 hours after receipt
      of
      funds, and retain therein:

     

    (i) all
      Escrow Payments collected on account of the Mortgage Loans, if required, for
      the
      purpose of effecting timely payment of any such items as required under the
      terms of this Agreement to be paid by the related Mortgagor to the [related]
      Servicer;

    
      
        
        

      

      
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    (ii) all
      Insurance Proceeds which are to be applied to the restoration or repair of
      any
      Mortgaged Property; and

     

    (iii) all
      Servicing Advances for Mortgagors whose Escrow Payments are insufficient to
      cover escrow disbursements.

     

    The
      Servicer[s] shall make withdrawals from the Escrow Account only to effect such
      payments as are required under this Agreement, as set forth in Section 4.02(g).
      The Servicer[s] shall be entitled to retain any interest earnings paid on funds
      deposited in the Escrow Account by the depository institution, other than
      interest on escrowed funds required by law to be paid to the Mortgagor. To
      the
      extent required by law, the Servicer[s] shall pay interest on escrowed funds
      to
      the Mortgagor notwithstanding that the Escrow Account may be non-interest
      bearing or the interest earnings paid thereon are insufficient for such
      purposes. 

     

    (g) Permitted
      Withdrawals from Escrow Account.
      Withdrawals from the Escrow Account or Accounts may be made by the Servicer[s]
      only:

     

    (i) to
      effect
      timely payments of ground rents, taxes, assessments, water rates, Primary
      Mortgage Insurance Policy premiums, if applicable, condominium charges, fire
      and
      hazard insurance premiums or other items constituting Escrow Payments for the
      related Mortgage;

     

    (ii) to
      reimburse the Servicer[s] for any Servicing Advance of an Escrow Payment made
      by
      the [related] Servicer with respect to a related Mortgage Loan, but only from
      amounts received on the related Mortgage Loan which represent late collections
      of Escrow Payments thereunder;

     

    (iii) to
      refund
      to any Mortgagor any funds found to be in excess of the amounts required to
      be
      escrowed under the terms of the related Mortgage Loan;

     

    (iv) to
      the
      extent permitted by applicable law, for transfer to the Custodial Account and
      application to reduce the principal balance of the Mortgage Loan in accordance
      with the terms of the related Mortgage and Mortgage Note;

     

    (v) for
      application to restoration or repair of the Mortgaged Property in accordance
      with Section 4.02(n);

     

    (vi) to
      pay to
      the Servicer[s], or any Mortgagor to the extent required by law, any interest
      paid on the funds deposited in the Escrow Account;

     

    (vii) to
      clear
      and terminate the Escrow Account on the termination of this Agreement. As part
      of its servicing duties, the [related] Servicer shall pay to the Mortgagors
      interest on funds in Escrow Account, to the extent required by law, and to
      the
      extent that interest earned on funds in the Escrow Account is insufficient,
      shall pay such interest from its own funds, without any reimbursement therefor;
      and

    
      
        
        

      

      
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    (viii) to
      pay to
      the Mortgagors or other parties Insurance Proceeds deposited in accordance
      with
      Section 4.02(f).

     

    (h) Payment
      of Taxes, Insurance and Other Charges; Maintenance of Primary Mortgage Insurance
      Policies; Collections Thereunder.
      

     

    With
      respect to each Mortgage Loan, the Servicer[s] shall maintain accurate records
      reflecting the status of ground rents, taxes, assessments, water rates and
      other
      charges which are or may become a lien upon the Mortgaged Property and the
      status of primary mortgage insurance premiums and fire and hazard insurance
      coverage and shall obtain, from time to time, all bills for the payment of
      such
      charges, including renewal premiums and shall effect payment thereof prior
      to
      the applicable penalty or termination date and at a time appropriate for
      securing maximum discounts allowable, employing for such purpose deposits of
      the
      Mortgagor in the Escrow Account which shall have been estimated and accumulated
      by the Servicer[s] in amounts sufficient for such purposes, as allowed under
      the
      terms of the Mortgage or applicable law. To the extent that the Mortgage does
      not provide for Escrow Payments, the Servicer[s] shall determine that any such
      payments are made by the Mortgagor at the time they first become due. [The/Each]
      Servicer assumes full responsibility for the timely payment of all such bills
      and shall effect timely payments of all such bills irrespective of the
      Mortgagor's faithful performance in the payment of same or the making of the
      Escrow Payments and shall make advances from its own funds to effect such
      payments (which will constitute a Servicing Advance).

     

    (i) The
      Servicer[s] will maintain in full force and effect Primary Mortgage Insurance
      Policies or Lender Primary Mortgage Insurance Policies issued by a Qualified
      Insurer with respect to each Mortgage Loan for which such coverage is herein
      required. Such coverage will be terminated only with the approval of Purchaser,
      or as required by applicable law or regulation. The Servicer[s] will not cancel
      or refuse to renew any Primary Mortgage Insurance Policy or Lender Primary
      Mortgage Insurance Policy in effect on the Closing Date that is required to
      be
      kept in force under this Agreement unless a replacement Primary Mortgage
      Insurance Policy or Lender Primary Mortgage Insurance Policy for such canceled
      or nonrenewed policy is obtained from and maintained with a Qualified Insurer.
      The Servicer[s] shall not take any action which would result in non-coverage
      under any applicable Primary Mortgage Insurance Policy or Lender Primary
      Mortgage Insurance Policy of any loss which, but for the actions of the
      [related] Servicer would have been covered thereunder. In connection with any
      assumption or substitution agreement entered into or to be entered into pursuant
      to Section 4.04(a), the Servicer[s] shall promptly notify the insurer under
      the
      related Primary Mortgage Insurance Policy or Lender Primary Mortgage Insurance
      Policy, if any, of such assumption or substitution of liability in accordance
      with the terms of such policy and shall take all actions which may be required
      by such insurer as a condition to the continuation of coverage under the Primary
      Mortgage Insurance Policy or Lender Primary Mortgage Insurance Policy. If such
      Primary Mortgage Insurance Policy or Lender Primary Mortgage Insurance Policy
      is
      terminated as a result of such assumption or substitution of liability, the
      [related] Servicer shall obtain a replacement Primary Mortgage Insurance Policy
      or Lender Primary Mortgage Insurance Policy as provided above.

    
      
        
        

      

      
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    In
      connection with [its/their] activities as servicer, [the/each] Servicer agrees
      to prepare and present, on behalf of itself and the Trust Fund, claims to the
      insurer under any Private Mortgage Insurance Policy in a timely fashion in
      accordance with the terms of such Primary Mortgage Insurance Policy or Lender
      Primary Mortgage Insurance Policy and, in this regard, to take such action
      as
      shall be necessary to permit recovery under any Primary Mortgage Insurance
      Policy or Lender Primary Mortgage Insurance Policy respecting a defaulted
      Mortgage Loan. Pursuant to Section 4.02(d), any amounts collected by the
      Servicer[s] under any Primary Mortgage Insurance Policy or Lender Primary
      Mortgage Insurance Policy shall be deposited in the Custodial Account, subject
      to withdrawal pursuant to Section 4.02(e).

     

    (i) Protection
      of Accounts.
      The
      Servicer[s] may transfer the Custodial Account or the Escrow Account to a
      different Eligible Institution from time to time. Such transfer shall be made
      only upon obtaining the consent of the Master Servicer, which consent shall
      not
      be withheld unreasonably, and the Servicer[s] shall give notice to the Master
      Servicer and the Trustee of any change in the location of the Custodial
      Account.

     

    (j) Maintenance
      of Hazard Insurance.
      The
      Servicer[s] shall cause to be maintained for each Mortgage Loan fire and hazard
      insurance with extended coverage as is acceptable to Fannie Mae or Freddie
      Mac
      and customary in the area where the Mortgaged Property is located in an amount
      which is equal to the lesser of (i) the maximum insurable value of the
      improvements securing such Mortgage Loan or (ii) the greater of (a) the
      outstanding principal balance of the Mortgage Loan, and (b) an amount such
      that
      the proceeds thereof shall be sufficient to prevent the Mortgagor and/or the
      mortgagee from becoming a co-insurer. If required by the Flood Disaster
      Protection Act of 1973, as amended, each Mortgage Loan shall be covered by
      a
      flood insurance policy meeting the requirements of the current guidelines of
      the
      Federal Insurance Administration in effect with an insurance carrier acceptable
      to Fannie Mae or Freddie Mac, in an amount representing coverage not less than
      the least of (i) the outstanding principal balance of the Mortgage Loan, (ii)
      the maximum insurable value of the improvements securing such Mortgage Loan
      or
      (iii) the maximum amount of insurance which is available under the Flood
      Disaster Protection Act of 1973, as amended. If at any time during the term
      of
      the Mortgage Loan, the [related] Servicer determines in accordance with
      applicable law and pursuant to the Fannie Mae Guides that a Mortgaged Property
      is located in a special flood hazard area and is not covered by flood insurance
      or is covered in an amount less than the amount required by the Flood Disaster
      Protection Act of 1973, as amended, the [related] Servicer shall notify the
      related Mortgagor that the Mortgagor must obtain such flood insurance coverage,
      and if said Mortgagor fails to obtain the required flood insurance coverage
      within forty-five (45) days after such notification, the [related] Servicer
      shall immediately force place the required flood insurance on the Mortgagor's
      behalf. The Servicer[s] shall also maintain on each REO Property, fire and
      hazard insurance with extended coverage in an amount which is at least equal
      to
      the maximum insurable value of the improvements which are a part of such
      property, and, to the extent required and available under the Flood Disaster
      Protection Act of 1973, as amended, flood insurance in an amount as provided
      above. Any amounts collected by the Servicer[s] under any such policies other
      than amounts to be deposited in the Escrow Account and applied to the
      restoration or repair of the Mortgaged Property or REO Property, or released
      to
      the Mortgagor in accordance with Accepted Servicing Practices, shall be
      deposited in the Custodial Account, subject to withdrawal pursuant to Section
      4.02(e). It is understood and agreed that no other additional insurance need
      be
      required by the Servicer[s] of the Mortgagor or maintained on property acquired
      in respect of the Mortgage Loan, other than pursuant to this Agreement, the
      Fannie Mae Guides or such applicable state or federal laws and regulations
      as
      shall at any time be in force and as shall require such additional insurance.
      All such policies shall be endorsed with standard mortgagee clauses with loss
      payable to the [related] Servicer and its successors and/or assigns and shall
      provide for at least thirty (30) days prior written notice of any cancellation,
      reduction in the amount or material change in coverage to the Servicer. The
      Servicer[s] shall not interfere with the Mortgagor's freedom of choice in
      selecting either his insurance carrier or agent, provided, however, that the
      Servicer[s] shall not accept any such insurance policies from insurance
      companies unless such companies are Qualified Insurers.

    
      
        
        

      

      
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    (k) Maintenance
      of Mortgage Impairment Insurance.
      In the
      event that [the/a] Servicer shall obtain and maintain a blanket policy issued
      by
      an insurer acceptable to Fannie Mae or Freddie Mac insuring against hazard
      losses on all of the Mortgage Loans, then, to the extent such policy provides
      coverage in an amount equal to the amount required pursuant to Section 4.02(j)
      and otherwise complies with all other requirements of Section 4.02(j), it shall
      conclusively be deemed to have satisfied its obligations as set forth in Section
      4.02(j), it being understood and agreed that such policy may contain a
      deductible clause, in which case the [related] Servicer shall, in the event
      that
      there shall not have been maintained on the related Mortgaged Property or REO
      Property a policy complying with Section 4.02(j), and there shall have been
      a
      loss which would have been covered by such policy, deposit in the Custodial
      Account the amount not otherwise payable under the blanket policy because of
      such deductible clause. In connection with [its/their] activities as servicer
      of
      the Mortgage Loans, [the/each] Servicer agrees to prepare and present, on behalf
      of the Master Servicer and the Trustee, claims under any such blanket policy
      in
      a timely fashion in accordance with the terms of such policy. Upon request
      of
      the Master Servicer or Trustee, the [related] Servicer shall cause to be
      delivered to the Master Servicer or the Trustee, as applicable, a certified
      true
      copy of such policy and shall use its best efforts to obtain a statement from
      the insurer thereunder that such policy shall in no event be terminated or
      materially modified without thirty (30) days’ prior written notice to the Master
      Servicer and the Trustee.

     

    (l)  Maintenance
      of Fidelity Bond and Errors and Omissions Insurance.
      [The/Each] Servicer shall maintain, at its own expense, a blanket fidelity
      bond
      and an errors and omissions insurance policy, with broad coverage with
      responsible companies on all officers, employees or other persons acting in
      any
      capacity with regard to the Mortgage Loan to handle funds, money, documents
      and
      papers relating to the Mortgage Loan. The Servicer Fidelity Bond shall be in
      the
      form of the Mortgage Banker's Blanket Bond and shall protect and insure the
      Servicer against losses, including forgery, theft, embezzlement and fraud of
      such persons. The Servicer Errors and Omissions Insurance Policy shall protect
      and insure the Servicer[s] against losses arising out of errors and omissions
      and negligent acts of such persons. Such Servicer Errors and Omissions Insurance
      Policy shall also protect and insure the Servicer[s] against losses in
      connection with the failure to maintain any insurance policies required pursuant
      to this Agreement and the release or satisfaction of a Mortgage Loan without
      having obtained payment in full of the indebtedness secured thereby. No
      provision of this Section 4.02(l) requiring the Servicer Fidelity Bond or the
      Servicer Errors and Omissions Insurance Policy shall diminish or relieve the
      [related] Servicer from its duties and obligations as set forth in this
      Agreement. The minimum coverage under any such bond and insurance policy shall
      be at least equal to the corresponding amounts required by Fannie Mae in the
      Fannie Mae Guides. Upon request of the Master Servicer or the Trustee, the
      Servicer[s] shall deliver to the Master Servicer and the Trustee a certificate
      from the surety and the insurer as to the existence of the Servicer Fidelity
      Bond and the Servicer Errors and Omissions Insurance Policy and shall obtain
      a
      statement from the surety and the insurer that such Servicer Fidelity Bond
      or
      Servicer Errors and Omissions Insurance Policy shall in no event be terminated
      or materially modified without thirty (30) days prior written notice to the
      Master Servicer. The [related] Servicer shall notify the Master Servicer and
      the
      Trustee within five (5) business days of receipt of notice that such Servicer
      Fidelity Bond or Servicer Errors and Omissions Insurance Policy will be, or
      has
      been, materially modified or terminated. The Trustee on behalf of the Trust
      Fund
      must be named as a loss payee on the Servicer Fidelity Bond and as an additional
      insured on the Servicer Errors and Omissions Insurance Policy. Upon request
      by
      the Master Servicer, the Servicer[s] shall provide the Master Servicer with
      an
      insurance certificate certifying coverage under this Section 4.02(l), and will
      provide an update to such certificate upon request, or upon renewal or material
      modification of coverage.

    
      
        
        

      

      
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    (m)  Inspections.
      The
      Servicer[s] shall inspect the Mortgaged Property as often as deemed necessary
      by
      the [related] Servicer to assure itself that the value of the Mortgaged Property
      is being preserved. In addition, the Servicer shall inspect the Mortgaged
      Property and/or take such other actions as may be necessary or appropriate
      in
      accordance with Accepted Servicing Practices or as may be required by the
      primary mortgage guaranty insurer. The Servicer shall keep a written report
      of
      each such inspection.

     

    (n)  Restoration
      of Mortgaged Property.
      The
      Servicer[s] need not obtain the approval of the Master Servicer prior to
      releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor
      to be
      applied to the restoration or repair of the Mortgaged Property if such release
      is in accordance with Accepted Servicing Practices. At a minimum, the
      Servicer[s] shall comply with the following conditions in connection with any
      such release of Insurance Proceeds or Condemnation Proceeds:

     

    (i) the
      Servicer[s] shall receive satisfactory independent verification of completion
      of
      repairs and issuance of any required approvals with respect thereto;

     

    (ii) the
      Servicer[s] shall take all steps necessary to preserve the priority of the
      lien
      of the Mortgage, including, but not limited to requiring waivers with respect
      to
      mechanics’ and materialmen’s liens; and 

    
      
        
        

      

      
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    (iii) pending
      repairs or restoration, the Servicer[s] shall place the Insurance Proceeds
      or
      Condemnation Proceeds in the Escrow Account.

     

    (o) Title,
      Management and Disposition of REO Property.
      [In the
      event that title to the Mortgaged Property is acquired in foreclosure or by
      deed
      in lieu of foreclosure, the deed or certificate of sale shall be taken in the
      name of the Trustee or its designee, or in the event the Trustee or its designee
      is not authorized or permitted to hold title to real property in the state
      where
      the REO Property is located, or would be adversely affected under the “doing
      business” or tax laws of such state by so holding title, the deed or certificate
      of sale shall be taken in the name of such Person or Persons as shall be
      consistent with an Opinion of Counsel obtained by the [related] Servicer from
      an
      attorney duly licensed to practice law in the state where the REO Property
      is
      located. Any Person or Persons holding such title other than the Trustee shall
      acknowledge in writing that such title is being held as nominee for the benefit
      of the Trustee on behalf of the Trust Fund.

     

    The
      Servicer[s] shall notify the Master Servicer in accordance with the Fannie
      Mae
      Guides of each acquisition of REO Property upon such acquisition (and, in any
      event, shall provide notice of the consummation of any foreclosure sale within
      three (3) Business Days from the date the [related] Servicer receives notice
      of
      such consummation), together with a copy of the drive by appraisal or brokers
      price opinion of the Mortgaged Property obtained in connection with such
      acquisition, and thereafter assume the responsibility for marketing such REO
      property in accordance with Accepted Servicing Practices. Thereafter, the
      [related] Servicer shall continue to provide certain administrative services
      to
      the Master Servicer relating to such REO Property as set forth in this Section
      4.02(o). No Servicing Fee shall be assessed or otherwise accrue on any REO
      Property from and after the date on which it becomes an REO
      Property.

     

    [The/Each]
      Servicer shall, either itself or through an agent selected by the [related]
      Servicer, and in accordance with the Fannie Mae Guides manage, conserve, protect
      and operate each REO Property in the same manner that it manages, conserves,
      protects and operates other foreclosed property for its own account, and in
      the
      same manner that similar property in the same locality as the REO Property
      is
      managed. The Servicer[s] shall cause each REO Property to be inspected promptly
      upon the acquisition of title thereto and shall cause each REO Property to
      be
      inspected at least monthly thereafter or more frequently as required by the
      circumstances. The Servicer[s] shall make or cause to be made a written report
      of each such inspection. Such reports shall be retained in the Mortgage File
      and
      copies thereof shall be forwarded by the [related] Servicer to the Master
      Servicer.

     

    [The/Each]
      Servicer shall use its best efforts to dispose of the REO Property as soon
      as
      possible and shall sell such REO Property in any event within one year after
      title has been taken to such REO Property, unless the [related] Servicer
      determines, and gives an appropriate notice to the Master Servicer to such
      effect, that a longer period is necessary for the orderly liquidation of such
      REO Property. If a longer period than one (1) year is permitted under the
      foregoing sentence and is necessary to sell any REO Property, the [related]
      Servicer shall report monthly to the Master Servicer as to the progress being
      made in selling such REO Property. No REO Property shall be marketed for less
      than the Appraised Value, without the prior consent of Master Servicer. No
      REO
      Property shall be sold for less than ninety five percent (95%) of its Appraised
      Value, without the prior consent of Trustee. All requests for reimbursement
      of
      Servicing Advances shall be in accordance with the Fannie Mae Guides. The
      disposition of REO Property shall be carried out by the Servicer[s] at such
      price, and upon such terms and conditions, as the [related] Servicer deems
      to be
      in the best interests of the Trust Fund (subject to the above conditions) only
      with the prior written consent of the Master Servicer. The Servicer[s] shall
      provide monthly reports to the Master Servicer in reference to the status of
      the
      marketing of the REO Properties.]

     

    
      
        
        

      

      
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    (p) Compliance
      with Safeguarding Customer Information Requirements.
      [The/Each] Servicer has implemented and will maintain security measures designed
      to meet the objectives of the Interagency Guidelines Establishing Standards
      for
      Safeguarding Customer Information published in final form on February 1, 2001,
      66 Fed. Reg. 8616, and the rules promulgated thereunder, as amended from time
      to
      time (the “Guidelines”).

     

    (q) Notification
      of Maturity Date.
      With
      respect to each Mortgage Loan, the Servicer[s] shall execute and deliver to
      the
      Mortgagor any and all necessary notices required under applicable law and the
      terms of the related Mortgage Note and Mortgage regarding the maturity date
      if
      required under applicable law.

     

    (r) Purchase
      of Defaulted Mortgage Loans.
      [The/Each] Servicer, in its sole discretion, shall have the right to elect
      (by
      written notice sent to the Trustee, the Master Servicer and the Securities
      Administrator) to purchase for its own account from the Trust Fund any Mortgage
      Loan that is (as of the first day of a calendar quarter) 90 days or more
      Delinquent or is an REO Property at a price equal to the Purchase Price;
provided,
      however, that (i) such Mortgage Loan is still 90 days or more delinquent or
      is
      an REO Property as of the date of such purchase and (ii) this purchase option,
      if not theretofore exercised, shall terminate on the date prior to the last
      day
      of the related calendar quarter. This purchase option, if not exercised, shall
      not be thereafter reinstated unless the delinquency is cured and the Mortgage
      Loan thereafter again becomes 90 days or more delinquent or becomes an REO
      Property, in which case the option shall again become exercisable as of the
      first day of the related calendar quarter. The principal portion of the funds
      in
      respect of such purchase of a Mortgage Loan will be considered a Principal
      Prepayment and the Purchase Price shall be deposited in the Collection Account.
      Upon receipt by the Securities Administrator of the full amount of the Purchase
      Price for such Mortgage Loan and notification thereof has been made to the
      Trustee, the Trustee shall release or cause to be released and reassign to
      the
      [related] Servicer the related Mortgage File for such Mortgage Loan and shall
      execute and deliver such instruments of transfer or assignment, in each case
      without recourse, representation or warranty, as shall be necessary to vest
      in
      such party or its designee or assignee title to any such Mortgage Loan released
      pursuant hereto, free and clear of all security interests, liens and other
      encumbrances created by this Agreement, which instruments shall be prepared
      by
      the [related] Servicer and the Trustee shall have no further responsibility
      with
      respect to the Mortgage File relating to such 90 days Delinquent Mortgage Loan
      purchased by the [related] Servicer. 

     

    
      
        
        

      

      
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    Section
      4.03. Payments
      to the Master Servicer. 

     

    (a) Remittances.
      [On
      each Servicer Remittance Date, the Servicer[s] shall remit by wire transfer
      of
      immediately available funds to the Master Servicer (i) all amounts credited
      to
      the Custodial Account as of the close of business on the preceding Determination
      Date, net of charges against or withdrawals from the Custodial Account pursuant
      to Section 4.02(e), plus (ii) all Monthly Advances, if any, which the [related]
      Servicer is obligated to remit pursuant to Section 4.03(c), plus, (iii)
      Compensating Interest Payments, minus
      (iv) any
      amounts attributable to Monthly Payments collected but due on a Due Date or
      Dates subsequent to the preceding Determination Date, which amounts shall be
      remitted on the Servicer Remittance Date next succeeding the Collection Period
      for such amounts. It is understood that, by operation of Section 4.02(d), the
      remittance on the first Servicer Remittance Date with respect to the Mortgage
      Loans is to include principal collected after the Cut- off Date through the
      preceding Determination Date plus interest, adjusted to the Net Mortgage Rate
      collected through such Determination Date exclusive of any portion thereof
      allocable to the period prior to the Cut-off Date, with the adjustments
      specified in clauses (ii), (iii) and (iv) above.

     

    With
      respect to any remittance received by the Master Servicer after the Servicer
      Remittance Date, the Servicer[s] shall pay to the Master Servicer interest
      on
      any such late payment at a per annum rate equal to the Prime Rate, adjusted
      as
      of the date of each change plus two (2) percentage points, but in no event
      greater than the maximum amount permitted by applicable law. Such interest
      shall
      cover the period commencing with the day following the Business Day such payment
      was due and ending with the Business Day on which such payment is made to the
      Master Servicer, both inclusive. The payment by the [related] Servicer of any
      such interest shall not be deemed an extension of time for payment or a waiver
      of any Event of Default by the [related] Servicer. On each Servicer Remittance
      Date, the Servicer[s] shall provide a remittance report detailing all amounts
      being remitted pursuant to this Section 4.03(a).

     

    All
      remittances required to be made to the Master Servicer shall be made to the
      following wire account or to such other account as may be specified by the
      Master Servicer from time to time:

     

    (b) Statements
      to Master Servicer and Securities Administrator.
      The
      Servicer[s] shall furnish to Master Servicer an individual loan accounting
      report, as of the last Business Day of each month, in the [related] Servicer’s
      assigned loan number order to document Mortgage Loan payment activity on an
      individual Mortgage Loan basis. With respect to each month, the corresponding
      individual loan accounting report shall be received by the Master Servicer
      no
      later than the [fifth] Business Day of the following month on a disk or tape
      or
      other computer-readable format in such format as may be mutually agreed upon
      by
      both Master Servicer and Servicer[s], and no later than the [fifth] Business
      Day
      of the following month in hard copy, and shall contain the
      following:

     

    (i) With
      respect to each Monthly Payment, the amount of such remittance allocable to
      principal (including a separate breakdown of any Principal Prepayment, including
      the date of such prepayment, and any prepayment penalties or premiums, along
      with a detailed report of interest on principal prepayment amounts remitted
      in
      accordance with Section 4.02(d));

    
      
        
        

      

      
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    (ii) with
      respect to each Monthly Payment, the amount of such remittance allocable to
      interest;

     

    (iii) the
      amount of servicing compensation received by the Servicer[s] during the prior
      distribution period;

     

    (iv) the
      aggregate Scheduled Principal Balance of the Mortgage Loans;

     

    (v) the
      aggregate of any expenses reimbursed to the Servicer[s] during the prior
      distribution period pursuant to Section 4.02(e); and

     

    (vi) The
      number and aggregate outstanding principal balances of Mortgage Loans (a)
      Delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more and (4)
      180
      days or more and charged-off; (b) as to which foreclosure has commenced; and
      (c)
      as to which REO Property has been acquired.

     

    The
      Servicer[s] shall provide a monthly remittance report to the Master Servicer
      in
      a mutually agreeable format. The Servicer[s] shall also provide a default report
      containing the information specified in Exhibit F attached hereto with each
      such
      report.

     

    The
      Servicer[s] shall prepare and file any and all information statements or other
      filings required to be delivered to any governmental taxing authority or to
      the
      Master Servicer and the Securities Administrator pursuant to any applicable
      law
      with respect to the Mortgage Loans and the transactions contemplated hereby.
      In
      addition, the Servicer[s] shall provide the Master Servicer and the Securities
      Administrator with such information as may be requested by it and required
      for
      the completion of any tax reporting responsibility of the Securities
      Administrator within such reasonable time frame as shall enable the Securities
      Administrator to timely file each Schedule Q (or other applicable tax report
      or
      return) required to be filed by it.

     

    (c) Monthly
      Advances by Servicer[s].
      Not
      later than the close of business on the Business Day preceding each Servicer
      Remittance Date, the Servicer[s] shall deposit in the Custodial Account an
      amount equal to all payments not previously advanced by the Servicer[s], whether
      or not deferred pursuant to Section 4.03(a), of principal (due after the Cut-off
      Date) and interest not allocable to the period prior to the Cut-off Date,
      adjusted to the Net Mortgage Rate, which were due on a Mortgage Loan and
      delinquent at the close of business on the related Determination Date; provided,
      however, that the [related] Servicer may use the Amount Held for Future
      Distribution (as defined below) then on deposit in the Custodial Account to
      make
      such Monthly Advances. The Servicer[s] shall deposit any portion of the Amount
      Held for Future Distribution used to pay Monthly Advances into the Custodial
      Account on any future Servicer Remittance Date to the extent that the funds
      that
      are available in the Custodial Account for remittance to the Master Servicer
      on
      such Servicer Remittance Date are less than the amount of payments required
      to
      be made to the Master Servicer on such Servicer Remittance Date.

     

    
      
        
        

      

      
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    The
      “Amount Held for Future Distribution” as to any Servicer Remittance Date shall
      be the total of the amounts held in the Custodial Account at the close of
      business on the preceding Determination Date which were received after the
      Cut-off Date on account of (i) Liquidation Proceeds, Insurance Proceeds,
      Condemnation Proceeds and Principal Prepayments received or made in the month
      of
      such Servicer Remittance Date, and (ii) payments which represent early receipt
      of Monthly Payments of principal and interest due on a date or dates subsequent
      to the related Due Date.

     

    [The/Each]
      Servicer's obligation to make such Monthly Advances as to any Mortgage Loan
      will
      continue through the last Monthly Payment due prior to the payment in full
      of
      the Mortgage Loan, or through the Servicer Remittance Date prior to the date
      on
      which the Mortgaged Property liquidates (including Insurance Proceeds, proceeds
      from the sale of REO Property or Condemnation Proceeds) with respect to the
      Mortgage Loan unless the [related] Servicer deems such advance to be a
      Nonrecoverable Advance. In such event, the Servicer shall deliver to the Master
      Servicer an Officer's Certificate of the Servicer to the effect that an officer
      of the Servicer has reviewed the related Mortgage File and has made the
      reasonable determination that any additional advances are
      nonrecoverable.

     

    (d) Liquidation
      Reports.
      Upon
      the foreclosure sale of any Mortgaged Property, the acquisition thereof by
      the
      Trustee pursuant to a deed in lieu of foreclosure or the charge off of a
      Mortgage Loan that is 180 days Delinquent, the [related] Servicer shall submit
      to the Trustee and the Master Servicer a monthly liquidation report with respect
      to such Mortgaged Property. The Servicer[s] shall also provide reports on the
      status of REO Property containing such information as the Trustee may reasonably
      request.

     

    (e) Credit
      Reporting.
      For
      each Mortgage Loan, in accordance with its current servicing practices, the
      Servicer[s] will accurately and fully report its underlying borrower credit
      files to each of the following credit repositories or their successors: Equifax
      Credit Information Services, Inc., Trans Union, LLC and Experian Information
      Solution, Inc., on a monthly basis in a timely manner.

     

    Section
      4.04. General
      Servicing Procedures.

     

    Transfers
      of Mortgaged Property.
      [The/Each] Servicer will, to the extent it has actual knowledge of any
      conveyance or prospective conveyance by any Mortgagor of the Mortgaged Property
      (whether by absolute conveyance or by contract of sale, and whether or not
      the
      Mortgagor remains or is to remain liable under the Mortgage Note and/or the
      Mortgage), exercise its rights to accelerate the maturity of such Mortgage
      Loan
      under any “due-on-sale” clause to the extent permitted by law; provided,
      however, that the Servicer[s] shall not exercise any such rights if prohibited
      by law or the terms of the Mortgage Note from doing so or if the exercise of
      such rights would impair or threaten to impair any recovery under the related
      Primary Mortgage Insurance Policy or Lender Primary Mortgage Insurance Policy,
      if any. If [the/a] Servicer reasonably believes it is unable under applicable
      law to enforce such “due-on- sale” clause, the [related] Servicer will enter
      into an assumption agreement with the person to whom the Mortgaged Property
      has
      been conveyed or is proposed to be conveyed, pursuant to which such person
      becomes liable under the Mortgage Note and, to the extent permitted by
      applicable state law, the Mortgagor remains liable thereon. Where an assumption
      is allowed pursuant to this Section 4.04(a), the [related] Servicer, with the
      prior consent of the Master Servicer, the Trustee and the primary mortgage
      insurer, if any, is authorized to enter into a substitution of liability
      agreement with the person to whom the Mortgaged Property has been conveyed
      or is
      proposed to be conveyed pursuant to which the original mortgagor is released
      from liability and such Person is substituted as mortgagor and becomes liable
      under the related Mortgage Note. Any such substitution of liability agreement
      shall be in lieu of an assumption agreement.

     

    
      
        
        

      

      
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    In
      connection with any such assumption or substitution of liability, the
      Servicer[s] shall follow the underwriting practices and procedures of the
      [related] Servicer. With respect to an assumption or substitution of liability,
      the Mortgage Rate borne by the related Mortgage Note, the amount of the Monthly
      Payment and the maturity date may not be changed (except pursuant to the terms
      of the Mortgage Note). If the credit of the proposed transferee does not meet
      such underwriting criteria, the [related] Servicer diligently shall, to the
      extent permitted by the Mortgage or the Mortgage Note and by applicable law,
      accelerate the maturity of the Mortgage Loan. The [related] Servicer shall
      notify the Master Servicer and the Trustee that any such substitution of
      liability or assumption agreement has been completed and shall forward to the
      Custodian the original of any such substitution of liability or assumption
      agreement, which document shall be added to the related Mortgage File and shall,
      for all purposes, be considered a part of such Mortgage File to the same extent
      as all other documents and instruments constituting a part thereof. All fees
      collected by the Servicer[s] for entering into an assumption or substitution
      of
      liability agreement shall belong to the [related] Servicer.

     

    Notwithstanding
      the foregoing paragraphs of this Section or any other provision of this
      Agreement, [the/a] Servicer shall not be deemed to be in default, breach or
      any
      other violation of its obligations hereunder by reason of any assumption of
      a
      Mortgage Loan by operation of law or any assumption which the [related] Servicer
      may be restricted by law from preventing, for any reason whatsoever. For
      purposes of this Section 4.04(a), the term “assumption” is deemed to also
      include a sale of the Mortgaged Property subject to the Mortgage that is not
      accompanied by an assumption or substitution of liability
      agreement.

     

    (a) Satisfaction
      of Mortgages and Release of Mortgage Files.
      Upon
      the payment in full of any Mortgage Loan, or the receipt by the [related]
      Servicer of a notification that payment in full will be escrowed in a manner
      customary for such purposes, the [related] Servicer shall immediately notify
      the
      Master Servicer by a certification of a Servicing Officer, which certification
      shall include a statement to the effect that all amounts received or to be
      received in connection with such payment which are required to be deposited
      in
      the Custodial Account pursuant to Section 4.02(d) have been or will be so
      deposited, and the Servicer shall request delivery to it of the portion of
      the
      Mortgage File held by the Custodian in accordance with the provisions of Section
      5.12.

     

    
      
        
        

      

      
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    In
      the
      event the [related] Servicer satisfies or releases a Mortgage without having
      obtained payment in full of the indebtedness secured by the Mortgage or should
      it otherwise prejudice any right the Trustee on behalf of the Trust Fund may
      have under the mortgage instruments, the [related] Servicer, upon written
      demand, shall remit within [two (2)] Business Days to the Trustee on behalf
      of
      the Trust Fund the then outstanding principal balance of the related Mortgage
      Loan by deposit thereof in the Custodial Account. The Servicer[s] shall maintain
      the Servicer Fidelity Bond and the Servicer Errors and Omissions Insurance
      Policy insuring the [related] Servicer against any loss it may sustain with
      respect to any Mortgage Loan not satisfied in accordance with the procedures
      set
      forth herein.

     

    (b) Servicing
      Compensation.
      [As
      compensation for its services hereunder, the Servicer[s] shall be entitled
      to
      withdraw from the Custodial Account (to the extent of interest payments
      collected on the Mortgage Loans) or to retain from interest payments collected
      on the Mortgage Loans, the Servicing Fee, subject to Compensating Interest
      Payments. Additional servicing compensation in the form of assumption fees,
      as
      provided in Section 4.04(a), and late payment charges or otherwise shall be
      retained by the [related] Servicer to the extent not required to be deposited in
      the Custodial Account. No Servicing Fee shall be payable in connection with
      partial Monthly Payments. [The/Each] Servicer shall be required to pay all
      expenses incurred by it in connection with its servicing activities hereunder
      and shall not be entitled to reimbursement therefor except as specifically
      provided for in this Agreement.]

     

    (c) Annual
      Audit Report.
      On or
      before [February 28th]
      of each
      year beginning [February 28], [     ], [the/each] Servicer
      at its expense shall cause a firm of independent public accountants which is
      a
      member of the American Institute of Certified Public Accountants to furnish
      to
      the Seller, the Master Servicer, the Trustee and the Depositor in a form
      acceptable for filing with the Commission as an exhibit to a Form 10-K a report
      on the assessment of compliance made by the [related] Servicer and delivered
      pursuant to subsection (d) of this Section 4.04, which report shall be in
      accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the
      Securities Act and the Exchange Act. In addition, on an annual basis, [each]
      Servicer shall provided the Seller, the Master Servicer, the Trustee and the
      Depositor with copies of its audited financial statements.

     

    (d) Annual
      Compliance Certifications.

     

    (i) On
      or
      before [February 28th]
      of each
      year beginning [February 28], [     ], the Servicer[s] shall
      deliver to the Seller, the Master Servicer, the Trustee and the Depositor a
      servicer’s certificate stating, as to each signer thereof, that (i) a review of
      the activities of the [related] Servicer during such preceding fiscal year
      and
      of performance under this Agreement has been made under such officers’
supervision, and (ii) to the best of such officers’ knowledge, based on such
      review, the [related] Servicer has fulfilled all its obligations under this
      Agreement for such year, or, if there has been a default in the fulfillment
      of
      any such obligation, specifying each such default known to such officers and
      the
      nature and status thereof, including the steps being taken by the [related]
      Servicer to remedy such default.

     

    
      
        
        

      

      
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    (ii) On
      or
      before [February 28th]
      of each
      year beginning [February 28], [     ], the Servicer[s] shall
      deliver to the Seller, the Master Servicer, the Trustee and the Depositor a
      report regarding the [related] Servicer’s assessment of compliance with the
      Servicing Criteria during the immediately preceding calendar year, as required
      under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB.

     

    (iii) For
      so
      long as a certificate under the Sarbanes-Oxley Act of 2002, as amended is
      required to be delivered on behalf of the Trust, a Servicing Officer shall
      execute and deliver on or prior to [February 28th]
      of each
      applicable year, commencing in 2006, or at any other time upon thirty (30)
      days
      written request, an Officer’s Certificate to the Depositor for the benefit of
      the Depositor and its officers, directors and affiliates, certifying as to
      the
      following matters:

     

    (1) I
      have
      reviewed the servicer compliance statement of the [related] Servicer provided
      in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
      report on assessment of the [related] 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 [related]
      Servicer pursuant to the Pooling and Servicing Agreement (the “Pooling and
      Servicing Agreement”) [dated as of [     ] by and among
      [     ] (collectively, the “Servicing
      Information”);

     

    (2) Based
      on
      my knowledge, the 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 as of the end of
      200[     ];

     

    (3) Based
      on
      my knowledge, all of the Servicing Information required to be provided by the
      [related] Servicer under the Pooling and Servicing Agreement has been provided
      to the Master Servicer;

     

    (4) I
      am
      responsible for reviewing the activities performed by the [related] Servicer
      as
      [a] servicer under the Pooling and Servicing 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 Pooling and Servicing Agreement; and

     

    
      
        
        

      

      
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    (5) The
      Compliance Statement, the Servicing Assessment and the Attestation Report
      required to be included in the Annual Report on Form 10-K filed by the Depositor
      have been provided to the [Depositor] [Master Servicer]. Any material instances
      of noncompliance described in such reports have been disclosed to the Depositor.
      Any material instance of noncompliance with the Servicing Criteria has been
      disclosed in such reports.

     

    (iv) The
      Servicer[s] shall indemnify and hold harmless the Trust Fund, the Depositor
      and
      the Master Servicer and their respective officers, directors, agents and
      affiliates from and against any losses, damages, penalties, fines, forfeitures,
      reasonable legal fees and related costs, judgments and other costs and expenses
      arising out of or based upon a breach by [the/a] Servicer or any of its
      officers, directors, agents or affiliates of its obligations under this Section
      4.04(e) for the negligence, bad faith or willful misconduct of the Servicer
      in
      connection therewith. If the indemnification provided for herein is unavailable
      or insufficient to hold harmless any of the foregoing parties, then [the/each]
      Servicer agrees that it shall contribute to the amount paid or payable by the
      indemnified party or parties as a result of the losses, claims, damages or
      liabilities of the indemnified party or parties in such proportion as is
      appropriate to reflect the relative fault of the indemnified party or parties
      on
      the one hand and the [related] Servicer on the other in connection with a breach
      of the [related] Servicer’s obligations under this Section 4.04(e) or the
      [related] Servicer’s negligence, bad faith or willful misconduct in connection
      therewith.

     

    Section
      4.05. Representations,
      Warranties and Agreements.

     

    (a) Representations,
      Warranties and Agreements of the Servicer[s].
      [The/Each] Servicer, as a condition to the consummation of the transactions
      contemplated hereby, hereby makes the following representations and warranties
      to the Master Servicer, the Depositor, the Seller, the Trustee and the
      Securities Administrator, as of the Closing Date:

     

    (i) Due
      Organization and Authority.
      [The/Each] Servicer is a corporation duly organized, validly existing and in
      good standing under the laws of the State of [Florida] and has all licenses
      necessary to carry out its business as now being conducted; [the/each] Servicer
      has the full power and authority and legal right to execute, deliver and
      perform, and to enter into and consummate all transactions contemplated by
      this
      Agreement and to conduct its business as presently conducted, has duly
      authorized the execution, delivery and performance of this Agreement and any
      agreements contemplated hereby, has duly executed and delivered this Agreement
      and any agreements contemplated hereby, and this Agreement and any agreements
      contemplated hereby, constitutes a legal, valid and binding obligation of the
      Servicer[s], enforceable against it in accordance with its terms, and all
      requisite corporate action has been taken by the [related] Servicer to make
      this
      Agreement and all agreements contemplated hereby valid and binding upon the
      [related] Servicer in accordance with their terms;

     

    
      
        
        

      

      
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    (ii) Ordinary
      Course of Business.
      The
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Servicer[s];

     

    (iii) No
      Conflicts.
      Neither
      the execution and delivery of this Agreement nor the consummation of the
      transactions contemplated hereby, or the fulfillment of or compliance with
      the
      terms and conditions of this Agreement will conflict with any of the terms,
      conditions or provisions of the [Servicer’s/Servicers’] charter or by-laws or
      materially conflict with or result in a material breach of any of the terms,
      conditions or provisions of any legal restriction or any agreement or instrument
      to which the [related] Servicer is now a party or by which it is bound, or
      constitute a default or result in an acceleration under any of the foregoing,
      or
      result in the material violation of any law, rule, regulation, order, judgment
      or decree to which the [related] Servicer or their properties are
      subject;

     

    (iv) Ability
      to Perform.
      [The/Each] Servicer does not believe, nor does it have any reason or cause
      to
      believe, that it cannot perform each and every covenant contained in this
      Agreement;

     

    (v) No
      Litigation Pending.
      There
      is no litigation, suit, proceeding or investigation pending or, to the best
      of
      [the/each] Servicer’s knowledge, threatened, or any order or decree outstanding,
      with respect to the [related] Servicer which, either in any one instance or
      in
      the aggregate, is reasonably likely to have a material adverse effect on the
      sale of the Mortgage Loans, the execution, delivery, performance or
      enforceability of this Agreement, or which is reasonably likely to have a
      material adverse effect on the financial condition of the [related]
      Servicer;

     

    (vi) No
      Consent Required.
      No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Servicer[s]
      of or compliance by the Servicer[s] with this Agreement, or if required, such
      approval has been obtained prior to the Closing Date;

     

    (vii) Servicing
      Practices.
      The
      servicing practices used by the Servicer[s] have been legal and in accordance
      with applicable laws and regulations and the mortgage loan documents, and in
      all
      material respects proper and prudent in the mortgage servicing business. Each
      Mortgage Loan has been serviced in all material respects with Accepted Servicing
      Practices. With respect to escrow deposits and payments that the [related]
      Servicer, on behalf of the Trust, is entitled to collect, all such payments
      are
      in the possession of, or under the control of, the [related] Servicer, and
      there
      exist no deficiencies in connection therewith for which customary arrangements
      for repayment thereof have not been made. All escrow payments have been
      collected in full compliance with state and federal law and the provisions
      of
      the related Mortgage Note and Mortgage. As to any Mortgage Loan that is the
      subject of an escrow, escrow of funds is not prohibited by applicable law and
      has been established. No escrow deposits or other charges or payments due under
      the Mortgage Note have been capitalized under any Mortgage or the related
      Mortgage Note;

     

    
      
        
        

      

      
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    (viii) Ability
      to Service.
      [The/Each] Servicer is equipped with such facilities, procedures and personnel
      necessary for the sound servicing of such mortgage loans. [The/Each] Servicer
      is
      duly qualified, licensed, registered and otherwise authorized under all
      applicable federal, state and local laws, and regulations, if applicable, and
      is
      in good standing to sell mortgage loans to and service mortgage loans for Fannie
      Mae and Freddie Mac and no event has occurred which would make Servicer[s]
      unable to comply with eligibility requirements or which would require
      notification to either Fannie Mae or Freddie Mac;

     

    (ix) Servicing
      Fee.
      [The/Each] Servicer acknowledges and agrees that the Servicing Fee represents
      reasonable compensation for performing such services and that the entire
      Servicing Fee shall be treated by the Servicer[s], for accounting and tax
      purposes, as compensation for the servicing and administration of the Mortgage
      Loans pursuant to this Agreement; and

     

    (x) No
      Commissions to Third Parties.
      [The/Each] Servicer has not dealt with any broker or agent or anyone else who
      might be entitled to a fee or commission in connection with this transaction
      other than the Seller.

     

    (b) Remedies
      for Breach of Representations and Warranties of the Servicer[s].
      It is
      understood and agreed that the representations and warranties set forth in
      Sections 4.05(a) shall survive the engagement of the Servicer[s] to perform
      the
      servicing responsibilities as of the Closing Date hereunder and the delivery
      of
      the Servicing Files to the Servicer[s] and shall inure to the benefit of the
      Master Servicer and the Trustee. Upon discovery by either the Servicer[s],
      the
      Master Servicer or the Trustee of a breach of any of the foregoing
      representations and warranties which materially and adversely affects the
      ability of the [related] Servicer to perform its duties and obligations under
      this Agreement or otherwise materially and adversely affects the value of the
      Mortgage Loans, the Mortgaged Property or the priority of the security interest
      on such Mortgaged Property or the interests of the Master Servicer or the
      Trustee, the party discovering such breach shall give prompt written notice
      to
      the other parties.

     

    Within
      [sixty (60)] days of the earlier of either discovery by or notice to the
      [related] Servicer of any breach of a representation or warranty set forth
      in
      Section 4.05(a) which materially and adversely affects the ability of the
      [related] Servicer to perform its duties and obligations under this Agreement
      or
      otherwise materially and adversely affects the value of the Mortgage Loans,
      the
      Mortgaged Property or the priority of the security interest on such Mortgaged
      Property, the [related] Servicer shall use its best efforts promptly to cure
      such breach in all material respects and, if such breach cannot be cured, the
      [related] Servicer shall, at the Master Servicer’s option, assign its rights and
      obligations under this Agreement (or respecting the affected Mortgage Loans)
      to
      a successor servicer.

     

    
      
        
        

      

      
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    In
      addition, the Servicer[s] shall indemnify all other parties to this Agreement
      and hold each of them harmless against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments,
      and other costs and expenses resulting from any claim, demand, defense or
      assertion based on or grounded upon, or resulting from, a breach of the
      Servicer’s representations and warranties contained in Section 4.05(a).

     

    Any
      cause
      of action against the [related] Servicer relating to or arising out of the
      breach of any representations and warranties made in Section 4.05(a) shall
      accrue upon (i) discovery of such breach by the [related] Servicer or notice
      thereof by the Master Servicer or the Trustee to the Servicer, (ii) failure
      by
      the [related] Servicer to cure such breach within the applicable cure period,
      and (iii) demand upon the [related] Servicer by the Master Servicer or the
      Trustee for compliance with this Agreement.

     

    (c) Additional
      Indemnification by the Servicer[s].
      The
      Servicer[s] shall indemnify the Master Servicer, the Trust Fund, the Trustee,
      and the Securities Administrator and hold each of them harmless against any
      and
      all claims, losses, damages, penalties, fines, forfeitures, reasonable and
      necessary legal fees and related costs, judgments, and any other costs, fees
      and
      expenses (collectively, the “Liabilities”) that the indemnified party may
      sustain in any way related to the failure of the [related] Servicer to perform
      its duties and service the Mortgage Loans in accordance with the terms of this
      Agreement. The [related] Servicer shall immediately notify the Master Servicer,
      the Trustee and the Securities Administrator if a claim is made by a third
      party
      with respect to this Agreement or the Mortgage Loans that may result in such
      Liabilities, and the [related] Servicer shall assume (with the prior written
      consent of the indemnified party) the defense of any such claim and pay all
      expenses in connection therewith, including counsel fees, promptly pay,
      discharge and satisfy any judgment or decree which may be entered against it
      or
      any indemnified party in respect of such claim and follow any written
      instructions received from such indemnified party in connection with such claim.
      The [related] Servicer shall be reimbursed promptly from the Custodial Account
      for all amounts advanced by it pursuant to the preceding sentence except when
      the claim is in any way related to the [related] Servicer’s indemnification
      pursuant to this Section 4.05(c), the failure of the [related] Servicer to
      service and administer the Mortgage Loans in accordance with the terms of this
      Agreement, the breach of a representation or warranty set forth in Section
      4.05(a) or the gross negligence, bad faith or willful misconduct of the
      [related] Servicer.

     

    Section
      4.06. The
      Servicer[s].

     

    (a) Merger
      or Consolidation of [the/a] Servicer.
      [The/Each] Servicer shall keep in full effect its existence, rights and
      franchises as a corporation under the laws of the state of its incorporation
      except as permitted herein, and shall obtain and preserve its qualification
      to
      do business as a foreign corporation in each jurisdiction in which such
      qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, or any of the Mortgage Loans and to perform
      its duties under this Agreement.

     

    
      
        
        

      

      
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    Any
      Person into which the [related] Servicer may be merged or consolidated, or
      any
      corporation resulting from any merger, conversion or consolidation to which
      the
      [related] Servicer shall be a party, or any Person succeeding to the business
      of
      the [related] Servicer whether or not related to loan servicing, shall be the
      successor of the Servicer hereunder, without the execution or filing of any
      paper or any further act on the part of any of the parties hereto, anything
      herein to the contrary notwithstanding; provided, however, that the successor
      or
      surviving Person, or the parent company of such successor or surviving Person,
      shall be an institution (i) having a generally accepted accounting principals
      (“GAAP”) net worth not less than $25,000,000, (ii) which is a HUD-approved
      mortgagee whose primary business is in origination and servicing of residential
      mortgage loans, and (iii) who is a Fannie Mae or Freddie Mac approved
      seller/servicer in good standing; provided, however, that if such successor
      or
      surviving Person does not have a GAAP net worth of at least $25,000,000, the
      parent company of such successor or surviving Person shall act as guarantor
      with
      respect to such successor's obligations under this Agreement.

     

    (b) Limitation
      on Liability of the Servicer[s] and Others.
      Neither
      the Servicer[s] nor any of the directors, officers, employees or agents of
      the
      Servicer[s] shall be under any liability to the Master Servicer, the Depositor,
      the Trustee or the Securities Administrator for any action taken or for
      refraining from the taking of any action in good faith pursuant to this
      Agreement, or for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Servicer[s] or any such person against
      any
      breach of warranties or representations made herein, or failure to perform
      its
      obligations in strict compliance with any standard of care set forth in this
      Agreement, or any liability which would otherwise be imposed by reason of any
      breach of the terms and conditions of this Agreement (except to the extent
      otherwise covered by Section 4.05(c)). The Servicer[s] and any director,
      officer, employee or agent of the Servicer[s] may rely in good faith on any
      document of any kind prima facie properly executed and submitted by any Person
      respecting any matters arising hereunder. The Servicer[s] shall not be under
      any
      obligation to appear in, prosecute or defend any legal action which is not
      incidental to its duties to service the Mortgage Loans in accordance with this
      Agreement and which in its opinion may involve it in any expense or liability;
      provided,
      however,
      that
      the Servicer[s] may undertake any such action which it may deem necessary or
      desirable in respect of this Agreement and the rights and duties of the parties
      hereto. In such event, the [related] Servicer shall be entitled to reimbursement
      from the Custodial Account for the reasonable legal expenses and costs of such
      action. 

     

    The
      Servicer[s] and any director, officer, employee or agent of the Servicer[s]
      shall be indemnified and held harmless by the Trust Fund against any and all
      Liabilities incurred in connection with any legal action relating to this
      Agreement or the Certificates, except to the extent such Liabilities resulted
      from or arose out of the negligence, bad faith or willful misfeasance in the
      performance of the [related] Servicer’s (or any director, officer, employee or
      agent of the [related] Servicer) duties hereunder or by reason of its reckless
      disregard of its obligations and duties hereunder.

    
      
        
        

      

      
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    (c) Limitation
      on Resignation and Assignment by the Servicer[s].
      The
      Servicer[s] shall not assign this Agreement or resign from the obligations
      and
      duties hereby imposed on it except by mutual consent of the [related] Servicer
      and the Master Servicer or upon the determination that its duties hereunder
      are
      no longer permissible under applicable law and such incapacity cannot be cured
      by the [related] Servicer. Any such determination permitting the resignation
      of
      the [related] Servicer shall be evidenced by an Opinion of Counsel to such
      effect delivered to the Seller, the Master Servicer and the Trustee, which
      Opinion of Counsel shall be in form and substance acceptable to each of them.
      No
      such resignation shall become effective until a successor shall have assumed
      the
      Servicer's responsibilities and obligations hereunder in the manner provided
      in
      Section 4.08.

     

    With
      respect to the retention of the [related] Servicer to service the Mortgage
      Loans
      hereunder, the [related] Servicer acknowledges that the Seller, Master Servicer
      and Trustee have acted in reliance upon the [related] Servicer's independent
      status, the adequacy of its servicing facilities, plan, personnel, records
      and
      procedures, its integrity, reputation and financial standing and the continuance
      thereof. Without in any way limiting the generality of this Section, the
      [related] Servicer shall not either assign this Agreement or the servicing
      hereunder or delegate its rights or duties hereunder or any portion thereof,
      or
      sell or otherwise dispose of all or substantially all of its property or assets,
      other than in the normal course of business, without the prior written approval
      of the Seller, the Master Servicer and the Trustee, which consent shall not
      be
      unreasonably withheld; provided
      that the
      [related] Servicer may assign the Agreement and the servicing hereunder without
      the consent of the Seller, the Master Servicer and the Trustee to an affiliate
      of the [related] Servicer to which all servicing of the [related] Servicer
      is
      assigned so long as (i) such affiliate is a Fannie Mae and Freddie Mac approved
      servicer and (ii) if it is intended that such affiliate be spun off to the
      shareholders of the [related] Servicer, such affiliate has a GAAP net worth
      of
      at least $25,000,000 and (iii) such affiliate shall deliver to the Seller,
      the
      Master Servicer and the Trustee a certification pursuant to which such affiliate
      shall agree to be bound by the terms and conditions of this Agreement and shall
      certify that such affiliate is a Fannie Mae and Freddie Mac approved servicer
      in
      good standing.

     

    Without
      in any way limiting the generality of this Section 4.06(c), in the event that
      the [related] Servicer shall assign this Agreement or the servicing
      responsibilities hereunder or delegate its duties hereunder or any portion
      thereof without (i) satisfying the requirements set forth herein or (ii) the
      prior written consent of the then such parties shall have the right to terminate
      this Agreement, without any payment of any penalty or damages and without any
      liability whatsoever to the [related] Servicer (other than with respect to
      accrued but unpaid Servicing Fees and Servicing Advances remaining unpaid)
      or
      any third party. Nothing in this Section shall restrict the right of the
      [related] Servicer to cause the Mortgage Loans to be subserviced as provided
      in
      this Agreement.

     

    (d) Successor
      Servicers.
      The
      provisions of Sections 4.06(a), (b) and (c) shall apply to any successor to
      the
      Servicer hereunder.

    
      
        
        

      

      
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    Section
      4.07. Termination
      for Cause. 

     

    Any
      of
      the following occurrences shall constitute an event of default (each, a
“Servicer Event of Default”) on the part of the [related] Servicer:

     

    (i) [any
      failure by the [related] Servicer to remit to the Master Servicer any payment
      required to be made under the terms of this Agreement which continues unremedied
      for a period of one (1) Business Day; or

     

    (ii) failure
      by the [related] Servicer duly to observe or perform in any material respect
      any
      other of the covenants or agreements on the part of the [related] Servicer
      set
      forth in this Agreement (other than Sections 4.04(d) and 4.04(e)) 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 [related] Servicer by the Master Servicer and the remedial
      period provided for herein has expired; or

     

    (iii) the
      [related] 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 [related] Servicer's
      ability to perform its obligations hereunder; or

     

    (iv) a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      for
      the appointment of a conservator or receiver or liquidator in any insolvency,
      readjustment of debt, including bankruptcy, marshalling of assets and
      liabilities or similar proceedings, or for the winding-up or liquidation of
      its
      affairs, shall have been entered against the [related] Servicer and such decree
      or order shall have remained in force undischarged or unstayed for a period
      of
      [sixty (60)] days; or

     

    (v) the
      [related] 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 the [related] Servicer
      or
      of or relating to all or substantially all of its property; or

     

    (vi) the
      [related] Servicer shall admit in writing its inability to pay its debts 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,
      voluntarily suspend payment of its obligations; or

     

    (vii) the
      [related] Servicer ceases to be approved by either Fannie Mae or Freddie Mac
      as
      a mortgage loan seller or servicer for more than [thirty (30)] days;
      or

     

    (viii) the
      [related] Servicer attempts to assign its right to servicing compensation
      hereunder or the [related] Servicer attempts, without the consent of the Master
      Servicer, to sell or otherwise dispose of all or substantially all of its
      property or assets or to assign this Agreement or the servicing responsibilities
      hereunder or to delegate its duties hereunder or any portion thereof;
      or

    
      
        
        

      

      
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    (ix) the
      [related] Servicer fails to meet the eligibility criteria set forth in the
      last
      sentence of Section 4.06(a); or

     

    (x) failure
      by the [related] Servicer to duly perform, within the required time period,
      its
      obligations under Sections 4.04(d) or 4.04(e) which failure continues unremedied
      for a period of [fifteen (15)] days after the date on which written notice
      of
      such failure, requiring the same to be remedied, shall have been given to the
      [related] Servicer by the Master Servicer.]

     

    Then,
      and
      in each and every such case, so long as an Event of Default shall not have been
      remedied, the Master Servicer, by notice in writing to the [related] Servicer,
      in addition to whatever rights the Master Servicer may have under Sections
      3.03
      and 4.05(c) and at law or equity or to damages, including injunctive relief
      and
      specific performance, may, and shall, if so directed by the Majority
      Certificateholders, terminate all the rights and obligations of the [related]
      Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
      thereof without compensating the [related] Servicer for the same. On or after
      the receipt by the [related] Servicer of such written notice, all authority
      and
      power of the [related] Servicer under this Agreement, whether with respect
      to
      the Mortgage Loans or otherwise, shall pass to and be vested in the successor
      appointed pursuant to Section 4.08. Upon written request from the Master
      Servicer, the [related] Servicer shall prepare, execute and deliver, any and
      all
      documents and other instruments, place in such successor's possession all
      Mortgage Files, and do or accomplish all other acts or things necessary or
      appropriate to effect the purposes of such notice of termination, whether to
      complete the transfer and endorsement or assignment of the Mortgage Loans and
      related documents, or otherwise, at the [related] Servicer's sole expense.
      [The/Each] Servicer agrees to cooperate with the Master Servicer and such
      successor in effecting the termination of the [related] 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 [related] Servicer to the Custodial Account
      or Escrow Account or thereafter received with respect to the Mortgage Loans
      or
      any REO Property.

     

    By
      a
      written notice, the Master Servicer may waive any default by the Servicer[s]
      in
      the performance of its obligations hereunder and its consequences. Upon any
      waiver of a past default, such default shall cease to exist, and any Event
      of
      Default arising therefrom shall be deemed to have been remedied for every
      purpose of this Agreement. No such waiver shall extend to any subsequent or
      other default or impair any right consequent thereon except to the extent
      expressly so waived.

     

    Section
      4.08. Successor
      to Servicer.
      Prior
      to termination of the [related] Servicer’s responsibilities and duties under
      this Agreement pursuant to Sections 4.06(c), 4.07 and 5.10, the Master Servicer
      shall (i) succeed to and assume all of the [related] Servicer’s
      responsibilities, rights, duties and obligations under this Agreement, or (ii)
      appoint a successor having the characteristics set forth in Section 4.06(a)
      hereof acceptable to the Rating Agencies, as evidenced by a letter from each
      Rating Agency to the effect that such an appointment will not result in a
      qualification, withdrawal or downgrade of the then current rating of any of
      the
      Certificates, and which shall succeed to all rights and assume all of the
      responsibilities, duties and liabilities of the [related] Servicer under this
      Agreement prior to the termination of the [related] Servicer’s responsibilities,
      duties and liabilities under this Agreement. In connection with such appointment
      and assumption, the Master Servicer may make such arrangements for the
      compensation of such successor out of payments on Mortgage Loans as the Master
      Servicer and such successor shall agree. In the event that the [related]
      Servicer's duties, responsibilities and liabilities under this Agreement should
      be terminated pursuant to the aforementioned Sections, the [related] Servicer
      shall discharge such duties and responsibilities during the period from the
      date
      it acquires knowledge of such termination until the effective date thereof
      with
      the same degree of diligence and prudence which it is obligated to exercise
      under this Agreement, and shall take no action whatsoever that might impair
      or
      prejudice the rights or financial condition of its successor. The resignation
      or
      removal of the [related] Servicer pursuant to the aforementioned Sections shall
      not become effective until a successor shall be appointed pursuant to this
      Section and shall in no event relieve the [related] Servicer of the
      representations and warranties made pursuant to Section 4.05(a) and the remedies
      available to the Master Servicer and the Trustee under Sections 4.05(b) and
      4.05(c), it being understood and agreed that the provisions of such Sections
      4.05(a), 4.05(b) and 4.05(c) shall be applicable to the [related] Servicer
      notwithstanding any such resignation or termination of the Servicer, or the
      termination of this Agreement.

    
      
        
        

      

      
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    Any
      successor appointed as provided herein shall execute, acknowledge and deliver
      to
      the [related] Servicer and to the Master Servicer an instrument accepting such
      appointment, whereupon such successor shall become fully vested with all the
      rights, powers, duties, responsibilities, obligations and liabilities of the
      [related] Servicer, with like effect as if originally named as a party to this
      Agreement. Any termination or resignation of the [related] Servicer or this
      Agreement pursuant to Section 4.06(c), 4.07 or 5.10 shall not affect any claims
      that the Master Servicer may have against the [related] Servicer arising prior
      to any such termination or resignation.

     

    The
      [related] Servicer shall promptly deliver to the successor the funds in the
      Custodial Account and the Escrow Account and the Mortgage Files and related
      documents and statements held by it hereunder and the [related] Servicer shall
      account for all funds. The [related] Servicer shall execute and deliver such
      instruments and do such other things all as may reasonably be required to more
      fully and definitely vest and confirm in the successor all such rights, powers,
      duties, responsibilities, obligations and liabilities of the [related] Servicer.
      Within [ten (10)] Business Days of the execution and delivery of such
      instruments, the successor shall reimburse the [related] Servicer for
      unrecovered Servicing Advances which the successor retains hereunder and which
      would otherwise have been recovered by the [related] Servicer pursuant to this
      Agreement but for the appointment of the successor servicer.

     

    Upon
      a
      successor's acceptance of appointment as such, the [related] Servicer shall
      notify by mail the Trustee, the Master Servicer, the Securities Administrator,
      the Seller and the Depositor of such appointment.

    
      
        
        

      

      
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      Section
        4.09. [Subservicers
        and Subservicing Agreements;] Subcontractors.

    (a) [The
      Mortgage Loans may be subserviced by a Subservicer on behalf of the [related]
      Servicer provided
      that the
      Subservicer is an entity that engages in the business of servicing loans, and
      in
      either case shall be authorized to transact business, and licensed to service
      mortgage loans, in the state or states where the related Mortgaged Properties
      it
      is to service are situated, if and to the extent required by applicable law
      to
      enable the Subservicer to perform its obligations hereunder and under the
      related subservicing Agreement, and in either case shall be a Freddie Mac or
      Fannie Mae approved mortgage servicer in good standing, and no event has
      occurred, including but not limited to a change in insurance coverage, which
      would make it unable to comply with the eligibility requirements for lenders
      imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or Freddie
      Mac, or which would require notification to Fannie Mae or Freddie Mac. In
      addition, each Subservicer will obtain and preserve its qualifications to do
      business as a foreign corporation and its licenses to service mortgage loans,
      in
      each jurisdiction in which such qualifications and/or licenses are or shall
      be
      necessary to protect the validity and enforceability of this Agreement, or
      any
      of the Mortgage Loans and to perform or cause to be performed its duties under
      the related Subservicing Agreement. The [related] Servicer may perform any
      of
      its servicing responsibilities hereunder or may cause the Subservicer to perform
      any such servicing responsibilities on its behalf, but the use by the [related]
      Servicer of the Subservicer shall not release the [related] Servicer from any
      of
      its obligations hereunder and the [related] Servicer shall remain responsible
      hereunder for all acts and omissions of the Subservicer as fully as if such
      acts
      and omissions were those of the [related] Servicer. The [related] Servicer
      shall
      pay all fees and expenses of the Subservicer from its own funds, and the
      Subservicer's fee shall not exceed the Servicing Fee. The [related] Servicer
      shall notify the Master Servicer promptly in writing upon the appointment of
      any
      Subservicer.] 

     

    (b) [At
      the
      cost and expense of the [related] Servicer, without any right of reimbursement
      from the Custodial Account, the [related] Servicer shall be entitled to
      terminate the rights and responsibilities of the subservicer and arrange for
      any
      servicing responsibilities to be performed by a successor Subservicer meeting
      the requirements in the preceding paragraph, provided, however, that nothing
      contained herein shall be deemed to prevent or prohibit the [related] Servicer,
      at the [related] Servicer’s option, from electing to service the Mortgage Loans
      itself. In the event that the Servicer’s responsibilities and duties under this
      Agreement are terminated and if requested to do so by the Master Servicer,
      the
      [related] Servicer shall at its own cost and expense terminate the rights and
      responsibilities of the Subservicer effective as of the date of termination
      of
      the [related] Servicer. The [related] Servicer shall pay all fees, expenses
      or
      penalties necessary in order to terminate the rights and responsibilities of
      the
      subservicer from the [related] Servicer’s own funds without reimbursement from
      the Trust Fund.]

     

    (c) [Any
      Subservicing Agreement and any other transactions or services relating to the
      Mortgage Loans involving a Subservicer shall be deemed to be between the
      Subservicer and the [related] Servicer alone and the Master Servicer and the
      Trustee shall not be deemed parties thereto and shall have no claims, rights,
      obligations, duties or liabilities with respect to any Subservicer, except
      that
      the Trustee shall have such claims or rights that arise as a result of any
      funds
      held by a Subservicer in trust for or on behalf of the Trust Fund.
      Notwithstanding the execution of any subservicing agreement, the [related]
      Servicer shall not be relieved of any liability hereunder and shall remain
      obligated and liable for the servicing and administration of the Mortgage
      Loans.]

     

    
      
        
        

      

      
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    (d) [Any
      Subservicing Agreement and any other transactions or services relating to the
      Mortgage Loans involving the subservicer shall be deemed to be between the
      Subservicer and [related] Servicer alone, and none of the Master Servicer,
      the
      Trustee, the Depositor or the Trust Fund shall have no obligations, duties
      or
      liabilities with respect to the subservicer including no obligation, duty or
      liability of such parties to pay the Subservicer's fees and expenses. For
      purposes of distributions and advances by the [related] Servicer pursuant to
      this Agreement, the [related] Servicer shall be deemed to have received a
      payment on a Mortgage Loan when the Subservicer has received such
      payment.]

     

    (e) [As
      a
      condition to the utilization of any Subservicer determined to be “participating
      in the servicing function” within the meaning of Item 1122, the Servicer shall
      obtain from any such Subservicer used by the [related] Servicer for the benefit
      of the Depositor such Subservicer’s written agreement (in form and substance
      satisfactory to the Depositor) to comply with the provisions of Sections 4.04(c)
      and (d) of this Agreement to the same extent as if such Subservicer were the
      [related] Servicer.]

     

    (f) As
      a
      condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122, the
      [related] Servicer shall obtain from any such Subcontractor used by the
      [related] Servicer [(or by any Subservicer)] for the benefit of the Depositor
      such Subcontractor’s written agreement (in form and substance satisfactory to
      the Depositor) to comply with the provisions of Sections 4.04(c) and (d) of
      this
      Agreement to the same extent as if such Subcontractor were the [related]
      Servicer.

     

    Section
      4.10. Superior
      Liens.

     

    (a) The
      Servicer[s] shall file (or cause to be filed) a request for notice of any action
      by a superior lienholder under a Superior Lien for the protection of the
      Trustee’s interest, where permitted by local law and whenever applicable state
      law does not require that a junior lienholder be named as a party defendant
      in
      foreclosure proceedings in order to foreclosure such junior lienholder’s equity
      of redemption.

     

    (b) 
      If the
      [related] Servicer is notified that any superior lienholder has accelerated
      or
      intends to accelerate the obligations secured by the Superior Lien, or has
      declared or intends to declare a default under the mortgage or the promissory
      note secured thereby, or has filed or intends to file an election to have the
      Mortgaged Property sold or foreclosed, the [related] Servicer shall take, on
      behalf of the Trust, whatever actions are necessary to protect the interests
      of
      the Trust Fund in accordance with Accepted Servicing Practices. The [related]
      Servicer shall not make such a Servicing Advance except to the extent that
      it
      determines in its reasonable good faith judgment that such advance would be
      recoverable from Liquidation Proceeds on the related Mortgage Loan. The
      [related] Servicer shall thereafter take such action as is necessary to recover
      the amount so advanced.

     

    
      
        
        

      

      
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    (c) The
      Servicer[s] may, in accordance with Accepted Servicing Practices, consent to
      the
      refinancing of any Superior Lien on a Mortgaged Property.

     

    ARTICLE
      V

     

    ADMINISTRATION
      AND MASTER SERVICING OF MORTGAGE LOANS

    BY
      THE
      MASTER SERVICER AND THE SECURITIES ADMINISTRATOR

     

    Section
      5.01. Duties
      of the Master Servicer; Representations and Warranties. 

     

    (a) For
      and
      on behalf of the Trust Fund, the Trustee and the Certificateholders, the Master
      Servicer shall master service the Mortgage Loans from and after the Closing
      Date
      in accordance with the provisions of this Article V. The Master Servicer hereby
      represents and warrants to the Depositor, the Trust Fund, the Trustee, the
      Securities Administrator and the Servicer, as of the Closing Date,
      that:

     

    (i) it
      is
      validly existing and in good standing as a federally chartered national banking
      association and as Master Servicer has full power and authority to transact
      any
      and all business contemplated by this Agreement and to execute, deliver and
      comply with its obligations under the terms of this Agreement, the execution,
      delivery and performance of which have been duly authorized by all necessary
      corporate action on the part of the Master Servicer. The Master Servicer is
      duly
      qualified to do business as a foreign corporation and is in good standing in
      each jurisdiction in which the character of the business transacted by it or
      properties owned or leased by it requires such qualification and in which the
      failure to so qualify would have a material adverse effect on the business,
      properties, assets, or condition (financial or other) of the Master Servicer
      or
      the validity or enforceability of this Agreement;

     

    (ii) the
      execution and delivery of this Agreement by the Master Servicer and its
      performance and compliance with the terms of this Agreement will not (A) violate
      the Master Servicer’s charter or bylaws, (B) violate any law or regulation or
      any administrative decree or order to which it is subject or (C) 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 contract,
      agreement or other instrument to which the Master Servicer is a party or by
      which it is bound or to which any of its assets are subject, which violation,
      default or breach would materially and adversely affect the Master Servicer’s
      ability to perform its obligations under this Agreement;

     

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

    
      
        
        

      

      
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    (iv) the
      Master Servicer is not in default with respect to any order or decree of any
      court or any order or regulation of any federal, state, municipal or
      governmental agency to the extent that any such default would materially and
      adversely affect its performance hereunder;

     

    (v) the
      Master Servicer is not a party to or bound by any agreement or instrument or
      subject to any charter provision, bylaw or any other corporate restriction
      or
      any judgment, order, writ, injunction, decree, law or regulation that may
      materially and adversely affect its ability as Master Servicer to perform its
      obligations under this Agreement or that requires the consent of any third
      person to the execution of this Agreement or the performance by the Master
      Servicer of its obligations under this Agreement; 

     

    (vi) no
      litigation is pending or, to the best of the Master Servicer’s knowledge,
      threatened against the Master Servicer which would prohibit its entering into
      this Agreement or performing its obligations under this Agreement;

     

    (vii) the
      Master Servicer, or an affiliate thereof the primary business of which is the
      servicing of residential mortgage loans, is a Fannie Mae- or Freddie
      Mac-approved seller/servicer of residential mortgage loans for Fannie Mae,
      Freddie Mac and HUD;

     

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

     

    (ix) the
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Master Servicer;

     

    (x) the
      Master Servicer has obtained a Master Servicer Errors and Omissions Insurance
      Policy and a Master Servicer Fidelity Bond in accordance with Section 5.02
      each
      of which is in full force and effect, and each of which provides at least such
      coverage as is required hereunder; and

     

    (xi) the
      information about the Master Servicer under the heading “The Master Servicer” in
      the Offering Documents relating to the Master Servicer does not include an
      untrue statement of a material fact and does not omit to state a material fact,
      with respect to the statements made, necessary in order to make the statements
      in light of the circumstances under which they were made not
      misleading.

    
      
        
        

      

      
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    (b) It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 5.01 shall survive the execution and delivery of this Agreement. The
      Master Servicer shall indemnify the Seller, the Depositor, the Trust Fund,
      the
      Trustee, the Securities Administrator and the Servicer and hold them harmless
      against any loss, damages, penalties, fines, forfeitures, legal fees and related
      costs, judgments, and other costs and expenses resulting from any claim, demand,
      defense or assertion based on or grounded upon, or resulting from, a breach
      of
      the Master Servicer’s representations and warranties contained in this Section
      5.01. It is understood and agreed that the enforcement of the obligation of
      the
      Master Servicer set forth in this Section to indemnify the foregoing parties
      as
      provided in this Section constitutes the sole remedy (other than as set forth
      in
      Section 8.01) of such parties respecting a breach of the foregoing
      representations and warranties. Such indemnification shall survive any
      termination of the Master Servicer as Master Servicer hereunder, and any
      termination of this Agreement.

     

    Any
      cause
      of action against the Master Servicer relating to or arising out of the breach
      of any representations and warranties made in this Section shall accrue upon
      discovery of such breach by the Seller, the Depositor, the Trustee, the
      Securities Administrator or the Servicer or notice thereof by any one of such
      parties to the other parties. Notwithstanding anything in this Agreement to
      the
      contrary, the Master Servicer shall not be liable for special, indirect or
      consequential losses or damages of any kind whatsoever (including, but not
      limited to, lost profits).

     

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

     

    (a) The
      Master Servicer, at its expense, shall maintain in effect a Master Servicer
      Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy,
      affording coverage with respect to all directors, officers, employees and other
      Persons acting on such Master Servicer’s behalf, and covering errors and
      omissions in the performance of the Master Servicer’s obligations hereunder. The
      Master Servicer Errors and Omissions Insurance Policy and the Master Servicer
      Fidelity Bond shall be in such form and amount that would be consistent with
      coverage customarily maintained by master servicers of mortgage loans similar
      to
      the Mortgage Loans and shall by its terms not be cancelable without thirty
      days’
prior written notice to the Trustee. The Master Servicer shall provide the
      Depositor and the Trustee, upon request, with a copy of such policy and fidelity
      bond. The Master Servicer shall (i) require the Servicer[s] to maintain a
      Servicer Errors and Omissions Insurance Policy and a Servicer Fidelity Bond
      in
      accordance with the provisions of Section 4.02(l) of this Agreement, (ii) cause
      the Servicer[s] to provide to the Master Servicer certificates evidencing that
      such policy and bond is in effect and to furnish to the Master Servicer any
      notice of cancellation, non-renewal or modification of the policy or bond
      received by it, as and to the extent provided in Section 4.02(l) of the
      Agreement, and (iii) furnish copies of such policies and of the certificates
      and
      notices referred to in clause (ii) to the Trustee upon request.

     

    (b) The
      Master Servicer shall promptly report to the Trustee and the Securities
      Administrator any material changes that may occur in the Master Servicer
      Fidelity Bond or the Master Servicer Errors and Omissions Insurance Policy
      and
      shall furnish either such party, on request, certificates evidencing that such
      bond and insurance policy are in full force and effect. The Master Servicer
      shall promptly report to the Trustee and the Securities Administrator all cases
      of embezzlement or fraud, if such events involve funds relating to the Mortgage
      Loans. The total losses, regardless of whether claims are filed with the
      applicable insurer or surety, shall be disclosed in such reports together with
      the amount of such losses covered by insurance. If a bond or insurance claim
      report is filed with any of such bonding companies or insurers, the Master
      Servicer shall promptly furnish a copy of such report to the Trustee and the
      Securities Administrator. Any amounts relating to the Mortgage Loans collected
      by the Master Servicer under any such bond or policy shall be promptly remitted
      by the Master Servicer to the Securities Administrator for deposit into the
      Collection Account. Any amounts relating to the Mortgage Loans collected by
      the
      Servicer[s] under any such bond or policy shall be remitted to the Master
      Servicer.

    
      
        
        

      

      
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    Section
      5.03. Master
      Servicer’s Financial Statements and Related Information.
      For
      each year this Agreement is in effect, the Master Servicer shall deliver to
      the
      Securities Administrator, the Trustee, each Rating Agency and the Depositor
      a
      copy of its annual unaudited financial statements on or prior to [  ] of
      each year, beginning [  ]. Such financial statements shall include a
      balance sheet, income statement, statement of retained earnings, statement
      of
      additional paid-in capital, statement of changes in financial position and
      all
      related notes and schedules and shall be in comparative form, certified by
      a
      nationally recognized firm of Independent Accountants to the effect that such
      statements were examined and prepared in accordance with generally accepted
      accounting principles applied on a basis consistent with that of the preceding
      year.

     

    Section
      5.04. Power
      to Act; Procedures.

     

    (a) The
      Master Servicer shall master service the Mortgage Loans, provided
      that the
      Master Servicer shall not take, or knowingly permit the Servicer[s] to take,
      any
      action that is inconsistent with or prejudices the interests of the Trust Fund,
      the Trustee or the Certificateholders in any Mortgage Loan or the rights and
      interests of the Depositor, the Trust Fund, the Trustee and the
      Certificateholders under this Agreement. The Master Servicer shall represent
      and
      protect the interests of the Trust Fund, the Trustee and the Certificateholders
      in the same manner as it protects its own interests in mortgage loans in its
      own
      portfolio in any claim, proceeding or litigation regarding a Mortgage Loan.
      Without limiting the generality of the foregoing, the Master Servicer in its
      own
      name, and the [related] Servicer, to the extent such authority is delegated
      to
      such Servicer under this Agreement, is hereby authorized and empowered by the
      Trustee when the Master Servicer or such Servicer, as the case may be, believes
      it appropriate in its best judgment and in accordance with Accepted Servicing
      Practices, to execute and deliver, on behalf of itself and the
      Certificateholders, the Securities Administrator, the Trustee 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 Mortgaged Properties. The Trustee shall
      furnish the Master Servicer, upon request, with any powers of attorney (on
      the
      standard form used by the Trustee) empowering the Master Servicer or the
      Servicer[s] to execute and deliver instruments of satisfaction or cancellation,
      or of partial or full release or discharge, and to foreclose upon or otherwise
      liquidate Mortgaged Property, and to appeal, prosecute or defend in any court
      action relating to the Mortgage Loans or the Mortgaged Property, in accordance
      with this Agreement, and the Trustee shall execute and deliver such other
      documents as the Master Servicer may request, necessary or appropriate to enable
      the Master Servicer to master service the Mortgage Loans and carry out its
      duties hereunder, and to allow the Servicer[s] to service the Mortgage Loans
      in
      each case in accordance with Accepted Servicing Practices (and the Trustee
      or
      the Securities Administrator shall have no liability for misuse of any such
      powers of attorney by the Master Servicer or the Servicer[s]). If the Master
      Servicer or the Trustee has been advised that it is likely that the laws of
      the
      state in which action is to be taken prohibit such action if taken in the name
      of the Trustee or that the Trustee would be adversely affected under the “doing
      business” or tax laws of such state if such action is taken in its name, then
      upon request of the Trustee, the Master Servicer shall join with the Trustee
      in
      the appointment of a co-trustee pursuant to Section [6.10]. In no event shall
      the Master Servicer, without the Trustee’s written consent: (i) initiate any
      action, suit or proceeding solely under the Trustee’s name without indicating
      the Master Servicer’s representative capacity or (ii) take any action with the
      intent to cause, and which actually does cause, the Trustee to be registered
      to
      do business in any state. The Master Servicer shall indemnify the Trustee for
      any and all costs, liabilities and expenses incurred by the Trustee in
      connection with the negligent or willful misuse of such powers of attorney
      by
      the Master Servicer. In the performance of its duties hereunder, the Master
      Servicer shall be an independent contractor and shall not, except in those
      instances where it is taking action in the name of the Trustee, be deemed to
      be
      the agent of the Trustee.

    
      
        
        

      

      
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    (b) In
      master
      servicing and administering the Mortgage Loans, the Master Servicer shall employ
      procedures and exercise the same care that it customarily employs and exercises
      in master servicing and administering loans for its own account, giving due
      consideration to Accepted Servicing Practices where such practices do not
      conflict with this Agreement. 

     

    Section
      5.05. Enforcement
      of [Servicer’s/Servicers’] and Master Servicer’s Obligations. 

     

    (a) The
      Master Servicer shall not be required to (i) take any action with respect to
      the
      servicing of any Mortgage Loan that [the/a] Servicer is not required to take
      under this Agreement and (ii) cause the Servicer[s] to take any action or
      refrain from taking any action if this Agreement does not require the
      Servicer[s] to take such action or refrain from taking such action.

     

    (b) The
      Master Servicer, for the benefit of the Trust Fund, the Trustee and the
      Certificateholders, shall enforce the obligations of the Servicer hereunder,
      and
      shall, in the event that [the/a] Servicer fails to perform its obligations
      in
      accordance herewith, terminate the rights and obligations of the [related]
      Servicer hereunder and either act as servicer of the related Mortgage Loans
      or
      cause other parties hereto to either assume the obligations of the [related]
      Servicer under this Agreement (or agree to execute and deliver a successor
      servicing or subservicing agreement with a successor servicer). Such
      enforcement, including, without limitation, the legal prosecution of claims,
      termination of servicing or subservicing rights and the pursuit of other
      appropriate remedies, shall be in such form and carried out to such an extent
      and at such time as the Master Servicer, in its good faith business judgment,
      would require were it the owner of the related Mortgage Loans. The Master
      Servicer shall pay the costs of such enforcement at its own expense, and shall
      be reimbursed therefor initially (i) from a general recovery resulting from
      such
      enforcement only to the extent, if any, that such recovery exceeds all amounts
      due in respect of the related Mortgage Loans, (ii) from a specific recovery
      of
      costs, expenses or attorneys’ fees against the party against whom such
      enforcement is directed, and then, (iii) to the extent that such amounts are
      insufficient to reimburse the Master Servicer for the costs of such enforcement,
      from the Collection Account.

    
      
        
        

      

      
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    Section
      5.06. Collection
      Account.

     

    (a) On
      the
      Closing Date, the Master Servicer shall open and shall thereafter maintain
      a
      segregated account held in trust in the name of the Trustee (the “Collection
      Account”), entitled “Collection Account,
      [           ], as Trustee, in
      trust for Holders of the TBW Mortgage Trust Mortgage Pass-Through Certificates,
      Series [          ].” The
      Collection Account shall relate solely to the Certificates issued by the
      Trustee, and funds deposited in the Collection Account shall not be commingled
      with any other monies.

     

    (b) The
      Collection Account shall be an Eligible Account. If an existing Collection
      Account ceases to be an Eligible Account, the Securities Administrator shall
      establish a new Collection Account that is an Eligible Account within [ten
      (10)]
      days and transfer all funds and investment property on deposit in such existing
      Collection Account into such new Collection Account.

     

    (c) The
      Master Servicer shall give to the Securities Administrator and the Trustee
      prior
      written notice of the name and address of the depository institution at which
      the Collection Account is maintained and the account number of such Collection
      Account. The Master Servicer shall take such actions as are necessary to cause
      the depository institution holding the Collection Account to hold such account
      in the name of the Trustee. On each Distribution Date, the entire amount on
      deposit in the Collection Account relating to the Mortgage Loans (subject to
      permitted withdrawals set forth in Section 5.07), other than amounts not
      included in Interest Funds or Principal Funds to be paid to Certificateholders
      for such Distribution Date, shall be applied to make the requested payment
      of
      principal and/or interest on each Class of Certificates.

     

    (d) [The
      Master Servicer shall deposit or cause to be deposited in the Collection Account
      on the earlier of the applicable Distribution Date and one Business Day
      following receipt thereof, the following amounts received or payments made
      by
      the Master Servicer (other than in respect of principal of and interest on
      the
      Mortgage Loans due on or before the
      Cut-off Date):

     

    (i) all
      remittances from the Custodial Account to the Master Servicer pursuant to
      Section 4.03;

    
      
        
        

      

      
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    (ii) all
      Monthly Advances made by the Servicer[s] or the Master Servicer pursuant to
      Section 6.04 hereof and any payment in respect of Prepayment Interest Shortfalls
      paid by the Master Servicer pursuant to Section 5.16 hereof; and

     

    (iii) the
      Purchase Price of any Mortgage Loan repurchased by the Depositor or the Seller
      during the related Prepayment Period or any other Person and any Substitution
      Amount related to any Qualifying Substitute Mortgage Loan.

     

    (e) Funds
      in
      the Collection Account may be invested by the Master Servicer in Eligible
      Investments selected by and at the written direction of the Master Servicer,
      which shall mature not later than one Business Day prior to the next
      Distribution Date (or on the Distribution Date with respect to any Eligible
      Investment of the Master Servicer or any other fund managed or advised by it
      or
      any Affiliate) and any such Eligible Investment shall not be sold or disposed
      of
      prior to its maturity. All such Eligible Investments shall be made in the name
      of the Master Servicer in trust for the benefit of the Trustee and the
      Certificateholders. All income and gain net of the Trustee Fee, the Custodian
      Fee and any losses realized from any such investment of funds on deposit in
      the
      Collection Account shall be for the benefit of the Master Servicer and shall
      be
      subject to its withdrawal or order from time to time, subject to Section 5.07
      and shall not be part of the Trust Fund. The amount of any losses incurred
      in
      respect of any such investments shall be deposited in such Collection Account
      by
      the Master Servicer out of its own funds, without any right of reimbursement
      therefor, immediately as realized. The foregoing requirements for deposit in
      the
      Collection Account are exclusive, it being understood and agreed that, without
      limiting the generality of the foregoing, payments of interest on funds in
      the
      Collection Account and payments in the nature of late payment charges,
      assumption fees and other incidental fees and charges relating to the Mortgage
      Loans need not be deposited by the Master Servicer in the Collection Account
      and
      may be retained by the Master Servicer or the [related] Servicer, as applicable,
      as additional servicing compensation. If the Master Servicer deposits in the
      Collection Account any amount not required to be deposited therein, it may
      at
      any time withdraw such amount from such Collection Account.] 

     

    Section
      5.07. Application
      of Funds in the Collection Account.
      The
      Master Servicer shall withdraw funds from the Collection Account for payments
      to
      the Distribution Account pursuant to Section 6.01. In addition, the Master
      Servicer may prior to making the payment pursuant to Section 6.01 from time
      to
      time make withdrawals from the Collection Account for the following
      purposes:

     

    (i) [to
      pay
      to the Trustee, the Trustee Fee, and to pay to the Custodian its fees, in each
      case on the Distribution Date each year in the month in which such Trustee
      Fee
      and the fees of the Custodian, as applicable, are due and payable pursuant
      to
      the terms of the respective fee letter agreements with the Trustee and the
      Custodian;

     

    (ii) to
      reimburse the Master Servicer or the [related] Servicer, as applicable, for
      any
      previously unreimbursed Monthly Advances or Servicing Advances made by any
      such
      party, such right to reimbursement pursuant to this subclause (ii) being limited
      to amounts received on or in respect of a particular Mortgage Loan (including,
      for this purpose, Liquidation Proceeds, Condemnation Proceeds and amounts
      representing Insurance Proceeds with respect to the property subject to the
      related Mortgage) which represent late recoveries (net of the applicable
      Servicing Fee) of payments of principal or interest respecting which any such
      Monthly Advance was made, it being understood, in the case of any such
      reimbursement, that the Master Servicer’s or [related] Servicer’s right thereto
      shall be prior to the rights of the Certificateholders;

     

    
      
        
        

      

      
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    (iii) to
      reimburse the Master Servicer or the [related] Servicer following a final
      liquidation of a Mortgage Loan for any previously unreimbursed Monthly Advances
      made by any such party (A) that such party determines in good faith will not
      be
      recoverable from amounts representing late recoveries of payments of principal
      or interest respecting the particular Mortgage Loan as to which such Monthly
      Advance was made or from Liquidation Proceeds, Condemnation Proceeds or
      Insurance Proceeds with respect to such Mortgage Loan and/or (B) to the extent
      that such unreimbursed Monthly Advances exceed the related Liquidation Proceeds,
      Condemnation Proceeds or Insurance Proceeds, it being understood, in the case
      of
      each such reimbursement, that the Master Servicer’s or [related] Servicer’s
      right thereto shall be prior to the rights of the
      Certificateholders;

     

    (iv) to
      reimburse the Master Servicer or the [related] Servicer from Liquidation
      Proceeds, Condemnation Proceeds or Insurance Proceeds for Liquidation Expenses
      and for amounts expended by it pursuant to Section 4.02(n) in good faith in
      connection with the restoration of damaged property and, to the extent that
      Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds after such
      reimbursement exceed the unpaid principal balance of the related Mortgage Loan,
      together with accrued and unpaid interest thereon at the applicable Mortgage
      Rate less the Servicing Fee Rate for such Mortgage Loan to the Due Date next
      succeeding the date of its receipt of such Liquidation Proceeds, Condemnation
      Proceeds or Insurance Proceeds, to pay to the Master Servicer or the [related]
      Servicer out of such excess the amount of any unpaid assumption fees, late
      payment charges or other Mortgagor charges on the related Mortgage Loan and
      to
      retain any excess remaining thereafter as additional servicing compensation,
      it
      being understood, in the case of any such reimbursement or payment, that such
      Master Servicer’s or [related] Servicer’s right thereto shall be prior to the
      rights of the Certificateholders;

     

    (v) to
      pay to
      the Depositor or the Seller or any other Person, as applicable, with respect
      to
      each Mortgage Loan or REO Property acquired in respect thereof that has been
      purchased pursuant to this Agreement, all amounts received thereon and not
      paid
      on the date on which the related repurchase was effected, and to pay to the
      applicable party any Monthly Advances and Servicing Advances to the extent
      specified in the definition of Purchase Price;

     

    
      
        
        

      

      
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    (vi) to
      the
      extent not paid by the [related] Servicer, to pay any insurance premium with
      respect to a Mortgage Loan;

     

    (vii) to
      pay to
      the Master Servicer income earned on the investment of funds on deposit in
      the
      Collection Account;

     

    (viii) to
      make
      payment to itself, the Master Servicer, the Securities Administrator, the
      Servicer[s], the Trustee, the Custodian and others pursuant to any provision
      of
      any Operative Agreement;

     

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

     

    (x) to
      clear
      and terminate the Collection Account pursuant to Article IX; and

     

    (xi) to
      reimburse a successor master servicer (solely in its capacity as successor
      master servicer), for any fee or advance occasioned by a termination of the
      Master Servicer and the assumption of such duties by the Trustee as successor
      master servicer or a successor master servicer appointed by the Trustee pursuant
      to Section 8.01, in each case to the extent not reimbursed by the terminated
      Master Servicer, it being understood, in the case of any such reimbursement
      or
      payment, that the right of the Master Servicer or the Trustee thereto shall
      be
      prior to the rights of the Certificateholders.

     

    In
      connection with withdrawals pursuant to subclauses (ii) through (iv) above,
      the
      Master Servicer’s or the [related] Servicer’s or such other Person’s entitlement
      thereto is limited to collections or other recoveries on the related Mortgage
      Loan. The Master Servicer shall therefore keep and maintain a separate
      accounting for each Mortgage Loan for the purpose of justifying any withdrawal
      from the Collection Account it maintains pursuant to such
      subclauses.]

     

    Section
      5.08. Reports
      to Trustee and Certificateholders.

     

    (a) On
      each
      Distribution Date, the Securities Administrator shall make available to the
      Trustee and each Certificateholder a report setting forth the following
      information (on the basis of Mortgage Loan level information obtained from
      the
      Servicer[s]):

     

    (i) [the
      aggregate amount of the payment to be made on such Distribution Date to the
      Holders of each Class of Certificates, to the extent applicable, allocable
      to
      principal on the Mortgage Loans, including Liquidation Proceeds, Condemnation
      Proceeds and Insurance Proceeds, stating separately the amount attributable
      to
      scheduled principal payments and unscheduled payments in the nature of
      principal;

     

    (ii) the
      aggregate amount of the payment to be made on such Distribution Date to the
      Holders of each Class of Certificates allocable to interest and the calculation
      thereof;

     

    
      
        
        

      

      
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    (iii) the
      amount, if any, of any payment to the Holder of the Ownership
      Certificate;

     

    (iv) (A) the
      aggregate amount of any Monthly Advances required to be made by or on behalf
      of
      the Servicer[s] (or the Master Servicer) with respect to such Distribution
      Date,
      (B) the aggregate amount of such Monthly Advances actually made, and
      (C) the amount, if any, by which (A) above exceeds (B) above;

     

    (v) the
      aggregate amount of Servicing Advances required to be made by or on behalf
      of
      the Servicer[s] (or the Master Servicer) with respect to such Distribution
      Date,
      including the general use of funds advanced and the general source of funds
      for
      reimbursements;

     

    (vi) the
      aggregate amount of unreimbursed Monthly Advances outstanding, including the
      general use of funds advanced and the general source of funds for
      reimbursements, and Servicing Advances outstanding with respect to such
      Distribution Date;

     

    (vii) the
      aggregate amount of Nonrecoverable Advances with respect to such Distribution
      Date;

     

    (viii) the
      total
      number of Mortgage Loans, the aggregate Scheduled Principal Balance of all
      the
      Mortgage Loans as of the close of business on the last day of the related
      Collection Period, after giving effect to payments allocated to principal
      reported under clause (i) above;

     

    (ix) the
      Class
      Principal Amount of each Class of Certificates, to the extent applicable, as
      of
      such Distribution Date after giving effect to payments allocated to principal
      reported under clause (i) above;

     

    (x) the
      amount of any Realized Losses incurred with respect to the Mortgage Loans (x)
      in
      the applicable Prepayment Period and (y) in the aggregate since the Cut-off
      Date;

     

    (xi) the
      amount of the Servicing Fee paid during the Collection Period to which such
      payment relates;

     

    (xii) the
      number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported
      to the Securities Administrator by the Servicer[s], (a) remaining
      outstanding, (b) Delinquent 30 to 59 days on a contractual basis, (c)
      Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more
      days
      on a contractual basis, (e) 180 days or more Delinquent and charged off; (f)
      as
      to which foreclosure proceedings have been commenced as of the close of business
      on the last Business Day of the calendar month immediately preceding the month
      in which such Distribution Date occurs, (g) in bankruptcy and (h) that are
      REO
      Properties;

     

    
      
        
        

      

      
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    (xiii) the
      aggregate Scheduled Principal Balance of any Mortgage Loans with respect to
      which the related Mortgaged Property became an REO Property as of the close
      of
      business on the last Business Day of the calendar month immediately preceding
      the month in which such Distribution Date occurs;

     

    (xiv) with
      respect to substitution of Mortgage Loans in the preceding calendar month,
      the
      Scheduled Principal Balance of each Deleted Mortgage Loan and of each Qualifying
      Substitute Mortgage Loan;

     

    (xv) the
      aggregate outstanding Prepayment Interest Shortfalls, Basis Risk Shortfalls
      and
      Basis Risk Shortfall Carryforward Amounts, if any, for each Class of
      Certificates, after giving effect to the payments made on such Distribution
      Date;

     

    (xvi) the
      Certificate Interest Rate applicable to such Distribution Date with respect
      to
      each Class of Certificates;

     

    (xvii) the
      Interest Funds, the Principal Funds and the Extra Principal Distribution Amount
      applicable to such Distribution Date;

     

    (xviii) if
      applicable, the amount of any shortfall (i.e., the difference between the
      aggregate amounts of principal and interest which Certificateholders would
      have
      received if there were sufficient available amounts in the Collection Account
      and the amounts actually paid); 

     

    (xix) 
      [the
      amount of any Credit Line Advances, if any, made during such Collection
      Period;]

     

    (xx) any
      applicable Record Dates, accrual dates, determination dates for calculating
      distributions and actual Distribution Dates for the Collection
      Period;

     

    (xxi) the
      amount of cashflows received and the sources thereof for distributions, fees
      and
      expenses;

     

    (xxii) the
      amount of fees and expenses accrued and paid, the purpose of such fees and
      expenses and the identification of each payee, including the amount of fees
      paid
      to the Trustee, the Custodian, the Master Servicer, the Securities
      Administrator, the Servicer[s] and Subservicer for such Distribution
      Date;

     

    (xxiii) the
      amount of payments accrued and paid with respect to the Cap Counterparty,
      [insurance premiums], other credit enhancement and support for the Trust Fund,
      the purpose of such payments and the identification of each payee;

     

    (xxiv) the
      amount of excess cash flow or excess spread and the disposition of such excess
      cash flow or excess spread;

     

    
      
        
        

      

      
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    (xxv) delinquency
      and loss information for the distribution period with respect to the Mortgage
      Loans;

     

    (xxvi) the
      number of properties and the unpaid principal balance with respect to each
      property relating to defaulted Mortgage Loans in the Trust;

     

    (xxvii) 
      the
      beginning and ending balances of the Distribution Account, Collection Account
      [and any material account activity during the related period];

     

    (xxviii) 
      any
      material modifications, extensions or waivers to Mortgage Loan terms, fees,
      penalties or payments during the Collection Period or that have cumulatively
      become material over time; information with respect to material breaches of
      Mortgage Loan representations or warranties or of covenants in the Operative
      Documents;

     

    (xxix) information
      on whether a Delinquency Event or a Cumulative Loss Trigger Event has
      occurred;

     

    (xxx) information
      regarding any changes to the Mortgage Loans, including any additions or removals
      in connection with the [Pre-Funding Period] [Revolving Period], repurchases
      or
      substitutions;

     

    (xxxi) the
      amounts on deposit in the [Pre-Funding Account] [Revolving
      Account];

     

    (xxxii) 
      information regarding any material changes in the solicitation, credit granting,
      underwriting, origination, acquisition or selection criteria or procedures,
      as
      applicable, used to originate, acquire or select additional Mortgage Loans
      acquired during a pre-funding or revolving period or in connection with a
      substitution

     

    (xxxiii) 
      any
      Overcollateralization Deficiency after giving effect to the payments made on
      such Distribution Date; and

     

    (xxxiv) 
      LIBOR
      with respect to such Distribution Date.]

     

    In
      the
      case of information furnished pursuant to subclauses (i), (ii) and (ix) above,
      the amounts shall (except in the case of the report delivered to the holder
      of
      the Ownership Certificate) be expressed as a dollar amount per $1,000 of
      original principal amount of Certificates.

     

    The
      Securities Administrator will make such report and additional loan level
      information (and, at its option, any additional files containing the same
      information in an alternative format) available each month to the Rating
      Agencies and Certificateholders via the Securities Administrator’s website. The
      Securities Administrator’s website can be accessed at
      [       ]. Assistance in using the website can be
      obtained by calling the Securities Administrator’s customer service desk at
      [         ]. Such parties that are
      unable to use the website are entitled to have a paper copy mailed to them
      via
      first class mail by notifying the Securities Administrator at
      [       ], and indicating such. The Securities
      Administrator shall have the right to change the way such statements are
      distributed in order to make such distribution more convenient and/or more
      accessible to the above parties and the Securities Administrator shall provide
      timely and adequate notification to all above parties regarding any such
      changes.

     

    
      
        
        

      

      
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    The
      foregoing information and reports shall be prepared and determined by the
      Securities Administrator based solely on Mortgage Loan data provided to the
      Securities Administrator by the Master Servicer (in a format agreed to by the
      Securities Administrator and the Master Servicer) no later than 12:00 p.m.
      (noon) Eastern Standard Time four Business Days prior to the Distribution Date.
      In preparing or furnishing the foregoing information, the Securities
      Administrator and the Master Servicer shall be entitled to rely conclusively
      on
      the accuracy of the information or data regarding the Mortgage Loans and the
      related REO Property that has been provided to the Master Servicer by the
      Servicer[s], and neither the Securities Administrator nor the Master Servicer
      shall be obligated to verify, recompute, reconcile or recalculate any such
      information or data. The Securities Administrator, the Trustee, the Custodian
      and the Master Servicer shall be entitled to conclusively rely on the Mortgage
      Loan data provided to the Master Servicer and shall have no liability for any
      errors in such Mortgage Loan data. 

     

    (b) Upon
      the
      reasonable advance written request of any Certificateholder that is a savings
      and loan, bank or insurance company, which request, if received by the Trustee
      shall be forwarded promptly to the Securities Administrator, the Securities
      Administrator shall provide, or cause to be provided (or, to the extent that
      such information or documentation is not required to be provided by the
      Servicer[s], shall use reasonable efforts to obtain such information and
      documentation from the Servicer[s], and provide), to such Certificateholder
      such
      reports and access to information and documentation regarding the Mortgage
      Loans
      as such Certificateholder may reasonably deem necessary to comply with
      applicable regulations of the Office of Thrift Supervision or its successor
      or
      other regulatory authorities with respect to an investment in the Certificates;
      provided,
      however,
      that
      the Securities Administrator shall be entitled to be reimbursed by such
      Certificateholder for actual expenses incurred in providing such reports and
      access. 

     

    (c) Within
      [ninety (90)] days, or such shorter period as may be required by statute or
      regulation, after the end of each calendar year, the Securities Administrator
      shall have prepared and shall make available to each Person who at any time
      during the calendar year was a Certificateholder of record, and make available
      to Security Owners (identified as such by the Clearing Agency) in accordance
      with applicable regulations, a report summarizing the items provided to the
      Certificateholders pursuant to Section 5.08(a) on an annual basis as may be
      required to enable such Holders to prepare their federal income tax returns.
      Such information shall include the amount of original issue discount accrued
      on
      each Class of Certificates and information regarding the expenses of the Trust
      Fund. The Securities Administrator shall be deemed to have satisfied such
      requirement if it forwards such information in any other format permitted by
      the
      Code. The Master Servicer shall provide the Securities Administrator with such
      information as is necessary for the Securities Administrator to prepare such
      reports.

    
      
        
        

      

      
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    (d) The
      Securities Administrator shall furnish any other information that is required
      by
      the Code and regulations thereunder to be made available to Certificateholders.
      The Master Servicer shall provide the Securities Administrator with such
      information as is necessary for the Securities Administrator to prepare such
      reports (and the Securities Administrator may rely solely upon such
      information).

     

    Section
      5.09. Termination
      of [a] Servicer; Successor Servicers.

     

    (a) The
      Master Servicer shall be entitled to terminate the rights and obligations of
      the
      [related] Servicer upon the occurrence of a Servicer Event of Default as set
      forth in Section 4.07; provided,
      however,
      that in
      the event of termination of the [related] Servicer, the Master Servicer shall
      provide for the servicing of the Mortgage Loans by a successor servicer as
      provided in Section 4.08.

     

    The
      parties acknowledge that notwithstanding the preceding sentence, there may
      be a
      transition period, not to exceed 90 days, in order to effect the transfer of
      servicing to a successor servicer. The Master Servicer shall be entitled to
      be
      reimbursed by the [related] Servicer (or by the Trust Fund, if the [related]
      Servicer is unable to fulfill its obligations hereunder) for all costs
      associated with the transfer of servicing, including without limitation, any
      costs or expenses associated with the complete transfer of all servicing data
      and the completion, correction or manipulation of such servicing data, as may
      be
      required by the Master Servicer to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the Master Servicer to service the
      Mortgage Loans properly and effectively.

     

    (b) If
      the
      Master Servicer acts as a successor Servicer, it shall not assume liability
      for
      the representations and warranties of the Servicer that it replaces. The Master
      Servicer shall use reasonable efforts to have the successor Servicer assume
      liability for the representations and warranties made by the terminated Servicer
      and in the event of any such assumption by the successor servicer, the Master
      Servicer may, in the exercise of its business judgment, release the terminated
      Servicer from liability for such representations and warranties.

     

    (c) If
      the
      Master Servicer acts as a successor Servicer, it will have no obligation to
      make
      a Monthly Advance if it determines in its reasonable judgment that such Monthly
      Advance would constitute a Nonrecoverable Advance.

     

    Section
      5.10. Master
      Servicer Liable for Enforcement.
      The
      Master Servicer shall use commercially reasonable efforts to ensure that the
      Mortgage Loans are serviced in accordance with the provisions of this Agreement
      and shall use commercially reasonable efforts to enforce the provisions of
      Article IV for the benefit of the Certificateholders. The Master Servicer shall
      be entitled to enter into any agreement with any Servicer for indemnification
      of
      the Master Servicer and nothing contained in this Agreement shall be deemed
      to
      limit or modify such indemnification. Except as expressly set forth herein,
      the
      Master Servicer shall have no liability for the acts or omissions of the
      [related] Servicer in the performance by such Servicer of its obligations under
      Article IV.

    
      
        
        

      

      
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    Section
      5.11. Assumption
      of Master Servicing by Trustee.

     

    (a) In
      the
      event the Master Servicer shall for any reason no longer be the Master Servicer
      (including by reason of any Master Servicer Event of Default under Section
      8.01
      of this Agreement), the Trustee shall thereupon assume all of the rights and
      obligations of such Master Servicer hereunder. The Trustee, its designee or
      any
      successor master servicer appointed by the Trustee shall be deemed to have
      assumed all of the Master Servicer’s interest herein, except that the Master
      Servicer shall not thereby be relieved of any liability or obligations of the
      Master Servicer accruing prior to its replacement as Master Servicer, and shall
      be liable to the Trustee, and hereby agrees to indemnify and hold harmless
      the
      Trustee from and against all costs, damages, expenses and liabilities (including
      reasonable attorneys’ fees) incurred by the Trustee as a result of such
      liability or obligations of the Master Servicer and in connection with the
      Trustee’s assumption (but not its performance, except to the extent that costs
      or liability of the Trustee are created or increased as a result of negligent
      or
      wrongful acts or omissions of the Master Servicer prior to its replacement
      as
      Master Servicer) of the Master Servicer’s obligations, duties or
      responsibilities thereunder.

     

    (b) The
      Master Servicer that has been terminated shall, upon request of the Trustee
      but
      at the expense of such Master Servicer, deliver to the assuming party all
      documents and records relating to the Mortgage Loans and an accounting of
      amounts collected and held by it and otherwise use its best efforts to effect
      the orderly and efficient transfer of master servicing to the assuming party.
      

     

    Section
      5.12. Release
      of Mortgage Files.

     

    (a) Upon
      (i)
      becoming aware of the payment in full of any Mortgage Loan or (ii) the receipt
      by the [related] Servicer of a notification that payment in full has been or
      will be escrowed in a manner customary for such purposes, the [related]
      Servicer, promptly notify the Trustee (or the Custodian) by a certification
      (which certification shall include a statement to the effect that all amounts
      received in connection with such payment that are required to be deposited
      in
      the Collection Account maintained by the Master Servicer pursuant to Section
      5.06 have been or will be so deposited) of a Servicing Officer and shall deliver
      a Request for Release in the form of Exhibit A-5 hereto to the Trustee or the
      Custodian with respect to such Mortgage Loan. Upon receipt of such certification
      and Request for Release, the Trustee or the Custodian (with the consent, and
      at
      the direction of the Trustee), shall promptly release the related Mortgage
      File
      to the [related] Servicer and the Trustee shall have no further responsibility
      with regard to such Mortgage File. Upon any such payment in full, the [related]
      Servicer is authorized, to give, as agent for the Trustee, as the mortgagee
      under the Mortgage that secured the Mortgage Loan, an instrument of satisfaction
      (or assignment of mortgage without recourse) regarding the Mortgaged Property
      subject to the Mortgage, which instrument of satisfaction or assignment, as
      the
      case may be, shall be delivered to the Person or Persons entitled thereto
      against receipt therefor of such payment, it being understood and agreed that
      no
      expenses incurred in connection with such instrument of satisfaction or
      assignment, as the case may be, shall be chargeable to the Collection
      Account.

    
      
        
        

      

      
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    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any Primary Insurance
      Policy, the Trustee shall execute such documents as shall be prepared and
      furnished to the Trustee by the [related] Servicer (in form reasonably
      acceptable to the Trustee) and as are necessary to the prosecution of any such
      proceedings. The Trustee or the Custodian, shall, upon request of the Master
      Servicer or of the [related] Servicer, as applicable, and delivery to the
      Trustee or the Custodian, of a Request for Release signed by a Servicing
      Officer, release the related Mortgage File held in its possession or control
      to
      the Master Servicer (or the [related] Servicer, as applicable). Such trust
      receipt shall obligate the Master Servicer or the [related] Servicer, as
      applicable, to return the Mortgage File to the Trustee or the Custodian, as
      applicable, when the need therefor by the Master Servicer or the [related]
      Servicer, as applicable, no longer exists unless (i) the Mortgage Loan has
      been
      liquidated and the Liquidation Proceeds relating to the Mortgage Loan have
      been
      deposited in the Collection Account or (ii) the Mortgage File or such document
      has been delivered to an attorney, or to a public trustee or other public
      official as required by law, for purposes of initiating or pursuing legal action
      or other proceedings for the foreclosure of the Mortgaged Property either
      judicially or non-judicially, and the [related] Servicer has delivered to the
      Custodian a certificate of a Servicing Officer certifying as to the name and
      address of the Person to which such Mortgage File or such document was delivered
      and the purpose or purposes of such delivery.

     

    (c) At
      any
      time that the [related] Servicer is required to deliver to the Custodian a
      Request for Release, the [related] Servicer shall deliver two copies of the
      Request for Release if delivered in hard copy or the [related] Servicer may
      furnish such Request for Release electronically to the Custodian, in which
      event
      the Servicing Officer transmitting the same shall be deemed to have signed
      the
      Request for Release. In connection with any Request for Release of a Mortgage
      File because of a repurchase of a Mortgage Loan, such Request for Release shall,
      if required, be followed by an assignment of mortgage, without recourse,
      representation or warranty from the Trustee to the Seller and the related
      Mortgage Note shall be endorsed either in blank or without recourse by the
      Trustee and be returned to the Seller. In connection with any Request for
      Release of a Mortgage File because of the payment in full of a Mortgage Loan,
      such Request for Release shall, if required, be accompanied by a certificate
      of
      satisfaction or other similar instrument to be executed by or on behalf of
      the
      Trustee and returned to the [related] Servicer.

     

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

     

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

    
      
        
        

      

      
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    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer or the [related] Servicer, in respect of any Mortgage Loans,
      whether from the collection of principal and interest payments or from
      Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds, shall be
      held
      by the Master Servicer or by the [related] Servicer for and on behalf of the
      Trustee as the Trustee’s agent and bailee for purposes of perfecting the
      Trustee’s security interest therein as provided by relevant Uniform Commercial
      Code or laws; provided,
      however,
      that the
      Master Servicer and the [related] Servicer shall be entitled to setoff against,
      and deduct from, any such funds any amounts that are properly due and payable
      to
      the Master Servicer or the [related] Servicer under this Agreement and shall
      be
      authorized to remit such funds to the Securities Administrator in accordance
      with this Agreement.

     

    (c) The
      Servicer[s] and the Master Servicer each hereby acknowledges that concurrently
      with the execution of this Agreement, the Trustee shall own or, to the extent
      that a court of competent jurisdiction shall deem the conveyance of the Mortgage
      Loans from the Seller to the Depositor not to constitute a sale, the Trustee
      shall have a security interest in the Mortgage Loans and in all Mortgage Files
      representing such Mortgage Loans and in all funds and investment property now
      or
      hereafter held by, or under the control of, the Servicer[s] or the Master
      Servicer that are collected by the Servicer[s] or the Master Servicer in
      connection with the Mortgage Loans, whether as scheduled installments of
      principal and interest or as full or partial prepayments of principal or
      interest or as Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds
      or otherwise, and in all proceeds of the foregoing and proceeds of proceeds
      (but
      excluding any fee or other amounts to which the Servicer[s] or the Master
      Servicer is entitled to hereunder); and the Servicer[s] and the Master Servicer
      each agrees that so long as the Mortgage Loans are assigned to and held by
      the
      Trustee or the Custodian, all documents or instruments constituting part of
      the
      Mortgage Files, and such funds relating to the Mortgage Loans which come into
      the possession or custody of, or which are subject to the control of, the Master
      Servicer or the Servicer[s] shall be held by the Master Servicer or the
      Servicer[s] for and on behalf of the Trustee as the Trustee’s agent and bailee
      for purposes of perfecting the Trustee’s security interest therein as provided
      by the applicable Uniform Commercial Code or other applicable laws.

     

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

    
      
        
        

      

      
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    Section
      5.14. Opinion.
      On or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Seller, the Trustee, the Securities Administrator and the
      Servicer[s] one or more Opinions of Counsel, dated the Closing Date, in form
      and
      substance reasonably satisfactory to the Depositor, as to the due authorization,
      execution and delivery of this Agreement by the Master Servicer and the
      enforceability thereof. 

     

    Section
      5.15. Trustee
      To Retain Possession of Certain Insurance Policies and Documents.
      The
      Trustee (or the Custodian on behalf of the Trustee) shall retain possession
      and
      custody of the originals of the 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 payable in respect of the Certificates have been paid in
      full
      and the Master Servicer otherwise has 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. The Master Servicer shall promptly deliver or
      cause the Servicer[s] to deliver to the Trustee (or the Custodian), upon the
      execution or receipt thereof the originals of the primary mortgage insurance
      policies and any certificates of renewal thereof, and such other documents
      or
      instruments that constitute portions of the Mortgage File that come into the
      possession of the Master Servicer or the Servicer[s] from time to
      time.

     

    Section
      5.16. Compensation
      to the Master Servicer.
      Pursuant to Sections 5.06(e) and [6.01(d)(ii)], all income and gain realized
      from any investment of funds in the Collection Account and the Distribution
      Account shall be for the benefit of the Master Servicer as
      compensation
      net
      of the
      sum of the Trustee Fee and the Custodian Fee payable by the Master Servicer
      to
      the Trustee and the Custodian, respectively, on behalf of the Trust, as provided
      in Section 5.07. Notwithstanding the foregoing, the Master Servicer shall
      deposit in the Collection Account, on or before the related Distribution Date,
      an amount equal to the lesser of (i) its master servicing compensation with
      respect to such Distribution Date and (ii) the amount of any Compensating
      Interest Payment required to be paid by the Servicer[s] with respect to such
      Distribution Date pursuant to this Agreement, but which is not paid by the
      [related] Servicer on its behalf. The Master Servicer shall be required to
      pay
      all expenses incurred by it in connection with its activities hereunder and
      shall not be entitled to reimbursement therefor except as provided in this
      Agreement. 

     

    Section
      5.17. Annual
      Officer’s Certificate as to Compliance.

     

    (a) The
      Master Servicer shall deliver to the Securities Administrator and the Trustee
      on
      or before [March 1st]
      of each
      calendar year, commencing on [March 1], [      ], an
      Officer’s Certificate, certifying that with respect to the period ending on the
      immediately preceding December 31: (i) such Servicing Officer has reviewed
      the
      activities of such Master Servicer during the preceding calendar year or portion
      thereof and its performance under this Agreement, (ii) to the best of such
      Servicing Officer’s knowledge, based on such review, such Master Servicer has
      performed and fulfilled its duties, responsibilities and obligations under
      this
      Agreement in all material respects throughout such year, or, if there has been
      a
      default in the fulfillment of any such duties, responsibilities or obligations,
      specifying each such default known to such Servicing Officer and the nature
      and
      status thereof, (iii) nothing has come to the attention of such Servicing
      Officer to lead such Servicing Officer to believe that the [related] Servicer
      has failed to perform any of its duties, responsibilities and obligations set
      forth in Article IV hereunder in all material respects throughout such year,
      or,
      if there has been a material default in the performance or fulfillment of any
      such duties, responsibilities or obligations, specifying each such default
      known
      to such Servicing Officer and the nature and status thereof, and (iv) the Master
      Servicer has received from the [related] Servicer an annual certificate of
      compliance and a copy of such Servicer’s annual audit report, or, if any such
      certificate or report has not been received by the Master Servicer, the Master
      Servicer is using its best reasonable efforts to obtain such certificate or
      report. In addition, the Master Servicer shall deliver to the Securities
      Administrator and the Trustee a report regarding the Master Servicer’s
      assessment of compliance with the Servicing Criteria during the immediately
      preceding calendar year, as required under Rules 13a-18 and 15d-18 of the
      Exchange Act and Item 1122 of Regulation AB.

    
      
        
        

      

      
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    (b) The
      Securities Administrator shall deliver to the Trustee a report regarding the
      Securities Administrator’s assessment of compliance with the Servicing Criteria
      during the immediately preceding calendar year, as required under Rules 13a-18
      and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.

     

    (c) Copies
      of
      such statements shall be provided to any Certificateholder upon request, by
      the
      Master Servicer or the Securities Administrator or by the Trustee at the Master
      Servicer’s or Securities Administrator’s, as applicable, expense if the Master
      Servicer or the Securities Administrator, as applicable, failed to provide
      such
      copies (unless (i) the Master Servicer or the Securities Administrator, as
      the
      case may be, shall have failed to provide the Trustee (or the Securities
      Administrator with respect to statements provided by the Master Servicer) with
      such statement or (ii) the Trustee (or the Securities Administrator with respect
      to statements provided by the Master Servicer) has no actual knowledge of the
      Master Servicer’s or Securities Administrator’s failure to provide such
      statement).

     

    Section
      5.18. Annual
      Independent Accountants’ Servicing Report.
      Each of
      the Master Servicer and the Securities Administrator at its expense shall cause
      a nationally recognized firm of independent certified public accountants to
      furnish to the Trustee, the Rating Agencies and the Depositor on or before
      March
      1 of each calendar year in a form acceptable for filing with the Commission
      as
      an exhibit to a Form 10-K a report on the assessment of compliance made by
      the
      Master Servicer or the Securities Administrator, as the case may be, and
      delivered pursuant to Section 5.17, which report shall be in accordance with
      Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and
      the
      Exchange Act. In addition, on an annual basis, Master Servicer and the
      Securities Administrator shall provided the Seller, the Trustee and the
      Depositor with copies of its audited financial statements. Copies of such
      statements shall be provided to any Certificateholder upon request by the
      Trustee at the expense if the Master Servicer or the Securities Administrator,
      as applicable, failed to provide such copies (unless (i) the Master Servicer
      or
      the Securities Administrator, as the case may be, shall have failed to provide
      the Trustee (or the Securities Administrator with respect to statements provided
      by the Master Servicer) with such report or (ii) the Trustee (or the Securities
      Administrator with respect to statements provided by the Master Servicer) has
      no
      actual knowledge of the Master Servicer’s or Securities Administrator’s failure
      to provide such report). If such report discloses exceptions that are material,
      the Master Servicer and the Securities Administrator, as the case may be, shall
      advise the Trustee whether such exceptions have been or are susceptible of
      cure,
      and will take prompt action to do so.

    
      
        
        

      

      
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    Section
      5.19. Merger
      or Consolidation.
      Any
      Person into which the Master Servicer may be merged or consolidated, or any
      Person resulting from any merger, conversion, other change in form or
      consolidation to which the Master Servicer shall be a party, or any Person
      succeeding to the business of the Master Servicer, shall be the successor to
      the
      Master Servicer hereunder, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding; provided,
      however,
      that
      the successor or resulting Person to the Master Servicer shall be a Person
      that
      shall be qualified and approved (or that have an Affiliate that is qualified
      and
      approved) seller/servicer of residential mortgage loans for Fannie Mae, Freddie
      Mac and HUD and shall have a net worth of not less than
      $25,000,000.

     

    Section
      5.20. Resignation
      of Master Servicer.
      Except
      as otherwise provided in Sections 5.19 and this Section 5.20 hereof, the Master
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      unless it determines that the Master Servicer’s duties hereunder are no longer
      permissible under applicable law or are in material conflict by reason of
      applicable law with any other activities carried on by it and cannot be cured.
      Any such determination permitting the resignation of the Master Servicer shall
      be evidenced by an Opinion of Counsel that shall be Independent to such effect
      delivered to the Trustee. No such resignation shall become effective until
      the
      Trustee shall have assumed, or a successor master servicer shall have been
      appointed by the Trustee and until such successor shall have assumed, the Master
      Servicer’s responsibilities and obligations under this Agreement. Notice of such
      resignation shall be given promptly by the Master Servicer and the Depositor
      to
      the Trustee.

     

    Section
      5.21. Assignment
      or Delegation of Duties by the Master Servicer.
      Except
      as expressly provided herein, the Master Servicer shall not assign or transfer
      any of its rights, benefits or privileges hereunder to any other Person, or
      delegate to or subcontract with, or authorize or appoint any other Person to
      perform any of the duties, covenants or obligations to be performed by the
      Master Servicer hereunder, unless the Trustee and the Depositor shall have
      consented to such action; provided,
      however,
      that
      the Master Servicer shall have the right without the prior written consent
      of
      the Trustee or the Depositor to delegate or assign to or subcontract with or
      authorize or appoint an Affiliate of the Master Servicer to perform and carry
      out any duties, covenants or obligations to be performed and carried out by
      the
      Master Servicer hereunder. In no case, however, shall any such delegation,
      subcontracting or assignment to an Affiliate of the Master Servicer relieve
      the
      Master Servicer of any liability hereunder. Notice of such permitted assignment
      shall be given promptly by the Master Servicer to the Depositor and the Trustee.
      If, pursuant to any provision hereof, the duties of the Master Servicer are
      transferred to a successor master servicer, the entire amount of compensation
      payable to the Master Servicer pursuant hereto, including amounts payable to
      or
      permitted to be retained or withdrawn by the Master Servicer pursuant to Section
      5.16 hereof, shall thereafter be payable to such successor master
      servicer.

    
      
        
        

      

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

     

    (a) The
      Master Servicer undertakes to perform such duties and only such duties as are
      specifically set forth in this Agreement. 

     

    (b) No
      provision of this Agreement shall be construed to relieve the Master Servicer
      from liability for its own negligent action, its own negligent failure to act
      or
      its own willful misconduct; provided,
      however,
      that
      the duties and obligations of the Master Servicer shall be determined solely
      by
      the express provisions of this Agreement, the Master Servicer shall not be
      liable except for the performance of such duties and obligations as are
      specifically set forth in this Agreement; no implied covenants or obligations
      shall be read into this Agreement against the Master Servicer and, in absence
      of
      bad faith on the part of the Master Servicer, the Master Servicer may
      conclusively rely, as to the truth of the statements and the correctness of
      the
      opinions expressed therein, upon any certificates or opinions furnished to
      the
      Master Servicer and conforming to the requirements of this
      Agreement.

     

    (c) Neither
      the Master Servicer nor any of the directors, officers, employees or agents
      of
      the Master Servicer shall be under any liability to the Trustee or the
      Certificateholders for any action taken or for refraining from the taking of
      any
      action in good faith pursuant to this Agreement, or for errors in judgment;
      provided,
      however,
      that
      this provision shall not protect the Master Servicer or any such person against
      any liability that would otherwise be imposed by reason of willful misfeasance,
      bad faith or negligence in its performance of its duties or by reason of
      reckless disregard for its obligations and duties under this Agreement. The
      Master Servicer and any director, officer, employee or agent of the Master
      Servicer shall be entitled to indemnification by the Trust Fund and will be
      held
      harmless against any loss, liability or expense incurred in connection with
      any
      legal action relating to this Agreement, the Certificates or any other Operative
      Agreement other than any loss, liability or expense incurred by reason of
      willful misfeasance, bad faith or negligence in the performance of his or its
      duties hereunder or by reason of reckless disregard of his or its obligations
      and duties hereunder. The Master Servicer and any director, officer, employee
      or
      agent of the Master Servicer may rely in good faith on any document of any
      kind
      prima facie properly executed and submitted by any Person respecting any matters
      arising hereunder. The Master Servicer shall be under no obligation to appear
      in, prosecute or defend any legal action that is not incidental to its duties
      to
      master service the Mortgage Loans in accordance with this Agreement and that
      in
      its opinion may involve it in any expenses or liability; provided,
      however,
      that
      the Master Servicer may in its sole discretion undertake any such action that
      it
      may deem necessary or desirable in respect to this Agreement and the rights
      and
      duties of the parties hereto and the interests of the Certificateholders
      hereunder. In such event, the legal expenses and costs of such action and any
      liability resulting therefrom shall be expenses, costs and liabilities of the
      Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
      out of the Collection Account it maintains as provided by Section
      5.07.

    
      
        
        

      

      
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    Section
      5.23. Indemnification;
      Third Party Claims.
      The
      Master Servicer agrees to indemnify the Depositor, the Trust Fund, the Trustee
      and the Servicer[s] and hold them harmless against any and all claims, losses,
      penalties, fines, forfeitures, legal fees and related costs, judgments, and
      any
      other costs, liability, fees and expenses that the Depositor, the Trust Fund,
      the Trustee or the Servicer[s] may sustain as a result of the failure of the
      Master Servicer to perform its duties and master service the Mortgage Loans
      in
      compliance with the terms of this Agreement. The Depositor, the Trust Fund,
      the
      Trustee, and the Servicer[s] shall immediately notify the Master Servicer if
      a
      claim is made by a third party with respect to this Agreement, the Mortgage
      Loans entitling the Depositor, the Trustee, the Trustee or the Servicer[s]
      to
      indemnification under this Section 5.23, whereupon the Master Servicer shall
      assume the defense of any such claim and pay all expenses in connection
      therewith, including counsel fees, and promptly pay, discharge and satisfy
      any
      judgment or decree which may be entered against it or them in respect of such
      claim. The failure to provide such immediate notice shall not affect the Master
      Servicer’s obligation pursuant to this Section 5.23 to indemnify the Depositor,
      the Trust Fund, the Trustee and the Servicer[s], except to the extent that
      the
      Master Servicer is materially prejudiced by such failure to notify.

     

    Section
      5.24. Alternative
      Index.
      In the
      event that the Index for any Mortgage Loan, as specified in the related Mortgage
      Note, becomes unavailable for any reason, the [related] Servicer shall select
      an
      alternative index in accordance with the terms of such Mortgage Note or, if
      such
      Mortgage Note does not make provision for the selection of an alternative index
      in such event, the [related] Servicer shall, subject to applicable law, select
      an alternative index based on information comparable to that used in connection
      with the original Index and, in either case, such alternative index shall
      thereafter be the Index for such Mortgage Loan.

     

    Section
      5.25. Transfer
      of Servicing.
      [The/Each] Servicer agrees that it shall provide written notice to the Master
      Servicer and the Trustee [thirty] days prior to any proposed transfer or
      assignment by the Seller of the servicing of the Mortgage Loans. In addition,
      the ability of the Servicer[s] to transfer or assign the servicing hereunder
      to
      a successor servicer shall be subject to the following conditions:

     

    (i) Receipt
      of written consent of the Master Servicer to such transfer, which consent shall
      not be unreasonably withheld;

     

    (ii) Such
      successor servicer must satisfy the servicer eligibility standards set forth
      in
      Section 4.06(a);

    
      
        
        

      

      
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    (iii) Such
      successor servicer must execute and deliver to the Master Servicer and the
      Trustee an agreement, in form and substance reasonably satisfactory to the
      Master Servicer and the Trustee, that contains an assumption by such successor
      servicer of the due and punctual performance and observance of each covenant
      and
      condition to be performed and observed by the Servicer[s]

     

    (iv) At
      the
      time of the transfer, there must be delivered to the Trustee a letter from
      each
      Rating Agency to the effect that such transfer of servicing will not result
      in a
      qualification, withdrawal or downgrade of the then-current rating of any of
      the
      Certificates; and

     

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

     

    Section
      5.26. Compliance
      with Safeguarding Customer Information Requirements.
      The
      Master Servicer has implemented and will maintain security measures designed
      to
      meet the objectives of the Guidelines.

     

    
      
        
        

      

      
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      Section
        5.27. REO
        Property.

       

    

    (a) Notwithstanding
      any other provision of this Agreement, the Master Servicer, acting on behalf
      of
      the Trustee hereunder, shall not permit the Servicer[s] to, rent, lease, or
      otherwise earn income on behalf of any REMIC with respect to any REO Property
      which might cause such REO Property to fail to qualify as “foreclosure” property
      within the meaning of section 860G(a)(8) of the Code or result in the receipt
      by
      any REMIC of any “income from non-permitted assets” within the meaning of
      section 860F(a)(2) of the Code or any “net income from foreclosure property”
which is subject to tax under the REMIC Provisions unless the Master Servicer
      has advised, or has caused the Servicer[s] to advise, the Trustee in writing
      to
      the effect that, under the REMIC Provisions, such action would not adversely
      affect the status of any REMIC as a REMIC and any income generated for any
      REMIC
      by the REO Property would not result in the imposition of a tax upon such
      REMIC.

     

    (b) The
      Master Servicer shall make, or shall cause the applicable Servicer to make,
      reasonable efforts to sell any REO Property for its fair market value. In any
      event, however, the Master Servicer shall, or shall cause the Servicer[s] to,
      dispose of any REO Property within three years from the end of the calendar
      year
      of its acquisition by the Trust Fund unless the Trustee has received a grant
      of
      extension from the Internal Revenue Service to the effect that, under the REMIC
      Provisions and any relevant proposed legislation and under applicable state
      law,
      the REMIC may hold REO Property for a longer period without adversely affecting
      the REMIC status of such REMIC or causing the imposition of a Federal or state
      tax upon such REMIC. If the Trustee has received such an extension, then (a)
      the
      Trustee shall provide a copy of such extension to the Master Servicer and (b)
      the Trustee, or the Master Servicer, acting on its behalf hereunder, shall,
      or
      shall cause the Servicer[s] to, continue to attempt to sell the REO Property
      for
      its fair market value for such period longer than three years as such extension
      permits (the “Extended Period”). If the Trustee has not received such an
      extension and the Trustee, or the Master Servicer acting on behalf of the
      Trustee hereunder, or the [related] Servicer is unable to sell the REO Property
      within 33 months after its acquisition by the Trust Fund or if the Trustee
      has
      received such an extension, and the Trustee, or the Master Servicer acting
      on
      behalf of the Trustee hereunder, is unable to sell the REO Property within
      the
      period ending three months before the close of the Extended Period, the Master
      Servicer shall, or shall cause the Servicer[s] to, before the end of the three
      year period or the Extended Period, as applicable, (i) purchase such REO
      Property at a price equal to the REO Property’s fair market value or (ii)
      auction the REO Property to the highest bidder (which may be the Master
      Servicer) in an auction reasonably designed to produce a fair price prior to
      the
      expiration of the three-year period or the Extended Period, as the case may
      be.

    
      
        
        

      

      
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      ARTICLE
        VI

       

      DEPOSITS
        AND PAYMENTS TO HOLDERS

       

      Section
        6.01. The
        Distribution Account.

       

    

    (a) The
      Paying Agent shall establish and maintain on behalf of the Certificateholders,
      the Distribution entitled “Distribution Account, [  ], as Trustee, in trust
      for Holders of the TBW Mortgage
      Trust Mortgage Pass-Through Certificates, Series [  ].”

     

    (b) The
      Distribution Account shall be an Eligible Account. If the Distribution Account
      ceases to be an Eligible Account, the Paying Agent shall establish a new
      Distribution Account that is an Eligible Account within [10] days and transfer
      all funds and investment property on deposit in such existing Distribution
      Account into such new Distribution Account.

     

    (c) [On
      each
      Master Servicer Remittance Date, the Master Servicer shall remit to the Paying
      Agent the entire amount on deposit in the Collection Account (subject to
      permitted withdrawals set forth in Section 5.07).

     

    (d) Upon
      receipt, the Paying Agent shall deposit the amount received from the Master
      Servicer pursuant to subsection (c) of this Section 6.01 into the Distribution
      Account.

     

    (e) Funds
      in
      the Distribution Account may be invested by the Paying Agent in Eligible
      Investments selected by and at the written direction of the Master Servicer,
      which shall mature not later than the related Distribution Date and any such
      Eligible Investment shall not be sold or disposed of prior to its maturity.
      All
      such Eligible Investments shall be made in the name of the Trustee in trust
      for
      the benefit of the Certificateholders. All income and gain net of the Trustee
      Fee, the Custodian Fee and any losses realized from any such investment of
      funds
      on deposit in the Distribution Account shall be for the benefit of the Master
      Servicer and shall be subject to withdrawal by the Paying Agent for payment
      to
      the Master Servicer from time to time in accordance with subsection (f) below
      and shall not be part of the Trust Fund. The amount of any losses incurred
      in
      respect of any such investments shall be deposited in the Distribution Account
      by the Master Servicer out of its own funds, without any right of reimbursement
      therefor, immediately as realized.

     

    (f) The
      Paying Agent shall withdraw funds from the Distribution Account for payments
      to
      Certificateholders and the Distribution Account in the manner specified in
      this
      Agreement. In addition, the Paying Agent may prior to making the payment
      pursuant to Section 6.02 from time to time make withdrawals from the
      Distribution Account for the following purposes:

     

    (i) to
      the
      extent not reimbursed by the Master Servicer, to make payment to itself pursuant
      to any provision of the Operative Agreements;

     

    (ii) to
      pay to
      the Master Servicer income earned on the investment of funds on deposit in
      the
      Distribution Account;

     

    (iii) to
      pay to
      the Trustee and the Custodian, amounts required to be reimbursed to them in
      accordance with the provisions of the Operative Agreements;

     

    (iv) to
      withdraw funds deposited in error in the Distribution Account;
      and

    
      
        
        

      

      
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    (v) to
      clear
      and terminate the Distribution Account pursuant to Article IX.]

     

    Section
      6.02. Payments
      from the Distribution Account. 

     

    (a) On
      each
      Distribution Date, the Paying Agent shall pay the Interest Funds for such date,
      from funds in the Distribution Account, in the following order of priority
      in
      accordance with the report of the Securities Administrator:

     

    (i) [concurrently,
      in proportion to the amount of Current Interest and Carryforward Interest for
      each such Class, to the Senior Certificates, Current Interest for each such
      Class for such Distribution Date;

     

    (ii) to
      the
      Class [        ] Certificates, Current
      Interest and Carryforward Interest for such Class for such Distribution
      Date;

     

    (iii) to
      the
      Class [       ] Certificates, Current
      Interest and Carryforward Interest for such Class for such Distribution Date;
      and

     

    (iv) for
      application as part of Monthly Excess Interest for such Distribution Date,
      as
      provided in subsection (d) of this Section, any Interest Funds remaining after
      application pursuant to clauses (i) through (iii) above.]

     

    [To
      be
      modified in accordance with the structure of the related
      transaction.]

     

    (b) On
      each
      Distribution Date, the Paying Agent shall pay the Principal Distribution Amount
      for such Distribution Date from funds in the Distribution Account as
      follows:

     

    (i) [On
      each
      Distribution Date during the Revolving Period, to the Depositor, the purchase
      price of any Additional Mortgage Loans to be purchased by the Trust Fund from
      the Depositor on such Distribution Date;]

     

    (ii) [After
      the Revolving Period and] On each Distribution Date (a) prior to the Stepdown
      Date or (b) with respect to which a Trigger Event is in effect, in the following
      order of priority:

     

    (1) [concurrently,
      in proportion to the Class Principal Amounts thereof, to the Senior
      Certificates, in reduction of their Class Principal Amounts until the Class
      Principal Amount of each such Class has been reduced to zero; 

     

    (2) to
      the
      Class [       ] Certificates, in reduction of
      their Class Principal Amount, until the Class Principal Amount of such Class
      has
      been reduced to zero;

     

    (3) to
      the
      Class [       ] Certificates, in reduction of
      their Class Principal Amount, until the Class Principal Amount of such Class
      has
      been reduced to zero; and

     

    
      
        
        

      

      
        113

        
          

        

      

       

    

     

    (4) for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      as
      provided in subsection (c) of this Section, any Principal Distribution Amount
      remaining after application pursuant to clauses (1) through (3)
      above.]

     

    (iii) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) with respect to
      which a Trigger Event is not in effect, in the following order of
      priority:

     

    (1) [concurrently,
      in proportion to the Class Principal Amounts thereof, to the Senior
      Certificates, an amount equal to the Class [      
] Principal Distribution Amount, in reduction of their Class Principal Amounts
      until the Class Principal Amount of each such Class has been reduced to
      zero;

     

    (2) to
      the
      Class [       ] Certificates, an amount equal to
      the Class [       ] Principal Distribution Amount, in
      reduction of their Class Principal Amount, until the Class Principal Amount
      of
      such Class has been reduced to zero;

     

    (3) to
      the
      Class [       ] Certificates, an amount equal to the
      Class [        ] Principal Distribution
      Amount, in reduction of their Class Principal Amount, until the Class Principal
      Amount of such Class has been reduced to zero; and

     

    (4) for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      as
      provided in subsection (c) of this Section, any Principal Distribution Amount
      remaining after application pursuant to clauses (1) through (3)
      above.]

     

    [To
      be
      modified in accordance with the structure of the related
      transaction.]

     

    (c) On
      each
      Distribution Date, the Paying Agent shall pay the Monthly Excess Cashflow for
      such date from funds in the Distribution Account in accordance with the report
      of the Securities Administrator, in the following order of
      priority:

     

    (i) [On
      each
      Distribution Date during the Revolving Period, to the Depositor, the purchase
      price of any Additional Mortgage Loans to be purchased by the Trust Fund from
      the Depositor on such Distribution Date;]

     

    (ii) [On
      each
      Distribution Date after the Revolving Period, in the following order of
      priority:]

     

    (A) [to
      fund
      the Extra Principal Distribution Amount, to the extent of Monthly Excess
      Interest available on such Distribution Date; 

     

    (B) to
      the
      Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such
      Distribution Date, and then from the Basis Risk Reserve Fund in the following
      order of priority,

    
      
        
        

      

      
        114

        
          

        

      

       

    

    (1) concurrently,
      in proportion to the amount of Basis Risk Shortfall Carryforward Amount for
      each
      such Class, to the Senior Certificates, any Basis Risk Shortfall Carryforward
      Amount for each such Class and such Distribution Date [to the extent not covered
      by the Cap Agreements];

     

    (2) to
      the
      Class [       ] Certificates, any applicable Basis
      Risk Shortfall Carryforward Amount for such Class and such Distribution Date
      [to
      the extent not covered by the Cap Agreements];

     

    (3) to
      the
      Class [       ] Certificates, any applicable Basis
      Risk Shortfall Carryforward Amount for such Class and such Distribution Date
      [to
      the extent not covered by the Cap Agreements]; and

     

    (iii) to
      the
      Class [        ] Certificates, any Deferred
      Amount for such Class and such Distribution Date;

     

    (iv) to
      the
      Class [        ] Certificates, any Deferred
      Amount for such Class and such Distribution Date;

     

    (v) to
      the
      Class [         ] Certificates, any
      Deferred Amount for such Class and such Distribution Date;

     

    (vi) to
      the
      Class R Certificate after application pursuant to clauses (i) through (v)
      above.]

     

    [To
      be
      modified in accordance with the structure of the related
      transaction.]

     

    Section
      6.03. Monthly
      Advances by Master Servicer and Servicer[s]. 

     

    (a) Subject
      to Section 4.03(c), Monthly Advances shall be made in respect of each Servicer
      Remittance Date as provided herein. If, on any Determination Date, the [related]
      Servicer determines that any Monthly Payments due during the related Collection
      Period have not been received, such Servicer shall advance such amount to the
      extent provided in Section 4.03(c) hereof. If any Servicer fails to remit
      Monthly Advances required to be made under Section 4.03(c) hereof, the Master
      Servicer shall itself make, or shall cause the successor Servicer to make,
      such
      Monthly Advance on the Servicer Remittance Date immediately following such
      Determination Date. If the Master Servicer determines that a Monthly Advance
      is
      required, it shall on the Business Day immediately prior to the related
      Distribution Date deposit in the Collection Account (from its own funds or
      funds
      advanced by the [related] Servicer) immediately available funds in an amount
      equal to such Monthly Advance. The Master Servicer and the [related] Servicer
      shall be entitled to be reimbursed from the Collection Account, and the
      [related] Servicer shall be entitled to be reimbursed from the Custodial
      Account, for all Monthly Advances made by it as provided in Section 4.02(e).
      Notwithstanding anything to the contrary herein, in the event the Master
      Servicer determines in its reasonable judgment that a Monthly Advance is a
      Nonrecoverable Advance, the Master Servicer shall be under no obligation to
      make
      such Monthly Advance.

    
      
        
        

      

      
        115

        
          

        

      

       

    

     

    (b) In
      the
      event that the Master Servicer or [related] Servicer fails for any reason to
      make a Monthly Advance required to be made pursuant to this Section 6.04, the
      Trustee, as successor Master Servicer, shall, on or before the related
      Distribution Date, deposit in the Collection Account an amount equal to the
      excess of (a) Monthly Advances required to be made by the Master Servicer or
      the
      [related] Servicer that would have been deposited in such Collection Account
      over (b) the amount of any Monthly Advance made by the Master Servicer or the
      [related] Servicer with respect to such Distribution Date; provided,
      however,
      that
      the Trustee as successor Master Servicer shall be required to make such Monthly
      Advance only if it is not prohibited by law from doing so and it has determined
      that such Monthly Advance would be recoverable from amounts to be received
      with
      respect to such Mortgage Loan, including late payments, Liquidation Proceeds,
      Condemnation Proceeds, Insurance Proceeds, or otherwise. The Trustee shall
      be
      entitled to be reimbursed from the Collection Account for Monthly Advances
      made
      by it pursuant to this Section 6.04 as if it were the Master Servicer and shall
      be entitled to receive all compensation and fees of the Master Servicer in
      accordance with Section 8.01(b).

     

    Section
      6.04. [Cap
      Agreements.

     

    (a) The
      Securities Administrator shall establish and maintain an Eligible Account in
      its
      name, in trust for the benefit of the Certificateholders, the Cap
      Account.

     

    (b) The
      Securities Administrator shall deposit any Cap Receipts received on any Cap
      Agreement Distribution Date into the Cap Account. Amounts on deposit in the
      Cap
      Account shall remain uninvested.

     

    (c) On
      each
      Distribution Date, the Securities Administrator shall distribute the amounts
      received by the Trust under each Cap Agreement to holders of the Certificates
      in
      the following order of priority:

     

    (i) concurrently,
      pro
      rata,
      in
      proportion to the amount of Basis Risk Shortfall applicable to each such Class,
      to the Senior Certificates, any applicable Basis Risk Shortfall for each such
      Class and such Distribution Date;

     

    (ii) to
      the
      Class [        ] Certificates, any applicable
      Basis Risk Shortfall for such Class and such Distribution Date;

     

    (iii) to
      the
      Class [       ] Certificates, any applicable
      Basis Risk Shortfall for such Class and such Distribution Date; and

     

    (iv) to
      the
      Class R Certificate any amount remaining on such Distribution Date after
      application pursuant to clauses (i) through (iii) above.

     

    
      
        
        

      

      
        116

        
          

        

      

       

    

     

    If
      such
      amounts are insufficient to cover the total amount of any Basis Risk Shortfall,
      the only other source of coverage will be the Monthly Excess Cashflow, if any,
      that would otherwise be payable to the Ownership Certificate. 

     

    (d) On
      the
      date on which the Cap Agreements have terminated and any amounts therefrom
      have
      been paid in accordance with Section 6.05(c) above, any amounts remaining in
      the
      Cap Account shall be paid by the Securities Administrator to the Ownership
      Certificate, and the Cap Account shall be terminated by the Securities
      Administrator.]

     

    Section
      6.05. Allocation
      of Losses.

     

    On
      each
      Distribution Date, the Securities Administrator (after giving effect to all
      distributions made on such Distribution Date) shall allocate any Applied Loss
      Amount for such date to reduce the Certificate Principal Amounts of the
      Subordinate Certificates in the following order of priority:

     

    (i) to
      the
      Class [B] Certificates, until the Class Principal Amount thereof has been
      reduced to zero; and

     

    (ii) to
      the
      Class [M] Certificates, until the Class Certificate Amount thereof has been
      reduced to zero.

     

    Section
      6.06. The
      Basis Risk Reserve Fund.

     

    (a) On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      its
      name, in trust for the benefit of the holders of the LIBOR Certificates, the
      Basis Risk Reserve Fund, into which the Depositor shall deposit $1,000. The
      Basis Risk Reserve Fund shall be an Eligible Account, and funds on deposit
      therein shall be held separate and apart from, and shall not be commingled
      with,
      any other moneys, including, without limitation, other moneys of the Securities
      Administrator held pursuant to this Agreement. 

     

    (b) The
      Securities Administrator shall make withdrawals from the Basis Risk Reserve
      Fund
      to make distributions pursuant to Section 6.02(c) hereof.

     

    (c) Funds
      in
      the Basis Risk Reserve Fund shall be invested in Eligible Investments. Any
      earnings on such amounts shall be distributed on each Distribution Date to
      the
      Class [       ] Certificateholders. The Class
      [       ] Certificates shall evidence ownership of
      the Basis Risk Reserve Fund for federal income tax purposes and the Holder
      thereof shall direct the Securities Administrator, in writing, as to investment
      of amounts on deposit therein. The Class [       ]
      Certificateholders shall be liable for any losses incurred on such investments.
      In the absence of written instructions from the Class
      [       ] Certificateholder as to investment of
      funds on deposit in the Basis Risk Reserve Fund, such funds shall be invested
      in
      the [       ] or comparable investment vehicle.
      Any amounts on deposit in the Basis Risk Reserve Fund in excess of the Required
      Reserve Fund Amount on any Distribution Date shall be distributed to the Class
      [        ] Certificateholders on the
      following Distribution Date. For all Federal income tax purposes, amounts
      transferred by the Upper Tier REMIC to the Basis Risk Reserve Fund shall be
      treated as amounts distributed by the Upper Tier REMIC to the Class
      [       ] Certificateholders.

     

    
      
        
        

      

      
        117

        
          

        

      

       

    

     

    (d) Upon
      termination of the Trust Fund, any amounts remaining in the Basis Risk Reserve
      Fund shall be distributed to the Class [       ]
      Certificateholders.

     

    Section
      6.07. The
      Capitalized Interest Account.

     

    [The
      Securities Administrator shall establish and maintain in its name, as Securities
      Administrator, a trust account entitled “Capitalized Interest Account,
      [       ], as Securities Administrator, in trust
      for the benefit of the Holders of “TBW Mortgage
      Trust [       ] Mortgage Pass-Through
      Certificates.” The Capitalized Interest Account shall be an Eligible Account and
      if the account ceases to be an Eligible Account, the Securities Administrator
      shall establish a new Capitalized Interest Account that is also an Eligible
      Account within five Business Days and transfer all funds and investment property
      on deposit in the Capitalized Interest Account into such new Capitalized
      Interest Account. On the Closing Date, the Depositor shall deposit in the
      Capitalized Interest Account the Original Capitalized Interest Amount. On the
      Business Day preceding any Distribution Date occurring during the Pre-Funding
      Period, the Securities Administrator shall withdraw from the Capitalized
      Interest Account an amount equal to the Capitalized Interest Requirement for
      deposit into the Distribution Account for distribution to Certificateholders
      in
      accordance with this Article VI on such Distribution Date. Amounts on deposit
      in
      the Capitalized Interest Account may be invested by the Securities Administrator
      in Eligible Investments at the written direction of the Depositor. All
      investment income and other gain on such investments shall be for the benefit
      of
      the Depositor and shall be subject to withdrawal on order of the Depositor
      from
      time to time. The amount of any losses incurred in respect of any such
      investments shall be paid by the Depositor by a deposit into the Capitalized
      Interest Account of its own funds, immediately as realized. At the end of the
      Pre-Funding Period, all amounts, if any, on deposit in the Capitalized Interest
      Account shall be withdrawn by the Securities Administrator and distributed
      to
      the Depositor and the Capitalized Interest Account shall be
      terminated.

    

    Section
      6.08. [The
      Pre-Funding Account] [The Revolving Account].

     

    (a) The
      Securities Administrator shall establish and maintain in its name, as Securities
      Administrator, a trust account entitled “[Pre-Funding Account] [Revolving
      Account], [       ], as Securities Administrator,
      in trust for the benefit of the Holders of “TBW Mortgage
      Trust [        ] Mortgage Pass-Through
      Certificates” and the funds therein shall be used solely for the purchase of
      [Subsequent Mortgage Loans] [Additional Mortgage Loans]. The [Pre-Funding
      Account] [Revolving Account] shall be an Eligible Account and if the account
      ceases to be an Eligible Account, the Securities Administrator shall establish
      a
      new [Pre-Funding Account] [Revolving Account] that is also an Eligible Account
      within five Business Days and transfer all funds and investment property on
      deposit in the [Pre-Funding Account] [Revolving Account] into such new
      [Pre-Funding Account] [Revolving Account]. On the Closing Date, the Depositor
      shall cause to be deposited the [Pre-Funding Amount] [Revolving Amount], into
      the [Pre-Funding Account] [Revolving Account]. On any subsequent Transfer Date,
      provided the conditions set forth in Section 2.01(b) have been fully satisfied,
      the Securities Administrator shall cause to be withdrawn from the [Pre-Funding
      Account ] [Revolving Account] an amount equal to the Transfer Price of any
      [Subsequent Mortgage Loans] [Additional Mortgage Loans] as of any applicable
      Transfer Date sold to the Issuer and to pay such Transfer Price to the
      Depositor. In no event shall the Securities Administrator withdraw from the
      [Pre-Funding Account] [Revolving Account] an amount in excess of the
      [Pre-Funding Amount] [Revolving Amount] or withdraw funds from the [Pre-Funding
      Account] [Revolving Account] during the [Pre-Funding Period] [Revolving Period]
      for any other purpose.

    
      
        
        

      

      
        118

        
          

        

      

       

    

     

    (b) Funds
      in
      the [Pre-Funding Account] [Revolving Account] may be invested by the Securities
      Administrator in Eligible Investments at the written direction of the Depositor.
      All income and gain on such investments shall be for the benefit of the
      Depositor and shall be subject to withdrawal on order by the Depositor from
      time
      to time. The amount of any losses incurred in respect of any such investments
      shall be paid by the Depositor by a deposit in the [Pre-Funding Account]
      [Revolving Account] out of its own funds, without any right of reimbursement
      therefor, immediately as realized.

     

    On
      the
      Business Day immediately following the end of the [Pre-Funding Period]
      [Revolving Period], the Securities Administrator shall transfer any amounts
      on
      deposit in the [Pre-Funding Account] [Revolving Account] to the Distribution
      Account for distribution on the Distribution Date occurring in
      [        ] as principal to the Holders of the
      Certificates in accordance with this Article VI.

    

    [To
      be
      modified in accordance with the structure of the related
      transaction.]

     

    ARTICLE
      VII

     

    CONCERNING
      THE TRUSTEE
      AND THE
      SECURITIES ADMINISTRATOR

     

    Section
      7.01. Duties
      of Trustee
      and
      the Securities Administrator.

     

    The
      Trustee, prior to the occurrence of a Master Servicer Event of Default of which
      a Responsible Officer of the Trustee has actual knowledge and after the curing
      of all Master Servicer Events of Default that may have occurred, and the
      Securities Administrator each shall undertake to perform such duties and only
      such duties as are specifically set forth in this Agreement. In case a Master
      Servicer Event of Default of which a Responsible Officer of the Trustee has
      actual knowledge has occurred and remains uncured, 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.

    
      
        
        

      

      
        119

        
          

        

      

       

    

    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 that are specifically required to be furnished
      pursuant to any provision of this Agreement shall examine them to determine
      whether they are in the form required by this Agreement; provided,
      however,
      that
      the Trustee and the Securities Administrator shall not be responsible for the
      accuracy or content of any such resolution, certificate, statement, opinion,
      report, document, order or other instrument. If any such instrument is found
      not
      to conform in any material respect to the requirements of this Agreement, the
      Trustee or the Securities Administrator shall notify the Certificateholders
      of
      such instrument in the event that the Trustee or the Securities Administrator,
      after so requesting, does not receive a satisfactorily corrected
      instrument.

     

    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 willful misconduct; provided,
      however,
      that:

     

    (i) except,
      in the case of the Trustee, if a Master Servicer Event of Default of which
      a
      Responsible Officer of the Trustee has actual knowledge shall have occurred
      and
      be continuing, 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 such duties and obligations as are specifically
      set forth in this Agreement, no implied covenants or obligations shall be read
      into this Agreement against the Trustee or the Securities Administrator and
      in
      the absence of bad faith on the part of the Trustee or the Securities
      Administrator, respectively, the Trustee or the Securities Administrator,
      respectively, may conclusively rely, as to the truth of the statements and
      the
      correctness of the opinions expressed therein, upon any certificates or opinions
      furnished to the Trustee or the Securities Administrator, respectively, and
      conforming to the requirements of this Agreement which it believed in good
      faith
      to be genuine and to have been duly executed by the proper authorities
      respecting any matters arising hereunder;

     

    (ii) neither
      the Trustee nor the Securities Administrator shall be liable for an error of
      judgment made in good faith by a Responsible Officer or Responsible Officers
      of
      the Trustee, or an officer or officers of the Securities Administrator,
      respectively, unless it shall be finally proven by a court having jurisdiction
      that the Trustee or the Securities Administrator 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 in accordance
      with the direction of Holders of Certificates evidencing not less than [25]%
      of
      the Voting Interests of Certificates relating to the time, method and place
      of
      conducting any proceeding for any remedy available to the Trustee or the
      Securities Administrator, or exercising any trust or power conferred upon the
      Trustee or the Securities Administrator under this Agreement;

     

    
      
        
        

      

      
        120

        
          

        

      

      
        
        

      

    

     

    (iv) neither
      the Trustee nor the Securities Administrator shall be required to expend or
      risk
      its own funds or otherwise incur financial liability in the performance of
      any
      of its duties hereunder or 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 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 Master Servicer or the Servicer[s]
      under this Agreement except during such time, if any, as the Trustee shall
      be
      the successor to, and be vested with the rights, duties, powers and privileges
      of, the Master Servicer; and

     

    (v) without
      limiting the generality of this Section 7.01, neither the Trustee nor the
      Securities Administrator shall have any duty (A) to see to any recording,
      filing, or depositing of this Agreement or any agreement referred to herein
      or
      any financing statement or continuation statement evidencing a security
      interest, or to see to the maintenance of any such recording or filing or
      deposit or to any rerecording, refiling or redepositing of any thereof, (B)
      to
      see to the provision of any insurance, (C) to see to the payment or discharge
      of
      any tax, assessment, or other governmental charge or any lien or encumbrance
      of
      any kind owing with respect to, assessed or levied against, any part of the
      Trust Fund other than from funds available in the Distribution Account (D)
      to
      confirm or verify the contents of any reports or certificates of the Master
      Servicer or the Servicer[s] delivered to the Trustee or the Securities
      Administrator pursuant to this Agreement believed by the Trustee or the
      Securities Administrator to be genuine and to have been signed or presented
      by
      the proper party or parties.

     

    Section
      7.02. Certain
      Matters Affecting the Trustee and the Securities Administrator.

     

    Except
      as
      otherwise provided in Section 7.01:

     

    (i) the
      Trustee and the Securities Administrator may request and rely upon and shall
      be
      protected in acting or refraining from acting upon any resolution, Officers’
Certificate, certificate of auditors or any other certificate, statement,
      instrument, opinion, report, notice, request, consent, order, appraisal, bond
      or
      other paper or document believed by it to be genuine and to have been signed
      or
      presented by the proper party or parties and the Trustee and the Securities
      Administrator shall have no responsibility to ascertain or confirm the
      genuineness of any signature of any such party or parties;

     

    (ii) the
      Trustee and the Securities Administrator may consult with counsel, financial
      advisers or accountants and the advice of any such counsel, financial advisers
      or accountants and any advice of counsel shall be full and complete
      authorization and protection in respect of any action taken or suffered or
      omitted by it hereunder in good faith and in accordance with such Opinion of
      Counsel;

     

    
      
        
        

      

      
        121

        
          

        

      

      
        
        

      

    

     

    (iii) neither
      the Trustee nor the Securities Administrator shall be liable for any action
      taken, suffered or omitted by it in good faith and believed by it to be
      authorized or within the discretion or rights or powers conferred upon it by
      this Agreement;

     

    (iv) 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 so to
      do
      by Holders of Certificates evidencing not less than [25]% of the Voting
      Interests allocated to each Class of Certificates; provided,
      however,
      that if
      the payment within a reasonable time to the Trustee or the Securities
      Administrator of the costs, expenses or liabilities likely to be incurred by
      it
      in the making of such investigation is, in the opinion of the Trustee or the
      Securities Administrator, as applicable, not reasonably assured to the Trustee
      or the Securities Administrator by the security afforded to it by the terms
      of
      this Agreement, the Trustee or the Securities Administrator, as applicable,
      may
      require indemnity satisfactory to it against such cost, expense or liability
      as
      a condition to taking any such action. 

     

    (v) the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, accountants or attorneys
      and
      the Trustee shall not be responsible for any misconduct or negligence on the
      part of such agent, accountant or attorney appointed by the Trustee with due
      care;

     

    (vi) neither
      the Trustee nor the Securities Administrator shall be required to risk or expend
      its own funds or otherwise incur any financial liability in the performance
      of
      any of its duties or in the exercise of any of its rights or powers hereunder
      if
      it shall have reasonable grounds for believing that repayment of such funds
      or
      adequate indemnity against such risk or liability is not assured to
      it;

     

    (vii) the
      Trustee shall not be liable for any loss on any investment of funds pursuant
      to
      this Agreement (other than as issuer of the investment security);

     

    (viii) the
      Trustee shall not be deemed to have knowledge of any default, Master Servicer
      Event of Default or Servicer Event of Default until a Responsible Officer of
      the
      Trustee shall have received written notice thereof and in the absence of such
      notice, the Trustee may conclusively assume that there is no Event of
      Default;

     

    (ix) the
      Trustee shall be under no obligation to exercise any of the trusts, rights
      or
      powers vested in it by this Agreement or to institute, conduct or defend any
      litigation hereunder or in relation hereto at the request, order or direction
      of
      any of the Certificateholders, pursuant to the provisions of this Agreement,
      unless such Certificateholders shall have offered to the Trustee reasonable
      security or indemnity satisfactory to the Trustee against the costs, expenses
      and liabilities which may be incurred therein or thereby;

     

    
      
        
        

      

      
        122

        
          

        

      

      
        
        

      

    

     

    (x) the
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be answerable for
      other than its negligence or willful misconduct in the performance of such
      act;
      and

     

    (xi) the
      Trustee shall not be required to give any bond or surety in respect of the
      execution of the Trust Fund created hereby or the powers granted
      hereunder.

     

    Section
      7.03. Neither
      Trustee nor Securities Administrator Liable for Certificates or Mortgage
      Loans.

     

    The
      recitals contained herein and in the Certificates shall be taken as the
      statements of the Depositor, the Seller or Servicer[s], as the case may be,
      and
      neither the Trustee nor the Securities Administrator assumes any responsibility
      for their correctness. Neither the Trustee nor the Securities Administrator
      makes any representations as to the validity or sufficiency of this Agreement
      or
      of the Certificates or of any Mortgage Loan or related document other than
      with
      respect to the Trustee’s execution and counter-signature of the Certificates.
      Neither the Trustee nor the Securities Administrator shall be accountable for
      the use or application by the Depositor, the Master Servicer or the Servicer[s]
      of any funds paid to the Depositor, the Master Servicer or the Servicer[s]
      in
      respect of the Mortgage Loans or deposited in or withdrawn from the Collection
      Account by the Depositor, the Master Servicer or the Servicer[s]. 

     

    Section
      7.04. Trustee
      and Securities Administrator May Own Certificates.

     

    Each
      of
      the Trustee and the Securities Administrator in its individual or any other
      capacity may become the owner or pledgee of Certificates with the same rights
      as
      it would have if it were not the Trustee or the Securities
      Administrator.

     

    Section
      7.05. Fees
      and Expenses of the Trustee, the Securities Administrator and
      Others.

     

    The
      Trustee, as compensation for its activities hereunder, shall be paid the Trustee
      Fee by the Master Servicer on behalf of the Trust Fund. The Securities
      Administrator’s compensation shall be paid by the Master Servicer.

     

    The
      Trustee and the Securities Administrator shall also be entitled to reimbursement
      from the Distribution Account for reasonable expenses, except for expenses,
      disbursements and advances incurred by the Trustee and/or the Securities
      Administrator in the routine administration of their respective duties in
      accordance with this Agreement and any such expenses, disbursements or advances
      arising from their respective negligence, bad faith or willful misconduct.
      The
      Trust Fund shall indemnify and hold harmless the Trustee, the Securities
      Administrator, the Custodian or the Paying Agent and any director, officer,
      employee or agent thereof against any loss, liability and expense, including
      reasonable attorney’s fees, incurred in connection with or arising out of this
      Agreement, any custodial agreement or the Certificates, including, but not
      limited to, any such loss, liability or expense incurred in connection with
      any
      legal action against the Trust Fund or the Trustee, the Securities
      Administrator, the Paying Agent or the Custodian or any director, officer,
      employee or agent thereof, or the performance of any of the duties of the
      Trustee, the Securities Administrator, the Custodian or the Paying Agent under
      this Agreement or the duties of the Custodian under any custodial agreement
      (including, but not limited to, the execution and delivery of documents in
      connection with a foreclosure sale, trustee’s sale, or deed in lieu of
      foreclosure of a Mortgage Loan, including, but not, limited to, any deed of
      reconveyance, any substitution of trustee documents or any other documents
      to
      release, satisfy, cancel or discharge any Mortgage Loan), other than, in each
      case, any loss, liability or expense incurred by the Trustee, the Securities
      Administrator, the Paying Agent or the Custodian by reason of the willful
      misfeasance, bad faith or negligence of such party in the performance of its
      duties under this Agreement or by reason of the willful misfeasance, bad faith
      or gross negligence of the Custodian under any custodial agreement (including
      specifically any loss, liability or expense incurred by the Custodian by reason
      of simple negligence). The provisions of this Section 7.05 shall survive the
      resignation or removal of the Trustee, the Securities Administrator, the
      Custodian or the Paying Agent and the termination of this Agreement and the
      resignation or removal of the Custodian under any custodial
      agreement.

     

    
      
        
        

      

      
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    The
      Trustee may receive an additional indemnity from a party acceptable to the
      Trustee.

     

    Section
      7.06. Eligibility
      Requirements for the Trustee
      and
      the Securities Administrator.

     

    The
      Trustee and the Securities Administrator hereunder shall at all times (i) be
      a
      corporation or an association organized and doing business under the laws of
      a
      state or the United States of America, (ii) be authorized under such laws to
      exercise corporate trust powers, (iii) have a combined capital and surplus
      of at
      least $[50,000,000], (iv) be subject to supervision or examination by federal
      or
      state authority, (v) have a credit rating which would not cause any of the
      Rating Agencies to reduce its respective then-current ratings of the
      Certificates (or have provided such security from time to time as is sufficient
      to avoid such reduction) and (vi) not be an affiliate of the Servicer[s] or
      any
      successor Servicer. If such corporation or association publishes reports of
      condition at least annually, pursuant to law or to the requirements of the
      aforesaid supervising or examining authority, then for the purposes of this
      Section 7.06 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 condition so published. In case at any time the Trustee or
      the
      Securities Administrator shall cease to be eligible in accordance with the
      provisions of this Section 7.06, the Trustee or the Securities Administrator,
      as
      the case may be, shall resign immediately in the manner and with the effect
      specified in Section 7.07 hereof. The entity serving as Trustee or Securities
      Administrator may have normal banking and trust relationships with the Depositor
      and its affiliates.

     

    Section
      7.07. Resignation
      and Removal of Trustee
      or
      Securities Administrator.

     

    The
      Trustee and the Securities Administrator may at any time resign and be
      discharged from the trust hereby created by giving written notice of resignation
      to the Depositor, the Master Servicer, the Servicer[s], each Rating Agency
      not
      less than 60 days before the date specified in such notice when, subject to
      Section 7.08, such resignation is to take effect, and acceptance by a successor
      trustee or securities administrator, as applicable, in accordance with Section
      7.08 meeting the qualifications set forth in Section 7.06. If no successor
      trustee meeting such qualifications shall have been so appointed and have
      accepted appointment within 30 days after the giving of such notice or
      resignation, the resigning Trustee or the Securities Administrator, as the
      case
      may be, may petition any court of competent jurisdiction for the appointment
      of
      a successor trustee or successor securities administrator, as applicable.

     

    
      
        
        

      

      
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    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 7.06 hereof and shall fail to resign
      after written request thereto by the Depositor, or if at any time the Trustee
      or
      the Securities Administrator shall become incapable of acting, or shall be
      adjudged as 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, or a tax is imposed with respect to the Trust
      Fund
      by any state in which the Trustee or the Trust Fund is located and the
      imposition of such tax would be avoided by the appointment of a different
      trustee, then the Depositor may remove the Trustee and appoint a successor
      trustee by written instrument, in triplicate, one copy of which instrument
      shall
      be delivered to each of the Trustee, the Servicer[s] and the successor
      trustee.

     

    The
      Holders of Certificates entitled to at least [51]% of the Voting Interests
      each
      may at any time remove the Trustee or the Securities Administrator and appoint
      a
      successor trustee or 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 by
      the
      successor trustee to the Servicer[s], one complete set to the Trustee so removed
      and one complete set to the successor so appointed. Notice of any removal of
      the
      Trustee shall be given to each Rating Agency by the successor
      trustee.

     

    Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to any of the provisions of this Section 7.07 shall become effective
      upon acceptance by the successor trustee of appointment as provided in Section
      7.08 hereof.

     

    Section
      7.08. Successor
      Trustee
      or
      Securities Administrator.

     

    Any
      successor trustee or successor securities administrator appointed as provided
      in
      Section 7.07 hereof shall execute, acknowledge and deliver to the Depositor,
      the
      Seller, its predecessor trustee and the Servicer[s] an instrument accepting
      such
      appointment hereunder and thereupon the resignation or removal of the
      predecessor trustee or predecessor securities administrator shall become
      effective and such successor trustee or successor securities administrator,
      without any further act, deed or conveyance, shall become fully vested with
      all
      the rights, powers, duties and obligations of its predecessor hereunder, with
      the like effect as if originally named as trustee or securities administrator
      herein. The Depositor, the Servicer[s], the Seller 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.

     

    
      
        
        

      

      
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    No
      successor trustee or successor securities administrator shall accept appointment
      as provided in this Section 7.08 unless at the time of such acceptance such
      successor trustee or successor securities administrator shall be eligible under
      the provisions of Section 7.06 hereof, and such 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 7.08, the Depositor shall mail notice
      of the succession of such trustee or securities administrator hereunder to
      all
      Holders of Certificates. If the Depositor fails to mail such notice within
      [10]
      days after acceptance of appointment by the successor trustee or successor
      securities administrator, the successor trustee or successor securities
      administrator shall cause such notice to be mailed at the expense of the
      Depositor.

     

    Section
      7.09. Merger
      or Consolidation of Trustee
      or
      Securities Administrator.

     

    Any
      corporation into which the Trustee or the Securities Administrator may be merged
      or converted or with which it may be consolidated or any corporation resulting
      from any merger, conversion or consolidation to which the Trustee or the
      Securities Administrator shall be a party, or any corporation succeeding to
      the
      business of the Trustee or the Securities Administrator, shall be the successor
      of the Trustee or the Securities Administrator hereunder, provided
      that
      such corporation shall be eligible under the provisions of Section 7.06 hereof,
      without the execution or filing of any paper or further act on the part of
      any
      of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    Section
      7.10. Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust Fund
      or property securing any Mortgage Note may at the time be located, the
      Servicer[s] and the Trustee acting jointly shall have the power and shall
      execute and deliver all instruments to appoint one or more Persons approved
      by
      the Trustee to act as co-trustee or co-trustees jointly with the Trustee, or
      separate trustee or separate trustees, of all or any part of the Trust Fund,
      and
      to vest in such Person or Persons, in such capacity and for the benefit of
      the
      Certificateholders such title to the Trust Fund or any part thereof, whichever
      is applicable, and, subject to the other provisions of this Section 7.10, such
      powers, duties, obligations, rights and trusts as the Servicer[s] and the
      Trustee may consider necessary or desirable. If the [related] Servicer shall
      not
      have joined in such appointment within 15 days after the receipt by it of a
      request to do so, or in the case an Event of Default shall have occurred and
      be
      continuing, the Trustee alone shall have the power to make such appointment.
      No
      co-trustee or separate trustee hereunder shall be required to meet the terms
      of
      eligibility as a successor trustee under Section 7.06 and no notice to
      Certificateholders of the appointment of any co-trustee or separate trustee
      shall be required under Section 7.08.

     

    
      
        
        

      

      
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    Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i) To
      the
      extent necessary to effectuate the purposes of this Section 7.10, 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 each
      such separate trustee or co-trustee jointly (it being understood that each
      such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Trustee joining in such act), except to the extent that under any law of any
      jurisdiction in which any particular act or acts are to be performed (whether
      as
      Trustee hereunder or as successor to the [related] Servicer hereunder), the
      Trustee shall be incompetent or unqualified to perform such act or acts, in
      which event such rights, powers, duties and obligations (including the holding
      of title to the applicable Trust Fund or any portion thereof in any such
      jurisdiction) shall be exercised and performed singly by such separate trustee
      or co-trustee, but solely at the direction of the Trustee;

     

    (ii) No
      trustee hereunder shall be held personally liable by reason of any act or
      omission of any other trustee hereunder and such appointment shall not, and
      shall not be deemed to, constitute any such separate trustee or co-trustee
      as
      agent of the Trustee;

     

    (iii) The
      Trustee may at any time accept the resignation of or remove any separate trustee
      or co-trustee; and

     

    (iv) The
      Trust
      Fund, and not the Trustee, shall be liable for the payment of reasonable
      compensation, reimbursement and indemnification to any such separate trustee
      or
      co-trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the separate trustees and co-trustees at the same time,
      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 VII. Each separate trustee and co-trustee, upon its acceptance
      of the trusts conferred, shall be vested with the estates or property specified
      in its instrument of appointment, either jointly with the Trustee or separately,
      as may be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy thereof given to
      the
      Servicer[s] and the Depositor.

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor trustee.

     

    
      
        
        

      

      
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    Section
      7.11. Tax
      Matters.

     

    (a) It
      is
      intended that the assets with respect to which the REMIC elections are to be
      made, as set forth in the Preliminary Statement, shall constitute, and that
      the
      conduct of matters relating to such assets shall be such as to qualify such
      assets as, REMICs as defined in and in accordance with the REMIC Provisions.
      In
      furtherance of such intention, the Tax Matters Person covenants and agrees
      that
      it shall act as agent (and the Tax Matters Person is hereby appointed to act
      as
      agent) on behalf of each such REMIC and that in such capacity it shall: (i)
      prepare and file, or cause to be prepared and filed, in a timely manner, a
      U.S.
      Real Estate Mortgage Investment Conduit Income Tax Return (Form 1066 or any
      successor form adopted by the Internal Revenue Service) and prepare and file
      or
      cause to be prepared and filed with the Internal Revenue Service and applicable
      state or local tax authorities income tax or information returns for each
      taxable year with respect to each such REMIC (including IRS Form 8811, or any
      successor form adopted by the Internal Revenue Service, in the time and manner
      specified in Treasury Regulation Section 1.6049-7(b)(1)), 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 prepare, or cause to be
      prepared, and make available, or cause to be made available, to the
      Certificateholders and the Securities Administrator the schedules, statements
      or
      information at such times and in such manner as may be required thereby,
      including the information described in Treasury Regulation Section
      1.6049-7(e)(2) in the time and manner specified in Treasury Regulation Section
      1.6049-7(e)(3); (ii) 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 Non-Permitted Transferee, or a pass-through entity in which
      a
      Non-Permitted Transferee is the record holder of an interest (the reasonable
      cost of computing and furnishing such information may be charged to the Person
      liable for such tax); (iii) pay, or cause to be paid, the amount of any federal,
      state or local tax, including prohibited transaction taxes as described below,
      imposed on any such REMIC prior to its termination when and as the same shall
      be
      due and payable (but such obligation shall not prevent the Tax Matters Person,
      on behalf of the Trustee, or any other appropriate Person from contesting any
      such tax in appropriate proceedings and shall not prevent the Tax Matters
      Person, on behalf of the Trustee, from withholding payment of such tax, if
      permitted by law, pending the outcome of such proceedings); (iv) ensure that
      federal, state or local income tax or information returns shall be signed by
      the
      Trustee or such other person as may be required to sign such returns by the
      Code
      or state or local laws, regulations or rules; (v) maintain, or cause to be
      maintained, records relating to any such REMIC, including but not limited to
      the
      income, expenses, assets and liabilities thereof and the fair market value
      and
      adjusted basis of the assets determined at such intervals as may be required
      by
      the Code, as may be necessary to prepare the foregoing returns, schedules,
      statements or information; and (vi) as and when necessary and appropriate,
      represent, or arrange for the representation of, any such REMIC in any
      administrative or judicial proceedings relating to an examination or audit
      by
      any governmental taxing authority, request an administrative adjustment as
      to
      any taxable year of any such REMIC, enter into settlement agreements with any
      governmental taxing agency, extend any statute of limitations relating to any
      tax item of any such REMIC, and otherwise act on behalf of any such REMIC in
      relation to any tax matter or controversy involving it.

     

    
      
        
        

      

      
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    The
      Securities Administrator covenants and agrees that it shall (i) prepare and
      forward, or cause to be prepared and forwarded, to the Certificateholders,
      the
      Internal Revenue Service and, if necessary, state tax authorities, all
      information returns on IRS Form 1099 as and when required to be provided to
      them
      in accordance with the REMIC Provisions; (ii) to the extent that they are under
      its control, conduct matters relating to such assets at all times that any
      Certificates are outstanding so as to maintain the status of each REMIC created
      hereunder under the REMIC Provisions; and (iii) not knowingly or intentionally
      take any action or omit to take any action that would cause an Adverse REMIC
      Event.

     

    To
      enable
      the Tax Matters Person, on behalf of the Trustee, to perform its duties as
      set
      forth herein, the Depositor shall provide, or cause to be provided, to the
      Tax
      Matters Person within 10 days after the Closing Date all information or data
      that the Tax Matters Person 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 Tax Matters Person promptly upon written request
      therefor, any such additional information or data that the Tax Matters Person
      may, from time to time, reasonably request in order to enable the Tax Matters
      Person to perform its duties as set forth herein. The Depositor hereby
      indemnifies the Tax Matters Person for any losses, liabilities, damages, claims
      or expenses of the Tax Matters Person arising from any errors or miscalculations
      of the Tax Matters Person that result from any failure of the Depositor to
      provide, or to cause to be provided, accurate information or data to the Tax
      Matters Person on a timely basis. The
      indemnification of this subsection shall survive the termination of this
      Agreement and the resignation or removal of the Tax
      Matters Person.

     

    Each
      of
      the Tax Matters Person, the Depositor and the Servicer[s] covenants and agrees
      that (i) it shall, to the extent such matters are under its control, conduct
      matters relating to the assets of the Trust Fund at all times that any
      Certificates are outstanding so as to maintain the status of each REMIC created
      hereunder under the REMIC Provisions (and, with respect to matters that are
      under its control and which are otherwise required to be performed by the Tax
      Matters Person pursuant to this Agreement, the Tax Matters Person shall maintain
      the treatment of the Basis Risk Reserve Fund and the rights with respect to
      payments from the Basis Risk Reserve Fund as provided in paragraph (b) below),
      and (ii) it shall not knowingly or intentionally take any action or omit to
      take
      any action that would cause an Adverse REMIC Event.

     

    (b) The
      Tax
      Matters Person shall treat the Basis Risk Reserve Fund as an outside reserve
      fund within the meaning of Treasury Regulation Section 1.860G-2(h) that is
      owned
      by the Holders of the Class [    ] Certificates and that is not
      an asset of any REMIC and all amounts deposited into the Basis Risk Reserve
      Fund
      shall be treated as amounts distributed to the Class [    ]
      Certificateholders. 

     

    (c) The
      Tax
      Matters Person shall treat the Owners of Certificates (other than the Class
      [    ] and Class R Certificates) as having entered into a
      notional principal contract with respect to the Owners of the Class
      [    ] Certificates. Pursuant to each such notional principal
      contract, all Owners of LIBOR Certificates shall be treated as having agreed
      to
      pay, on each Distribution Date, to the Owners of the Class [    ]
      Certificates an aggregate amount equal to the excess, if any, of (i) the amount
      payable on such Distribution Date on the interest in the Upper Tier REMIC
      corresponding to such Class of Certificates over
      (ii)
      the
      amount payable on such Class of Certificates on such Distribution Date (such
      excess, a “Class I Shortfall”). A Class I Shortfall payable from interest
      collections shall be allocated pro
      rata
      among
      such Certificates based on the amount of interest otherwise payable to such
      Certificates, and a Class I Shortfall payable from principal collections shall
      be allocated to the most subordinate Class of Certificates with an outstanding
      principal balance to the extent of such balance. In addition, pursuant to such
      notional principal contract, the Owner of the Class [    ]
      Certificates shall be treated as having agreed to pay Basis Risk Shortfalls
      and
      Unpaid Basis Risk Shortfalls to the Owners of the LIBOR Certificates in
      accordance with the terms of this Agreement. Any
      payments to the Certificates in light of the foregoing shall not be payments
      with respect to a “regular interest” in a REMIC within the meaning of Code
      Section 860G(a)(1). Thus,
      each LIBOR Certificate shall be treated as representing not only ownership
      of
      regular interests in the Upper Tier REMIC, but also ownership of an interest
      in
      (and obligations with respect to) a notional principal contract. For tax
      purposes, the notional principal contract shall be deemed to have a value of
      $10,000.

     

    
      
        
        

      

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

     

    (e) The
      Preliminary Statement to this Agreement sets forth the designations and “latest
      possible maturity date” for federal income tax purposes of all interests in each
      of the REMICs created hereby. Each REMIC’s fiscal year shall be the calendar
      year.”

     

    Section
      7.12. REMIC-Related
      Covenants.

     

    For
      as
      long as each REMIC shall exist, the Trustee and the Securities Administrator
      shall act in accordance herewith to treat such REMIC as a REMIC, and the Trustee
      and the Securities Administrator shall comply with any directions of the Seller,
      the Servicer[s] or the Master Servicer to assure such continuing treatment.
      In
      particular, the Trustee shall not (a) sell or permit the sale of all or any
      portion of the Mortgage Loans or of any investment of deposits in a Trust
      Account unless such sale is as a result of a repurchase of the Mortgage Loans
      pursuant to this Agreement or the Securities Administrator has received an
      Opinion of Counsel 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 3.03 of this Agreement, as applicable, accept any contribution to
      any
      REMIC without receipt of an Opinion of Counsel stating that such contribution
      will not result in an Adverse REMIC Event.

     

    
      
        
        

      

      
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    Section
      7.13. Reporting
      Requirements of the Commission and Indemnification.

     

    (a) [On
      or
      before March 1 of each calendar year, the Securities Administrator and the
      Trustee shall each deliver to the Master Servicer, the Servicer[s][, the
      Subservicer] and the Depositor a report regarding its assessment of compliance
      with the servicing criteria specified in paragraph (d) of Item 1122 of
      Regulation AB (§ 229.1122(d)), as of and for the period ending the end of each
      fiscal year, with respect to asset-backed security transactions taken as a
      whole
      involving the Securities Administrator and the Trustee, as applicable, and
      that
      are backed by the same asset type as the Mortgage Loans. Each such report shall
      include all of the statements required under paragraph (a) of Item 1122 of
      Regulation AB (§ 229.1122(a)).]

     

    (b) [On
      or
      before March 1 of each calendar year, the Securities Administrator and the
      Trustee shall each deliver to the Master Servicer, the Servicer[s][, the
      Subservicer] and the Depositor (and in the case of the Trustee, to the
      Securities Administrator) a report by a registered public accounting firm that
      attests to, and reports on, the assessment made by such asserting party pursuant
      to subsection (a) above. Each such report shall be made in accordance with
      standards for attestation engagements issued or adopted by the Public Company
      Accounting Oversight Board.]

     

    (c) [The Securities
      Administrator and the Trustee shall each notify the Master Servicer, the
      Servicer[s][, the Subservicer] and the Depositor (and in the case of the
      Trustee, shall additionally notify the Securities Administrator)
      (i) of
      any legal proceedings pending against the Securities
      Administrator or the Trustee, as applicable,
      of the
      type described in Item 1117 (§
      229.1117) of
      Regulation AB and (ii) if the Securities
      Administrator or the Trustee, as applicable, shall
      become (but only to the extent not previously disclosed) at any time an
      affiliate of any of the Sponsor, the Trustee, the Master Servicer, the
      Servicer[s], any originator contemplated by Item 1110 (§
      229.1110) of
      Regulation AB, any significant obligor contemplated by Item 1112 (§
      229.1112) of
      Regulation AB, any enhancement or support provider contemplated by Items 1114
      or
      1115 (§§
      229.1114-1115) of
      Regulation AB or any other material party to the Trust Fund contemplated by
      Item
      1100(d)(1) (§
      229.1100(d)(1)) of
      Regulation AB, as applicable.]

     

    ARTICLE
      VIII

     

    MASTER
      SERVICER EVENTS OF DEFAULT

     

    Section
      8.01. Master
      Servicer Events of Default; Trustee To Act; Appointment of
      Successor. 

     

    (a) The
      occurrence of any one or more of the following events shall constitute a “Master
      Servicer Event of Default”:

     

    
      
        
        

      

      
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    (i) [Any
      failure by the Master Servicer to cause to be deposited in the Collection
      Account any amount so required to be deposited pursuant to this Agreement (other
      than a Monthly Advance), and such failure continues unremedied for a period
      of
      three Business Days after the date upon which written notice of such failure,
      requiring the same to be remedied, shall have been given to the Master Servicer;
      or

     

    (ii) 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 which continues unremedied for
      a
      period of 60 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 Trustee or the Securities Administrator or to the Master Servicer and
      the
      Trustee by the Majority Certificateholders; 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,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Master Servicer, and such decree or order shall have
      remained in force undischarged or unstayed for a period of [60] days or any
      Rating Agency reduces or withdraws or threatens to reduce or withdraw the rating
      of the Certificates because of the financial condition or loan servicing
      capability of such Master Servicer; or

     

    (iv) 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, voluntary liquidation or similar proceedings of or relating to
      the
      Master Servicer or of or relating to all or substantially all of its property;
      or

     

    (v) The
      Master Servicer shall admit in writing its inability to pay its debts generally
      as they become due, file a petition to take advantage of 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
      Master Servicer shall be dissolved, or shall dispose of all or substantially
      all
      of its assets, or consolidate with or merge into another entity or shall permit
      another entity to consolidate or merge into it, such that the resulting entity
      does not meet the criteria for a successor servicer as specified in Section
      5.19
      hereof; or

     

    (vii) If
      a
      representation or warranty set forth in Section 5.01 hereof shall prove to
      be
      incorrect as of the time made in any respect that materially and adversely
      affects the interests of the Certificateholders, and the circumstance or
      condition in respect of which such representation or warranty was incorrect
      shall not have been eliminated or cured within 30 days after the date on which
      written notice of such incorrect representation or warranty shall have been
      given to the Master Servicer by the Trustee or the Securities Administrator,
      or
      to the Master Servicer and the Trustee by the Majority Certificateholders;
      or

     

    
      
        
        

      

      
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    (viii) A
      sale or
      pledge of any of the rights of the Master Servicer hereunder or an assignment
      of
      this Agreement by the Master Servicer or a delegation of the rights or duties
      of
      the Master Servicer hereunder shall have occurred in any manner not otherwise
      permitted hereunder and without the prior written consent of the Trustee and
      the
      Majority Certificateholders; or

     

    (ix) The
      Master Servicer has notice or actual knowledge that the [related] Servicer
      at
      any time is not either a Fannie Mae- or Freddie Mac-approved Seller/Servicer,
      and the Master Servicer has not terminated the rights and obligations of such
      Servicer under this Agreement and replaced the Servicer with an Fannie Mae-
      or
      Freddie Mac-approved servicer within [60] days of the date the Master Servicer
      receives such notice or acquires such actual knowledge; or

     

    (x) Any
      failure of the Master Servicer to remit to the Securities Administrator any
      Monthly Advance required to be made to the Securities Administrator for the
      benefit of Certificateholders under the terms of this Agreement, which failure
      continues unremedied as of the close of business on the Business Day prior
      to a
      Distribution Date.

     

    If
      a
      Master Servicer Event of Default described in clauses (i) through (ix) of this
      Section 8.01 shall occur, then, in each and every case, subject to applicable
      law, so long as any such Master Servicer Event of Default shall not have been
      remedied within any period of time prescribed by this Section 8.01, the Trustee,
      upon obtaining actual knowledge thereof, by notice in writing to the Master
      Servicer may, and shall, if so directed by the Majority Certificateholders,
      terminate all of the rights and obligations of the Master Servicer hereunder
      and
      in and to the Mortgage Loans and the proceeds thereof. If a Master Servicer
      Event of Default described in clause (x) of this Section 8.01 shall occur,
      then,
      in each and every case, subject to applicable law, so long as such Master
      Servicer Event of Default shall not have been remedied within the time period
      prescribed by clause (x) of this Section 8.01, the Trustee, by notice in writing
      to the Master Servicer, shall promptly terminate all of the rights and
      obligations of the Master Servicer hereunder 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, and only in
      its
      capacity as Master Servicer under this Agreement, whether with respect to the
      Mortgage Loans or otherwise, shall pass to and be vested in the Trustee pursuant
      to and under the terms of this Agreement; and the Trustee is hereby authorized
      and empowered to execute and deliver, on behalf of the defaulting Master
      Servicer as attorney-in-fact or otherwise, any and all documents and other
      instruments, and to do or accomplish all other acts or things necessary or
      appropriate to effect the purposes of such notice of termination, whether to
      complete the transfer and endorsement or assignment of the Mortgage Loans and
      related documents or otherwise. The defaulting Master Servicer agrees to
      cooperate with the Trustee in effecting the termination of the defaulting Master
      Servicer’s responsibilities and rights hereunder as Master Servicer including,
      without limitation, notifying the Servicer[s] of the assignment of the master
      servicing function and providing the Trustee or its designee all documents
      and
      records in electronic or other form reasonably requested by it to enable the
      Trustee or its designee to assume the defaulting Master Servicer’s functions
      hereunder and the transfer to the Trustee for administration by it of all
      amounts which shall at the time be or should have been deposited by the
      defaulting Master Servicer in the Collection Account maintained by such
      defaulting Master Servicer and any other account or fund maintained with respect
      to the Certificates or thereafter received with respect to the Mortgage Loans.
      The Master Servicer being terminated shall bear all reasonable out-of-pocket
      costs of a master servicing transfer, including but not limited to those of
      the
      Trustee, legal fees and expenses, accounting and financial consulting fees
      and
      expenses, and costs of amending the Agreement, if necessary.]

     

    
      
        
        

      

      
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    The
      Trustee shall be entitled to be reimbursed from the Master Servicer (or by
      the
      Trust Fund, if the Master Servicer is unable to fulfill its obligations
      hereunder) for all costs associated with the transfer of servicing from the
      predecessor Master Servicer, including, without limitation, any costs or
      expenses associated with the complete transfer of all servicing data and the
      completion, correction or manipulation of such servicing data as may be required
      by the Trustee to correct any errors or insufficiencies in the servicing data
      or
      otherwise to enable the Trustee to master service the Mortgage Loans properly
      and effectively. If the terminated Master Servicer does not pay such
      reimbursement within thirty (30) days of its receipt of an invoice therefore,
      such reimbursement shall be an expense of the Trust Fund and the Trustee shall
      be entitled to withdraw such reimbursement from amounts on deposit in the
      Collection Account pursuant to Section 5.07(viii);
      provided
      that the
      terminated Master Servicer shall reimburse the Trust Fund for any such expense
      incurred by the Trust Fund; and provided,
      further,
      that
      the Trustee shall take such action, if any, as provided in this Agreement and
      as
      directed by the Certificateholders pursuant thereto with respect to pursuing
      any
      remedy against any party obligated to make such reimbursement.

     

    Notwithstanding
      the termination of its activities as Master Servicer, each terminated Master
      Servicer shall continue to be entitled to reimbursement to the extent provided
      in Section 5.07 to the extent such reimbursement relates to the period prior
      to
      such Master Servicer’s termination.

     

    If
      any
      Master Servicer Event of Default shall occur, of which a Responsible Officer
      of
      the Trustee has actual knowledge, the Trustee shall promptly notify each Rating
      Agency of the nature and extent of such Master Servicer Event of Default. The
      Securities Administrator or the Master Servicer shall immediately give written
      notice by facsimile to the Trustee upon the Master Servicer’s failure to remit
      Monthly Advances on the date specified herein.

     

    (b) On
      and
      after the time the Master Servicer receives a notice of termination from the
      Trustee pursuant to Section 8.01(a) or the Trustee receives the resignation
      of
      the Master Servicer evidenced by an Opinion of Counsel pursuant to Section
      5.20,
      the Trustee, unless another master servicer shall have been appointed, shall
      be
      the successor in all respects to the Master Servicer in its capacity as such
      under this Agreement and the transactions set forth or provided for herein
      and
      shall have all the rights and powers and be subject to all the responsibilities,
      duties and liabilities relating thereto and arising thereafter placed on the
      Master Servicer hereunder, including the obligation to make Monthly Advances;
      provided,
      however,
      that
      any failure to perform such duties or responsibilities caused by the Master
      Servicer’s failure to provide information required by this Agreement shall not
      be considered a default by the Trustee hereunder. In addition, the Trustee
      shall
      have no responsibility for any act or omission of the Master Servicer prior
      to
      the issuance of any notice of termination and shall have no liability relating
      to the representations and warranties of the Master Servicer set forth in
      Section 5.01. In the Trustee’s capacity as such successor, the Trustee shall
      have the same limitations on liability herein granted to the Master Servicer.
      As
      compensation therefor, the Trustee shall be entitled to receive all compensation
      payable to the Master Servicer under this Agreement.

     

    
      
        
        

      

      
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    (c) 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, appoint, or petition a court of competent
      jurisdiction to appoint, 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. Such successor
      Master Servicer may be an Affiliate of the Trustee; provided,
      however,
      that,
      unless such Affiliate meets the net worth requirements and other standards
      set
      forth herein for a successor master servicer, the Trustee, in its individual
      capacity shall agree, at the time of such designation, to be and remain liable
      to the Trust Fund and the Trustee for such Affiliate’s actions and omissions in
      performing its duties hereunder. In connection with such appointment and
      assumption, the Trustee may make such arrangements for the compensation of
      such
      successor out of payments on the Mortgage Loans as it and such successor shall
      agree; provided,
      however,
      that no
      such compensation shall be in excess of that permitted to the Master Servicer
      hereunder. The Trustee and such successor shall take such actions, consistent
      with this Agreement, as shall be necessary to effectuate any such succession
      and
      may make other arrangements with respect to the servicing to be conducted
      hereunder which are not inconsistent herewith. The Master Servicer shall
      cooperate with the Trustee and any successor master servicer in effecting the
      termination of the Master Servicer’s responsibilities and rights hereunder
      including, without limitation, notifying the Servicer[s] of the assignment
      of
      the master servicing functions and providing the Trustee and successor master
      servicer, as applicable, all documents and records in electronic or other form
      reasonably requested by it to enable it to assume the Master Servicer’s
      functions hereunder and the transfer to the Trustee or such successor master
      servicer, as applicable, all amounts or investment property which shall at
      the
      time be or should have been deposited by the Master Servicer in the Collection
      Account and any other account or fund maintained with respect to the
      Certificates or thereafter be received with respect to the Mortgage Loans.
      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 payment hereunder or any portion thereof caused by (i) the failure
      of the Master Servicer to deliver, or any delay in delivering, cash, documents
      or records to it, (ii) the failure of the Master Servicer to cooperate as
      required by this Agreement, (iii) the failure of the Master Servicer to deliver
      the Mortgage Loan data to the Trustee as required by this Agreement or (iv)
      restrictions imposed by any regulatory authority having jurisdiction over the
      Master Servicer. 

     

    
      
        
        

      

      
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    Section
      8.02. Additional
      Remedies of Trustee Upon Event of Default.
      During
      the continuance of any Master Servicer Event of Default, so long as such Master
      Servicer Event of Default shall not have been remedied, the Trustee, in addition
      to the rights specified in Section 8.01, shall have the right, in its own name
      and as trustee of an express trust, to take all actions now or hereafter
      existing at law, in equity or by statute to enforce its rights and remedies
      and
      to protect the interests, and enforce the rights and remedies, of the
      Certificateholders (including the institution and prosecution of all judicial,
      administrative and other proceedings and the filings of proofs of claim and
      debt
      in connection therewith). Except as otherwise expressly provided in this
      Agreement, no remedy provided for by this Agreement shall be exclusive of any
      other remedy, and each and every remedy shall be cumulative and in addition
      to
      any other remedy, and no delay or omission to exercise any right or remedy
      shall
      impair any such right or remedy or shall be deemed to be a waiver of any Event
      of Default.

     

    Section
      8.03. Waiver
      of Defaults.
      The
      Majority Certificateholders may, on behalf of all Certificateholders, waive
      any
      default or Master Servicer Event of Default by the Master Servicer in the
      performance of its obligations hereunder, except that a default in the making
      of
      any required deposit to the Collection Account that would result in a failure
      of
      the Securities Administrator to make any required payment of principal of or
      interest on the Certificates may only be waived with the consent of 100% of
      the
      affected Certificateholders. Upon any such waiver of a past default, such
      default shall cease to exist, and any Event of Default arising therefrom shall
      be deemed to have been remedied for every purpose of this Agreement. No such
      waiver shall extend to any subsequent or other default or impair any right
      consequent thereon except to the extent expressly so waived.

     

    Section
      8.04. Notification
      to Holders.
      Upon
      termination of the Master Servicer or appointment of a successor to the Master
      Servicer, in each case as provided herein, the Trustee shall promptly mail
      notice thereof by first class mail to the Certificateholders at their respective
      addresses appearing on the applicable Register. The Trustee shall also, within
      [45] days after the occurrence of any Master Servicer Event of Default known
      to
      the Trustee, give written notice thereof to Certificateholders, unless such
      Event of Default shall have been cured or waived prior to the issuance of such
      notice and within such [45]-day period.

     

    Section
      8.05. Directions
      by Certificateholders and Duties of Trustee During Master Servicer Event of
      Default.
      During
      the continuance of any Master Servicer Event of Default, the Majority
      Certificateholders may direct the time, method and place of conducting any
      proceeding for any remedy available to the Trustee, or exercising any trust
      or
      power conferred upon the Trustee, under this Agreement; provided,
      however,
      that
      the Trustee shall be under no obligation to pursue any such remedy, or to
      exercise any of the trusts or powers vested in it by this Agreement (including,
      without limitation, (i) the conducting or defending of any administrative action
      or litigation hereunder or in relation hereto and (ii) the terminating of the
      Master Servicer or any successor master servicer from its rights and duties
      as
      master servicer hereunder) at the request, order or direction of any of the
      Certificateholders, unless such Certificateholders shall have offered to the
      Trustee security or indemnity reasonably satisfactory to it against the cost,
      expenses and liabilities which may be incurred therein or thereby; and,
provided further,
      that,
      the Trustee shall have the right to decline to follow any such direction if
      the
      Trustee, in accordance with an Opinion of Counsel, determines that the action
      or
      proceeding so directed may not lawfully be taken or if the Trustee in good
      faith
      determines that the action or proceeding so directed would involve it in
      personal liability for which it is not indemnified to its satisfaction or be
      unjustly prejudicial to the non-assenting Certificateholders.

     

    
      
        
        

      

      
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    Section
      8.06. Action
      Upon Certain Failures of the Master Servicer and Upon Master Servicer Event
      of
      Default.
      In the
      event that a Responsible Officer of the Trustee or the Securities Administrator
      shall have actual knowledge of any action or inaction of the Master Servicer
      that would become a Master Servicer Event of Default upon the Master Servicer’s
      failure to remedy the same after notice, the Trustee or Securities
      Administrator, as applicable, shall give notice thereof to the Master
      Servicer.

     

    Section
      8.07. Preparation
      of Reports. 

     

    (a) The
      Depositor shall prepare or cause to be prepared the initial current report
      on
      Form 8-K. Thereafter, within [15] days after each Distribution Date, the
      Securities Administrator shall, in accordance with industry standards customary
      for securities similar to the Certificates as required by the Exchange Act
      and
      the rules and regulations of the Commission (the “SEC Rules”), file with the
      Commission via the Electronic Data Gathering and Retrieval System (EDGAR),
      a
      Form 10-D with (i) a copy of the statement to the Certificateholders for such
      Distribution Date as an exhibit thereto and (ii) such other information as
      is
      required by Form 10-D, including, but not limited to, the information required
      by Item 1121 (§ 229.1121) of Regulation AB, so long as such information is made
      available to the Administrator
      in a
      format compatible with EDGAR filing requirements.
      Prior to
      January 30, 20[ ], the Securities Administrator shall, in accordance with
      industry standards applicable to the Certificates, file a Form 15 Suspension
      Notification with respect to the Trust Fund, if applicable. Prior to March
      31,
      20[ ] and prior to March 31 in each succeeding year so long as a Form 15 has
      not
      been filed for the prior calendar year, the Securities Administrator shall
      file
      (and the Master Servicer will execute) a Form 10-K, in substance conforming
      to
      industry standards applicable to the Certificates, with respect to the Trust
      Fund.] The
      Form
      10-K shall include (w) the certification required pursuant to Rule 13a-14 under
      the Exchange Act and any future guidance from the Commission (the “Form 10-K
      Certification”) signed by or on behalf of the Depositor, (x)
      the
      annual certifications delivered by the Trustee, the Securities Administrator,
      the Master Servicer, the Servicer[s] [(or the Subservicer on its behalf)],
      any
      Subcontractor and the Custodian pursuant to this Agreement and the Subservicing
      Agreement, (y) the related public accounting firm attestation reports and (z)
      such other information as is required by the SEC Rules and Regulation
      AB.
      If
      any
      party’s report on assessment of compliance with servicing criteria required by
      clause (x) in the immediately preceding sentence, or the related public
      accounting firm attestation report required by clause (y) in the immediately
      preceding sentence, identifies any material instance of noncompliance with
      the
      servicing criteria specified in paragraph (d) of Item 1122 of Regulation AB
      (§
229.1122(d)), the Securities Administrator shall identify the material instance
      of noncompliance in such report in the Form 10-K; and in the event that the
      Securities Administrator is unable to include any report required by either
      clause (x) or (y) in the immediately preceding sentence in the Form 10-K, the
      Securities Administrator shall disclose such fact in the Form 10-K together
      with
      an explanation as to why such report is not included as an exhibit to the Form
      10-K. The Trustee and the Securities Administrator shall have no liability
      for
      any delay in filing the Form 10-K due to the failure of such party to timely
      sign the Form 10-K or Form 10-K Certification. The Depositor hereby grants,
      and
      in the case of the Form 10-K Certification, an Authorized Officer of the
      Depositor will grant, to the Master Servicer and the Securities Administrator
      a
      limited power of attorney to execute and file each such document on behalf
      of
      the Depositor. Such power of attorney shall continue until either the earlier
      of
      (i) receipt by the Master Servicer and the Securities Administrator from the
      Depositor of written termination of such power of attorney and (ii) the
      termination of the Trust Fund. The Depositor agrees to promptly furnish to
      the
      Securities Administrator, from time to time upon request, such further
      information, reports, and financial statements within its control related to
      this Agreement and the Mortgage Loans as the Depositor reasonably deems
      appropriate to prepare and file all necessary reports with the Commission.
      The
      Securities Administrator shall have no responsibility to file any items other
      than those specified in this section.

     

    
      
        
        

      

      
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    (b) Each
      person (including their officers or directors) that signs any Form 10-K
      Certification shall be entitled to indemnification from the Trust Fund for
      any
      liability or expense incurred by it in connection with such certification,
      other
      than any liability or expense attributable to such Person’s own bad faith,
      negligence or willful misconduct. The provisions of this subsection shall
      survive any termination of this Agreement and the resignation or removal of
      such
      Person.

     

    (c) To
      the
      extent that, following the Closing Date, the contents of Forms 8-K, 10-K or
      other Forms required by the Exchange Act and the Rules and Regulations of the
      Commission and the time by which such Forms are required to be filed, differs
      from the provisions of this Agreement, the parties hereto hereby agree that
      each
      shall reasonably cooperate to amend the provisions of this Agreement (in
      accordance with Section 10.03) in order to comply with such amended reporting
      requirements and such amendment of this Agreement. Any such amendment may result
      in the reduction of the reports filed by the Servicer[s] under the Exchange
      Act.
      Notwithstanding the foregoing, none of the Depositor, the Master Servicer,
      the
      Servicer[s] or the Securities Administrator shall be obligated to enter into
      any
      amendment pursuant to this Section that adversely affects its obligations and
      immunities under this Agreement.

     

    ARTICLE
      IX

     

    TERMINATION 

     

    Section
      9.01. Termination. The
      respective obligations and responsibilities of the Master Servicer, the
      Securities Administrator, the Depositor, the Servicer[s] and the Trustee created
      hereby (other than obligations expressly stated to survive the termination
      of
      the Trust Fund) shall terminate on the day after the day on which the
      Certificates are paid in full (including payment pursuant to Section 9.02 below)
      (the “Termination Date”). In no event shall the trusts created hereby continue
      beyond the earlier of (i) the expiration of 21 years from the death of the
      survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
      United States to the Court of St. James’s, living on the date hereof, and (ii)
      the Latest Possible Maturity Date.

     

    
      
        
        

      

      
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    Section
      9.02. Optional
      Termination of the Trust Fund. 

     

    (a) [On
      any
      Distribution Date occurring on or after the Initial Purchase Date, the [related]
      [Servicer] shall have the option to purchase the Mortgage Loans, any REO
      Property and any other property remaining in the Trust Fund for a price equal
      to
      the Termination Price. The Master Servicer and the Servicer[s] will be
      reimbursed from the Termination Price for any outstanding Monthly Advances,
      Servicing Advances and unpaid Servicing Fees and other amounts not previously
      reimbursed pursuant to the provisions of this Agreement, as applicable, and
      the
      Securities Administrator, the Trustee and the Custodian shall be reimbursed
      for
      any previously unreimbursed amounts for which they are entitled to be reimbursed
      pursuant to this Agreement. If such option is exercised, the Trust Fund will
      be
      terminated resulting in a mandatory redemption of the Certificates. The
      [related] [Servicer] shall deliver written notice of its intention to exercise
      such option to the Securities Administrator, the Trustee and the Master Servicer
      not less than [30] days prior to the applicable Distribution Date. If the
      [related] [Servicer] fails to exercise such option on the Initial Purchase
      Date,
      the Certificate Interest Rate for each Class of Certificates will be increased
      as set forth in the table in the Preliminary Statement herein beginning on
      the
      Step-up Date and for each Distribution Date thereafter.

     

    In
      connection with such purchase, the [related] [Servicer] shall remit to the
      Master Servicer all amounts then on deposit in the Custodial Account (other
      than
      amounts permitted to be withdrawn by it pursuant to Section 4.02(e)) for deposit
      to the Collection Account.

     

    (b) Promptly
      following any such purchase pursuant to paragraph (a) of this Section and
      receipt of an Officer’s Certificate of the [related] [Servicer] that the
      purchase price has been deposited in the Collection Account, the Trustee or
      the
      Custodian shall release the Mortgage Files to the purchaser of such Mortgage
      Loans pursuant to this Section 9.02, or otherwise upon its order.]

     

    Section
      9.03. Certain
      Notices upon Final Payment. The
      Master Servicer or the Securities Administrator, as applicable, shall give
      the
      Trustee, each Rating Agency, each Certificateholder and the Depositor at least
      [thirty (30)] days’ prior written notice of the date on which the Trust Fund is
      expected to terminate in accordance with Section 9.01, or the date on which
      the
      Certificates will be redeemed in accordance with Section 9.02. Not later than
      the fifth Business Day in the Collection Period in which the final payment
      in
      respect to the Certificates is payable to the Certificateholders, the Securities
      Administrator shall mail to the Certificateholders a notice specifying the
      procedures with respect to such final payment. The Securities Administrator
      on
      behalf of the Trustee shall give a copy of such notice to each Rating Agency
      at
      the time such notice is given to Certificateholders. Following the final payment
      thereon, such Certificates shall become void, no longer outstanding and no
      longer evidence any right or interest in the Mortgage Loans, the Mortgage Files
      or any proceeds of the foregoing.

     

    
      
        
        

      

      
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    Section
      9.04. Additional
      Termination Requirements.

     

    (a) In
      the
      event the [related] [Servicer] exercises its purchase option, as provided in
      Section 9.02, the Trust Fund shall be terminated in accordance with the
      following additional requirements, unless the Securities Administrator have
      been
      supplied with an Opinion of Counsel, at the expense of the Securities
      Administrator, to the effect that the failure to comply with the requirements
      of
      this Section 9.04 will not result in an adverse REMIC Event:

     

    (i) The
      Trustee shall sell all of the assets that constitute the Trust Fund for cash
      as
      provided in Section 9.02, and, within 90 days of such sale (such period the
      “90-day liquidation period”), shall distribute to (or credit to the account of)
      the Holders of the Certificates the proceeds of such sale together with other
      cash on hand (less amounts retained to meet claims) in complete liquidation
      of
      the Trust Fund and each REMIC created hereunder; and

     

    (ii) The
      Tax
      Matters Person shall attach (or cause to be attached) a statement to the final
      federal income tax return for each REMIC created hereunder stating that pursuant
      to Treasury Regulation § 1.860F-1, the first day of the 90-day liquidation
      period for each such REMIC was the date on which the Trustee sold the assets
      of
      the Trust Fund pursuant to Section 9.1(a)(i).

     

    (b) Notwithstanding
      anything herein to the contrary, the portion of the purchase price required
      to
      be paid by Section 9.02 that is contained in clause (D) thereof shall not be
      paid to any REMIC formed hereby. Instead, such amount shall be paid by the
      purchaser directly to the holder of the Class [ ] Certificates pursuant to
      a
      cash settled option contract. As a result, such amount shall not be paid to
      any
      REMIC or distributed by any REMIC.

     

    (c) By
      their
      acceptance of the Certificates, the Holders thereof hereby authorize the Tax
      Matters Person, the Trustee and the Securities Administrator to undertake the
      above-described actions.

     

    ARTICLE
      X

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      10.01. Binding
      Nature of Agreement; Assignment.
      This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and permitted assigns.

     

    Section
      10.02. Entire
      Agreement.
      This
      Agreement contains the entire agreement and understanding among the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof. The express terms hereof control and supersede any course
      of performance and/or usage of the trade inconsistent with any of the terms
      hereof.

     

    
      
        
        

      

      
        140

        
          

        

      

      
        
        

      

    

     

    Section
      10.03. Amendment.

     

    (a) This
      Agreement may be amended from time to time by the parties hereto, without notice
      to or the consent of any of the Holders of the Certificates, (i) to cure any
      ambiguity, (ii) to cause the provisions herein to conform to or be consistent
      with or in furtherance of the statements made with respect to the Certificates,
      the Trust Fund or this Agreement in any Offering Document, or to correct or
      supplement any provision herein which may be inconsistent with any other
      provisions herein or in any other Operative Agreement, to make any other
      provisions with respect to matters or questions arising under this Agreement,
      (iii) to make any other provision with respect to matters or questions arising
      under this Agreement (iv) to add, delete, or amend any provisions to the extent
      necessary or desirable relating to any Class of Certificates issued pursuant
      to
      this Agreement that is subordinate in rights of payment of interest and
      principal to each Class of Certificates issued pursuant to this Agreement on
      the
      Closing Date, or (v) to add, delete, or amend any provisions to the extent
      necessary or desirable to comply with any requirements imposed by the Code
      or
      ERISA and applicable regulations. No such amendment effected pursuant to the
      preceding sentence shall, as evidenced by an Opinion of Counsel (which shall
      be
      an expense of the party requesting such amendment and shall not be an expense
      of
      the Trust Fund or the Trustee), (1) affect the status of the Certificates as
      debt for federal income tax purposes and (2) nor shall such amendment effected
      pursuant to clauses (iii) or (iv) of such sentence adversely affect in any
      material respect the interests of any Holder. Prior to entering into any
      amendment without the consent of Holders pursuant to this paragraph, the Trustee
      may require an Opinion of Counsel (at the expense of the party requesting such
      amendment) to the effect that such amendment is permitted under this paragraph.
      Any such amendment shall be deemed not to adversely affect in any material
      respect any Holder, if the Trustee receives written confirmation from each
      Rating Agency that such amendment will not cause such Rating Agency to reduce
      the then current rating assigned to the Certificates.

     

    (b) This
      Agreement may also be amended from time to time by the parties hereto, with
      the
      consent of the Certificateholders representing [66-2/3]% Voting Interests 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; provided,
      however,
      that no
      such amendment may (i) reduce in any manner the amount of, or delay the timing
      of, payments which are required to be paid on any Class of Certificates, without
      the consent of the Certificateholders of such Class or (ii) reduce the aforesaid
      percentages of Class Principal Amount of Certificates, the Holders of which
      are
      required to consent to any such amendment without the consent of the Holders
      of
      100% of the Class Principal Amount of the Certificates. For purposes of this
      paragraph, references to “Holder” or “Holders” shall be deemed to include, in
      the case of Book-Entry Certificates, the related Certificate
      Owners.

     

    
      
        
        

      

      
        141

        
          

        

      

      
        
        

      

    

     

    (c) Promptly
      after the execution of any such amendment, the Trustee shall furnish written
      notification of the substance of such amendment to each Holder, the Depositor
      and to each Rating Agency.

     

    (d) It
      shall
      not be necessary for the consent of Holders under this Section 10.03 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 Holders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe.

     

    Section
      10.04. Acts
      of Certificateholders.
      Except
      as otherwise specifically provided herein, whenever Certificateholder action,
      consent or approval is required under this Agreement, such action, consent
      or
      approval shall be deemed to have been taken or given on behalf of, and shall
      be
      binding upon, all Certificateholders if the Majority Certificateholders agree
      to
      take such action or give such consent or approval.

     

    Section
      10.05. Recordation
      of Agreement.
      To the
      extent permitted by applicable law, this Agreement, or a memorandum thereof
      if
      permitted under applicable law, 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 properties subject to the
      Mortgages are situated, and in any other appropriate public recording office
      or
      elsewhere, such recordation to be effected by the Depositor on direction and
      at
      the expense of Holders of not less than 66-2/3% of the Certificate Principal
      Balance of the Certificates and of the Holder of the Ownership Certificate
      requesting such recordation, but only when accompanied by an Opinion of Counsel
      to the effect that such recordation materially and beneficially affects the
      interests of the Certificateholders, or is necessary for the administration
      or
      servicing of the Mortgage Loans.

     

    Section
      10.06. Governing
      Law.
      THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
      THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
      AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
      SUCH LAWS.

     

    Section
      10.07. Notices.
      All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given if mailed by overnight courier, addressed as
      follows or delivered by facsimile (or such other address as may hereafter be
      furnished to the other party by like notice): 

     

    (i)           
      if
      to the
      Seller:

     

    [[Taylor,
      Bean & Whitaker Mortgage Corp.]

    101
      NE
      2nd
      Street

    Ocala,
      Florida 34470]

    Attention:
      [     ]

    Facsimile:
      [     ]

     

    
      
        
        

      

      
        142

        
          

        

      

      
        
        

      

    

     

    with
      a
      copy to:

    

    [Taylor,
      Bean & Whitaker Mortgage Corp.]

    101
      NE
      2nd
      Street

    Ocala,
      Florida 34470

    Attention:
      General Counsel

    Facsimile:
      [     ]]

     

    (ii)          
      if
      to the
      Servicer:

     

    
      	 	
              (a)

            	
              [[Taylor,
                Bean & Whitaker Mortgage Corp.]

            

    

           
      101 NE 2nd
      Street

    Ocala,
      Florida 34470]

    Attention:
      [     ]

    Facsimile:
      [     ]

    

    with
      a
      copy to:

    

    [Taylor,
      Bean & Whitaker Mortgage Corp.]

    101
      NE
      2nd
      Street

    Ocala,
      Florida 34470

    Attention:
      General Counsel

    Facsimile:
      [     ]]

    

    
      	 	
              (b)

            	
              [    
                ]

            

    

    

    
      	 	 	
              with
                a copy to:

            

    

    
      	 	 	 

    

    [    
      ] 

     

    (iii)         
      if
      to the
      Master Servicer:

     

    [                                        ]

    [                                       
      ]

     

    (iv)         
      if
      to the
      Securities Administrator:

     

    [                                        ]

    [                                        ]

     

    
      
        
        

      

      
        143

        
          

        

      

      
        
        

      

    

     

    (v)          
      if
      to the
      Trustee:

     

    [                                       
      ]

    [                                       
      ]

     

    if
      to the
      Depositor:

     

    TBALT
      Corp.

    1690
      Stone Village Lane, No. 102

    Kennesaw,
      Georgia 30152

    Attention:
      [     ]

    Facsimile:
      [     ]

    

    with
      a
      copy to:

    

    TBALT
      Corp.

    1690
      Stone Village Lane, No. 102

    Kennesaw,
      Georgia 30152

    Attention:
      [     ]

    Facsimile:
      [     ]

    

    All
      demands, notices and communications to a party hereunder shall be in writing
      and
      shall be deemed to have been duly given when delivered to such party at the
      relevant address, facsimile number or electronic mail address set forth above
      or
      at such other address, facsimile number or electronic mail address as such
      party
      may designate from time to time by written notice in accordance with this
      Section 10.07.

     

    Section
      10.08. Severability
      of Provisions.
      If any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed 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
      10.09. Indulgences;
      No Waivers.
      Neither
      the failure nor any delay on the part of a party to exercise any right, remedy,
      power or privilege under this Agreement shall operate as a waiver thereof,
      nor
      shall any single or partial exercise of any right, remedy, power or privilege
      preclude any other or further exercise of the same or of any other right,
      remedy, power or privilege, nor shall any waiver of any right, remedy, power
      or
      privilege with respect to any occurrence be construed as a waiver of such right,
      remedy, power or privilege with respect to any other occurrence. No waiver
      shall
      be effective unless it is in writing and is signed by the party asserted to
      have
      granted such waiver.

     

    
      
        
        

      

      
        144

        
          

        

      

      
        
        

      

    

     

    Section
      10.10. Headings
      Not To Affect Interpretation.
      The
      headings contained in this Agreement are for convenience of reference only,
      and
      they shall not be used in the interpretation hereof.

     

    Section
      10.11. Benefits
      of Agreement.
      Nothing
      in this Agreement or in the Certificates, express or implied, shall give to
      any
      Person, other than the parties to this Agreement and their successors hereunder
      and the Holders of the Certificates, any benefit or any legal or equitable
      right, power, remedy or claim under this Agreement.

     

    Section
      10.12. Special
      Notices to the Rating Agencies.

     

    (a) The
      Servicer[s] shall give prompt notice to each Rating Agency of the occurrence
      of
      any of the following events of which it has notice:

     

    (vi) any
      amendment to this Agreement pursuant to Section 10.03; and

     

    (vii) the
      making of a final payment hereunder.

     

    (b) All
      notices to the Rating Agencies provided for by this Section shall be in writing
      and sent by first class mail, telecopy or overnight courier, as
      follows:

     

    if
      to
      [     ]:

     

    [                                       
      ]

    [                                        ]

     

    if
      to
      [      ]:

     

    [                                       
      ]

    [                                       
      ]

     

    (b) The
      Securities Administrator shall make available to the Rating Agencies each report
      prepared pursuant to Section 5.08.

     

    Section
      10.13. Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original, and all of which together shall constitute one and
      the
      same instrument.

     

    
      
        
        

      

      
        145

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective officers hereunto duly authorized as of the day and year
      first above written.

    
      	 	 	 
	 	TBALT CORP., 
	 	as Depositor
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
[    
              ]
	 	
              Title:
                [    
                ]

            

    

     

    
      	 	 	 
	 	
              [Taylor,
                Bean & Whitaker Mortgage Corp.], as
                [a] Servicer and Seller

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:
                [    
                ]

            
	 	
              Title:
                [    
                ]

            

    

     

    
      	 	 	 
	 	[[    
              ], as
              a
              Servicer
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:
                [    
                ]

            
	 	Title:
              [    
              ]]

    

        

    
      	 	 	 
	 	[     ], not in its
              individual capacity but solely as
              Trustee
	 
 	 
 	 
 
	 	By:  	
            
	 	
              
Name:
[    
              ]
	 	
              Title:
                [    
                ]

            

    

     

    
      	 	 	 
	 	
              [    
                ],
                

              as
                Securities Administrator and Master Servicer

            
	 
 	 
 	 
 
	 	By:  	
            
	 	
              

              Name:
                [    
                ]

            
	 	
              Title:
                [    
                ]

            

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    [    
      ]       )

            
      )ss.:

    [    
      ]       )

     

    On
      the
      [        ]th day of
      [         ] before me, a notary public
      in and for said State, personally appeared [    ] known to me to
      be a [     ] of [     ] that executed
      the within instrument, and also known to me to be the person who executed it
      on
      behalf of said corporation and acknowledged to me that such corporation executed
      the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
      	 	 	 
	 	 	[   
              ]
	
               

            	
              
                
                                                 
                Notary Public

            
	 	 

    

    [SEAL]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      
        	
                [STATE
                  OF FLORIDA]

              	
                )

              
	 	
                )ss.:

              
	
                [COUNTY
                  OF [    ]]

              	
                )

              

      

       

    

    On
      the
      [     ] before me, a notary public in and for said State,
      personally appeared [    ] known to me to be an
      [    ] of TBALT Corp., one of the corporations that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
      	 	 	 
	 	  	[    
              ]
	 	
              
                                                 
              Notary Public
	 	
            

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          	
                  [   
                     ]

                	
                  )

                
	 	
                  )ss.:

                
	
                  [   
                     ]

                	
                  )

                

        

      

    

     

    On
      the
      [      ]th day of [      ] before
      me, a notary public in and for said State, personally appeared
      [     ] known to me to be a [     ] of
      [     ] that executed the within instrument, and also known to me
      to be the person who executed it on behalf of said corporation and acknowledged
      to me that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	 	 
	 	 	[     ]
	  	
              
                                                
              Notary Public

    

     

    [SEAL]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	
                [   
                   ]

              	
                )

              
	 	
                )ss.:

              
	
                [    
                   ]

              	
                )

              

      

    

     

    On
      the
      [      ]th day of [      ]
      before me, a notary public in and for said State, personally appeared [ 
   ] known to me to be a [     ] of
      [     ] that executed the within instrument, and also known
      to me to be the person who executed it on behalf of said corporation and
      acknowledged to me that such corporation executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
      	 	 	 
	 	 	[     ]
	 	
              
                                                
              Notary Public

    

      

    [SEAL]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-1

    

    FORM
      OF
      INITIAL CERTIFICATION

     

                                    

    Date

     

    [ 
         ]

    [   
       ]

    

    TBALT
      Corp.

    1690
      Stone Village Lane, No. 102

    Kennesaw,
      Georgia 30152

    Attention:
      [     ]

     

    Re:         
      Pooling
      and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as of
      [     ] by and among TBALT Corp., as Depositor, [
    ], as Trustee, [     ], as Securities
      Administrator and Master Servicer[,] [[and] Taylor, Bean & Whitaker Mortgage
      Corp.], as Seller and [a] Servicer [and [     ], as a
      servicer]

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [2.02(a)] of
      the
      Pooling and Servicing Agreement, subject to review of the contents thereof,
      the
      undersigned, as Custodian, hereby certifies that it has received the documents
      listed in Section [2.01(b)] of
      the
      Pooling and Servicing Agreement for each Mortgage File pertaining to each
      Mortgage Loan listed on Schedule A to the Pooling and Servicing Agreement,
      subject to any exceptions noted on Schedule I hereto.

     

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Pooling and Servicing Agreement.
      This certificate is subject in all respects to the terms of Section [2.02]
      of
      the Pooling and Servicing Agreement and the Pooling and Servicing Agreement
      sections cross-referenced therein.

    
      	 	 	 
	 	
              [Custodian]

            
	 
 	 
 	 
 
	
            	By:  	 
	 	
              

              Name:
                

            
	 	Title:

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-2

     

    FORM
      OF INTERIM CERTIFICATION

    
       

                                      

      Date

    

     

    [    
      ]

    [    
      ]

    

    TBALT
      Corp.

    1690
      Stone Village Lane, No. 102

    Kennesaw,
      Georgia 30152

    Attention:
      [     ]

     

    Re:         
      Pooling
      and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as of
      [     ] by and among TBALT Corp., as Depositor,
      [     ], as Trustee, [     ], as
      Securities Administrator and Master Servicer[,] [[and] Taylor, Bean &
Whitaker Mortgage Corp.], as Seller and [a] Servicer [and [    
], as a servicer]

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [2.02(b)] of
      the
      Pooling and Servicing Agreement, the undersigned, as Custodian, hereby certifies
      that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than
      any Mortgage Loan paid in full or listed on Schedule I hereto) it (or its
      custodian) has received the applicable documents listed in Section [2.01(b)]
      of
      the Pooling and Servicing Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents identified above and has determined that
      each such document appears regular on its face and appears to relate to the
      Mortgage Loan identified in such document.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement. This certificate is qualified
      in
      all respects by the terms of said Pooling and Servicing Agreement including,
      but
      not limited to, Section [2.02(b)].

    
      	 	 	 
	 	
              [Custodian]

            
	 
 	 
 	 
 
	 	By:  	
            
	 	
              
Name:
	 	Title:

    

    

    
      
        
        

      

      
        A-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-3

     

    FORM
      OF
      FINAL CERTIFICATION

    
      
         

                                        

        Date

      

    

     

    [    
      ]

    [   
       ]

    

    TBALT
      Corp.

    1690
      Stone Village Lane, No. 102

    Kennesaw,
      Georgia 30152

    Attention:
      [     ]

     

    Re:         
      Pooling
      and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as of
      [     ] by and among TBALT Corp., as Depositor,
      [     ], as Trustee, [     ], as
      Securities Administrator and Master Servicer[,] [[and] Taylor, Bean &
Whitaker Mortgage Corp.], as Seller and [a] Servicer [and
      [     ], as a servicer]

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [2.02(d)] of the Pooling and Servicing Agreement, the
      undersigned, as Custodian on behalf of the Trustee, hereby certifies that as
      to
      each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
      Loan paid in full or listed on Schedule I hereto) it (or its custodian) has
      received the applicable documents listed in Section [2.01(b)] of the Pooling
      and
      Servicing Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed above and has determined that
      each
      such document appears to be complete and, based on an examination of such
      documents, the information set forth in the Mortgage Loan Schedule is correct.
      

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement. This certificate is qualified
      in
      all respects by the terms of said Pooling and Servicing Agreement.

    
      	 	 	 
	 	
              [Custodian]

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

            
	 	Title:

    

    

    
      
        
        

      

      
        A-3-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-4

     

    FORM
      OF
      ENDORSEMENT

     

    Pay
      to
      the order of [    
      ],
      as
      trustee (the “Trustee”) under the Pooling and Servicing Agreement dated as of
[     ]
      by and
      among TBALT Corp., as Depositor, the Trustee, [     ],
      as
      Securities Administrator and Master Servicer[,]
      [[and] Taylor,
      Bean & Whitaker Mortgage Corp.], as
      Seller
      and Servicer [and [     ], as a Servicer], relating
      to TBW Mortgage Trust Mortgage Pass-Through Certificates, Series
      [     ] without recourse.

     

    
      	 	 	 
	 	
              
                

              

              [current
                signatory on note]

            
	 	
            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

            
	 	Title:

    
      
        
        

      

      
        A-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-5

    

    REQUEST
      FOR RELEASE

    

    [    
      ]

    [     ]

    

    [     ]

    [    
      ]

     

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as
                of [     ] by and among TBALT Corp., as Depositor,
                [     ], as Trustee, [     ],
                as Securities Administrator and Master Servicer[,] [[and] Taylor,
                Bean
                & Whitaker Mortgage Corp.], as Seller and [a] Servicer [and
                [     ], as a
                Servicer]

            

    

    

    In
      connection with the administration of the Mortgage Loans held by the Custodian
      for the benefit of the Trustee pursuant to the above-captioned Pooling and
      Servicing Agreement, we request the release, and hereby acknowledge receipt,
      of
      the Mortgage File for the Mortgage Loan described below, for the reason
      indicated.

    

    Mortgage
      Loan Number:

    

    Mortgagor
      Name, Address & Zip Code:

    

    Reason
      for Requesting Documents (check one):

     

    
      
        	
                _____

              	
                1.

              	
                Mortgage
                  Paid in Full and proceeds have been deposited into the Collection
                  Account

              
	 	 	 
	
                _____

              	
                2.

              	
                Foreclosure

              
	 	 	 
	
                _____

              	
                3.

              	
                Substitution

              
	 	 	 
	
                _____

              	
                4.

              	
                Other
                  Liquidation

              
	 	 	 
	
                _____

              	
                5.

              	
                Nonliquidation                                 Reason:

              

      

    

     

    
      	 	 	 
	 	By:  	
               

            
	 	
              

              Name:

            
	 	Title:

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      B

     

    FORM
      OF
      LOST NOTE AFFIDAVIT

    

    I,
      _________________________________________, being duly sworn, do hereby state
      under oath that:

    

    1. I
      am a
      duly elected ______________________ of [Taylor, Bean & Whitaker Mortgage
      Corp.] (the “Company”) and am duly authorized to make this
      affidavit.

    

    2. This
      affidavit is being delivered in connection with the transfer of the Mortgage
      Loan described in Paragraph 3 hereof by the Company pursuant to the Pooling
      and
      Servicing Agreement, dated as of [     ], among TBALT Corp.,
      as Depositor, [     ], as Trustee,
      [     ], as Securities Administrator and Master
      Servicer[,] [[and] Taylor, Bean & Whitaker Mortgage Corp.], as Seller and
      [a] Servicer [and [     ], as a Servicer], relating to
      the TBW Mortgage Trust Mortgage Pass-Through Certificates, Series
      [     ] (the “Agreement”). 

    

    3. The
      ______________ is the payee under the following described Mortgage Note
      (“Mortgage Note”) which evidences the obligation of the borrower(s) to repay the
      Mortgage Loan:

     

    Loan
      Number: __________________________________

    Mortgage
      Note Date:_____________________________

    Borrower(s):
      ___________________________________

    Original
      Payee (if not the Company): ___________

    Original
      Amount:________________________________

    Mortgage
      Rate: _________________________________

    Address
      of Mortgaged Property: _________________

    ________________________________________________

    

    4. The
      Company is the lawful owner of the Mortgage Note and has not cancelled, altered,
      assigned or hypothecated the Mortgage Note.

    

    5. A
      thorough and diligent search for the executed original Mortgage Note was
      undertaken and was unsuccessful.

    

    6. Attached
      hereto is a true and correct copy of the Mortgage Note. 

    

    7. The
      Mortgage Note has not been endorsed by the Company in any manner inconsistent
      with its transfer of the Mortgage Loan under the Mortgage Loan Purchase
      Agreement.

    

    8. Without
      limiting the generality of the rights and remedies of the Trustee contained
      in
      the Agreement, the Company hereby confirms and agrees that in the event the
      inability to produce the executed original Mortgage Note results in a breach
      of
      the representations, warranties and covenants appearing in Exhibit A to the
      Mortgage Loan Purchase Agreement and Section [3.01] of the Agreement, the
      Company shall repurchase the Mortgage Loan at the Purchase Price and otherwise
      in accordance with Section [3.03] of the Agreement. In addition, the Company
      covenants and agrees to indemnify the Trustee and the Trust Fund from and hold
      them harmless against any and all losses, liabilities, damages, claims or
      expenses arising from the Company’s failure to have delivered the Mortgage Note
      to the Trustee, including without limitation any such losses, liabilities,
      damages, claims or expenses arising from any action to enforce the indebtedness
      evidenced by the Mortgage Note or any claim by any third party who is the holder
      of such indebtedness by virtue of possession of the Mortgage Note.

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

    

    9. In
      the
      event that the Company locates the executed original Mortgage Note, it shall
      promptly provide the Mortgage Note to the Trustee.

    

    10. Capitalized
      terms used but not otherwise defined herein shall have the meanings given to
      them in the Agreement.

    

    
      	Date: __________________	 	 
	 
 	 
 	 
 
	 	
              
(signature)
	 	 
	 	 
	 	
              
(print
              name)
	 	 
	 	 
	 	
              

              (print
                title)

            
	 	 

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    CUSTODIAL
      AGREEMENT

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    CUSTODIAL
      ACCOUNT LETTER AGREEMENT

    

      
        	 	
                ______________
                  ___, ____

              

      

    

     

    To:     
      ___________________________

            
___________________________

             ___________________________

               
      (the “Depository”)

     

    As
      [a]
      Servicer under the Pooling and Servicing Agreement dated as of [ ], by and
      among
      TBALT Corp., as Depositor, you, as Trustee, [ ], as Securities Administrator
      and
      Master Servicer[,] [[and] Taylor, Bean & Whitaker Mortgage Corp.], as Seller
      and [a] Servicer [and [ ] as a Servicer] (the “Pooling and Servicing
      Agreement”), we hereby authorize and request you to establish an account, as a
      Custodial Account pursuant to Section [4.02(d)] of the Pooling and Servicing
      Agreement, designated as “Taylor, Bean & Whitaker Mortgage Corp. in trust
      for [ ], as Trustee for the TBW Mortgage Trust Mortgage Pass-Through
      Certificates, Series [ ].” All deposits in the account shall be subject to
      withdrawal therefrom by order signed by the Servicer. This letter is submitted
      to you in duplicate. Please execute and return one original to us.

     

    
      	 	 	 
	 	
              [TAYLOR,
                BEAN & WHITAKER MORTGAGE CORP.] 
                Servicer

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name: 

            
	 	
              
                

              

              Title:

            
	 	
              
                

              

              Date: 

            
	 	
              
                

              

            

    

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    The
      undersigned, as Depository, hereby certifies that the above described account
      has been established under Account Number __________, at the office of the
      Depository indicated above, and agrees to honor withdrawals on such account
      as
      provided above. 

    
      	 	 	 
	 	
            
	 	
              
                
                                        Depository

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	
              Title:

              Date:

            

    

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      E

     

    ESCROW
      ACCOUNT LETTER AGREEMENT

    

      
        	 	
                ______________
                  ___, ____

              

      

    

     

    To:     
      ___________________________

             ___________________________

            
___________________________

               
      (the “Depository”)

     

    As
      [a]
      Servicer under the Pooling and Servicing Agreement dated as of [ ], by and
      among
      TBALT Corp., as Depositor, you, as Trustee, [ ], as Securities Administrator
      and
      Master Servicer[,] [[and] Taylor, Bean & Whitaker Mortgage Corp.] as Seller
      and [a] Servicer [and [ ], as a Servicer] (the “Pooling and Servicing
      Agreement”), we hereby authorize and request you to establish an account, as an
      Escrow Account pursuant to Section [4.02(f)] of the Pooling and Servicing
      Agreement, designated as “Taylor, Bean & Whitaker Mortgage Corp. in trust
      for [ ], as Trustee for the TBW Mortgage Trust Mortgage Pass-Through
      Certificates, Series [ ].” All deposits in the account shall be subject to
      withdrawal therefrom by order signed by the Servicer. This letter is submitted
      to you in duplicate. Please execute and return one original to us.

     

    
      	 	 	 
	 	
              [TAYLOR,
                BEAN & WHITAKER MORTGAGE CORP.] 
                Servicer

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name: 

            
	 	
              
                

              

            

    

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

       

    

    The
      undersigned, as Depository, hereby certifies that the above described account
      has been established under Account Number ______, at the office of the
      Depository indicated above, and agrees to honor withdrawals on such account
      as
      provided above. 

    
      	 	 	 
	 	
              
                                           Depository
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name: 
	 	
              
                

              

            

    

    

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    [INSERT
      FORMS OF SERVICING REMITTANCE REPORTS]

     

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

    

    MORTGAGE
      LOAN SCHEDULE

     

    
      
        
        

      

      
        Sch
          II-A-1

        
          

        

      

      
        
        

      

    

    [SCHEDULE
      B

    

    REVOLVING
      CREDIT LOAN SCHEDULE]

     

    
      
        
        

      

      
        Sch
          II-B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]